Delaware
(State or other jurisdiction of incorporation or organization)
|
42-1397595
(I.R.S. Employer ID Number)
|
Page Number(s)
|
||||
Part I
|
FINANCIAL INFORMATION
|
|||
Item 1.
|
Consolidated Financial Statements (Unaudited)
|
|||
Consolidated Balance Sheets
|
2
|
|||
As of September 30, 2012 and December 31, 2011
|
||||
Consolidated Statements of Income
|
3
|
|||
For the Three Months Ended September 30, 2012 and 2011
|
||||
Consolidated Statements of Income
|
4
|
|||
For the Nine Months Ended September 30, 2012 and 2011
|
||||
Consolidated Statements of Comprehensive Income
|
5
|
|||
For the Three and Nine Months Ended September 30, 2012 and 2011
|
||||
Consolidated Statement of Changes in Stockholders' Equity
|
6-7
|
|||
For the Nine Months Ended September 30, 2012 and 2011
|
||||
Consolidated Statements of Cash Flows
|
8
|
|||
For the Nine Months Ended September 30, 2012 and 2011
|
||||
Notes to the Consolidated Financial Statements
|
9-28
|
|||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and
|
29-58
|
||
Results of Operations
|
||||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
59-60
|
||
Item 4.
|
Controls and Procedures
|
61
|
||
Part II
|
OTHER INFORMATION
|
|||
Item 1.
|
Legal Proceedings
|
62
|
||
Item 1.A.
|
Risk Factors
|
62
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
62
|
||
Item 3.
|
Defaults upon Senior Securities
|
62
|
||
Item 4.
|
Mine Safety Disclosures
|
62
|
||
Item 5.
|
Other Information
|
62
|
||
Item 6.
|
Exhibits
|
63
|
||
Signatures
|
|
64
|
September 30,
2012 |
December 31,
2011 |
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$ | 40,564,561 | $ | 53,136,710 | ||||
Federal funds sold
|
5,725,000 | 20,785,000 | ||||||
Interest-bearing deposits at financial institutions
|
49,436,938 | 26,750,602 | ||||||
Securities held to maturity, at amortized cost
|
650,000 | 200,000 | ||||||
Securities available for sale, at fair value
|
590,701,449 | 565,029,291 | ||||||
Total securities
|
591,351,449 | 565,229,291 | ||||||
Loans receivable held for sale
|
6,285,131 | 3,832,760 | ||||||
Loans/leases receivable held for investment
|
1,238,007,078 | 1,196,912,737 | ||||||
Gross loans/leases receivable
|
1,244,292,209 | 1,200,745,497 | ||||||
Less allowance for estimated losses on loans/leases
|
(19,416,748 | ) | (18,789,262 | ) | ||||
Net loans/leases receivable
|
1,224,875,461 | 1,181,956,235 | ||||||
Premises and equipment, net
|
31,589,347 | 31,740,751 | ||||||
Goodwill
|
3,222,688 | 3,222,688 | ||||||
Bank-owned life insurance
|
43,208,268 | 42,011,281 | ||||||
Restricted investment securities
|
14,780,800 | 15,253,600 | ||||||
Other real estate owned, net
|
5,002,791 | 8,385,758 | ||||||
Other assets
|
14,188,769 | 18,138,138 | ||||||
Total assets
|
$ | 2,023,946,072 | $ | 1,966,610,054 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
LIABILITIES
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$ | 417,284,214 | $ | 357,183,481 | ||||
Interest-bearing
|
925,951,220 | 848,274,307 | ||||||
Total deposits
|
1,343,235,434 | 1,205,457,788 | ||||||
Short-term borrowings
|
140,888,698 | 213,536,450 | ||||||
Federal Home Loan Bank advances
|
196,350,000 | 204,750,000 | ||||||
Other borrowings
|
138,237,737 | 136,231,663 | ||||||
Junior subordinated debentures
|
36,085,000 | 36,085,000 | ||||||
Other liabilities
|
30,027,917 | 26,116,451 | ||||||
Total liabilities
|
1,884,824,786 | 1,822,177,352 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred stock, $1 par value; shares authorized 250,000 September 2012 - 54,867 shares issued and outstanding December 2011 - 65,090 shares issued and outstanding
|
54,867 | 65,090 | ||||||
Common stock, $1 par value; shares authorized 20,000,000 September 2012 - 4,984,024 shares issued and 4,862,778 outstanding December 2011 - 4,879,435 shares issued and 4,758,189 outstanding
|
4,984,024 | 4,879,435 | ||||||
Additional paid-in capital
|
78,342,963 | 89,702,533 | ||||||
Retained earnings
|
51,077,870 | 44,585,902 | ||||||
Accumulated other comprehensive income
|
6,122,102 | 4,754,714 | ||||||
Noncontrolling interests
|
145,970 | 2,051,538 | ||||||
Less treasury stock, September 2012 and December 2011 - 121,246 common shares, at cost
|
(1,606,510 | ) | (1,606,510 | ) | ||||
Total stockholders' equity
|
139,121,286 | 144,432,702 | ||||||
Total liabilities and stockholders' equity
|
$ | 2,023,946,072 | $ | 1,966,610,054 |
2012
|
2011
|
|||||||
Interest and dividend income:
|
||||||||
Loans/leases, including fees
|
$ | 15,804,330 | $ | 16,215,725 | ||||
Securities:
|
||||||||
Taxable
|
2,781,889 | 2,877,574 | ||||||
Nontaxable
|
690,466 | 244,209 | ||||||
Interest-bearing deposits at financial institutions
|
75,818 | 97,714 | ||||||
Restricted investment securities
|
131,967 | 126,333 | ||||||
Federal funds sold
|
3,055 | 7,875 | ||||||
Total interest and dividend income
|
19,487,525 | 19,569,430 | ||||||
Interest expense:
|
||||||||
Deposits
|
1,488,749 | 2,201,070 | ||||||
Short-term borrowings
|
60,500 | 65,502 | ||||||
Federal Home Loan Bank advances
|
1,809,888 | 1,931,259 | ||||||
Other borrowings
|
1,238,254 | 1,301,144 | ||||||
Junior subordinated debentures
|
260,616 | 241,751 | ||||||
Total interest expense
|
4,858,007 | 5,740,726 | ||||||
Net interest income
|
14,629,518 | 13,828,704 | ||||||
Provision for loan/lease losses
|
1,496,194 | 2,456,965 | ||||||
Net interest income after provision for loan/lease losses
|
13,133,324 | 11,371,739 | ||||||
Noninterest income:
|
||||||||
Trust department fees
|
914,586 | 762,133 | ||||||
Investment advisory and management fees
|
575,711 | 549,515 | ||||||
Deposit service fees
|
847,343 | 893,685 | ||||||
Gains on sales of loans, net
|
684,546 | 408,364 | ||||||
Securities gains
|
- | 443,614 | ||||||
Gains (losses) on other real estate owned, net
|
(745,799 | ) | 42,262 | |||||
Earnings on bank-owned life insurance
|
399,925 | 331,440 | ||||||
Credit card issuing fees, net of processing costs
|
140,542 | 178,636 | ||||||
Other
|
1,300,328 | 725,658 | ||||||
Total noninterest income
|
4,117,182 | 4,335,307 | ||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
8,201,323 | 7,651,695 | ||||||
Occupancy and equipment expense
|
1,459,901 | 1,359,758 | ||||||
Professional and data processing fees
|
1,065,780 | 1,077,435 | ||||||
FDIC and other insurance
|
599,422 | 578,776 | ||||||
Loan/lease expense
|
273,166 | 839,993 | ||||||
Advertising and marketing
|
437,130 | 277,376 | ||||||
Postage and telephone
|
190,868 | 242,103 | ||||||
Stationery and supplies
|
139,592 | 122,582 | ||||||
Bank service charges
|
211,378 | 186,351 | ||||||
Other
|
452,957 | 437,080 | ||||||
Total noninterest expense
|
13,031,517 | 12,773,149 | ||||||
Net income before income taxes
|
4,218,989 | 2,933,897 | ||||||
Federal and state income tax expense
|
1,034,479 | 667,296 | ||||||
Net income
|
$ | 3,184,510 | $ | 2,266,601 | ||||
Less: Net income attributable to noncontrolling interests
|
127,177 | 103,446 | ||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 3,057,333 | $ | 2,163,155 | ||||
Less: Preferred stock dividends
|
810,837 | 2,188,058 | ||||||
Net income attributable to QCR Holdings, Inc. common stockholders
|
$ | 2,246,496 | $ | (24,903 | ) | |||
Earnings per common share attributable to QCR Holdings, Inc. common shareholders
|
||||||||
Basic
|
$ | 0.45 | $ | (0.01 | ) | |||
Diluted
|
$ | 0.44 | $ | (0.01 | ) | |||
Weighted average common shares outstanding
|
4,978,699 | 4,866,692 | ||||||
Weighted average common and common equivalent shares outstanding
|
5,080,288 | 4,866,692 | ||||||
Cash dividends declared per common share
|
$ | - | $ | - |
2012
|
2011
|
|||||||
Interest and dividend income:
|
||||||||
Loans/leases, including fees
|
$ | 47,748,276 | $ | 48,466,331 | ||||
Securities:
|
||||||||
Taxable
|
8,353,482 | 8,035,495 | ||||||
Nontaxable
|
1,624,577 | 743,368 | ||||||
Interest-bearing deposits at financial institutions
|
288,400 | 311,807 | ||||||
Restricted investment securities
|
378,067 | 427,818 | ||||||
Federal funds sold
|
3,055 | 97,919 | ||||||
Total interest and dividend income
|
58,395,857 | 58,082,738 | ||||||
Interest expense:
|
||||||||
Deposits
|
4,834,006 | 6,948,265 | ||||||
Short-term borrowings
|
202,731 | 248,079 | ||||||
Federal Home Loan Bank advances
|
5,503,329 | 6,053,134 | ||||||
Other borrowings
|
3,719,730 | 3,870,062 | ||||||
Junior subordinated debentures
|
787,597 | 974,637 | ||||||
Total interest expense
|
15,047,393 | 18,094,177 | ||||||
Net interest income
|
43,348,464 | 39,988,561 | ||||||
Provision for loan/lease losses
|
3,325,109 | 5,196,850 | ||||||
Net interest income after provision for loan/lease losses
|
40,023,355 | 34,791,711 | ||||||
Noninterest income:
|
||||||||
Trust department fees
|
2,650,552 | 2,607,668 | ||||||
Investment advisory and management fees
|
1,776,499 | 1,630,976 | ||||||
Deposit service fees
|
2,626,822 | 2,623,018 | ||||||
Gains on sales of loans, net
|
1,965,957 | 1,923,185 | ||||||
Securities gains
|
104,600 | 1,472,528 | ||||||
Losses on other real estate owned, net
|
(1,324,468 | ) | (90,492 | ) | ||||
Earnings on bank-owned life insurance
|
1,196,987 | 1,032,493 | ||||||
Credit card issuing fees, net of processing costs
|
409,730 | 397,132 | ||||||
Other
|
2,734,890 | 1,969,304 | ||||||
Total noninterest income
|
12,141,569 | 13,565,812 | ||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
24,581,642 | 22,480,731 | ||||||
Occupancy and equipment expense
|
4,177,076 | 4,017,506 | ||||||
Professional and data processing fees
|
3,342,847 | 3,338,935 | ||||||
FDIC and other insurance
|
1,756,493 | 2,149,093 | ||||||
Loan/lease expense
|
755,066 | 1,772,290 | ||||||
Advertising and marketing
|
1,057,246 | 836,459 | ||||||
Postage and telephone
|
716,050 | 703,803 | ||||||
Stationery and supplies
|
417,769 | 380,754 | ||||||
Bank service charges
|
609,599 | 525,007 | ||||||
Prepayment fees on Federal Home Loan Bank advances
|
- | 832,099 | ||||||
Other-than-temporary impairment losses on securities
|
62,400 | 118,847 | ||||||
Other
|
1,402,492 | 1,185,443 | ||||||
Total noninterest expense
|
38,878,680 | 38,340,967 | ||||||
Net income before income taxes
|
13,286,244 | 10,016,556 | ||||||
Federal and state income tax expense
|
3,425,506 | 2,745,257 | ||||||
Net income
|
$ | 9,860,738 | $ | 7,271,299 | ||||
Less: Net income attributable to noncontrolling interests
|
494,431 | 308,215 | ||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 9,366,307 | $ | 6,963,084 | ||||
Less: Preferred stock dividends
|
2,685,248 | 4,256,171 | ||||||
Net income attributable to QCR Holdings, Inc. common stockholders
|
6,681,059 | $ | 2,706,913 | |||||
Earnings per common share attributable to QCR Holdings, Inc. common shareholders
|
||||||||
Basic
|
$ | 1.37 | $ | 0.56 | ||||
Diluted
|
$ | 1.35 | $ | 0.56 | ||||
Weighted average common shares outstanding
|
4,871,626 | 4,795,382 | ||||||
Weighted average common and common equivalent shares outstanding
|
4,938,514 | 4,847,433 | ||||||
Cash dividends declared per common share
|
$ | 0.04 | $ | 0.04 |
Three Months Ended September 30,
|
||||||||
2012
|
2011
|
|||||||
Net income
|
$ | 3,184,510 | $ | 2,266,601 | ||||
Other comprehensive income:
|
||||||||
Unrealized gains on securities available for sale:
|
||||||||
Unrealized holding gains arising during the period before tax
|
2,660,251 | 4,340,017 | ||||||
Less reclassification adjustment for gains included in net income before tax
|
- | 443,614 | ||||||
2,660,251 | 3,896,403 | |||||||
Tax expense
|
1,016,673 | 1,492,108 | ||||||
Other comprehensive income, net of tax
|
1,643,578 | 2,404,295 | ||||||
Comprehensive income attributable to QCR Holdings, Inc.
|
$ | 4,828,088 | $ | 4,670,896 |
Nine Months Ended September 30,
|
||||||||
2012
|
2011
|
|||||||
Net income
|
$ | 9,860,738 | $ | 7,271,299 | ||||
Other comprehensive income:
|
||||||||
Unrealized gains on securities available for sale:
|
||||||||
Unrealized holding gains arising during the period before tax
|
2,313,706 | 7,091,919 | ||||||
Less reclassification adjustment for gains included in net income before tax
|
104,600 | 1,472,528 | ||||||
2,209,106 | 5,619,391 | |||||||
Tax expense
|
841,718 | 2,150,922 | ||||||
Other comprehensive income, net of tax
|
1,367,388 | 3,468,469 | ||||||
Comprehensive income attributable to QCR Holdings, Inc.
