QCR HOLDINGS INC, 10-K filed on 2/28/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 12, 2025
Jun. 30, 2024
Document and Entity Information [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Securities Act File Number 0-22208    
Entity Registrant Name QCR HOLDINGS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 42-1397595    
Entity Address, Address Line One 3551 7th Street    
Entity Address, City or Town Moline    
Entity Address, State or Province IL    
Entity Address, Postal Zip Code 61265    
City Area Code 309    
Local Phone Number 736-3580    
Title of 12(b) Security Common Stock, $1.00 Par Value    
Trading Symbol QCRH    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 974,960,645
Entity Common Stock, Shares Outstanding   16,901,169  
Auditor Name RSM US LLP    
Auditor Firm ID 49    
Auditor Location Davenport, Iowa    
Entity Central Index Key 0000906465    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 91,732 $ 97,123
Federal funds sold 27,150 35,450
Interest-bearing deposits at financial institutions 143,442 104,919
Securities held to maturity, at amortized cost, net of allowance for credit losses 835,797 683,504
Securities available for sale, at fair value 281,109 299,655
Securities trading, at fair value 83,529 22,369
Total securities 1,200,435 1,005,528
Loans receivable held for sale 2,143 2,594
Loans/leases receivable held for investment 6,782,261 6,540,822
Gross loans/leases receivable 6,784,404 6,543,416
Less allowance for credit losses (89,841) (87,200)
Net loans/leases receivable 6,694,563 6,456,216
Bank-owned life insurance 109,575 108,222
Premises and equipment, net 159,153 123,277
Restricted investment securities 35,412 41,648
Other real estate owned, net 661 1,347
Goodwill 138,595 139,027
Intangibles 11,061 13,821
Derivatives 186,781 187,341
Other assets 227,470 224,975
Total assets 9,026,030 8,538,894
Liabilities and Stockholders' Equity    
Noninterest-bearing 921,160 1,038,689
Interest-bearing 6,140,027 5,475,316
Total deposits 7,061,187 6,514,005
Short-term borrowings 1,800 1,500
Federal Home Loan Bank advances 285,383 435,000
Subordinated notes 233,489 233,064
Junior subordinated debentures 48,860 48,731
Derivatives 214,823 215,735
Other liabilities 183,101 204,263
Total liabilities 8,028,643 7,652,298
Stockholders' Equity:    
Preferred stock, $1 par value; shares authorized 250,000 December 2024 and December 2023 - no shares issued or outstanding
Common stock, $1 par value; shares authorized 20,000,000 December 2024 - 16,882,045 shares issued and outstanding December 2023 - 16,749,254 shares issued and outstanding 16,882 16,749
Additional paid-in capital 374,975 370,814
Retained earnings 665,171 554,992
Accumulated other comprehensive loss:    
Securities available for sale (37,965) (35,980)
Derivatives (21,676) (19,979)
Total stockholders' equity 997,387 886,596
Total liabilities and stockholders' equity $ 9,026,030 $ 8,538,894
v3.25.0.1
Consolidated Balance Sheets (Parentheticals) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Consolidated Balance Sheets    
Preferred Stock, Par or Stated Value Per Share $ 1 $ 1
Preferred Stock, Shares Authorized 250,000 250,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common Stock, Par or Stated Value Per Share $ 1 $ 1
Common Stock, Shares Authorized 20,000,000 20,000,000
Common Stock, Shares, Issued 16,882,045 16,749,254
Common Stock, Shares, Outstanding 16,882,045 16,749,254
v3.25.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loans/leases, including fees:      
Taxable $ 317,449 $ 284,778 $ 215,900
Nontaxable 104,376 83,889 41,937
Securities:      
Taxable 17,216 14,927 12,078
Nontaxable 33,056 22,335 19,089
Interest-bearing deposits at financial institutions 6,077 4,137 1,089
Restricted investment securities 2,991 2,346 2,068
Federal funds sold 692 998 410
Total interest and dividend income 481,857 413,410 292,571
Interest expense:      
Deposits 213,131 159,419 42,362
Short-term borrowings 99 179 299
Federal Home Loan Bank advances 19,750 16,740 6,954
Other borrowings     53
Subordinated notes 14,314 13,230 9,200
Junior subordinated debentures 2,775 2,836 2,583
Total interest expense 250,069 192,404 61,451
Net interest income 231,788 221,006 231,120
Provision for credit losses 17,098 16,539 8,284
Net interest income after provision for credit losses 214,690 204,467 222,836
Noninterest income:      
Gains on sales of residential real estate loans, net 2,041 1,611 2,411
Gains on sales of government guaranteed portions of loans, net 85 54 119
Capital markets revenue 71,057 92,065 41,309
Securities losses, net   (451)  
Earnings on bank-owned life insurance 5,443 4,184 2,056
Loan related fee income 3,697 3,066 2,428
Fair value gain (loss) on derivatives and trading securities (2,779) (1,262) 1,975
Other 1,307 1,817 1,372
Total noninterest income 115,529 132,684 80,729
Noninterest expense:      
Salaries and employee benefits 128,186 136,619 115,368
Occupancy and equipment expense 25,413 25,031 21,975
Professional and data processing fees 19,373 16,271 16,282
Acquisition costs     3,715
Post-acquisition compensation, transition and integration costs   207 5,526
Restructuring expense 1,954    
FDIC insurance, other insurance and regulatory fees 7,444 7,137 5,806
Loan/lease expense 1,629 2,868 1,829
Net cost of (income from) and gains/losses on operations of other real estate (21) (26) (40)
Advertising and marketing 7,058 6,042 4,958
Communication and data connectivity 1,397 2,063 2,213
Supplies 1,064 1,254 1,109
Bank service charges 2,428 2,592 2,282
Correspondent banking expense 1,321 963 840
Intangibles amortization 2,761 2,938 2,854
Goodwill impairment 432    
Payment card processing 2,653 2,656 1,964
Trust expense 1,580 1,396 775
Other 2,970 2,520 2,560
Total noninterest expense 207,642 210,531 190,016
Net income before income taxes 122,577 126,620 113,549
Federal and state income tax expense 8,727 13,062 14,483
Net income $ 113,850 $ 113,558 $ 99,066
Basic earnings per common share (in dollars per share) $ 6.77 $ 6.79 $ 5.94
Diluted earnings per common share (in dollars per share) $ 6.71 $ 6.73 $ 5.87
Weighted average common shares outstanding, Basic 16,829,004 16,732,406 16,681,844
Weighted average common and common equivalent shares outstanding, Diluted 16,959,853 16,866,391 16,890,007
Cash dividends declared per common share $ 0.24 $ 0.24 $ 0.24
Trust fees      
Noninterest income:      
Revenue $ 13,028 $ 11,697 $ 10,641
Investment advisory and management fees      
Noninterest income:      
Revenue 4,864 3,864 3,858
Deposit service fees      
Noninterest income:      
Revenue 8,530 8,177 8,134
Debit card fees      
Noninterest income:      
Revenue 6,167 6,200 5,459
Correspondent banking fees      
Noninterest income:      
Revenue $ 2,089 $ 1,662 $ 967
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consolidated Statements of Comprehensive Income      
Net income $ 113,850 $ 113,558 $ 99,066
Other comprehensive income (loss):      
Unrealized holding gains (losses) arising during the period before tax (1,794) 10,573 (67,387)
Less: reclassification adjusted for impairment gains (losses) included in net income before tax 445 (989)  
Less: reclassification adjustment for sales losses included in net income before tax   (451)  
Unrealized gains (losses) on securities available for sale (2,239) 12,013 (67,387)
Unrealized holding gains (losses) arising during the period before tax (2,786) (754) (22,130)
Less: reclassification adjustment for caplet amortization before tax (510) (872) (1,001)
Unrealized gains (losses) on derivatives (2,276) 118 (21,129)
Other comprehensive income (loss), before tax (4,515) 12,131 (88,516)
Tax expense (benefit) (833) 3,192 (22,066)
Other comprehensive income (loss), net of tax (3,682) 8,939 (66,450)
Comprehensive income $ 110,168 $ 122,497 $ 32,616
v3.25.0.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Common Stock
Additional Paid-In Capital
Retained Earnings
AOCI Attributable to Parent
Total
Balance at Dec. 31, 2021 $ 15,613 $ 273,768 $ 386,077 $ 1,552 $ 677,010
Net income     99,066   99,066
Other comprehensive income (loss), net of tax       (66,450) (66,450)
Common cash dividends declared     (4,022)   (4,022)
Issuance of common stock as a result of acquisition of Guaranty Federal Bancshares 2,071 115,143     117,214
Repurchase and cancellation of common stock as a result of a share repurchase program (970) (20,977) (31,007)   (52,954)
Stock-based compensation expense   2,438     2,438
Issuance of common stock under employee benefit plans 82 340     422
Balance at Dec. 31, 2022 16,796 370,712 450,114 (64,898) 772,724
Net income     113,558   113,558
Other comprehensive income (loss), net of tax       8,939 8,939
Common cash dividends declared     (4,020)   (4,020)
Repurchase and cancellation of common stock as a result of a share repurchase program (175) (3,851) (4,660)   (8,686)
Stock-based compensation expense   2,678     2,678
Issuance of common stock under employee benefit plans 128 1,275     1,403
Balance at Dec. 31, 2023 16,749 370,814 554,992 (55,959) 886,596
Net income     113,850   113,850
Other comprehensive income (loss), net of tax       (3,682) (3,682)
Common cash dividends declared     (4,041)   (4,041)
Stock-based compensation expense   2,825     2,825
Issuance of common stock under employee benefit plans 133 1,336 370   1,839
Balance at Dec. 31, 2024 $ 16,882 $ 374,975 $ 665,171 $ (59,641) $ 997,387
v3.25.0.1
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Consolidated Statements of Changes in Stockholders' Equity    
Cash dividends declared per common share $ 0.24 $ 0.24
Repurchase and cancellation of common stock as a result of share repurchase program (in shares) 175,000 970,000
Issuance of shares of common stock as a result of the acquisition, net of issuance cost (in shares)   2,071,291
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 113,850 $ 113,558 $ 99,066
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 8,470 8,725 7,662
Provision for credit losses 17,098 16,539 8,284
Deferred income taxes (7,192) (946) (4,682)
Stock-based compensation expense 2,825 2,678 2,438
Deferred compensation expense accrued 5,793 5,677 4,062
Gains on other real estate owned, net (224) (85) (129)
Amortization of premiums on securities, net 200 916 1,337
Caplet amortization 511 872 1,001
Fair value (gain) loss on derivatives and trading securities 2,779 1,262 (1,975)
Ineffectiveness on fair value hedges 16 77  
Securities losses, net   451  
Loans originated for sale (86,023) (69,897) (99,394)
Proceeds on sales of loans 88,600 70,448 107,487
Gains on sales of residential real estate loans (2,041) (1,611) (2,411)
Gains on sales of government guaranteed portions of loans (85) (54) (119)
Proceeds from loan securitizations 327,242 240,166  
Net gain on securitizations (955) (664) 0
Losses on sales and disposals of premises and equipment 143 388 378
Amortization of intangibles 2,761 2,938 2,854
Accretion of acquisition fair value adjustments, net (1,565) (2,173) (8,581)
Increase in cash value of bank-owned life insurance (3,210) (3,053) (2,056)
Gain on bank-owned life insurance death benefits (2,232) (1,131)  
Goodwill impairment 432    
Increase (decrease) in other assets 4,264 (40,114) (42,572)
Decrease (increase) in other liabilities (26,919) 31,356 46,049
Net cash provided by operating activities 444,538 376,323 118,699
CASH FLOWS FROM INVESTING ACTIVITIES      
Net (increase) decrease in federal funds sold 8,300 21,460 (44,540)
Net (increase) decrease in interest-bearing deposits at financial institutions (38,523) (37,559) 25,066
Proceeds from sales of other real estate owned 1,687 296 482
Activity in securities portfolio:      
Purchases (213,532) (187,635) (230,501)
Calls, maturities and redemptions 60,660 97,362 43,638
Paydowns 17,255 13,986 31,805
Sales 445 30,568 111,375
Activity in restricted investment securities:      
Purchases (811) (2,896) (23,086)
Redemptions 7,047 3,749 2,158
Net increase in loans/leases originated and held for investment (642,855) (676,700) (654,861)
Purchase of premises and equipment (44,491) (14,945) (33,261)
Proceeds from sales of premises and equipment 2 503 2,060
Purchase of swaptions (4,500)    
Purchase of bank-owned life insurance     (10,000)
Proceeds from bank-owned life insurance death benefits 4,085 2,542  
Net cash acquired from acquisition     144,973
Net cash used in investing activities (845,231) (749,269) (634,692)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in deposit accounts 547,182 529,788 (15,128)
Net increase (decrease) in short-term borrowings 300 (128,130) 125,830
Activity in Federal Home Loan Bank advances:      
Term advances 10,383 135,000  
Net change in short-term and overnight advances (160,000) (115,000) 400,000
Prepayments     (16,000)
Activity in other borrowings:      
Proceeds from other borrowings     10,000
Paydown of revolving line of credit     (10,000)
Proceeds from subordinated notes     100,000
Payment of cash dividends on common stock (4,032) (4,029) (3,944)
Proceeds from issuance of common stock, net 1,469 1,403 422
Repurchase and cancellation of shares   (8,686) (52,954)
Net cash provided by financing activities 395,302 410,346 538,226
Net increase (decrease) in cash and due from banks (5,391) 37,400 22,233
Cash and due from banks, beginning 97,123 59,723 37,490
Cash and due from banks, ending 91,732 97,123 59,723
Supplemental disclosure of cash flow information, cash payments for:      
Interest 247,669 187,947 58,652
Income/franchise taxes 4,854 2,855 1,057
Supplemental schedule of noncash investing activities:      
Change in fair value of fair value hedges 2,973 (3,308)  
Transfers of loans to other real estate owned 777 1,445 431
Transfer of loans to held for sale for securitizations in preparation 386,521 261,921  
Beneficial interests (trading securities) acquired in securitizations 60,233 22,419  
Increase (decrease) in the fair value of back-to-back interest rate swap assets and liabilities 1,906 15,240 (54,441)
Dividends payable $ 1,013 1,004 1,013
Measurement period adjustment to goodwill   $ 1,420  
Fair value of assets acquired:      
Cash and due from banks     171,844
Interest-bearing deposits at financial institutions     17,134
Securities     143,017
Loans receivable, net     801,697
Bank-owned life insurance     32,100
Premises and equipment, net     16,257
Restricted investment securities     2,220
Other real estate owned     55
Intangibles     10,264
Other assets     23,685
Total assets acquired     1,218,273
Fair value of liabilities assumed:      
Deposits     1,076,573
FHLB advances     16,000
Subordinated debentures     19,621
Junior subordinated debentures     10,310
Other liabilities     15,225
Total liabilities assumed     1,137,729
Net assets acquired     80,544
Consideration paid:      
Cash paid *     26,871
Common stock     117,214
Total consideration paid     144,085
Goodwill     63,541
Net cash paid     $ 144,973
v3.25.0.1
Note 1 - Nature of Business and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Nature of Business and Significant Accounting Policies  
Nature of Business and Significant Accounting Policies

Note 1. Nature of Business and Significant Accounting Policies

Basis of presentation:

The acronyms and abbreviations identified below are used in the Notes to the Consolidated Financial Statements, as well as in the other sections of this Annual Report on Form 10-K (including appendices). It may be helpful to refer back to this page as you read this report.

ACL: Allowance for credit losses

HTM: Held to maturity

AFS: Available for sale

ICS: Insured Cash Sweep

Allowance: Allowance for credit losses

LCR: Liquidity Coverage Ratio

AOCI: Accumulated other comprehensive income (loss)

LHFI: Loans held for investment

ASC: Accounting Standards Codification

LIBOR: London Inter-Bank Offered Rate

ASC 805: Business Combination Standard

LIHTC: Low-income housing tax credit

ASU: Accounting Standards Update

m2: m2 Equipment Finance, LLC

BHCA: Bank Holding Company Act of 1956

MD&A: Management’s Discussion & Analysis

BOLI: Bank-owned life insurance

Missouri Division of Finance: Missouri Department of

Caps: Interest rate cap derivatives

Commerce and Insurance

CDARS: Certificate of Deposit Account Registry Service

NIM: Net interest margin

CECL: Current Expected Credit Losses

NOL: Net operating loss

CFPB: Bureau of Consumer Financial Protection

NPA: Nonperforming asset

CNB: Community National Bank

NPL: Nonperforming loan

Community National: Community National Bancorporation

NSFR: Net Stable Funding Ratio

COVID-19: Coronavirus Disease 2019

OBS: Off-balance sheet

CRA: Community Reinvestment Act

OREO: Other real estate owned

CRBT: Cedar Rapids Bank & Trust Company

OTTI: Other-than-temporary impairment

CRE: Commercial real estate

PCAOB: Public Company Accounting Oversight Board

CRE Guidance: Interagency Concentrations in Commercial

PCD: Purchased credit deteriorated loan

Real Estate Lending, Sound Risk Management Practices

Provision: Provision for credit losses

Guidance

PUD LOC: Public Unit Deposit Letter of Credit

CSB: Community State Bank

QCBT: Quad City Bank & Trust Company

C&I: Commercial and industrial

ROAA: Return on Average Assets

Dodd-Frank Act: Dodd-Frank Wall Street Reform and

ROAE: Return on Average Equity

Consumer Protection Act

ROU: Right of use

DGCL: Delaware General Corporation Law

SBA: U.S. Small Business Administration

DIF: Deposit Insurance Fund

SEC: Securities and Exchange Commission

EBA: Excess Balance Account

SERPs: Supplemental Executive Retirement Plans

EPS: Earnings per share

SOFR: Secured Overnight Financing Rate

ESG: Environmental, Social and Governance

SPE: Special purpose entity

Exchange Act: Securities Exchange Act of 1934, as amended

Springfield Bancshares: Springfield Bancshares, Inc.

FASB: Financial Accounting Standards Board

TA: Tangible assets

FDIC: Federal Deposit Insurance Corporation

TCE: Tangible common equity

Federal Reserve: Board of Governors of the Federal Reserve

TDRs: Troubled debt restructurings

System

TEY: Tangible equivalent yield

FHLB: Federal Home Loan Bank

The Company: QCR Holdings, Inc.

FRB: Federal Reserve Bank of Chicago

TRBC: Total risk-based capital

FTEs: Full-time equivalents

Treasury: U.S. Department of the Treasury

GAAP: Generally Accepted Accounting Principles

USA Patriot Act: Uniting and Strengthening America by

GB: Guaranty Bank

Providing Appropriate Tools Required to Intercept

GFED: Guaranty Federal Bancshares

and Obstruct Terrorism Act of 2001

Goldman Sachs: Goldman Sachs and Company

USDA: U.S. Department of Agriculture

Guaranty: Guaranty Bankshares, Ltd.

VIE: Variable interest entities

Guaranty Bank: Guaranty Bank and Trust Company

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Note 1. Nature of Business and Significant Accounting Policies (continued)

Nature of business:

QCR Holdings, Inc. is a bank holding company that has elected to operate as a financial holding company under the BHCA. The Company provides bank and bank-related services through its banking subsidiaries, QCBT, CRBT, CSB and GB. The Company also engages in direct financing lease and equipment financing contracts through m2, a wholly-owned subsidiary of QCBT.  The Company also engages in wealth management services through its banking subsidiaries. In September 2024, the Company announced the decision to discontinue offering new loans and leases through m2.

QCBT is a commercial bank that serves the Iowa and Illinois Quad Cities and adjacent communities. CRBT is a commercial bank that serves Cedar Rapids, Iowa, and adjacent communities including Cedar Falls and Waterloo, Iowa. CSB is a commercial bank that serves Des Moines, Iowa, and adjacent communities. GB is a commercial bank that serves Springfield and Joplin, Missouri and adjacent communities.

QCBT, CRBT, and CSB are chartered and regulated under the laws of the state of Iowa. GB is chartered and regulated under the laws of the state of Missouri. All four subsidiary banks are insured and subject to regulation by the FDIC.  All four subsidiary banks are members of and regulated by the Federal Reserve System.  

The remaining direct subsidiaries of the Company consist of a consolidated subsidiary formed for the risk management of insurance and seven non-consolidated subsidiaries formed for the issuance of trust preferred securities. See Note 14 to the Consolidated Financial Statements for a listing of these subsidiaries and additional information.

Significant accounting policies:

Accounting estimates: The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principles of consolidation: The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries, except those seven subsidiaries formed for the issuance of trust preferred securities which do not meet the criteria for consolidation. All material intercompany accounts and transactions have been eliminated in consolidation.

Presentation of cash flows: For purposes of reporting cash flows, cash and due from banks include cash on hand and noninterest bearing amounts due from banks. Cash flows from federal funds sold, interest bearing deposits at financial institutions, loans/leases, deposits, short-term borrowings and overnight and short-term FHLB advances are treated as net increases or decreases.

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Note 1. Nature of Business and Significant Accounting Policies (continued)

Cash and due from banks: In general, the subsidiary banks are required by federal banking regulations to maintain certain cash and due from bank reserves. There was no specific reserve requirement in place as of either December 31, 2024 or 2023.

Investment securities: Investment securities HTM are those debt securities that the Company has the ability and intent to hold until maturity regardless of changes in market conditions, liquidity needs, or changes in general economic conditions. Such securities are carried at cost, net of ACL, adjusted for amortization of premiums and accretion of discounts.  If the ability or intent to hold to maturity is not present for certain specified securities, such securities are considered AFS as the Company intends to hold them for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other factors. Securities AFS are carried at fair value. Unrealized gains or losses, net of taxes, are reported as increases or decreases in AOCI. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings.

All HTM and AFS debt securities are evaluated to determine whether declines in fair value below their amortized cost require an allowance.  See further discussion in the Allowance section following.

Trading securities include retained beneficial interests from securitizations and are carried at fair value with unrealized gains and losses recorded in earnings. As trading securities are carried at their current fair value, there is no allowance necessary.

Loans receivable, held for sale: Residential real estate loans which are originated and intended for resale in the secondary market in the foreseeable future are classified as held for sale. These loans are carried at the lower of cost or estimated market value in the aggregate. As assets specifically acquired for resale, the origination of, disposition of, and gain/loss on these loans are classified as operating activities in the statement of cash flows.

Loans receivable, held for investment: Loans that management has the intent and ability to hold for the foreseeable future, or until pay-off or maturity occurs, are classified as held for investment. These loans are reported at amortized cost, net of the ACL.  Amortized cost is the amount of unpaid principal adjusted for charge-offs, any discounts or premiums, and any deferred fees and/or costs on originated loans.  Accrued interest receivable totaled $30.9 million and $28.8 million at December 31, 2024 and 2023, respectively, and was reported in other assets on the consolidated balance sheets.  Interest is credited to earnings as earned based on the principal amount outstanding. Deferred direct loan origination fees and/or costs are amortized as an adjustment of the related loan’s yield. As assets held for and used in the production of services, the origination and collection of these loans are classified as investing activities in the statement of cash flows.

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The ACL is measured on a collective (pool) basis when similar risk characteristics exist.  The Company discloses the ACL (also known as the allowance) by portfolio segment, and credit quality information, nonaccrual status, and past due status by class of financing receivable. A portfolio segment is the level at which the Company develops and documents a systematic methodology to determine its ACL. A class of financing receivable is a further disaggregation of a portfolio segment based on risk characteristics and the Company’s method for monitoring and assessing credit risk. See the following information and Note 3 to the Consolidated Financial Statements.

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The Company’s portfolio segments are as follows:

●C&I – revolving
●C&I – other
●CRE – owner occupied
●CRE – non-owner occupied

Note 1. Nature of Business and Significant Accounting Policies (continued)

●Construction and land development
●Multi-family
●1-4 family real estate
●Consumer

The Company’s classes of loans receivable are as follows:

●C&I – revolving
●C&I – other
●CRE – owner occupied
●CRE – non-owner occupied
●Construction and land development
●Multi-family
●Direct financing leases
●1-4 family real estate
●Consumer

Direct financing leases are considered a class of financing receivable within the overall loan/lease portfolio and are included in the C&I – other loan segments for ACL. The accounting policies for direct financing leases are disclosed below.

​

Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 30 days or greater.

For all classes of loans receivable, loans will generally be placed on nonaccrual status when the loan has become 90 days past due (unless the loan is well secured and in the process of collection); or if any of the following conditions exist:

●It becomes evident that the borrower will not make payments, or will not or cannot meet the terms for renewal of a matured loan;
●When full repayment of principal and interest is not expected;
●When the loan is graded “doubtful;”
●When the borrower files bankruptcy and an approved plan of reorganization or liquidation is not anticipated in the near future; or
●When foreclosure action is initiated.

When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. Generally, cash collected on nonaccrual loans is applied to principal. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income.

For all classes of loans receivable, nonaccrual loans may be restored to accrual status provided the following criteria are met:

●The loan is current, and all principal and interest amounts contractually due have been made;
●All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period; and

Note 1. Nature of Business and Significant Accounting Policies (continued)

●There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms:

o

Six months of repayment performance for contractual monthly payments, or

o

One year of repayment performance for contractual quarterly or semi-annual payments.

Direct finance leases receivable, held for investment: The Company leases machinery and equipment to customers under leases that qualify as direct financing leases for financial reporting and as operating leases for income tax purposes. Under the direct financing method of accounting, the minimum lease payments to be received under the lease contract, together with the estimated unguaranteed residual values (approximately 3% to 25% of the cost of the related equipment), are recorded as lease receivables when the lease is signed and the lease property delivered to the customer. The excess of the minimum lease payments and residual values over the cost of the equipment is recorded as unearned lease income. Unearned lease income is recognized over the term of the lease on a basis that results in an approximate level rate of return on the unrecovered lease investment.

Lease income is recognized on the interest method. Residual value is the estimated fair market value of the equipment on lease at lease termination. In estimating the equipment’s fair value at lease termination, the Company relies on historical experience by equipment type and manufacturer and, where available, valuations by independent appraisers, adjusted for known trends.

The Company’s estimates are reviewed continuously to ensure reasonableness; however, the amounts the Company will ultimately realize could differ from the estimated amounts. If the review results in a lower estimate than had been previously established, a determination is made as to whether the decline in estimated residual value is other-than-temporary. If the decline in estimated unguaranteed residual value is judged to be other-than-temporary, the accounting for the transaction is revised using the changed estimate. The resulting reduction in the investment is recognized as a loss in the period in which the estimate is changed. An upward adjustment of the estimated residual value is not recorded.

The policies for delinquency and nonaccrual for direct financing leases are materially consistent with those described above for all classes of loan receivables.

Loan modifications: In situations related to a borrower’s financial difficulties, the Company may grant a concession or set of concessions to the borrower for other than an insignificant period that would not otherwise be considered.  In such instances, the loan will be classified as a modification.  These concessions may include, but are not limited to interest rate reductions, extension of below market interest rates, principal forgiveness or other actions intended to minimize the economic loss and avoid foreclosure of the collateral.  In cases where borrowers are granted new terms that provide for a reduction in either interest or principal, the Company measures a credit loss on the restructuring.

Allowance:

Allowance for Credit Losses on Loans and Leases

The ACL on loans/leases is measured on a collective (pool) basis when similar risk characteristics exist.  The Company has identified the eight portfolio segments at which the allowance will be measured.  For all portfolio segments, the allowance is established as losses are estimated to have occurred through a provision that is charged to earnings. Credit losses on loans and leases, for all portfolio segments, are charged against the allowance when management believes the uncollectability of a loan/lease balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The Company’s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts.  The methodologies apply historical loss information adjusted for asset-specific characteristics, economic conditions

Note 1. Nature of Business and Significant Accounting Policies (continued)

at the measurement date, and forecasts about future economic conditions that are expected to exist through the contractual lives of the financial assets and that are reasonable and supportable to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed.  The Company will immediately and fully revert back to average historical losses when it can no longer develop reasonable and supportable forecasts.

A discussion of the risk characteristics and the allowance by each portfolio segment follows:

For C&I loans, the Company focuses on small and mid-sized businesses with primary operations as wholesalers, manufacturers, building contractors, business services companies, other banks, and retailers. The Company provides a wide range of C&I loans, including lines of credit for working capital and operational purposes, and term loans for the acquisition of facilities, equipment and other purposes. Approval is generally based on the following factors:

●Ability and stability of current management of the borrower;
●Stable earnings with positive financial trends;
●Sufficient cash flow to support debt repayment;
●Earnings projections based on reasonable assumptions;
●Financial strength of the industry and business; and
●Value and marketability of collateral.

Collateral for C&I loans generally includes accounts receivable, inventory and equipment. The Company’s lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash.

The Company’s lending policy specifies maximum term limits for C&I loans. For term loans, the maximum term is generally seven years with average terms ranging from three to five years. For lines of credit, the maximum term is generally 365 days.

In addition, the Company often takes personal guarantees or cosigners to help assure repayment. Loans may be made on an unsecured basis if warranted by the overall financial condition of the borrower.

CRE is segmented into the following categories generally based on source of repayment: Owner occupied CRE, non-owner occupied CRE and multi-family.  CRE loans are also embedded in the following segments: construction and land development and 1-4 family real estate.  The Company is an active lender of LIHTC project loans which includes both the construction and permanent loan. Due to lower default rates, LIHTC loans have historically shown to have a lower risk profile than other CRE loans, and typically make up over a third of the Company’s CRE portfolio. CRE loans are subject to underwriting standards and processes similar to C&I loans, in addition to those standards and processes specific to real estate loans. Collateral for CRE loans generally includes the underlying real estate and improvements and may include additional assets of the borrower. The Company’s lending policy specifies maximum loan-to-value limits based on the category of CRE (CRE loans on improved property, raw land, land development, and commercial construction). These limits are the same limits, or in some situations, more conservative than those established by regulatory authorities. The Company also reviews CRE concentrations by industry in relation to risk-based capital on a quarterly basis.

