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Note 3 - Investment Securities | 12 Months Ended
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Dec. 31, 2013
Investment Holdings [Abstract] |
Investment Holdings [Text Block] | Note 3. Investment Securities The amortized cost and fair value of investment securities as of December 31, 2013 and 2012 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 144,401,895 |  |  | $ | 299,789 |  |  | $ | (7,111,579 | ) |  | $ | 137,590,105 |
Other securities |  |  | 1,050,000 |  |  |  | - |  |  |  | - |  |  |  | 1,050,000 |
|  | $ | 145,451,895 |  |  | $ | 299,789 |  |  | $ | (7,111,579 | ) |  | $ | 138,640,105 |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. govt. sponsored agency securities |  | $ | 376,574,132 |  |  | $ | 41,696 |  |  | $ | (20,142,841 | ) |  | $ | 356,472,987 |
Residential mortgage-backed and related securities |  |  | 160,110,199 |  |  |  | 1,153,409 |  |  |  | (3,834,157 | ) |  |  | 157,429,451 |
Municipal securities |  |  | 35,813,866 |  |  |  | 923,315 |  |  |  | (778,324 | ) |  |  | 35,958,857 |
Other securities |  |  | 1,372,365 |  |  |  | 524,798 |  |  |  | - |  |  |  | 1,897,163 |
|  | $ | 573,870,562 |  |  | $ | 2,643,218 |  |  | $ | (24,755,322 | ) |  | $ | 551,758,458 |
December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 71,429,385 |  |  | $ | 997,969 |  |  | $ | (71,648 | ) |  | $ | 72,355,706 |
Other securities |  |  | 650,000 |  |  |  | - |  |  |  | - |  |  |  | 650,000 |
|  | $ | 72,079,385 |  |  | $ | 997,969 |  |  | $ | (71,648 | ) |  | $ | 73,005,706 |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. govt. sponsored agency securities |  | $ | 336,570,995 |  |  | $ | 2,198,655 |  |  | $ | (160,279 | ) |  | $ | 338,609,371 |
Residential mortgage-backed and related securities |  |  | 160,035,196 |  |  |  | 3,736,821 |  |  |  | (170,914 | ) |  |  | 163,601,103 |
Municipal securities |  |  | 24,508,015 |  |  |  | 1,696,555 |  |  |  | (18,834 | ) |  |  | 26,185,736 |
Trust preferred securities |  |  | 86,200 |  |  |  | 53,200 |  |  |  | - |  |  |  | 139,400 |
Other securities |  |  | 1,347,113 |  |  |  | 300,732 |  |  |  | (23,469 | ) |  |  | 1,624,376 |
|  | $ | 522,547,519 |  |  | $ | 7,985,963 |  |  | $ | (373,496 | ) |  | $ | 530,159,986 |
The Company’s held-to-maturity municipal securities consist largely of private issues of municipal debt. The municipalities are located within the Midwest with a large portion located in or adjacent to the communities of QCBT and CRBT. The municipal debt investments are underwritten using specific guidelines with ongoing monitoring. The Company’s residential mortgage-backed and related securities portfolio consists entirely of government sponsored or government guaranteed securities. The Company has not invested in commercial mortgage-backed securities or pooled trust preferred securities. Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2013 and 2012, are summarized as follows:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 101,983,602 |  |  | $ | (6,711,240 | ) |  | $ | 2,697,375 |  |  | $ | (400,339 | ) |  | $ | 104,680,977 |  |  | $ | (7,111,579 | )
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. govt. sponsored agency securities |  | $ | 333,194,820 |  |  | $ | (19,141,077 | ) |  | $ | 10,978,390 |  |  | $ | (1,001,764 | ) |  | $ | 344,173,210 |  |  | $ | (20,142,841 | )
Residential mortgage-backed and related securities |  |  | 94,723,092 |  |  |  | (2,947,770 | ) |  |  | 14,117,719 |  |  |  | (886,387 | ) |  |  | 108,840,811 |  |  |  | (3,834,157 | )
Municipal securities |  |  | 13,890,692 |  |  |  | (724,939 | ) |  |  | 985,687 |  |  |  | (53,385 | ) |  |  | 14,876,379 |  |  |  | (778,324 | )
|  | $ | 441,808,604 |  |  | $ | (22,813,786 | ) |  | $ | 26,081,796 |  |  | $ | (1,941,536 | ) |  | $ | 467,890,400 |  |  | $ | (24,755,322 | )
December 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 4,282,352 |  |  | $ | (71,648 | ) |  | $ | - |  |  | $ | - |  |  | $ | 4,282,352 |  |  | $ | (71,648 | )
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. govt. sponsored agency securities |  | $ | 55,621,718 |  |  | $ | (160,279 | ) |  | $ | - |  |  | $ | - |  |  | $ | 55,621,718 |  |  | $ | (160,279 | )
Residential mortgage-backed and related securities |  |  | 29,324,928 |  |  |  | (170,914 | ) |  |  | - |  |  |  | - |  |  |  | 29,324,928 |  |  |  | (170,914 | )
Municipal securities |  |  | 1,039,625 |  |  |  | (18,834 | ) |  |  | - |  |  |  | - |  |  |  | 1,039,625 |  |  |  | (18,834 | )
Other securities |  |  | - |  |  |  | - |  |  |  | 217,500 |  |  |  | (23,469 | ) |  |  | 217,500 |  |  |  | (23,469 | )
|  | $ | 85,986,271 |  |  | $ | (350,027 | ) |  | $ | 217,500 |  |  | $ | (23,469 | ) |  | $ | 86,203,771 |  |  | $ | (373,496 | )