|
$ | 11,228,126 | $ | 10,739,768 |
Preferred
Stock |
Common
Stock |
Additional
Paid-In |
Retained
Earnings |
Accumulated
Other |
Noncontrolling
Interests |
Treasury
Stock |
Total
|
|||||||||||||||||||||||||
Balance December 31, 2011
|
$ | 65,090 | $ | 4,879,435 | $ | 89,702,533 | $ | 44,585,902 | $ | 4,754,714 | $ | 2,051,538 | $ | (1,606,510 | ) | $ | 144,432,702 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 3,236,818 | - | 166,031 | - | 3,402,849 | ||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
- | - | - | - | (1,517,235 | ) | - | - | (1,517,235 | ) | ||||||||||||||||||||||
Comprehensive income
|
1,885,614 | |||||||||||||||||||||||||||||||
Preferred cash dividends declared
|
- | - | - | (938,625 | ) | - | - | - | (938,625 | ) | ||||||||||||||||||||||
Proceeds from issuance of 7,767 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 7,767 | 55,566 | - | - | - | - | 63,333 | ||||||||||||||||||||||||
Proceeds from issuance of 276 shares of common stock as a result of stock options exercised
|
- | 276 | 2,374 | - | - | - | - | 2,650 | ||||||||||||||||||||||||
Exchange of 576 shares of common stock in connection with payroll taxes for restricted stock
|
- | (576 | ) | (2,103 | ) | - | - | - | - | (2,679 | ) | |||||||||||||||||||||
Stock compensation expense
|
- | - | 326,245 | 326,245 | ||||||||||||||||||||||||||||
Restricted stock awards
|
- | 57,770 | (57,770 | ) | - | - | - | - | - | |||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (2,066 | ) | - | (2,066 | ) | ||||||||||||||||||||||
Balance March 31, 2012
|
$ | 65,090 | $ | 4,944,672 | $ | 90,026,845 | $ | 46,884,095 | $ | 3,237,479 | $ | 2,215,503 | $ | (1,606,510 | ) | $ | 145,767,174 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 3,072,156 | - | 201,223 | - | 3,273,379 | ||||||||||||||||||||||||
Other comprehensive income, net of tax
|
- | - | - | - | 1,241,045 | - | - | 1,241,045 | ||||||||||||||||||||||||
Comprehensive income
|
4,514,424 | |||||||||||||||||||||||||||||||
Common cash dividends declared, $0.04 per share
|
- | - | - | (189,091 | ) | - | - | - | (189,091 | ) | ||||||||||||||||||||||
Preferred cash dividends declared
|
- | - | - | (935,786 | ) | - | - | - | (935,786 | ) | ||||||||||||||||||||||
Redemption of 10,223 shares of Series F Noncumulative Perpetual Preferred Stock
|
(10,223 | ) | - | (10,212,777 | ) | - | - | - | - | (10,223,000 | ) | |||||||||||||||||||||
Proceeds from issuance of 10,856 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 10,856 | 78,055 | - | - | - | - | 88,911 | ||||||||||||||||||||||||
Proceeds from issuance of 9,090 shares of common stock as a result of stock options exercised
|
- | 9,090 | 79,902 | - | - | - | - | 88,992 | ||||||||||||||||||||||||
Exchange of 611 shares of common stock in connection with stock options exercised
|
- | (611 | ) | (7,125 | ) | - | - | - | - | (7,736 | ) | |||||||||||||||||||||
Proceeds from exercise of warrants to purchase 4,300 shares of common stock issued in conjunction with the Series A Subordinated Notes
|
- | 4,300 | 38,700 | - | - | - | - | 43,000 | ||||||||||||||||||||||||
Stock compensation expense
|
- | - | 177,269 | 177,269 | ||||||||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (2,065 | ) | - | (2,065 | ) | ||||||||||||||||||||||
Balance June 30, 2012
|
$ | 54,867 | $ | 4,968,307 | $ | 80,180,869 | $ | 48,831,374 | $ | 4,478,524 | $ | 2,414,661 | $ | (1,606,510 | ) | $ | 139,322,092 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 3,057,333 | - | 127,177 | - | 3,184,510 | ||||||||||||||||||||||||
Other comprehensive income, net of tax
|
- | - | - | - | 1,643,578 | - | - | 1,643,578 | ||||||||||||||||||||||||
Comprehensive income
|
4,828,088 | |||||||||||||||||||||||||||||||
Preferred cash dividends declared
|
- | - | - | (810,837 | ) | - | - | - | (810,837 | ) | ||||||||||||||||||||||
Purchase of noncontrolling interest
|
- | - | (2,133,417 | ) | - | - | (2,393,802 | ) | - | (4,527,219 | ) | |||||||||||||||||||||
Proceeds from issuance of 7,642 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 7,642 | 58,326 | - | - | - | - | 65,968 | ||||||||||||||||||||||||
Proceeds from issuance of 7,075 shares of common stock as a result of stock options exercised
|
- | 7,075 | 58,996 | - | - | - | - | 66,071 | ||||||||||||||||||||||||
Proceeds from exercise of warrants to purchase 1,000 shares of common stock issued in conjunction with the Series A Subordinated Notes
|
- | 1,000 | 9,000 | - | - | - | - | 10,000 | ||||||||||||||||||||||||
Stock compensation expense
|
- | - | 169,189 | 169,189 | ||||||||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (2,066 | ) | - | (2,066 | ) | ||||||||||||||||||||||
Balance September 30, 2012
|
$ | 54,867 | $ | 4,984,024 | $ | 78,342,963 | $ | 51,077,870 | $ | 6,122,102 | $ | 145,970 | $ | (1,606,510 | ) | $ | 139,121,286 |
Preferred
Stock |
Common
Stock |
Additional
Paid-In |
Retained
Earnings |
Accumulated
Other |
Noncontrolling
Interests |
Treasury
Stock |
Total
|
|||||||||||||||||||||||||
Balance December 31, 2010
|
$ | 63,237 | $ | 4,732,428 | $ | 86,478,269 | $ | 40,550,900 | $ | 704,165 | $ | 1,648,219 | $ | (1,606,510 | ) | $ | 132,570,708 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 2,124,960 | - | 106,524 | - | 2,231,484 | ||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
- | - | - | - | (1,345,554 | ) | - | - | (1,345,554 | ) | ||||||||||||||||||||||
Comprehensive income
|
885,930 | |||||||||||||||||||||||||||||||
Preferred cash dividends declared
|
- | - | - | (915,462 | ) | - | - | - | (915,462 | ) | ||||||||||||||||||||||
Discount accretion on cumulative preferred stock
|
- | - | 116,909 | (116,909 | ) | - | - | - | - | |||||||||||||||||||||||
Proceeds from issuance of 9,081 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 9,081 | 49,249 | - | - | - | - | 58,330 | ||||||||||||||||||||||||
Proceeds from issuance of 24,300 shares of common stock as a result of stock options exercised
|
- | 24,300 | 146,067 | - | - | - | - | 170,367 | ||||||||||||||||||||||||
Exchange of 2,171 shares of common stock in connection with stock options exercised
|
- | (2,171 | ) | (14,070 | ) | - | - | - | - | (16,241 | ) | |||||||||||||||||||||
Stock compensation expense
|
- | - | 206,569 | 206,569 | ||||||||||||||||||||||||||||
Restricted stock awards
|
- | 69,924 | (69,924 | ) | - | - | - | - | - | |||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (2,065 | ) | - | (2,065 | ) | ||||||||||||||||||||||
Balance March 31, 2011
|
$ | 63,237 | $ | 4,833,562 | $ | 86,913,069 | $ | 41,643,489 | $ | (641,389 | ) | $ | 1,752,678 | $ | (1,606,510 | ) | $ | 132,958,136 | ||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 2,674,969 | - | 98,245 | - | 2,773,214 | ||||||||||||||||||||||||
Other comprehensive income, net of tax
|
- | - | - | - | 2,409,728 | - | - | 2,409,728 | ||||||||||||||||||||||||
Comprehensive income
|
5,182,942 | |||||||||||||||||||||||||||||||
Common cash dividends declared, $0.04 per share
|
- | - | - | (185,863 | ) | - | - | - | (185,863 | ) | ||||||||||||||||||||||
Preferred cash dividends declared and accrued
|
- | - | - | (915,462 | ) | - | - | - | (915,462 | ) | ||||||||||||||||||||||
Discount accretion on cumulative preferred stock
|
- | - | 120,280 | (120,280 | ) | - | - | - | - | |||||||||||||||||||||||
Proceeds from issuance of 11,355 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 11,355 | 61,582 | - | - | - | - | 72,937 | ||||||||||||||||||||||||
Proceeds from issuance of 10,967 shares of common stock as a result of stock options exercised
|
- | 10,967 | 65,205 | - | - | - | - | 76,172 | ||||||||||||||||||||||||
Exchange of 379 shares of common stock in connection with stock options exercised
|
- | (379 | ) | (3,033 | ) | - | - | - | - | (3,412 | ) | |||||||||||||||||||||
Stock compensation expense
|
- | - | 141,370 | 141,370 | ||||||||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (2,066 | ) | - | (2,066 | ) | ||||||||||||||||||||||
Balance June 30, 2011
|
$ | 63,237 | $ | 4,855,505 | $ | 87,298,473 | $ | 43,096,853 | $ | 1,768,339 | $ | 1,848,857 | $ | (1,606,510 | ) | $ | 137,324,754 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||
Net income
|
- | - | - | 2,163,155 | - | 103,446 | - | 2,266,601 | ||||||||||||||||||||||||
Other comprehensive income, net of tax
|
- | - | - | - | 2,404,295 | - | - | 2,404,295 | ||||||||||||||||||||||||
Comprehensive income
|
4,670,896 | |||||||||||||||||||||||||||||||
Preferred cash dividends declared
|
- | - | - | (835,802 | ) | - | - | - | (835,802 | ) | ||||||||||||||||||||||
Discount accretion on cumulative preferred stock
|
- | - | 1,352,256 | (1,352,256 | ) | - | - | - | - | |||||||||||||||||||||||
Proceeds from the issuance of 40,090 shares of Series F Non-Cumulative Perpetual Preferred Stock
|
40,090 | - | 40,034,251 | - | - | - | - | 40,074,341 | ||||||||||||||||||||||||
Redemption of 38,237 shares of Series D Cumulative Perpetual Preferred Stock
|
(38,237 | ) | - | (38,198,763 | ) | - | - | - | - | (38,237,000 | ) | |||||||||||||||||||||
Proceeds from issuance of 7,975 shares of common stock as a result of stock purchased under the Employee Stock Purchase Plan
|
- | 7,975 | 43,251 | - | - | - | - | 51,226 | ||||||||||||||||||||||||
Stock compensation expense
|
- | - | 149,160 | 149,160 | ||||||||||||||||||||||||||||
Restricted stock awards
|
- | 5,000 | (5,000 | ) | - | |||||||||||||||||||||||||||
Other adjustments to noncontrolling interests
|
- | - | - | - | - | (28,702 | ) | - | (28,702 | ) | ||||||||||||||||||||||
Balance September 30, 2011
|
$ | 65,090 | $ | 4,868,480 | $ | 90,673,628 | $ | 43,071,950 | $ | 4,172,634 | $ | 1,923,601 | $ | (1,606,510 | ) | $ | 143,168,873 |
2012
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 9,860,738 | $ | 7,271,299 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
1,740,621 | 1,866,403 | ||||||
Provision for loan/lease losses
|
3,325,109 | 5,196,850 | ||||||
Amortization of offering costs on subordinated debentures
|
10,738 | 10,738 | ||||||
Stock-based compensation expense
|
672,703 | 547,087 | ||||||
Losses on other real estate owned, net
|
1,324,468 | 90,492 | ||||||
Amortization of premiums on securities, net
|
2,950,609 | 2,541,408 | ||||||
Securities gains
|
(104,600 | ) | (1,472,528 | ) | ||||
Other-than-temporary impairment losses on securities
|
62,400 | 118,847 | ||||||
Loans originated for sale
|
(90,563,711 | ) | (65,240,469 | ) | ||||
Proceeds on sales of loans
|
90,077,297 | 75,960,589 | ||||||
Gains on sales of loans, net
|
(1,965,957 | ) | (1,923,185 | ) | ||||
Prepayment fees on Federal Home Loan Bank advances
|
- | 832,099 | ||||||
Increase in cash value of bank-owned life insurance
|
(1,196,987 | ) | (1,032,493 | ) | ||||
Decrease in other assets
|
3,090,716 | 707,321 | ||||||
Increase in other liabilities
|
1,467,552 | 955,174 | ||||||
Net cash provided by operating activities
|
$ | 20,751,696 | $ | 26,429,632 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Net decrease in federal funds sold
|
15,060,000 | 56,170,000 | ||||||
Net (increase) decrease in interest-bearing deposits at financial institutions
|
(22,686,336 | ) | 15,080,252 | |||||
Proceeds from sales of other real estate owned
|
4,201,516 | 8,376,898 | ||||||
Activity in securities portfolio:
|
||||||||
Purchases
|
(363,501,993 | ) | (458,081,700 | ) | ||||
Calls, maturities and redemptions
|
292,291,109 | 302,145,002 | ||||||
Paydowns
|
25,174,348 | 4,977,152 | ||||||
Sales
|
19,215,075 | 54,326,191 | ||||||
Activity in restricted investment securities:
|
||||||||
Purchases
|
(3,466,800 | ) | (245,000 | ) | ||||
Redemptions
|
3,939,600 | 1,675,700 | ||||||
Purchases of bank-owned life insurance
|
- | (7,000,000 | ) | |||||
Net increase in loans/leases originated and held for investment
|
(45,934,981 | ) | (48,043,333 | ) | ||||
Purchase of premises and equipment
|
(1,589,217 | ) | (1,693,870 | ) | ||||
Net cash used in investing activities
|
$ | (77,297,679 | ) | $ | (72,312,708 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net increase in deposit accounts
|
137,777,646 | 92,653,389 | ||||||
Net increase (decrease) in short-term borrowings
|
(72,647,752 | ) | 2,431,992 | |||||
Activity in Federal Home Loan Bank advances:
|
||||||||
Advances
|
14,000,000 | 5,000,000 | ||||||
Calls and maturities
|
(22,400,000 | ) | (24,000,000 | ) | ||||
Prepayments
|
- | (15,832,099 | ) | |||||
Net increase (decrease) in other borrowings
|
2,006,074 | (9,941,030 | ) | |||||
Payment of cash dividends on common and preferred stock
|
(3,278,112 | ) | (3,274,991 | ) | ||||
Redemption of 10,223 shares of Series F Noncumulative Perpetual Preferred Stock
|
(10,223,000 | ) | - | |||||
Proceeds from issuance of 40,090 shares of Series F Noncumulative Perpetual Preferred Stock
|
- | 40,074,341 | ||||||
Redemption of Series D Cumulative Perpetual Preferred Stock
|
- | (38,237,000 | ) | |||||
Proceeds from issuance of common stock, net
|
418,510 | 409,379 | ||||||
Purchase of noncontrolling interest
|
(1,679,532 | ) | - | |||||
Net cash provided by financing activities
|
$ | 43,973,834 | $ | 49,283,981 | ||||
Net increase (decrease) in cash and due from banks
|
(12,572,149 | ) | 3,400,905 | |||||
Cash and due from banks, beginning
|
53,136,710 | 42,030,806 | ||||||
Cash and due from banks, ending
|
$ | 40,564,561 | $ | 45,431,711 | ||||
Supplemental disclosure of cash flow information, cash payments for:
|
||||||||
Interest
|
$ | 15,225,564 | $ | 18,521,222 | ||||
Income/franchise taxes
|
$ | 916,000 | $ | 1,196,948 | ||||
Supplemental schedule of noncash investing activities:
|
||||||||
Change in accumulated other comprehensive income, unrealized gains on securities available for sale, net
|
$ | 1,367,388 | $ | 3,468,469 | ||||
Transfers of loans to other real estate owned
|
$ | 2,143,017 | $ | 8,220,271 | ||||
Liability for purchase of noncontrolling interest
|
$ | 2,847,687 | $ | - |
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
September 30, 2012:
|
||||||||||||||||
Securities held to maturity:
|
||||||||||||||||
Other bonds
|
$ | 650,000 | $ | - | $ | - | $ | 650,000 | ||||||||
Securities available for sale:
|
||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 340,538,125 | $ | 2,712,996 | $ | (7,499 | ) | $ | 343,243,622 | |||||||
Residential mortgage-backed and related securities
|
151,264,044 | 4,450,612 | (24,081 | ) | 155,690,575 | |||||||||||
Municipal securities
|
87,579,277 | 2,478,687 | (26,333 | ) | 90,031,631 | |||||||||||
Trust preferred securities
|
86,200 | 44,200 | - | 130,400 | ||||||||||||
Other securities
|
1,329,191 | 301,728 | (25,698 | ) | 1,605,221 | |||||||||||
$ | 580,796,837 | $ | 9,988,223 | $ | (83,611 | ) | $ | 590,701,449 | ||||||||
December 31, 2011:
|
||||||||||||||||
Securities held to maturity:
|
||||||||||||||||
Other bonds
|
$ | 200,000 | $ | - | $ | - | $ | 200,000 | ||||||||
Securities available for sale:
|
||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 426,581,913 | $ | 2,428,994 | $ | (55,687 | ) | $ | 428,955,220 | |||||||
Residential mortgage-backed and related securities
|
105,373,614 | 3,488,350 | (8,215 | ) | 108,853,749 | |||||||||||
Municipal securities
|
23,937,118 | 1,752,246 | - | 25,689,364 | ||||||||||||
Trust preferred securities
|
86,200 | - | (5,400 | ) | 80,800 | |||||||||||
Other securities
|
1,354,940 | 140,022 | (44,804 | ) | 1,450,158 | |||||||||||
$ | 557,333,785 | $ | 7,809,612 | $ | (114,106 | ) | $ | 565,029,291 |
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair
Value |
Gross
Unrealized |
Fair
Value |
Gross
Unrealized |
Fair
Value |
Gross
Unrealized |
|||||||||||||||||||
September 30, 2012:
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 10,988,570 | $ | (7,499 | ) | $ | - | $ | - | $ | 10,988,570 | $ | (7,499 | ) | ||||||||||
Residential mortgage-backed and related securities
|
5,430,389 | (24,081 | ) | - | - | 5,430,389 | (24,081 | ) | ||||||||||||||||
Municipal securities
|
3,455,797 | (26,333 | ) | - | - | 3,455,797 | (26,333 | ) | ||||||||||||||||
Other securities
|
- | - | 215,000 | (25,698 | ) | 215,000 | (25,698 | ) | ||||||||||||||||
$ | 19,874,756 | $ | (57,913 | ) | $ | 215,000 | $ | (25,698 | ) | $ | 20,089,756 | $ | (83,611 | ) | ||||||||||
December 31, 2011:
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 59,979,620 | $ | (55,687 | ) | $ | - | $ | - | $ | 59,979,620 | $ | (55,687 | ) | ||||||||||
Residential mortgage-backed and related securities
|
4,906,398 | (8,215 | ) | - | - | 4,906,398 | (8,215 | ) | ||||||||||||||||
Trust preferred securities
|
- | - | 80,800 | (5,400 | ) | 80,800 | (5,400 | ) | ||||||||||||||||
Other securities
|
251,957 | (44,332 | ) | 2,778 | (472 | ) | 254,735 | (44,804 | ) | |||||||||||||||
$ | 65,137,975 | $ | (108,234 | ) | $ | 83,578 | $ | (5,872 | ) | $ | 65,221,553 | $ | (114,106 | ) |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Proceeds from sales of securities
|
$ | - | $ | 8,601,107 | $ | 19,215,075 | $ | 54,326,191 | ||||||||
Pre-tax gross gains from sales of securities
|
- | 443,614 | 104,600 | 1,472,528 |
Amortized Cost
|
Fair Value
|
|||||||
Securities held to maturity:
|
||||||||
Due in one year or less
|
$ | 100,000 | $ | 100,000 | ||||
Due after one year through five years
|
550,000 | 550,000 | ||||||
$ | 650,000 | $ | 650,000 | |||||
Securities available for sale:
|
||||||||
Due in one year or less
|
$ | 2,251,717 | $ | 2,257,998 | ||||
Due after one year through five years
|
40,236,390 | 40,681,663 | ||||||
Due after five years
|
385,715,495 | 390,465,992 | ||||||
$ | 428,203,602 | $ | 433,405,653 | |||||
Residential mortgage-backed and related securities
|
151,264,044 | 155,690,575 | ||||||
Other securities
|
1,329,191 | 1,605,221 | ||||||
$ | 580,796,837 | $ | 590,701,449 |
As of September 30, 2012
|
As of December 31, 2011
|
|||||||
Commercial and industrial loans
|
$ | 355,003,888 | $ | 350,794,278 | ||||
Commercial real estate loans
|
||||||||
Owner-occupied commercial real estate
|
199,788,124 | 167,790,621 | ||||||
Commercial construction, land development, and other land
|
49,191,909 | 60,384,738 | ||||||
Other non owner-occupied commercial real estate
|
345,923,717 | 349,628,491 | ||||||
594,903,750 | 577,803,850 | |||||||
Direct financing leases *
|
102,038,868 | 93,212,362 | ||||||
Residential real estate loans **
|
112,492,219 | 98,107,051 | ||||||
Installment and other consumer loans
|
76,837,989 | 78,223,080 | ||||||
1,241,276,714 | 1,198,140,621 | |||||||
Plus deferred loan/lease origination costs, net of fees
|
3,015,495 | 2,604,876 | ||||||
1,244,292,209 | 1,200,745,497 | |||||||
Less allowance for estimated losses on loans/leases
|
(19,416,748 | ) | (18,789,262 | ) | ||||
$ | 1,224,875,461 | $ | 1,181,956,235 | |||||
* Direct financing leases:
|
||||||||
Net minimum lease payments to be received
|
$ | 115,931,555 | $ | 106,389,988 | ||||
Estimated unguaranteed residual values of leased assets
|
1,111,627 | 1,043,326 | ||||||
Unearned lease/residual income
|
(15,004,314 | ) | (14,220,952 | ) | ||||
102,038,868 | 93,212,362 | |||||||
Plus deferred lease origination costs, net of fees
|
3,727,752 | 3,217,011 | ||||||
105,766,620 | 96,429,373 | |||||||
Less allowance for estimated losses on leases
|
(1,884,985 | ) | (1,339,496 | ) | ||||
$ | 103,881,635 | $ | 95,089,877 |
Classes of Loans/Leases
|
Current
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Accruing Past Due 90 Days or More
|
Nonaccrual Loans/Leases
|
Total
|
||||||||||||||||||
Commercial and Industrial
|
$ | 352,308,795 | $ | 872,105 | $ | 15,252 | $ | 149,750 | $ | 1,657,986 | $ | 355,003,888 | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
198,070,105 | - | 1,046,835 | - | 671,184 | 199,788,124 | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
47,080,534 | - | - | - | 2,111,375 | 49,191,909 | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
332,708,671 | 2,325,809 | 733,442 | - | 10,155,795 | 345,923,717 | ||||||||||||||||||
Direct Financing Leases
|
100,205,091 | 632,458 | 106,595 | - | 1,094,724 | 102,038,868 | ||||||||||||||||||
Residential Real Estate
|
111,142,654 | - | - | - | 1,349,565 | 112,492,219 | ||||||||||||||||||
Installment and Other Consumer
|
75,805,776 | 255,048 | 33,730 | 52,733 | 690,702 | 76,837,989 | ||||||||||||||||||
$ | 1,217,321,626 | $ | 4,085,420 | $ | 1,935,854 | $ | 202,483 | $ | 17,731,331 | $ | 1,241,276,714 | |||||||||||||
As a percentage of total loan/lease portfolio
|
98.07 | % | 0.33 | % | 0.16 | % | 0.02 | % | 1.43 | % | 100.00 | % |
Classes of Loans/Leases
|
Current
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Accruing Past Due 90 Days or More
|
Nonaccrual Loans/Leases
|
Total
|
||||||||||||||||||
Commercial and Industrial
|
$ | 347,417,683 | $ | 226,394 | $ | 239,991 | $ | 120,000 | $ | 2,790,210 | $ | 350,794,278 | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
166,632,318 | 146,847 | - | - | 1,011,456 | 167,790,621 | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
55,741,827 | 211,878 | 486,802 | 968,919 | 2,975,312 | 60,384,738 | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
336,080,128 | 522,323 | 3,732,935 | - | 9,293,105 | 349,628,491 | ||||||||||||||||||
Direct Financing Leases
|
91,273,406 | 826,187 | 396,344 | - | 716,425 | 93,212,362 | ||||||||||||||||||
Residential Real Estate
|
95,456,433 | 1,127,465 | 389,678 | - | 1,133,475 | 98,107,051 | ||||||||||||||||||
Installment and Other Consumer
|
76,376,399 | 737,543 | 12,122 | 22,160 | 1,074,856 | 78,223,080 | ||||||||||||||||||
$ | 1,168,978,194 | $ | 3,798,637 | $ | 5,257,872 | $ | 1,111,079 | $ | 18,994,839 | $ | 1,198,140,621 | |||||||||||||
As a percentage of total loan/lease portfolio
|
97.57 | % | 0.32 | % | 0.44 | % | 0.09 | % | 1.59 | % | 100.00 | % |
Classes of Loans/Leases
|
Accruing Past Due 90 Days or More
|
Nonaccrual Loans/Leases *
|
Troubled Debt Restructurings - Accruing
|
Total Nonperforming Loans/Leases
|
Percentage of Total Nonperforming Loans/Leases
|
|||||||||||||||
Commercial and Industrial
|
$ | 149,750 | $ | 1,657,986 | $ | 184,813 | $ | 1,992,549 | 8.32 | % | ||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
- | 671,184 | - | 671,184 | 2.80 | % | ||||||||||||||
Commercial Construction, Land Development, and Other Land
|
- | 2,111,375 | 337,500 | 2,448,875 | 10.23 | % | ||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
- | 10,155,795 | 5,303,365 | 15,459,160 | 64.57 | % | ||||||||||||||
Direct Financing Leases
|
- | 1,094,724 | - | 1,094,724 | 4.57 | % | ||||||||||||||
Residential Real Estate
|
- | 1,349,565 | 167,739 | 1,517,304 | 6.34 | % | ||||||||||||||
Installment and Other Consumer
|
52,733 | 690,702 | 16,043 | 759,478 | 3.17 | % | ||||||||||||||
$ | 202,483 | $ | 17,731,331 | $ | 6,009,460 | $ | 23,943,274 | 100.00 | % |
Classes of Loans/Leases
|
Accruing Past Due 90 Days or More
|
Nonaccrual Loans/Leases **
|
Troubled Debt Restructurings - Accruing
|
Total Nonperforming Loans/Leases
|
Percentage of Total Nonperforming Loans/Leases
|
|||||||||||||||
Commercial and Industrial
|
$ | 120,000 | $ | 2,790,210 | $ | 187,407 | $ | 3,097,617 | 9.68 | % | ||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
- | 1,011,456 | - | 1,011,456 | 3.16 | % | ||||||||||||||
Commercial Construction, Land Development, and Other Land
|
968,919 | 2,975,312 | 6,076,143 | 10,020,374 | 31.30 | % | ||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
- | 9,293,105 | 5,049,795 | 14,342,900 | 44.81 | % | ||||||||||||||
Direct Financing Leases
|
- | 716,425 | 590,238 | 1,306,663 | 4.08 | % | ||||||||||||||
Residential Real Estate
|
- | 1,133,475 | - | 1,133,475 | 3.54 | % | ||||||||||||||
Installment and Other Consumer
|
22,160 | 1,074,856 | - | 1,097,016 | 3.43 | % | ||||||||||||||
$ | 1,111,079 | $ | 18,994,839 | $ | 11,903,583 | $ | 32,009,501 | 100.00 | % |
Three Months Ended September 30, 2012
|
||||||||||||||||||||||||
Commercial and Industrial
|
Commercial Real Estate
|
Direct Financing Leases
|
Residential Real Estate
|
Installment and Other Consumer
|
Total
|
|||||||||||||||||||
Balance, beginning
|
$ | 4,180,792 | $ | 10,709,991 | $ | 1,610,999 | $ | 986,714 | $ | 1,236,039 | $ | 18,724,535 | ||||||||||||
Provisions charged to expense
|
136,766 | 721,358 | 350,194 | 233,226 | 54,650 | 1,496,194 | ||||||||||||||||||
Loans/leases charged off
|
(214,036 | ) | (552,959 | ) | (111,326 | ) | (183,031 | ) | (88,378 | ) | (1,149,730 | ) | ||||||||||||
Recoveries on loans/leases previously charged off
|
69,959 | 175,467 | 35,118 | - | 65,205 | 345,749 | ||||||||||||||||||
Balance, ending
|
$ | 4,173,481 | $ | 11,053,857 | $ | 1,884,985 | $ | 1,036,909 | $ | 1,267,516 | $ | 19,416,748 |
Three Months Ended September 30, 2011
|
||||||||||||||||||||||||
Commercial and Industrial
|
Commercial Real Estate
|
Direct Financing Leases
|
Residential Real Estate
|
Installment and Other Consumer
|
Total
|
|||||||||||||||||||
Balance, beginning
|
$ | 7,124,444 | $ | 8,602,639 | $ | 1,591,309 | $ | 757,075 | $ | 1,727,165 | $ | 19,802,632 | ||||||||||||
Provisions charged to expense
|
(211,491 | ) | 2,645,457 | 159,965 | 92,032 | (228,998 | ) | 2,456,965 | ||||||||||||||||
Loans/leases charged off
|
(1,465,577 | ) | (852,174 | ) | (701,658 | ) | - | (84,358 | ) | (3,103,767 | ) | |||||||||||||
Recoveries on loans/leases previously charged off
|
174,013 | 212,683 | 2,344 | - | 33,616 | 422,656 | ||||||||||||||||||
Balance, ending
|
$ | 5,621,389 | $ | 10,608,605 | $ | 1,051,960 | $ | 849,107 | $ | 1,447,425 | $ | 19,578,486 |
Nine Months Ended September 30, 2012
|
||||||||||||||||||||||||
Commercial and Industrial
|
Commercial Real Estate
|
Direct Financing Leases
|
Residential Real Estate
|
Installment and Other Consumer
|
Total
|
|||||||||||||||||||
Balance, beginning
|
$ | 4,878,006 | $ | 10,596,958 | $ | 1,339,496 | $ | 704,946 | $ | 1,269,856 | $ | 18,789,262 | ||||||||||||
Provisions charged to expense
|
(637,852 | ) | 2,254,732 | 924,109 | 519,751 | 264,369 | 3,325,109 | |||||||||||||||||
Loans/leases charged off
|
(669,778 | ) | (1,980,946 | ) | (454,590 | ) | (187,788 | ) | (416,179 | ) | (3,709,281 | ) | ||||||||||||
Recoveries on loans/leases previously charged off
|
603,105 | 183,113 | 75,970 | - | 149,470 | 1,011,658 | ||||||||||||||||||
Balance, ending
|
$ | 4,173,481 | $ | 11,053,857 | $ | 1,884,985 | $ | 1,036,909 | $ | 1,267,516 | $ | 19,416,748 |
Nine Months Ended September 30, 2011
|
||||||||||||||||||||||||
Commercial and Industrial
|
Commercial Real Estate
|
Direct Financing Leases
|
Residential Real Estate
|
Installment and Other Consumer
|
Total
|
|||||||||||||||||||
Balance, beginning
|
$ | 7,548,922 | $ | 9,087,315 | $ | 1,530,572 | $ | 748,028 | $ | 1,449,819 | $ | 20,364,656 | ||||||||||||
Provisions charged to expense
|
1,005,002 | 3,038,359 | 463,850 | 101,079 | 588,560 | 5,196,850 | ||||||||||||||||||
Loans/leases charged off
|
(3,256,194 | ) | (1,773,711 | ) | (945,104 | ) | - | (701,390 | ) | (6,676,399 | ) | |||||||||||||
Recoveries on loans/leases previously charged off
|
323,659 | 256,642 | 2,642 | - | 110,436 | 693,379 | ||||||||||||||||||
Balance, ending
|
$ | 5,621,389 | $ | 10,608,605 | $ | 1,051,960 | $ | 849,107 | $ | 1,447,425 | $ | 19,578,486 |
As of September 30, 2012
|
||||||||||||||||||||||||
Commercial and Industrial
|
Commercial Real Estate
|
Direct Financing Leases
|
Residential Real Estate
|
Installment and Other Consumer
|
Total
|
|||||||||||||||||||
Allowance for loans/leases individually evaluated for impairment
|
$ | 274,666 | $ | 3,482,125 | $ | 157,900 | $ | 169,196 | $ | 68,673 | $ | 4,152,560 | ||||||||||||
Allowance for loans/leases collectively evaluated for impairment
|
3,898,815 | 7,571,732 | 1,727,085 | 867,713 | 1,198,843 | 15,264,188 | ||||||||||||||||||
$ | 4,173,481 | $ | 11,053,857 | $ | 1,884,985 | $ | 1,036,909 | $ | 1,267,516 | $ | 19,416,748 | |||||||||||||
Loans/leases individually evaluated for impairment
|
$ | 1,071,050 | $ | 18,450,756 | $ | 1,094,724 | $ | 1,517,304 | $ | 759,478 | $ | 22,893,312 | ||||||||||||
Loans/leases collectively evaluated for impairment
|
353,932,838 | 576,452,994 | 100,944,144 | 110,974,915 | 76,078,511 | 1,218,383,402 | ||||||||||||||||||
$ | 355,003,888 | $ | 594,903,750 | $ | 102,038,868 | $ | 112,492,219 | $ | 76,837,989 | $ | 1,241,276,714 | |||||||||||||
Allowance as a percentage of loans/leases individually evaluated for impairment
|
25.64 | % | 18.87 | % | 14.42 | % | 11.15 | % | 9.04 | % | 18.14 | % | ||||||||||||
Allowance as a percentage of loans/leases collectively evaluated for impairment
|
1.10 | % | 1.31 | % | 1.71 | % | 0.78 | % | 1.58 | % | 1.25 | % | ||||||||||||
1.18 | % | 1.86 | % | 1.85 | % | 0.92 | % | 1.65 | % | 1.56 | % |
As of December 31, 2011
|
||||||||||||||||||||||||
Commercial and Industrial
|
Commercial Real Estate
|
Direct Financing Leases
|
Residential Real Estate
|
Installment and Other Consumer
|
Total
|
|||||||||||||||||||
Allowance for loans/leases individually evaluated for impairment
|
$ | 903,187 | $ | 4,297,738 | $ | 66,675 | $ | 55,884 | $ | 22,819 | $ | 5,346,303 | ||||||||||||
Allowance for loans/leases collectively evaluated for impairment
|
3,974,819 | 6,299,220 | 1,272,821 | 649,062 | 1,247,037 | 13,442,959 | ||||||||||||||||||
$ | 4,878,006 | $ | 10,596,958 | $ | 1,339,496 | $ | 704,946 | $ | 1,269,856 | $ | 18,789,262 | |||||||||||||
Loans/leases individually evaluated for impairment
|
$ | 2,152,855 | $ | 24,281,365 | $ | 1,306,663 | $ | 1,133,474 | $ | 984,806 | $ | 29,859,163 | ||||||||||||
Loans/leases collectively evaluated for impairment
|
348,641,423 | 553,522,485 | 91,905,699 | 96,973,577 | 77,238,274 | 1,168,281,458 | ||||||||||||||||||
$ | 350,794,278 | $ | 577,803,850 | $ | 93,212,362 | $ | 98,107,051 | $ | 78,223,080 | $ | 1,198,140,621 | |||||||||||||
Allowance as a percentage of loans/leases individually evaluated for impairment
|
41.95 | % | 17.70 | % | 5.10 | % | 4.93 | % | 2.32 | % | 17.91 | % | ||||||||||||
Allowance as a percentage of loans/leases collectively evaluated for impairment
|
1.14 | % | 1.14 | % | 1.38 | % | 0.67 | % | 1.61 | % | 1.15 | % | ||||||||||||
1.39 | % | 1.83 | % | 1.44 | % | 0.72 | % | 1.62 | % | 1.56 | % |
Classes of Loans/Leases
|
Recorded Investment
|
Unpaid Principal Balance
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
Interest Income Recognized for Cash Payments Received
|
||||||||||||||||||
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||||||||||||||||||||||
Commercial and Industrial
|
$ | 845,703 | $ | 1,635,373 | $ | - | $ | 787,146 | $ | - | $ | - | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
542,721 | 542,721 | - | 657,327 | - | - | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
1,027,200 | 1,027,200 | - | 4,441,935 | 5,552 | 5,552 | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
1,498,599 | 2,298,599 | - | 6,613,234 | 894 | 894 | ||||||||||||||||||
Direct Financing Leases
|
853,974 | 853,974 | - | 774,855 | - | - | ||||||||||||||||||
Residential Real Estate
|
948,653 | 1,131,684 | - | 861,102 | 5,037 | 5,037 | ||||||||||||||||||
Installment and Other Consumer
|
646,466 | 646,466 | - | 1,014,236 | 245 | 245 | ||||||||||||||||||
$ | 6,363,316 | $ | 8,136,017 | $ | - | $ | 15,149,835 | $ | 11,728 | $ | 11,728 | |||||||||||||
Impaired Loans/Leases with Specific Allowance Recorded: | ||||||||||||||||||||||||
Commercial and Industrial
|
$ | 225,347 | $ | 247,599 | $ | 274,666 | $ | 543,668 | $ | 5,935 | $ | 5,935 | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
- | - | - | - | - | - | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
2,031,823 | 2,055,057 | 1,373,340 | 1,598,548 | - | - | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
13,350,413 | 13,603,372 | 2,108,785 | 9,859,148 | 237,408 | 237,408 | ||||||||||||||||||
Direct Financing Leases
|
240,750 | 240,750 | 157,900 | 177,551 | - | - | ||||||||||||||||||
Residential Real Estate
|
568,651 | 568,651 | 169,196 | 463,361 | - | - | ||||||||||||||||||
Installment and Other Consumer
|
113,012 | 113,012 | 68,673 | 68,286 | - | - | ||||||||||||||||||
$ | 16,529,996 | $ | 16,828,441 | $ | 4,152,560 | $ | 12,710,562 | $ | 243,343 | $ | 243,343 | |||||||||||||
Total Impaired Loans/Leases:
|
||||||||||||||||||||||||
Commercial and Industrial
|
$ | 1,071,050 | $ | 1,882,972 | $ | 274,666 | $ | 1,330,814 | $ | 5,935 | $ | 5,935 | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
542,721 | 542,721 | - | 657,327 | - | - | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
3,059,023 | 3,082,257 | 1,373,340 | 6,040,483 | 5,552 | 5,552 | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
