Delaware | 42-1397595 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer ID Number) |
Page Number(s)
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Part I
|
FINANCIAL INFORMATION
|
||
Item 1.
|
Consolidated Financial Statements (Unaudited)
|
||
Consolidated Balance Sheets
|
2
|
||
As of March 31, 2012 and December 31, 2011
|
|||
Consolidated Statements of Income
|
3
|
||
For the Three Months Ended March 31, 2012 and 2011
|
|||
Consolidated Statements of Comprehensive Income
|
4
|
||
For the Three Months Ended March 31, 2012 and 2011
|
|||
Consolidated Statement of Changes in Stockholders' Equity
|
5
|
||
For the Three Months Ended March 31, 2012 and 2011
|
|||
Consolidated Statements of Cash Flows
|
6
|
||
For the Three Months Ended March 31, 2012 and 2011
|
|||
Notes to the Consolidated Financial Statements
|
7-26
|
||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and
|
27-51
|
|
Results of Operations
|
|||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
52-53
|
|
Item 4.
|
Controls and Procedures
|
54
|
|
Part II
|
OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
55
|
|
Item 1.A.
|
Risk Factors
|
55
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
55
|
|
Item 3.
|
Defaults upon Senior Securities
|
55
|
|
Item 4.
|
Mine Safety Disclosures
|
55
|
|
Item 5.
|
Other Information
|
55
|
|
Item 6.
|
Exhibits
|
56
|
|
Signatures
|
|
57
|
March 31,
2012 |
December 31,
2011 |
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$ | 39,239,858 | $ | 53,136,710 | ||||
Federal funds sold
|
- | 20,785,000 | ||||||
Interest-bearing deposits at financial institutions
|
25,488,213 | 26,750,602 | ||||||
Securities held to maturity, at amortized cost
|
200,000 | 200,000 | ||||||
Securities available for sale, at fair value
|
616,190,515 | 565,029,291 | ||||||
Total securities
|
616,390,515 | 565,229,291 | ||||||
Loans receivable held for sale
|
3,330,110 | 3,832,760 | ||||||
Loans/leases receivable held for investment
|
1,208,399,321 | 1,196,912,737 | ||||||
Gross loans/leases receivable
|
1,211,729,431 | 1,200,745,497 | ||||||
Less allowance for estimated losses on loans/leases
|
(19,006,644 | ) | (18,789,262 | ) | ||||
Net loans/leases receivable
|
1,192,722,787 | 1,181,956,235 | ||||||
Premises and equipment, net
|
31,689,186 | 31,740,751 | ||||||
Goodwill
|
3,222,688 | 3,222,688 | ||||||
Accrued interest receivable
|
6,886,434 | 6,510,021 | ||||||
Bank-owned life insurance
|
42,449,683 | 42,011,281 | ||||||
Prepaid FDIC insurance
|
3,369,151 | 3,683,406 | ||||||
Restricted investment securities
|
15,109,000 | 15,253,600 | ||||||
Other real estate owned, net
|
8,172,171 | 8,385,758 | ||||||
Other assets
|
8,258,507 | 7,944,711 | ||||||
Total assets
|
$ | 1,992,998,193 | $ | 1,966,610,054 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
LIABILITIES
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$ | 385,806,452 | $ | 357,183,481 | ||||
Interest-bearing
|
910,942,681 | 848,274,307 | ||||||
Total deposits
|
1,296,749,133 | 1,205,457,788 | ||||||
Short-term borrowings
|
149,900,500 | 213,536,450 | ||||||
Federal Home Loan Bank advances
|
203,750,000 | 204,750,000 | ||||||
Other borrowings
|
136,233,688 | 136,231,663 | ||||||
Junior subordinated debentures
|
36,085,000 | 36,085,000 | ||||||
Other liabilities
|
24,512,698 | 26,116,451 | ||||||
Total liabilities
|
1,847,231,019 | 1,822,177,352 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred stock, $1 par value; shares authorized 250,000, March 2012 and December 31, 2011 - 65,090 shares issued and outstanding
|
65,090 | 65,090 | ||||||
Common stock, $1 par value; shares authorized 20,000,000, March 2012 - 4,944,672 shares issued and 4,823,426 outstanding, December 2011 - 4,879,435 shares issued and 4,758,189 outstanding
|
4,944,672 | 4,879,435 | ||||||
Additional paid-in capital
|
90,026,845 | 89,702,533 | ||||||
Retained earnings
|
46,884,095 | 44,585,902 | ||||||
Accumulated other comprehensive income
|
3,237,479 | 4,754,714 | ||||||
Noncontrolling interests
|
2,215,503 | 2,051,538 | ||||||
Less treasury stock, March 2012 and December 2011 - 121,246 common shares, at cost
|
(1,606,510 | ) | (1,606,510 | ) | ||||
Total stockholders' equity
|
145,767,174 | 144,432,702 | ||||||
Total liabilities and stockholders' equity
|
$ | 1,992,998,193 | $ | 1,966,610,054 |
2012
|
2011
|
|||||||
Interest and dividend income:
|
||||||||
Loans/leases, including fees
|
$ | 15,970,837 | $ | 15,734,640 | ||||
Securities:
|
||||||||
Taxable
|
2,805,814 | 2,336,239 | ||||||
Nontaxable
|
395,826 | 239,346 | ||||||
Interest-bearing deposits at financial institutions
|
120,005 | 111,149 | ||||||
Restricted investment securities
|
81,322 | 163,520 | ||||||
Federal funds sold
|
- | 66,338 | ||||||
Total interest and dividend income
|
19,373,804 | 18,651,232 | ||||||
Interest expense:
|
||||||||
Deposits
|
1,715,740 | 2,425,554 | ||||||
Short-term borrowings
|
64,944 | 113,666 | ||||||
Federal Home Loan Bank advances
|
1,864,321 | 2,143,376 | ||||||
Other borrowings
|
1,257,393 | 1,279,179 | ||||||
Junior subordinated debentures
|
267,953 | 480,655 | ||||||
Total interest expense
|
5,170,351 | 6,442,430 | ||||||
Net interest income
|
14,203,453 | 12,208,802 | ||||||
Provision for loan/lease losses
|
780,446 | 1,067,664 | ||||||
Net interest income after provision for loan/lease losses
|
13,423,007 | 11,141,138 | ||||||
Noninterest income:
|
||||||||
Trust department fees
|
883,732 | 950,802 | ||||||
Investment advisory and management fees, gross
|
521,462 | 531,218 | ||||||
Deposit service fees
|
904,406 | 872,672 | ||||||
Gains on sales of loans, net
|
399,090 | 759,693 | ||||||
Securities gains
|
- | 880,312 | ||||||
Losses on sales of other real estate owned, net
|
(189,204 | ) | (25,098 | ) | ||||
Earnings on bank-owned life insurance
|
438,402 | 344,411 | ||||||
Credit card issuing fees, net of processing costs
|
127,015 | 141,160 | ||||||
Other
|
871,975 | 601,954 | ||||||
Total noninterest income
|
3,956,878 | 5,057,124 | ||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
8,124,680 | 7,473,503 | ||||||
Occupancy and equipment expense
|
1,352,263 | 1,289,455 | ||||||
Professional and data processing fees
|
1,150,190 | 1,124,522 | ||||||
FDIC and other insurance
|
580,856 | 882,730 | ||||||
Loan/lease expense
|
218,734 | 276,228 | ||||||
Advertising and marketing
|
276,016 | 224,729 | ||||||
Postage and telephone
|
288,240 | 230,185 | ||||||
Stationery and supplies
|
142,966 | 134,643 | ||||||
Bank service charges
|
199,729 | 161,178 | ||||||
Prepayment fees on Federal Home Loan Bank advances
|
- | 832,099 | ||||||
Other
|
404,406 | 382,999 | ||||||
Total noninterest expense
|
12,738,080 | 13,012,271 | ||||||
Net income before income taxes
|
4,641,805 | 3,185,991 | ||||||
Federal and state income tax expense
|
1,238,956 | 954,507 | ||||||
Net income
|
$ | 3,402,849 | $ | 2,231,484 | ||||
Less: Net income attributable to noncontrolling interests
|
166,031 | 106,524 | ||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 3,236,818 | $ | 2,124,960 | ||||
Less: Preferred stock dividends and discount accretion
|
938,625 | 1,032,371 | ||||||
Net income attributable to QCR Holdings, Inc. common stockholders
|
2,298,193 | $ | 1,092,589 | |||||
Earnings per common share attributable to QCR Holdings, Inc. common shareholders
|
||||||||
Basic
|
$ | 0.48 | $ | 0.23 | ||||
Diluted
|
$ | 0.48 | $ | 0.23 | ||||
Weighted average common shares outstanding
|
4,800,407 | 4,671,715 | ||||||
Weighted average common and common equivalent shares outstanding | 4,833,399 | 4,683,717 | ||||||
Cash dividends declared per common share
|
$ | - | $ | - |
2012
|
2011
|
|||||||
Net income
|
$ | 3,402,849 | $ | 2,231,484 | ||||
Other comprehensive loss:
|
||||||||
Unrealized gains (losses) on securities available for sale:
|
||||||||
Unrealized holding losses arising during the period before tax
|
(2,460,571 | ) | (3,060,851 | ) | ||||
Less reclassification adjustment for gains included in net income before tax
|
- | 880,312 | ||||||
(2,460,571 | ) | (2,180,539 | ) | |||||
Tax benefit
|
(943,336 | ) | (834,985 | ) | ||||
Other comprehensive loss, net of tax
|
(1,517,235 | ) | (1,345,554 | ) | ||||
Comprehensive income attributable to QCR Holdings, Inc.