Multi-family loans are typically repaid from rental income. LIHTC permanent loans are included in multi-family loans and the maximum term is generally up to 20 years.

​

​

Note 1. Nature of Business and Significant Account Policies (continued)

The Company’s lending policy also includes guidelines for real estate appraisals, including minimum appraisal standards based on certain transactions. In addition, the Company often takes personal guarantees to help assure repayment.

Construction loans include any loans to finance the construction of any new residential property, CRE property, low-income housing project or major rehabilitation or expansion of existing commercial structures.  Construction lending carries a higher degree of risk because of the difficulty of protecting the bank against various factors.  The following components are evaluated when underwriting these types of loans:

●Borrowers/contractors experience and ability is analyzed with the type and size of project being considered.
●Financial ability to cover cost overruns.
●Reliability and thoroughness of cost projections and reasonable assurance that significant provisions are made for contingencies for soft costs especially interest and operating deficits.
●Reliability of the estimate of time to complete the project.

​

The land development portfolio also includes other land loans such as raw land.  The raw land component involves considerable risk to the bank and is reserved for the bank’s most credit worthy borrowers.  Land development loans are typically only made to experienced local developers with successful track records.

​

For all loans the allowance consists of pooled and individually analyzed components.  Pooled loan allowances consist of quantitative and qualitative factors and cover loan classes that share similar risk characteristics with other assets in the segmented pool.

Quantitative Factors:

​

The quantitative factors are based on the probability of default and loss given default derived from historical net charge-off experience, repayment activity and default, remaining life, and current economic conditions as well as economic outlook.

​

Qualitative Factors:

​

The Company’s allowance methodology also has a qualitative component, the purpose of which is to take into consideration changes in current conditions that are not reflected in the quantitative analysis performed in determining its base credit loss rates.

​

The Company utilizes the following qualitative factors:

​

●National and local economy
●Loan volume and trend
●Loan quality
●Loan policies and procedures
●Management and staff experience
●Concentrations
●Collateral
●Loan review system
●Regulatory environment and oversight

​

​

​

Note 1. Nature of Business and Significant Accounting Policies (continued)

The Company also provides for unique circumstances with qualitative adjustments as needed. The qualitative adjustments are based on the current conditions and applied as a percentage adjustment in addition to the calculated historical loss rates.  The adjustment amount can be either positive or negative.  These adjustments reflect the extent to which the Company expects current conditions to differ from the conditions that existed for the period over which historical information was evaluated.

​

Economic forecasting:

​

The Company uses reasonable and supportable forecasts over the contractual term of the financial assets for each entity.  This measurement is based upon relevant past events, historical experience and current conditions to determine the forecasted data which requires significant judgement.  When management no longer has sufficient information to make a reasonable and supportable forecast, the data will then immediately revert back to the average historical performance for each entity.  These forecasted adjustments are added to the qualitative adjustments and applied as a percentage adjustment in addition to the historical loss rates.

​

It is expected that actual economic conditions will, in many circumstances, turn out differently than forecasted because the ultimate outcomes during the forecast period may be affected by events that were unforeseen, such as, but not limited to, economic disruption and fiscal or monetary policy actions, which are exacerbated by longer forecasting periods.  This uncertainty would be relevant to the entity’s confidence level as to the outcomes being forecasted.  That is, an entity is likely less confident in the ultimate outcome of events that will occur at the end of the forecast period as compared to the beginning.  As a result, actual future economic conditions may not be an effective indicator of the quality of the Company’s forecasting process, including the length of the forecast period.

​

Loans are determined to no longer share similar risk characteristics with other assets in the segmented pool when their scheduled payments of principal and interest according to the contractual terms of the loan agreement, have a greater probability of uncollectability based on current information and events.  Such events include past due status of 90 days

or more, non-accrual status or classification of a substandard or doubtful risk rating.

​

Factors considered by management in determining risk rating and non-accrual status include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due.  Loans that experience insignificant payment delays and payment shortfalls generally are not considered low quality. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.  Allowances for these low quality loans with outstanding principal balances greater than $250,000 are measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent.

​

Low quality loans with principal balances equal to or less than $250,000 are placed into a unique pool and have the overall effective loss rate for that period applied to this low quality pool.  However, should an asset within the low quality pool no longer have the same risk characteristic of the unique pool, it will be removed and individually analyzed as described above.

​

Some loans that are determined to no longer share risk characteristics with other assets in the segmented pool, may be deemed collateral dependent.  A financial asset is collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral.  When

​

​

Note 1. Nature of Business and Significant Accounting Policies (continued)

it is determined that foreclosure is probable, the collateral’s fair value is used to estimate the financial assets expected credit losses for the current reporting period.  This fair value is then reduced by the present value of estimated costs to sell.  If it is determined that the asset is collateral-dependent, but foreclosure is not probable, an institution can elect to apply the practical expedient to use the collateral’s fair value to estimate the asset’s expected credit loss.  The Company is choosing to utilize the practical expedient.  When using the practical expedient on a collateral dependent loan where repayment is reliant upon the sale of the collateral, the fair value of that collateral will be adjusted for estimated costs to sell.  However, if the repayment is dependent on the operations of the company, the fair market value less estimated cost to sell cannot be used.  Thus, the net present value of the cash-flow will be utilized.

​

For non-homogenous loans, the Company utilizes the following internal risk rating scale:

1.Highest Quality (Pass) – Loans of the highest quality with no credit risk, including those fully secured by subsidiary bank certificates of deposit and U.S. government securities.
2.Superior Quality (Pass) – Loans with very strong credit quality. Borrowers have exceptionally strong earnings, liquidity, capital, cash flow coverage, and management ability. Includes loans secured by high quality marketable securities, certificates of deposit from other institutions, and cash value of life insurance. Also includes loans supported by U.S. government, state, or municipal guarantees.
3.Good Quality (Pass) – Loans with good credit quality. Established borrowers with good financial condition, including earnings, liquidity, capital and cash flow coverage.  Financial performance is above industry average.  Management is capable and is very experienced.  Collateral coverage, if applicable, is good.  Includes loans secured by personal assets and business assets including equipment, accounts receivable, inventory and real estate.
4.Moderate Quality (Pass) – Loans with moderate credit quality.  Established borrowers with good financial condition, including earnings, liquidity, capital and cash flow coverage.  Financial performance should be above industry averages.  Management is capable and has mor than adequate experience.  Collateral coverage, if applicable is more than adequate.  Includes loans secured by personal asset and business assets including equipment, accounts receivable, inventory, and real estate.
5.Satisfactory Quality (Pass) – Loans with satisfactory credit quality. Established borrowers with satisfactory financial condition, including credit quality, earnings, liquidity, capital and cash flow coverage. Performance should be at or above industry averages.  Management is capable with adequate experience. Collateral coverage, if applicable, is adequate. Includes loans secured by personal assets and business assets, including equipment, accounts receivable, inventory, and real estate.
6.Fair Quality (Pass) – Loans with acceptable credit quality. The primary repayment source is adequate; however, management’s ability to maintain consistent profitability is unproven or uncertain. Borrowers exhibit acceptable leverage and liquidity. May include new businesses with inexperienced management, performance at industry averages, or borrowers operating in highly cyclical or declining industries.
7.Low Quality (Pass) – Loans with low credit quality.  The primary repayment source remains adequate; however, management’s ability to maintain consistent profitability remains unproven or uncertain.  Borrowers exhibit moderate leverage and limited liquidity.  May include new businesses with inexperienced management, performance below industry averages, or borrowers operating in highly cyclical or declining industries.

​

​

Note 1. Nature of Business and Significant Accounting Policies (continued)

8.Early Warning (Pass) – Loans where the borrowers have generally performed as agreed, however unfavorable financial trends exist or are anticipated. Earnings may be erratic, with marginal cash flow or declining sales. Borrowers reflect leveraged financial condition and/or marginal liquidity. Management may be new and a track record of performance has yet to be developed. Financial information may be incomplete, and reliance on secondary repayment sources may be increasing.
9.Special Mention – Loans where the borrowers exhibit credit weaknesses or unfavorable financial trends requiring close monitoring. Weaknesses and adverse trends are more pronounced than Early Warning loans, and if left uncorrected, may jeopardize repayment according to the contractual terms. Currently, no loss of principal or interest is expected. Borrowers in this category have deteriorated to the point that it would be difficult to refinance with another lender. Special Mention should be assigned to borrowers in turnaround  situations. This rating is intended as a transitional rating, therefore, it is generally not assigned to a borrower for a period of more than one year.
10.Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if applicable. These loans have a well-defined weakness or weaknesses which jeopardize repayment according to the contractual terms. There is distinct loss potential if the weaknesses are not corrected. Includes loans with insufficient cash flow coverage which are collateral dependent, OREO, and repossessed assets.
11.Doubtful – Loans which have all the weaknesses inherent in a Substandard loan, with the added characteristic that existing weaknesses make full principal collection, on the basis of current facts, conditions and values, highly doubtful. The possibility of loss is extremely high, but because of pending factors, recognition of a loss is deferred until a more exact status can be determined. All doubtful loans will be placed on non-accrual, with all payments, including principal and interest, applied to principal reduction.

For term C&I and CRE loans equal to or greater than $1.0 million, the subsidiary banks with an asset size of $1.0 billion or less as of the most recent fiscal year-end require a term loan review within 15 months of the most recent credit review. For the subsidiary banks with an asset size of over $1.0 billion as of the most recent fiscal year-end, a term loan review is required within 15 months of the most recent credit review for term C&I and CRE loans of $2.0 million or more.  A credit review encompasses any new debt issuances or renewed debt facilities that are part of the borrower’s credit relationship.  The term loan/credit review is completed in enough detail to, at a minimum, validate the risk rating. Additionally, the review shall include an analysis of debt service requirements, covenant compliance, if applicable, and collateral adequacy. The frequency of the review is generally accelerated for loans with poor risk ratings.

The Company’s Loan Quality area performs a documentation review of a sampling of C&I and CRE loans, the primary purpose of which is to ensure the credit is properly documented and closed in accordance with approval authorities and conditions. A review is also performed by the Company’s Internal Audit Department of a sampling of C&I and CRE loans for proper documentation, according to an approved schedule. Validation of the risk rating is also part of Internal Audit’s review (performed by Internal Loan Review). Additionally, the Company has contracted an independent outside third party to review a sampling of C&I and CRE loans. Validation of the risk rating is part of this review as well.

The Company leases machinery and equipment to C&I customers under direct financing leases. All lease requests are subject to the credit requirements and criteria as set forth in the lending/leasing policy. In all cases, a formal independent credit analysis of the lessee is performed.  Direct financing leases are included in the C&I-other segment and allowance is established in the same manner as C&I loans.

​

Note 1. Nature of Business and Significant Accounting Policies (continued)

Generally, the Company’s residential real estate loans conform to the underwriting requirements of Freddie Mac and Fannie Mae to allow the subsidiary banks to resell loans in the secondary market. The subsidiary banks structure most loans that will not conform to those underwriting requirements as adjustable rate mortgages that mature or adjust in one to five years or fixed rate mortgages that mature in 15 years, and then retain these loans in their portfolios.

Servicing rights are not presently retained on the loans sold in the secondary market. The Company’s lending policy establishes minimum appraisal and other credit guidelines.

The Company provides many types of installment and other consumer loans including motor vehicle, home improvement, home equity, signature loans and small personal credit lines. The Company’s lending policy addresses specific credit guidelines by consumer loan type.

For residential real estate loans, and installment and other consumer loans, these large groups of smaller balance homogenous loans follow the same methodology as commercial loans in terms of evaluation of risk characteristics, other than these may not be risk rated due to homogenous nature.

Allowance for Credit Losses on Off-Balance Sheet Exposures

The Company estimates expected credit losses over the contractual term of the loan for the unfunded portion of the loan commitment that is not unconditionally cancellable by the Company.  Management uses an estimated average utilization rate to determine the exposure of default.  The allowance on OBS exposures is calculated using probability of default and loss given default using the same segmentation and qualitative factors used for loans and leases.  The allowance for OBS exposures is recorded in the Other Liabilities section of the consolidated balance sheet. See Note 3 to the Consolidated Financial Statements.

Allowance for Credit Losses on Held to Maturity Debt Securities

The Company measures expected credit losses on held to maturity debt securities on a collective basis based on security type.  The estimate of expected credit losses considers historical credit information from external sources.  The Company’s held to maturity debt securities consist primarily of investment grade obligations of states and political subdivisions.    See Note 2 to the Consolidated Financial Statements.

Allowance for Credit Losses on Available for Sale Debt Securities

Available for sale debt securities in unrealized loss positions are evaluated for credit related loss at least quarterly.  The decline in fair value of an available for sale debt security due to credit loss results in recording an ACL to the extent the fair value is less than the amortized cost basis.  Declines in fair value that have not been recorded through an ACL, such as declines due to changes in market interest rates, are recorded through other comprehensive income, net of applicable taxes.  Although these evaluations involve significant judgment, an unrealized loss in the fair value of a debt security is generally considered to not be related to credit when the fair value of the security is below the carrying value primarily due to the changes in risk-free interest rates, there has not been significant deterioration in the financial condition of the issues, and the Company does not intend to sell nor does it believe it will be required to sell the security before the recovery of its cost basis.     See Note 2 to the Consolidated Financial Statements.

Credit related financial instruments: In the ordinary course of business, the Company has entered into commitments to extend credit and standby letters of credit. Such financial instruments are recorded when they are funded.

​

​

Note 1. Nature of Business and Significant Accounting Policies (continued)

Transfers of financial assets: Transfers of financial assets are accounted for as sales only when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee obtains the right to pledge or exchange the assets it received, and no condition both constrains the transferee from taking advantage of its right to pledge or exchange and provides more than a modest benefit to the transferor; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. In addition, for transfers of a portion of financial assets (for example, participations of loan receivables), the transfer must meet the definition of a “participating interest” in order to account for the transfer as a sale.

Following are the characteristics of a “participating interest”:

●Pro-rata ownership in an entire financial asset.
●From the date of the transfer, all cash flows received from entire financial assets are divided proportionately among the participating interest holders in an amount equal to their share of ownership.
●The rights of each participating interest holder have the same priority, and no participating interest holder’s interest is subordinated to the interest of another participating interest holder. That is, no participating interest

holder is entitled to receive cash before any other participating interest holder under its contractual rights as a participating interest holder.

●No party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset.

Loan securitizations: The Company securitizes and sells LIHTC loans through M- and Q-series Freddie Mac sponsored securitizations. The transfers of these loans are accounted for as a sale in accordance with ASC 860. The net gains/losses on sales are recognized in capital markets revenue on the consolidated statements of income. See further information in Note 4 to the Consolidated Financial Statements.

BOLI: BOLI is carried at cash surrender value with increases/decreases reflected as income/expense in the statement of income.  Death benefit proceeds are reflected as income in the statement of income.

Premises and equipment: Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets.

Restricted investment securities: Restricted investment securities represent FHLB and FRB common stock. The stock is carried at cost. These equity securities are “restricted” in that they can only be sold back to the respective institution or another member institution at par. Therefore, they are less liquid than other tradable equity securities. The Company views its investment in restricted stock as a long-term investment. Accordingly, when evaluating for impairment, the value is determined based on the ultimate recovery of the par value, rather than recognizing temporary declines in value. There have been no other-than-temporary write-downs recorded on these securities.

OREO: Real estate acquired through, or in lieu of, loan foreclosures, is held for sale and initially recorded at fair value less costs to sell, establishing a new cost basis. Any write down to fair value taken at the time of foreclosure is charged to the allowance. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less costs to sell. Subsequent write-downs to fair value are charged to earnings.

Goodwill: The Company has recorded goodwill from various business combinations. The goodwill is not being amortized, but is evaluated at least annually for impairment.  

Note 1. Nature of Business and Significant Accounting Policies (continued)

Core deposit intangible: The Company has recorded a core deposit intangible from historical acquisitions. The core deposit intangible was the portion of the acquisition purchase price which represented the value assigned to the existing deposit base at acquisition. See Note 5 to the Consolidated Financial Statements for additional information.

The core deposit intangibles have a finite life and are amortized over the estimated useful life of the deposits (estimated to be 10 years).

Swap transactions: The Company offers a loan swap program to certain commercial loan customers including C&I, CRE, and multi-family which includes LIHTC permanent loans. Through this program, the Company originates a variable rate loan with the customer. The Company and the swap customer will then enter into a fixed interest rate swap. Separately, an identical offsetting swap is entered into by the Company with a counterparty. These “back-to-back” swap arrangements are intended to offset each other and allow the Company to book a variable rate loan, while providing the customer with a contract for fixed interest payments. In these arrangements, the Company’s net cash flow is equal to the interest income received from the variable rate loan originated with the customer. These customer swaps are not designated as hedging instruments and are recorded at fair value in other assets and other liabilities.

Additionally, the Company receives an upfront, non-refundable fee from the counterparty, dependent upon the pricing, which is recognized upon receipt from the counterparty. This upfront, non-refundable fee is recorded as noninterest income and classified as capital markets revenue.

Derivatives and hedging activities: The Company enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates.

Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying index (such as a rate, security price or price index) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying index.

The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market (although this type of derivative is negligible); (2) interest rate caps to manage the interest rate risk of certain variable rate deposits and short-term fixed rate liabilities; (3) interest rate swaps on variable rate trust preferred securities, subordinated notes and both fixed and floating rate loans; (4) interest rate collars on floating rate loans; and (5) swaptions to hedge the Company’s regulatory capital ratios against the adverse effects of a significant decline in long-term interest rates.

Derivatives are valued by a third party monthly and corroborated by the transaction counterparty. The Company uses the hypothetical derivative method to assess and measure effectiveness in accordance with ASC 815, Derivatives and Hedging.

Preferred stock: The Company currently has 250,000 shares of preferred stock authorized, but none outstanding as of December 31, 2024 and 2023. Should the Company have preferred stock outstanding in the future, dividends declared on those shares would be deducted from net income to arrive at net income available to common stockholders. Net income available to common stockholders would then be used in the earnings per share computation.

Stock-based compensation plans: The Company accounts for stock-based compensation with measurement of compensation cost for all stock-based awards at fair value on the grant date and recognition of compensation over the requisite service period for awards expected to vest.

​

Note 1. Nature of Business and Significant Accounting Policies (continued)

The Company recognizes stock-based compensation expense for the grant-date fair value of stock-based awards that are expected to vest over the requisite service period. Management estimates expected forfeitures and recognizes compensation costs only for those equity awards expected to vest.

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option grants with the following assumptions for the indicated periods:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

Dividend yield

​

​

0.42%

​

​

0.45%

​

​

0.43% to 0.45%

​

Expected volatility

 

​

24.96%

​

​

22.31%

​

​

22.65% to 23.52%

​

Risk-free interest rate

 

​

4.18%

​

​

4.22%

​

​

1.87% to 3.12%

​

Expected life of option grants

 

​

6.25 years

​

​

6.25 years

​

​

6.25 years

​

Weighted-average grant date fair value

​

$

18.61

​

$

16.36

​

$

13.94 to 15.09

​

​

The Company also uses the Black-Scholes option pricing model to estimate the fair value of stock purchase grants with the following assumptions for the indicated periods:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

Dividend yield

​

    

0.41%

​

​

0.48% to 0.58%

​

​

0.43% to 0.44%

​

Expected volatility

​

 

32.06% to 32.47%

​

​

15.86% to 29.69%

​

​

17.97% to 21.16%

​

Risk-free interest rate

​

 

3.94% to 5.16%

​

​

4.67% to 5.47%

​

​

0.14% to 2.24%

​

Expected life of purchase grants

​

 

3 to 6 months

​

​

3 to 6 months

​

​

3 to 6 months

​

Weighted-average grant date fair value

​

$

11.85

​

$

8.35

​

$

7.88

​

​

The fair value is amortized on a straight-line basis over the vesting periods of the grants and will be adjusted for subsequent changes in estimated forfeitures. The expected dividend yield assumption is based on the Company’s current expectations about its anticipated dividend policy. Expected volatility is based on historical volatility of the Company’s common stock price. The risk-free interest rate for periods within the contractual life of the option or purchase is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of the option and purchase grants is derived using the “simplified” method and represents the period of time that options and purchases are expected to be outstanding. Historical data is used to estimate forfeitures used in the model. Two separate groups of employees (employees subject to broad based grants, and executive employees and directors) are used.

As of December 31, 2024, there was $357 thousand of unrecognized compensation cost related to stock options granted, which is expected to be recognized over a weighted average period of 2.02 years.

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the 220,846 options that were in-the-money at December 31, 2024. The aggregate intrinsic value at December 31, 2024 was $9.0 million on options outstanding and $7.4 million on options exercisable. During the years ended December 31, 2024, 2023 and 2022, the aggregate intrinsic value of options exercised under the Company’s stock-based compensation was $887 thousand, $440 thousand, and $387 thousand, respectively, and determined as of the date of the option exercise.

Restricted stock awards granted may not be sold or otherwise transferred until the service periods have lapsed. During the vesting periods, participants have voting rights and receive dividends. Upon termination of employment, common shares upon which the service periods have not lapsed must be returned to the Company.

All restricted share awards are classified as equity awards. The grant-date fair value of equity-classified restricted stock awards is amortized as compensation expense on a straight-line basis over the period restrictions lapse.

Note 1. Nature of Business and Significant Accounting Policies (continued)

As of December 31, 2024, there was $2.7 million of unrecognized compensation cost related to nonvested restricted stock awards expected to be recognized over a period of 1.15 years.

Capital markets revenue: Capital markets revenue is derived from interest rate swap fees and gains on loan securitizations.  See the swap transactions and loan securitizations accounting policies discussions above in this Note 1 for further information. Capital markets revenue related to interest rate swaps totaled $70.1 million, $91.4 million and $41.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Capital markets revenue related to gains on loan securitizations totaled $955 thousand and $664 thousand for the years ended December 31, 2024 and 2023, respectively.  There was no capital markets revenue related to gains on loan securitization for the years ended December 31, 2022

Income taxes: The Company files its tax return on a consolidated basis with its subsidiaries. The entities follow the direct reimbursement method of accounting for income taxes under which income taxes or credits which result from the inclusion of the subsidiaries in the consolidated tax return are paid to or received from the parent company.

Deferred income taxes are provided under the liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income.

Trust assets: Trust assets held by the subsidiary banks in a fiduciary, agency, or custodial capacity for their customers, other than cash on deposit at the subsidiary banks, are not included in the accompanying Consolidated Financial Statements since such items are not assets of the subsidiary banks.

Earnings per share: See Note 18 to the Consolidated Financial Statements for a complete description and calculation of basic and diluted earnings per share.

Revenue Recognition:

Trust and Investment advisory and management fees: This is a contract between the Company and its customers for fiduciary and/or investment administration services on trust and brokerage accounts. Trust services and brokerage fee income is determined as a percentage of assets under management and is recognized over the period the underlying

Note 1. Nature of Business and Significant Accounting Policies (continued)

trust account is serviced. Such contracts are generally cancellable at any time, with the customer subject to a pro-rated fee in the month of termination.

Deposit service fees: The deposit contract obligates the Company to serve as a custodian of the customer's deposited funds and is generally terminable at will by either party. The contract permits the customer to access the funds on deposit and request additional services related to the deposit account. Deposit account related fees, including analysis charges, overdraft/nonsufficient fund charges, service charges, debit card usage fees, overdraft fees and wire transfer fees are within the scope of the guidance; however, revenue recognition practices did not change under the guidance, as deposit agreements are considered day-to-day contracts. Income for deposit accounts is recognized over the statement cycle period (typically on a monthly basis) or at the time the service is provided, if additional services are requested.

Correspondent banking fees: This is a contract between the Company and its correspondent banks for corresponding banking services. This line of business provides a strong source of noninterest bearing and interest bearing deposits, fee income, high-quality loan participations and bank stock loans. Correspondent banking fee income is tied to transaction activity and revenue is recognized monthly as earned for services provided.

Reclassifications: Certain amounts in the prior year’s Consolidated Financial Statements have been reclassified, with no effect on net income or stockholders’ equity, to conform with the current period presentation.

Recent accounting developments: In March 2023, the FASB issued ASU 2023-02, “Investments - Equity Method and Joint Venues (Topic 323):  Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a Consensus of the Emerging Issues Task Force).” Under the standard, the accounting guidance expands use of the proportional amortization method of accounting to equity investments in tax credit programs beyond those in LIHTC programs.  The ASU also prescribes specific information reporting entities must disclose about tax credit investments each period. The ASU is effective for reporting periods beginning after December 31, 2023, for public business entities, with all other entities having an extra year to adopt.  Entities will have the option of applying the ASU using either a modified retrospective or retrospective adoption approach.  For some changes related to existing LIHTC investments, prospective application is permitted. The standard was adopted on January 1, 2024 and did not have a significant impact on the Company’s financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.”  Under the standard, the accounting guidance expands the disclosures for reportable segments made by public entities to disclose significant expenses for reportable segments in both interim and annual reporting periods to enable investors to develop more decision-useful financial analyses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.  The standard was adopted effective December 31, 2024 and the newly required disclosures have been provided in Note 22 to the Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.”  Under the standard, the accounting guidance enhances the transparency and decision usefulness of income tax disclosures.  Investors, lenders, creditors and other allocators of capital information will be able to use the expanded disclosures to better assess how an entity’s operations and related tax risks and tax planning and operation opportunities affect its tax rate and prospects for future cash flows.  The ASU is effective for public business entities for annual periods beginning after December 15, 2024.  The standard is not expected to have a significant impact on the Company’s financial statements.

In March 2024, the FASB issued ASU 2024-01, “Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards.” Under the standard, the accounting guidance improves GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance of “Topic 718, Compensation –

Note 1. Nature of Business and Significant Accounting Policies (continued)

Stock Compensation” for profits interest and similar awards.  The illustrative examples will benefit investors and other allocators of capital by providing them with more consistent information.  The ASU is effective for public business entities for annual periods beginning after December 15, 2024, and interim periods within those annual periods.  The standard is not expected to have an impact on the Company’s financial statements.

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses.” Under the standard, the accounting guidance improves the disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions.  The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.  The standard is not expected to have a significant impact on the Company’s financial statements.
v3.25.0.1
Note 2 - Investment Securities
 12 Months Ended
Dec. 31, 2024
Investment Securities  
Investment Securities

Note 2. Investment Securities

The amortized cost and fair value of HTM and AFS investment securities as of December 31, 2024 and 2023 are summarized as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance

 

Gross

​

Gross

​

​

​

​

​

​

Amortized

​

for Credit

 

Unrealized

​

Unrealized

​

Fair

​

​

    

Cost

    

(Losses)

 

Gains

    

(Losses)

    

Value

    

​

​

(dollars in thousands)

​

December 31, 2024:

 

​

  

 

​

  

​

​

  

 

​

  

 

​

  

 

Securities HTM:

 

​

  

 

​

  

​

​

  

 

​

  

 

​

  

 

Municipal securities

​

$

806,992

​

$

(254)

​

$

23,292

​

$

(63,164)

​

$

766,866

​

Corporate securities

​

​

28,018

​

​

(8)

​

​

4,665

​

​

—

​

​

32,675

​

Other securities

​

 

1,050

​

 

(1)

​

 

—

​

 

(7)

​

 

1,042

​

​

​

$

836,060

​

$

(263)

​

$

27,957

​

$

(63,171)

​

$

800,583

​

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

Securities AFS:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

U.S. treasuries and govt. sponsored agency securities

​

$

23,113

​

$

—

​

$

7

​

$

(2,529)

​

$

20,591

​

Residential mortgage-backed and related securities

​

 

55,641

​

 

—

​

 

3

​

 

(5,602)

​

 

50,042

​

Municipal securities

​

 

204,664

​

 

—

​

 

—

​

 

(40,089)

​

 

164,575

​

Asset-backed securities

​

​

9,053

​

​

—

​

​

171

​

​

—

​

​

9,224

​

Corporate securities

​

 

38,866

​

 

—

​

 

4

​

 

(2,193)

​

 

36,677

​

​

​

$

331,337

​

$

—

​

$

185

​

$

(50,413)

​

$

281,109

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

* HTM securities shown on the balance sheet of $835.8 million represent amortized cost of $836.1 million, net of allowance for credit losses of $263 thousand as of December 31, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance

​

Gross

​

Gross

​

​

​

​

​

Amortized

​

for Credit

​

Unrealized

​

Unrealized

​

Fair

​

​

    

Cost

​

(Losses)

​

Gains

    

(Losses)

​

Value

​

​

​

(dollars in thousands)

​

December 31, 2023:

 

​

  

 

​

  

​

​

  

 

​

  

​

​

​

 

Securities HTM:

 

​

  

 

​

  

​

​

  

 

​

  

​

​

​

 

Municipal securities

​

$

682,657

​

$

(202)

​

$

33,385

​

$

(36,639)

​

$

679,201

​

Other securities

​

 

1,050

​

 

(1)

​

 

44

​

 

(15)

​

 

1,078

​

​

​

$

683,707

​

$

(203)

​

$

33,429

​

$

(36,654)

​

$

680,279

​

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

Securities AFS:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

U.S. govt. sponsored agency securities

​

$

17,399

​

$

—

​

$

12

​

$

(2,438)

​

$

14,973

​

Residential mortgage-backed and related securities

​

 

65,168

​

 

—

​

 

—

​

 

(5,972)

​

 

59,196

​

Municipal securities

​

 

206,566

​

 

—

​

 

11

​

 

(35,590)

​

 

170,987

​

Asset-backed securities

​

​

15,261

​

​

—

​

​

167

​

​

(5)

​

​

15,423

​

Corporate securities

​

 

44,239

​

 

(989)

​

 

—

​

 

(4,174)

​

 

39,076

​

​

​

$

348,633

​

$

(989)

​

$

190

​

$

(48,179)

​

$

299,655

​

​

* HTM securities shown on the balance sheet of $683.5 million represent amortized cost of $683.7 million, net of allowance for credit losses of $203 thousand as of December 31, 2023.