14,849,012 | 15,901,971 | 2,108,785 | 16,472,382 | 238,302 | 238,302 | ||||||||||||||||||
Direct Financing Leases
|
1,094,724 | 1,094,724 | 157,900 | 952,406 | - | - | ||||||||||||||||||
Residential Real Estate
|
1,517,304 | 1,700,335 | 169,196 | 1,324,463 | 5,037 | 5,037 | ||||||||||||||||||
Installment and Other Consumer
|
759,478 | 759,478 | 68,673 | 1,082,522 | 245 | 245 | ||||||||||||||||||
$ | 22,893,312 | $ | 24,964,458 | $ | 4,152,560 | $ | 27,860,397 | $ | 255,071 | $ | 255,071 |
Three Months Ended September 30, 2012
|
Three Months Ended September 30, 2011
|
|||||||||||||||||||||||
Classes of Loans/Leases
|
Average Recorded Investment
|
Interest Income Recognized
|
Interest Income Recognized for Cash Payments Received
|
Average Recorded Investment
|
Interest Income Recognized
|
Interest Income Recognized for Cash Payments Received
|
||||||||||||||||||
Impaired Loans/Leases with No Specific Allowance Recorded: | ||||||||||||||||||||||||
Commercial and Industrial
|
$ | 754,844 | $ | - | $ | - | $ | 2,236,289 | $ | - | $ | - | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
550,725 | - | - | 1,774,342 | 11,909 | 11,909 | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
1,323,689 | 1,701 | 1,701 | 286,339 | - | - | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
5,798,404 | - | - | 1,730,764 | - | - | ||||||||||||||||||
Direct Financing Leases
|
680,817 | - | - | 668,944 | - | - | ||||||||||||||||||
Residential Real Estate
|
943,926 | 1,691 | 1,691 | 942,011 | - | - | ||||||||||||||||||
Installment and Other Consumer
|
1,063,519 | 121 | 121 | 710,560 | - | - | ||||||||||||||||||
$ | 11,115,924 | $ | 3,513 | $ | 3,513 | $ | 8,349,249 | $ | 11,909 | $ | 11,909 | |||||||||||||
Impaired Loans/Leases with Specific Allowance Recorded:
|
||||||||||||||||||||||||
Commercial and Industrial
|
$ | 223,917 | $ | 1,984 | $ | 1,984 | $ | 1,534,968 | $ | - | $ | - | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
- | - | - | 360,894 | - | - | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
2,157,696 | - | - | 5,595,484 | 473 | 473 | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
12,036,134 | 86,744 | 86,744 | 7,488,032 | - | - | ||||||||||||||||||
Direct Financing Leases
|
210,299 | - | - | 983,131 | - | - | ||||||||||||||||||
Residential Real Estate
|
524,031 | - | - | 200,625 | - | - | ||||||||||||||||||
Installment and Other Consumer
|
68,898 | - | - | 108,859 | - | - | ||||||||||||||||||
$ | 15,220,975 | $ | 88,728 | $ | 88,728 | $ | 16,271,993 | $ | 473 | $ | 473 | |||||||||||||
Total Impaired Loans/Leases:
|
||||||||||||||||||||||||
Commercial and Industrial
|
$ | 978,761 | $ | 1,984 | $ | 1,984 | $ | 3,771,257 | $ | - | $ | - | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
550,725 | - | - | 2,135,236 | 11,909 | 11,909 | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
3,481,385 | 1,701 | 1,701 | 5,881,823 | 473 | 473 | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
17,834,538 | 86,744 | 86,744 | 9,218,796 | - | - | ||||||||||||||||||
Direct Financing Leases
|
891,116 | - | - | 1,652,075 | - | - | ||||||||||||||||||
Residential Real Estate
|
1,467,957 | 1,691 | 1,691 | 1,142,636 | - | - | ||||||||||||||||||
Installment and Other Consumer
|
1,132,417 | 121 | 121 | 819,419 | - | - | ||||||||||||||||||
$ | 26,336,899 | $ | 92,241 | $ | 92,241 | $ | 24,621,242 | $ | 12,382 | $ | 12,382 |
Classes of Loans/Leases
|
Recorded Investment
|
Unpaid Principal Balance
|
Related Allowance
|
|||||||||
Impaired Loans/Leases with No Specific Allowance Recorded:
|
||||||||||||
Commercial and Industrial
|
$ | 360,947 | $ | 979,901 | $ | - | ||||||
Commercial Real Estate
|
||||||||||||
Owner-Occupied Commercial Real Estate
|
736,610 | 736,610 | - | |||||||||
Commercial Construction, Land Development, and Other Land
|
- | - | - | |||||||||
Other Non Owner-Occupied Commercial Real Estate
|
3,936,826 | 3,986,820 | - | |||||||||
Direct Financing Leases
|
1,094,178 | 1,094,178 | - | |||||||||
Residential Real Estate
|
788,685 | 862,298 | - | |||||||||
Installment and Other Consumer
|
593,987 | 593,987 | - | |||||||||
$ | 7,511,233 | $ | 8,253,794 | $ | - | |||||||
Impaired Loans/Leases with Specific Allowance Recorded:
|
||||||||||||
Commercial and Industrial
|
$ | 1,791,908 | $ | 1,791,908 | $ | 903,187 | ||||||
Commercial Real Estate
|
||||||||||||
Owner-Occupied Commercial Real Estate
|
217,059 | 217,059 | 47,911 | |||||||||
Commercial Construction, Land Development, and Other Land
|
9,051,455 | 9,051,455 | 3,002,450 | |||||||||
Other Non Owner-Occupied Commercial Real Estate
|
10,339,415 | 10,839,415 | 1,247,377 | |||||||||
Direct Financing Leases
|
212,485 | 212,485 | 66,675 | |||||||||
Residential Real Estate
|
344,789 | 344,789 | 55,884 | |||||||||
Installment and Other Consumer
|
390,819 | 390,819 | 22,819 | |||||||||
$ | 22,347,930 | $ | 22,847,930 | $ | 5,346,303 | |||||||
Total Impaired Loans/Leases:
|
||||||||||||
Commercial and Industrial
|
$ | 2,152,855 | $ | 2,771,809 | $ | 903,187 | ||||||
Commercial Real Estate
|
||||||||||||
Owner-Occupied Commercial Real Estate
|
953,669 | 953,669 | 47,911 | |||||||||
Commercial Construction, Land Development, and Other Land
|
9,051,455 | 9,051,455 | 3,002,450 | |||||||||
Other Non Owner-Occupied Commercial Real Estate
|
14,276,241 | 14,826,235 | 1,247,377 | |||||||||
Direct Financing Leases
|
1,306,663 | 1,306,663 | 66,675 | |||||||||
Residential Real Estate
|
1,133,474 | 1,207,087 | 55,884 | |||||||||
Installment and Other Consumer
|
984,806 | 984,806 | 22,819 | |||||||||
$ | 29,859,163 | $ | 31,101,724 | $ | 5,346,303 |
As of September 30, 2012
|
||||||||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Non Owner-Occupied
|
||||||||||||||||||||
Internally Assigned Risk Rating
|
Commercial and Industrial
|
Owner-Occupied Commercial Real Estate
|
Commercial Construction, Land Development, and Other Land
|
Other Commercial Real Estate
|
Total
|
|||||||||||||||
Pass (Ratings 1 through 5)
|
$ | 331,637,518 | $ | 193,587,897 | $ | 42,177,159 | $ | 311,918,867 | $ | 879,321,441 | ||||||||||
Special Mention (Rating 6)
|
7,920,533 | 4,213,076 | 560,086 | 8,660,810 | 21,354,505 | |||||||||||||||
Substandard (Rating 7)
|
15,445,837 | 1,987,151 | 6,454,664 | 25,344,040 | 49,231,692 | |||||||||||||||
Doubtful (Rating 8)
|
- | - | - | - | - | |||||||||||||||
$ | 355,003,888 | $ | 199,788,124 | $ | 49,191,909 | $ | 345,923,717 | $ | 949,907,638 |
As of September 30, 2012
|
||||||||||||||||||||
Delinquency Status *
|
Direct Financing Leases
|
Residential Real Estate
|
Installment and Other Consumer
|
Total
|
||||||||||||||||
Performing
|
$ | 100,944,144 | $ | 110,974,915 | $ | 76,078,511 | $ | 287,997,570 | ||||||||||||
Nonperforming
|
1,094,724 | 1,517,304 | 759,478 | 3,371,506 | ||||||||||||||||
$ | 102,038,868 | $ | 112,492,219 | $ | 76,837,989 | $ | 291,369,076 |
As of December 31, 2011
|
||||||||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Non Owner-Occupied
|
||||||||||||||||||||
Internally Assigned Risk Rating
|
Commercial and Industrial
|
Owner-Occupied Commercial Real Estate
|
Commercial Construction, Land Development, and Other Land
|
Other Commercial Real Estate
|
Total
|
|||||||||||||||
Pass (Ratings 1 through 5)
|
$ | 324,225,905 | $ | 158,955,618 | $ | 46,268,554 | $ | 310,401,972 | $ | 839,852,049 | ||||||||||
Special Mention (Rating 6)
|
8,814,497 | 2,700,496 | 764,586 | 13,754,798 | 26,034,377 | |||||||||||||||
Substandard (Rating 7)
|
17,753,876 | 6,134,507 | 13,351,598 | 25,471,721 | 62,711,702 | |||||||||||||||
Doubtful (Rating 8)
|
- | - | - | - | - | |||||||||||||||
$ | 350,794,278 | $ | 167,790,621 | $ | 60,384,738 | $ | 349,628,491 | $ | 928,598,128 |
As of December 31, 2011
|
||||||||||||||||||||
Delinquency Status *
|
Direct Financing Leases
|
Residential Real Estate
|
Installment and Other Consumer
|
Total
|
||||||||||||||||
Performing
|
$ | 91,905,699 | $ | 96,973,576 | $ | 77,126,064 | $ | 266,005,339 | ||||||||||||
Nonperforming
|
1,306,663 | 1,133,475 | 1,097,016 | 3,537,154 | ||||||||||||||||
$ | 93,212,362 | $ | 98,107,051 | $ | 78,223,080 | $ | 269,542,493 |
For the three months ended September 30, 2012
|
For the three months ended September 30, 2011
|
||||||||||||||||||||||||||||||
Classes of Loans/Leases
|
Number of Loans / Leases
|
Pre-Modification Recorded Investment
|
Post-Modification Recorded Investment
|
Specific Allowance
|
Number of Loans / Leases
|
Pre-Modification Recorded Investment
|
Post-Modification Recorded Investment
|
Specific Allowance
|
|||||||||||||||||||||||
CONCESSION - Extension of maturity
|
|||||||||||||||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
4 | $ | 1,184,289 | $ | 1,184,289 | $ | 325,923 | - | $ | - | $ | - | $ | - | |||||||||||||||||
4 | $ | 1,184,289 | $ | 1,184,289 | $ | 325,923 | - | $ | - | $ | - | $ | - | ||||||||||||||||||
CONCESSION - Interest rate adjusted below market
|
|||||||||||||||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
2 | $ | 1,542,784 | $ | 1,289,825 | $ | 55,187 | - | $ | - | $ | - | $ | - | |||||||||||||||||
2 | $ | 1,542,784 | $ | 1,289,825 | $ | 55,187 | - | $ | - | $ | - | $ | - | ||||||||||||||||||
TOTAL
|
6 | $ | 2,727,073 | $ | 2,474,114 | $ | 381,110 | - | $ | - | $ | - | $ | - |
For the nine months ended September 30, 2012
|
For the nine months ended September 30, 2011
|
||||||||||||||||||||||||||||||
Classes of Loans/Leases
|
Number of Loans / Leases
|
Pre-Modification Recorded Investment
|
Post-Modification Recorded Investment
|
Specific Allowance
|
Number of Loans / Leases
|
Pre-Modification Recorded Investment
|
Post-Modification Recorded Investment
|
Specific Allowance
|
|||||||||||||||||||||||
CONCESSION - Extension of maturity
|
|||||||||||||||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
4 | $ | 1,184,289 | $ | 1,184,289 | $ | 325,923 | 1 | $ | 2,851,134 | $ | 2,851,134 | $ | - | |||||||||||||||||
4 | $ | 1,184,289 | $ | 1,184,289 | $ | 325,923 | 1 | $ | 2,851,134 | $ | 2,851,134 | $ | - | ||||||||||||||||||
CONCESSION - Significant payment delay
|
|||||||||||||||||||||||||||||||
Commercial and Industrial
|
- | $ | - | $ | - | $ | - | 4 | $ | 1,175,819 | $ | 1,175,819 | $ | - | |||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
2 | 200,000 | 200,000 | - | - | - | - | - | |||||||||||||||||||||||
2 | $ | 200,000 | $ | 200,000 | $ | - | 4 | $ | 1,175,819 | $ | 1,175,819 | $ | - | ||||||||||||||||||
CONCESSION - Interest rate adjusted below market
|
|||||||||||||||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
1 | $ | 337,500 | $ | 337,500 | $ | - | - | $ | - | $ | - | $ | - | |||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
2 | 1,542,784 | 1,289,825 | 55,187 | - | - | - | - | |||||||||||||||||||||||
Residential Real Estate
|
1 | 167,739 | 167,739 | - | - | - | - | - | |||||||||||||||||||||||
Installment and Other Consumer
|
1 | 16,043 | 16,043 | - | - | - | - | - | |||||||||||||||||||||||
5 | $ | 2,064,066 | $ | 1,811,107 | $ | 55,187 | - | $ | - | $ | - | $ | - | ||||||||||||||||||
TOTAL
|
11 | $ | 3,448,355 | $ | 3,195,396 | $ | 381,110 | 5 | $ | 4,026,953 | $ | 4,026,953 | $ | - |
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net income
|
$ | 3,184,510 | $ | 2,266,601 | $ | 9,860,738 | $ | 7,271,299 | ||||||||
Less: Net income attributable to noncontrolling interests
|
127,177 | 103,446 | 494,431 | 308,215 | ||||||||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 3,057,333 | $ | 2,163,155 | $ | 9,366,307 | $ | 6,963,084 | ||||||||
Less: Preferred stock dividends and discount accretion
|
810,837 | 2,188,058 | * | 2,685,248 | 4,256,171 | * | ||||||||||
Net income attributable to QCR Holdings, Inc. common stockholders
|
$ | 2,246,496 | $ | (24,903 | ) | $ | 6,681,059 | $ | 2,706,913 | |||||||
Earnings per common share attributable to QCR Holdings, Inc. common stockholders
|
||||||||||||||||
Basic
|
$ | 0.45 | $ | (0.01 | ) | $ | 1.37 | $ | 0.56 | |||||||
Diluted
|
$ | 0.44 | $ | (0.01 | ) | $ | 1.35 | $ | 0.56 | |||||||
Weighted average common shares outstanding
|
4,978,699 | 4,866,692 | 4,871,626 | 4,795,382 | ||||||||||||
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan
|
101,589 | - | ** | 66,888 | 52,051 | |||||||||||
Weighted average common and common equivalent shares outstanding
|
5,080,288 | 4,866,692 | ** | 4,938,514 | 4,847,433 |
Commercial Banking
|
||||||||||||||||||||||||||||
Quad City
Bank & Trust |
Cedar Rapids
Bank & Trust |
Rockford
Bank & Trust |
Wealth
Management |
All Other
|
Intercompany
Eliminations |
Consolidated
Total |
||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Total revenue
|
$ | 11,643,674 | $ | 6,706,485 | $ | 2,897,098 | $ | 1,490,297 | $ | 4,542,612 | $ | (3,675,459 | ) | $ | 23,604,707 | |||||||||||||
Net interest income
|
$ | 8,602,967 | $ | 4,027,693 | $ | 2,368,483 | $ | - | $ | (369,625 | ) | $ | - | $ | 14,629,518 | |||||||||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 2,586,303 | $ | 1,532,946 | $ | (313,019 | ) | $ | 108,950 | $ | 3,077,515 | $ | (3,935,362 | ) | $ | 3,057,333 | ||||||||||||
Total assets
|
$ | 1,134,296,418 | $ | 587,057,961 | $ | 299,947,837 | $ | - | $ | 196,448,244 | $ | (193,804,388 | ) | $ | 2,023,946,072 | |||||||||||||
Provision for loan/lease losses
|
$ | 350,194 | $ | 300,000 | $ | 846,000 | $ | - | $ | - | $ | - | $ | 1,496,194 | ||||||||||||||
Goodwill
|
$ | 3,222,688 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3,222,688 | ||||||||||||||
Three Months Ended September 30, 2011
|
||||||||||||||||||||||||||||
Total revenue
|
$ | 12,147,213 | $ | 7,110,970 | $ | 3,377,454 | $ | 1,311,647 | $ | 3,319,882 | $ | (3,362,429 | ) | $ | 23,904,737 | |||||||||||||
Net interest income
|
$ | 7,944,108 | $ | 3,873,339 | $ | 2,355,471 | $ | - | $ | (344,214 | ) | $ | - | $ | 13,828,704 | |||||||||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 1,854,914 | $ | 1,375,114 | $ | (243,710 | ) | $ | 257,611 | $ | 2,192,761 | $ | (3,273,535 | ) | $ | 2,163,155 | ||||||||||||
Total assets
|
$ | 1,056,656,935 | $ | 565,822,310 | $ | 287,574,174 | $ | - | $ | 193,059,135 | $ | (204,152,062 | ) | $ | 1,898,960,492 | |||||||||||||
Provision for loan/lease losses
|
$ | 1,158,965 | $ | 250,000 | $ | 1,048,000 | $ | - | $ | - | $ | - | $ | 2,456,965 | ||||||||||||||
Goodwill
|
$ | 3,222,688 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3,222,688 | ||||||||||||||
Nine Months Ended September 30, 2012
|
||||||||||||||||||||||||||||
Total revenue
|
$ | 36,196,909 | $ | 19,829,521 | $ | 9,665,950 | $ | 4,427,051 | $ | 13,533,609 | $ | (13,115,614 | ) | $ | 70,537,426 | |||||||||||||
Net interest income
|
$ | 25,524,594 | $ | 11,691,876 | $ | 7,259,522 | $ | - | $ | (1,127,528 | ) | $ | - | $ | 43,348,464 | |||||||||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 7,603,033 | $ | 4,214,081 | $ | 482,950 | $ | 425,356 | $ | 9,484,700 | $ | (12,843,813 | ) | $ | 9,366,307 | |||||||||||||
Total assets
|
$ | 1,134,296,418 | $ | 587,057,961 | $ | 299,947,837 | $ | - | $ | 196,448,244 | $ | (193,804,388 | ) | $ | 2,023,946,072 | |||||||||||||
Provision for loan/lease losses
|
$ | 1,138,109 | $ | 875,000 | $ | 1,312,000 | $ | - | $ | - | $ | - | $ | 3,325,109 | ||||||||||||||
Goodwill
|
$ | 3,222,688 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3,222,688 | ||||||||||||||
Nine Months Ended September 30, 2011
|
||||||||||||||||||||||||||||
Total revenue
|
$ | 35,990,157 | $ | 21,482,485 | $ | 10,046,334 | $ | 4,238,644 | $ | 10,776,476 | $ | (10,885,546 | ) | $ | 71,648,550 | |||||||||||||
Net interest income
|
$ | 22,772,375 | $ | 11,859,003 | $ | 6,641,533 | $ | - | $ | (1,284,350 | ) | $ | - | $ | 39,988,561 | |||||||||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 5,777,707 | $ | 3,964,627 | $ | 45,697 | $ | 741,263 | $ | 7,054,192 | $ | (10,620,402 | ) | $ | 6,963,084 | |||||||||||||
Total assets
|
$ | 1,056,656,935 | $ | 565,822,310 | $ | 287,574,174 | $ | - | $ | 193,059,135 | $ | (204,152,062 | ) | $ | 1,898,960,492 | |||||||||||||
Provision for loan/lease losses
|
$ | 2,236,850 | $ | 1,035,000 | $ | 1,925,000 | $ | - | $ | - | $ | - | $ | 5,196,850 | ||||||||||||||
Goodwill
|
$ | 3,222,688 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3,222,688 |
|
1.