|
$ | 1,885,614 | $ | 885,930 |
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 purchase 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 | ) | - | - | - | - | - | |||||||||||||||||||||||
Distributions 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 |
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 purchase 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 | ) | - | - | - | - | - | |||||||||||||||||||||||
Distributions 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 |
2012
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 3,402,849 | $ | 2,231,484 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
591,465 | 595,249 | ||||||
Provision for loan/lease losses
|
780,446 | 1,067,664 | ||||||
Amortization of offering costs on subordinated debentures
|
3,579 | 3,579 | ||||||
Stock-based compensation expense
|
326,245 | 246,074 | ||||||
Losses on sales of other real estate owned, net
|
189,204 | 25,098 | ||||||
Amortization of premiums on securities, net
|
983,617 | 888,895 | ||||||
Securities gains
|
- | (880,312 | ) | |||||
Loans originated for sale
|
(24,070,517 | ) | (20,240,641 | ) | ||||
Proceeds on sales of loans
|
24,972,257 | 33,816,963 | ||||||
Gains on sales of loans, net
|
(399,090 | ) | (759,693 | ) | ||||
Prepayment fees on Federal Home Loan Bank advances
|
- | 832,099 | ||||||
Increase in accrued interest receivable
|
(376,413 | ) | (99,677 | ) | ||||
Decrease in prepaid FDIC insurance
|
314,255 | 621,382 | ||||||
Increase in cash value of bank-owned life insurance
|
(438,402 | ) | (344,411 | ) | ||||
Decrease in other assets
|
623,895 | 1,114,324 | ||||||
Decrease in other liabilities
|
(1,327,767 | ) | (2,002,950 | ) | ||||
Net cash provided by operating activities
|
$ | 5,575,623 | $ | 17,115,127 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Net decrease (increase) in federal funds sold
|
20,785,000 | (7,300,000 | ) | |||||
Net decrease in interest-bearing deposits at financial institutions
|
1,262,389 | 11,370,983 | ||||||
Proceeds from sales of other real estate owned
|
209,383 | 1,850,360 | ||||||
Activity in securities portfolio:
|
||||||||
Purchases
|
(159,077,553 | ) | (168,245,889 | ) | ||||
Calls, maturities and redemptions
|
98,751,724 | 61,590,000 | ||||||
Paydowns
|
5,720,417 | 361,643 | ||||||
Sales
|
- | 37,394,079 | ||||||
Activity in restricted investment securities:
|
||||||||
Purchases
|
(189,400 | ) | - | |||||
Redemptions
|
334,000 | 1,247,300 | ||||||
Net (increase) decrease in loans/leases originated and held for investment
|
(12,234,648 | ) | 1,553,348 | |||||
Purchase of premises and equipment
|
(539,900 | ) | (328,656 | ) | ||||
Net cash used in investing activities
|
$ | (44,978,588 | ) | $ | (60,506,832 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net increase in deposit accounts
|
91,291,345 | 80,042,029 | ||||||
Net decrease in short-term borrowings
|
(63,635,950 | ) | (6,282,756 | ) | ||||
Activity in Federal Home Loan Bank advances:
|
||||||||
Advances
|
4,000,000 | - | ||||||
Calls and maturities
|
(5,000,000 | ) | (13,500,000 | ) | ||||
Prepayments
|
- | (15,832,099 | ) | |||||
Net increase (decrease) in other borrowings
|
2,025 | (6,440,937 | ) | |||||
Payment of cash dividends on common and preferred stock
|
(1,214,611 | ) | (1,098,883 | ) | ||||
Proceeds from issuance of common stock, net
|
63,304 | 212,456 | ||||||
Net cash provided by financing activities
|
$ | 25,506,113 | $ | 37,099,810 | ||||
Net decrease in cash and due from banks
|
(13,896,852 | ) | (6,291,895 | ) | ||||
Cash and due from banks, beginning
|
53,136,710 | 42,030,806 | ||||||
Cash and due from banks, ending
|
$ | 39,239,858 | $ | 35,738,911 | ||||
Supplemental disclosure of cash flow information, cash payments for:
|
||||||||
Interest
|
$ | 5,141,834 | $ | 6,590,262 | ||||
Income/franchise taxes
|
$ | 591,000 | $ | 368,270 | ||||
Supplemental schedule of noncash investing activities:
|
||||||||
Change in accumulated other comprehensive income, unrealized gains (losses) on securities available for sale, net
|
$ | (1,517,235 | ) | $ | (1,345,554 | ) | ||
Transfers of loans to other real estate owned
|
$ | 185,000 | $ | 1,698,351 |
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
March 31, 2012:
|
||||||||||||||||
Securities held to maturity, other bonds
|
$ | 200,000 | $ | - | $ | - | $ | 200,000 | ||||||||
Securities available for sale:
|
||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 431,920,359 | $ | 1,625,404 | $ | (1,376,270 | ) | $ | 432,169,493 | |||||||
Residential mortgage-backed and related securities
|
125,034,762 | 3,561,180 | (63,353 | ) | 128,532,589 | |||||||||||
Municipal securities
|
52,549,973 | 1,630,825 | (368,975 | ) | 53,811,823 | |||||||||||
Trust preferred securities
|
86,200 | 17,800 | - | 104,000 | ||||||||||||
Other securities
|
1,364,286 | 246,616 | (38,292 | ) | 1,572,610 | |||||||||||
$ | 610,955,580 | $ | 7,081,825 | $ | (1,846,890 | ) | $ | 616,190,515 | ||||||||
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 |
|||||||||||||||||||
March 31, 2012:
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 187,572,041 | $ | (1,376,270 | ) | $ | - | $ | - | $ | 187,572,041 | $ | (1,376,270 | ) | ||||||||||
Residential mortgage-backed and related securities
|
13,484,869 | (63,353 | ) | - | - | 13,484,869 | (63,353 | ) | ||||||||||||||||
Municipal securities
|
21,942,002 | (368,975 | ) | - | - | 21,942,002 | (368,975 | ) | ||||||||||||||||
Other securities
|
201,875 | (38,292 | ) | - | - | 201,875 | (38,292 | ) | ||||||||||||||||
$ | 223,200,787 | $ | (1,846,890 | ) | $ | - | $ | - | $ | 223,200,787 | $ | (1,846,890 | ) | |||||||||||
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
|
||||||||
March 31, 2012
|
March 31, 2011
|
|||||||
Proceeds from sales of securities
|
$ | - | $ | 37,394,079 | ||||
Pre-tax gross gains from sales of securities
|
- | 880,312 |
Amortized
Cost |
Fair
Value
|
|||||||
Securities held to maturity:
|
||||||||
Due in one year or less
|
$ | 50,000 | $ | 50,000 | ||||
Due after one year through five years
|
100,000 | 100,000 | ||||||
Due after five years
|
50,000 | 50,000 | ||||||
$ | 200,000 | $ | 200,000 | |||||
Securities available for sale:
|
||||||||
Due in one year or less
|
$ | 2,195,161 | $ | 2,218,532 | ||||
Due after one year through five years
|
63,858,017 | 64,143,310 | ||||||
Due after five years
|
418,503,354 | 419,723,474 | ||||||
$ | 484,556,532 | $ | 486,085,316 | |||||
Residential mortgage-backed and related securities
|
125,034,762 | 128,532,589 | ||||||
Other securities
|
1,364,286 | 1,572,610 | ||||||
$ | 610,955,580 | $ | 616,190,515 |
As of March 31,
2012 |
As of December 31,
2011 |
|||||||
Commercial and industrial loans
|
$ | 352,748,727 | $ | 350,794,278 | ||||
Commercial real estate loans
|
||||||||
Owner-occupied commercial real estate
|
182,274,459 | 167,790,621 | ||||||
Commercial construction, land development, and other land
|
50,706,381 | 60,384,738 | ||||||
Other non owner-occupied commercial real estate
|
347,964,861 | 349,628,491 | ||||||
580,945,701 | 577,803,850 | |||||||
Direct financing leases *
|
96,314,214 | 93,212,362 | ||||||
Residential real estate loans **
|
103,527,892 | 98,107,051 | ||||||
Installment and other consumer loans
|
75,546,187 | 78,223,080 | ||||||
1,209,082,721 | 1,198,140,621 | |||||||
Plus deferred loan/lease orgination costs, net of fees
|
2,646,710 | 2,604,876 | ||||||
1,211,729,431 | 1,200,745,497 | |||||||