​

The Company’s HTM municipal securities consist largely of private issues of municipal debt. The municipalities are located primarily within the Greater Midwest. The municipal debt investments are underwritten using specific guidelines with ongoing monitoring.

​

Note 2. Investment Securities (continued)

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 HTM and AFS investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 2024 and 2023, are summarized in the tables below.  Securities AFS, for which an allowance for credit losses has been provided, are not included in these disclosures as there are no unrealized losses remaining after consideration of the ACL.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 Months

​

12 Months or More

​

Total

​

​

​

​

Gross

​

​

​

Gross

​

​

​

Gross

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

    

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

​

​

(dollars in thousands)

December 31, 2024:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Securities HTM:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

162,914

​

$

(14,382)

​

$

253,818

​

$

(48,782)

​

$

416,732

​

$

(63,164)

Other securities

​

​

500

​

​

—

​

​

543

​

​

(7)

​

​

1,043

​

​

(7)

​

​

$

163,414

​

$

(14,382)

​

$

254,361

​

$

(48,789)

​

$

417,775

​

$

(63,171)

​

​

 

  

​

 

​

​

 

  

​

 

  

​

 

  

​

 

  

Securities AFS:

​

 

  

​

 

​

​

 

  

​

 

  

​

 

  

​

 

  

U.S. treasuries and govt. sponsored agency securities

​

$

6,522

​

$

(2)

​

$

13,369

​

$

(2,527)

​

$

19,891

​

$

(2,529)

Residential mortgage-backed and related securities

​

 

1,337

​

 

(24)

​

 

48,520

​

 

(5,578)

​

 

49,857

​

 

(5,602)

Municipal securities

​

 

798

​

 

(6)

​

 

163,777

​

 

(40,083)

​

 

164,575

​

 

(40,089)

Corporate securities

​

 

—

​

 

—

​

 

35,712

​

 

(2,193)

​

 

35,712

​

 

(2,193)

​

​

$

8,657

​

$

(32)

​

$

261,378

​

$

(50,381)

​

$

270,035

​

$

(50,413)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 Months

​

12 Months or More

​

Total

​

​

​

​

Gross

​

​

​

Gross

​

​

​

Gross

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

    

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

​

​

(dollars in thousands)

December 31, 2023:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Securities HTM:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

1,320

​

$

(11)

​

$

289,891

​

$

(36,628)

​

$

291,211

​

$

(36,639)

Other securities

​

 

535

​

 

(15)

​

 

—

​

 

—

​

 

535

​

 

(15)

​

​

$

1,855

​

$

(26)

​

$

289,891

​

$

(36,628)

​

$

291,746

​

$

(36,654)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities AFS:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

U.S. govt. sponsored agency securities

​

$

—

​

$

—

​

$

14,018

​

$

(2,438)

​

$

14,018

​

$

(2,438)

Residential mortgage-backed and related securities

​

 

—

​

 

—

​

 

59,118

​

 

(5,972)

​

 

59,118

​

 

(5,972)

Municipal securities

​

 

283

​

 

(2)

​

 

169,876

​

 

(35,588)

​

 

170,159

​

 

(35,590)

Asset-backed securities

​

​

—

​

​

—

​

​

3,804

​

​

(5)

​

​

3,804

​

​

(5)

Corporate securities

​

​

3,805

​

​

(393)

​

​

35,271

​

​

(3,781)

​

​

39,076

​

​

(4,174)

​

​

$

4,088

​

$

(395)

​

$

282,087

​

$

(47,784)

​

$

286,175

​

$

(48,179)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2024, the investment portfolio included 671 securities. Of this number, 548 securities were in an unrealized loss position. The aggregate losses of these securities totaled approximately 9.73% of the total aggregate amortized cost. Of these 548 securities, 447 securities had an unrealized loss for 12 months or more. Management has concluded unrealized losses are temporary due to changing interest rates.

In the first quarter of 2023, the Company’s impairment evaluation determined that one publicly traded debt security experienced a decline in fair value due to credit quality, rather than market factors.  As a result, the Company recognized a credit loss expense of $989 thousand and established an ACL on the related AFS security.  In 2024, the remaining ACL on this AFS security was removed, as the security had been sold.

​

​

​

​

Note 2. Investment Securities (continued)

The following table presents the activity in the allowance for credit losses for HTM and AFS securities by major security type for the years ended December 31, 2024 and 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

Year Ended December 31, 2023

​

​

​

Securities HTM

​

Securities AFS

​

Securities HTM

​

Securities AFS

​

​

​

Municipal

​

Corporate

​

Other

​

​

​

Corporate

​

Municipal

​

Other

​

​

​

​

Corporate

​

    

​

securities

​

securities

​

securities

​

Total

    

securities

​

securities

    

securities

​

​

Total

    

securities

​

 

​

(dollars in thousands)

Allowance for credit losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

​

$

202

​

$

—

​

$

1

​

$

203

​

$

989

​

$

180

​

$

—

​

$

180

​

$

—

Reduction due to sales

​

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(544)

​

​

—

​

​

—

​

​

—

​

​

—

Provision for credit losses

​

​

​

52

​

​

8

​

​

—

​

​

60

​

​

(445)

​

​

22

​

​

1

​

​

23

​

​

989

Balance, ending

​

​

$

254

​

$

8

​

$

1

​

$

263

​

$

—

​

$

202

​

$

1

​

$

203

​

$

989

​

Trading securities had a fair value of $83.5 million and $22.4 million as of December 31, 2024 and 2023, respectively and consist of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company in 2024 and 2023. The change in fair value on trading securities for the year ended December 31, 2024 was a net gain of $1.6 million. There was no change in fair value on trading securities for the year ended December 31, 2023. See also Note 4 to the Consolidated Financial Statements for the details of these securitizations.

There were no transfers of securities between classifications during the years ended December 31, 2024, 2023 or 2022.

​

All sales of securities for the years ended December 31, 2024, 2023 and 2022, respectively, were from securities identified as AFS. Information on proceeds received, as well as the gains and losses from the sale of those securities are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

​

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Proceeds from sales of securities

​

​

​

​

​

$

445

​

$

30,568

​

$

111,375

Gross gains from sales of securities

​

​

​

​

​

 

—

​

 

56

​

 

—

Gross losses from sales of securities

​

​

​

​

​

 

—

​

 

(507)

​

 

—

​

Subsequent to the closing of the GFED acquisition in 2022, the Company sold $111.4 million of the acquired securities portfolio to improve the efficiency of the combined balance sheets. These were the only securities sales for the year ended December 31, 2022.

​

​

​

​

​

​

​

​

​

​

​

​

Note 2. Investment Securities (continued)

The amortized cost and fair value of HTM and AFS securities as of December 31, 2024, by contractual maturity are shown below. Expected maturities of residential mortgage-backed and related securities and asset-backed 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 table.

​

​

​

​

​

​

​

​

​

    

Amortized Cost

    

Fair Value

​

​

(dollars in thousands)

Securities HTM:

 

​

  

 

​

  

Due in one year or less

​

$

1,662

​

$

1,658

Due after one year through five years

​

 

35,992

​

 

36,621

Due after five years

​

 

798,406

​

 

762,304

​

​

$

836,060

​

$

800,583

Securities AFS:

​

 

  

​

 

  

Due in one year or less

​

$

6,804

​

$

6,802

Due after one year through five years

​

 

19,170

​

 

18,253

Due after five years

​

 

240,669

​

 

196,788

​

​

​

266,643

​

​

221,843

Residential mortgage-backed and related securities

​

​

55,641

​

​

50,042

Asset-backed securities

​

 

9,053

​

 

9,224

​

​

$

331,337

​

$

281,109

​

Portions of the U.S. government sponsored agency securities and municipal securities contain call options, which, at the discretion of the issuer, terminate the security at par and at predetermined dates prior to the stated maturity, summarized as follows as of December 31, 2024:

​

​

​

​

​

​

​

​

​

    

Amortized Cost

    

Fair Value

​

​

(dollars in thousands)

Securities HTM:

 

​

  

 

​

  

Municipal securities

​

​

285,136

​

​

276,359

Corporate securities

​

​

28,018

​

​

32,675

​

​

$

313,154

​

$

309,034

​

​

 

  

​

 

  

Securities AFS:

​

 

  

​

 

  

Municipal securities

​

​

204,238

​

​

164,163

Corporate securities

​

 

37,904

​

 

35,712

​

​

$

242,142

​

$

199,875

​

As of December 31, 2024 and 2023, HTM and AFS investment securities with a carrying value of $188.2 million and $117.8 million, respectively, were pledged on public deposits, derivative liabilities, short-term borrowings in connection with the Federal Reserve’s Bank Term Funding program and in connection with a Goldman Sachs cash management program. Additionally, trading securities with a carrying value of $74.0 million and $16.2 million as of December 31, 2024 and 2023, respectively, were pledged to provide first loss support to Freddie Mac in conjunction with loan securitizations.

As of December 31, 2024, the Company’s municipal securities portfolios were comprised of general obligation bonds issued by 79 issuers with fair values totaling $103.5 million and revenue bonds issued by 165 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $828.0 million. The Company held investments in general obligation bonds in 18 states, including nine states in which the aggregate fair value exceeded $5.0 million. The Company held investments in revenue bonds in 31 states, including 13 states in which the aggregate fair value of such bonds exceeded $5.0 million.

​

​

Note 2. Investment Securities (continued)

As of December 31, 2023, the Company’s municipal securities portfolios were comprised of general obligation bonds issued by 82 issuers with fair values totaling $99.4 million and revenue bonds issued by 169 issuers, primarily consisting of states, counties, towns, villages and school districts with fair values totaling $750.8 million. The Company held investments in general obligation bonds in 18 states, including eight states in which the aggregate fair value exceeded $5.0 million. The Company held investments in revenue bonds in 31 states, including 15 states in which the aggregate fair value of such bonds exceeded $5.0 million.

Both general obligation and revenue bonds are diversified across many issuers.  As of December 31, 2024, the Company held revenue bonds of three issuers, two located in Ohio and one located in Wisconsin, the aggregate book or market value of which exceeded 5% of the Company’s stockholders’ equity.  As of December 31, 2023, the Company held revenue bonds of two issuers, both located in Ohio, the aggregate book or market value of which exceeded 5% of the Company’s stockholders’ equity.  The issuers’ financial condition is strong and the source of repayment is diversified.  The Company monitors the investment and concentration closely. Of the general obligation and revenue bonds in the Company’s portfolio, the majority are unrated bonds that represent small, private issuances. All unrated bonds were underwritten according to loan underwriting standards and have an average risk rating of 2, indicating very high quality. Additionally, many of these bonds are funding essential municipal services, such as water, sewer, education and medical facilities.

The Company’s municipal securities are owned by each of the four charters, whose investment policies set forth limits for various subcategories within the municipal securities portfolio. The investments of each charter are monitored individually, and as of December 31, 2024, all were within policy limitations approved by the Company’s board of directors. Policy limits are calculated as a percentage of each charter’s total risk-based capital.

As of December 31, 2024, the Company’s standard monitoring of its municipal securities portfolio had not uncovered any facts or circumstances resulting in significantly different credits ratings than those assigned by a nationally recognized statistical rating organization, or in the case of unrated bonds, the rating assigned using the credit underwriting standards.

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 3 - Loans/Leases Receivable
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Loans/Leases Receivable

Note 3. Loans/Leases Receivable

The composition of the loan/lease portfolio as of December 31, 2024 and 2023 is presented as follows:

​

​

​

​

​

​

​

​

​

    

December 31, 2024

​

December 31, 2023

​

​

(dollars in thousands)

C&I:

​

​

​

​

​

​

C&I - revolving

​

$

387,991

​

$

325,243

C&I - other *

​

​

1,514,932

​

​

1,481,778

​

​

​

1,902,923

​

​

1,807,021

​

​

 

  

​

 

  

CRE - owner occupied

​

 

605,993

​

 

607,365

CRE - non-owner occupied

​

 

1,077,852

​

​

1,008,892

Construction and land development

​

 

1,313,543

​

 

1,420,525

Multi-family

​

​

1,132,110

​

​

996,143

Direct financing leases**

​

 

17,076

​

 

31,164

1-4 family real estate***

​

​

588,179

​

​

544,971

Consumer

​

 

146,728

​

 

127,335

​

​

 

6,784,404

​

 

6,543,416

Allowance for credit losses

​

 

(89,841)

​

 

(87,200)

​

​

$

6,694,563

​

$

6,456,216

** Direct financing leases:

​

 

  

​

 

  

Net minimum lease payments to be received

​

$

18,506

​

$

34,966

Estimated unguaranteed residual values of leased assets

​

 

165

​

 

165

Unearned lease/residual income

​

 

(1,595)

​

 

(3,967)

​

​

 

17,076

​

 

31,164

Plus deferred lease origination costs, net of fees

​

 

18

​

 

75

​

​

 

17,094

​

 

31,239

Less allowance for credit losses

​

 

(580)

​

 

(992)

​

​

$

16,514

​

$

30,247

​

​

​

​

​

​

​

​

*    Includes equipment financing agreements outstanding at m2, totaling $303.2 million and $319.5 million as of  December 31, 2024 and 2023, respectively.

​

** Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors and management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The majority of leases with residual values contain a lease options rider which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal.

As of December 31, 2024 and December 31, 2023, the Company had two leases remaining with residual values totaling $165 thousand that were not protected with a lease end options rider. Management has performed specific evaluations of these unguaranteed residual values and determined that the valuations are appropriate as of such dates. There were no losses related to unguaranteed residual values during the years ended December 31, 2024, 2023, or 2022.

*** Includes residential real estate loans held for sale totaling $2.1 million and $2.6 million as of December 31, 2024 and 2023, respectively.

Note 3. Loans/Leases Receivable (continued)

Accrued interest on loans, which is excluded from the amortized cost of loans, totaled $30.9 million and $28.8 million at December 31, 2024 and December 31, 2023, respectively, and was included in other assets on the consolidated balance sheets.

Changes in accretable discounts on acquired loans for the years ended December 31, 2024, 2023 and 2022, respectively, are presented as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

​

​

​

​

Performing

​

Performing

​

Performing

​

​

​

Loans

    

Loans

​

Loans

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the period

​

​

$

(3,891)

​

$

(6,088)

​

$

(1,533)

Discount added at acquisition

​

​

​

—

​

​

—

​

​

(13,381)

Accretion recognized

​

​

 

1,581

​

 

2,197

​

 

8,826

Balance at the end of the period

​

​

$

(2,310)

​

$

(3,891)

​

$

(6,088)

​

​

​

​

​

​

​

​

​

​

​

​

The aging of the loan/lease portfolio by classes of loans/leases as of December 31, 2024 and 2023 is presented as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

 

​

​

​

​

​

​

​

​

Accruing Past

​

​

​

​

 

​

​

​

​

30-59 Days

​

60-89 Days

​

Due 90 Days or

​

Nonaccrual

​

​

 

Classes of Loans/Leases

    

Current

    

Past Due

    

Past Due

    

More

    

Loans/Leases

    

Total

 

​

​

(dollars in thousands)

​

C&I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

387,767

​

$

30

​

$

—

​

$

—

​

$

194

$

​

387,991

​

C&I - other

​

​

1,474,729

​

​

13,159

​

​

2,931

​

​

2

​

​

24,111

​

​

1,514,932

​

CRE - owner occupied

​

 

604,550

​

​

173

​

​

454

​

​

—

​

​

816

​

 

605,993

​

CRE - non-owner occupied

​

 

1,074,541

​

​

85

​

​

—

​

​

—

​

​

3,226

​

 

1,077,852

​

Construction and land development

​

​

1,300,893

​

​

8

​

​

—

​

​

4,188

​

​

8,454

​

​

1,313,543

​

Multi-family

​

 

1,132,110

​

​

—

​

​

—

​

​

—

​

​

—

​

 

1,132,110

​

Direct financing leases

​

 

16,622

​

​

60

​

​

135

​

​

—

​

​

259

​

 

17,076

​

1-4 family real estate

​

 

579,943

​

​

4,910

​

​

539

​

​

80

​

​

2,707

​

 

588,179

​

Consumer

​

 

146,172

​

​

235

​

​

8

​

​

—

​

​

313

​

 

146,728

​

​

​

$

6,717,327

​

$

18,660

​

$

4,067

​

$

4,270

​

$

40,080

​

$

6,784,404

​

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

As a percentage of total loan/lease portfolio

​

 

99.01

%  

 

0.28

%  

 

0.06

%  

 

0.06

%  

 

0.59

%  

 

100.00

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

 

​

​

​

​

​

​

​

​

Accruing Past

​

​

​

​

 

​

​

​

​

30-59 Days

​

60-89 Days

​

Due 90 Days or

​

Nonaccrual

​

​

 

Classes of Loans/Leases

    

Current

    

Past Due

    

Past Due

    

More

    

Loans/Leases

    

Total

 

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

325,243

​

$

—

​

$

—

​

$

—

​

$

—

​

$

325,243

​

C&I - other

​

 

1,459,818

​

 

4,848

​

 

5,603

​

 

1

​

 

11,508

​

 

1,481,778

​

CRE - owner occupied

​

 

604,602

​

 

—

​

 

83

​

 

—

​

 

2,680

​

 

607,365

​

CRE - non-owner occupied

​

 

1,003,267

​

 

631

​

 

—

​

 

—

​

 

4,994

​

 

1,008,892

​

Construction and land development

​

 

1,418,016

​

 

—

​

 

—

​

 

—

​

 

2,509

​

 

1,420,525

​

Multi-family

​

​

987,971

​

​

—

​

​

—

​

​

—

​

​

8,172

​

​

996,143

​

Direct financing leases

​

 

30,501

​

 

186

​

 

188

​

 

—

​

 

289

​

 

31,164

​

1-4 family real estate

​

 

538,229

​

 

3,883

​

 

534

​

 

85

​

 

2,240

​

 

544,971

​

Consumer

​

 

126,868

​

 

103

​

 

3

​

 

—

​

 

361

​

 

127,335

​

​

​

$

6,494,515

​

$

9,651

​

$

6,411

​

$

86

​

$

32,753

​

$

6,543,416

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As a percentage of total loan/lease portfolio

​

 

99.25

%  

 

0.15

%  

 

0.10

%  

 

0.00

%  

 

0.50

%  

 

100.00

%

​

​

Note 3. Loans/Leases Receivable (continued)

​

NPLs by classes of loans/leases as of December 31, 2024 and 2023 is presented as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

​

Accruing Past

​

Nonaccrual

​

Nonaccrual

​

​

​

​

​

​

​

​

Due 90 Days or

​

Loans/Leases

​

Loans/Leases

​

​

​

​

Percentage of

​

Classes of Loans/Leases

    

More

    

with an ACL

    

without an ACL

    

Total NPLs

    

Total NPLs

 

​

 

(dollars in thousands)

​

C&I:

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

C&I - revolving

​

$

—

​

$

193

​

$

1

​

$

194

 

-

%

C&I - other

​

​

2

​

​

20,849

​

​

3,262

​

​

24,113

​

54

​

CRE - owner occupied

​

 

—

​

​

816

​

​

—

​

​

816

 

2

​

CRE - non-owner occupied

​

 

—

​

​

2,686

​

​

540

​

​

3,226

 

7

​

Construction and land development

​

​

4,188

​

​

—

​

​

8,454

​

​

12,642

​

29

​

Multi-family

​

 

—

​

​

—

​

​

—

​

​

—

 

-

​

Direct financing leases

​

 

—

​

​

259

​

​

—

​

​

259

 

1

​

1-4 family real estate

​

 

80

​

​

2,366

​

​

341

​

​

2,787

 

6

​

Consumer

​

 

—

​

​

313

​

​

—

​

​

313

 

1

​

​

​

$

4,270

​

$

27,482

​

$

12,598

​

$

44,350

 

100

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

 

​

​

Accruing Past

​

Nonaccrual

​

Nonaccrual

​

​

​

​

 

​

​

Due 90 Days or

​

Loans/Leases

​

Loans/Leases

​

​

​

Percentage of

 

Classes of Loans/Leases

    

More

    

with an ACL

    

without an ACL

    

Total NPLs

    

Total NPLs

 

​

 

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

—

​

$

—

​

$

—

​

$

—

 

-

%

C&I - other

​

​

1

​

​

8,865

​

​

2,643

​

​

11,509

​

35

​

CRE - owner occupied

​

 

—

​

 

530

​

 

2,150

​

 

2,680

 

8

​

CRE - non-owner occupied

​

 

—

​

 

1,213

​

 

3,781

​

 

4,994

 

15

​

Construction and land development

​

 

—

​

 

2,509

​

 

—

​

 

2,509

 

8

​

Multi-family

​

 

—

​

 

—

​

 

8,172

​

 

8,172

 

25

​

Direct financing leases

​

 

—

​

 

206

​

 

83

​

 

289

 

1

​

1-4 family real estate

​

 

85

​

 

1,866

​

 

374

​

 

2,325

 

7

​

Consumer

​

 

—

​

 

361

​

 

—

​

 

361

 

1

​

​

​

$

86

​

$

15,550

​

$

17,203

​

$

32,839

​

100

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Company did not recognize any interest income on nonaccrual loans during the years ended December 31, 2024 and 2023.

​

​

Note 3. Loans/Leases Receivable (continued)

Changes in the ACL loans/leases by portfolio segment for the years ended December 31, 2024, 2023 and 2022 are presented as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

​

​

​

​

​

CRE

​

CRE

​

Construction

​

​

​

​

1-4

​

​

​

​

​

​

    

C&I -

​

C&I -

​

Owner

​

Non-Owner

​

and Land

​

Multi-

​

Family

​

​

​

​

​

​

​

​

 

Revolving

​

Other*

​

Occupied

​

Occupied

​

Development

​

Family

​

Real Estate

    

Consumer

    

​

Total

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

4,224

​

$

27,460

​

$

8,223

​

$

11,581

​

$

16,856

​

$

12,463

​

$

4,917

​

$

1,476

​

​

$

87,200

Change in ACL for the transfer of loans to LHFS

​

​

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

(4,598)

​

​

—

​

​

—

​

​

​

(4,598)

Provision

​

 

(368)

​

 

16,769

​

 

(1,066)

​

 

(444)

​

 

(673)

​

 

4,308

​

 

17

​

 

196

​

​

 

18,739

Charge-offs

​

 

—

​

 

(12,652)

​

 

(10)

​

 

—

​

 

(1,085)

​

 

—

​

 

(24)

​

 

(198)

​

​

 

(13,969)

Recoveries

​

 

—

​

 

2,425

​

 

—

​

 

—

​

 

1

​

 

—

​

 

24

​

 

19

​

​

 

2,469

Balance, ending

​

$

3,856

​

$

34,002

​

$

7,147

​

$

11,137

​

$

15,099

​

$

12,173

​

$

4,934

​

$

1,493

​

​

$

89,841

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Included within the C&I-other column are ACL on leases with a beginning balance of $992 thousand, negative provision of $172 thousand, charge-offs of $353 thousand and recoveries of $113 thousand. ACL on leases was $580 thousand as of December 31, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

​

​

​

​

​

​

​

CRE

​

CRE

​

Construction

​

​

​

​

1-4

​

​

​

​

​

​

​

​

    

C&I -

​

C&I -

​

Owner

​

Non-Owner

​

and Land

​

Multi-

​

Family

​

​

​

​

​

​

​

​

​

Revolving

​

Other*

​

Occupied

​

Occupied

​

Development

​

Family

​

Real Estate

​

Consumer

    

​

Total

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

4,457

​

$

27,753

​

$

9,965

​

$

11,749

​

$

14,262

​

$

13,186

​

$

4,963

​

$

1,371

​

​

$

87,706

Change in ACL for the transfer of loans to LHFS

​

​

—

​

 

(5)

​

 

—

​

​

—

​

​

(147)

​

​

(3,393)

​

​

—

​

​

—

​

​

​

(3,545)

Provision

​

​

(233)

​

​

7,849

​

​

(1,523)

​

​

(199)

​

​

2,789

​

​

2,670

​

​

(51)

​

​

248

​

​

 

11,550

Charge-offs

​

 

—

​

 

(8,952)

​

 

(222)

​

 

—

​

 

(50)

​

 

—

​

 

—

​

 

(168)

​

​

 

(9,392)

Recoveries

​

 

—

​

 

815

​

 

3

​

 

31

​

 

2

​

 

—

​

 

5

​

 

25

​

​

 

881

Balance, ending

​

$

4,224

​

$

27,460

​

$

8,223

​

$

11,581

​

$

16,856

​

$

12,463

​

$

4,917

​

$

1,476

​

​

$

87,200

​

*Included within the C&I - Other column are ACL on leases with a beginning balance of $970 thousand, provision of $185 thousand, charge-offs of $252 thousand and recoveries of $89 thousand. ACL on leases was $992 thousand as of December 31, 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2022

​

​

​

​

​

​

​

​

CRE

​

CRE

​

Construction

​

​

​

​

1-4

​

​

​

​

​

​

​

​

​

    

C&I -

​

C&I -

​

Owner

​

Non-Owner

​

and Land

​

Multi-

​

Family

​

​

​

​

​

​

​

    

​

​

Revolving

​

Other**

​

Occupied

​

Occupied

​

Development

​

Family

​

Real Estate

​

Consumer

    

​

Total

​

​

 

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

3,907

​

$

25,982

​

$

8,501

​

$

8,549

​

$

16,972

​

$

9,339

​

$

4,541

​

$

930

​

​

$

78,721

​

Initial ACL recorded for PCD loans

​

​

600

​

 

7

​

 

2,481

​

​

1,076

​

​

1,100

​

​

481

​

​

137

​

​

20

​

​

​

5,902

​

Provision

​

 

(50)

​

 

7,364

​

 

(1,023)

​

 

2,220

​

 

(2,981)

​

 

3,323

​

 

306

​

 

477

​

​

 

9,636

​

Charge-offs

​

 

—

​

 

(6,417)

​

 

—

​

 

(193)

​

 

(829)

​

 

—

​

 

(21)

​

 

(65)

​

​

 

(7,525)

​

Recoveries

​

 

—

​

 

817

​

 

6

​

 

97

​

 

—

​

 

43

​

 

—

​

 

9

​

​

 

972

​

Balance, ending

​

$

4,457

​

$

27,753

​

$

9,965

​

$

11,749

​

$

14,262

​

$

13,186

​

$

4,963

​

$

1,371

​

​

$

87,706

​

​

*Included within the C&I - Other column are ACL on leases with a beginning balance of $1.5 million, provision of $269 thousand, charge-offs of $1.1 million and recoveries of $273 thousand. ACL on leases was $970 thousand as of December 31, 2022.

​

** Provision of the year ended December 31, 2022 included $11.0 million related to the Guaranty Bank acquisition.

​

Note 3. Loans/Leases Receivable (continued)

​

The composition of the ACL loans/leases by portfolio segment based on evaluation method are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2024

​

​

​

Amortized Cost of Loans Receivable

​

Allowance for Credit Losses

​

​

​

Individually

​

Collectively

​

​

​

​

Individually

​

Collectively

​

​

​

​

​

​

Evaluated for

​

Evaluated for

​

​

​

​

Evaluated for

​

Evaluated for

​

​

​

​

​

    

Credit Losses

    

Credit Losses

​

Total

​

Credit Losses

    

Credit Losses

​

Total

​

​

​

(dollars in thousands)

C&I :

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

3,404

​

$

384,587

​

$

387,991

​

$

97

​

$

3,759

​

$

3,856

​

C&I - other*

​

 

38,140

​

 

1,493,868

​

 

1,532,008

​

 

9,437

​

 

24,565

​

 

34,002

​

​

​

 

41,544

​

 

1,878,455

​

 

1,919,999

​

 

9,534

​

 

28,324

​

 

37,858

​

CRE - owner occupied

​

 

26,822

​

 

579,171

​

 

605,993

​

 

2,136

​

 

5,011

​

 

7,147

​

CRE - non-owner occupied

​

 

18,163

​

 

1,059,689

​

 

1,077,852

​

 

542

​

 

10,595

​

 

11,137

​

Construction and land development

​

 

13,346

​

 

1,300,197

​

 

1,313,543

​

 

1,343

​

 

13,756

​

 

15,099

​

Multi-family

​

​

23

​

​

1,132,087

​

​

1,132,110

​

​

2

​

​

12,171

​

​

12,173

​

1-4 family real estate

​

 

3,463

​

 

584,716

​

 

588,179

​

 

321

​

 

4,613

​

 

4,934

​

Consumer

​

 

443

​

 

146,285

​

 

146,728

​

 

45

​

 

1,448

​

 

1,493

​

​

​

$

103,804

​

$

6,680,600

​

$

6,784,404

​

$

13,923

​

$

75,918

​

$

89,841

​

​

*Included within the C&I – other category are leases individually evaluated of $259 thousand with a related allowance for credit losses of $93 thousand and leases collectively evaluated of $16.8 million with a related allowance for credit losses of $487 thousand.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2023

​

​

​

Amortized Cost of Loans Receivable

​

Allowance for Credit Losses

​

​

​

Individually

​

Collectively

​

​

​

​

Individually

​

Collectively

​

​

​

​

​

​

Evaluated for

​

Evaluated for

​

​

​

​

Evaluated for

​

Evaluated for

​

​

​

​

​

    

Credit Losses

    

Credit Losses

​

Total

​

Credit Losses

    

Credit Losses

​

Total

​

​

​

(dollars in thousands)

C&I :

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

4,680

​

$

320,563

​

$

325,243

​

$

632

​

$

3,592

​

$

4,224

​

C&I - other*

​

 

20,133

​

 

1,492,809

​

 

1,512,942

​

 

3,642

​

 

23,818

​

 

27,460

​

​

​

 

24,813

​

 

1,813,372

​

 

1,838,185

​

 

4,274

​

 

27,410

​

 

31,684

​

CRE - owner occupied

​

 

22,709

​

 

584,656

​

 

607,365

​

 

2,426

​

 

5,797

​

 

8,223

​

CRE - non-owner occupied

​

 

21,886

​

 

987,006

​

 

1,008,892

​

 

661

​

 

10,920

​

 

11,581

​

Construction and land development

​

 

2,726

​

 

1,417,799

​

 

1,420,525

​

 

809

​

 

16,047

​

 

16,856

​

Multi-family

​

​

8,206

​

​

987,937

​

​

996,143

​

​

3

​

​

12,460

​

​

12,463

​

1-4 family real estate

​

 

3,128

​

 

541,843

​

 

544,971

​

 

289

​

 

4,628

​

 

4,917

​

Consumer

​

 

508

​

 

126,827

​

 

127,335

​

 

56

​

 

1,420

​

 

1,476

​

​

​

$

83,976

​

$

6,459,440

​

$

6,543,416

​

$

8,518

​

$

78,682

​

$

87,200

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Included within the C&I – other category are leases individually evaluated of $289 thousand with a related allowance for credit losses of $68 thousand and leases collectively evaluated of $30.9 million with a related allowance for credit losses of $924 thousand.