|
Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in markets;
|
|
2.
|
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
|
|
3.
|
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||
Fair Value
|
Quoted Prices
in Active |
Significant
Other |
Significant
Unobservable |
|||||||||||||
September 30, 2012:
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 343,243,622 | $ | - | $ | 343,243,622 | $ | - | ||||||||
Residential mortgage-backed and related securities
|
155,690,575 | - | 155,690,575 | - | ||||||||||||
Municipal securities
|
90,031,631 | - | 90,031,631 | - | ||||||||||||
Trust preferred securities
|
130,400 | - | 130,400 | - | ||||||||||||
Other securities
|
1,605,221 | 235,027 | 1,370,194 | - | ||||||||||||
$ | 590,701,449 | $ | 235,027 | $ | 590,466,422 | $ | - | |||||||||
December 31, 2011:
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 428,955,220 | $ | - | $ | 428,955,220 | $ | - | ||||||||
Residential mortgage-backed and related securities
|
108,853,749 | - | 108,853,749 | - | ||||||||||||
Municipal securities
|
25,689,364 | - | 25,689,364 | - | ||||||||||||
Trust preferred securities
|
80,800 | - | 80,800 | - | ||||||||||||
Other securities
|
1,450,158 | 191,506 | 1,258,652 | - | ||||||||||||
$ | 565,029,291 | $ | 191,506 | $ | 564,837,785 | $ | - |
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
September 30, 2012:
|
||||||||||||||||
Impaired loans/leases
|
$ | 13,367,633 | $ | - | $ | - | $ | 13,367,633 | ||||||||
Other real estate owned
|
5,403,014 | - | - | 5,403,014 | ||||||||||||
$ | 18,770,647 | $ | - | $ | - | $ | 18,770,647 | |||||||||
December 31, 2011:
|
||||||||||||||||
Impaired loans/leases
|
$ | 18,361,757 | $ | - | $ | - | $ | 18,361,757 | ||||||||
Other real estate owned
|
9,056,619 | - | - | 9,056,619 | ||||||||||||
$ | 27,418,376 | $ | - | $ | - | $ | 27,418,376 |
As of September 30, 2012
|
As of December 31, 2011
|
|||||||||||||||
Carrying
Value |
Estimated
Fair Value |
Carrying
Value |
Estimated
Fair Value |
|||||||||||||
Cash and due from banks
|
$ | 40,564,561 | $ | 40,564,561 | $ | 53,136,710 | $ | 53,136,710 | ||||||||
Federal funds sold
|
5,725,000 | 5,725,000 | 20,785,000 | 20,785,000 | ||||||||||||
Interest-bearing deposits at financial institutions
|
49,436,938 | 49,436,938 | 26,750,602 | 26,750,602 | ||||||||||||
Investment securities:
|
||||||||||||||||
Held to maturity
|
650,000 | 650,000 | 200,000 | 200,000 | ||||||||||||
Available for sale
|
590,701,449 | 590,701,449 | 565,029,291 | 565,029,291 | ||||||||||||
Loans/leases receivable, net
|
1,224,875,461 | 1,243,192,000 | 1,181,956,235 | 1,202,817,000 | ||||||||||||
Accrued interest receivable
|
6,640,822 | 6,640,822 | 6,510,021 | 6,510,021 | ||||||||||||
Deposits
|
1,343,235,434 | 1,346,256,000 | 1,205,457,788 | 1,209,197,000 | ||||||||||||
Short-term borrowings
|
140,888,698 | 140,888,698 | 213,536,450 | 213,536,450 | ||||||||||||
Federal Home Loan Bank advances
|
196,350,000 | 216,052,000 | 204,750,000 | 223,678,000 | ||||||||||||
Other borrowings
|
138,237,737 | 154,663,000 | 136,231,663 | 151,813,000 | ||||||||||||
Junior subordinated debentures
|
36,085,000 | 18,753,000 | 36,085,000 | 18,444,000 | ||||||||||||
Accrued interest payable
|
1,373,671 | 1,373,671 | 1,551,842 | 1,551,842 |
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Loans/leases receivable, net *
|
$ | 1,229,824,367 | $ | - | $ | 1,229,824,367 | $ | - | ||||||||
Time deposits
|
361,397,000 | - | 361,397,000 | - | ||||||||||||
Federal Home Loan Bank advances
|
216,052,000 | - | 216,052,000 | - | ||||||||||||
Other borrowings
|
154,663,000 | - | 154,663,000 | - | ||||||||||||
Junior subordinated debentures
|
18,753,000 | - | 18,753,000 | - |
|
·
|
QCBT commenced operations in 1994 and provides full-service commercial and consumer banking, and trust and asset management services, to the Quad City area and adjacent communities through its five offices that are located in Bettendorf and Davenport, Iowa and Moline, Illinois. QCBT also provides leasing services through its now wholly-owned subsidiary, m2 Lease Funds, located in Brookfield, Wisconsin. In August 2012, QCBT entered into an amendment to the operating agreement of m2 Lease Funds and purchased the 20% noncontrolling interest in m2 Lease Funds. In addition, QCBT owns 100% of Quad City Investment Advisors, LLC (formerly known as CMG Investment Advisors, LLC), which is an investment management and advisory company.
|
|
·
|
CRBT commenced operations in 2001 and provides full-service commercial and consumer banking, and trust and asset management services, to Cedar Rapids, Iowa and adjacent communities through its main office located on First Avenue in downtown Cedar Rapids, Iowa and its branch facility located on Council Street in northern Cedar Rapids. CRBT also provides residential real estate mortgage lending services through its 50%-owned joint venture, Cedar Rapids Mortgage Company.
|
|
·
|
RB&T commenced operations in January 2005 and provides full-service commercial and consumer banking, and trust and asset management services, to Rockford, Illinois and adjacent communities through its main office located in downtown Rockford and its branch facility on Guilford Road at Alpine Road in Rockford.
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Net income
|
$ | 3,184,510 | $ | 2,266,601 | $ | 9,860,738 | $ | 7,271,299 | ||||||||
Less: Net income attributable to noncontrolling interests
|
127,177 | 103,446 | 494,431 | 308,215 | ||||||||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 3,057,333 | $ | 2,163,155 | $ | 9,366,307 | $ | 6,963,084 | ||||||||
Less: Preferred stock dividends and discount accretion
|
810,837 | 2,188,058 | 2,685,248 | 4,256,171 | ||||||||||||
Net income attributable to QCR Holdings, Inc. common stockholders
|
$ | 2,246,496 | $ | (24,903 | ) | $ | 6,681,059 | $ | 2,706,913 | |||||||
Diluted earnings per common share
|
$ | 0.44 | $ | (0.01 | ) | $ | 1.35 | $ | 0.56 | |||||||
Weighted average common and common equivalent shares outstanding
|
5,080,288 | 4,866,692 | 4,938,514 | 4,847,433 |
For the three months ended
|
For the nine months ended
|
|||||||||||||||||||
September 30, 2012
|
June 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
||||||||||||||||
Net interest income
|
$ | 14,629,518 | $ | 14,515,493 | $ | 13,828,704 | $ | 43,348,464 | $ | 39,988,561 | ||||||||||
Provision for loan/lease losses
|
(1,496,194 | ) | (1,048,469 | ) | (2,456,965 | ) | (3,325,109 | ) | (5,196,850 | ) | ||||||||||
Noninterest income
|
4,117,182 | 4,067,509 | 4,335,307 | 12,141,569 | 13,565,812 | |||||||||||||||
Noninterest expense
|
(13,031,517 | ) | (13,109,083 | ) | (12,773,149 | ) | (38,878,680 | ) | (38,340,967 | ) | ||||||||||
Federal and state income tax
|
(1,034,479 | ) | (1,152,071 | ) | (667,296 | ) | (3,425,506 | ) | (2,745,257 | ) | ||||||||||
Net income
|
$ | 3,184,510 | $ | 3,273,379 | $ | 2,266,601 | $ | 9,860,738 | $ | 7,271,299 |
|
·
|
The average yield on interest-earning assets decreased 25 basis points.
|
|
·
|
The average cost of interest-bearing liabilities decreased 27 basis points.
|
|
·
|
The net interest spread improved 2 basis points from 2.82% to 2.84%.
|
|
·
|
The net interest margin expanded 3 basis points from 3.13% to 3.16%.
|
|
·
|
The average yield on interest-earning assets decreased 22 basis points.
|
|
·
|
The average cost of interest-bearing liabilities decreased 30 basis points.
|
|
·
|
The net interest spread improved 8 basis points from 2.73% to 2.81%.
|
|
·
|
The net interest margin expanded 8 basis points from 3.06% to 3.14%.
|
For the three months ended September 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
Balance |
Interest
Earned |
Average
Yield or |
Average
Balance |
Interest
Earned |
Average
Yield or |
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Federal funds sold
|
$ | 6,199 | $ | 3 | 0.19 | % | $ | 18,996 | $ | 8 | 0.17 | % | ||||||||||||
Interest-bearing deposits at financial institutions
|
33,446 | 76 | 0.90 | % | 26,124 | 98 | 1.49 | % | ||||||||||||||||
Investment securities (1)
|
619,650 | 3,930 | 2.52 | % | 516,617 | 3,243 | 2.49 | % | ||||||||||||||||
Restricted investment securities
|
15,419 | 132 | 3.41 | % | 15,305 | 126 | 3.27 | % | ||||||||||||||||
Gross loans/leases receivable (2) (3) (4)
|
1,227,326 | 15,804 | 5.12 | % | 1,190,313 | 16,216 | 5.40 | % | ||||||||||||||||
Total interest earning assets
|
$ | 1,902,040 | 19,945 | 4.17 | % | $ | 1,767,355 | 19,691 | 4.42 | % | ||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
$ | 38,376 | $ | 46,947 | ||||||||||||||||||||
Premises and equipment
|
31,401 | 30,446 | ||||||||||||||||||||||
Less allowance for estimated losses on loans/leases
|
(18,922 | ) | (19,693 | ) | ||||||||||||||||||||
Other
|
77,314 | 79,293 | ||||||||||||||||||||||
Total assets
|
$ | 2,030,209 | $ | 1,904,348 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest-bearing deposits
|
$ | 557,216 | 625 | 0.45 | % | $ | 537,887 | 1,006 | 0.74 | % | ||||||||||||||
Time deposits
|
357,734 | 864 | 0.96 | % | 363,181 | 1,195 | 1.31 | % | ||||||||||||||||
Short-term borrowings
|
164,775 | 60 | 0.14 | % | 145,147 | 66 | 0.18 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
201,328 | 1,810 | 3.58 | % | 204,911 | 1,931 | 3.74 | % | ||||||||||||||||
Junior subordinated debentures
|
36,085 | 261 | 2.88 | % | 36,085 | 242 | 2.66 | % | ||||||||||||||||
Other borrowings (4)
|
138,105 | 1,238 | 3.57 | % | 140,774 | 1,301 | 3.67 | % | ||||||||||||||||
Total interest-bearing liabilities
|
$ | 1,455,243 | 4,858 | 1.33 | % | $ | 1,427,985 | 5,741 | 1.60 | % | ||||||||||||||
Noninterest-bearing demand deposits
|
$ | 406,597 | $ | 311,044 | ||||||||||||||||||||
Other noninterest-bearing liabilities
|
29,147 | 26,315 | ||||||||||||||||||||||
Total liabilities
|
$ | 1,890,987 | $ | 1,765,344 | ||||||||||||||||||||
Stockholders' equity
|
139,222 | 139,004 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 2,030,209 | $ | 1,904,348 | ||||||||||||||||||||
Net interest income
|
$ | 15,087 | $ | 13,950 | ||||||||||||||||||||
Net interest spread
|
2.84 | % | 2.82 | % | ||||||||||||||||||||
Net interest margin
|
3.16 | % | 3.13 | % | ||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities
|
130.70 | % | 123.77 | % |
(1) | Interest earned and yields on nontaxable investment securities are determined on a tax equivalent basis using a 34% tax rate for each period presented. |
(2) | Loan/lease fees are not material and are included in interest income from loans/leases receivable in accordance with accounting and regulatory guidance. |
(3) | Non-accrual loans/leases are included in the average balance for gross loans/leases receivable in accordance with accounting and regulatory guidance. |
(4) | In accordance with ASC 860, effective January 1, 2010, the Company accounts for some participations sold, including sales of SBA-guaranteed portions of loans during the recourse period, as secured borrowings. As such, these amounts are included in the average balance for gross loans/leases receivable and other borrowings. For the three months ended September 30, 2012 and 2011, this totaled $0.0 million and $0.6 million, respectively. During the second quarter of 2011, SBA removed the recourse provision for sales which allowed for sale accounting treatment at the time of sale; thus, the decline in average balance. |
Components of Change (1)
|
||||||||||||
Inc./(Dec.)
from |
Rate
|
Volume
|
||||||||||
2012 vs. 2011
|
||||||||||||
(dollars in thousands)
|
||||||||||||
INTEREST INCOME
|
||||||||||||
Federal funds sold
|
$ | (5 | ) | $ | 7 | $ | (12 | ) | ||||
Interest-bearing deposits at financial institutions
|
(22 | ) | (141 | ) | 119 | |||||||
Investment securities (2)
|
687 | 51 | 636 | |||||||||
Restricted investment securities
|
6 | 5 | 1 | |||||||||
Gross loans/leases receivable (3) (4) (5)
|
(412 | ) | (2,733 | ) | 2,321 | |||||||
Total change in interest income
|
$ | 254 | $ | (2,811 | ) | $ | 3,065 | |||||
INTEREST EXPENSE
|
||||||||||||
Interest-bearing deposits
|
$ | (381 | ) | $ | (615 | ) | $ | 234 | ||||
Time deposits
|
(331 | ) | (313 | ) | (18 | ) | ||||||
Short-term borrowings
|
(6 | ) | (46 | ) | 40 | |||||||
Federal Home Loan Bank advances
|
(121 | ) | (85 | ) | (36 | ) | ||||||
Junior subordinated debentures
|
19 | 19 | - | |||||||||
Other borrowings (5)
|
(63 | ) | (36 | ) | (27 | ) | ||||||
Total change in interest expense
|
$ | (883 | ) | $ | (1,076 | ) | $ | 193 | ||||
Total change in net interest income
|
$ | 1,137 | $ | (1,735 | ) | $ | 2,872 |
(1) | The column "Inc./(Dec.) from Prior Period" is segmented into the changes attributable to variations in volume and the changes attributable to changes in interest rates. The variations attributable to simultaneous volume and rate changes have been proportionately alloctaed to rate and volume. |
(2) | Interest earned and yields on nontaxable investment securities are determined on a tax equivalent basis using a 34% tax rate for each period presented. |
(3) | Loan/lease fees are not material and are included in interest income from loans/leases receivable in accordance with accounting and regulatory guidance. |
(4) | Non-accrual loans/leases are included in the average balance for gross loans/leases receivable in accordance with accounting and regulatory guidance. |
(5) | In accordance with ASC 860, effective January 1, 2010, the Company accounts for some participations sold, including sales of SBA-guaranteed portions of loans during the recourse period, as secured borrowings. As such, these amounts are included in the average balance for gross loans/leases receivable and other borrowings. For the three months ended September 30, 2012 and 2011, this totaled $0.0 million and $0.6 million, respectively. During the second quarter of 2011, SBA removed the recourse provision for sales which allowed sale accounting treatment at the time of sale; thus, the decline in average balance. |
For the nine months ended September 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
Balance |
Interest
Earned |
Average
Yield or |
Average
Balance |
Interest
Earned |
Average
Yield or |
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Federal funds sold
|
$ | 2,066 | $ | 3 | 0.19 | % | $ | 58,959 | $ | 98 | 0.22 | % | ||||||||||||
Interest-bearing deposits at financial institutions
|
51,430 | 288 | 0.75 | % | 30,991 | 312 | 1.35 | % | ||||||||||||||||
Investment securities (1)
|
603,756 | 10,890 | 2.41 | % | 489,184 | 9,146 | 2.50 | % | ||||||||||||||||
Restricted investment securities
|
15,327 | 378 | 3.29 | % | 15,677 | 428 | 3.65 | % | ||||||||||||||||
Gross loans/leases receivable (2) (3) (4)
|
1,212,323 | 47,748 | 5.26 | % | 1,171,331 | 48,466 | 5.53 | % | ||||||||||||||||
Total interest earning assets
|
1,884,903 | 59,307 | 4.20 | % | $ | 1,766,142 | 58,450 | 4.42 | % | |||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
$ | 39,764 | $ | 43,077 | ||||||||||||||||||||
Premises and equipment
|
31,533 | 30,696 | ||||||||||||||||||||||
Less allowance for estimated losses on loans/leases…
|
(19,005 | ) | (19,979 | ) | ||||||||||||||||||||
Other
|
76,330 | 72,884 | ||||||||||||||||||||||
Total assets
|
$ | 2,013,525 | $ | 1,892,820 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest-bearing deposits
|
$ | 543,723 | 2,090 | 0.51 | % | $ | 530,425 | 3,013 | 0.76 | % | ||||||||||||||
Time deposits
|
352,606 | 2,744 | 1.04 | % | 364,712 | 3,935 | 1.44 | % | ||||||||||||||||
Short-term borrowings
|
174,578 | 203 | 0.16 | % | 140,312 | 248 | 0.24 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
204,209 | 5,503 | 3.60 | % | 213,565 | 6,053 | 3.79 | % | ||||||||||||||||
Junior subordinated debentures
|
36,085 | 787 | 2.91 | % | 36,085 | 975 | 3.61 | % | ||||||||||||||||
Other borrowings (4)
|
136,884 | 3,720 | 3.63 | % | 143,617 | 3,870 | 3.60 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,448,085 | 15,047 | 1.39 | % | $ | 1,428,716 | 18,094 | 1.69 | % | |||||||||||||||
Noninterest-bearing demand deposits
|
396,031 | $ | 301,829 | |||||||||||||||||||||
Other noninterest-bearing liabilities
|
27,081 | 27,327 | ||||||||||||||||||||||
Total liabilities
|
1,871,196 | $ | 1,757,872 | |||||||||||||||||||||
Stockholders' equity
|
142,329 | 134,948 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
2,013,525 | $ | 1,892,820 | |||||||||||||||||||||
Net interest income
|
$ | 44,260 | $ | 40,356 | ||||||||||||||||||||
Net interest spread
|
2.81 | % | 2.73 | % | ||||||||||||||||||||
Net interest margin
|
3.14 | % | 3.06 | % | ||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities
|
130.17 | % | 123.62 | % |
(1) | Interest earned and yields on nontaxable investment securities are determined on a tax equivalent basis using a 34% tax rate for each period presented. |
(2) | Loan/lease fees are not material and are included in interest income from loans/leases receivable in accordance with accounting and regulatory guidance. |
(3) | Non-accrual loans/leases are included in the average balance for gross loans/leases receivable in accordance with accounting and regulatory guidance. |
(4) | In accordance with ASC 860, effective January 1, 2010, the Company accounts for some participations sold, including sales of SBA-guaranteed portions of loans during the recourse period, as secured borrowings. As such, these amounts are included in the average balance for gross loans/leases receivable and other borrowings. For the nine months ended September 30, 2012 and 2011, this totaled $0.0 million and $3.4 million, respectively. During the second quarter of 2011, SBA removed the recourse provision for sales which allowed for sale accounting treatment at the time of sale; thus, the decline in average balance. |
Components of Change (1)
|
||||||||||||
Inc./(Dec.)