Less allowance for estimated losses on loans/leases
|
(19,006,644 | ) | (18,789,262 | ) | ||||
$ | 1,192,722,787 | $ | 1,181,956,235 | |||||
* Direct financing leases:
|
||||||||
Net minimum lease payments to be received
|
$ | 109,729,721 | $ | 106,389,988 | ||||
Estimated unguaranteed residual values of leased assets
|
1,110,604 | 1,043,326 | ||||||
Unearned lease/residual income
|
(14,526,111 | ) | (14,220,952 | ) | ||||
96,314,214 | 93,212,362 | |||||||
Plus deferred lease origination costs, net of fees
|
3,404,964 | 3,217,011 | ||||||
99,719,178 | 96,429,373 | |||||||
Less allowance for estimated losses on leases
|
(1,366,529 | ) | (1,339,496 | ) | ||||
$ | 98,352,649 | $ | 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
|
$ | 349,266,599 | $ | 279,066 | $ | 685,751 | $ | 120,000 | $ | 2,397,311 | $ | 352,748,727 | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
181,555,172 | - | - | - | 719,287 | 182,274,459 | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
46,183,612 | - | 1,037,225 | - | 3,485,544 | 50,706,381 | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
329,018,336 | 2,321,894 | 6,398,902 | 548,566 | 9,677,163 | 347,964,861 | ||||||||||||||||||
Direct Financing Leases
|
94,594,385 | 876,827 | 122,271 | - | 720,731 | 96,314,214 | ||||||||||||||||||
Residential Real Estate
|
101,992,447 | 559,933 | - | - | 975,512 | 103,527,892 | ||||||||||||||||||
Installment and Other Consumer
|
73,959,016 | 301,889 | 195,397 | 51,967 | 1,037,918 | 75,546,187 | ||||||||||||||||||
$ | 1,176,569,567 | $ | 4,339,609 | $ | 8,439,546 | $ | 720,533 | $ | 19,013,466 | $ | 1,209,082,721 | |||||||||||||
As a percentage of total loan/lease portfolio
|
97.31 | % | 0.36 | % | 0.70 | % | 0.06 | % | 1.57 | % | 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
|
$ | 120,000 | $ | 2,397,311 | $ | 186,359 | $ | 2,703,670 | 8.83 | % | ||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
- | 719,287 | - | 719,287 | 2.35 | % | ||||||||||||||
Commercial Construction, Land Development, and Other Land
|
- | 3,485,544 | 4,213,314 | 7,698,858 | 25.16 | % | ||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
548,566 | 9,677,163 | 6,284,647 | 16,510,376 | 53.95 | % | ||||||||||||||
Direct Financing Leases
|
- | 720,731 | - | 720,731 | 2.36 | % | ||||||||||||||
Residential Real Estate
|
- | 975,512 | 167,739 | 1,143,251 | 3.74 | % | ||||||||||||||
Installment and Other Consumer
|
51,967 | 1,037,918 | 16,043 | 1,105,928 | 3.61 | % | ||||||||||||||
$ | 720,533 | $ | 19,013,466 | $ | 10,868,102 | $ | 30,602,101 | 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 March 31, 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
|
(90,900 | ) | 257,864 | 315,446 | 262,968 | 35,068 | 780,446 | |||||||||||||||||
Loans/leases charged off
|
(376,408 | ) | - | (315,721 | ) | (4,757 | ) | (127,866 | ) | (824,752 | ) | |||||||||||||
Recoveries on loans/leases previously charged off
|
174,769 | 620 | 27,307 | - | 58,992 | 261,688 | ||||||||||||||||||
Balance, ending
|
$ | 4,585,467 | $ | 10,855,442 | $ | 1,366,528 | $ | 963,157 | $ | 1,236,050 | $ | 19,006,644 |
Three Months Ended March 31, 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
|
991,519 | (472,152 | ) | 180,664 | (41,723 | ) | 409,356 | 1,067,664 | ||||||||||||||||
Loans/leases charged off
|
(196,716 | ) | (130 | ) | (243,446 | ) | - | (440,635 | ) | (880,927 | ) | |||||||||||||
Recoveries on loans/leases previously charged off
|
110,374 | 16,666 | 144 | - | 51,439 | 178,623 | ||||||||||||||||||
Balance, ending
|
$ | 8,454,099 | $ | 8,631,699 | $ | 1,467,934 | $ | 706,305 | $ | 1,469,979 | $ | 20,730,016 |
As of March 31, 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
|
$ | 371,974 | $ | 3,824,121 | $ | 35,000 | $ | 155,102 | $ | 19,911 | $ | 4,406,108 | ||||||||||||
Allowance for loans/leases collectively evaluated for impairment
|
4,213,493 | 7,031,321 | 1,331,528 | 808,055 | 1,216,139 | 14,600,536 | ||||||||||||||||||
$ | 4,585,467 | $ | 10,855,442 | $ | 1,366,528 | $ | 963,157 | $ | 1,236,050 | $ | 19,006,644 | |||||||||||||
Loans/leases individually evaluated for impairment
|
$ | 1,799,183 | $ | 24,246,328 | $ | 720,731 | $ | 1,143,251 | $ | 971,342 | $ | 28,880,835 | ||||||||||||
Loans/leases collectively evaluated for impairment
|
350,949,544 | 556,699,373 | 95,593,483 | 102,384,641 | 74,574,845 | 1,180,201,886 | ||||||||||||||||||
$ | 352,748,727 | $ | 580,945,701 | $ | 96,314,214 | $ | 103,527,892 | $ | 75,546,187 | $ | 1,209,082,721 | |||||||||||||
Allowance as a percentage of loans/leases individually evaluated for impairment
|
20.67 | % | 15.77 | % | 4.86 | % | 13.57 | % | 2.05 | % | 15.26 | % | ||||||||||||
Allowance as a percentage of loans/leases collectively evaluated for impairment
|
1.20 | % | 1.26 | % | 1.39 | % | 0.79 | % | 1.63 | % | 1.24 | % | ||||||||||||
1.30 | % | 1.87 | % | 1.42 | % | 0.93 | % | 1.64 | % | 1.57 | % |
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
|
$ | 358,028 | $ | 1,005,019 | $ | - | $ | 396,127 | $ | - | $ | - | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
581,747 | 581,747 | - | 637,245 | - | - | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
337,500 | 337,500 | - | 112,500 | 2,168 | 2,168 | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
3,735,092 | 3,735,092 | - | 4,367,673 | 894 | 894 | ||||||||||||||||||
Direct Financing Leases
|
602,456 | 602,456 | - | 922,197 | - | - | ||||||||||||||||||
Residential Real Estate
|
676,244 | 676,244 | - | 815,292 | 1,673 | 1,673 | ||||||||||||||||||
Installment and Other Consumer
|
951,431 | 951,431 | - | 950,111 | 23 | 23 | ||||||||||||||||||
$ | 7,242,498 | $ | 7,889,489 | $ | - | $ | 8,201,145 | $ | 4,758 | $ | 4,758 | |||||||||||||
Impaired Loans/Leases with Specific Allowance Recorded: | ||||||||||||||||||||||||
Commercial and Industrial
|
$ | 1,441,155 | $ | 1,791,155 | $ | 371,974 | $ | 1,648,384 | $ | 1,980 | $ | 1,980 | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
199,427 | 199,427 | 30,279 | 199,427 | - | - | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
7,941,358 | 7,941,358 | 2,166,666 | 7,891,719 | - | - | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
11,451,204 | 11,951,204 | 1,627,176 | 11,496,658 | 67,551 | 67,551 | ||||||||||||||||||
Direct Financing Leases
|
118,275 | 118,275 | 35,000 | 91,501 | - | - | ||||||||||||||||||
Residential Real Estate
|
467,007 | 467,007 | 155,102 | 383,095 | - | - | ||||||||||||||||||
Installment and Other Consumer
|
19,911 | 19,911 | 19,911 | 20,021 | - | - | ||||||||||||||||||
$ | 21,638,337 | $ | 22,488,337 | $ | 4,406,108 | $ | 21,730,805 | $ | 69,531 | $ | 69,531 | |||||||||||||
Total Impaired Loans/Leases:
|
||||||||||||||||||||||||
Commercial and Industrial
|
$ | 1,799,183 | $ | 2,796,174 | $ | 371,974 | $ | 2,044,511 | $ | 1,980 | $ | 1,980 | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Owner-Occupied Commercial Real Estate
|
781,174 | 781,174 | 30,279 | 836,672 | - | - | ||||||||||||||||||
Commercial Construction, Land Development, and Other Land
|
8,278,858 | 8,278,858 | 2,166,666 | 8,004,219 | 2,168 | 2,168 | ||||||||||||||||||
Other Non Owner-Occupied Commercial Real Estate
|
15,186,296 | 15,686,296 | 1,627,176 | 15,864,331 | 68,445 | 68,445 | ||||||||||||||||||
Direct Financing Leases
|
720,731 | 720,731 | 35,000 | 1,013,698 | - | - | ||||||||||||||||||
Residential Real Estate
|
1,143,251 | 1,143,251 | 155,102 | 1,198,387 | 1,673 | 1,673 | ||||||||||||||||||