​

​

​

Note 3. Loans/Leases Receivable (continued)

The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2024

​

​

​

​

​

​

​

​

​

Non

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial

​

Owner-occupied

​

Owner-Occupied

​

Owner Occupied

​

​

​

​

​

​

​

​

​

​

​

    

Assets

    

CRE

    

Real Estate

​

Real Estate

​

Securities

​

Equipment

​

Other

​

Total

​

​

​

(dollars in thousands)

C & I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

3,404

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

3,404

​

C&I - other*

​

 

3,868

​

 

—

​

 

506

​

 

—

​

 

4,760

​

 

14,197

​

 

14,809

​

 

38,140

​

​

​

 

7,272

​

 

—

​

 

506

​

 

—

​

 

4,760

​

 

14,197

​

 

14,809

​

 

41,544

​

CRE - owner occupied

​

 

—

​

 

26,760

​

 

—

​

 

62

​

 

—

​

 

—

​

 

—

​

 

26,822

​

CRE - non-owner occupied

​

 

—

​

 

—

​

 

18,163

​

 

—

​

 

—

​

 

—

​

 

—

​

 

18,163

​

Construction and land development

​

 

—

​

 

—

​

 

13,346

​

 

—

​

 

—

​

 

—

​

 

—

​

 

13,346

​

Multi-family

​

​

—

​

​

—

​

​

23

​

​

—

​

​

—

​

​

—

​

​

—

​

​

23

​

1-4 family real estate

​

 

—

​

 

—

​

 

176

​

 

3,287

​

 

—

​

 

—

​

 

—

​

 

3,463

​

Consumer

​

 

—

​

 

—

​

 

34

​

 

394

​

 

—

​

 

—

​

 

15

​

 

443

​

​

​

$

7,272

​

$

26,760

​

$

32,248

​

$

3,743

​

$

4,760

​

$

14,197

​

$

14,824

​

$

103,804

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Included within the C&I – other category are leases individually evaluated of $259 thousand with primary collateral of equipment.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2023

​

​

​

​

​

​

​

​

​

Non

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial

​

Owner-occupied

​

Owner-Occupied

​

Owner Occupied

​

​

​

​

​

​

​

​

​

​

​

    

Assets

    

CRE

    

Real Estate

​

Real Estate

​

Securities

​

Equipment

​

Other

​

Total

​

​

​

(dollars in thousands)

C & I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

4,680

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

4,680

​

C&I - other*

​

 

871

​

 

—

​

 

—

​

 

—

​

 

5,191

​

 

13,249

​

 

822

​

 

20,133

​

​

​

 

5,551

​

 

—

​

 

—

​

 

—

​

 

5,191

​

 

13,249

​

 

822

​

 

24,813

​

CRE - owner occupied

​

 

—

​

 

22,644

​

 

—

​

 

65

​

 

—

​

 

—

​

 

—

​

 

22,709

​

CRE - non-owner occupied

​

 

—

​

 

—

​

 

21,886

​

 

—

​

 

—

​

 

—

​

 

—

​

 

21,886

​

Construction and land development

​

 

—

​

 

150

​

 

2,576

​

 

—

​

 

—

​

 

—

​

 

—

​

 

2,726

​

Multi-family

​

​

—

​

​

—

​

​

8,206

​

​

—

​

​

—

​

​

—

​

​

—

​

​

8,206

​

1-4 family real estate

​

 

—

​

 

—

​

 

189

​

 

2,939

​

 

—

​

 

—

​

 

—

​

 

3,128

​

Consumer

​

 

—

​

 

—

​

 

119

​

 

365

​

 

—

​

 

—

​

 

24

​

 

508

​

​

​

$

5,551

​

$

22,794

​

$

32,976

​

$

3,369

​

$

5,191

​

$

13,249

​

$

846

​

$

83,976

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Included within the C&I – other category are leases individually evaluated of $289 thousand with primary collateral of equipment.

For all loans, except direct financial leases and equipment financing agreements, the Company’s credit quality indicator consists of internally assigned risk ratings.  Each such loan is assigned a risk rating upon origination.  The risk rating is reviewed every 15 months, at a minimum, and on an as-needed basis depending on the specific circumstances of the loan.

For certain C&I loans (including equipment financing agreements and direct financing leases), the Company’s credit quality indicator is performance determined by delinquency status.  Delinquency status is updated daily by the Company’s loan system.  For years prior to 2024, certain C&I loans (including equipment financing agreements and direct financing leases), certain construction and land development, certain 1-4 family real estate loans, and certain consumer loans, the Company’s credit quality indicator was performance determined by delinquency status.  Delinquency status is updated daily by the Company’s loan system.

​

Note 3. Loans/Leases Receivable (continued)

The following tables show the credit quality indicator of loans by class of receivable and year of origination as of December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

Term Loans

 

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

Internally Assigned

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

​

Risk Rating

    

2024

    

2023

    

2022

    

2021

    

2020

​

Prior

​

Cost Basis

​

Total

​

​

(dollars in thousands)

C&I - revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

368,318

​

$

368,318

Special Mention

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

16,369

​

 

16,369

Substandard

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,304

​

 

3,304

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total C&I - revolving

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

387,991

​

$

387,991

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

324,649

​

$

348,843

​

$

204,275

​

$

82,601

​

$

49,130

​

$

155,191

​

$

—

​

$

1,164,689

Special Mention

​

 

6,517

​

​

5,534

​

​

2,855

​

​

4,799

​

​

2,548

​

​

725

​

​

—

​

 

22,978

Substandard

​

 

17,003

​

​

538

​

​

507

​

​

1,272

​

​

—

​

​

4,780

​

​

—

​

 

24,100

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total C&I - other

​

$

348,169

​

$

354,915

​

$

207,637

​

$

88,672

​

$

51,678

​

$

160,696

​

$

—

​

$

1,211,767

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE - owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

65,054

​

$

104,442

​

$

117,215

​

$

102,506

​

$

95,349

​

$

69,382

​

$

13,327

​

$

567,275

Special Mention

​

 

5,589

​

​

234

​

​

739

​

​

6,964

​

​

822

​

​

1,829

​

​

—

​

 

16,177

Substandard

​

 

3,669

​

​

—

​

​

980

​

​

309

​

​

16,582

​

​

1,001

​

​

—

​

 

22,541

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total CRE - owner occupied

​

$

74,312

​

$

104,676

​

$

118,934

​

$

109,779

​

$

112,753

​

$

72,212

​

$

13,327

​

$

605,993

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE - non-owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

194,510

​

$

204,599

​

$

272,296

​

$

164,948

​

$

96,216

​

$

95,117

​

$

20,548

​

$

1,048,234

Special Mention

​

 

4,406

​

​

—

​

​

55

​

​

—

​

​

—

​

​

6,844

​

​

150

​

 

11,455

Substandard

​

 

80

​

​

3,652

​

​

550

​

​

—

​

​

1,916

​

​

11,965

​

​

—

​

 

18,163

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total CRE - non-owner occupied

​

$

198,996

​

$

208,251

​

$

272,901

​

$

164,948

​

$

98,132

​

$

113,926

​

$

20,698

​

$

1,077,852

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

435,373

​

$

524,375

​

$

235,987

​

$

66,409

​

$

3,313

​

$

—

​

$

31,176

​

$

1,296,633

Special Mention

​

 

3,863

​

​

—

​

​

—

​

​

75

​

​

—

​

​

—

​

​

—

​

 

3,938

Substandard

​

 

4,394

​

​

124

​

​

1,082

​

​

7,372

​

​

—

​

​

—

​

​

—

​

 

12,972

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total Construction and land development

​

$

443,630

​

$

524,499

​

$

237,069

​

$

73,856

​

$

3,313

​

$

—

​

$

31,176

​

$

1,313,543

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

137,806

​

$

138,011

​

$

279,256

​

$

185,872

​

$

217,697

​

$

165,867

​

$

7,578

​

$

1,132,087

Special Mention

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Substandard

​

 

—

​

​

—

​

​

—

​

​

23

​

​

—

​

​

—

​

​

—

​

 

23

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total Multi-family

​

$

137,806

​

$

138,011

​

$

279,256

​

$

185,895

​

$

217,697

​

$

165,867

​

$

7,578

​

$

1,132,110

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 family real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

121,918

​

$

115,491

​

$

89,073

​

$

108,998

​

$

77,540

​

$

64,015

​

$

5,106

​

$

582,141

Special Mention

​

 

380

​

​

146

​

​

—

​

​

547

​

​

—

​

​

1,582

​

​

—

​

 

2,655

Substandard

​

 

91

​

​

327

​

​

981

​

​

634

​

​

378

​

​

944

​

​

28

​

 

3,383

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total 1-4 family real estate

​

$

122,389

​

$

115,964

​

$

90,054

​

$

110,179

​

$

77,918

​

$

66,541

​

$

5,134

​

$

588,179

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

11,513

​

$

13,375

​

$

6,082

​

$

1,254

​

$

2,435

​

$

1,519

​

$

110,042

​

$

146,220

Special Mention

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

64

​

 

64

Substandard

​

 

34

​

​

208

​

​

39

​

​

—

​

​

—

​

​

97

​

​

66

​

 

444

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total Consumer

​

$

11,547

​

$

13,583

​

$

6,121

​

$

1,254

​

$

2,435

​

$

1,616

​

$

110,172

​

$

146,728

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,336,849

​

$

1,459,899

​

$

1,211,972

​

$

734,583

​

$

563,926

​

$

580,858

​

$

576,076

​

$

6,464,163

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 3. Loans/Leases Receivable (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

Term Loans

​

 

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

​

​

Delinquency Status *

    

2024

    

2023

    

2022

    

2021

    

2020

    

Prior

​

Cost Basis

​

Total

​

 

(dollars in thousands)

C&I - other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

109,373

$

​

99,204

$

​

57,819

$

​

18,853

$

​

4,107

$

​

278

​

$

—

​

$

289,634

Nonperforming

​

 

1,028

​

​

4,689

​

​

5,537

​

​

2,076

​

​

201

​

​

—

​

 

—

​

 

13,531

Total C&I - other

​

$

110,401

​

$

103,893

​

$

63,356

​

$

20,929

​

$

4,308

​

$

278

​

$

—

​

$

303,165

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Direct financing leases

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

1,742

$

​

6,099

$

​

6,583

$

​

1,413

$

​

569

$

​

411

​

$

—

​

$

16,817

Nonperforming

​

 

—

​

​

103

​

​

70

​

​

39

​

​

46

​

​

1

​

 

—

​

 

259

Total Direct financing leases

​

$

1,742

​

$

6,202

​

$

6,653

​

$

1,452

​

$

615

​

$

412

​

$

—

​

$

17,076

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

112,143

​

$

110,095

​

$

70,009

​

$

22,381

​

$

4,923

​

$

690

​

$

—

​

$

320,241

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Performing = loans/leases accruing and less than 90 days past due.  Nonperforming = loans/leases on nonaccrual and accruing loans/leases that are greater than or equal to 90 days past due.

The following table shows the gross charge-offs of loans and leases by class of receivable and year of origination for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

Year Ended December 31, 2023

​

​

Gross Charge-off by Origination Year

​

Gross Charge-off by Origination Year

Classes of Loans/Leases

    

2024

    

2023

    

2022

    

2021

    

2020

​

Prior

​

Total

​

2023

    

2022

    

2021

    

2020

    

2019

​

Prior

​

Total

​

​

(dollars in thousands)

​

(dollars in thousands)

C&I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

C&I - other

​

​

245

​

​

2,701

​

​

5,537

​

​

3,227

​

​

312

​

​

277

​

​

12,299

​

​

142

​

​

5,465

​

​

1,753

​

​

1,083

​

​

255

​

​

2

​

​

8,700

CRE - owner occupied

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

10

​

​

10

​

​

—

​

​

—

​

​

222

​

​

—

​

​

—

​

​

—

​

​

222

CRE - non-owner occupied

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Construction and land development

​

​

—

​

​

—

​

​

285

​

​

800

​

​

—

​

​

—

​

​

1,085

​

​

—

​

​

50

​

​

—

​

​

—

​

​

—

​

​

—

​

​

50

Multi-family

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Direct financing leases

​

​

—

​

​

—

​

​

199

​

​

24

​

​

104

​

​

26

​

​

353

​

​

—

​

​

78

​

​

103

​

​

41

​

​

29

​

​

1

​

​

252

1-4 family real estate

​

​

—

​

​

21

​

​

—

​

​

—

​

​

—

​

​

3

​

​

24

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Consumer

​

​

10

​

​

78

​

​

49

​

​

45

​

​

15

​

​

1

​

​

198

​

​

28

​

​

108

​

​

24

​

​

1

​

​

5

​

​

2

​

​

168

​

​

$

255

​

$

2,800

​

$

6,070

​

$

4,096

​

$

431

​

$

317

​

$

13,969

​

$

170

​

$

5,701

​

$

2,102

​

$

1,125

​

$

289

​

$

5

​

$

9,392

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 3. Loans/Leases Receivable (continued)

​

The following tables show the credit quality indicator of loans by class of receivable and year of origination as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

Term Loans

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

Internally Assigned

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

​

Risk Rating

    

2023

    

2022

    

2021

    

2020

    

2019

​

Prior

​

Cost Basis

​

Total

​

​

(dollars in thousands)

C&I - revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

294,449

​

$

294,449

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

26,289

​

 

26,289

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

4,505

​

 

4,505

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total C&I - revolving

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

325,243

​

$

325,243

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

430,764

​

$

301,225

​

$

128,057

​

$

68,882

​

$

62,149

​

$

132,171

​

$

—

​

$

1,123,248

Special Mention

​

 

11,617

​

 

8,777

​

 

5,572

​

 

3,088

​

 

1,024

​

 

386

​

 

—

​

 

30,464

Substandard

​

 

14

​

 

81

​

 

625

​

 

443

​

 

2,108

​

 

5,320

​

 

—

​

 

8,591

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total C&I - other

​

$

442,395

​

$

310,083

​

$

134,254

​

$

72,413

​

$

65,281

​

$

137,877

​

$

—

​

$

1,162,303

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE - owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

90,708

​

$

124,388

​

$

139,598

​

$

109,483

​

$

28,702

​

$

58,214

​

$

12,959

​

$

564,052

Special Mention

​

 

5,091

​

 

711

​

 

8,689

​

 

5,567

​

 

466

​

 

1,828

​

 

—

​

 

22,352

Substandard

​

 

1,955

​

 

564

​

 

24

​

 

15,978

​

 

1,312

​

 

1,128

​

 

—

​

 

20,961

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total CRE - owner occupied

​

$

97,754

​

$

125,663

​

$

148,311

​

$

131,028

​

$

30,480

​

$

61,170

​

$

12,959

​

$

607,365

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE - non-owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

200,214

​

$

276,055

​

$

195,013

​

$

119,428

​

$

72,136

​

$

78,346

​

$

7,406

​

$

948,598

Special Mention

​

 

16,842

​

 

58

​

 

223

​

 

12,057

​

 

2,359

​

 

6,719

​

 

150

​

 

38,408

Substandard

​

 

3,805

​

 

1,200

​

 

—

​

 

1,989

​

 

14,892

​

 

—

​

 

—

​

 

21,886

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total CRE - non-owner occupied

​

$

220,861

​

$

277,313

​

$

195,236

​

$

133,474

​

$

89,387

​

$

85,065

​

$

7,556

​

$

1,008,892

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

467,045

​

$

485,376

​

$

271,881

​

$

151,091

​

$

1,911

​

$

4,137

​

$

30,304

​

$

1,411,745

Special Mention

​

 

6,054

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

6,054

Substandard

​

 

—

​

 

1,517

​

 

1,209

​

 

—

​

 

—

​

 

—

​

 

—

​

 

2,726

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Construction and land development

​

$

473,099

​

$

486,893

​

$

273,090

​

$

151,091

​

$

1,911

​

$

4,137

​

$

30,304

​

$

1,420,525

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

180,971

​

$

195,939

​

$

170,893

​

$

239,410

​

$

102,070

​

$

96,897

​

$

162

​

$

986,342

Special Mention

​

 

1,595

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,595

Substandard

​

 

—

​

 

—

​

 

8,206

​

 

—

​

 

—

​

 

—

​

 

—

​

 

8,206

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Multi-family

​

$

182,566

​

$

195,939

​

$

179,099

​

$

239,410

​

$

102,070

​

$

96,897

​

$

162

​

$

996,143

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 family real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

133,923

​

$

103,460

​

$

130,724

​

$

89,642

​

$

25,914

​

$

54,850

​

$

3,329

​

$

541,842

Special Mention

​

 

28

​

 

—

​

 

59

​

 

—

​

 

—

​

 

—

​

 

—

​

 

87

Substandard

​

 

144

​

 

215

​

 

815

​

 

637

​

 

519

​

 

712

​

 

—

​

 

3,042

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total 1-4 family real estate

​

$

134,095

​

$

103,675

​

$

131,598

​

$

90,279

​

$

26,433

​

$

55,562

​

$

3,329

​

$

544,971

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

17,722

​

$

9,405

​

$

2,573

​

$

3,024

​

$

622

​

$

1,842

​

$

91,580

​

$

126,768

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

59

​

 

59

Substandard

​

 

175

​

 

119

​

 

12

​

 

12

​

 

—

​

 

133

​

 

57

​

 

508

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Consumer

​

$

17,897

​

$

9,524

​

$

2,585

​

$

3,036

​

$

622

​

$

1,975

​

$

91,696

​

$

127,335

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,568,667

​

$

1,509,090

​

$

1,064,173

​

$

820,731

​

$

316,184

​

$

442,683

​

$

471,249

​

$

6,192,777

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 3. Loans/Leases Receivable (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

Term Loans

​

 

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

​

Delinquency Status *

    

2023

    

2022

    

2021

    

2020

    

2019

    

Prior

    

Cost Basis

    

Total

​

 

(dollars in thousands)

C&I - other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

149,216

​

$

103,804

​

$

40,003

​

$

12,590

​

$

2,539

​

$

132

​

$

—

​

$

308,284

Nonperforming

​

 

1,533

​

 

6,138

​

 

3,049

​

 

373

​

 

92

​

 

6

​

 

—

​

 

11,191

Total C&I - other

​

$

150,749

​

$

109,942

​

$

43,052

​

$

12,963

​

$

2,631

​

$

138

​

$

—

​

$

319,475

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Direct financing leases

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

12,217

​

$

11,170

​

$

3,005

​

$

2,631

​

$

1,561

​

$

291

​

$

—

​

$

30,875

Nonperforming

​

 

—

​

 

50

​

 

43

​

 

176

​

 

20

​

 

—

​

 

—

​

 

289

Total Direct financing leases

​

$

12,217

​

$

11,220

​

$

3,048

​

$

2,807

​

$

1,581

​

$

291

​

$

—

​

$

31,164

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

162,966

​

$

121,162

​

$

46,100

​

$

15,770

​

$

4,212

​

$

429

​

$

—

​

$

350,639

​

All loan and lease modifications to borrowers experiencing financial difficulty during 2024 and 2023, as well as TDR balances and activity during 2022, were immaterial.

Changes in the ACL for OBS exposures for the years ended December 31, 2024 and 2023 is presented as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended

​

​

​

​

    

December 31, 2024

​

December 31, 2023

​

December 31, 2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

9,529

​

$

5,552

​

$

6,886

Provisions (credited) to expense

​

 

(1,256)

​

 

3,977

​

 

(1,334)

Balance, ending

​

$

8,273

​

$

9,529

​

$

5,552

​

​

​

​

​

​

​

​

​

​

​

Loans are made in the normal course of business to directors, executive officers, and their related interests. All such loans, in the opinion of management, were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the lenders and did not involve more than the normal risk of collectability or present other unfavorable

​

Note 3. Loans/Leases Receivable (continued)

features. An analysis of the changes in the aggregate committed amount of loans to insiders greater than or equal to $60,000 during the years ended December 31, 2024, 2023 and 2022, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

125,963

​

$

113,200

​

$

100,898

Net increase (decrease) due to change in related parties

​

 

(8,665)

​

 

2,200

​

 

3,496

Advances

​

 

14,612

​

 

23,977

​

 

51,683

Repayments

​

 

(16,349)

​

 

(13,414)

​

 

(42,877)

Balance, ending

​

$

115,561

​

$

125,963

​

$

113,200

​

The Company’s loan portfolio includes a geographic concentration in the Midwest. Additionally, the loan portfolio includes a concentration of loans in certain industries as of December 31, 2024 and 2023 as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

 

​

​

​

​

​

Percentage of

​

​

​

​

Percentage of

 

​

​

​

​

​

Total

​

​

​

​

Total

 

Industry Name

    

Balance

    

Loans/Leases

    

Balance

    

Loans/Leases

 

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

Lessors of Residential Buildings*

​

$

2,648,346

 

39

%  

$

2,328,875

 

36

%

Lessors of Non-Residential Buildings

​

​

715,668

 

11

%  

​

673,719

 

10

%

* Includes loans on LIHTC projects  
v3.25.0.1
Note 4 - Securitizations and Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Securitizations and Variable Interest Entities  
Securitizations and Variable Interest Entities

Note 4. Securitizations and Variable Interest Entities

​

Freddie Mac Series M Securitizations

​

On August 15, 2024, the Company entered into an arrangement with Freddie Mac to securitize and sell a $230.7 million portfolio of nontaxable LIHTC loans that was securitized through Freddie Mac and sold to investors. The Company retained beneficial interests with a fair value of $36.7 million, which are classified as trading securities on the consolidated balance sheets. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $473 thousand net loss on sale was recognized, which included the impact of the fair value of retained beneficial interests and transaction costs.

​

Two classes of M-Series certificates were issued: M-Series Class A Certificates totaling $197.5 million of principal and M-Series Class B Certificates totaling $34.9 million of principal.  Freddie Mac guarantees timely payment of interest and scheduled principal on M-Series Class A Certificates, which were sold to third-party investors through a Freddie Mac Securitization SPE. M-Series Class B Certificates are subordinated to M-Series Class A Certificates and were issued to the Company, as discussed above, which in turn pledged these M-Series Class B Certificates to provide 15% first loss support to Freddie Mac on the M-Series Class A Certificates, or approximately $34.9 million of first loss support. In addition, the Company pledged $10.1 million of related taxable loans. The Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any indemnification for material breach in the Company’s representations.

​

As part of the securitization transaction, the Company released all mortgage servicing obligations and rights to a third party, which include obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance, and otherwise administer the underlying loans.

​

Note 4. Securitizations and Variable Interest Entities (continued)

​

On October 12, 2023, the Company entered into an arrangement with Freddie Mac, by which a $128.6 million portfolio of nontaxable LIHTC loans was securitized through Freddie Mac and sold to investors. The Company retained beneficial interests with a fair value of $16.2 million, which are classified as trading securities on the consolidated balance sheets. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $2.4 million net loss on sale was recognized, which included the impact of the fair value of retained beneficial interests and transaction costs.

​

Two classes of M-Series certificates were issued: M-Series Class A Certificates totaling $114.2 million of principal and M-Series Class B Certificates totaling $15.6 million of principal. Freddie Mac guarantees timely payment of interest and scheduled principal on M-Series Class A Certificates, which were sold to third-party investors through a Freddie Mac Securitization SPE. M-Series Class B Certificates are subordinated to M-Series Class A Certificates and were issued to the Company, as discussed above, which in turn pledged these M-Series Class B Certificates to provide 12% first loss support to Freddie Mac on the M-Series Class A Certificates, or approximately $15.6 million of first loss support. In addition, the Company pledged $7.5 million of related taxable loans providing an additional $3.8 million of first loss support on the M-Series Class A Certificates. The Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any indemnification for material breach in the Company’s representations.

​

As part of the securitization transaction, the Company released all mortgage servicing obligations and rights to a third party, which include obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance, and otherwise administer the underlying loans.

​

On November 26, 2024, the Company entered into an arrangement with a third-party trust and Freddie Mac, by which a $155.8 million portfolio of taxable LIHTC loans were sold to the trust and ultimately securitized through Freddie Mac and sold to investors. The Company retained beneficial interests with a fair value of $23.6 million, which are classified as trading securities on the consolidated balance sheets. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $1.4 million net gain on sale was recognized, which included the impact of the fair value of retained beneficial interests and transaction costs.

​

Three classes of Q-Series certificates were issued: Q-Series Class A Certificates, Q-Series Class X Certificates and Q-Series Class B Certificates.  Q-Series Class A Certificates, totaling $138.5 million of principal, were sold by Freddie Mac to third-party investors through a Freddie Mac Securitization SPE. Q-Series Class X Certificates totaling $3.2 million of principal, consisted of interest-only certificates for the interest in excess of that earned by the Q-Series Class A Certificates. Q-Series Class B Certificates totaling $18.9 million of principal, are subordinated to Q-Series Class A Certificates and were issued to the Company, as discussed above.  The consideration received by the Company for the loans sold consisted of cash and the Company purchased the Q-Series Class X Certificates and Q-Series Class B Certificates as retained beneficial interests.  Freddie Mac guarantees timely payment of interest and scheduled principal on both the Q-Series Class A Certificates and Q-Series and Class X Certificates. The Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any material breach in the Company’s representations.

​

The Q-Series Class B Certificates provide a first loss position in the underlying loan portfolio, not to exceed 12% of the unpaid principal amount of the loans comprising the securitization pool at settlement, or approximately $18.9 million.

​

As part of the securitization transaction, the Company released all mortgage servicing obligations and rights to a third party, which include obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance and otherwise administer the underlying loans.

​

Note 4. Securitizations and Variable Interest Entities (continued)

​

On November 16, 2023, the Company entered into an arrangement with a third-party trust and Freddie Mac, by which a $133.3 million portfolio of taxable LIHTC loans were sold to the trust and ultimately securitized through Freddie Mac and sold to investors. The Company retained beneficial interests with a fair value of $6.2 million, which are classified as trading securities on the consolidated balance sheets. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860, and a $3.1 million net gain on sale was recognized, which included the impact of the fair value of retained beneficial interests, guarantee liabilities and transaction costs.

​

Two classes of Q-Series certificates were issued: Q-Series Class A Certificates and Q-Series Class X Certificates.  Q-Series Class A Certificates, totaling $134.6 million of principal, were sold by Freddie Mac to third-party investors. Q-Series Class X Certificates totaling $6.1 million of principal, consisted of interest-only certificates for the interest in excess of that earned by the Q-Series Class A Certificates. The consideration received by the Company for the loans sold consisted of cash and the Company purchased the Q-Series Class X Certificates as a retained beneficial interest.  Freddie Mac guarantees timely payment of interest and scheduled principal on both the Q-Series Class A Certificates and Q-Series Class X Certificates. The Company’s ongoing involvement in this transaction is limited to customary obligations of loan sales, including any material breach in the Company’s representations.

​

In connection with the securitization, the Company also entered into a reimbursement agreement for a first loss position in the underlying loan portfolio, not to exceed 12% of the unpaid principal amount of the loans comprising the securitization pool at settlement, or approximately $16.2 million. The Company is also required to hold collateral against the reimbursement agreement. Accordingly, the Company pledged an FHLB letter of credit as collateral.

​

As part of the securitization transaction, the Company released all mortgage servicing obligations and rights to a third party, which include obligations to collect and remit payments of principal and interest, manage payments of taxes and insurance and otherwise administer the underlying loans.

​

Variable Interest Entities

​

A VIE is a corporation, partnership, limited liability company, or any other legal structure used to conduct activities or hold assets generally that either:

​

• Does not have equity investors with voting rights that can directly or indirectly make decisions about the entity’s activities through those voting rights or similar rights; or

​

• Has equity investors that do not provide sufficient equity for the entity to finance its activities without additional subordinated financial support.