from |
Rate
|
Volume
|
||||||||||
2012 vs. 2011
|
||||||||||||
(dollars in thousands)
|
||||||||||||
INTEREST INCOME
|
||||||||||||
Federal funds sold
|
$ | (95 | ) | $ | (11 | ) | $ | (84 | ) | |||
Interest-bearing deposits at financial institutions
|
(24 | ) | (230 | ) | 206 | |||||||
Investment securities (2)
|
1,744 | (497 | ) | 2,241 | ||||||||
Restricted investment securities
|
(50 | ) | (40 | ) | (10 | ) | ||||||
Gross loans/leases receivable (3) (4) (5)
|
(718 | ) | (2,987 | ) | 2,269 | |||||||
Total change in interest income
|
$ | 857 | $ | (3,765 | ) | $ | 4,622 | |||||
INTEREST EXPENSE
|
||||||||||||
Interest-bearing deposits
|
$ | (923 | ) | $ | (1,044 | ) | $ | 121 | ||||
Time deposits
|
(1,191 | ) | (1,064 | ) | (127 | ) | ||||||
Short-term borrowings
|
(45 | ) | (121 | ) | 76 | |||||||
Federal Home Loan Bank advances
|
(550 | ) | (286 | ) | (264 | ) | ||||||
Junior subordinated debentures
|
(188 | ) | (188 | ) | - | |||||||
Other borrowings (5)
|
(150 | ) | 60 | (210 | ) | |||||||
Total change in interest expense
|
$ | (3,047 | ) | $ | (2,643 | ) | $ | (404 | ) | |||
Total change in net interest income
|
$ | 3,904 | $ | (1,122 | ) | $ | 5,026 |
(1) | The column "Inc./(Dec.) from Prior Period" is segmented into the changes attributable to variations in volume and the changes attributable to changes in interest rates. The variations attributable to simultaneous volume and rate changes have been proportionately alloctaed to rate and volume. |
(2) | Interest earned and yields on nontaxable investment securities are determined on a tax equivalent basis using a 34% tax rate for each period presented. |
(3) | Loan/lease fees are not material and are included in interest income from loans/leases receivable in accordance with accounting and regulatory guidance. |
(4) | Non-accrual loans/leases are included in the average balance for gross loans/leases receivable in accordance with accounting and regulatory guidance. |
(5) | In accordance with ASC 860, effective January 1, 2010, the Company accounts for some participations sold, including sales of SBA-guaranteed portions of loans during the recourse period, as secured borrowings. As such, these amounts are included in the average balance for gross loans/leases receivable and other borrowings. For the nine months ended September 30, 2012 and 2011, this totaled $0.0 million and $3.4 million, respectively. During the second quarter of 2011, SBA removed the recourse provision for sales which allowed sale accounting treatment at the time of sale; thus, the decline in average balance. |
|
1.
|
During the first quarter of 2011, QCBT utilized excess liquidity and prepaid $15.0 million of FHLB advances with a weighted average interest rate of 4.87% and a weighted average maturity of May 2012.
|
|
2.
|
The Company modified $33.4 million ($20.4 million in first quarter of 2011 and $13.0 million in the fourth quarter of 2011) of fixed rate FHLB advances into new fixed rate FHLB advances at significantly reduced interest rates and extended maturities.
|
|
3.
|
During the second quarter of 2012, the Company modified $25.0 million of fixed rate wholesale structured repurchase agreements (“structured repos”) into new fixed rate structured repos at significantly reduced interest rates and extended maturities.
|
Three Months Ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
$ Change
|
% Change
|
||||||||||||
Trust department fees
|
$ | 914,586 | $ | 762,133 | $ | 152,453 | 20.0 | % | |||||||
Investment advisory and management fees
|
575,711 | 549,515 | 26,196 | 4.8 | |||||||||||
Deposit service fees
|
847,343 | 893,685 | (46,342 | ) | (5.2 | ) | |||||||||
Gains on sales of loans, net
|
684,546 | 408,364 | 276,182 | 67.6 | |||||||||||
Securities gains
|
- | 443,614 | (443,614 | ) | (100.0 | ) | |||||||||
Gains (losses) on other real estate owned, net
|
(745,799 | ) | 42,262 | (788,061 | ) | (1,864.7 | ) | ||||||||
Earnings on bank-owned life insurance
|
399,925 | 331,440 | 68,485 | 20.7 | |||||||||||
Credit card fees, net of processing costs
|
140,542 | 178,636 | (38,094 | ) | (21.3 | ) | |||||||||
Other
|
1,300,328 | 725,658 | 574,670 | 79.2 | |||||||||||
$ | 4,117,182 | $ | 4,335,307 | $ | (218,125 | ) | (5.0 | ) % |
Nine Months Ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
$ Change
|
% Change
|
||||||||||||
Trust department fees
|
$ | 2,650,552 | $ | 2,607,668 | $ | 42,884 | 1.6 | % | |||||||
Investment advisory and management fees
|
1,776,499 | 1,630,976 | 145,523 | 8.9 | |||||||||||
Deposit service fees
|
2,626,822 | 2,623,018 | 3,804 | 0.1 | |||||||||||
Gains on sales of loans, net
|
1,965,957 | 1,923,185 | 42,772 | 2.2 | |||||||||||
Securities gains
|
104,600 | 1,472,528 | (1,367,928 | ) | (92.9 | ) | |||||||||
Losses on other real estate owned, net
|
(1,324,468 | ) | (90,492 | ) | (1,233,976 | ) | 1,363.6 | ||||||||
Earnings on bank-owned life insurance
|
1,196,987 | 1,032,493 | 164,494 | 15.9 | |||||||||||
Credit card fees, net of processing costs
|
409,730 | 397,132 | 12,598 | 3.2 | |||||||||||
Other
|
2,734,890 | 1,969,304 | 765,586 | 38.9 | |||||||||||
$ | 12,141,569 | $ | 13,565,812 | $ | (1,424,243 | ) | (10.5 | ) % |
For the three months ended
|
For the nine months ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Gains on sales of residential mortgages
|
$ | 424,255 | $ | 233,163 | $ | 987,021 | $ | 529,696 | ||||||||
Gains on sales of government guaranteed portions of loans
|
260,291 | 175,201 | 978,936 | 1,393,489 | ||||||||||||
$ | 684,546 | $ | 408,364 | $ | 1,965,957 | $ | 1,923,185 |
Three Months Ended
|
|||||||||||||
September 30, 2012
|
September 30, 2011
|
$ Change
|
% Change
|
||||||||||
Salaries and employee benefits
|
$ | 8,201,323 | $ | 7,651,695 | $ | 549,628 | 7.2 | % | |||||
Occupancy and equipment expense
|
1,459,901 | 1,359,758 | 100,143 | 7.4 | |||||||||
Professional and data processing fees
|
1,065,780 | 1,077,435 | (11,655 | ) | (1.1 | ) | |||||||
FDIC and other insurance
|
599,422 | 578,776 | 20,646 | 3.6 | |||||||||
Loan/lease expense
|
273,166 | 839,993 | (566,827 | ) | (67.5 | ) | |||||||
Advertising and marketing
|
437,130 | 277,376 | 159,754 | 57.6 | |||||||||
Postage and telephone
|
190,868 | 242,103 | (51,235 | ) | (21.2 | ) | |||||||
Stationery and supplies
|
139,592 | 122,582 | 17,010 | 13.9 | |||||||||
Bank service charges
|
211,378 | 186,351 | 25,027 | 13.4 | |||||||||
Other
|
452,957 | 437,080 | 15,877 | 3.6 | |||||||||
$ | 13,031,517 | $ | 12,773,149 | $ | 258,368 | 2.0 | % |
Nine Months Ended
|
|||||||||||||
September 30, 2012
|
September 30, 2011
|
$ Change
|
% Change
|
||||||||||
Salaries and employee benefits
|
$ | 24,581,642 | $ | 22,480,731 | $ | 2,100,911 | 9.3 | % | |||||
Occupancy and equipment expense
|
4,177,076 | 4,017,506 | 159,570 | 4.0 | |||||||||
Professional and data processing fees
|
3,342,847 | 3,338,935 | 3,912 | 0.1 | |||||||||
FDIC and other insurance
|
1,756,493 | 2,149,093 | (392,600 | ) | (18.3 | ) | |||||||
Loan/lease expense
|
755,066 | 1,772,290 | (1,017,224 | ) | (57.4 | ) | |||||||
Advertising and marketing
|
1,057,246 | 836,459 | 220,787 | 26.4 | |||||||||
Postage and telephone
|
716,050 | 703,803 | 12,247 | 1.7 | |||||||||
Stationery and supplies
|
417,769 | 380,754 | 37,015 | 9.7 | |||||||||
Bank service charges
|
609,599 | 525,007 | 84,592 | 16.1 | |||||||||
Prepayment fees on Federal Home Loan Bank advances
|
- | 832,099 | (832,099 | ) | (100.0 | ) | |||||||
Other-than-temporary impairment losses on securities
|
62,400 | 118,847 | (56,447 | ) | (47.5 | ) | |||||||
Other
|
1,402,492 | 1,185,443 | 217,049 | 18.3 | |||||||||
$ | 38,878,680 | $ | 38,340,967 | $ | 537,713 | 1.4 | % |
|
·
|
Customary annual salary and benefits increases for the majority of the Company’s employee base in 2012.
|
|
·
|
Continued increases in health insurance-related employee benefits for the majority of the Company’s employee base.
|
|
·
|
Higher accrued incentive compensation based on improved performance for the first nine months of 2012.
|
|
·
|
Targeted talent additions in late 2011 and early 2012. Specifically, the Company added four business development officers (three in the Wealth Management Division and one in the Correspondent Banking Division) in an effort to continue to grow market share.
|
|
·
|
The continued application of tax credits that were acquired in the third quarter of 2011.
|
|
·
|
The increase in tax-exempt municipal securities during the first nine months of 2012, which, in turn, resulted in an increase in nontaxable income. Specifically, the Company grew its municipal securities portfolio from $25.7 million at December 31, 2011 to $90.0 million at September 30, 2012.
|
As of
|
|||||||||||||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
|||||||||||||||||||||
(dollars in thousands)
|
|||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
||||||||||||||||||
Cash, federal funds sold, and interest-bearing deposits
|
$ | 95,727 | 5 | % | $ | 100,673 | 5 | % | $ | 75,887 | 4 | % | |||||||||||
Securities
|
591,351 | 29 | % | 565,229 | 29 | % | 525,912 | 28 | % | ||||||||||||||
Net loans/leases
|
1,224,875 | 61 | % | 1,181,956 | 60 | % | 1,178,003 | 62 | % | ||||||||||||||
Other assets
|
111,993 | 6 | % | 118,752 | 6 | % | 119,158 | 6 | % | ||||||||||||||
Total assets
|
$ | 2,023,946 | 100 | % | $ | 1,966,610 | 100 | % | $ | 1,898,960 | 100 | % | |||||||||||
Total deposits
|
$ | 1,343,235 | 66 | % | $ | 1,205,458 | 61 | % | $ | 1,207,469 | 64 | % | |||||||||||
Total borrowings
|
511,561 | 25 | % | 590,603 | 30 | % | 524,551 | 28 | % | ||||||||||||||
Other liabilities
|
30,029 | 2 | % | 26,116 | 1 | % | 23,771 | 1 | % | ||||||||||||||
Total stockholders' equity
|
139,121 | 7 | % | 144,433 | 8 | % | 143,169 | 7 | % | ||||||||||||||
Total liabilities and stockholders' equity
|
$ | 2,023,946 | 100 | % | $ | 1,966,610 | 100 | % | $ | 1,898,960 | 100 | % |
As of
|
||||||||||||||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 343,244 | 59 | % | $ | 428,955 | 76 | % | $ | 414,784 | 79 | % | ||||||||||||
Residential mortgage-backed and related securities
|
155,691 | 26 | % | 108,854 | 19 | % | 83,452 | 16 | % | |||||||||||||||
Municipal securities
|
90,032 | 15 | % | 25,689 | 5 | % | 25,991 | 5 | % | |||||||||||||||
Other securities, including held-to-maturity
|
2,384 | 0 | % | 1,731 | 0 | % | 1,685 | 0 | % | |||||||||||||||
$ | 591,351 | 100 | % | $ | 565,229 | 100 | % | $ | 525,912 | 100 | % | |||||||||||||
Net Unrealized Gains as a % of Amortized Cost
|
1.7 | % | 1.4 | % | 1.3 | % | ||||||||||||||||||
Duration (in years)
|
2.7 | 1.8 | 1.6 |
As of
|
||||||||||||||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Commercial and industrial loans
|
$ | 355,004 | 29 | % | $ | 350,794 | 29 | % | $ | 363,998 | 30 | % | ||||||||||||
Commercial real estate loans
|
594,904 | 48 | % | 577,804 | 48 | % | 568,487 | 48 | % | |||||||||||||||
Direct financing leases
|
102,039 | 8 | % | 93,212 | 8 | % | 88,893 | 7 | % | |||||||||||||||
Residential real estate loans
|
112,492 | 9 | % | 98,107 | 8 | % | 94,073 | 8 | % | |||||||||||||||
Installment and other consumer loans
|
76,838 | 6 | % | 78,223 | 7 | % | 79,893 | 7 | % | |||||||||||||||
Total loans/leases
|
$ | 1,241,277 | 100 | % | $ | 1,198,140 | 100 | % | $ | 1,195,344 | 100 | % | ||||||||||||
Plus deferred loan/lease origination costs, net of fees
|
3,015 | 2,605 | 2,238 | |||||||||||||||||||||
Less allowance for estimated losses on loans/leases
|
(19,417 | ) | (18,789 | ) | (19,579 | ) | ||||||||||||||||||
Net loans/leases
|
$ | 1,224,875 | $ | 1,181,956 | $ | 1,178,003 |
As of September 30, 2012
|
As of December 31, 2011
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Lessors of Nonresidential Buildings
|
$ | 182,190 | 31 | % | $ | 179,511 | 31 | % | ||||||||
Lessors of Residential Buildings
|
49,599 | 8 | % | 50,029 | 9 | % | ||||||||||
Land Subdivision
|
28,553 | 5 | % | 33,252 | 6 | % | ||||||||||
Hotels
|
27,300 | 5 | % | 19,061 | 3 | % | ||||||||||
New Car Dealers
|
26,378 | 4 | % | 25,223 | 4 | % | ||||||||||
Lessors of Other Real Estate Property
|
14,638 | 2 | % | 15,830 | 3 | % | ||||||||||
Other *
|
266,246 | 45 | % | 254,898 | 44 | % | ||||||||||
Total Commercial Real Estate Loans
|
$ | 594,904 | 100 | % | $ | 577,804 | 100 | % |
|
·
|
Certain loans that do not meet the criteria for sale into the secondary market. These are often structured as adjustable rate mortgages with maturities ranging from three to seven years to avoid the long-term interest rate risk.