At December 31, 2013, the investment portfolio included 544 securities. Of this number, 354 securities had unrealized losses with aggregate depreciation of 5% from the total amortized cost basis. Of these 354, 16 had an unrealized loss for 12 months or more. All of the debt securities in unrealized loss positions are considered acceptable credit risks. Based upon an evaluation of the available evidence, including the recent changes in market rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these debt securities are temporary. In addition, the Company does not intend to sell these securities and/or it is not more-likely-than-not that the Company will be required to sell these debt securities before their anticipated recovery. At December 31, 2013 and 2012, the Company’s equity securities represent less than 1% of the total portfolio. For the years ended December 31, 2013, 2012, and 2011, the Company did not recognize other-than-temporary impairment on any debt securities. The Company did not recognize other-than-temporary impairment on any equity securities for the year ended December 31, 2013. For the year ended December 31, 2012, the Company’s evaluation determined that one privately held equity security experienced a decline in fair value that was other-than-temporary. As a result, the Company wrote down the value of this security and recognized a loss in the amount of $62,400. For the year ended December 31, 2011, the Company’s evaluation determined that two privately held equity securities experienced declines in fair value that were other-than-temporary. As a result, the Company wrote down the value of these securities and recognized losses in the amount of $118,847. All sales of securities, as applicable, for the years ended December 31, 2013, 2012 and 2011, respectively, were from securities identified as available for sale. Information on proceeds received, as well as the gains and losses from the sale of those securities is as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Proceeds from sales of securities |  | $ | 37,393,047 |  |  | $ | 19,215,075 |  |  | $ | 54,326,191 |
Gross gains from sales of securities |  |  | 523,071 |  |  |  | 104,600 |  |  |  | 1,472,528 |
Gross losses from sales of securities |  |  | (90,579 | ) |  |  | - |  |  |  | - |
The amortized cost and fair value of securities as of December 31, 2013, by contractual maturity are shown below. Expected maturities of mortgage-backed and related securities may differ from contractual maturities because the mortgages underlying the securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following summary. “Other securities” available for sale are excluded from the maturity categories as there is no fixed maturity date for those securities.
|  | Amortized Cost |  |  | Fair Value |
Securities held to maturity: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 2,250,529 |  |  | $ | 2,250,467 |
Due after one year through five years |  |  | 9,340,352 |  |  |  | 9,309,433 |
Due after five years |  |  | 133,861,014 |  |  |  | 127,080,205 |
|  | $ | 145,451,895 |  |  | $ | 138,640,105 |
Securities available for sale: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 6,416,406 |  |  | $ | 6,426,654 |
Due after one year through five years |  |  | 46,861,212 |  |  |  | 46,420,946 |
Due after five years |  |  | 359,110,380 |  |  |  | 339,584,244 |
|  | $ | 412,387,998 |  |  | $ | 392,431,844 |
Residential mortgage-backed and related securities |  |  | 160,110,199 |  |  |  | 157,429,451 |
Other securities |  |  | 1,372,365 |  |  |  | 1,897,163 |
|  | $ | 573,870,562 |  |  | $ | 551,758,458 |
Portions of the U.S. government sponsored agencies and municipal securities contain call options, at the discretion of the issuer, to terminate the security at predetermined dates prior to the stated maturity, summarized as follows:
|  | Amortized Cost |  |  | Fair Value |
Securities held to maturity: |  |  |  |  |  |  |  |
Municipal securities |  | $ | 108,408,593 |  |  | $ | 102,628,515 |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. govt. sponsored agency securities |  |  | 335,565,915 |  |  |  | 317,138,253 |
Municipal securities |  |  | 22,760,530 |  |  |  | 22,574,232 |
|  | $ | 358,326,445 |  |  | $ | 339,712,485 |
As of December 31, 2013 and 2012, investment securities with a carrying value of $497,286,275 and $384,194,020, respectively, were pledged on Federal Home Loan Bank advances, customer and wholesale repurchase agreements, and for other purposes as required or permitted by law.

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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611282-123010 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611133-123010 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 4 -Subparagraph (SX 210.12-12C) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611225-123010 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 13 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12C -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611322-123010 + Details
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