Installment and Other Consumer
|
971,342 | 971,342 | 19,911 | 970,132 | 23 | 23 | ||||||||||||||||||
$ | 28,880,835 | $ | 30,377,826 | $ | 4,406,108 | $ | 29,931,950 | $ | 74,289 | $ | 74,289 |
Classes of Loans/Leases
|
Average Recorded Investment
|
Interest Income Recognized
|
Interest Income Recognized for Cash Payments Received
|
|||||||||
Impaired Loans/Leases with No Specific Allowance Recorded:
|
||||||||||||
Commercial and Industrial
|
$ | 1,729,347 | $ | - | $ | - | ||||||
Commercial Real Estate
|
||||||||||||
Owner-Occupied Commercial Real Estate
|
1,316,373 | - | - | |||||||||
Commercial Construction, Land Development, and Other Land
|
1,797,506 | - | - | |||||||||
Other Non Owner-Occupied Commercial Real Estate
|
1,361,650 | - | - | |||||||||
Direct Financing Leases
|
912,337 | - | - | |||||||||
Residential Real Estate
|
1,012,629 | - | - | |||||||||
Installment and Other Consumer
|
998,891 | - | - | |||||||||
$ | 9,128,733 | $ | - | $ | - | |||||||
Impaired Loans/Leases with Specific Allowance Recorded:
|
||||||||||||
Commercial and Industrial
|
$ | 7,184,670 | $ | 14,256 | $ | 14,256 | ||||||
Commercial Real Estate
|
||||||||||||
Owner-Occupied Commercial Real Estate
|
627,335 | 24,260 | 24,260 | |||||||||
Commercial Construction, Land Development, and Other Land
|
3,828,871 | - | - | |||||||||
Other Non Owner-Occupied Commercial Real Estate
|
12,500,772 | - | - | |||||||||
Direct Financing Leases
|
784,398 | - | - | |||||||||
Residential Real Estate
|
496,979 | - | - | |||||||||
Installment and Other Consumer
|
48,652 | - | - | |||||||||
$ | 25,471,677 | $ | 38,516 | $ | 38,516 | |||||||
Total Impaired Loans/Leases:
|
||||||||||||
Commercial and Industrial
|
$ | 8,914,017 | $ | 14,256 | $ | 14,256 | ||||||
Commercial Real Estate
|
||||||||||||
Owner-Occupied Commercial Real Estate
|
1,943,708 | 24,260 | 24,260 | |||||||||
Commercial Construction, Land Development, and Other Land
|
5,626,377 | - | - | |||||||||
Other Non Owner-Occupied Commercial Real Estate
|
13,862,422 | - | - | |||||||||
Direct Financing Leases
|
1,696,735 | - | - | |||||||||
Residential Real Estate
|
1,509,608 | - | - | |||||||||
Installment and Other Consumer
|
1,047,543 | - | - | |||||||||
$ | 34,600,410 | $ | 38,516 | $ | 38,516 |
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 March 31, 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)
|
$ | 328,755,702 | $ | 174,905,504 | $ | 39,557,845 | $ | 308,585,328 | $ | 851,804,379 | ||||||||||
Special Mention (Rating 6)
|
5,039,559 | 4,744,199 | 647,499 | 10,643,329 | 21,074,586 | |||||||||||||||
Substandard (Rating 7)
|
18,953,466 | 2,624,756 | 10,501,037 | 28,736,204 | 60,815,463 | |||||||||||||||
Doubtful (Rating 8)
|
- | - | - | - | - | |||||||||||||||
$ | 352,748,727 | $ | 182,274,459 | $ | 50,706,381 | $ | 347,964,861 | $ | 933,694,428 |
As of March 31, 2012
|
||||||||||||||||
Delinquency Status *
|
Direct Financing Leases
|
Residential Real Estate
|
Installment and Other Consumer
|
Total
|
||||||||||||
Performing
|
$ | 95,593,483 | $ | 102,384,641 | $ | 74,440,259 | $ | 272,418,383 | ||||||||
Nonperforming
|
720,731 | 1,143,251 | 1,105,928 | 2,969,910 | ||||||||||||
$ | 96,314,214 | $ | 103,527,892 | $ | 75,546,187 | $ | 275,388,293 |
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 March 31, 2012
|
For the three months ended March 31, 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 - 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 | 144,000 | - | - | - | - | ||||||||||||||||||||||||
2 | $ | 200,000 | $ | 200,000 | $ | 144,000 | 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 | $ | - | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Residential Real Estate
|
1 | 167,739 | 167,739 | - | - | - | - | - | ||||||||||||||||||||||||
Installment and Other Consumer
|
1 | 16,043 | 16,043 | - | - | - | - | - | ||||||||||||||||||||||||
3 | $ | 521,282 | $ | 521,282 | $ | - | - | $ | - | $ | - | $ | - | |||||||||||||||||||
TOTAL
|
5 | $ | 721,282 | $ | 721,282 | $ | 144,000 | 4 | $ | 1,175,819 | $ | 1,175,819 | $ | - |
Three months ended
March 31, |
||||||||
2012
|
2011
|
|||||||
Net income
|
$ | 3,402,849 | $ | 2,231,484 | ||||
Less: Net income attributable to noncontrolling interests
|
166,031 | 106,524 | ||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 3,236,818 | $ | 2,124,960 | ||||
Less: Preferred stock dividends and discount accretion
|
938,625 | 1,032,371 | ||||||
Net income attributable to QCR Holdings, Inc. common stockholders
|
$ | 2,298,193 | $ | 1,092,589 | ||||
Earnings per common share attributable to QCR Holdings, Inc. common stockholders
|
||||||||
Basic
|
$ | 0.48 | $ | 0.23 | ||||
Diluted
|
$ | 0.48 | $ | 0.23 | ||||
Weighted average common shares outstanding
|
4,800,407 | 4,671,715 | ||||||
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan
|
32,992 | 12,002 | ||||||
Weighted average common and common equivalent shares outstanding
|
4,833,399 | 4,683,717 |
Commercial Banking
|
||||||||||||||||||||||||||||
Quad City
Bank & Trust |
Cedar Rapids
Bank & Trust |
Rockford
Bank & Trust |
Wealth
Management |
All Other
|
Intercompany
Eliminations |
Consolidated
Total |
||||||||||||||||||||||
Three Months Ended March 31, 2012
|
||||||||||||||||||||||||||||
Total revenue
|
$ | 12,265,033 | $ | 6,586,149 | $ | 3,120,795 | $ | 1,405,194 | $ | 4,611,992 | $ | (4,658,481 | ) | $ | 23,330,682 | |||||||||||||
Net interest income
|
$ | 8,389,042 | $ | 3,767,999 | $ | 2,432,706 | $ | - | $ | (386,294 | ) | $ | - | $ | 14,203,453 | |||||||||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 2,689,684 | $ | 1,267,266 | $ | 393,475 | $ | 159,883 | $ | 3,296,364 | $ | (4,569,854 | ) | $ | 3,236,818 | |||||||||||||
Total assets
|
$ | 1,114,376,297 | $ | 566,158,474 | $ | 312,595,782 | $ | - | $ | 198,977,794 | $ | (199,110,154 | ) | $ | 1,992,998,193 | |||||||||||||
Provision for loan/lease losses
|
$ | 395,446 | $ | 350,000 | $ | 35,000 | $ | - | $ | - | $ | - | $ | 780,446 | ||||||||||||||
Goodwill
|
$ | 3,222,688 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3,222,688 | ||||||||||||||
Three Months Ended March 31, 2011
|
||||||||||||||||||||||||||||
Total revenue
|
$ | 11,955,808 | $ | 7,062,606 | $ | 3,281,980 | $ | 1,482,020 | $ | 3,518,243 | $ | (3,592,301 | ) | $ | 23,708,356 | |||||||||||||
Net interest income
|
$ | 6,996,360 | $ | 3,762,123 | $ | 2,078,105 | $ | - | $ | (627,786 | ) | $ | - | $ | 12,208,802 | |||||||||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 1,663,305 | $ | 1,234,424 | $ | 223,131 | $ | 291,388 | $ | 2,184,258 | $ | (3,471,546 | ) | $ | 2,124,960 | |||||||||||||
Total assets
|
$ | 1,045,160,644 | $ | 557,998,653 | $ | 272,274,718 | $ | - | $ | 184,352,751 | $ | (186,092,652 | ) | $ | 1,873,694,114 | |||||||||||||
Provision for loan/lease losses
|
$ | 439,664 | $ | 375,000 | $ | 253,000 | $ | - | $ | - | $ | - | $ | 1,067,664 | ||||||||||||||
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 |
|||||||||||||
March 31, 2012:
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 432,169,493 | $ | - | $ | 432,169,493 | $ | - | ||||||||
Residential mortgage-backed and related securities
|
128,532,589 | - | 128,532,589 | - | ||||||||||||
Municipal securities
|
53,811,823 | - | 53,811,823 | - | ||||||||||||
Trust preferred securities
|
104,000 | - | 104,000 | - | ||||||||||||
Other securities
|
1,572,610 | 221,798 | 1,350,812 | - | ||||||||||||