|
|
·
|
A limited amount of 15-year fixed rate residential real estate loans that met certain credit guidelines.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Balance, beginning
|
$ | 18,725 | $ | 19,803 | $ | 18,789 | $ | 20,365 | ||||||||
Provisions charged to expense
|
1,496 | 2,457 | 3,325 | 5,197 | ||||||||||||
Loans/leases charged off
|
(1,150 | ) | (3,104 | ) | (3,709 | ) | (6,676 | ) | ||||||||
Recoveries on loans/leases previously charged off
|
346 | 423 | 1,012 | 693 | ||||||||||||
Balance, ending
|
$ | 19,417 | $ | 19,579 | $ | 19,417 | $ | 19,579 |
As of
|
||||||||||||
Internally Assigned Risk Rating *
|
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
|||||||||
(dollars in thousands)
|
||||||||||||
Special Mention (Rating 6)
|
$ | 21,355 | $ | 26,034 | $ | 31,969 | ||||||
Substandard (Rating 7)
|
49,232 | 62,712 | 73,429 | |||||||||
Doubtful (Rating 8)
|
- | - | - | |||||||||
$ | 70,587 | $ | 88,746 | $ | 105,398 | |||||||
Criticized Loans **
|
$ | 70,587 | $ | 88,746 | $ | 105,398 | ||||||
Classified Loans ***
|
$ | 49,232 | $ | 62,712 | $ | 73,429 |
As of
|
||||||||||||
September 30, 2012
|
December 31, 2011
|
December 31, 2010
|
||||||||||
Allowance / Gross Loans/Leases
|
1.56 | % | 1.56 | % | 1.74 | % | ||||||
Allowance / Nonperforming Loans/Leases *
|
81.10 | % | 58.70 | % | 49.49 | % |
As of September 30, 2012
|
As of December 31, 2011
|
As of September 30, 2011
|
As of December 31, 2010
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Nonaccrual loans/leases (1) (2)
|
$ | 17,731 | $ | 18,995 | $ | 29,006 | $ | 37,427 | ||||||||
Accruing loans/leases past due 90 days or more
|
203 | 1,111 | 333 | 320 | ||||||||||||
Troubled debt restructures - accruing
|
6,009 | 11,904 | 2,675 | 3,405 | ||||||||||||
Other real estate owned
|
5,003 | 8,386 | 8,288 | 8,535 | ||||||||||||
Other repossessed assets
|
116 | 109 | 160 | 366 | ||||||||||||
$ | 29,062 | $ | 40,505 | $ | 40,462 | $ | 50,053 | |||||||||
Nonperforming loans/leases to total loans/leases
|
1.92 | % | 2.67 | % | 2.67 | % | 3.51 | % | ||||||||
Nonperforming assets to total loans/leases plus reposessed property
|
2.33 | % | 3.35 | % | 3.35 | % | 4.24 | % | ||||||||
Nonperforming assets to total assets
|
1.44 | % | 2.06 | % | 2.13 | % | 2.73 | % | ||||||||
Texas ratio (3)
|
18.66 | % | 25.58 | % | 25.58 | % | 33.57 | % | ||||||||
|
(1)
|
Includes government guaranteed portion of loans, as applicable.
|
|
(2)
|
Includes troubled debt restructurings of $5.7 million at September 30, 2012, $8.6 million at December 31, 2011, $8.6 million at September 30, 2011, and $12.6 million at December 31, 2010.
|
|
(3)
|
Texas Ratio = Nonperforming Assets (excluding Other Repossessed Assets) / Tangible Equity plus Allowance for Estimated Losses on Loans/Leases. Texas Ratio is a non-GAAP financial measure. Management included this ratio as this is considered to be a critical metric with which to analyze and evaluate asset quality. Other companies may calculate this ratio differently.
|
As of
|
||||||||||||||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Noninterest bearing demand deposits
|
$ | 417,284 | 31 | % | $ | 357,184 | 30 | % | $ | 326,710 | 27 | % | ||||||||||||
Interest bearing demand deposits
|
567,578 | 42 | % | 510,788 | 42 | % | 528,552 | 44 | % | |||||||||||||||
Time deposits
|
308,083 | 23 | % | 292,575 | 24 | % | 304,674 | 25 | % | |||||||||||||||
Brokered time deposits
|
50,290 | 4 | % | 44,911 | 4 | % | 47,533 | 4 | % | |||||||||||||||
$ | 1,343,235 | 100 | % | $ | 1,205,458 | 100 | % | $ | 1,207,469 | 100 | % |
As of
|
||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
||||||||||
(dollars in thousands)
|
||||||||||||
Overnight repurchase agreements with customers
|
$ | 114,248 | $ | 110,236 | $ | 101,886 | ||||||
Federal funds purchased
|
26,640 | 103,300 | 41,700 | |||||||||
$ | 140,888 | $ | 213,536 | $ | 143,586 |
As of
|
||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
||||||||||
(dollars in thousands)
|
||||||||||||
Wholesale repurchase agreements
|
$ | 130,000 | $ | 130,000 | $ | 135,000 | ||||||
364-day revolving note
|
5,600 | 3,600 | 2,500 | |||||||||
Series A subordinated notes
|
2,638 | 2,632 | 2,630 | |||||||||
$ | 138,238 | $ | 136,232 | $ | 140,130 |
September 30, 2012
|
December 31, 2011
|
|||||||||||||||
Maturity:
|
Amount Due
|
Weighted Average Interest Rate at Quarter-End
|
Amount Due
|
Weighted Average Interest Rate at Year-End
|
||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Year ending December 31:
|
||||||||||||||||
2012
|
$ | 8,000 | 1.80 | % | $ | 34,601 | 2.93 | % | ||||||||
2013
|
25,508 | 1.73 | 18,000 | 2.24 | ||||||||||||
2014
|
39,170 | 2.88 | 39,170 | 2.87 | ||||||||||||
2015
|
66,000 | 2.59 | 67,000 | 2.97 | ||||||||||||
2016
|
85,962 | 3.72 | 82,890 | 3.81 | ||||||||||||
2017
|
46,000 | 3.70 | 42,000 | 3.91 | ||||||||||||
Thereafter
|
106,000 | 3.66 | 96,000 | 3.75 | ||||||||||||
Total Wholesale Funding
|
$ | 376,640 | 3.24 | $ | 379,661 | 3.41 |
As of
|
||||||||||||||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2011
|
||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Common stock
|
$ | 4,984 | $ | 4,879 | $ | 4,868 | ||||||||||||||||||
Additional paid in capital - common
|
25,234 | 26,381 | 25,098 | |||||||||||||||||||||
Retained earnings
|
51,078 | 44,586 | 43,072 | |||||||||||||||||||||
Accumulated other comprehensive income
|
6,122 | 4,755 | 4,173 | |||||||||||||||||||||
Noncontrolling interests
|
146 | 2,052 | 1,924 | |||||||||||||||||||||
Less: Treasury stock
|
(1,606 | ) | (1,606 | ) | (1,606 | ) | ||||||||||||||||||
Total common stockholders' equity
|
85,958 | 62 | % | 81,047 | 56 | % | 77,529 | 54 | % | |||||||||||||||
Preferred stock
|
55 | 65 | 65 | |||||||||||||||||||||
Additional paid in capital - preferred
|
53,108 | 63,321 | 65,575 | |||||||||||||||||||||
Total preferred stockholders' equity
|
53,163 | 38 | % | 63,386 | 44 | % | 65,640 | 46 | % | |||||||||||||||
Total stockholders' equity
|
$ | 139,121 | 100 | % | $ | 144,433 | 100 | % | $ | 143,169 | 100 | % | ||||||||||||
Tangible common equity* / total tangible assets
|
4.09 | % | 3.85 | % | 3.82 | % |
Date Issued
|
Aggregate Purchase Price
|
Stated Dividend Rate
|
Annual Dividend
|
||||||||||
Series E Non-Cumulative Convertible Perpetual Preferred Stock
|
June 2010
|
$ | 25,000,000 | 7.00 | % | $ | 1,750,000 | ||||||
Series F Non-Cumulative Perpetual Preferred Stock
|
September 2011
|
29,867,000 | 5.00 | % | 1,493,350 | ||||||||
$ | 54,867,000 | $ | 3,243,350 |
Name
|
Date Issued
|
Amount Issued
|
Interest Rate
|
Interest Rate as of 9/30/12
|
Interest Rate as of 12/31/11
|
|||||||||
QCR Holdings Statutory Trust II
|
February 2004
|
$ | 12,372,000 |
2.85% over 3-month LIBOR
|
3.31 | % | 3.22 | % | ||||||
QCR Holdings Statutory Trust III
|
February 2004
|
8,248,000 |
2.85% over 3-month LIBOR
|
3.31 | % | 3.22 | % | |||||||
QCR Holdings Statutory Trust IV
|
May 2005
|
5,155,000 |
1.80% over 3-month LIBOR
|
2.25 | % | 2.20 | % | |||||||
QCR Holdings Statutory Trust V
|
February 2006
|
10,310,000 |
1.55% over 3-month LIBOR
|
2.00 | % | 1.95 | % | |||||||
$ | 36,085,000 |
Weighted Average Rate
|
2.78 | % | 2.71 | % |
Actual
|
For Capital
Adequacy Purposes |
To Be Well
Capitalized Under |
||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||
As of September 30, 2012:
|
||||||||||||||||||||||
Company:
|
||||||||||||||||||||||
Total risk-based capital
|
$ | 185,396 | 12.98 | % | $ | 114,294 |
≥
|
8.0 | % | N/A | N/A | |||||||||||
Tier 1 risk-based capital
|
164,598 | 11.52 | % | 57,147 |
≥
|
4.0 | N/A | N/A | ||||||||||||||
Leverage ratio
|
164,598 | 8.12 | % | 81,078 | ≥ | 4.0 | N/A | N/A | ||||||||||||||
Quad City Bank & Trust:
|
||||||||||||||||||||||
Total risk-based capital
|
$ | 98,164 | 12.51 | % | $ | 62,795 |
≥
|
8.0 | % | $ | 78,493 |
≥
|
10.00 | % | ||||||||
Tier 1 risk-based capital
|
90,009 | 11.47 | % | 31,397 |
≥
|
4.0 | 47,096 |
≥
|
6.00 | % | ||||||||||||
Leverage ratio
|
90,009 | 7.76 | % | 46,409 |
≥
|
4.0 | 58,011 |
≥
|
5.00 | % | ||||||||||||
Cedar Rapids Bank & Trust:
|
||||||||||||||||||||||
Total risk-based capital
|
$ | 53,832 | 13.17 | % | $ | 32,694 |
≥
|
8.0 | % | $ | 49,042 |
≥
|
10.00 | % | ||||||||
Tier 1 risk-based capital
|
48,700 | 11.92 | % | 16,347 |
≥
|
4.0 | 24,521 |
≥
|
6.00 | % | ||||||||||||
Leverage ratio
|
48,700 | 8.43 | % | 23,103 |
≥
|
4.0 | 28,879 |
≥
|
5.00 | % | ||||||||||||
Rockford Bank & Trust:
|
||||||||||||||||||||||
Total risk-based capital
|
$ | 36,428 | 15.67 | % | $ | 18,593 |
≥
|
8.0 | % | $ | 23,241 |
≥
|
10.00 | % | ||||||||
Tier 1 risk-based capital
|
33,506 | 14.42 | % | 9,296 |
≥
|
4.0 | 13,945 |
≥
|
6.00 | % | ||||||||||||
Leverage ratio
|
33,506 | 11.19 | % | 11,972 |
≥
|
4.0 | 14,965 |
≥
|
5.00 | % |
Actual
|
For Capital
Adequacy Purposes |
To Be Well
Capitalized Under |
||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||
As of December 31, 2011:
|
||||||||||||||||||||||
Company:
|
||||||||||||||||||||||
Total risk-based capital
|
$ | 191,419 | 13.84 | % | $ | 110,686 |
≥
|
8.0 | % | N/A | N/A | |||||||||||
Tier 1 risk-based capital
|
169,360 | 12.24 | % | 55,343 |
≥
|
4.0 | % | N/A | N/A | |||||||||||||
Tier 1 leverage
|
169,360 | 8.70 | % | 77,857 |
≥
|
4.0 | % | N/A | N/A | |||||||||||||
Quad City Bank & Trust:
|
||||||||||||||||||||||
Total risk-based capital
|
$ | 98,382 | 13.03 | % | $ | 60,391 |
≥
|
8.0 | % | $ | 75,488 |
≥
|
10.00 | % | ||||||||
Tier 1 risk-based capital
|
90,336 | 11.97 | % | 30,195 |
≥
|
4.0 | 45,293 |
≥
|
6.00 | % | ||||||||||||
Tier 1 leverage
|
90,336 | 8.21 | % | 44,009 |
≥
|
4.0 | 55,012 |
≥
|
5.00 | % | ||||||||||||
Cedar Rapids Bank & Trust:
|
||||||||||||||||||||||
Total risk-based capital
|
$ | 56,312 | 14.44 | % | $ | 31,198 |
≥
|
8.0 | % | $ | 38,998 |
≥
|
10.00 | % | ||||||||
Tier 1 risk-based capital
|
51,415 | 13.18 | % | 15,599 |
≥
|
4.0 | 23,399 |
≥
|
6.00 | % | ||||||||||||
Tier 1 leverage
|
51,415 | 9.02 | % | 22,807 |
≥
|
4.0 | 28,509 |
≥
|
5.00 | % | ||||||||||||
Rockford Bank & Trust:
|
||||||||||||||||||||||
Total risk-based capital
|
$ | 36,259 | 15.27 | % | $ | 19,001 |
≥
|
8.0 | % | $ | 23,752 |
≥
|
10.00 | % | ||||||||
Tier 1 risk-based capital
|
33,277 | 14.01 | % | 9,501 |
≥
|
4.0 | 14,251 |
≥
|
6.00 | % | ||||||||||||
Tier 1 leverage
|
33,277 | 11.31 | % | 11,770 |
≥
|
4.0 | 14,713 |
≥
|
5.00 | % |
NET INTEREST INCOME EXPOSURE in YEAR 1
|
||||||||||||
INTEREST RATE SCENARIO
|
As of June 30, 2012
|
As of December 31, 2011
|
As of December 31, 2010
|
|||||||||
100 basis point downward shift
|
-1.3 | % | -1.5 | % | -1.9 | % | ||||||
200 basis point upward shift
|
-2.9 | % | -3.1 | % | -3.0 | % | ||||||
300 basis point upward shock
|
-6.8 | % | -4.2 | % | -1.6 | % |
Item 6 | Exhibits |
10.1
|
Amendment No. 1 to Second Amended and Restated Operating Agreement of m2 Lease Funds, LLC between Quad City Bank & Trust Company and John Engelbrecht dated August 27, 2012.
|
31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a).
|
31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a).
|
32.1
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101*
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets as of September 30, 2012 and December 31, 2011; (ii) Consolidated Statements of Income for the three and nine months ended September 30, 2012 and September 30, 2011; (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2012 and September 30, 2011; (iv) Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2012 and September 30, 2011; (v) Consolidated Statements of Cash Flows for the nine months ended September 30, 2012 and September 30, 2011; and (vi) Notes to Consolidated Financial Statements.
* As provided in Rule 406T of Regulation S-T, this information shall not be deemed “filed” for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability under those sections.
|
Date November 6, 2012
|
/s/ Douglas M. Hultquist
|
|||
|
Douglas M. Hultquist, President
Chief Executive Officer
|
Date November 6, 2012
|
/s/ Todd A. Gipple
|
|||
|
Todd A. Gipple, Executive Vice President
Chief Operating Officer
Chief Financial Officer
|
QUAD CITY BANK AND TRUST COMPANY
|
|||
By:
|
/s/ John H. Anderson | Address: | 2118 Middle Road |
John H. Anderson, President/CEO | Bettendorf, IA 52722 | ||
/s/ John Engelbrecht | Address: | 17500 Mariner Court | |
John Engelbrecht | Brookfield, WI 53045 |
Date: August 31, 2012 | Spouse: |
/s/ Janet Engelbrecht
|
|
Janet Engelbrecht
|
1.