​

In order to execute certain series securitization transactions outlined above, CRBT created new bankruptcy-remote special purpose entities (each, a “Sponsor SPE”), all wholly-owned subsidiaries of CRBT through which the assets were sold to the Freddie Mac Securitization SPEs. The Company has variable interests in these Sponsor SPE VIEs and consolidates them as they have the power to direct the activities that most significantly impact them.

​

The Company also has variable interests in the Freddie Mac Securitization SPEs described above, as well as Freddie Mac real estate mortgage investment conduit (REMIC) trusts that were established in connection with the Freddie Mac Q-series LIHTC loan sales and securitizations.

​

All Freddie Mac VIE entities for both the M- and Q-series securitizations were assessed for potential consolidation under the VIE model that requires primary beneficiaries to consolidate the entity’s results. A primary beneficiary is defined as the party that has both the power to direct the activities that most significantly impact the entity, and an interest that could

​

Note 4. Securitizations and Variable Interest Entities (continued)

​

be significant to the entity. To determine if an interest could be significant to the entity, both qualitative and quantitative factors regarding the nature, size and form of involvement with the entity are evaluated.

​

At both December 31, 2024 and 2023, the Company determined it was not the primary beneficiary of the Freddie Mac securitization SPE VIEs, including the REMIC trusts, primarily because the Company did not have the power to direct the activities that most significantly impact the VIEs.

​

Evaluation and assessment of VIEs for consolidation is performed on an ongoing basis by management. Any changes in facts and circumstances occurring since the previous primary beneficiary determination will be considered as part of this ongoing assessment.

​

As of December 31, 2024 and 2023, the Company’s total assets related to the consolidated Sponsor VIEs related to all securitizations to date, were $83.5 million and $22.4 million, respectively, which are included in trading securities on the consolidated balance sheets, and there were no liabilities recorded as of either date. The Company’s maximum exposure to loss associated with these consolidated VIEs consists of the capital invested plus any unfunded equity commitments that are binding. As of December 31, 2024, the maximum exposure to loss was $85.6 million.

​

​
v3.25.0.1
Note 5 - Premises and Equipment
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Premises and Equipment

Note 5. Premises and Equipment

The following summarizes the components of premises and equipment as of December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Land

​

$

27,096

​

$

17,807

Buildings (useful lives 15 to 39 years)

​

 

116,895

​

 

110,271

Construction in process - buildings

​

​

28,535

​

​

7,773

Furniture and equipment (useful lives 3 to 15 years)

​

 

58,094

​

 

52,350

Premises and equipment

​

 

230,620

​

 

188,201

Less accumulated depreciation

​

 

71,467

​

 

64,924

Premises and equipment, net

​

$

159,153

​

$

123,277

​

​

​

​

​

​

​

​

Construction in process – buildings consists of renovation costs on existing branch facilities as well as construction costs on new branch facilities.

The Company entered into a construction contract in 2024 for the construction of a new CSB facility in Ankeny, Iowa.  The Company will pay the contractor a contract price of approximately $41.3 million, subject to certain agreed upon additions and deductions.  As of December 31, 2024, the Company had paid $8.7 million of the contract price, resulting in a remaining future commitment of $32.6 million.  Construction is anticipated to be completed in 2026.

The Company entered into a construction contract in 2023 for the construction of a new CRBT facility in Cedar Rapids, Iowa.  The Company will pay the contractor a contract price of approximately $17.0 million, subject to additions and deductions as provided in the contract documents.  As of December 31, 2024, the Company had paid $15.8 million of the contract price, resulting in a remaining future commitment of $1.2 million.  Construction is anticipated to be completed in March 2025.

As a lessee, the Company has entered into operating leases for certain branch locations.  Total lease expenses were $406 thousand and $469 thousand for the year ended December 31, 2024 and 2023, respectively.

At December 31, 2024 and 2023, the Company’s ROU assets (included in other assets on the consolidated balance sheets) and operating lease liabilities (included in other liabilities on the consolidated balance sheets) were both $3.3

​

​

Note 5. Premises and Equipment (continued)

​

million and $3.5 million, respectively. During the year ended December 31, 2023, the Company increased its ROU assets by $1.1 million with a new operating lease for m2’s office relocation.  

​

At December 31, 2024, the contractual maturities of operating lease liabilities were as follows:

​

​

​

​

​

​

    

Amount

Year ending December 31:

    

(dollars in thousands)

2025

 

$

461

2026

 

​

434

2027

 

​

427

2028

 

​

429

2029

 

​

305

Thereafter

 

​

2,185

​

​

$

4,241

​

​

​

​

​

As a lessor, the Company leases certain types of commercial vehicles and industrial equipment to its customers.  The Company recognized lease-related revenue, primarily interest income from direct financing leases, of $1.4 million and $2.0 million for the years ended December 31, 2024 and 2023, respectively.  At December 31, 2024 and 2023, the Company’s net investment in direct financing leases was $16.5 million and $30.2 million, respectively.

​

As of December 31, 2024, the contractual maturities of sales-type and direct financing lease receivables were as follows:

​

​

​

​

​

​

    

Amount

Year ending December 31:

    

(dollars in thousands)

2025

 

$

2,087

2026

 

​

3,184

2027

 

​

4,828

2028

 

​

7,247

2029

 

​

1,160

Thereafter

 

​

—

Total lease payments receivable

​

$

18,506

Unguaranteed residual values

​

​

165

Unearned lease/residual income

​

​

(1,595)

​

​

$

17,076

Plus deferred origination costs, net of fees

​

​

18

​

​

$

17,094

Less allowance

​

​

(580)

Total lease payments receivable

​

$

16,514

​

​

​

​

​

The
v3.25.0.1
Note 6 - Goodwill and Intangibles
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Goodwill and Intangibles

​

​

​

​

​

Note 6. Goodwill and Intangibles

The following table presents the changes in the carrying amount of goodwill for the years ended December 31, 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of period

​

$

139,027

​

$

137,607

​

$

74,066

Acquisition of GFED

​

 

—

​

 

—

​

 

63,541

Acquisition of GFED - measurement period adjustment

​

​

—

​

​

1,420

​

​

—

Goodwill impairment - m2 restructuring

​

​

(432)

​

​

—

​

​

—

Balance at the end of period

​

$

138,595

​

$

139,027

​

$

137,607

​

​

​

​

​

​

​

​

​

​

​

Goodwill impairment expense totaled $432 thousand during the year ended December 31, 2024. The decision to discontinue offering new loans and leases through m2 was a triggering event that necessitated an interim impairment evaluation of goodwill.

​

The measurement period adjustment of $1.4 million during the year ended December 31, 2023 related to the changes to acquired deferred income taxes of GFED.

​

The following table presents goodwill by reportable segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

​

​

(dollars in thousands)

Commercial banking:

​

​

​

​

​

​

​

​

​

QCBT

​

$

2,791

​

$

3,223

​

$

3,223

CRBT

​

 

14,980

​

 

14,980

​

 

14,980

CSB

​

​

9,888

​

​

9,888

​

​

9,888

GB

​

 

110,936

​

 

110,936

​

 

109,516

​

​

$

138,595

​

$

139,027

​

$

137,607

​

​

​

​

​

​

​

​

​

​

​

At November 30, 2024 and 2023, the Company’s management performed an annual internal assessment of goodwill at the reporting unit level and determined no impairment existed at either date.

The following table presents the changes in core deposit intangibles (included in Intangibles on the consolidated balance sheets) during the years ended December 31, 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

​

2023

​

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the period

​

$

13,821

​

$

16,759

​

$

9,349

Acquisition of GFED

​

 

—

​

 

—

​

 

10,264

Amortization expense

​

 

(2,760)

​

 

(2,938)

​

 

(2,854)

Balance at the end of the period

​

$

11,061

​

$

13,821

​

$

16,759

​

​

 

  

​

 

  

​

 

  

Gross carrying amount

​

$

29,519

​

$

29,519

​

$

29,519

Accumulated amortization

​

 

(18,458)

​

 

(15,698)

​

 

(12,760)

Net book value

​

$

11,061

​

$

13,821

​

$

16,759

​

​

​

​

​

​

​

​

​

​

​

Note 6. Goodwill and Intangibles (continued)

The following table presents the core deposit intangibles by reportable segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

​

​

(dollars in thousands)

Commercial Banking:

​

​

​

​

​

​

​

​

​

CRBT

​

$

628

​

$

883

​

$

1,225

CSB

​

​

865

​

​

1,430

​

​

2,027

GB

​

​

9,568

​

​

11,508

​

​

13,507

​

​

$

11,061

​

$

13,821

​

$

16,759

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The following table presents the estimated amortization of the core deposit intangibles:

​

​

​

​

​

​

    

Amount

Years ending December 31,

​

(dollars in thousands)

2025

​

$

2,644

2026

​

 

2,360

2027

​

 

1,874

2028

​

 

1,316

2029

​

 

944

Thereafter

​

 

1,923

​

​

$

11,061

​

​

​

​

​
v3.25.0.1
Note 7 - Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2024
Derivatives and Hedging Activities  
Derivatives and Hedging Activities

Note 7. Derivatives and Hedging Activities

​

Derivatives are summarized as follows as of December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

    

December 31, 2024

    

December 31, 2023

​

​

(dollars in thousands)

Assets:

​

​

​

​

​

​

Hedged Derivatives

​

​

​

​

​

​

Cash Flow Hedges

​

​

​

​

​

​

Interest rate caps

​

$

—

​

$

2,847

Interest rate swaps

​

 

1,905

​

 

1,689

Unhedged Derivatives

​

​

​

​

​

​

Interest rate caps

​

​

118

​

​

951

Swaptions

​

​

998

​

​

—

Interest rate swaps

​

 

183,760

​

 

181,854

​

​

$

186,781

​

$

187,341

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

Hedged Derivatives

​

​

​

​

​

​

Cash Flow Hedges

​

​

​

​

​

​

Interest rate swaps

​

$

(30,623)

​

$

(30,407)

Interest rate collars

​

​

(105)

​

​

(166)

Fair Value Hedges

​

​

​

​

​

​

Interest rate swaps

​

​

(335)

​

​

(3,308)

Unhedged Derivatives

​

​

​

​

​

​

Interest rate swaps

​

​

(183,760)

​

​

(181,854)

​

​

$

(214,823)

​

$

(215,735)

​

​

​

​

​

​

​

​

The Company uses interest rate swap, cap and collar instruments to manage interest rate risk related to the variability of interest payments due to changes in interest rates.

​

​

Note 7. Derivatives and Hedging Activities (continued)

The Company has entered into interest rate caps to hedge against the risk of rising interest rates on liabilities.  The liabilities consist of deposits and the benchmark rates hedged vary at 1-month SOFR, 3-month SOFR and the Prime Rate.  The interest rate caps are designated as cash flow hedges in accordance with ASC 815.  An initial premium of $3.5 million was paid upfront for the caps executed.  The details of the interest rate caps are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheet

​

​

​

​

​

​

Fair Value as of

​

​

Hedged Item

​

Effective Date

​

Maturity Date

​

Location

​

Notional Amount

​

Strike Rate

​

December 31, 2024

​

​

December 31, 2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

1/1/2020

​

1/1/2024

​

Derivatives - Assets

​

$

25,000

​

1.75

%  

​

$

-

​

​

$

(79)

​

​

Deposits

​

1/1/2020

​

1/1/2024

​

Derivatives - Assets

​

​

50,000

​

1.57

%  

​

​

-

​

​

​

-

​

​

Deposits

​

1/1/2020

​

1/1/2024

​

Derivatives - Assets

​

​

25,000

​

1.80

%  

​

​

-

​

​

​

-

​

​

Deposits

​

1/1/2020

​

1/1/2025

​

Derivatives - Assets

​

​

25,000

​

1.75

%  

​

​

-

​

​

​

672

​

​

Deposits

​

1/1/2020

​

1/1/2025

​

Derivatives - Assets

​

​

50,000

​

1.57

%  

​

​

-

​

​

​

1,503

​

​

Deposits

​

1/1/2020

​

1/1/2025

​

Derivatives - Assets

​

​

25,000

​

1.80

%  

​

​

-

​

​

​

751

​

​

​

​

​

​

​

​

​

​

$

200,000

​

​

​

​

$

-

​

​

$

2,847

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Company has entered into interest rate swaps to hedge against the risk of rising rates on its variable rate trust preferred securities and its subordinated notes.  All of the interest rate swaps are designated as cash flow hedges in accordance with ASC 815.  The details of the interest rate swaps are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheet

​

Notional

​

​

​

​

​

​

​

​

Fair Value as of

Hedged Item

​

Effective Date

​

Maturity Date

​

Location

​

Amount

​

Receive Rate

​

​

Pay Rate

​

December 31, 2024

​

December 31, 2023

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

QCR Holdings Statutory Trust V

 

7/7/2018

​

7/7/2028

​

Derivatives - Assets

 

$

10,000

​

6.47

%  

​

 

4.54

%  

​

$

427

​

$

335

Community National Statutory Trust III

 

9/15/2018

​

9/15/2028

​

Derivatives - Assets

 

​

3,500

​

6.37

%  

​

 

4.75

%  

​

​

197

​

​

118

Guaranty Bankshares Statutory Trust I

 

9/15/2018

​

9/15/2028

​

Derivatives - Assets

​

​

4,500

​

6.37

%

​

​

4.75

%

​

​

153

​

​

152

Community National Statutory Trust II

 

9/20/2018

​

9/20/2028

​

Derivatives - Assets

 

​

3,000

​

6.79

%  

​

 

5.17

%  

​

​

132

​

​

101

QCR Holdings Statutory Trust II

 

9/30/2018

​

9/30/2028

​

Derivatives - Assets

 

​

10,000

​

7.72

%  

​

 

5.85

%  

​

​

443

​

​

341

QCR Holdings Statutory Trust III

 

9/30/2018

​

9/30/2028

​

Derivatives - Assets

 

​

8,000

​

7.72

%  

​

 

5.85

%  

​

​

353

​

​

272

Guaranty Statutory Trust II*

 

5/23/2019

​

2/23/2026

​

Derivatives - Assets

 

​

10,310

​

6.23

%  

​

 

4.09

%  

​

​

200

​

​

370

QCR Holdings Subordinated Note

 

3/1/2024

​

2/15/2028

​

Derivatives - Liabilities

 

​

65,000

​

5.04

%  

​

 

4.02

%  

​

​

(50)

​

​

-

​

 

  

​

​

​

​

 

$

114,310

​

​

​

​

​

​

​

​

$

1,855

​

$

1,689

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

* Acquired on April 1, 2022 with GFED acquisition.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Company has entered into interest rate swaps to hedge against the risk of declining interest rates on floating rate loans.  The interest rate swaps are designated as cash flow hedges in accordance with ASC 815.  The details of the interest rate swaps are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheet

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value as of

Hedged Item

  

Effective Date

  

Maturity Date

  

Location

  

Notional Amount

 

 

Receive Rate

​

 

 

Pay Rate

​

 

December 31, 2024

  

December 31, 2023

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

 

7/1/2021

​

7/1/2031

​

Derivatives - Liabilities

 

$

35,000

​

​

1.40

%  

​

 

4.66

%  

​

$

(5,445)

​

$

(5,004)

Loans

 

7/1/2021

​

7/1/2031

​

Derivatives - Liabilities

 

​

50,000

​

​

1.40

%  

​

 

4.66

%  

​

​

(7,779)

​

​

(7,149)

Loans

 

7/1/2021

​

7/1/2031

​

Derivatives - Liabilities

 

​

40,000

​

​

1.40

%  

​

 

4.66

%  

​

​

(6,233)

​

​

(5,730)

Loans

 

10/1/2022

​

7/1/2031

​

Derivatives - Liabilities

 

​

25,000

​

​

1.30

%  

​

 

4.66

%  

​

​

(3,916)

​

​

(3,696)

Loans

 

4/1/2022

​

4/1/2027

​

Derivatives - Liabilities

 

​

15,000

​

​

1.91

%  

​

 

4.66

%  

​

​

(720)

​

​

(868)

Loans

 

4/1/2022

​

4/1/2027

​

Derivatives - Liabilities

 

​

50,000

​

​

1.91

%  

​

 

4.66

%  

​

​

(2,400)

​

​

(2,892)

Loans

 

4/1/2022

​

4/1/2027

​

Derivatives - Liabilities

 

​

35,000

​

​

1.91

%  

​

 

4.66

%  

​

​

(1,680)

​

​

(2,024)

Loans

​

4/1/2022

​

4/1/2027

​

Derivatives - Liabilities

​

​

50,000

​

​

1.91

%

​

​

4.66

%

​

​

(2,401)

​

​

(3,044)

​

 

  

​

​

​

​

 

$

300,000

​

​

​

​

​

​

​

​

​

$

(30,574)

​

$

(30,407)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Company uses interest rate collars in an effort to manage future interest rate exposure on variable rate loans.  The collar hedging strategy stabilizes interest rate fluctuations by setting both a floor and a cap.  The collar is designated as a cash flow hedge in accordance with ASC 815. The details of the interest rate collars are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value as of

Hedged Item

​

Effective Date

​

Maturity Date

​

Location

​

Notional Amount

​

Cap Strike Rate

​

​

Floor Strike Rate

​

December 31, 2024

​

December 31, 2023

(dollars in thousands)

Loans

 

10/1/2022

​

10/1/2026

​

Derivatives - Liabilities

 

$

50,000

​

4.40

%  

 

2.44

%  

​

$

(105)

​

$

(166)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 7. Derivatives and Hedging Activities (continued)

​

The Company has entered into interest rate swaps to hedge against the risk of rising rates on loans.  The interest rate swaps are designated as fair value hedges in accordance with ASC 815.  The details of the interest rate swaps are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheet

​

​

​

​

​

​

​

​

​

​

​

Fair Value as of

Hedged Item

​

Effective Date

​

Maturity Date

​

Location

​

Notional Amount

​

Receive Rate

​

​

​

Pay Rate

​

​

December 31, 2024

​

December 31, 2023

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

7/12/2023

​

8/1/2025

​

Derivatives - Assets

​

$

15,000

​

4.65

%  

​

​

4.60

%  

​

$

(35)

​

$

(69)

Loans

 

7/12/2023

​

2/1/2026

​

Derivatives - Assets

 

​

25,000

​

4.65

%  

​

 

4.38

%  

​

​

(77)

​

​

(195)

Loans

 

7/12/2023

​

2/1/2026

​

Derivatives - Assets

 

​

15,000

​

4.65

%  

​

 

4.38

%  

​

​

(46)

​

​

(117)

Loans

​

7/12/2023

​

2/1/2026

​

Derivatives - Assets

​

​

20,000

​

4.65

%  

​

​

4.38

%  

​

​

(61)

​

​

(140)

Loans

 

7/12/2023

​

8/1/2026

​

Derivatives - Assets

 

​

30,000

​

4.65

%  

​

 

4.21

%  

​

​

(79)

​

​

(293)

Loans

 

7/12/2023

​

8/1/2026

​

Derivatives - Assets

 

​

15,000

​

4.65

%  

​

 

4.21

%  

​

​

(40)

​

​

(146)

Loans

​

7/12/2023

​

8/1/2026

​

Derivatives - Assets

​

​

20,000

​

4.65

%  

​

​

4.21

%  

​

​

(53)

​

​

(176)

Loans

 

7/12/2023

​

2/1/2027

​

Derivatives - Assets

 

​

32,500

​

4.65

%  

​

 

4.08

%  

​

​

(44)

​

​

(364)

Loans

​

7/12/2023

​

2/1/2027

​

Derivatives - Assets

​

​

15,000

​

4.65

%  

​

​

4.08

%  

​

​

(20)

​

​

(168)

Loans

​

7/12/2023

​

2/1/2027

​

Derivatives - Assets

​

​

20,000

​

4.65

%  

​

​

4.08

%  

​

​

(27)

​

​

(202)

Loans

 

7/12/2023

​

8/1/2027

​

Derivatives - Assets

 

​

32,500

​

4.65

%  

​

 

3.98

%  

​

​

14

​

​

(397)

Loans

​

7/12/2023

​

8/1/2027

​

Derivatives - Assets

​

​

15,000

​

4.65

%  

​

​

3.98

%  

​

​

6

​

​

(183)

Loans

​

7/12/2023

​

8/1/2027

​

Derivatives - Assets

​

​

25,000

​

4.65

%  

​

​

3.98

%  

​

​

11

​

​

(276)

Loans

 

7/12/2023

​

2/1/2028

​

Derivatives - Assets

 

​

30,000

​

4.65

%  

​

 

3.90

%  

​

​

77

​

​

(388)

Loans

​

7/12/2023

​

2/1/2028

​

Derivatives - Assets

​

​

15,000

​

4.65

%  

​

​

3.90

%  

​

​

39

​

​

(194)

​

​

​

​

​

​

​

​

$

325,000

​

​

​

​

​

​

​

​

$

(335)

​

$

(3,308)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Changes in the fair values of derivative financial instruments accounted for as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded as a component of AOCI. The following is a summary of how AOCI was impacted by hedging activities during the periods listed:

​

​

​

​

​

​

​

​

​

​

Year Ended

​

    

December 31, 2024

    

December 31, 2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Unrealized loss at beginning of period, net of tax

​

$

(19,979)

​

$

(20,221)

Amount reclassified from accumulated other comprehensive income to interest expense related to caplet amortization

​

 

(510)

​

 

(872)

Amount of gain (loss) recognized in other comprehensive income, net of tax

​

 

(1,187)

​

 

1,114

Unrealized loss at end of period, net of tax

​

$

(21,676)

​

$

(19,979)

​

​

​

​

​

​

​

​

Changes in fair values of derivative financial instruments accounted for as fair value hedges, to the extent that they are included in the assessment of effectiveness, are recorded as a component of interest income/expense.

​

For derivative instruments that are designated as unhedged, the change in fair value of the derivative instrument is recognized into current earnings. The details of the unhedged interest rate caps are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheet

​

​

​

​

​

​

​

Fair Value as of

​

​

Effective Date

​

Maturity Date

​

Location

​

Notional Amount

​

Strike Rate

​

​

December 31, 2024

​

​

December 31, 2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2/1/2020

​

2/1/2024

​

Derivatives - Assets

​

$

25,000

​

1.90

%  

​

$

-

​

​

$

79

​

​

3/1/2020

​

3/3/2025

​

Derivatives - Assets

​

​

25,000

​

1.90

%  

​

​

118

​

​

​

872

​

​

​

​

​

​

​

​

$

50,000

​

​

​

​

$

118

​

​

$

951

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 7. Derivatives and Hedging Activities (continued)

​

During the third quarter of 2024, the Company executed a derivative strategy more commonly known as a swaption.  The swaptions are designed to hedge the Company’s regulatory capital ratios against the adverse effects of a significant decline in long-term interest rates.  The swaptions are designated as unhedged in accordance with ASC 815, therefore the change in fair value of the derivative instrument is recognized into current earnings.  An initial premium of $4.5 million was paid upfront for the swaptions.  The details of the swaptions are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value as of

Effective Date

​

Maturity Date

​

Location

​

Notional Amount

​

Strike Rate

​

December 31, 2024

​

December 31, 2023

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7/30/2024

​

7/30/2025

​

Derivatives - Assets

 

$

77,600

​

2.13

%  

​

$

37

​

​

N/A

7/30/2024

​

7/30/2025

​

Derivatives - Assets

​

​

33,100

​

2.62

%  

​

​

54

​

​

N/A

7/30/2024

​

7/30/2025

​

Derivatives - Assets

​

​

28,254

​

2.12

%  

​

​

48

​

​

N/A

7/30/2024

​

7/30/2025

​

Derivatives - Assets

​

​

66,247

​

2.63

%  

​

​

33

​

​

N/A

7/30/2024

​

1/29/2026

​

Derivatives - Assets

​

​

20,750

​

2.63

%  

​

​

102

​

​

N/A

7/30/2024

​

1/29/2026

​

Derivatives - Assets

​

​

41,700

​

2.13

%  

​

​

77

​

​

N/A

7/30/2024

​

1/30/2026

​

Derivatives - Assets

​

​

36,546

​

2.14

%  

​

​

70

​

​

N/A

7/30/2024

​

1/30/2026

​

Derivatives - Assets

​

​

18,453

​

2.64

%  

​

​

93

​

​

N/A

7/30/2024

​

7/30/2026

​

Derivatives - Assets

​

​

16,100

​

2.64

%  

​

​

140

​

​

N/A

7/30/2024

​

7/30/2026

​

Derivatives - Assets

​

​

29,800

​

2.14

%  

​

​

116

​

​

N/A

7/30/2024

​

7/30/2026

​

Derivatives - Assets

​

​

25,971

​

2.14

%  

​

​

103

​

​

N/A

7/30/2024

​

7/30/2026

​

Derivatives - Assets

​

​

14,280

​

2.64

%  

​

​

125

​

​

N/A

​

​

​

​

​

 

$

408,801

​

​

​

​

$

998

​

​

N/A

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Company has also entered into interest rate swap contracts that are not designated as hedging instruments.  These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer while at the same time entering into an equal and offsetting interest rate swap with a third-party financial institution. Additionally, the Company receives an upfront, non-refundable fee from the third-party financial institution, dependent upon the pricing that is recognized upon receipt from the third-party financial institution. Because the Company acts as an intermediary for the customer, changes in the fair value of the underlying derivative contracts, for the most part, offset each other and do not significantly impact the Company’s results of operations.

​

Interest rate swaps that are not designated as hedging instruments are summarized as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

​

​

Notional Amount

​

Estimated Fair Value

​

Notional Amount

​

Estimated Fair Value

​

​

​

(dollars in thousands)

Non-Hedging Interest Rate Derivatives Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap contracts

​

​

$

4,148,306

​

$

183,760

​

$

3,308,024

​

$

181,854

Non-Hedging Interest Rate Derivatives Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap contracts

​

​

$

4,148,306

​

$

183,760

​

$

3,308,024

​

$

181,854

​

​

The effect of cash flow hedging and fair value accounting on the consolidated statements of income for the years ended December 31, 2024, 2023 and 2022 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

​

Year Ended December 31, 2023

​

​

Year Ended December 31, 2022

​

​

Interest and

​

Interest

​

​

Interest and

​

Interest

​

​

Interest and

​

Interest

​

​

Dividend Income

​

Expense

​

​

Dividend Income

​

Expense

​

​

Dividend Income

​

Expense

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income and expense line items presented in the consolidated statements of income

​

$

481,857

​

$

250,069

​

​

$

413,410

​

$

192,404

​

​

$

292,571

​

$

61,451

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of cash flow hedging:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) on interest rate caps on deposits

​

​

-

​

​

(4,032)

​

​

​

-

​

​

(7,639)

​

​

​

-

​

​

(1,422)

Gain (loss) on interest rate swaps on debt

​

​

-

​

​

(1,271)

​

​

​

-

​

​

(1,167)

​

​

​

-

​

​

500

(Gain) loss on interest rate swaps and collars on loans

​

​

(11,431)

​

​

-

​

​

​

(10,763)

​

​

-

​

​

​

(829)

​

​

-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of fair value hedging:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain on interest rate swaps on loans

​

​

3,380

​

​

-

​

​

​

1,746

​

​

-

​

​

​

-

​

​

-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 7. Derivatives and Hedging Activities (continued)

​

The Company’s hedged interest rate swaps and non-hedged interest rate swaps are collateralized with cash and investment securities with carrying values as follows, as of the dates presented:

​

​

​

​

​

​

​

​

​

    

December 31, 2024

​

December 31, 2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Cash

​

$

39,431

​

$

51,680

U.S. govt. sponsored agency securities

​

​

6,222

​

​

6,413

Municipal securities

​

​

151,107

​

​

68,651

Residential mortgage-backed and related securities

​

 

18,132

​

 

23,358

​

​

$

214,892

​

$

150,102

​

​

​

​

​

​

​

​

The Company may be exposed to credit risk in the event of non-performance by the counterparties to its interest rate derivative agreements.  The Company assesses the credit risk of its financial institution counterparties by monitoring publicly available credit rating and financial information.  Additionally, the Company manages financial institution counterparty credit risk by entering into interest rate derivatives only with primary and highly rated counterparties, the use of ISDA master agreements, central clearing mechanisms and counterparty limits.  The agreements contain bilateral collateral arrangements with the amount of collateral to be posted generally governed by the settlement value of outstanding swaps.  The Company manages the risk of default by its borrower/customer counterparties through its normal loan underwriting and credit monitoring policies and procedures.  The Company underwrites the combination of the base loan amount and potential swap exposure and focuses on high quality borrowers with strong collateral values. The majority of the Company’s swapped loan portfolio consists of loans on projects, with loan-to-values, including the potential swap exposure, below 65%.  The Company does not currently anticipate any losses from failure of interest rate derivative counterparties to honor their obligations.
v3.25.0.1
Note 8 - Deposits
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Deposits

Note 8. Deposits

The aggregate amount of certificates of deposit, each with a minimum denomination of $250,000, was $529.7 million and $511.4 million as of December 31, 2024 and 2023, respectively.

As of December 31, 2024, the scheduled maturities of certificates of deposit were as follows:

​

​

​

​

​

​

​

Amount

​

​

(dollars in thousands)

Year ending December 31:

    

​

​

2025

​

$

1,035,972

2026

​

 

30,737

2027

​

 

46,415

2028

​

 

54,461

2029

​

 

58,230

Thereafter

​

 

10

​

​

$

1,225,825

​

​

​

​

​

As of December 31, 2024 and 2023, the Company had public entity interest-bearing demand deposits and certificates of deposit that are collateralized by investment securities with carrying values as follows:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

U.S. govt. sponsored agency securities

​

$

1,481

​

$

1,805

Residential mortgage-backed and related securities

​

 

2,022

​

 

2,114

​

​

$

3,503

​

$

3,919

​

​

​

​

​

​

​

​

Note 8. Deposits (continued)

The Company had a $240.0 million PUD LOC with the FHLB of Des Moines for the purpose of providing additional collateral on public deposits as of December 31, 2024. As of December 31, 2023, the Company had a $175.0 million PUD LOC with the FHLB of Des Moines. There were no amounts outstanding under these letters of credit as of December 31, 2024 or 2023.

