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Note 2 - Investment Securities | 6 Months Ended
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Jun. 30, 2014
Investment Holdings [Abstract] |
Investment Holdings [Text Block] | NOTE 2 – INVESTMENT SECURITIES The amortized cost and fair value of investment securities as of June 30, 2014 and December 31, 2013 are summarized as follows:
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | (Losses) |  |  | Value |
June 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 165,737,372 |  |  | $ | 1,492,583 |  |  | $ | (2,609,628 | ) |  | $ | 164,620,327 |
Other securities |  |  | 1,050,000 |  |  |  | - |  |  |  | - |  |  |  | 1,050,000 |
|  | $ | 166,787,372 |  |  | $ | 1,492,583 |  |  | $ | (2,609,628 | ) |  | $ | 165,670,327 |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. govt. sponsored agency securities |  | $ | 334,083,927 |  |  | $ | 109,470 |  |  | $ | (8,572,941 | ) |  | $ | 325,620,456 |
Residential mortgage-backed and related securities |  |  | 152,965,071 |  |  |  | 2,200,301 |  |  |  | (1,270,158 | ) |  |  | 153,895,214 |
Municipal securities |  |  | 32,871,334 |  |  |  | 1,156,141 |  |  |  | (170,004 | ) |  |  | 33,857,471 |
Other securities |  |  | 1,401,827 |  |  |  | 560,129 |  |  |  | - |  |  |  | 1,961,956 |
|  | $ | 521,322,159 |  |  | $ | 4,026,041 |  |  | $ | (10,013,103 | ) |  | $ | 515,335,097 |
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 |
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 portion 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 June 30, 2014 and December 31, 2013, are summarized as follows:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
June 30, 2014: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 37,351,435 |  |  | $ | (982,726 | ) |  | $ | 47,726,709 |  |  | $ | (1,626,902 | ) |  | $ | 85,078,144 |  |  | $ | (2,609,628 | )
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. govt. sponsored agency securities |  | $ | 284,171,721 |  |  | $ | (8,502,103 | ) |  | $ | 13,725,024 |  |  | $ | (70,838 | ) |  | $ | 297,896,745 |  |  | $ | (8,572,941 | )
Residential mortgage-backed and related securities |  |  | 8,124,317 |  |  |  | (95,270 | ) |  |  | 55,800,561 |  |  |  | (1,174,888 | ) |  |  | 63,924,878 |  |  |  | (1,270,158 | )
Municipal securities |  |  | 8,765,260 |  |  |  | (131,548 | ) |  |  | 2,184,122 |  |  |  | (38,456 | ) |  |  | 10,949,382 |  |  |  | (170,004 | )
|  | $ | 301,061,298 |  |  | $ | (8,728,921 | ) |  | $ | 71,709,707 |  |  | $ | (1,284,182 | ) |  | $ | 372,771,005 |  |  | $ | (10,013,103 | )
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 | )
At June 30, 2014, the investment portfolio included 529 securities. Of this number, 259 securities had current unrealized losses with aggregate depreciation of less than 4% from the total amortized cost basis. Of these, 98 securities had an unrealized loss for twelve 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 it is not more-likely-than-not that the Company will be required to sell these debt securities before their anticipated recovery. At June 30, 2014 and December 31, 2013, equity securities represented less than 1% of the total portfolio. The Company did not recognize other-than-temporary impairment on any debt or equity securities for the three and six months ended June 30, 2014 and 2013. All sales of securities for the three and six months ended June 30, 2014 and 2013, respectively, were from securities identified as available for sale. Information on proceeds received, as well as pre-tax gross gains from sales on those securities is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2014 |  |  | June 30, 2013 |  |  | June 30, 2014 |  |  | June 30, 2013 |
Proceeds from sales of securities |  | $ | 18,856,953 |  |  | $ | 6,167,531 |  |  | $ | 25,877,578 |  |  | $ | 6,167,531 |
Pre-tax gross gains from sales of securities |  |  | 571 |  |  |  | 16,460 |  |  |  | 21,196 |  |  |  | 16,460 |
The amortized cost and fair value of securities as of June 30, 2014 by contractual maturity are shown below. Expected maturities of residential mortgage-backed and related securities may differ from contractual maturities because the residential mortgages underlying the residential mortgage-backed and related securities may be called or prepaid without any penalties. Therefore, these securities are not included in the maturity categories in the following table. “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 |  | $ | 2,927,386 |  |  | $ | 2,929,942 |
Due after one year through five years |  |  | 10,861,031 |  |  |  | 10,874,917 |
Due after five years |  |  | 152,998,955 |  |  |  | 151,865,468 |
|  | $ | 166,787,372 |  |  | $ | 165,670,327 |
Securities available for sale: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 4,485,092 |  |  | $ | 4,498,204 |
Due after one year through five years |  |  | 48,898,104 |  |  |  | 48,717,600 |
Due after five years |  |  | 313,572,065 |  |  |  | 306,262,123 |
|  | $ | 366,955,261 |  |  | $ | 359,477,927 |
Residential mortgage-backed and related securities |  |  | 152,965,071 |  |  |  | 153,895,214 |
Other securities |  |  | 1,401,827 |  |  |  | 1,961,956 |
|  | $ | 521,322,159 |  |  | $ | 515,335,097 |
Portions of the U.S. government sponsored agency securities and municipal securities contain call options, at the discretion of the issuer, to terminate the security at par and at predetermined dates prior to the stated maturity, summarized as follows:
|  | Amortized Cost |  |  | Fair Value |
Securities held to maturity: |  |  |  |  |  |  |  |
Municipal securities |  | $ | 102,919,232 |  |  | $ | 102,260,651 |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. govt. sponsored agency securities |  |  | 271,663,942 |  |  |  | 264,421,214 |
Municipal securities |  |  | 20,829,274 |  |  |  | 21,268,094 |
|  | $ | 292,493,216 |  |  | $ | 285,689,308 |

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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=34726532&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=34726532&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=34726532&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=34726532&loc=d3e611322-123010 + Details
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