$ | 616,190,515 | $ | 221,798 | $ | 615,968,717 | $ | - | |||||||||
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
|
|||||||||||||
March 31, 2012:
|
||||||||||||||||
Impaired loans/leases
|
$ | 18,610,807 | $ | - | $ | - | $ | 18,610,807 | ||||||||
Other real estate owned
|
8,825,945 | - | - | 8,825,945 | ||||||||||||
$ | 27,436,752 | $ | - | $ | - | $ | 27,436,752 | |||||||||
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 March 31, 2012
|
As of December 31, 2011
|
|||||||||||||||
Carrying
Value |
Estimated
Fair Value |
Carrying
Value |
Estimated
Fair Value |
|||||||||||||
Cash and due from banks
|
$ | 39,239,858 | $ | 39,239,858 | $ | 53,136,710 | $ | 53,136,710 | ||||||||
Federal funds sold
|
- | - | 20,785,000 | 20,785,000 | ||||||||||||
Interest-bearing deposits at financial institutions
|
25,488,213 | 25,488,213 | 26,750,602 | 26,750,602 | ||||||||||||
Investment securities:
|
||||||||||||||||
Held to maturity
|
200,000 | 200,000 | 200,000 | 200,000 | ||||||||||||
Available for sale
|
616,190,515 | 616,190,515 | 565,029,291 | 565,029,291 | ||||||||||||
Loans/leases receivable, net
|
1,192,722,787 | 1,212,237,000 | 1,181,956,235 | 1,202,817,000 | ||||||||||||
Accrued interest receivable
|
6,886,434 | 6,886,434 | 6,510,021 | 6,510,021 | ||||||||||||
Deposits
|
1,296,749,133 | 1,300,317,000 | 1,205,457,788 | 1,209,197,000 | ||||||||||||
Short-term borrowings
|
149,900,500 | 149,900,500 | 213,536,450 | 213,536,450 | ||||||||||||
Federal Home Loan Bank advances
|
203,750,000 | 221,454,000 | 204,750,000 | 223,678,000 | ||||||||||||
Other borrowings
|
136,233,688 | 151,306,000 | 136,231,663 | 151,813,000 | ||||||||||||
Junior subordinated debentures
|
36,085,000 | 18,637,000 | 36,085,000 | 18,444,000 | ||||||||||||
Accrued interest payable
|
1,580,359 | 1,580,359 | 1,551,842 | 1,551,842 |
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Loans/leases receivable, net *
|
$ | 1,193,626,193 | $ | - | $ | 1,193,626,193 | $ | - | ||||||||
Time deposits
|
353,462,000 | - | 353,462,000 | - | ||||||||||||
Federal Home Loan Bank advances
|
221,454,000 | - | 221,454,000 | - | ||||||||||||
Other borrowings
|
151,306,000 | - | 151,306,000 | - | ||||||||||||
Junior subordinated debentures
|
18,637,000 | - | 18,637,000 | - |
|
·
|
Quad City Bank & Trust 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. Quad City Bank & Trust also provides leasing services through its 80%-owned subsidiary, m2 Lease Funds, located in Brookfield, Wisconsin. In addition, Quad City Bank & Trust owns 100% of Quad City Investment Advisors, LLC (formerly known as CMG Investment Advisors, LLC), which is an investment management and advisory company.
|
|
·
|
Cedar Rapids Bank & Trust 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. Cedar Rapids Bank & Trust also provides residential real estate mortgage lending services through its 50%-owned joint venture, Cedar Rapids Mortgage Company.
|
|
·
|
Rockford Bank & Trust 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
|
||||||||||||
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
||||||||||
Net income
|
$ | 3,402,849 | $ | 2,858,570 | $ | 2,231,484 | ||||||
Less: Net income attributable to noncontrolling interests
|
166,031 | 130,006 | 106,524 | |||||||||
Net income attributable to QCR Holdings, Inc.
|
$ | 3,236,818 | $ | 2,728,564 | $ | 2,124,960 | ||||||
Less: Preferred stock dividends and discount accretion
|
938,625 | 1,027,714 | 1,032,371 | |||||||||
Net income attributable to QCR Holdings, Inc. common stockholders
|
$ | 2,298,193 | $ | 1,700,850 | $ | 1,092,589 | ||||||
Diluted earnings per common share
|
$ | 0.48 | $ | 0.35 | $ | 0.23 | ||||||
Weighted average common and common equivalent shares outstanding
|
4,833,399 | 4,856,296 | 4,683,717 |
For the three months ended
|
||||||||||||
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
||||||||||
Net interest income
|
$ | 14,203,453 | $ | 14,156,295 | $ | 12,208,802 | ||||||
Provision for loan/lease losses
|
(780,446 | ) | (1,419,164 | ) | (1,067,664 | ) | ||||||
Noninterest income
|
3,956,878 | 3,896,066 | 5,057,124 | |||||||||
Noninterest expense
|
(12,738,080 | ) | (12,651,685 | ) | (13,012,271 | ) | ||||||
Federal and state income tax
|
(1,238,956 | ) | (1,122,942 | ) | (954,507 | ) | ||||||
Net income
|
$ | 3,402,849 | $ | 2,858,570 | $ | 2,231,484 |
|
·
|
The average yield on interest-earning assets decreased 3 basis points.
|
|
·
|
The average cost of interest-bearing liabilities decreased 35 basis points.
|
|
·
|
The net interest spread improved 32 basis points from 2.44% to 2.76%.
|
|
·
|
The net interest margin improved 31 basis points from 2.78% to 3.09%.
|
For the three months ended March 31,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average Balance
|
Interest Earned or Paid
|
Average Yield or Cost
|
Average Balance
|
Interest Earned or Paid
|
Average Yield or Cost
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Federal funds sold
|
$ | - | $ | - | 0.00 | % | $ | 120,474 | $ | 66 | 0.22 | % | ||||||||||||
Interest-bearing deposits at financial institutions
|
84,367 | 120 | 0.57 | % | 39,339 | 111 | 1.13 | % | ||||||||||||||||
Investment securities (1)
|
576,530 | 3,391 | 2.37 | % | 447,352 | 2,693 | 2.41 | % | ||||||||||||||||
Restricted investment securities
|
15,280 | 81 | 2.13 | % | 16,260 | 164 | 4.03 | % | ||||||||||||||||
Gross loans/leases receivable (2) (3) (4)
|
1,198,047 | 15,971 | 5.36 | % | 1,152,997 | 15,735 | 5.46 | % | ||||||||||||||||
Total interest earning assets
|
$ | 1,874,224 | 19,563 | 4.20 | % | $ | 1,776,422 | 18,769 | 4.23 | % | ||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
$ | 41,021 | $ | 38,685 | ||||||||||||||||||||
Premises and equipment
|
31,670 | 30,959 | ||||||||||||||||||||||
Less allowance for estimated losses on loans/leases
|
(18,911 | ) | (20,508 | ) | ||||||||||||||||||||
Other
|
76,738 | 66,302 | ||||||||||||||||||||||
Total assets
|
$ | 2,004,742 | $ | 1,891,860 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest-bearing demand deposits
|
$ | 500,234 | 737 | 0.59 | % | $ | 475,355 | 970 | 0.82 | % | ||||||||||||||
Savings deposits
|
41,002 | 7 | 0.07 | % | 36,577 | 15 | 0.16 | % | ||||||||||||||||
Time deposits
|
345,800 | 972 | 1.13 | % | 368,701 | 1,440 | 1.56 | % | ||||||||||||||||
Short-term borrowings
|
178,981 | 65 | 0.15 | % | 144,537 | 114 | 0.32 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
206,137 | 1,864 | 3.64 | % | 225,894 | 2,143 | 3.79 | % | ||||||||||||||||
Junior subordinated debentures
|
36,085 | 268 | 2.99 | % | 36,085 | 481 | 5.33 | % | ||||||||||||||||
Other borrowings (4)
|
135,898 | 1,257 | 3.72 | % | 148,592 | 1,279 | 3.44 | % | ||||||||||||||||
Total interest-bearing liabilities
|
$ | 1,444,137 | 5,170 | 1.44 | % | $ | 1,435,741 | 6,442 | 1.79 | % | ||||||||||||||
Noninterest-bearing demand deposits
|
$ | 390,021 | $ | 293,285 | ||||||||||||||||||||
Other noninterest-bearing liabilities
|
26,761 | 31,536 | ||||||||||||||||||||||
Total liabilities
|
$ | 1,860,919 | $ | 1,760,562 | ||||||||||||||||||||
Stockholders' equity
|
143,823 | 131,298 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 2,004,742 | $ | 1,891,860 | ||||||||||||||||||||
Net interest income
|
$ | 14,393 | $ | 12,327 | ||||||||||||||||||||
Net interest spread
|
2.76 | % | 2.44 | % | ||||||||||||||||||||
Net interest margin
|
3.09 | % | 2.78 | % | ||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities
|
129.78 | % | 123.73 | % |
Inc./(Dec.)