​

Brokered deposits as of December 31, 2024 and 2023 were $358.3 million and $285.0 million, respectively.

v3.25.0.1
Note 9 - Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Short-Term Borrowings

Note 9. Short-Term Borrowings

Short-term borrowings as of December 31, 2024 and 2023 are summarized as follows:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Federal funds purchased

​

$

1,800

​

$

1,500

​

​

​

​

​

​

​

​

Information concerning federal funds purchased is summarized as follows for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

    

2024

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

Average daily balance

​

$

1,850

​

$

2,781

​

Average daily interest rate

​

 

5.03

%  

 

5.09

%

Maximum month-end balance

​

$

4,100

​

$

2,230

​

Weighted average rate as of December 31

​

 

4.20

%  

 

5.20

%

​

Investment securities with a carrying value of $9.2 million and $10.1 million were pledged on short-term borrowings as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Note 10 - FHLB Advances
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
FHLB Advances

Note 10. FHLB Advances

The subsidiary banks are members of the FHLB. Maturity and interest rate information on advances from the FHLB as of December 31, 2024 and 2023 is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

 

​

​

​

​

​

Weighted

​

​

​

​

Weighted

 

​

​

​

​

​

Average

​

​

​

​

Average

 

​

​

​

​

​

Interest Rate

​

​

​

​

Interest Rate

 

​

    

Amount Due

    

at Year-End

    

Amount Due

    

at Year-End

 

​

​

(dollars in thousands)

Maturity:

​

​

​

​

​

​

​

​

​

​

​

Year ending December 31:

 

​

  

 

  

 

​

  

 

  

​

2024

​

$

—

​

—

%

$

300,000

​

5.64

%

2025

​

​

140,000

​

4.62

​

​

—

​

—

​

2026

​

​

45,000

​

5.01

​

​

45,000

​

5.01

​

2027

​

​

45,000

​

4.82

​

​

45,000

​

4.82

​

2028

​

​

45,000

​

4.64

​

​

45,000

 

4.64

​

2029

​

 

10,383

 

—

​

 

—

 

—

​

Total FHLB advances

​

$

285,383

 

4.55

%  

$

435,000

 

5.39

%

​

​

​

​

​

​

​

​

​

​

​

​

​

Advances from the FHLB were collateralized by loans of $2.1 billion both as of December 31, 2024 and 2023, in aggregate. The FHLB applies loan-to-value discounts to loans pledged as collateral based on the loan type. There were no securities pledged as collateral on advances as of either December 31, 2024 or 2023.  The Company continues to pledge loans under blanket liens to provide off balance sheet liquidity.

As of December 31, 2024 and 2023, the subsidiary banks held $18.3 million and $24.5 million, respectively, of FHLB stock, which is included in restricted investment securities on the consolidated balance sheets.
v3.25.0.1
Note 11 - Other Borrowings and Unused Lines of Credit
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Other Borrowings and Unused Lines of Credit

Note 11. Other Borrowings and Unused Lines of Credit

In the second quarter of 2024, the Company renewed its revolving line of credit with a third party financial institution.  At renewal, the available line amount remained unchanged at $50.0 million for which there was no outstanding balance as of December 31, 2024 or 2023. Interest on the revolving line of credit is calculated at the greater of: (a) the effective Prime Rate less 0.50% or (b) 3.00% per annum. The collateral on the revolving line of credit is 100% of the outstanding capital stock of the Company’s bank subsidiaries.

Unused lines of credit of the subsidiary banks as of December 31, 2024 and 2023 are summarized as follows:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Secured

​

$

746,742

​

$

248,494

Unsecured

​

 

450,800

​

 

450,800

​

​

$

1,197,542

​

$

699,294

​

​

​

​

​

​

​

​

Included in the Secured category above, the Company pledges select C&I and CRE loans to the FRB for borrowing as part of the Borrower-In-Custody program.
v3.25.0.1
Note 12 - Subordinated Notes
 12 Months Ended
Dec. 31, 2024
Subordinated Notes  
Subordinated Notes

Note 12. Subordinated Notes

Subordinated notes as of December 31, 2024 and 2023 are summarized as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount Outstanding

​

Interest Rate

​

​

​

Amount Outstanding

​

Interest Rate

​

​

​

​

as of December 31, 2024

​

as of December 31, 2024

​

​

​

as of December 31, 2023

​

as of December 31, 2023

​

Maturity Date

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

Subordinated debenture dated 2/12/19

$

65,000

​

7.605

%

​

$

65,000

​

5.375

%

2/15/2029

Subordinated debenture dated 9/14/20

​

50,000

​

5.125

%

​

​

50,000

​

5.125

%

9/15/2030

Subordinated debenture dated 7/29/20*

​

20,000

​

5.250

%

​

​

20,000

​

5.250

%

9/30/2030

Subordinated debenture dated 8/18/22

​

45,000

​

5.500

%

​

​

45,000

​

5.500

%

9/1/2032

Subordinated debenture dated 8/18/22

​

55,000

​

5.950

%

​

​

55,000

​

5.950

%

9/1/2037

Debt issuance costs

​

(1,511)

​

​

​

​

​

(1,936)

​

​

​

​

Total Subordinated Debentures

$

233,489

​

​

​

​

$

233,064

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Assumed in acquisition of GFED

​

​

​

​

​

​

​

​

​

​

​

​

​

On February 19, 2019, the Company completed an underwritten public offering of  $65.0 million in aggregate principal amount of fixed-to-floating subordinated notes that mature on February 15, 2029. Net proceeds, after deducting the underwriting discount and estimated expenses, were $63.4 million.  The subordinated notes, which qualify as Tier 2 capital for the Company, bore interest at a fixed rate of 5.375% per year from and after February 12, 2019 to, but excluding, February 15, 2024 or an earlier redemption date.  From and after February 15, 2024 to, but excluding, the maturity date or earlier redemption date, the interest resets quarterly to the then current three-month LIBOR plus 282 basis points.  Interest on the subordinated notes was payable semi-annually, commencing on August 15, 2019 during the five year fixed term, commencing on February 15, 2024, became payable quarterly.  The subordinated notes are redeemable by the Company at its option, in whole or in part, on any interest payment date on or after February 15, 2024.  The subordinated notes are redeemable by the Company in whole but not in part, under certain limited circumstances set forth in the subordinated notes.  Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the subordinated notes being redeemed, together with any accrued and unpaid interest on the subordinated notes being redeemed to, but excluding, the date of redemption.  The subordinated notes are subordinate in the right of payment to the Company’s senior indebtedness and the indebtedness and other liabilities of the subsidiary banks.

​

On September 14, 2020, the Company completed a private offering of $50.0 million in aggregate principal amount of fixed-to-floating subordinated notes that mature on September 15, 2030. The subordinated notes, which qualify as Tier 2 capital for the Company, bear interest at a fixed rate of 5.125% per year, from and including September 14, 2020 to, but excluding, September 15, 2025 or an earlier redemption date.  From and including September 15, 2025 to, but excluding, the maturity date or earlier redemption date, the interest rate will reset quarterly at a variable rate, which is expected to be the then current three-month term SOFR, plus 500 basis points.  Interest on the subordinated notes is payable quarterly, commencing on December 15, 2020. The subordinated notes are redeemable by the Company at its option, in whole or in part, on any interest payment date on or after September 15, 2025.  The subordinated notes are redeemable by the Company in whole but not in part, under certain limited circumstances set forth in the subordinated notes.  Any redemption by the Company would be at a redemption price equal to 100% of the principal amount of the subordinated notes being redeemed, together with any accrued and unpaid interest on the subordinated notes being redeemed to, but excluding, the date of redemption.  The subordinated notes are subordinate in the right of payment to the Company’s senior indebtedness and the indebtedness and other liabilities of the subsidiary banks.

​

On April 1, 2022, the Company acquired through the GFED acquisition $20.0 million in aggregate principal amount of fixed-to-floating subordinated notes that mature on September 30, 2030.  The subordinated notes, which qualify as Tier 2 capital for the Company, bear interest at a fixed rate of 5.25% per year, from and including July 29, 2020 to, but excluding September 30, 2025 or an earlier redemption.  From and including September 30, 2025 to, but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly at a variable rate, which is expected to be the then three-month Term SOFR, plus 519 basis points.  Interest on the subordinated notes is payable semi-annually, commencing on September 30, 2020 through September 30, 2025.  The subordinated notes may be redeemed at the Company’s option, in whole or in part, on any interest payment date on or after September 30, 2025, at a

Note 12. Subordinated Notes (continued)

redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption.  The subordinated notes are subordinate in the right of payment to the Company’s senior indebtedness and the indebtedness and other liabilities of the subsidiary banks.

On August 18, 2022, the Company also completed a private offering of $45.0 million in aggregate principal amount of fixed-to-floating subordinated notes that mature on September 1, 2032, of which $43.25 million were exchanged for subordinated notes registered under the Securities Act of 1933.  The subordinated notes, which qualify as Tier 2 capital for the Company, bear interest at a fixed rate of 5.50% per year, from and including September 1, 2022 to, but excluding September 1, 2027 or an earlier redemption.  From and including September 1, 2027 to, but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly at a variable rate, which is expected to be the then three-month Term SOFR, plus 279 basis points.  Interest on the subordinated notes is payable semi-annually, commencing on March 1, 2023 through September 1, 2027, and quarterly thereafter.  The notes are redeemable, in whole or in part, at any time upon the occurrence of certain events.  The subordinated notes may be redeemed at the Company’s option, in whole or in part, on any interest payment date on or after September 1, 2027, at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption.  The subordinated notes are subordinate in the right of payment to the Company’s senior indebtedness and the indebtedness and other liabilities of the subsidiary banks.

On August 18, 2022, the Company completed a private offering of $55.0 million in aggregate principal amount of fixed-to-floating subordinated notes that mature on September 1, 2037.  The subordinated notes, which qualify as Tier 2 capital for the Company, bear interest at a fixed rate of 5.95% per year, from and including September 1, 2022 to, but excluding September 1, 2032 or an earlier redemption.  From and including September 1, 2032 to, but excluding the maturity date or earlier redemption date, the interest rate will reset quarterly at a variable rate, which is expected to be the then three-month Term SOFR, plus 300 basis points.  Interest on the subordinated notes is payable quarterly, commencing on December 1, 2022.  The notes are redeemable, in whole or in part, at any time upon the occurrence of certain events.  The subordinated notes may be redeemed at the Company’s option, in whole or in part, on any interest payment date on or after September 1, 2032, at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption.  The subordinated notes are subordinate in the right of payment to the Company’s senior indebtedness and the indebtedness and other liabilities of the subsidiary banks.

The Company uses an interest rate swap for the purpose of hedging interest rate risk on the subordinated debenture dated February 12, 2019.  See Note 7 to the Consolidated Financial Statements for the details of this instrument.

​

​

​

​

​
v3.25.0.1
Note 13 - Junior Subordinated Debentures
 12 Months Ended
Dec. 31, 2024
Junior Subordinated Debentures  
Junior Subordinated Debentures

Note 13. Junior Subordinated Debentures

Junior subordinated debentures are summarized as of December 31, 2024 and 2023 as follows:

​

​

​

​

​

​

​

​

​

    

2024

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Note Payable to QCR Holdings Capital Trust II

​

$

10,310

​

$

10,310

Note Payable to QCR Holdings Capital Trust III

​

 

8,248

​

 

8,248

Note Payable to QCR Holdings Capital Trust V

​

 

10,310

​

 

10,310

Note Payable to Community National Trust II*

​

 

3,093

​

 

3,093

Note Payable to Community National Trust III*

​

 

3,609

​

 

3,609

Note Payable to Guaranty Bankshares Statutory Trust I**

​

 

4,640

​

 

4,640

Note Payable to Guaranty Statutory Trust II***

​

​

10,310

​

​

10,310

Market Value Discount per ASC 805****

​

 

(1,660)

​

 

(1,789)

​

​

$

48,860

​

$

48,731

​

​

​

​

​

​

​

*      As part of the acquisition of Community National in 2013, the Company assumed two junior subordinated debentures with a total fair value of $4.2 million.

**    As part of the acquisition of Guaranty Bank in 2017, the Company assumed one junior subordinated debenture with a fair value of $3.9 million.

***  As part of the acquisition of GFED in 2022, the Company assumed one junior subordinated debenture with a fair value of $10.3 million.

****  Market value discount includes discount on junior subordinated debt acquired as described in *, ** and ***.

A schedule of the Company’s non-consolidated subsidiaries formed for the issuance of trust preferred securities, including the amounts outstanding as of December 31, 2024 and 2023, is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Amount

    

Amount

    

​

    

​

  

​

​

 

​

​

​

Outstanding

​

Outstanding

​

​

​

​

​

​

​

 

​

​

​

December 31, 

​

December 31, 

​

​

​

Interest Rate as of

​

​

Interest Rate as of

 

Name

Date Issued

​

2024

​

2023

​

Interest Rate

​

December 31, 2024

​

​

December 31, 2023

 

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

QCR Holdings Statutory Trust II

February 2004

​

$

10,310

​

$

10,310

 

2.85% over 3-month SOFR

 

7.72

%  

​

8.44

%

QCR Holdings Statutory Trust III

February 2004

​

 

8,248

​

 

8,248

 

2.85% over 3-month SOFR

 

7.72

%  

​

8.44

%

QCR Holdings Statutory Trust V

February 2006

​

 

10,310

​

 

10,310

 

1.55% over 3-month SOFR

 

6.47

%  

​

7.21

%

Community National Statutory Trust II

September 2004

​

 

3,093

​

 

3,093

 

2.17% over 3-month SOFR

 

6.79

%  

​

7.80

%

Community National Statutory Trust III

March 2007

​

 

3,609

​

 

3,609

 

1.75% over 3-month SOFR

 

6.37

%  

​

7.40

%

Guaranty Bankshares Statutory Trust I

May 2005

​

 

4,640

​

 

4,640

 

1.75% over 3-month SOFR

 

6.37

%  

​

7.40

%

Guaranty Statutory Trust II

December 2005

​

 

10,310

​

 

10,310

 

1.45% over 3-month SOFR

 

6.23

%  

​

7.09

%

​

​

​

$

50,520

​

$

50,520

 

Weighted Average Rate

 

6.88

%  

​

7.70

%

​

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities issued by all of the trusts listed above mature 30 years from the date of issuance, but all are currently callable at par at any time. Interest rate reset dates vary by trust.

The Company uses interest rate swaps for the purpose of hedging interest rate risk on all of the variable rate junior subordinated debt.  See Note 7 to the Consolidated Financial Statements for the details of these instruments.
v3.25.0.1
Note 14 - Federal and State Income Taxes
 12 Months Ended
Dec. 31, 2024
Federal and State Income Taxes  
Federal and State Income Taxes

Note 14. Federal and State Income Taxes

Federal and state income tax expense was comprised of the following components for the years ended December 31, 2024, 2023, and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Current

​

$

15,919

​

$

14,008

​

$

19,165

Deferred

​

 

(7,192)

​

 

(946)

​

 

(4,682)

​

​

$

8,727

​

$

13,062

​

$

14,483

​

​

​

​

​

​

​

​

​

​

​

A reconciliation of the expected federal income tax expense to the income tax expense included in the consolidated statements of income was as follows for the years ended December 31, 2024, 2023, and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

 

​

​

​

2024

​

2023

​

2022

 

​

​

​

​

​

​

% of

​

​

​

​

% of

​

​

​

​

% of

 

​

​

​

​

​

​

Pretax

​

​

​

​

Pretax

​

​

​

​

Pretax

 

​

    

 

Amount

    

Income

    

Amount

    

Income

    

Amount

    

Income

 

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Computed "expected" tax expense

​

​

$

25,741

 

21.0

%  

$

26,590

 

21.0

%  

$

23,845

 

21.0

%

Tax exempt income, net

​

​

 

(16,410)

 

(13.4)

​

 

(13,823)

 

(10.9)

​

 

(10,689)

 

(9.4)

​

Bank-owned life insurance

​

​

 

(1,142)

 

(0.9)

​

 

(875)

 

(0.7)

​

 

(432)

 

(0.4)

​

State income taxes, net of federal benefit, current year

​

​

 

3,517

 

2.9

​

 

4,433

 

3.5

​

 

4,482

 

3.9

​

Change in unrecognized tax benefits

​

​

 

1,169

 

1.0

​

 

396

 

0.3

​

 

498

 

0.4

​

Provision adjustment from accounting method change

​

​

​

(142)

​

(0.1)

​

​

(247)

​

(0.2)

​

​

(1,181)

​

(1.0)

​

Tax credits

​

​

 

(2,717)

 

(2.3)

​

 

(2,865)

 

(2.3)

​

 

(1,362)

 

(1.2)

​

Acquisition costs

​

​

 

—

 

—

​

 

—

 

—

​

 

276

 

0.2

​

Excess tax benefit on stock options exercised and restricted stock awards vested

​

​

 

(929)

 

(0.8)

​

 

(464)

 

(0.3)

​

 

(503)

 

(0.4)

​

Other

​

​

 

(360)

 

(0.3)

​

 

(83)

 

(0.1)

​

 

(451)

 

(0.4)

​

Federal and state income tax expense

​

​

$

8,727

 

7.1

%  

$

13,062

 

10.3

%  

$

14,483

 

12.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Changes in the unrecognized tax benefits included in other liabilities were as follows for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Balance, beginning

​

$

3,076

​

$

2,680

Impact of tax positions taken during current year

​

 

972

​

 

712

Gross increase related to tax positions of prior years

​

 

184

​

 

110

Change as a result of a lapse of the applicable statute of limitations

​

 

13

​

 

(426)

Balance, ending

​

$

4,245

​

$

3,076

​

​

​

​

​

​

​

​

Included in the unrecognized tax benefits liability at December 31, 2024 were potential benefits of approximately $3.8 million that, if recognized, would have affected the effective tax rate for the year ended December 31, 2024.  Included in the unrecognized tax benefits liability at December 31, 2023, were potential benefits of approximately $2.5 million  that, if recognized, would have affected the effective tax rate for the year ended December 31, 2023.

The liability for unrecognized tax benefits includes accrued interest for tax positions, which either do not meet the more-likely-than-not recognition threshold or where the tax benefit is measured at an amount less than the tax benefit claimed or expected to be claimed on an income tax return. At December 31, 2024 and 2023, accrued interest on uncertain tax positions was approximately $971 thousand and $486 thousand, respectively. Estimated interest related to the underpayment of income taxes is classified as a component of “income tax expense” in the statements of income.

Note 14. Federal and State Income Taxes (continued)

Effective January 1, 2024, the Company made an election under ASU2023-02 to account for its tax credit investments using the proportional amortization method under newly adopted accounting guidance.  Under the proportional amortization method, the Company applies a practical expedient for its tax credit investments and amortizes the initial cost of the qualifying investments in proportion to the income tax credits received in the current period as compared to the total income tax credits expected to be received over the life of the investment.

The following table summarizes that impact to the Consolidated Statements of Operations relative to the Company’s tax credit programs for which it has elected to apply the proportional amortization method of accounting:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended

​

​

​

December 31, 2024

​

​

December 31, 2023

​

December 31, 2022

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

Tax credits recognized

​

$

8,189

​

$

5,185

​

$

2,143

​

Other tax benefits recognized

​

 

2,631

​

 

2,037

​

 

1,371

​

Amortization

​

 

(8,313)

​

 

(5,091)

​

 

(3,109)

​

Net benefit included in income tax

​

 

2,507

​

 

2,131

​

 

405

​

​

​

 

​

​

 

​

​

 

​

​

Other income

​

 

—

​

 

—

​

 

—

​

Allocated income on investments

​

​

—

​

​

—

​

​

—

​

Net benefit included in noninterest income

​

​

—

​

​

—

​

​

—

​

​

​

 

​

​

 

​

​

 

​

​

Net benefit included in the Consolidated Statements of Operations

​

$

2,507

​

$

2,131

​

$

405

​

​

​

​

​

​

​

​

​

​

​

​

​

The Company did not recognize impairment losses resulting from the forfeiture or ineligibility of income tax credits or other circumstances during the years ending December 31, 2024, 2023 and 2022.

The Company’s federal income tax returns are open and subject to examination from the 2021 tax return year and later. Various state franchise and income tax returns are generally open from the 2020 and later tax return years based on individual state statutes of limitations.

The net deferred tax assets consisted of the following as of December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

Deferred tax assets:

 

​

  

 

​

  

Net unrealized losses on securities available for sale and derivative instruments

​

$

18,960

​

$

18,127

Compensation

​

 

17,765

​

 

15,761

Loan/lease losses

​

 

19,343

​

 

20,628

Equipment financing leases

​

​

1,555

​

​

—

Net operating loss carryforwards, federal and state

​

 

493

​

 

630

Other

​

 

893

​

 

—

​

​

 

59,009

​

 

55,146

Deferred tax liabilities:

​

 

  

​

 

  

Premises and equipment

​

 

6,102

​

 

7,206

Equipment financing leases

​

 

—

​

 

2,084

Acquisition fair value adjustments

​

 

3,962

​

 

3,983

Deferred loan origination fees, net

​

 

1,098

​

 

1,515

Prepaid expense

​

​

1,630

​

​

1,749

Other

​

 

—

​

 

417

​

​

 

12,792

​

 

16,954

Net deferred tax assets

​

$

46,217

​

$

38,192

​

​

​

​

​

​

​

​

​

​

Note 14. Federal and State Income Taxes (continued)

At December 31, 2024, the Company had $2.2 million of federal tax NOL carryforwards and $2.0 million of state tax NOL carryforwards. $886 thousand of the federal tax NOL carryforwards were related to the acquisition of Community National and CNB and these losses are set to expire in varying amounts between 2029 and 2033.  $2.0 million of the state tax NOL carryforwards are also related to the acquisition of Community National and CNB and are set to expire in varying amounts between 2025 and 2028. The additional $1.3 million of federal NOLs were acquired in 2022 with the Guaranty Bank acquisition.  The Guaranty Bank federal tax NOLs acquired are expected to be utilized prior to their expiration dates.

At December 31, 2023, the Company had $2.8 million of federal tax NOL carryforwards and $2.0 million of state tax NOL carryforwards. $1.4 million of the federal tax NOL carryforwards were related to the acquisition of Community National and CNB and these losses are set to expire in varying amounts between 2029 and 2033.  $2.0 million of the state tax NOL carryforwards are also related to the acquisition of Community National and CNB and are set to expire in varying amounts between 2024 and 2028. The additional $1.4 million of federal NOLs were acquired in 2022 with the Guaranty Bank acquisition.  The Guaranty Bank federal tax NOLs acquired are expected to be utilized prior to their expiration dates.

The change in deferred income taxes was reflected in the Consolidated Financial Statements as follows for the years ended December 31, 2024, 2023, and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Provision for income taxes

​

$

(7,192)

​

$

(946)

​

$

(4,682)

Statement of stockholders' equity- Other comprehensive income (loss)

​

 

(833)

​

 

3,192

​

 

(22,066)

​

​

$

(8,025)

​

$

2,246

​

$

(26,748)

​

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 15 - Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Employee Benefit Plans

Note 15. Employee Benefit Plans

The Company has a profit sharing plan, which includes a provision designed to qualify under Section 401(k) of the Internal Revenue Code of 1986, as amended, to allow for participants to defer a portion of their annual compensation under the profit sharing plan. Substantially all employees who are at least 18 years of age are eligible to participate in the plan. The Company matches 100% of an employee’s deferrals up to the first 3% of an employee’s annual compensation, and 50% of the next 3% of an employee’s deferred annual compensation, up to a maximum amount of 4.5% of an employee’s annual compensation. Additionally, at its discretion, the Company may make additional contributions to the plan, which are allocated to the accounts of participants in the plan based on relative compensation. There were no discretionary contributions for the years ended December 31, 2024, 2023 and 2022. Company matching contributions for the years ended December 31, 2024, 2023, and 2022 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Matching contribution

​

$

3,670

​

$

3,314

​

$

3,071

​

​

​

​

Note 15. Employee Benefit Plans (continued)

The Company has entered into nonqualified supplemental executive retirement plans (SERPs) with certain executive officers. The SERPs allow certain executives to accumulate retirement benefits beyond those provided by the qualified retirement plan. Changes in the liability related to the SERPs, included in other liabilities, were as follows for the years ended December 31, 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

8,689

​

$

8,165

​

$

7,273

Expense accrued

​

 

400

​

 

889

​

 

1,286

Cash payments made

​

 

(267)

​

 

(365)

​

 

(394)

Balance, ending

​

$

8,822

​

$

8,689

​

$

8,165

​

​

​

​

​

​

​

​

​

​

​

The Company has a deferred compensation plan under which it has entered into deferred compensation agreements with certain officers of the subsidiary banks. Under the provisions of the agreements, the officers may defer compensation and the Company matches the deferral up to certain maximums. The Company’s matching contribution varies by officer as well.  Certain officers’ agreements provide for a 100% match and have a maximum of between $10 thousand and $25 thousand annually. Interest on the deferred amounts is earned at the Prime Rate subject to a minimum of 4% and a maximum of 12%, with such limits differing by officer. Other officers have a 50% match and have a maximum between 4% and 12% of compensation as set forth in the relevant participation agreement. Interest on the deferred amounts is earned at the Prime Rate plus one percentage point, subject to a minimum of 4% and a maximum of 8%.

Upon retirement, each officer will, subject to a potential six-month deferral, receive the deferral balance in 180 equal monthly installments. As of December 31, 2024 and 2023 the liability related to the agreements totaled $55.1 million and $46.8 million, respectively.

Changes in the deferred compensation agreements, included in other liabilities, were as follows for the years ended December 31, 2024, 2023, and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

46,800

​

$

38,255

​

$

32,353

Employee deferrals

​

 

3,597

​

​

4,306

​

 

3,615

Company match and interest

​

 

5,393

​

​

4,788

​

 

2,776

Cash payments made

​

 

(625)

​

 

(549)

​

 

(489)

Balance, ending

​

$

55,165

​

$

46,800

​

$

38,255

​

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 16 - Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Stock-Based Compensation

Note 16. Stock-Based Compensation

The Company’s board of directors adopted in February 2010, and its stockholders approved in May 2010, the QCR Holdings, Inc. 2010 Equity Incentive Plan (“2010 Equity Incentive Plan”). The Company’s board of directors adopted in February 2013, and its stockholders approved in May 2013, the QCR Holdings, Inc. 2013 Equity Incentive Plan (“2013 Equity Incentive Plan”). The Company’s board of directors adopted in February 2016, and its stockholders approved in May 2016, the QCR Holdings, Inc. 2016 Equity Incentive Plan (“2016 Equity Incentive Plan”). The Company’s board of directors adopted in February 2024, and its stockholders approved in May 2024, the QCR Holdings, Inc. 2024 Equity Incentive Plan (“2024 Equity Incentive Plan”). Up to 350,000, 350,000, 400,000 and

Note 16. Stock-Based Compensation (continued)

600,000 shares of common stock, respectively, may be issued to employees and directors of the Company and its subsidiaries pursuant to equity incentive awards granted under these plans.

The 2010 Equity Incentive Plan, the 2013 Equity Incentive Plan,  the 2016 Equity Incentive Plan and the 2024 Equity Incentive Plan (collectively, the “Equity Plans”) are administered by the Compensation Committee of the board of directors (the “Committee”). As of December 31, 2024, there were 622,344 remaining shares of common stock available for the grant of future awards under the Equity Plans; however, such future awards may be granted only under the 2024 Equity Incentive Plan.

The number and exercise price of options granted under the Equity Plans are determined by the Committee at the time the option is granted. In no event can the exercise price be less than the value of the common stock at the date of the grant for stock options. All options have a 10-year life and will vest and become exercisable from 3-to-7 years after the date of the grant. The value of restricted stock awards is estimated by using the market price of the Company’s common stock at the date of grant.

Stock-based compensation expense was reflected in the Consolidated Financial Statements as follows for the years ended December 31, 2024, 2023, and 2022.

