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Note 5 - DERIVATIVES AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2025

DERIVATIVES AND HEDGING ACTIVITIES

Summary of derivatives


		March 31, 2025			December 31, 2024

		(dollars in thousands)
Assets:
Hedged Derivatives
Cash Flow Hedges
Interest rate swaps		$	1,271		$	1,905
Unhedged Derivatives
Interest rate caps			—			118
Swaptions			918			998
Interest rate swaps			178,808			183,760
		$	180,997		$	186,781

Liabilities:
Hedged Derivatives
Cash Flow Hedges
Interest rate swaps		$	(26,218)		$	(30,623)
Interest rate collars			(8)			(105)
Fair Value Hedges
Interest rate swaps			(1,891)			(335)
Unhedged Derivatives
Interest rate swaps			(178,808)			(183,760)
		$	(206,925)		$	(214,823)

Summary of impact of AOCI


		Three Months Ended March 31, 2025							Three Months Ended March 31, 2024
		Interest and			Interest				Interest and			Interest
		Dividend Income			Expense				Dividend Income			Expense

		(dollars in thousands)
Income and expense line items presented in the consolidated statements of income		$	116,673		$	56,687			$	115,049		$	60,350

The effects of cash flow hedging:
Gain on interest rate caps on deposits			-			(117)				-			(1,116)
Gain on interest rate swaps on debt			-			(209)				-			(336)
Loss on interest rate swaps and collars on loans			(2,083)			-				(2,974)			-

The effects of fair value hedging:
Gain on interest rate swaps on loans			170			-				977			-

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


		March 31, 2025			December 31, 2024

		(dollars in thousands)

Cash		$	53,401		$	39,431
U.S. govt. sponsored agency securities			6,408			6,222
Municipal securities			146,041			151,107
Residential mortgage-backed and related securities			17,322			18,132
		$	223,172		$	214,892

Interest rate caps

DERIVATIVES AND HEDGING ACTIVITIES

Changes in the fair value of the underlying derivative contracts

Balance Sheet

Fair Value as of

Effective Date

Maturity Date

Location

Notional Amount

Strike Rate

March 31, 2025

December 31, 2024

(dollars in thousands)

3/1/2020

3/3/2025

Derivatives - Assets

$

25,000

1.90

%

$

-

$

118

Interest rate swaps

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of interest rate caps


						Balance Sheet		Notional										Fair Value as of
Hedged Item		Effective Date		Maturity Date		Location		Amount			Receive Rate				Pay Rate			March 31, 2025			December 31, 2024
(dollars in thousands)

QCR Holdings Statutory Trust V		7/7/2018		7/7/2028		Derivatives - Assets		$	10,000		6.11	%			4.54	%		$	278		$	427
Community National Statutory Trust III		9/15/2018		9/15/2028		Derivatives - Assets			3,500		6.31	%			4.75	%			131			197
Guaranty Bankshares Statutory Trust I		9/15/2018		9/15/2028		Derivatives - Assets			4,500		6.31	%			4.75	%			102			153
Community National Statutory Trust II		9/20/2018		9/20/2028		Derivatives - Assets			3,000		6.74	%			5.17	%			87			132
QCR Holdings Statutory Trust II		9/30/2018		9/30/2028		Derivatives - Assets			10,000		7.44	%			5.85	%			293			443
QCR Holdings Statutory Trust III		9/30/2018		9/30/2028		Derivatives - Assets			8,000		7.44	%			5.85	%			234			353
Guaranty Statutory Trust II		5/23/2019		2/23/2026		Derivatives - Assets			10,310		6.04	%			4.09	%			146			200
QCR Holdings Subordinated Note		3/1/2024		2/15/2028		Derivatives - Liabilities			65,000		4.46	%			4.02	%			(706)			(50)
								$	114,310									$	565		$	1,855


						Balance Sheet													Fair Value as of
Hedged Item		Effective Date		Maturity Date		Location		Notional Amount				Receive Rate				Pay Rate			March 31, 2025			December 31, 2024
(dollars in thousands)

Loans		7/1/2021		7/1/2031		Derivatives - Liabilities		$	35,000			1.40	%			4.45	%		$	(4,656)		$	(5,445)
Loans		7/1/2021		7/1/2031		Derivatives - Liabilities			50,000			1.40	%			4.45	%			(6,653)			(7,779)
Loans		7/1/2021		7/1/2031		Derivatives - Liabilities			40,000			1.40	%			4.45	%			(5,332)			(6,233)
Loans		10/1/2022		7/1/2031		Derivatives - Liabilities			25,000			1.30	%			4.45	%			(3,351)			(3,916)
Loans		4/1/2022		4/1/2027		Derivatives - Liabilities			15,000			1.91	%			4.45	%			(552)			(720)
Loans		4/1/2022		4/1/2027		Derivatives - Liabilities			50,000			1.91	%			4.45	%			(1,840)			(2,400)
Loans		4/1/2022		4/1/2027		Derivatives - Liabilities			35,000			1.91	%			4.45	%			(1,288)			(1,680)
Loans		4/1/2022		4/1/2027		Derivatives - Liabilities			50,000			1.91	%			4.45	%			(1,840)			(2,400)
								$	300,000										$	(25,512)		$	(30,573)



