Note 5 - DERIVATIVES AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Summary of derivatives

	March 31, 2024		December 31, 2023
	(dollars in thousands)
Assets:
Hedged Derivatives
Cash Flow Hedges
Interest rate caps	$	2,561	$	2,847
Interest rate swaps		2,437		1,689
Fair Value Hedges
Interest rate swaps		1,083		—
Unhedged Derivatives
Interest rate caps		769		951
Interest rate swaps		177,038		181,854
	$	183,888	$	187,341
Liabilities:
Hedged Derivatives
Cash Flow Hedges
Interest rate swaps		(34,183)		(30,407)
Interest rate collars		(456)		(166)
Fair Value Hedges
Interest rate swaps		—		(3,308)
Unhedged Derivatives
Interest rate swaps		(177,038)		(181,854)
	$	(211,677)	$	(215,735)

Summary of impact of AOCI

	Three Months Ended March 31, 2024				Three Months Ended March 31, 2023
	Interest and		Interest		Interest and		Interest
	Dividend Income		Expense		Dividend Income		Expense
	(dollars in thousands)
Income and expense line items presented in the consolidated statements of income	$	115,049	$	60,350	$	94,217	$	37,407
The effects of cash flow hedging:
Gain on interest rate caps on deposits		-		(1,116)		-		(1,581)
Gain on interest rate swaps on junior subordinated debentures		-		(336)		-		(227)
Loss on interest rate swaps and collars on loans		(2,974)		-		(2,055)		-
The effects of fair value hedging:
Gain on interest rate swaps on loans		977		-		-		-

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

	March 31, 2024		December 31, 2023
	(dollars in thousands)
Cash	$	14,470	$	51,680
U.S govt. sponsored agency securities		6,285		6,413
Municipal securities		67,040		68,651
Residential mortgage-backed and related securities		21,730		23,358
	$	109,525	$	150,102

Interest rate caps

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, 2024		December 31, 2023
(dollars in thousands)
Deposits	1/1/2020	1/1/2024	Derivatives - Assets		25,000	1.75	%		-		(79)
Deposits	1/1/2020	1/1/2024	Derivatives - Assets		50,000	1.57	%		-		-
Deposits	1/1/2020	1/1/2024	Derivatives - Assets		25,000	1.80	%		-		-
Deposits	1/1/2020	1/1/2025	Derivatives - Assets		25,000	1.75	%		633		672
Deposits	1/1/2020	1/1/2025	Derivatives - Assets		50,000	1.57	%		1,285		1,503
Deposits	1/1/2020	1/1/2025	Derivatives - Assets		25,000	1.80	%		643		751
				$	200,000			$	2,561	$	2,847

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, 2024		December 31, 2023
(dollars in thousands)
2/1/2020	2/1/2024	Derivatives - Assets		25,000	1.90	%		-		79
3/1/2020	3/3/2025	Derivatives - Assets		25,000	1.90	%		769		872
			$	50,000			$	769	$	951

Interest rate swaps

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, 2024		December 31, 2023
		(dollars in thousands)
QCR Holdings Subordinated Note	3/1/2024		2/15/2028	Derivatives - Assets	$	65,000	5.34	%	4.02	%	$	21	$	-
QCR Holdings Statutory Trust II	9/30/2018		9/30/2028	Derivatives - Assets		10,000	8.44	%	5.85	%		512		341
QCR Holdings Statutory Trust III	9/30/2018		9/30/2028	Derivatives - Assets		8,000	8.44	%	5.85	%		409		272
QCR Holdings Statutory Trust V	7/7/2018		7/7/2028	Derivatives - Assets		10,000	7.14	%	4.54	%		500		335
Community National Statutory Trust II	9/20/2018		9/20/2028	Derivatives - Assets		3,000	7.76	%	5.17	%		153		101
Community National Statutory Trust III	9/15/2018		9/15/2028	Derivatives - Assets		3,500	7.34	%	4.75	%		178		118
Guaranty Bankshares Statutory Trust I	9/15/2018		9/15/2028	Derivatives - Assets		4,500	7.34	%	4.75	%		229		152
Guaranty Statutory Trust II*	5/23/2019		2/23/2026	Derivatives - Assets		10,310	7.03	%	4.09	%		435		370
					$	114,310					$	2,437	$	1,689
* Acquired on 4/1/2022 with GFED acquisition.