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Stock options

​

$

358

​

$

286

​

$

246

Restricted stock awards

​

​

2,128

​

​

2,084

​

​

1,967

Stock purchase plan

​

 

339

​

 

308

​

 

225

​

​

$

2,825

​

$

2,678

​

$

2,438

​

​

​

​

​

​

​

​

​

​

​

Stock options:

A summary of the stock option plans as of December 31, 2024, 2023, and 2022 and changes during the years then ended is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

​

2024

​

2023

​

2022

​

​

​

​

​

Weighted

​

​

​

​

Weighted

​

​

​

​

Weighted

​

​

​

​

​

Average

​

​

​

​

Average

​

​

​

​

Average

​

​

​

​

​

Exercise

​

​

​

​

Exercise

​

​

​

​

Exercise

​

    

Shares

    

Price

    

Shares

    

Price

    

Shares

    

Price

Outstanding, beginning

​

​

290,149

​

$

32.11

​

​

346,678

​

$

27.60

​

​

367,998

​

$

24.46

Granted

 

​

29,900

​

 

56.79

 

​

25,000

​

 

53.31

 

​

22,400

​

 

53.87

Exercised

 

​

(95,724)

​

 

22.05

 

​

(81,354)

​

 

19.45

 

​

(41,695)

​

 

14.07

Forfeited

 

​

(3,479)

​

 

39.01

 

​

(175)

​

 

15.65

 

​

(2,025)

​

 

26.72

Outstanding, ending

 

​

220,846

​

 

39.70

 

​

290,149

​

 

32.11

 

​

346,678

​

 

27.60

​

 

​

  

​

 

  

 

​

  

​

 

  

 

​

  

​

 

  

Exercisable, ending

 

​

158,911

​

 

  

 

​

233,967

​

 

  

 

​

295,077

​

 

  

​

 

​

  

​

 

  

 

​

  

​

 

  

 

​

  

​

 

  

Weighted average fair value per option granted

​

$

18.61

​

 

  

​

$

16.36

​

 

  

​

$

13.97

​

 

  

​

​

Note 16. Stock-Based Compensation (continued)

A further summary of options outstanding as of December 31, 2024 is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Options Outstanding

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Options Exercisable

​

​

​

​

Average

​

Weighted

​

​

​

Weighted

​

​

​

​

Remaining

​

Average

​

​

​

Average

Range of

​

Number

​

Contractual

​

Exercise

​

Number

​

Exercise

Exercise Prices

    

Outstanding

    

Life

    

Price

    

Exercisable

    

Price

$17.49 to $17.86

​

23,869

​

0.09

​

$

17.49

​

23,869

​

$

17.49

$21.71 to $22.64

 

44,123

 

1.09

​

 

22.64

 

44,123

​

 

22.64

$29.77 to $36.00

 

12,875

 

4.17

​

 

36.00

 

12,875

​

 

36.00

$40.00 to $41.95

 

13,602

 

5.17

​

 

40.00

 

13,602

​

 

40.00

$42.65 to $48.50

 

53,428

 

3.78

​

 

43.85

 

48,506

​

 

43.88

$53.31 to $56.79

 

72,949

 

8.29

​

 

54.85

 

15,936

​

 

53.70

​

 

220,846

 

  

​

 

  

 

158,911

​

 

  

​

 

​

​

​

​

​

​

​

​

​

 

  

​

Restricted stock and unit awards:

A summary of changes in the Company’s nonvested restricted stock, restricted stock unit and performance stock unit awards as of December 31, 2024, 2023 and 2022 is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

    

2024

    

2023

    

2022

Outstanding, beginning

​

​

88,178

​

​

84,115

​

​

97,107

Granted*

​

 

28,211

​

 

51,157

​

 

35,525

Released

​

 

(43,468)

​

 

(43,331)

​

 

(47,766)

Forfeited

​

 

(5,297)

​

 

(3,763)

​

 

(751)

Outstanding, ending

​

​

67,624

​

​

88,178

​

​

84,115

​

​

​

​

​

​

​

​

​

​

Weighted average fair value per share granted

​

$

58.01

​

$

51.64

​

$

54.20

​

​

​

​

​

​

​

​

​

​

​

*  At December 31, 2024, includes 1,500 shares of restricted stock and 64,620 restricted stock units.

At December 31, 2023, includes 4,500 shares of restricted stock and 80,820 restricted stock units.

At December 31, 2022, includes 8,527 shares of restricted stock and 64,494 restricted stock units.

​

The total grant value of restricted stock, restricted stock unit and performance share unit awards that were released during the years ended December 31, 2024, 2023 and 2022 was $2.6 million, $2.2 million and $2.6 million, respectively.

Note 16. Stock-Based Compensation (continued)

Employee stock purchase plan:

On May 19, 2022, the Company’s stockholders approved the QCR Holdings, Inc. 2022 Stock Purchase Plan (the “2022 Purchase Plan”). The 2022 Purchase Plan has an effective date of July 1, 2022 and a share reserve equal to 350,000 shares plus the shares remaining under the QCR Holdings, Inc. Amended and Restated Employee Stock Purchase Plan immediately prior to its termination on July 1, 2022. As of January 1, 2025, there were 317,068 shares of common stock available for issuance under the 2022 Purchase Plan. For each six-month offering period, the board of directors will determine how many of the total number of available shares will be offered. The purchase price is the lesser of 85% or the fair market value at the date of the grant or the investment date. The investment date, as established by the board of directors, is the date common stock is purchased after the end of each calendar quarter during an offering period. The maximum dollar amount any one participant can elect to contribute in a year is $21,250.

Additionally, the maximum percentage that any one participant can elect to contribute is 15% of his or her compensation for the years ended December 31, 2024, 2023 and 2022.  Information for the stock purchase plan for the years ended December 31, 2024, 2023 and 2022 is presented below:

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Shares granted

 

​

28,746

 

​

36,964

 

​

28,421

Shares purchased

 

​

31,069

 

​

35,058

 

​

27,103

Weighted average fair value per share granted

​

$

11.85

​

$

8.35

​

$

7.88

​
v3.25.0.1
Note 17 - Regulatory Capital Requirements and Restrictions on Dividends
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Regulatory Capital Requirements and Restrictions on Dividends

Note 17. Regulatory Capital Requirements and Restrictions on Dividends

The Company (on a consolidated basis) and the subsidiary banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and subsidiary banks’ financial statements.

Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the subsidiary banks must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the subsidiary banks to maintain minimum amounts and ratios (set forth in the following table) of total common equity Tier 1 and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets, each as defined by regulation. Management believes, as of December 31, 2024 and 2023, that the Company and the subsidiary banks met all capital adequacy requirements to which they are subject.

Under the regulatory framework for prompt corrective action, to be categorized as “well capitalized,” an institution must maintain minimum total risk-based, Tier 1 risk-based, Tier 1 leverage and common equity Tier 1 ratios as set forth in the following tables. The Company and the subsidiary banks’ actual capital amounts and ratios as of December 31, 2024 and 2023 are also presented in the following table (dollars in thousands). As of December 31, 2024 and 2023, the subsidiary banks met the requirements to be “well capitalized.”

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For Capital Adequacy

​

To Be Well Capitalized

 

​

​

​

​

​

​

​

For Capital

​

Purposes With Capital

​

Under Prompt Corrective

 

​

​

Actual

​

Adequacy Purposes

​

Conservation Buffer

​

Action Provisions

 

​

    

Amount

    

Ratio

    

Amount

​

Ratio

    

Amount

​

Ratio

    

Amount

​

Ratio

​

​

​

( dollars in thousands)

​

As of December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Company:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total risk-based capital

​

$

1,273,903

​

14.10

%  

$

723,016

> 

8.00

%  

$

948,958

> 

10.50

%  

$

903,770

> 

10.00

%

Tier 1 risk-based capital

​

 

955,039

 

10.57

​

 

542,262

> 

6.00

​

 

768,204

> 

8.50

​

 

723,016

> 

8.00

​

Tier 1 leverage

​

 

955,039

 

10.73

​

 

356,091

> 

4.00

​

 

356,091

> 

4.00

​

 

445,114

> 

5.00

​

Common equity Tier 1

​

 

906,179

 

10.03

​

 

406,696

> 

4.50

​

 

632,639

> 

7.00

​

 

587,450

> 

6.50

​

Quad City Bank & Trust:

​

 

​

 

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

323,221

​

13.65

%  

$

189,365

> 

8.00

%  

$

248,541

> 

10.50

%  

$

236,706

> 

10.00

%

Tier 1 risk-based capital

​

 

293,597

 

12.40

​

 

142,024

> 

6.00

​

 

201,200

> 

8.50

​

 

189,365

> 

8.00

​

Tier 1 leverage

​

 

293,597

 

11.41

​

 

102,969

> 

4.00

​

 

102,969

> 

4.00

​

 

128,712

> 

5.00

​

Common equity Tier 1

​

 

293,597

 

12.40

​

 

106,518

> 

4.50

​

 

165,694

> 

7.00

​

 

153,859

> 

6.50

​

Cedar Rapids Bank & Trust:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

452,942

​

14.79

%  

$

245,055

> 

8.00

%  

$

321,635

> 

10.50

%  

$

306,319

> 

10.00

%

Tier 1 risk-based capital

​

 

424,253

 

13.85

​

 

183,792

> 

6.00

​

 

260,371

> 

8.50

​

 

245,055

> 

8.00

​

Tier 1 leverage

​

 

424,253

 

16.40

​

 

103,449

> 

4.00

​

 

103,449

> 

4.00

​

 

129,312

> 

5.00

​

Common equity Tier 1

​

 

424,253

 

13.85

​

 

137,844

> 

4.50

​

 

214,424

> 

7.00

​

 

199,108

> 

6.50

​

Community State Bank:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

189,362

​

12.94

%  

$

117,065

> 

8.00

%  

$

153,648

> 

10.50

%  

$

146,332

> 

10.00

%

Tier 1 risk-based capital

​

 

176,646

 

12.07

​

 

87,799

> 

6.00

​

 

124,382

> 

8.50

​

 

117,065

> 

8.00

​

Tier 1 leverage

​

 

176,646

 

11.72

​

 

60,305

> 

4.00

​

 

60,305

> 

4.00

​

 

75,382

> 

5.00

​

Common equity Tier 1

​

 

176,646

 

12.07

​

 

65,849

> 

4.50

​

 

102,432

> 

7.00

​

 

95,115

> 

6.50

​

Guaranty Bank:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

297,047

​

14.26

%  

$

166,695

> 

8.00

%  

$

218,787

> 

10.50

%  

$

208,369

> 

10.00

%

Tier 1 risk-based capital

​

 

272,621

 

13.08

​

 

125,021

> 

6.00

​

 

177,113

> 

8.50

​

 

166,695

> 

8.00

​

Tier 1 leverage

​

 

272,621

 

12.15

​

 

89,770

> 

4.00

​

 

89,770

> 

4.00

​

 

112,213

> 

5.00

​

Common equity Tier 1

​

 

272,621

 

13.08

​

 

93,766

> 

4.50

​

 

145,858

> 

7.00

​

 

135,440

> 

6.50

​

​

​

Note 17. Regulatory Capital Requirements and Restrictions on Dividends (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For Capital Adequacy

​

To Be Well Capitalized

 

​

​

​

​

​

​

​

For Capital

​

Purposes With Capital

​

Under Prompt Corrective

 

​

​

Actual

​

Adequacy Purposes

​

Conservation Buffer

​

Action Provisions

 

​

    

Amount

    

Ratio

    

Amount

​

Ratio

    

Amount

​

Ratio

    

Amount

​

Ratio

 

​

​

( dollars in thousands)

​

As of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Company:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total risk-based capital

​

$

1,171,047

​

14.29

%  

$

655,461

> 

8.00

%  

$

860,293

> 

10.50

%  

$

819,327

> 

10.00

%

Tier 1 risk-based capital

​

 

841,052

 

10.27

​

 

491,596

> 

6.00

​

 

696,428

> 

8.50

​

 

655,461

> 

8.00

​

Tier 1 leverage

​

 

841,052

 

10.03

​

 

335,420

> 

4.00

​

 

335,420

> 

4.00

​

 

419,275

> 

5.00

​

Common equity Tier 1

​

 

792,321

 

9.67

​

 

368,697

> 

4.50

​

 

573,529

> 

7.00

​

 

532,562

> 

6.50

​

Quad City Bank & Trust:

​

 

​

 

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

300,413

​

12.67

%  

$

189,707

> 

8.00

%  

$

248,990

> 

10.50

%  

$

237,133

> 

10.00

%

Tier 1 risk-based capital

​

 

270,744

 

11.42

​

 

142,280

> 

6.00

​

 

201,563

> 

8.50

​

 

189,707

> 

8.00

​

Tier 1 leverage

​

 

270,744

 

11.23

​

 

96,425

> 

4.00

​

 

96,425

> 

4.00

​

 

120,531

> 

5.00

​

Common equity Tier 1

​

 

270,744

 

11.42

​

 

106,710

> 

4.50

​

 

165,993

> 

7.00

​

 

154,137

> 

6.50

​

Cedar Rapids Bank & Trust:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

381,514

​

15.60

%  

$

195,687

> 

8.00

%  

$

256,840

> 

10.50

%  

$

244,609

> 

10.00

%

Tier 1 risk-based capital

​

 

354,940

 

14.51

​

 

146,766

> 

6.00

​

 

207,918

> 

8.50

​

 

195,687

> 

8.00

​

Tier 1 leverage

​

 

354,940

 

14.77

​

 

96,093

> 

4.00

​

 

96,093

> 

4.00

​

 

120,116

> 

5.00

​

Common equity Tier 1

​

 

354,940

 

14.51

​

 

110,074

> 

4.50

​

 

171,227

> 

7.00

​

 

158,996

> 

6.50

​

Community State Bank:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

171,747

​

13.22

%  

$

103,903

> 

8.00

%  

$

136,372

> 

10.50

%  

$

129,878

> 

10.00

%

Tier 1 risk-based capital

​

 

156,629

 

12.06

​

 

77,927

> 

6.00

​

 

110,397

> 

8.50

​

 

103,903

> 

8.00

​

Tier 1 leverage

​

 

156,629

 

11.19

​

 

56,005

> 

4.00

​

 

56,005

> 

4.00

​

 

70,007

> 

5.00

​

Common equity Tier 1

​

 

156,629

 

12.06

​

 

58,445

> 

4.50

​

 

90,915

> 

7.00

​

 

84,421

> 

6.50

​

Guaranty Bank:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

267,822

​

12.68

%  

$

168,967

> 

8.00

%  

$

221,770

> 

10.50

%  

$

211,209

> 

10.00

%

Tier 1 risk-based capital

​

 

244,506

 

11.58

​

 

126,726

> 

6.00

​

 

179,528

> 

8.50

​

 

168,967

> 

8.00

​

Tier 1 leverage

​

 

244,506

 

11.41

​

 

85,688

> 

4.00

​

 

85,688

> 

4.00

​

 

107,110

> 

5.00

​

Common equity Tier 1

​

 

244,506

 

11.58

​

 

95,044

> 

4.50

​

 

147,847

> 

7.00

​

 

137,286

> 

6.50

​

​

The Company’s ability to pay dividends to its stockholders may be affected by both general corporate law considerations and policies of the Federal Reserve applicable to bank holding companies.

The payment of dividends by any financial institution or its holding company is affected by the requirement to maintain adequate capital pursuant to applicable capital adequacy guidelines and regulations, and a financial institution generally is prohibited from paying any dividends if, following payment thereof, the institution would be undercapitalized. Notwithstanding the availability of funds for dividends, however, the Federal Reserve may prohibit the payment of any dividends by the subsidiary banks if the Federal Reserve determines such payment would constitute an unsafe or unsound practice.

The Company also has certain contractual restrictions on its ability to pay dividends. The Company has issued junior subordinated debentures in four private placements and assumed four issues of junior subordinated debentures in connection with the acquisitions. Under the terms of the debentures, the Company may be prohibited, under certain circumstances, from paying dividends on shares of its common stock. These circumstances did not exist at December 31, 2024 or 2023.

On February 13, 2020, the board of directors of the Company approved a share repurchase program under which the Company was authorized to repurchase, from time to time as the Company deemed appropriate, up to 800,000 shares of its outstanding common stock, or approximately 5% of the outstanding shares as of December 31, 2019.  On May 19, 2022, the board of directors of the Company approved a share repurchase program under which the Company is authorized to repurchase, from time to time as the Company deems appropriate, up to an additional 1,500,000 shares of its outstanding common stock, or approximately 10% of the outstanding shares as of December 31, 2021. There were no shares and 175,000 shares of common stock purchased by the Company pursuant to these plans during the year ended December 31, 2024 and 2023, respectively.  There were 760,915 shares of common stock remaining for repurchase pursuant to these plans as of December 31, 2024 and 2023.
v3.25.0.1
Note 18 - Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings per Share  
Earnings per Share

Note 18. Earnings per Share

The following information was used in the computation of basic and diluted EPS for the years ended December 31, 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

    

2023

    

2022

​

​

(dollars in thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

Net income

​

$

113,850

​

$

113,558

​

$

99,066

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic EPS

​

$

6.77

​

$

6.79

​

$

5.94

Diluted EPS

​

$

6.71

​

$

6.73

​

$

5.87

​

​

​

​

​

​

​

​

​

​

Weighted average common shares outstanding

​

 

16,829,004

​

 

16,732,406

​

 

16,681,844

Weighted average common shares issuable upon exercise of stock options

​

​

​

​

​

​

​

​

​

and under the employee stock purchase plan*

​

 

130,849

​

 

133,985

​

 

208,163

Weighted average common and common equivalent shares outstanding

​

 

16,959,853

​

 

16,866,391

​

 

16,890,007

​

​

​

​

​

​

​

​

​

​

​

                *  Excludes anti-dilutive restricted stock shares of 0, 1,762, and 1,706 at December 31, 2024, 2023 and 2022, respectively and anti-dilutive options

of 0, 47,164 and 22,503 at December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Note 19 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Commitments and Contingencies

Note 19. Commitments and Contingencies

In the normal course of business, the subsidiary banks make various commitments and incur certain contingent liabilities that are not presented in the accompanying Consolidated Financial Statements. The commitments and contingent liabilities include various guarantees, commitments to extend credit, and standby letters of credit.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The subsidiary banks evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the subsidiary banks upon extension of credit, is based upon management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, marketable securities, inventory, property, plant and equipment and income-producing commercial properties.

Standby letters of credit are conditional commitments issued by the subsidiary banks to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The subsidiary banks hold collateral, as described above, supporting those commitments if deemed necessary. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the subsidiary banks would be required to fund the commitments. The maximum potential amount of future payments the subsidiary banks could be required to make is represented by the contractual amount. If the commitment is funded, the subsidiary banks would be entitled to seek recovery from the customer. At each of December 31, 2024 and 2023, no amounts had been recorded as liabilities for the subsidiary banks’ potential obligations under these guarantees.

As of December 31, 2024 and 2023, commitments to extend credit aggregated $1.9 billion and $2.0 billion, respectively. As of December 31, 2024 and 2023, standby letters of credit aggregated $28.8 million and $23.7 million, respectively. Management does not expect that all of these commitments will be funded.

​

Note 19. Commitments and Contingencies (continued)

The Company has also executed contracts for the sale of mortgage loans in the secondary market in the amount of $2.1 million and $2.6 million as of December 31, 2024 and 2023, respectively. These amounts are included in loans held for sale at the respective balance sheet dates.

Residential mortgage loans sold to investors in the secondary market are sold with varying recourse provisions. Essentially, all loan sales agreements require the repurchase of a mortgage loan by the seller in situations such as breach of representation, warranty, or covenant, untimely document delivery, false or misleading statements, failure to obtain certain certificates of insurance, unmarketability, etc. Certain loan sales agreements contain repurchase requirements based on payment-related defects that are defined in terms of the number of days/months since the purchase, the sequence number of the payment, and/or the number of days of payment delinquency. Based on the specific terms stated in the agreements of investors purchasing residential mortgage loans from the Company’s subsidiary banks, the Company had $21.8 million and $11.0 million of sold residential mortgage loans with recourse provisions still in effect at December 31, 2024 and 2023, respectively. The subsidiary banks did not repurchase any loans from secondary market investors under the terms of loans sales agreements during the years ended December 31, 2024, 2023 and 2022. In the opinion of management, the risk of recourse and the subsequent requirement of loan repurchase to the subsidiary banks is not significant, and accordingly no liabilities have been established related to such.  See Note 5 to the Consolidated Financial Statements for additional information regarding the Company’s contractual commitments for construction.

Aside from cash on-hand and in-vault, the majority of the Company’s cash is maintained at upstream correspondent banks. The total amount of cash on deposit, certificates of deposit and federal funds sold exceeded federal insured limits by approximately $86.0 million and $96.1 million as of December 31, 2024 and 2023, respectively. In the opinion of management, no material risk of loss exists due to the financial condition of the upstream correspondent banks.

In an arrangement with Goldman Sachs, CRBT offers a cash management program for select customers. Based on a predetermined minimum balance, which must be maintained in the customer’s account, excess funds are automatically swept daily to an institutional money market fund administered by Goldman Sachs. At December 31, 2024 and 2023, the Company had $4.1 million and $1.9 million, respectively, of customer funds invested in this cash management program. In the opinion of management, no material risk of loss exists due to the financial condition of Goldman Sachs. As of December 31, 2024, there were no investment securities pledged on the Goldman Sachs Program. As of December 31, 2023, there were $5.4 million of investment securities pledged on the Goldman Sachs program as a cover to the swap exposure.

v3.25.0.1
Note 20 - Parent Company Only Financial Statements
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Parent Company Only Financial Statements

Note 20. Parent Company Only Financial Statements

The following is condensed financial information of QCR Holdings, Inc. (parent company only):

Condensed Balance Sheets
December 31, 2024 and 2023

​

​

​

​

​

​

​

​

​

     

2024

    

2023

​

​

(dollars in thousands)

Assets

​

​

​

​

​

​

Cash and due from banks

​

$

28,635

​

$

53,331

Investment in bank subsidiaries

​

 

1,259,571

​

 

1,122,803

Investment in nonbank subsidiaries

​

 

6,319

​

 

6,129

Premises and equipment, net

​

 

13,404

​

 

9,286

Other assets

​

 

16,370

​

 

14,512

Total assets

​

$

1,324,299

​

$

1,206,061

​

​

 

  

​

 

  

Liabilities and Stockholders' Equity

​

 

  

​

 

  

Liabilities:

​

 

  

​

 

  

Subordinated notes

​

$

233,489

​

$

233,064

Junior subordinated debentures

​

 

48,860

​

 

48,731

Other liabilities

​

 

44,563

​

 

37,670

Total liabilities

​

 

326,912

​

 

319,465

​

​

 

  

​

 

  

Stockholders' Equity:

​

 

  

​

 

  

Common stock

​

 

16,882

​

 

16,749

Additional paid-in capital

​

 

374,975

​

 

370,814

Retained earnings

​

 

665,171

​

 

554,992

Accumulated other comprehensive loss

​

 

(59,641)

​

 

(55,959)

Total stockholders' equity

​

 

997,387

​

 

886,596

Total liabilities and stockholders' equity

​

$

1,324,299

​

$

1,206,061

​

​

​

​

​

​

​

​

Note 20. Parent Company Only Financial Statements (continued)

Condensed Statements of Income
Years Ended December 31, 2024, 2023, and 2022

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Total interest income

​

$

13

​

$

—

​

$

26

Equity in net income of bank subsidiaries

​

 

140,197

​

 

137,451

​

 

128,941

Equity in net income of nonbank subsidiaries

​

 

2,221

​

 

2,220

​

 

1,294

Other

​

 

369

​

 

704

​

 

(53)

Total income

​

 

142,800

​

 

140,375

​

 

130,208

​

​

 

  

​

 

  

​

 

  

Interest expense

​

 

17,088

​

 

16,066

​

 

11,836

Salaries and employee benefits

​

 

11,558

​

 

9,940

​

 

15,551

Professional fees

​

 

539

​

 

12

​

 

1,789

Acquisition costs

​

 

—

​

 

—

​

 

3,715

Post-acquisition compensation, transition and integration costs

​

 

—

​

 

207

​

 

5,526

Other

​

 

4,083

​

 

3,744

​

 

3,331

Total expenses

​

 

33,268

​

 

29,969

​

 

41,748

​

​

 

  

​

 

  

​

 

  

Income before income tax benefit

​

 

109,532

​

 

110,406

​

 

88,460

​

​

 

  

​

 

  

​

 

  

Income tax benefit

​

 

4,318

​

 

3,152

​

 

10,606

Net income

​

$

113,850

​

$

113,558

​

$

99,066

​

​

​

​

​

​

​

​

​

​

​

​

Note 20. Parent Company Only Financial Statements (continued)

Condensed Statements of Cash Flows
Years Ended December 31, 2024, 2023, and 2022

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

Cash Flows from Operating Activities:

 

​

  

 

​

  

 

​

  

Net income

​

$

113,850

​

$

113,558

​

$

99,066

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

​

 

  

​

 

  

​

 

  

Earnings of bank subsidiaries

​

​

(140,197)

​

 

(137,451)

​

 

(128,941)

Earnings of nonbank subsidiaries

​

 

(2,221)

​

 

(2,220)

​

 

(1,294)

Distributions from bank subsidiaries

​

 

—

​

 

—

​

 

36,000

Distributions from nonbank subsidiaries

​

 

129

​

 

114

​

 

40

Deferred income taxes

​

​

1,410

​

​

(349)

​

​

(2,443)

Accretion of acquisition fair value adjustments

​

 

129

​

 

129

​

 

137

Depreciation

​

 

603

​

 

576

​

 

477

Deferred compensation expense accrued

​

​

5,793

​

​

4,063

​

​

4,062

Stock-based compensation expense

​

 

2,825

​

 

2,678

​

 

2,438

Gain on sale of fixed assets

​

​

54

​

​

—

​

​

—

Decrease (increase) in other assets

​

 

(794)

​

 

(2,649)

​

 

621

Increase in other liabilities

​

 

1,061

​

 

9,062

​

 

10,827

Net cash provided by (used in) operating activities

​

 

(17,358)

​

 

(12,489)

​

 

20,990

​

​

 

  

​

 

  

​

 

  

Cash Flows from Investing Activities:

​

 

  

​

 

  

​

 

  

Net decrease in interest-bearing deposits at financial institutions

​

 

—

​

 

—

​

 

5,950

Capital infusion, bank subsidiaries

​

 

—

​

 

(10,000)

​

 

—

Capital infusion, non-bank subsidiaries

​

​

—

​

​

—

​

​

(300)

Net cash received in dissolution of subsidiary

​

​

—

​

​

3,184

​

​

—

Net cash paid for acquisitions

​

 

—

​

 

—

​

 

(26,039)

Purchase of premises and equipment

​

 

(4,775)

​

 

(224)

​

 

(1,484)

Net cash used in investing activities

​

 

(4,775)

​

 

(7,040)

​

 

(21,873)

​

​

 

  

​

 

  

​

 

  

Cash Flows from Financing Activities:

​

 

  

​

 

  

​

 

  

Proceeds from subordinated notes

​

​

—

​

​

—

​

​

100,000

Payment of cash dividends

​

 

(4,032)

​

 

(4,029)

​

 

(3,944)

Proceeds from issuance of common stock, net

​

 

1,469

​

 

1,403

​

 

422

Repurchase and cancellation of shares

​

 

—

​

 

(8,686)

​

 

(52,954)

Net cash provided by (used in) financing activities

​

 

(2,563)

​

 

(11,312)

​

 

43,524

​

​

 

  

​

 

  

​

 

  

Net increase (decrease) in cash and due from banks

​

 

(24,696)

​

 

(30,841)

​

 

42,641

​

​

 

  

​

 

  

​

 

  

Cash and due from banks:

​

 

  

​

 

  

​

 

  

Beginning

​

 

53,331

​

 

84,172

​

 

41,531

Ending

​

$

28,635

​

$

53,331

​

$

84,172

​
v3.25.0.1
Note 21 - Fair Value
 12 Months Ended
Dec. 31, 2024
Fair Value  
Fair Value

Note 21. Fair Value

Accounting guidance on fair value measurements uses a hierarchy intended to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy includes three levels and is based upon the valuation techniques used to measure assets and liabilities. The three levels are as follows:

●Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in markets;
●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
●Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement

Assets measured at fair value on a recurring basis comprised the following at December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at Reporting Date Using

​

​

​

​

​

Quoted Prices

​

Significant

​

​

​

​

​

​

​

​

in Active

​

Other

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

​

​

(dollars in thousands)

December 31, 2024:

 

​

  

 

​

  

 

​

  

 

​

  

Securities AFS:

 

​

  

 

​

  

 

​

  

 

​

  

U.S. treasuries and govt. sponsored agency securities

​

$

20,591

​

$

—

​

$

20,591

​

$

—

Residential mortgage-backed and related securities

​

 

50,042

​

 

—

​

 

50,042

​

 

—

Municipal securities

​

 

164,575

​

 

—

​

 

164,575

​

 

—

Asset-backed securities

​

​

9,224

​

​

—

​

​

9,224

​

​

—

Other securities

​

 

36,677

​

 

—

​

 

36,677

​

 

—

Securities trading

​

​

83,529

​

​

—

​

​

—

​

​

83,529

Derivatives

​

 

186,781

​

 

—

​

 

186,781

​

 

—

Total assets measured at fair value

​

$

551,419

​

$

—

​

$

467,890

​

$

83,529

​

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives

​

$

214,823

​

$

—

​

$

214,823

​

$

—

Total liabilities measured at fair value

​

$

214,823

​

$

—

​

$

214,823

​

$

—

​

​

 

  

​

 

  

​

 

  

​

 

  

​

​

 

  

​

 

  

​

 

  

​

 

  

December 31, 2023:

​

 

  

​

 

  

​

 

  

​

 

  

Securities AFS:

​

 

  

​

 

  

​

 

  

​

 

  

U.S. govt. sponsored agency securities

​

$

14,973

​

$

—

​

$

14,973

​

$

—

Residential mortgage-backed and related securities

​

 

59,196

​

 

—

​

 

59,196

​

 

—

Municipal securities

​

 

170,987

​

 

—

​

 

170,987

​

 

—

Asset-backed securities

​

​

15,423

​

​

—

​

​

15,423

​

​

—

Other securities

​

 

39,076

​

 

—

​

 

39,076

​

 

—

Securities trading

​

​

22,369

​

​

—

​

​

—

​

​

22,369

Derivatives

​

 

187,341

​

 

—

​

 

187,341

​

 

—

Total assets measured at fair value

​

$

509,365

​

$

—

​

$

486,996

​

$

22,369

​

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives

​

$

215,735

​

$

—

​

$

215,735

​

$

—

Total liabilities measured at fair value

​

$

215,735

​

$

—

​

$

215,735

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The securities AFS portfolio consists of securities whereby the Company obtains fair values from an independent pricing service. The fair values are determined by pricing models that consider observable market data, such as interest rate volatilities, LIBOR yield curve, credit spreads and prices from market makers and live trading systems (Level 2 inputs).