|
I have reviewed this quarterly report on Form 10-Q of QCR Holdings, Inc.; |
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purpose in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of QCR Holdings, Inc.; |
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purpose in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Note 3 - Loans/Leases Receivable (Detail) - Troubed Debt Restructurings (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
Extension of Maturity [Member]
Non-owner occupied Commercial Real Estate [Member]
Three month period [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
Extension of Maturity [Member]
Non-owner occupied Commercial Real Estate [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
Extension of Maturity [Member]
Three month period [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
Extension of Maturity [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
Interest Rate Adjusted Below Market [Member]
Non-owner occupied Commercial Real Estate [Member]
Three month period [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
Interest Rate Adjusted Below Market [Member]
Non-owner occupied Commercial Real Estate [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
Interest Rate Adjusted Below Market [Member]
Three month period [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
Interest Rate Adjusted Below Market [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
|
Sep. 30, 2011
Significant Payment Delay [Member]
Commercial and Industrial [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Significant Payment Delay [Member]
Commercial construction, land development, and other land [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Significant Payment Delay [Member]
Nine Month Period [Member]
|
Sep. 30, 2011
Significant Payment Delay [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Extension of Maturity [Member]
Non-owner occupied Commercial Real Estate [Member]
Three month period [Member]
|
Sep. 30, 2012
Extension of Maturity [Member]
Non-owner occupied Commercial Real Estate [Member]
Nine Month Period [Member]
|
Sep. 30, 2011
Extension of Maturity [Member]
Non-owner occupied Commercial Real Estate [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Extension of Maturity [Member]
Three month period [Member]
|
Sep. 30, 2012
Extension of Maturity [Member]
Nine Month Period [Member]
|
Sep. 30, 2011
Extension of Maturity [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Interest Rate Adjusted Below Market [Member]
Non-owner occupied Commercial Real Estate [Member]
Three month period [Member]
|
Sep. 30, 2012
Interest Rate Adjusted Below Market [Member]
Non-owner occupied Commercial Real Estate [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Interest Rate Adjusted Below Market [Member]
Commercial construction, land development, and other land [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Interest Rate Adjusted Below Market [Member]
Residential Real Estate [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Interest Rate Adjusted Below Market [Member]
Installment and Other Consumer [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Interest Rate Adjusted Below Market [Member]
Three month period [Member]
|
Sep. 30, 2012
Interest Rate Adjusted Below Market [Member]
Nine Month Period [Member]
|
Sep. 30, 2012
Non-owner occupied Commercial Real Estate [Member]
|
Dec. 31, 2011
Non-owner occupied Commercial Real Estate [Member]
|
Sep. 30, 2012
Commercial and Industrial [Member]
|
Dec. 31, 2011
Commercial and Industrial [Member]
|
Sep. 30, 2012
Commercial construction, land development, and other land [Member]
|
Dec. 31, 2011
Commercial construction, land development, and other land [Member]
|
Sep. 30, 2012
Residential Real Estate [Member]
|
Dec. 31, 2011
Residential Real Estate [Member]
|
Sep. 30, 2012
Installment and Other Consumer [Member]
|
Dec. 31, 2011
Installment and Other Consumer [Member]
|
Sep. 30, 2012
Troubled Debt Restructurings [Member]
|
Sep. 30, 2011
Troubled Debt Restructurings [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Troubled Debt Restructurings Number of Loans/Leases | 6 | 4 | 2 | 2 | 4 | 4 | 4 | 1 | 4 | 4 | 1 | 2 | 2 | 1 | 1 | 1 | 2 | 5 | 11 | 5 | |||||||||||||||||||||
Troubled Debt Restructurings Pre-Modification Recorded Investment | $ 2,727,073 | $ 1,175,819 | $ 200,000 | $ 200,000 | $ 1,175,819 | $ 1,184,289 | $ 1,184,289 | $ 2,851,134 | $ 1,184,289 | $ 1,184,289 | $ 2,851,134 | $ 1,542,784 | $ 1,542,784 | $ 337,500 | $ 167,739 | $ 16,043 | $ 1,542,784 | $ 2,064,066 | $ 3,448,355 | $ 4,026,953 | |||||||||||||||||||||
Troubled Debt Restructurings Post-Modification Recorded Investment | 2,474,114 | 1,175,819 | 200,000 | 200,000 | 1,175,819 | 1,184,289 | 1,184,289 | 2,851,134 | 1,184,289 | 1,184,289 | 2,851,134 | 1,289,825 | 1,289,825 | 337,500 | 167,739 | 16,043 | 1,289,825 | 1,811,107 | 3,195,396 | 4,026,953 | |||||||||||||||||||||
Troubled Debt Restructurings Specific Allowance | $ 4,152,560 | $ 5,346,303 | $ 325,923 | $ 325,923 | $ 325,923 | $ 325,923 | $ 55,187 | $ 55,187 | $ 55,187 | $ 55,187 | $ 381,110 | $ 381,110 | $ 2,108,785 | $ 1,247,377 | $ 274,666 | $ 903,187 | $ 1,373,340 | $ 3,002,450 | $ 169,196 | $ 55,884 | $ 68,673 | $ 22,819 |
Note 6 - Fair Value (Detail) - Fair Values of Company's Financial Assets (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
|||
---|---|---|---|---|---|
Loans/leases receivable, net * | $ 1,243,192,000 | $ 1,202,817,000 | |||
Time deposits | 1,346,256,000 | 1,209,197,000 | |||
Federal Home Loan Bank advances | 216,052,000 | 223,678,000 | |||
Other borrowings | 140,888,698 | 213,536,450 | |||
Junior subordinated debentures | 18,753,000 | 18,444,000 | |||
Excluding Impaired Loans [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
|||||
Loans/leases receivable, net * | 1,229,824,367 | [1] | |||
Excluding Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||||
Loans/leases receivable, net * | [1] | ||||
Excluding Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||||
Loans/leases receivable, net * | 1,229,824,367 | [1] | |||
Excluding Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||||
Loans/leases receivable, net * | [1] | ||||
Estimate of Fair Value, Fair Value Disclosure [Member]
|
|||||
Loans/leases receivable, net * | 13,367,633 | 18,361,757 | |||
Time deposits | 361,397,000 | ||||
Federal Home Loan Bank advances | 216,052,000 | ||||
Other borrowings | 154,663,000 | ||||
Junior subordinated debentures | 18,753,000 | ||||
Fair Value, Inputs, Level 1 [Member]
|
|||||
Loans/leases receivable, net * | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member]
|
|||||
Loans/leases receivable, net * | 0 | 0 | |||
Time deposits | 361,397,000 | ||||
Federal Home Loan Bank advances | 216,052,000 | ||||
Other borrowings | 154,663,000 | ||||
Junior subordinated debentures | 18,753,000 | ||||
Fair Value, Inputs, Level 3 [Member]
|
|||||
Loans/leases receivable, net * | $ 13,367,633 | $ 18,361,757 | |||
|
Note 6 - Fair Value (Detail) - Assets Measured at Fair Value on a Non-recurring Basis (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Impaired loans/leases | $ 1,243,192,000 | $ 1,202,817,000 |
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Impaired loans/leases | 13,367,633 | 18,361,757 |
Other real estate owned | 5,403,014 | 9,056,619 |
Total | 18,770,647 | 27,418,376 |
Fair Value, Inputs, Level 1 [Member]
|
||
Impaired loans/leases | 0 | 0 |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member]
|
||
Impaired loans/leases | 0 | 0 |
Other real estate owned | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member]
|
||
Impaired loans/leases | 13,367,633 | 18,361,757 |
Other real estate owned | 5,403,014 | 9,056,619 |
Total | $ 18,770,647 | $ 27,418,376 |
Note 3 - Loans/Leases Receivable (Detail) - Nonperforming Loans/Leases (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
||||
---|---|---|---|---|---|---|
Nonaccrual loans/leases | $ 17,731,331 | $ 18,994,839 | ||||
Troubled debt restructurings - accruing | 11,758,653 | 20,526,457 | ||||
Total nonperforming loans/leases | 22,893,312 | 29,859,163 | ||||
Percentage of total nonperforming loans/leases | 100.00% | 100.00% | ||||
Nonperforming [Member] | Commercial and Industrial [Member]
|
||||||
Total nonperforming loans/leases | 1,992,549 | 3,097,617 | ||||
Nonperforming [Member] | Owner-occupied commercial real estate [Member]
|
||||||
Total nonperforming loans/leases | 671,184 | 1,011,456 | ||||
Nonperforming [Member] | Commercial construction, land development, and other land [Member]
|
||||||
Total nonperforming loans/leases | 2,448,875 | 10,020,374 | ||||
Nonperforming [Member] | Non-owner occupied Commercial Real Estate [Member]
|
||||||
Total nonperforming loans/leases | 15,459,160 | 14,342,900 | ||||
Nonperforming [Member] | Finance Leases Portfolio Segment [Member]
|
||||||
Total nonperforming loans/leases | 1,094,724 | 1,306,663 | ||||
Nonperforming [Member] | Residential Portfolio Segment [Member]
|
||||||
Total nonperforming loans/leases | 1,517,304 | 1,133,475 | ||||
Nonperforming [Member] | Consumer Portfolio Segment [Member]
|
||||||
Total nonperforming loans/leases | 759,478 | 1,097,016 | ||||
Nonperforming [Member] | Total [Member]
|
||||||
Total nonperforming loans/leases | 23,943,274 | 32,009,501 | ||||
Commercial and Industrial [Member]
|
||||||
Accruing Past Due 90 Days or More | 149,750 | 120,000 | ||||
Nonaccrual loans/leases | 1,657,986 | [1] | 2,790,210 | [1] | ||
Troubled debt restructurings - accruing | 184,813 | 187,407 | ||||
Percentage of total nonperforming loans/leases | 8.32% | 9.68% | ||||
Owner-occupied commercial real estate [Member]
|
||||||
Accruing Past Due 90 Days or More | 0 | 0 | ||||
Nonaccrual loans/leases | 671,184 | [1] | 1,011,456 | [1] | ||
Troubled debt restructurings - accruing | 0 | 0 | ||||
Percentage of total nonperforming loans/leases | 2.80% | 3.16% | ||||
Commercial construction, land development, and other land [Member]
|
||||||
Accruing Past Due 90 Days or More | 0 | 968,919 | ||||
Nonaccrual loans/leases | 2,111,375 | [1] | 2,975,312 | [1] | ||
Troubled debt restructurings - accruing | 337,500 | 6,076,143 | ||||
Percentage of total nonperforming loans/leases | 10.23% | 31.30% | ||||
Non-owner occupied Commercial Real Estate [Member]
|
||||||
Accruing Past Due 90 Days or More | 0 | 0 | ||||
Nonaccrual loans/leases | 10,155,795 | [1] | 9,293,105 | [1] | ||
Troubled debt restructurings - accruing | 5,303,365 | 5,049,795 | ||||
Percentage of total nonperforming loans/leases | 64.57% | 44.81% | ||||
Finance Leases Portfolio Segment [Member]
|
||||||
Accruing Past Due 90 Days or More | 0 | 0 | ||||
Nonaccrual loans/leases | 1,094,724 | [1] | 716,425 | [1] | ||
Troubled debt restructurings - accruing | 0 | 590,238 | ||||
Percentage of total nonperforming loans/leases | 4.57% | 4.08% | ||||
Residential Portfolio Segment [Member]
|
||||||
Accruing Past Due 90 Days or More | 0 | 0 | ||||
Nonaccrual loans/leases | 1,349,565 | [1] | 1,133,475 | [1] | ||
Troubled debt restructurings - accruing | 167,739 | 0 | ||||
Percentage of total nonperforming loans/leases | 6.34% | 3.54% | ||||
Consumer Portfolio Segment [Member]
|
||||||
Accruing Past Due 90 Days or More | 52,733 | 22,160 | ||||
Nonaccrual loans/leases | 690,702 | [1] | 1,074,856 | [1] | ||
Troubled debt restructurings - accruing | 16,043 | 0 | ||||
Percentage of total nonperforming loans/leases | 3.17% | 3.43% | ||||
Total [Member]
|
||||||
Accruing Past Due 90 Days or More | 202,483 | 1,111,079 | ||||
Nonaccrual loans/leases | 17,731,331 | [1] | 18,994,839 | [1] | ||
Troubled debt restructurings - accruing | $ 6,009,460 | $ 11,903,583 | ||||
Percentage of total nonperforming loans/leases | 100.00% | 100.00% | ||||
|
Note 2 - Investment Securities (Detail) (USD $)
|
3 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Number of Securities | 360 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 13 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Period Increase (Decrease) (in Dollars) | $ 62,400 | $ 118,847 |
Unrealized Losses 12 Months or Greater [Member]
|
||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 1 |
Note 8 - Acquisition Of 20% Noncontrolling Interest In M2 Lease Funds (Detail) (USD $)
|
3 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 11, 2012
|
Sep. 30, 2012
m2 Lease Funds LLC [Member]
|
Jun. 30, 2012
m2 Lease Funds LLC [Member]
|
|
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | |||
Equity Method Investment, Ownership Percentage | 80.00% | |||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $ 1,653,755 | |||
Business Acquisition, Cost of Acquired Entity, Purchase Price | 3,307,509 | |||
Fair Value Inputs, Discount Rate | 5.00% | |||
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred | 2,847,687 | |||
Adjustments to Additional Paid in Capital, Reallocation of Noncontrolling Interest | (4,527,219) | (2,133,417) | ||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net | 1,653,755 | |||
Business Acquisition, Purchase Price Allocation, Noncontrolling Interest | $ 453,884 |
Note 5 - Business Segment Information (Detail) (Velie Plantation Holding Company LLC [Member])
|
Sep. 30, 2012
|
---|---|
Velie Plantation Holding Company LLC [Member]
|
|
Equity Method Investment, Ownership Percentage | 91.00% |
Note 3 - Loans/Leases Receivable (Detail) - Recorded Investment by Credit Quality Indicators, Commercial Real Estate (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Internally assigned risk rating | $ 1,224,875,461 | $ 1,181,956,235 |
Commercial and Industrial [Member] | Pass [Member]
|
||
Internally assigned risk rating | 331,637,518 | 324,225,905 |
Commercial and Industrial [Member] | Special Mention [Member]
|
||
Internally assigned risk rating | 7,920,533 | 8,814,497 |
Commercial and Industrial [Member] | Substandard [Member]
|
||
Internally assigned risk rating | 15,445,837 | 17,753,876 |
Commercial and Industrial [Member] | Doubtful [Member]
|
||
Internally assigned risk rating | 0 | 0 |
Commercial and Industrial [Member] | Total [Member]
|
||
Internally assigned risk rating | 355,003,888 | 350,794,278 |
Owner-occupied commercial real estate [Member] | Pass [Member]
|
||
Internally assigned risk rating | 193,587,897 | 158,955,618 |
Owner-occupied commercial real estate [Member] | Special Mention [Member]
|
||
Internally assigned risk rating | 4,213,076 | 2,700,496 |
Owner-occupied commercial real estate [Member] | Substandard [Member]
|
||
Internally assigned risk rating | 1,987,151 | 6,134,507 |
Owner-occupied commercial real estate [Member] | Doubtful [Member]
|
||
Internally assigned risk rating | 0 | 0 |
Owner-occupied commercial real estate [Member] | Total [Member]
|
||
Internally assigned risk rating | 199,788,124 | 167,790,621 |
Commercial construction, land development, and other land [Member] | Pass [Member]
|
||
Internally assigned risk rating | 42,177,159 | 46,268,554 |
Commercial construction, land development, and other land [Member] | Special Mention [Member]
|
||
Internally assigned risk rating | 560,086 | 764,586 |
Commercial construction, land development, and other land [Member] | Substandard [Member]
|
||
Internally assigned risk rating | 6,454,664 | 13,351,598 |
Commercial construction, land development, and other land [Member] | Doubtful [Member]
|
||
Internally assigned risk rating | 0 | 0 |
Commercial construction, land development, and other land [Member] | Total [Member]
|
||
Internally assigned risk rating | 49,191,909 | 60,384,738 |
Non-owner occupied Commercial Real Estate [Member] | Pass [Member]
|
||
Internally assigned risk rating | 311,918,867 | 310,401,972 |
Non-owner occupied Commercial Real Estate [Member] | Special Mention [Member]
|
||
Internally assigned risk rating | 8,660,810 | 13,754,798 |
Non-owner occupied Commercial Real Estate [Member] | Substandard [Member]
|
||
Internally assigned risk rating | 25,344,040 | 25,471,721 |
Non-owner occupied Commercial Real Estate [Member] | Doubtful [Member]
|
||
Internally assigned risk rating | 0 | 0 |
Non-owner occupied Commercial Real Estate [Member] | Total [Member]
|
||
Internally assigned risk rating | 345,923,717 | 349,628,491 |
Total [Member] | Pass [Member]
|
||
Internally assigned risk rating | 879,321,441 | 839,852,049 |
Total [Member] | Special Mention [Member]
|
||
Internally assigned risk rating | 21,354,505 | 26,034,377 |
Total [Member] | Substandard [Member]
|
||
Internally assigned risk rating | 49,231,692 | 62,711,702 |
Total [Member] | Doubtful [Member]
|
||
Internally assigned risk rating | 0 | 0 |
Total [Member] | Total [Member]
|
||
Internally assigned risk rating | $ 949,907,638 | $ 928,598,128 |
Note 6 - Fair Value (Detail) - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Cash and due from banks | $ 40,564,561 | $ 53,136,710 |
Cash and due from banks | 40,564,561 | 53,136,710 |
Federal funds sold | 5,725,000 | 20,785,000 |
Federal funds sold | 5,725,000 | 20,785,000 |
Interest-bearing deposits at financial institutions | 49,436,938 | 26,750,602 |
Interest-bearing deposits at financial institutions | 40,564,561 | 53,136,710 |
Investment securities: | ||
Held to maturity | 650,000 | 200,000 |
Held to maturity | 650,000 | 200,000 |
Available for sale | 590,701,449 | 565,029,291 |
Available for sale | 590,701,449 | 565,029,291 |
Loans/leases receivable, net | 1,224,875,461 | 1,181,956,235 |
Loans/leases receivable, net | 1,243,192,000 | 1,202,817,000 |
Accrued interest receivable | 6,640,822 | 6,510,021 |
Accrued interest receivable | 6,640,822 | 6,510,021 |
Deposits | 1,343,235,434 | 1,205,457,788 |
Deposits | 1,346,256,000 | 1,209,197,000 |
Short-term borrowings | 140,888,698 | 213,536,450 |
Short-term borrowings | 140,888,698 | 213,536,450 |
Federal Home Loan Bank advances | 196,350,000 | 204,750,000 |
Federal Home Loan Bank advances | 216,052,000 | 223,678,000 |
Other borrowings | 138,237,737 | 136,231,663 |
Other borrowings | 154,663,000 | 151,813,000 |
Junior subordinated debentures | 36,085,000 | 36,085,000 |
Junior subordinated debentures | 18,753,000 | 18,444,000 |
Accrued interest payable | 1,373,671 | 1,551,842 |
Accrued interest payable | 1,373,671 | 1,551,842 |
Interest-bearing Deposits [Member]
|
||
Cash and due from banks | 49,436,938 | 26,750,602 |
Interest-bearing deposits at financial institutions | 49,436,938 | 26,750,602 |
Interest-bearing deposits at financial institutions | $ 49,436,938 | $ 26,750,602 |
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Series F Noncumulative Perpetual Preferred Stock [Member]
|
||||
Shares of Series F Noncumulative Perpetual Preferred Stock redeemed (in Shares) | 10,223 | 10,223 | ||
Shares of Series F Noncumulative Perpetual Preferred Stock Issued (in Shares) | 40,090 | 40,090 | ||
Series D Cumulative Perpetual Preferred Stock [Member]
|
||||
Shares of Series F Noncumulative Perpetual Preferred Stock redeemed (in Shares) | 38,237 |