NOTE 4 - DERIVATIVES AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

Summary of derivatives

	March 31, 2021		December 31, 2020
	(dollars in thousands)
Assets:
Interest rate caps - hedged	$	892	$	259
Interest rate caps		231		67
Interest rate swaps		121,545		222,431
	$	122,668	$	222,757
Liabilities:
Interest rate swaps - hedged	$	(4,318)	$	(6,839)
Interest rate swaps		(121,545)		(222,431)
	$	(125,863)	$	(229,270)

Schedule of hedged interest rate swaps and non-hedged interest rate swaps are collateralized by investment securities with carrying values

	March 31, 2021		December 31, 2020
	(dollars in thousands)
Cash	$	6,790	$	45,719
U.S govt. sponsored agency securities		3,612		3,628
Municipal securities		85,895		85,937
Residential mortgage-backed and related securities		78,733		89,646
	$	175,030	$	224,930

Interest rate cap

Notes Tables

Schedule of interest rate caps

			Balance Sheet					Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Notional Amount		Strike Rate		March 31, 2021		December 31, 2020
(dollars in thousands)
Deposits	1/1/2020	1/1/2023	Other Assets	$	25,000	1.75	%	$	8	$	3
Deposits	1/1/2020	1/1/2023	Other Assets		50,000	1.57			17		5
Deposits	1/1/2020	1/1/2023	Other Assets		25,000	1.80			8		3
Deposits	1/1/2020	1/1/2024	Other Assets		25,000	1.75			52		15
Deposits	1/1/2020	1/1/2024	Other Assets		50,000	1.57			108		31
Deposits	1/1/2020	1/1/2024	Other Assets		25,000	1.80			54		15
Deposits	1/1/2020	1/1/2025	Other Assets		25,000	1.75			159		46
Deposits	1/1/2020	1/1/2025	Other Assets		50,000	1.57			324		94
Deposits	1/1/2020	1/1/2025	Other Assets		25,000	1.80			162		47
				$	300,000			$	892	$	259

Changes in the fair value of the underlying derivative contracts

		Balance Sheet					Fair Value as of
Effective Date	Maturity Date	Location	Notional Amount		Strike Rate		March 31, 2021		December 31, 2020
(dollars in thousands)
1/1/2020	1/1/2023	Other Assets	$	25,000	1.90	%	$	7	$	2
2/1/2020	2/1/2024	Other Assets		25,000	1.90			52		15
3/1/2020	3/1/2025	Other Assets		25,000	1.90			172		50
			$	75,000			$	231	$	67

Interest rate swap

Notes Tables

Schedule of interest rate caps

			Balance Sheet							Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Notional Amount		Receive Rate		Pay Rate		March 31, 2021		December 31, 2020
(dollars in thousands)
QCR Holdings Statutory Trust II	9/30/2018	9/30/2028	Derivatives - Liabilities		10,000	3.05	%	5.85	%		(1,113)		(1,767)
QCR Holdings Statutory Trust III	9/30/2018	9/30/2028	Derivatives - Liabilities		8,000	3.05	%	5.85	%		(891)		(1,414)
QCR Holdings Statutory Trust V	7/7/2018	7/7/2028	Derivatives - Liabilities		10,000	1.79	%	4.54	%		(1,091)		(1,721)
Community National Statutory Trust II	9/20/2018	9/20/2028	Derivatives - Liabilities		3,000	2.36	%	5.17	%		(334)		(529)
Community National Statutory Trust III	9/15//2018	9/15/2028	Derivatives - Liabilities		3,500	1.93	%	4.75	%		(389)		(616)
Guaranty Bankshares Statutory Trust I	9/15/2018	9/15/2028	Derivatives - Liabilities		4,500	1.93	%	4.75	%		(500)		(792)
				$	39,000	2.45	%	5.24	%	$	(4,318)	$	(6,839)

Changes in the fair value of the underlying derivative contracts

		March 31, 2021			December 31, 2020
	Notional Amount		Estimated Fair Value		Notional Amount		Estimated Fair Value
	(dollars in thousands)
Non-Hedging Interest Rate Derivatives Assets:
Interest rate swap contracts	$	3,062,090	$	121,545	$	1,539,602	$	222,431
Non-Hedging Interest Rate Derivatives Liabilities:
Interest rate swap contracts	$	3,062,090	$	121,545	$	1,539,602	$	222,431