|
Components
|
|||||||||||
from
|
of Change (1)
|
|||||||||||
Prior Period
|
Rate
|
Volume
|
||||||||||
2012 vs. 2011
|
||||||||||||
(dollars in thousands)
|
||||||||||||
INTEREST INCOME
|
||||||||||||
Federal funds sold
|
$ | (66 | ) | $ | (33 | ) | $ | (33 | ) | |||
Interest-bearing deposits at financial institutions
|
9 | (303 | ) | 312 | ||||||||
Investment securities (2)
|
698 | (316 | ) | 1,014 | ||||||||
Restricted investment securities
|
(83 | ) | (73 | ) | (10 | ) | ||||||
Gross loans/leases receivable (3) (4) (5)
|
236 | (1,465 | ) | 1,701 | ||||||||
Total change in interest income
|
$ | 794 | $ | (2,190 | ) | $ | 2,984 | |||||
INTEREST EXPENSE
|
||||||||||||
Interest-bearing demand deposits
|
$ | (233 | ) | $ | (537 | ) | $ | 304 | ||||
Savings deposits
|
(8 | ) | (18 | ) | 10 | |||||||
Time deposits
|
(468 | ) | (382 | ) | (86 | ) | ||||||
Short-term borrowings
|
(49 | ) | (185 | ) | 136 | |||||||
Federal Home Loan Bank advances
|
(279 | ) | (90 | ) | (189 | ) | ||||||
Junior subordinated debentures
|
(213 | ) | (213 | ) | - | |||||||
Other borrowings (5)
|
(22 | ) | 413 | (435 | ) | |||||||
Total change in interest expense
|
$ | (1,272 | ) | $ | (1,012 | ) | $ | (260 | ) | |||
Total change in net interest income
|
$ | 2,066 | $ | (1,178 | ) | $ | 3,244 |
|
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.
|
|
·
|
The Company continued to experience improving loan quality as evidenced by the declining trend in the level of classified and criticized loans (see table and further discussion in the “Financial Condition” section). This trend translated over to nonperforming loans/leases as the Company’s level of nonperforming loans/leases declined from $35.7 million at March 31, 2011 down to $32.0 million at December 31, 2011, and down further to $30.6 million at March 31, 2012.
|
|
·
|
The Company experienced modest growth and a slight shift in mix in its loan/lease portfolio. Specifically, loans/leases grew $56.0 million, or 5%, with approximately half of the growth in residential real estate loans and direct financing leases, which have smaller average balances and are historically less risky than the Company’s commercial loan portfolio.
|
Three Months Ended
|
||||||||||||||||
March 31, 2012
|
March 31, 2011
|
$ Change
|
% Change
|
|||||||||||||
Trust department fees
|
$ | 883,732 | $ | 950,802 | $ | (67,070 | ) | (7.1 | ) % | |||||||
Investment advisory and management fees, gross
|
521,462 | 531,218 | (9,756 | ) | (1.8 | ) | ||||||||||
Deposit service fees
|
904,406 | 872,672 | 31,734 | 3.6 | ||||||||||||
Gains on sales of loans, net
|
399,090 | 759,693 | (360,603 | ) | (47.5 | ) | ||||||||||
Securities gains
|
- | 880,312 | (880,312 | ) | (100.0 | ) | ||||||||||
Losses on sales of other real estate owned, net
|
(189,204 | ) | (25,098 | ) | (164,106 | ) | 653.9 | |||||||||
Earnings on bank-owned life insurance
|
438,402 | 344,411 | 93,991 | 27.3 | ||||||||||||
Credit card fees, net of processing costs
|
127,015 | 141,160 | (14,145 | ) | (10.0 | ) | ||||||||||
Other
|
871,975 | 601,954 | 270,021 | 44.9 | ||||||||||||
$ | 3,956,878 | $ | 5,057,124 | $ | (1,100,246 | ) | (21.8 | ) % |
For the three months ended
|
||||||||
March 31, 2012
|
March 31, 2011
|
|||||||
Gains on sales of residential mortgages
|
$ | 291,433 | $ | 132,229 | ||||
Gains on sales of government guaranteed portions of loans
|
107,657 | 627,464 | ||||||
$ | 399,090 | $ | 759,693 |
Three Months Ended
|
||||||||||||||||
March 31, 2012
|
March 31, 2011
|
$ Change
|
% Change
|
|||||||||||||
Salaries and employee benefits
|
$ | 8,124,680 | $ | 7,473,503 | $ | 651,177 | 8.7 | % | ||||||||
Occupancy and equipment expense
|
1,352,263 | 1,289,455 | 62,808 | 4.9 | ||||||||||||
Professional and data processing fees
|
1,150,190 | 1,124,522 | 25,668 | 2.3 | ||||||||||||
FDIC and other insurance
|
580,856 | 882,730 | (301,874 | ) | (34.2 | ) | ||||||||||
Loan/lease expense
|
218,734 | 276,228 | (57,494 | ) | (20.8 | ) | ||||||||||
Advertising and marketing
|
276,016 | 224,729 | 51,287 | 22.8 | ||||||||||||
Postage and telephone
|
288,240 | 230,185 | 58,055 | 25.2 | ||||||||||||
Stationery and supplies
|
142,966 | 134,643 | 8,323 | 6.2 | ||||||||||||
Bank service charges
|
199,729 | 161,178 | 38,551 | 23.9 | ||||||||||||
Prepayment fees on Federal Home Loan Bank advances
|
- | 832,099 | (832,099 | ) | (100.0 | ) | ||||||||||
Other
|
404,406 | 382,999 | 21,407 | 5.6 | ||||||||||||
$ | 12,738,080 | $ | 13,012,271 | $ | (274,191 | ) | (2.1 | ) % |
|
·
|
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 quarter of 2012.
|
|
·
|
An increase in the Company’s employee base as full-time equivalents increased from 347 at March 31, 2011 to 349 at March 31, 2012. Specifically, the Company added three business development officers in the Wealth Management 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 quarter of 2012. Specifically, the Company grew its municipal securities portfolio from $25.7 million at December 31, 2011 to $53.8 million at March 31, 2012.
|
As of
|
||||||||||||||||||||||||
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Cash, federal funds sold, and interest-bearing deposits
|
$ | 64,728 | 3 | % | $ | 100,673 | 5 | % | $ | 133,374 | 7 | % | ||||||||||||
Securities
|
616,391 | 31 | % | 565,229 | 29 | % | 491,558 | 26 | % | |||||||||||||||
Net loans/leases
|
1,192,723 | 60 | % | 1,181,956 | 60 | % | 1,135,038 | 61 | % | |||||||||||||||
Other assets
|
119,156 | 6 | % | 118,752 | 6 | % | 113,724 | 6 | % | |||||||||||||||
Total assets
|
$ | 1,992,998 | 100 | % | $ | 1,966,610 | 100 | % | $ | 1,873,694 | 100 | % | ||||||||||||
Total deposits
|
$ | 1,296,749 | 65 | % | $ | 1,205,458 | 61 | % | $ | 1,194,858 | 64 | % | ||||||||||||
Total borrowings
|
525,970 | 26 | % | 590,603 | 30 | % | 524,837 | 28 | % | |||||||||||||||
Other liabilities
|
24,512 | 1 | % | 26,116 | 1 | % | 21,041 | 1 | % | |||||||||||||||
Total stockholders' equity
|
145,767 | 7 | % | 144,433 | 7 | % | 132,958 | 7 | % | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 1,992,998 | 100 | % | $ | 1,966,610 | 100 | % | $ | 1,873,694 | 100 | % |
As of
|
||||||||||||||||||||||||
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
U.S. govt. sponsored agency securities
|
$ | 432,169 | 70 | % | $ | 428,955 | 76 | % | $ | 388,459 | 79 | % | ||||||||||||
Residential mortgage-backed and related securities
|
128,533 | 21 | % | 108,854 | 19 | % | 73,180 | 15 | % | |||||||||||||||
Municipal securities
|
53,813 | 9 | % | 25,689 | 5 | % | 27,922 | 6 | % | |||||||||||||||
Other securities, including held-to-maturity
|
1,876 | 0 | % | 1,731 | 0 | % | 1,997 | 0 | % | |||||||||||||||
$ | 616,391 | 100 | % | $ | 565,229 | 100 | % | $ | 491,558 | 100 | % |
As of
|
||||||||||||||||||||||||
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Commercial and industrial loans
|
$ | 352,749 | 29 | % | $ | 350,794 | 29 | % | $ | 357,471 | 31 | % | ||||||||||||
Commercial real estate loans
|
580,946 | 48 | % | 577,804 | 48 | % | 549,771 | 48 | % | |||||||||||||||
Direct financing leases
|
96,314 | 8 | % | 93,212 | 8 | % | 83,994 | 7 | % | |||||||||||||||
Residential real estate loans
|
103,528 | 9 | % | 98,107 | 8 | % | 79,708 | 7 | % | |||||||||||||||
Installment and other consumer loans
|
75,546 | 6 | % | 78,223 | 7 | % | 82,855 | 7 | % | |||||||||||||||
Total loans/leases | $ | 1,209,083 | 100 | % | $ | 1,198,140 | 100 | % | $ | 1,153,799 | 100 | % | ||||||||||||
Plus deferred loan/lease origination costs, net of fees
|
2,647 | 2,605 | 1,969 | |||||||||||||||||||||
Less allowance for estimated losses on loans/leases
|
(19,007 | ) | (18,789 | ) | (20,730 | ) | ||||||||||||||||||
Net loans/leases | $ | 1,192,723 | $ | 1,181,956 | $ | 1,135,038 |
As of March 31,
2012 |
As of December 31,
2011 |
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Lessors of Nonresidential Buildings
|
$ | 169,886 | 29 | % | $ | 179,511 | 31 | % | ||||||||
Lessors of Residential Buildings
|
48,919 | 8 | % | 50,029 | 9 | % | ||||||||||
Land Subdivision
|
33,486 | 6 | % | 33,252 | 6 | % | ||||||||||
Hotels
|
23,700 | 4 | % | 19,061 | 3 | % | ||||||||||
New Car Dealers
|
21,817 | 4 | % | 25,223 | 4 | % | ||||||||||
Lessors of Other Real Estate Property
|
15,115 | 3 | % | 15,830 | 3 | % | ||||||||||
Other *
|
268,023 | 46 | % | 254,898 | 44 | % | ||||||||||