			Balance Sheet							Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Notional Amount		Receive Rate		Pay Rate		March 31, 2024		December 31, 2023
(dollars in thousands)
Loans	7/1/2021	7/1/2031	Derivatives - Liabilities	$	35,000	1.40	%	5.44	%	$	(5,605)	$	(5,004)
Loans	7/1/2021	7/1/2031	Derivatives - Liabilities		50,000	1.40	%	5.44	%		(8,007)		(7,149)
Loans	7/1/2021	7/1/2031	Derivatives - Liabilities		40,000	1.40	%	5.44	%		(6,416)		(5,730)
Loans	10/1/2022	7/1/2031	Derivatives - Liabilities		25,000	1.30	%	5.33	%		(4,035)		(3,696)
Loans	4/1/2022	4/1/2027	Derivatives - Liabilities		15,000	1.91	%	5.44	%		(1,012)		(868)
Loans	4/1/2022	4/1/2027	Derivatives - Liabilities		50,000	1.91	%	5.44	%		(3,373)		(2,892)
Loans	4/1/2022	4/1/2027	Derivatives - Liabilities		35,000	1.91	%	5.44	%		(2,361)		(2,024)
Loans	4/1/2022	4/1/2027	Derivatives - Liabilities		50,000	1.91	%	5.44	%		(3,374)		(3,044)
				$	300,000					$	(34,183)	$	(30,407)

			Balance Sheet							Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Notional Amount		Receive Rate		Pay Rate		March 31, 2024		December 31, 2023
(dollars in thousands)
Loans	7/12/2023	2/1/2026	Derivatives - Assets	$	25,000	5.33	%	4.38	%	$	61	$	(195)
Loans	7/12/2023	8/1/2026	Derivatives - Assets		30,000	5.33	%	4.21	%		87		(293)
Loans	7/12/2023	2/1/2027	Derivatives - Assets		32,500	5.33	%	4.08	%		107		(364)
Loans	7/12/2023	8/1/2027	Derivatives - Assets		32,500	5.33	%	3.98	%		129		(397)
Loans	7/12/2023	2/1/2028	Derivatives - Assets		30,000	5.33	%	3.90	%		138		(388)
Loans	7/12/2023	2/1/2026	Derivatives - Assets		15,000	5.33	%	4.38	%		36		(117)
Loans	7/12/2023	8/1/2026	Derivatives - Assets		15,000	5.33	%	4.21	%		43		(146)
Loans	7/12/2023	2/1/2027	Derivatives - Assets		15,000	5.33	%	4.08	%		50		(168)
Loans	7/12/2023	8/1/2027	Derivatives - Assets		15,000	5.33	%	3.98	%		60		(183)
Loans	7/12/2023	2/1/2028	Derivatives - Assets		15,000	5.33	%	3.90	%		69		(194)
Loans	7/12/2023	8/1/2025	Derivatives - Assets		15,000	5.33	%	4.60	%		29		(69)
Loans	7/12/2023	2/1/2026	Derivatives - Assets		20,000	5.33	%	4.38	%		49		(140)
Loans	7/12/2023	8/1/2026	Derivatives - Assets		20,000	5.33	%	4.21	%		58		(176)
Loans	7/12/2023	2/1/2027	Derivatives - Assets		20,000	5.33	%	4.08	%		67		(202)
Loans	7/12/2023	8/1/2027	Derivatives - Assets		25,000	5.33	%	3.98	%		100		(276)
				$	325,000					$	1,083	$	(3,308)

		Balance Sheet					Fair Value as of
Effective Date	Maturity Date	Location	Notional Amount		Strike Rate		March 31, 2024		December 31, 2023
(dollars in thousands)
2/1/2020	2/1/2024	Derivatives - Assets		25,000	1.90	%		-		79
3/1/2020	3/3/2025	Derivatives - Assets		25,000	1.90	%		769		872
			$	50,000			$	769	$	951

Changes in the fair value of the underlying derivative contracts

		March 31, 2024			December 31, 2023
	Notional Amount		Estimated Fair Value		Notional Amount		Estimated Fair Value
	(dollars in thousands)
Non-Hedging Interest Rate Derivatives Assets:
Interest rate swap contracts	$	3,508,720	$	177,038	$	3,308,024	$	181,854
Non-Hedging Interest Rate Derivatives Liabilities:
Interest rate swap contracts	$	3,508,720	$	177,038	$	3,308,024	$	181,854

Interest rate collars

Notes Tables

Schedule of interest rate caps

										Fair Value as of
Hedged Item	Effective Date	Maturity Date	Location	Notional Amount		Cap Strike Rate		Floor Strike Rate		March 31, 2024		December 31, 2023
Loans	10/1/2022	10/1/2026	Derivatives - Liabilities	$	50,000	4.40	%	2.44	%	$	(456)	$	(166)