						Balance Sheet												Fair Value as of
Hedged Item		Effective Date		Maturity Date		Location		Notional Amount			Receive Rate				Pay Rate			March 31, 2025			December 31, 2024
(dollars in thousands)

Loans		7/12/2023		8/1/2025		Derivatives - Assets		$	15,000		4.34	%			4.60	%		$	(18)		$	(35)
Loans		7/12/2023		2/1/2026		Derivatives - Assets			25,000		4.34	%			4.38	%			(82)			(77)
Loans		7/12/2023		2/1/2026		Derivatives - Assets			15,000		4.34	%			4.38	%			(49)			(46)
Loans		7/12/2023		2/1/2026		Derivatives - Assets			20,000		4.34	%			4.38	%			(65)			(61)
Loans		7/12/2023		8/1/2026		Derivatives - Assets			30,000		4.34	%			4.21	%			(159)			(79)
Loans		7/12/2023		8/1/2026		Derivatives - Assets			15,000		4.34	%			4.21	%			(79)			(40)
Loans		7/12/2023		8/1/2026		Derivatives - Assets			20,000		4.34	%			4.21	%			(106)			(53)
Loans		7/12/2023		2/1/2027		Derivatives - Assets			32,500		4.34	%			4.08	%			(219)			(44)
Loans		7/12/2023		2/1/2027		Derivatives - Assets			15,000		4.34	%			4.08	%			(101)			(20)
Loans		7/12/2023		2/1/2027		Derivatives - Assets			20,000		4.34	%			4.08	%			(135)			(27)
Loans		7/12/2023		8/1/2027		Derivatives - Assets			32,500		4.34	%			3.98	%			(241)			14
Loans		7/12/2023		8/1/2027		Derivatives - Assets			15,000		4.34	%			3.98	%			(111)			6
Loans		7/12/2023		8/1/2027		Derivatives - Assets			25,000		4.34	%			3.98	%			(186)			11
Loans		7/12/2023		2/1/2028		Derivatives - Assets			30,000		4.34	%			3.90	%			(227)			77
Loans		7/12/2023		2/1/2028		Derivatives - Assets			15,000		4.34	%			3.90	%			(113)			39
								$	325,000									$	(1,891)		$	(335)

Changes in the fair value of the underlying derivative contracts


				March 31, 2025					December 31, 2024
			Notional Amount			Estimated Fair Value			Notional Amount			Estimated Fair Value

			(dollars in thousands)
Non-Hedging Interest Rate Derivatives Assets:
Interest rate swap contracts			$	4,241,443		$	178,808		$	4,148,306		$	183,760
Non-Hedging Interest Rate Derivatives Liabilities:
Interest rate swap contracts			$	4,241,443		$	178,808		$	4,148,306		$	183,760

Interest rate collars

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of interest rate caps


																	Fair Value as of
Hedged Item		Effective Date		Maturity Date		Location		Notional Amount			Cap Strike Rate			Floor Strike Rate			March 31, 2025			December 31, 2024
(dollars in thousands)

Loans		10/1/2022		10/1/2026		Derivatives - Liabilities		$	50,000		4.40	%		2.44	%		$	(8)		$	(105)

DERIVATIVES AND HEDGING ACTIVITIES

Changes in the fair value of the underlying derivative contracts


												Fair Value as of
Effective Date		Maturity Date		Location		Notional Amount			Strike Rate			March 31, 2025			December 31, 2024
(dollars in thousands)

7/30/2024		7/30/2025		Derivatives - Assets		$	77,600		2.13	%		$	15		$	37
7/30/2024		7/30/2025		Derivatives - Assets			33,100		2.62	%			100			54
7/30/2024		7/30/2025		Derivatives - Assets			28,254		2.12	%			75			48
7/30/2024		7/30/2025		Derivatives - Assets			66,247		2.63	%			29			33
7/30/2024		1/29/2026		Derivatives - Assets			20,750		2.63	%			145			102
7/30/2024		1/29/2026		Derivatives - Assets			41,700		2.13	%			118			77
7/30/2024		1/30/2026		Derivatives - Assets			36,546		2.14	%			68			70
7/30/2024		1/30/2026		Derivatives - Assets			18,453		2.64	%			92			93
7/30/2024		7/30/2026		Derivatives - Assets			16,100		2.64	%			26			140
7/30/2024		7/30/2026		Derivatives - Assets			29,800		2.14	%			14			116
7/30/2024		7/30/2026		Derivatives - Assets			25,971		2.14	%			105			103
7/30/2024		7/30/2026		Derivatives - Assets			14,280		2.64	%			131			125
						$	408,801					$	918		$	998