Total Commercial Real Estate Loans
|
$ | 580,946 | 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
|
||||||||
March 31, 2012
|
March 31, 2011
|
|||||||
Balance, beginning
|
$ | 18,789,262 | $ | 20,364,656 | ||||
Provisions charged to expense
|
780,446 | 1,067,664 | ||||||
Loans/leases charged off
|
(824,752 | ) | (880,927 | ) | ||||
Recoveries on loans/leases previously charged off
|
261,688 | 178,623 | ||||||
Balance, ending
|
$ | 19,006,644 | $ | 20,730,016 |
As of
|
||||||||||||
Internally Assigned Risk Rating *
|
March 31, 2012
|
December 31, 2011
|
December 31, 2010
|
|||||||||
(dollars in thousands) | ||||||||||||
Special Mention (Rating 6)
|
$ | 21,075 | $ | 26,034 | $ | 43,551 | ||||||
Substandard (Rating 7) - Performing
|
34,457 | 36,278 | 42,498 | |||||||||
Substandard (Rating 7) - Nonperforming
|
26,358 | 26,434 | 32,612 | |||||||||
Doubtful (Rating 8)
|
- | - | 21 | |||||||||
$ | 81,890 | $ | 88,746 | $ | 118,682 | |||||||
Criticized Loans **
|
$ | 81,890 | $ | 88,746 | $ | 118,682 | ||||||
Classified Loans ***
|
$ | 60,815 | $ | 62,712 | $ | 75,131 |
As of
|
||||||||||||
March 31, 2012
|
December 31, 2011
|
December 31, 2010
|
||||||||||
Allowance / Gross Loans/Leases
|
1.57 | % | 1.56 | % | 1.74 | % | ||||||
Allowance / Nonperforming Loans/Leases *
|
62.11 | % | 58.70 | % | 49.49 | % |
As of March 31,
2012 |
As of December 31,
2011 |
As of March 31,
2011 |
As of December 31,
2010 |
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Nonaccrual loans/leases (1) (2)
|
$ | 19,013 | $ | 18,995 | $ | 32,156 | $ | 37,427 | ||||||||
Accruing loans/leases past due 90 days or more
|
721 | 1,111 | 123 | 320 | ||||||||||||
Troubled debt restructures - accruing
|
10,868 | 11,904 | 3,379 | 3,405 | ||||||||||||
Other real estate owned
|
8,172 | 8,386 | 8,358 | 8,535 | ||||||||||||
Other repossessed assets
|
125 | 109 | 219 | 366 | ||||||||||||
$ | 38,899 | $ | 40,505 | $ | 44,235 | $ | 50,053 | |||||||||
Nonperforming loans/leases to total loans/leases
|
2.53 | % | 2.67 | % | 3.09 | % | 3.51 | % | ||||||||
Nonperforming assets to total loans/leases plus reposessed property
|
3.19 | % | 3.35 | % | 3.80 | % | 4.24 | % | ||||||||
Nonperforming assets to total assets
|
1.95 | % | 2.06 | % | 2.36 | % | 2.73 | % | ||||||||
Texas ratio (3)
|
24.34 | % | 25.58 | % | 29.61 | % | 33.57 | % |
|
(1)
|
Includes government guaranteed portion of loan.
|
|
(2)
|
Includes troubled debt restructurings of $8.8 million at March 31, 2012, $8.6 million at December 31, 2011, $8.4 million at March 31, 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
|
||||||||||||||||||||||||
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Noninterest bearing demand deposits
|
$ | 385,806 | 30 | % | $ | 357,184 | 30 | % | $ | 281,237 | 24 | % | ||||||||||||
Interest bearing demand deposits
|
519,732 | 40 | % | 470,807 | 39 | % | 521,042 | 44 | % | |||||||||||||||
Savings deposits
|
41,317 | 3 | % | 39,981 | 3 | % | 37,689 | 3 | % | |||||||||||||||
Time deposits
|
297,737 | 23 | % | 292,575 | 24 | % | 307,151 | 26 | % | |||||||||||||||
Brokered time deposits
|
52,157 | 4 | % | 44,911 | 4 | % | 47,739 | 4 | % | |||||||||||||||
$ | 1,296,749 | 100 | % | $ | 1,205,458 | 100 | % | $ | 1,194,858 | 100 | % |
As of
|
||||||||||||
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
||||||||||
(dollars in thousands)
|
||||||||||||
Overnight repurchase agreements with customers
|
$ | 107,910 | $ | 110,236 | $ | 117,901 | ||||||
Federal funds purchased
|
41,990 | 103,300 | 16,971 | |||||||||
$ | 149,900 | $ | 213,536 | $ | 134,872 |
As of
|
||||||||||||
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
||||||||||
(dollars in thousands)
|
||||||||||||
Wholesale repurchase agreements
|
$ | 130,000 | $ | 130,000 | $ | 135,000 | ||||||
364-day revolving note
|
3,600 | 3,600 | 2,500 | |||||||||
Series A subordinated notes
|
2,634 | 2,632 | 2,626 | |||||||||
Other
|
- | - | 3,504 | |||||||||
$ | 136,234 | $ | 136,232 | $ | 143,630 |
As of
|
||||||||||||||||||||||||
March 31, 2012
|
December 31, 2011
|
March 31, 2011
|
||||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Common stock
|
$ | 4,945 | $ | 4,879 | $ | 4,834 | ||||||||||||||||||
Additional paid in capital - common
|
26,705 | 26,381 | 24,644 | |||||||||||||||||||||
Retained earnings
|
46,884 | 44,586 | 41,644 | |||||||||||||||||||||
Accumulated other comprehensive income (loss)
|
3,237 | 4,755 | (641 | ) | ||||||||||||||||||||
Noncontrolling interests
|
2,216 | 2,052 | 1,753 | |||||||||||||||||||||
Less: Treasury stock
|
(1,606 | ) | (1,606 | ) | (1,606 | ) | ||||||||||||||||||
Total common stockholders' equity
|
82,381 | 57 | % | 81,047 | 56 | % | 70,628 | 53 | % | |||||||||||||||
Preferred stock
|
65 | 65 | 63 | |||||||||||||||||||||
Additional paid in capital - preferred
|
63,321 | 63,321 | 62,267 | |||||||||||||||||||||
Total preferred stockholders' equity
|
63,386 | 43 | % | 63,386 | 44 | % | 62,330 | 47 | % | |||||||||||||||
Total stockholders' equity
|
$ | 145,767 | 100 | % | $ | 144,433 | 100 | % | $ | 132,958 | 100 | % | ||||||||||||
Tangible common equity* / total tangible assets
|
3.86 | % | 3.85 | % | 3.51 | % |
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
|
40,090,000 | 5.00 | % | 2,004,500 | ||||||||
$ | 65,090,000 | $ | 3,754,500 |
Name
|
Date Issued
|
Amount Issued
|
Interest Rate
|
Interest Rate as of 3/31/12
|
Interest Rate as of 12/31/11
|
QCR Holdings Statutory Trust II
|
February 2004
|
$12,372,000
|
2.85% over 3-month LIBOR
|
3.43%
|
3.22%
|
QCR Holdings Statutory Trust III
|
February 2004
|
8,248,000
|
2.85% over 3-month LIBOR
|
3.43%
|
3.22%
|
QCR Holdings Statutory Trust IV
|
May 2005
|
5,155,000
|
1.80% over 3-month LIBOR
|
2.37%
|
2.20%
|
QCR Holdings Statutory Trust V
|
February 2006
|
10,310,000
|
1.55% over 3-month LIBOR
|
2.12%
|
1.95%
|
$36,085,000
|
Weighted Average Rate
|
2.90%
|
2.71%
|
Actual
|
For Capital
Adequacy Purposes |
To Be Well
Capitalized Under |
||||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||||
As of March 31, 2012:
|
||||||||||||||||||||||||||
Company:
|
||||||||||||||||||||||||||
Total risk-based capital
|
$ | 194,560 | 13.87 | % | $ | 112,187 |
>
|
8.0 | % | N/A | N/A | |||||||||||||||
Tier 1 risk-based capital
|
172,052 | 12.27 | % | 56,094 |
>
|
4.0 | % | N/A | N/A | |||||||||||||||||
Tier 1 leverage
|
172,052 | 8.60 | % | 80,059 |
>
|
4.0 | % | N/A | N/A | |||||||||||||||||
Quad City Bank & Trust:
|
||||||||||||||||||||||||||
Total risk-based capital
|
$ | 101,596 | 13.27 | % | $ | 61,260 |
>
|
8.0 | % | $ | 76,575 |
>
|
10.00 | % | ||||||||||||
Tier 1 risk-based capital
|
93,403 | 12.20 | % | 30,630 |
>
|
4.0 | 45,945 |
>
|
6.00 | % | ||||||||||||||||
Tier 1 leverage
|
93,403 | 8.25 | % | 45,266 |
>
|
4.0 | 56,582 |
>
|
5.00 | % | ||||||||||||||||
Cedar Rapids Bank & Trust:
|
||||||||||||||||||||||||||
Total risk-based capital
|
$ | 57,647 | 14.62 | % | $ | 31,542 |
>
|
8.0 | % | $ | 47,312 |
>
|
10.00 | % | ||||||||||||
Tier 1 risk-based capital
|
52,696 | 13.37 | % | 15,771 |
>
|
4.0 | 23,656 |
>
|
6.00 | % | ||||||||||||||||
Tier 1 leverage
|
52,696 | 9.13 | % | 23,088 |
>
|
4.0 | 28,860 |
>
|
5.00 | % | ||||||||||||||||
Rockford Bank & Trust:
|
||||||||||||||||||||||||||
Total risk-based capital
|
$ | 36,642 | 15.14 | % | $ | 19,366 |
>
|
8.0 | % | $ | 24,207 |
>
|
10.00 | % | ||||||||||||
Tier 1 risk-based capital
|
33,603 | 13.88 | % | 9,683 |
>
|
4.0 | 14,524 |
>
|
6.00 | % | ||||||||||||||||
Tier 1 leverage
|
33,603 | 11.01 | % | 12,207 |
>
|
4.0 | 15,259 |
>
|
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 December 31, 2011
|
As of March 31,
2011
|
As of December 31, 2010
|
|||||||||
100 basis point downward shift
|
-1.5 | % | -1.8 | % | -1.9 | % | ||||||
200 basis point upward shift
|
-3.1 | % | -3.6 | % | -3.0 | % | ||||||
300 basis point upward shift
|
-4.2 | % | -4.1 | % | -1.6 | % |
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 March 31, 2012 and December 31, 2011; (ii) Consolidated Statements of Income for the three months ended March 31, 2012 and March 31, 2011; (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2012 and March 31, 2011; (iv) Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2012 and March 31, 2011; (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and March 31, 2011; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text.
|
Date May 7, 2012
|
|
/s/ Douglas M. Hultquist | |
Douglas M. Hultquist, President
Chief Executive Officer
|
|||
Date May 7, 2012
|
/s/ Todd A. Gipple | ||
Todd A. Gipple, Executive Vice President
Chief Operating Officer
Chief Financial Officer
|
I, Douglas M. Hultquist, certify that:
|
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.
|
Date: May 7, 2012
|
/s/ Douglas M. Hultquist | |
Douglas M. Hultquist
Chief Executive Officer
|
|
I, Todd A. Gipple, certify that:
|
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.
|
Date: May 7, 2012
|
/s/ Todd A. Gipple | |
Todd A. Gipple
Chief Operating Officer
Chief Financial Officer
|
Note 1 - Summary of Significant Accounting Policies
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Significant Accounting Policies [Text Block] |
NOTE 1
– SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of
presentation: The interim unaudited
consolidated financial statements contained herein should be
read in conjunction with the audited consolidated financial
statements and accompanying notes to the consolidated
financial statements for the fiscal year ended December 31,
2011, including QCR Holdings, Inc.’s (the
“Company”) Form 10-K filed with the Securities
and Exchange Commission on March 8,
2012. Accordingly, footnote disclosures, which
would substantially duplicate the disclosures contained in
the audited consolidated financial statements, have been
omitted.
The
financial information of the Company included herein has been
prepared in accordance with U.S. generally accepted
accounting principles for interim financial reporting and has
been prepared pursuant to the rules and regulations for
reporting on Form 10-Q and Rule 10-01 of Regulation
S-X. Such information reflects all adjustments
(consisting of normal recurring adjustments) that are, in the
opinion of management, necessary for a fair presentation of
the financial position and results of operations for the
periods presented. Any differences appearing
between the numbers presented in financial statements and
management’s discussion and analysis are due to
rounding. The results of the interim period ended
March 31, 2012, are not necessarily indicative of the results
expected for the year ending December 31, 2012.
The
consolidated financial statements include the accounts of the
Company and its wholly-owned subsidiaries which include three
state-chartered commercial banks: Quad City Bank
& Trust Company (“QCBT”), Cedar Rapids Bank
& Trust Company (“CRBT”), and Rockford Bank
& Trust Company (“RB&T”). The
Company also engages in direct financing lease contracts
through the 80% equity investment by QCBT in m2 Lease Funds,
LLC (“m2 Lease Funds”), and in real estate
holdings through its 91% equity investment in Velie
Plantation Holding Company, LLC
(“VPHC”). All material intercompany
transactions and balances have been eliminated in
consolidation.
Recent
accounting developments: In
April 2011, Financial Accounting Standards Board
(“FASB”) issued ASU No. 2011-03, Transfers and
Servicing (Topic 860) - Reconsideration of Effective Control
for Repurchase Agreements. ASU 2011-03 is
intended to improve financial reporting of repurchase
agreements and other agreements that both entitle and
obligate a transferor to repurchase or redeem financial
assets before their maturity. ASU 2011-03 removes from
the assessment of effective control (i) the criterion
requiring the transferor to have the ability to repurchase or
redeem the financial assets on substantially the agreed
terms, even in the event of default by the transferee, and
(ii) the collateral maintenance guidance related to that
criterion. ASU 2011-03 was effective for the Company on
January 1, 2012 and did not have a significant impact on
the Company’s consolidated financial statements.
In
May 2011, FASB issued ASU 2011-04, Fair Value
Measurement (Topic 820) - Amendments to Achieve Common Fair
Value Measurements and Disclosure Requirements in U.S. GAAP
and IFRS. ASU 2011-04 amends
Topic 820, Fair Value
Measurements and Disclosures, to converge the fair
value measurement guidance in U.S. generally accepted
accounting principles and International Financial Reporting
Standards. ASU 2011-04 clarifies the application of
existing fair value measurement requirements, changes certain
principles in Topic 820 and requires additional fair
value disclosures. ASU 2011-04 was effective for annual
periods beginning after December 15, 2011, and did not
have a significant impact on the Company’s consolidated
financial statements.
In
June 2011, FASB issued ASU 2011-05, Comprehensive
Income (Topic 220) - Presentation of Comprehensive
Income. ASU 2011-05 amends Topic 220, Comprehensive
Income, to require that all nonowner changes in
stockholders’ equity be presented in either a single
continuous statement of comprehensive income or in two
separate but consecutive statements. Additionally,
ASU 2011-05 requires entities to present, on the face of
the financial statements, reclassification adjustments for
items that are reclassified from other comprehensive income
to net income in the statement or statements where the
components of net income and the components of other
comprehensive income are presented. The option to present
components of other comprehensive income as part of the
statement of changes in stockholders’ equity was
eliminated. ASU 2011-05 was effective for annual periods
beginning after December 15,
2011. Additionally, in December 2011, FASB issued
ASU 2011-12, Deferral of the
Effective Date for Amendments to the Presentation of
Reclassifications of Items Out of Accumulated Other
Comprehensive Income in ASU No.
2011-05. ASU 2011-12 defers the effective
date for the changes in ASU 2011-05 that specifically refer
to the presentation of the effects of reclassifications
adjustments out of accumulated other comprehensive income on
the components of net income and other comprehensive income
on the face of the financial statements for all periods
presented. ASU 2011-12 reinstates the requirements
of the presentation of reclassifications out of accumulated
other comprehensive income that were in place before the
issuance of ASU 2011-05. ASU 2011-12 and
2011-05 were both effective for the Company for the quarter
ending March 31, 2012. See new separate
consolidated statements of comprehensive income within the
consolidated financial statements.
In
September 2011, FASB issued ASU 2011-08, Intangibles
– Goodwill and Other: Testing Goodwill for
Impairment. ASU 2011-08 allows the option
to first assess qualitative factors to determine whether it
is more likely than not that the fair value of a reporting
unit is less than its carrying amount as a basis for
determining the need to perform step one of the annual test
for goodwill impairment. ASU 2011-08 was effective
for annual periods beginning after December 15,
2011. ASU 2011-08 did not have any effect on the
Company’s consolidated financial statements.
In
December 2011, FASB issued ASU 2011-11, Disclosures about
Offsetting Assets and Liabilities. ASU
2011-11 requires entities to disclose both gross information
and net information about both instruments and transactions
eligible for offset in the balance sheet, and instruments and
transactions subject to an agreement similar to a master
netting arrangement. ASU 2011-11 is effective for
annual periods beginning on or after January 1, 2013, and
interim periods within those annual
periods. Adoption is not expected to have a
significant impact on the Company’s consolidated
financial statements.
|
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