Trading securities consist of retained beneficial interests from securitizations and are classified as a Level 3 in the fair value hierarchy as of December 31, 2024 and 2023.  Fair values are estimated using the discounted cash flow method, including discount rates which are deemed to be significant unobservable inputs. As of December 31, 2024, the discount rates ranged from 3.21% to 6.57%.

​

Note 21. Fair Value (continued)

Changes in fair value of trading securities for the years ended December 31, 2024 and 2023, are presented in the  following table. There were no trading securities during the year ended December 31, 2022.

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Year Ended

​

Year Ended

​

​

​

December 31, 2024

​

December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the period

​

$

22,369

​

$

—

​

Trading securities purchased

​

​

60,233

​

​

22,369

​

Paydowns

​

​

(13)

​

​

​

​

Premium amortization

​

 

(616)

​

 

—

​

Fair value gain (loss)

​

​

1,556

​

​

—

​

Balance at the end of the period

​

$

83,529

​

$

22,369

​

​

Interest rate caps, swaps, collars and swaptions are used for the purpose of hedging interest rate risk on various financial assets and liabilities. See Note 7 to the Consolidated Financial Statements for the details of these instruments. Interest rate swaps are also executed for select commercial customers. The fair values are determined by pricing models that consider observable market data for derivative instruments with similar structures (Level 2 inputs).

Certain financial assets are measured at fair value on a non-recurring basis; that is, the assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

Assets measured at fair value on a non-recurring basis comprised the following at December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at Reporting Date Using

​

​

​

​

​

Quoted Prices

​

Significant

​

​

​

​

​

​

​

​

in Active

​

Other

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024:

 

​

  

 

​

  

 

​

  

 

​

  

Loans/leases evaluated individually

​

$

54,434

​

$

—

​

$

—

​

$

54,434

OREO

​

​

714

​

​

—

​

​

—

​

​

714

​

​

$

55,148

​

$

—

​

$

—

​

$

55,148

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023:

​

 

  

​

 

  

​

 

  

​

 

  

Loans/leases evaluated individually

​

$

33,656

​

$

—

​

$

—

​

$

33,656

OREO

​

 

1,455

​

 

—

​

 

—

​

 

1,455

​

​

$

35,111

​

$

—

​

$

—

​

$

35,111

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans/leases evaluated individually are valued at the lower of cost or fair value and are classified as a Level 3 in the fair value hierarchy. Fair value is measured based on the value of the collateral securing these loans/leases. Collateral may be real estate and/or business assets including equipment, inventory and/or accounts receivable and is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business.

​

Note 21. Fair Value (continued)

OREO in the table above consists of property acquired through foreclosures and settlements of loans. Property acquired is carried at the estimated fair value of the property, less disposal costs, and is classified as a Level 3 in the fair value hierarchy. The estimated fair value of the property is determined based on appraisals by qualified licensed appraisers hired by the Company. Appraised and reported values are discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the property.

Other repossessed assets in the table above consists of equipment acquired through repossession and settlement of loans.  Property acquired is carried at the estimated fair value of the property, less disposal costs, and is classified as a Level 3 in the fair value hierarchy.  The estimated fair value of the property acquired is generally determined based on current average auction prices database used by a national auction company hired by the Company.

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quantitative Information about Level Fair Value Measurements

 

​

​

Fair Value

​

Fair Value

​

​

​

​

​

​

​

​

​

​

 

​

​

December 31, 

​

December 31, 

​

​

​

​

​

​

​

​

​

​

 

​

    

2024

    

2023

    

Valuation Technique

    

Unobservable Input

    

Range

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans/leases evaluated individually

​

$

54,434

​

$

33,656

​

Appraisal of collateral

​

Appraisal adjustments

​

-10.00

%

to

​

-30.00

%

OREO

​

​

714

​

​

1,455

​

Appraisal of collateral

​

Appraisal adjustments

​

0.00

%  

to

 

-35.00

%

​

For loans/leases evaluated individually and OREO, the Company records carrying value at fair value less disposal or selling costs. The amounts reported in the tables above are fair values before the adjustment for disposal or selling costs.

There have been no changes in valuation techniques used for any assets measured at fair value during the years ended December 31, 2024 or 2023.

The following table presents the carrying values and estimated fair values of financial assets and liabilities carried on the Company’s consolidated balance sheet, including those financial assets and liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

As of December 31, 2024

​

As of December 31, 2023

​

​

Hierarchy

​

Carrying

​

Estimated

​

Carrying

​

Estimated

​

    

Level

    

Value

    

Fair Value

    

Value

    

Fair Value

​

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and due from banks

 

Level 1

​

$

91,732

​

$

91,732

​

$

97,123

​

$

97,123

Federal funds sold

 

Level 2

​

 

27,150

​

 

27,150

​

 

35,450

​

 

35,450

Interest-bearing deposits at financial institutions

 

Level 2

​

 

143,442

​

 

143,442

​

 

104,919

​

 

104,919

Investment securities:

 

  

​

 

​

​

 

​

​

 

​

​

 

​

HTM

 

Level 2

​

 

835,797

​

 

800,583

​

 

683,504

​

 

680,279

AFS

 

Level 2

​

 

281,109

​

 

281,109

​

 

299,655

​

 

299,655

Trading

​

Level 3

​

​

83,529

​

​

83,529

​

​

22,369

​

​

22,369

Loans/leases receivable, net

 

Level 3

​

 

50,402

​

 

54,434

​

 

31,163

​

 

33,656

Loans/leases receivable, net

 

Level 2

​

 

6,644,161

​

 

6,325,156

​

 

6,425,053

​

 

6,125,433

Derivatives

 

Level 2

​

 

186,781

​

 

186,781

​

 

187,341

​

 

187,341

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits:

 

  

​

 

​

​

 

​

​

 

​

​

 

​

Nonmaturity deposits

 

Level 2

​

 

5,835,362

​

 

5,835,362

​

 

5,504,323

​

 

5,504,323

Time deposits

 

Level 2

​

 

1,225,825

​

 

1,222,482

​

 

1,009,682

​

 

996,746

Short-term borrowings

 

Level 2

​

 

1,800

​

 

1,800

​

 

1,500

​

 

1,500

FHLB advances

 

Level 2

​

 

285,383

​

 

285,196

​

 

435,000

​

 

437,178

Subordinated notes

​

Level 2

​

​

233,489

​

​

238,873

​

​

233,064

​

​

240,235

Junior subordinated debentures

 

Level 2

​

 

48,860

​

 

41,638

​

 

48,731

​

 

40,397

Derivatives

 

Level 2

​

 

214,823

​

 

214,823

​

 

215,735

​

 

215,735

​
v3.25.0.1
Note 22 - Business Segment Information
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Business Segment Information

Note 22. Business Segment Information

​

Selected financial and descriptive information is required to be disclosed for reportable operating segments, applying a “management perspective” as the basis for identifying reportable segments. The management perspective is determined by the view that management takes of the segments within the Company when making operating decisions, allocating resources, and measuring performance. The segments of the Company have been defined by the structure of the Company’s internal organization, focusing on the financial information that the Company’s operating decision-makers routinely use to make decisions about operating matters.  The chief operating decision maker consists of the  Chief Executive Officer and President/Chief Financial Officer of the Company.  The chief operating decision maker reviews financial reports that detail the interest income, interest expense, provision for credit losses, noninterest income, salaries and benefits expense, occupancy expense, other noninterest expenses, income tax expense and net income from continuing operations and compares the actual results to the amounts budgeted and the reason for variances.  The results of this review allow the Company’s chief operating decision maker to make operating decisions and allocate resources.  Capital markets revenue is considered a significant source of noninterest income.  Salaries and benefits expense and occupancy expense are considered  significant noninterest expenses.

The Company’s Commercial Banking business is geographically divided by markets into the operating segments which are the four subsidiary banks wholly-owned by the Company: QCBT, CRBT, CSB and GB. Each of these operating segments offer similar products and services, but are managed separately due to different pricing, product demand, and consumer markets. Each offers commercial, consumer, and mortgage loans and deposit services.

The Company's All Other segment includes the corporate operations of the parent and operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds.  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 22. Business Segment Information (continued)

​

Selected financial information on the Company’s business segments is presented as follows as of and for the years ended December 31, 2024, 2023, and 2022:  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial Banking

​

​

​

Intercompany

​

Consolidated

​

    

QCBT

    

CRBT

    

CSB

    

GB

    

All other

    

Eliminations

    

Total

​

​

(dollars in thousands)

Year Ended December 31, 2024

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Interest and dividend income

​

$

148,530

​

$

126,316

​

$

80,650

​

$

126,977

​

$

294

​

$

(910)

​

$

481,857

Interest expense

​

​

76,027

​

​

54,476

​

​

34,762

​

​

70,143

​

​

17,088

​

​

(2,427)

​

​

250,069

Net interest income

​

 

72,503

​

 

71,840

​

 

45,888

​

​

56,834

​

 

(16,794)

​

 

1,517

​

 

231,788

Provision for credit losses

​

 

10,460

​

 

5,365

​

 

(154)

​

​

1,427

​

 

—

​

 

—

​

 

17,098

Noninterest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital markets revenue

​

​

270

​

​

62,418

​

​

—

​

​

8,369

​

​

—

​

​

—

​

​

71,057

Other segment revenue items

​

​

19,115

​

​

10,666

​

​

5,603

​

​

10,326

​

​

145,001

​

​

(146,239)

​

​

44,472

Total noninterest income

​

​

19,385

​

​

73,084

​

​

5,603

​

​

18,695

​

​

145,001

​

​

(146,239)

​

​

115,529

Noninterest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and benefits expense

​

​

32,062

​

​

36,521

​

​

18,403

​

​

29,642

​

​

11,558

​

​

—

​

​

128,186

Occupancy expense

​

​

5,963

​

​

6,221

​

​

4,577

​

​

6,700

​

​

1,952

​

​

—

​

​

25,413

Other segment expense items

​

​

18,954

​

​

14,373

​

​

8,480

​

​

11,651

​

​

3,004

​

​

(2,419)

​

​

54,043

Total noninterest expense

​

​

56,979

​

​

57,115

​

​

31,460

​

​

47,993

​

​

16,514

​

​

(2,419)

​

​

207,642

Income tax expense

​

​

2,019

​

​

10,383

​

​

619

​

​

(30)

​

​

(4,264)

​

​

—

​

​

8,727

Net income (loss) from continuing operations

​

$

22,430

​

$

72,061

​

$

19,566

​

$

26,139

​

$

115,957

​

$

(142,303)

​

$

113,850

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

$

2,791

​

$

14,980

​

$

9,888

​

$

110,936

​

$

—

​

$

—

​

$

138,595

Intangibles

​

 

—

​

 

628

​

 

865

​

 

9,568

​

 

—

​

 

—

​

 

11,061

Total assets

​

 

2,588,587

​

 

2,614,570

​

 

1,531,559

​

 

2,342,958

​

 

1,332,834

​

 

(1,384,478)

​

 

9,026,030

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Interest and dividend income

​

$

128,280

​

$

108,113

​

$

68,069

​

$

110,130

​

$

181

​

$

(1,363)

​

$

413,410

Interest expense

​

​

60,379

​

​

40,700

​

​

24,413

​

​

53,464

​

​

16,066

​

​

(2,618)

​

​

192,404

Net interest income

​

 

67,901

​

 

67,413

​

 

43,656

​

​

56,666

​

 

(15,885)

​

 

1,255

​

 

221,006

Provision for credit losses

​

 

12,512

​

 

2,139

​

 

1,248

​

 

640

​

 

—

​

 

—

​

 

16,539

Noninterest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital markets revenue

​

​

246

​

​

82,593

​

​

—

​

​

9,226

​

​

—

​

​

—

​

​

92,065

Other segment revenue items

​

​

16,849

​

​

10,587

​

​

5,184

​

​

8,682

​

​

142,427

​

​

(143,110)

​

​

40,619

Total noninterest income

​

​

17,095

​

​

93,180

​

​

5,184

​

​

17,908

​

​

142,427

​

​

(143,110)

​

​

132,684

Noninterest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and benefits expense

​

​

28,470

​

​

51,733

​

​

16,749

​

​

29,727

​

​

9,940

​

​

—

​

​

136,619

Occupancy expense

​

​

5,627

​

​

6,029

​

​

4,489

​

​

7,108

​

​

1,778

​

​

—

​

​

25,031

Other segment expense items

​

​

14,693

​

​

14,457

​

​

7,997

​

​

11,749

​

​

2,284

​

​

(2,299)

​

​

48,881

Total noninterest expense

​

​

48,790

​

​

72,219

​

​

29,235

​

​

48,584

​

​

14,002

​

​

(2,299)

​

​

210,531

Income tax expense

​

​

1,927

​

​

13,857

​

​

330

​

​

71

​

​

(3,123)

​

​

—

​

​

13,062

Net income (loss) from continuing operations

​

$

21,767

​

$

72,378

​

$

18,027

​

$

25,279

​

$

115,663

​

$

(139,556)

​

$

113,558

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

$

3,223

​

$

14,980

​

$

9,888

​

$

110,936

​

$

—

​

$

—

​

$

139,027

Intangibles

​

 

—

​

 

883

​

 

1,430

​

 

11,508

​

 

—

​

 

—

​

 

13,821

Total assets

​

 

2,448,957

​

 

2,419,146

​

 

1,426,202

​

 

2,281,296

​

 

1,213,954

​

 

(1,250,661)

​

 

8,538,894

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2022

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Interest and dividend income

​

$

88,195

​

$

75,411

​

$

48,604

​

$

79,266

​

$

58

​

$

1,037

​

$

292,571

Interest expense

​

​

16,591

​

​

10,019

​

​

7,824

​

​

15,532

​

​

11,835

​

​

(350)

​

​

61,451

Net interest income

​

 

71,604

​

 

65,392

​

 

40,780

​

​

63,734

​

 

(11,777)

​

 

1,387

​

 

231,120

Provision for loan/lease losses

​

 

1,073

​

 

(961)

​

 

(1,336)

​

 

9,508

​

 

—

​

 

—

​

 

8,284

Noninterest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital markets revenue

​

​

479

​

​

38,772

​

​

144

​

​

1,914

​

​

—

​

​

—

​

​

41,309

Other segment revenue items

​

​

14,946

​

​

13,887

​

​

5,381

​

​

6,700

​

​

131,865

​

​

(133,359)

​

​

39,420

Total noninterest income

​

​

15,425

​

​

52,659

​

​

5,525

​

​

8,614

​

​

131,865

​

​

(133,359)

​

​

80,729

Noninterest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and benefits expense

​

​

27,895

​

​

36,339

​

​

16,180

​

​

19,403

​

​

15,551

​

​

—

​

​

115,368

Occupancy expense

​

​

4,953

​

​

5,376

​

​

4,513

​

​

5,447

​

​

1,686

​

​

—

​

​

21,975

Other segment expense items

​

​

12,148

​

​

12,537

​

​

7,961

​

​

8,606

​

​

13,215

​

​

(1,794)

​

​

52,673

Total noninterest expense

​

​

44,996

​

​

54,252

​

​

28,654

​

​

33,456

​

​

30,452

​

​

(1,794)

​

​

190,016

Income tax expense

​

​

7,110

​

​

11,185

​

​

1,762

​

​

5,094

​

​

(10,668)

​

​

—

​

​

14,483

Net income (loss) from continuing operations

​

$

33,850

​

$

53,575

​

$

17,225

​

$

24,290

​

$

100,304

​

$

(130,178)

​

$

99,066

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

$

3,223

​

$

14,980

​

$

9,888

​

$

109,516

​

$

—

​

$

—

​

$

137,607

Intangibles

​

 

—

​

 

1,225

​

 

2,027

​

 

13,507

​

 

—

​

 

—

​

 

16,759

Total assets

​

 

2,312,012

​

 

2,185,500

​

 

1,297,812

​

 

2,146,474

​

 

1,086,351

​

 

(1,079,312)

​

 

7,948,837

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Note 22. Business Segment Information (continued)

​

Intercompany eliminations included in the selected financial information on the Company’s business segments consist of equity in net income of each subsidiary bank and investment in each subsidiary bank as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial Banking

​

​

​

QCBT

    

CRBT

    

CSB

    

GB

    

Total

​

​

​

(dollars in thousands)

​

Year Ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment revenue items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity in net income of subsidiary bank

​

$

22,430

​

$

72,061

​

$

19,566

​

$

26,140

​

$

140,197

​

Total assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment in subsidiary bank

​

​

280,945

​

​

423,857

​

​

173,133

​

​

381,636

​

​

1,259,571

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment revenue items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity in net income of subsidiary bank

​

$

21,766

​

$

72,378

​

$

18,027

​

$

25,280

​

$

137,451

​

Total assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment in subsidiary bank

​

$

260,160

​

​

353,299

​

​

153,838

​

​

355,506

​

​

1,122,803

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment revenue items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity in net income of subsidiary bank

​

$

33,850

​

$

53,576

​

$

17,225

​

$

24,289

​

$

128,940

​

Total assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment in subsidiary bank

​

​

238,631

​

​

277,812

​

​

122,826

​

​

326,704

​

​

965,973

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 113,850 $ 113,558 $ 99,066
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

We rely extensively on various information systems and other electronic resources to operate our business.  In addition, nearly all of our customers, service providers and other business partners on whom we depend, including the providers of our online banking, mobile banking and accounting systems, use these systems and their own electronic information systems.  Any of these systems can be compromised, including through the employees, customers and other individuals who are authorized to use them, and bad actors use a sophisticated and constantly evolving set of software, tools and strategies to do so.  Moreover, the nature of our business, as a financial services provider, and our relative size, make us and our business partners high-value targets for these bad actors to pursue.  

Accordingly, we have devoted significant resources to assessing, identifying and managing risks associated with cybersecurity threats, including:

●an internal cybersecurity team that is responsible for establishing security standards and conducting regular assessments of our information systems, controls, vulnerabilities and potential improvements;
●continuous monitoring tools to detect and respond to cybersecurity threats in real-time;
●performing due diligence with respect to our third-party service providers, including their cybersecurity practices, and requiring contractual commitments from our service providers to take certain cybersecurity measures;
●third-party cybersecurity consultants, who conduct periodic penetration testing and vulnerability assessments  to identify potential weaknesses in our systems and processes; and
●periodic cybersecurity training for our workforce.

This information security program is a key part of our overall risk management system, which is administered by our Chief Risk Officer.  The program includes administrative, technical and physical safeguards to help ensure the security and confidentiality of customer records and information.  These security and privacy policies and procedures are in effect across all of our businesses and geographic locations.

From time-to-time, we have identified cybersecurity threats and cybersecurity incidents that require us to make changes to our program and to implement additional safeguards.  While none of these identified threats or incidents have materially affected us, it is possible that threats and incidents we identify in the future could have a material adverse effect on our business strategy, results of operations and financial condition.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

We rely extensively on various information systems and other electronic resources to operate our business.  In addition, nearly all of our customers, service providers and other business partners on whom we depend, including the providers of our online banking, mobile banking and accounting systems, use these systems and their own electronic information systems.  Any of these systems can be compromised, including through the employees, customers and other individuals who are authorized to use them, and bad actors use a sophisticated and constantly evolving set of software, tools and strategies to do so.  Moreover, the nature of our business, as a financial services provider, and our relative size, make us and our business partners high-value targets for these bad actors to pursue.  

Accordingly, we have devoted significant resources to assessing, identifying and managing risks associated with cybersecurity threats, including:

●an internal cybersecurity team that is responsible for establishing security standards and conducting regular assessments of our information systems, controls, vulnerabilities and potential improvements;
●continuous monitoring tools to detect and respond to cybersecurity threats in real-time;
●performing due diligence with respect to our third-party service providers, including their cybersecurity practices, and requiring contractual commitments from our service providers to take certain cybersecurity measures;
●third-party cybersecurity consultants, who conduct periodic penetration testing and vulnerability assessments  to identify potential weaknesses in our systems and processes; and
●periodic cybersecurity training for our workforce.

This information security program is a key part of our overall risk management system, which is administered by our Chief Risk Officer.  The program includes administrative, technical and physical safeguards to help ensure the security and confidentiality of customer records and information.  These security and privacy policies and procedures are in effect across all of our businesses and geographic locations.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

In addition, our board of directors, as a whole and through its Risk Oversight Committee (the “Risk Committee”), is responsible for the oversight of risk management.  In that role, our board of directors and Risk Committee, with support from the Company’s cybersecurity advisors, are responsible for ensuring that the risk management processes designed and implemented by management are adequate and functioning as designed.  To carry out those duties, both our board of directors and the Risk Committee receive quarterly reports from our management team regarding cybersecurity risks, and the Company’s efforts to prevent, detect, mitigate and remediate any cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Risk Oversight Committee (the “Risk Committee”)
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

In addition, our board of directors, as a whole and through its Risk Oversight Committee (the “Risk Committee”), is responsible for the oversight of risk management.  In that role, our board of directors and Risk Committee, with support from the Company’s cybersecurity advisors, are responsible for ensuring that the risk management processes designed and implemented by management are adequate and functioning as designed.  To carry out those duties, both our board of directors and the Risk Committee receive quarterly reports from our management team regarding cybersecurity risks, and the Company’s efforts to prevent, detect, mitigate and remediate any cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]

Our management team is responsible for the day-to-day management of risks we face, including our current Chief Operating Officer and Chief Security Officer.  The Chief Operating Officer is an experienced Certified Information Systems Security Professional (CISSP) with more than 10 years of relevant experience in technology, security, and risk management across multiple industries, including finance and banking.  
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Chief Operating Officer and Chief Security Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Our management team is responsible for the day-to-day management of risks we face, including our current Chief Operating Officer and Chief Security Officer.  The Chief Operating Officer is an experienced Certified Information Systems Security Professional (CISSP) with more than 10 years of relevant experience in technology, security, and risk management across multiple industries, including finance and banking.  
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

This information security program is a key part of our overall risk management system, which is administered by our Chief Risk Officer.  The program includes administrative, technical and physical safeguards to help ensure the security and confidentiality of customer records and information.  These security and privacy policies and procedures are in effect across all of our businesses and geographic locations.

Our management team is responsible for the day-to-day management of risks we face, including our current Chief Operating Officer and Chief Security Officer.  The Chief Operating Officer is an experienced Certified Information Systems Security Professional (CISSP) with more than 10 years of relevant experience in technology, security, and risk management across multiple industries, including finance and banking.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Note 1 - Nature of Business and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies  
Basis of presentation

Basis of presentation:

The acronyms and abbreviations identified below are used in the Notes to the Consolidated Financial Statements, as well as in the other sections of this Annual Report on Form 10-K (including appendices). It may be helpful to refer back to this page as you read this report.

ACL: Allowance for credit losses

HTM: Held to maturity

AFS: Available for sale

ICS: Insured Cash Sweep

Allowance: Allowance for credit losses

LCR: Liquidity Coverage Ratio

AOCI: Accumulated other comprehensive income (loss)

LHFI: Loans held for investment

ASC: Accounting Standards Codification

LIBOR: London Inter-Bank Offered Rate

ASC 805: Business Combination Standard

LIHTC: Low-income housing tax credit

ASU: Accounting Standards Update

m2: m2 Equipment Finance, LLC

BHCA: Bank Holding Company Act of 1956

MD&A: Management’s Discussion & Analysis

BOLI: Bank-owned life insurance

Missouri Division of Finance: Missouri Department of

Caps: Interest rate cap derivatives

Commerce and Insurance

CDARS: Certificate of Deposit Account Registry Service

NIM: Net interest margin

CECL: Current Expected Credit Losses

NOL: Net operating loss

CFPB: Bureau of Consumer Financial Protection

NPA: Nonperforming asset

CNB: Community National Bank

NPL: Nonperforming loan

Community National: Community National Bancorporation

NSFR: Net Stable Funding Ratio

COVID-19: Coronavirus Disease 2019

OBS: Off-balance sheet

CRA: Community Reinvestment Act

OREO: Other real estate owned

CRBT: Cedar Rapids Bank & Trust Company

OTTI: Other-than-temporary impairment

CRE: Commercial real estate

PCAOB: Public Company Accounting Oversight Board

CRE Guidance: Interagency Concentrations in Commercial

PCD: Purchased credit deteriorated loan

Real Estate Lending, Sound Risk Management Practices

Provision: Provision for credit losses

Guidance

PUD LOC: Public Unit Deposit Letter of Credit

CSB: Community State Bank

QCBT: Quad City Bank & Trust Company

C&I: Commercial and industrial

ROAA: Return on Average Assets

Dodd-Frank Act: Dodd-Frank Wall Street Reform and

ROAE: Return on Average Equity

Consumer Protection Act

ROU: Right of use

DGCL: Delaware General Corporation Law

SBA: U.S. Small Business Administration

DIF: Deposit Insurance Fund

SEC: Securities and Exchange Commission

EBA: Excess Balance Account

SERPs: Supplemental Executive Retirement Plans

EPS: Earnings per share

SOFR: Secured Overnight Financing Rate

ESG: Environmental, Social and Governance

SPE: Special purpose entity

Exchange Act: Securities Exchange Act of 1934, as amended

Springfield Bancshares: Springfield Bancshares, Inc.

FASB: Financial Accounting Standards Board

TA: Tangible assets

FDIC: Federal Deposit Insurance Corporation

TCE: Tangible common equity

Federal Reserve: Board of Governors of the Federal Reserve

TDRs: Troubled debt restructurings

System

TEY: Tangible equivalent yield

FHLB: Federal Home Loan Bank

The Company: QCR Holdings, Inc.

FRB: Federal Reserve Bank of Chicago

TRBC: Total risk-based capital

FTEs: Full-time equivalents

Treasury: U.S. Department of the Treasury

GAAP: Generally Accepted Accounting Principles

USA Patriot Act: Uniting and Strengthening America by

GB: Guaranty Bank

Providing Appropriate Tools Required to Intercept

GFED: Guaranty Federal Bancshares

and Obstruct Terrorism Act of 2001

Goldman Sachs: Goldman Sachs and Company

USDA: U.S. Department of Agriculture

Guaranty: Guaranty Bankshares, Ltd.

VIE: Variable interest entities

Guaranty Bank: Guaranty Bank and Trust Company

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Nature of business

Nature of business:

QCR Holdings, Inc. is a bank holding company that has elected to operate as a financial holding company under the BHCA. The Company provides bank and bank-related services through its banking subsidiaries, QCBT, CRBT, CSB and GB. The Company also engages in direct financing lease and equipment financing contracts through m2, a wholly-owned subsidiary of QCBT.  The Company also engages in wealth management services through its banking subsidiaries. In September 2024, the Company announced the decision to discontinue offering new loans and leases through m2.

QCBT is a commercial bank that serves the Iowa and Illinois Quad Cities and adjacent communities. CRBT is a commercial bank that serves Cedar Rapids, Iowa, and adjacent communities including Cedar Falls and Waterloo, Iowa. CSB is a commercial bank that serves Des Moines, Iowa, and adjacent communities. GB is a commercial bank that serves Springfield and Joplin, Missouri and adjacent communities.

QCBT, CRBT, and CSB are chartered and regulated under the laws of the state of Iowa. GB is chartered and regulated under the laws of the state of Missouri. All four subsidiary banks are insured and subject to regulation by the FDIC.  All four subsidiary banks are members of and regulated by the Federal Reserve System.  

The remaining direct subsidiaries of the Company consist of a consolidated subsidiary formed for the risk management of insurance and seven non-consolidated subsidiaries formed for the issuance of trust preferred securities. See Note 14 to the Consolidated Financial Statements for a listing of these subsidiaries and additional information.
Accounting estimates Accounting estimates: The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Principles of consolidation

Principles of consolidation: The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries, except those seven subsidiaries formed for the issuance of trust preferred securities which do not meet the criteria for consolidation. All material intercompany accounts and transactions have been eliminated in consolidation.
Presentation of cash flows

Presentation of cash flows: For purposes of reporting cash flows, cash and due from banks include cash on hand and noninterest bearing amounts due from banks. Cash flows from federal funds sold, interest bearing deposits at financial institutions, loans/leases, deposits, short-term borrowings and overnight and short-term FHLB advances are treated as net increases or decreases.

Cash and due from banks: In general, the subsidiary banks are required by federal banking regulations to maintain certain cash and due from bank reserves. There was no specific reserve requirement in place as of either December 31, 2024 or 2023.

Investment securities

Investment securities: Investment securities HTM are those debt securities that the Company has the ability and intent to hold until maturity regardless of changes in market conditions, liquidity needs, or changes in general economic conditions. Such securities are carried at cost, net of ACL, adjusted for amortization of premiums and accretion of discounts.  If the ability or intent to hold to maturity is not present for certain specified securities, such securities are considered AFS as the Company intends to hold them for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other factors. Securities AFS are carried at fair value. Unrealized gains or losses, net of taxes, are reported as increases or decreases in AOCI. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings.

All HTM and AFS debt securities are evaluated to determine whether declines in fair value below their amortized cost require an allowance.  See further discussion in the Allowance section following.

Trading securities include retained beneficial interests from securitizations and are carried at fair value with unrealized gains and losses recorded in earnings. As trading securities are carried at their current fair value, there is no allowance necessary.

Loans receivable, held for sale

Loans receivable, held for sale: Residential real estate loans which are originated and intended for resale in the secondary market in the foreseeable future are classified as held for sale. These loans are carried at the lower of cost or estimated market value in the aggregate. As assets specifically acquired for resale, the origination of, disposition of, and gain/loss on these loans are classified as operating activities in the statement of cash flows.
Loans receivable, held for investment

Loans receivable, held for investment: Loans that management has the intent and ability to hold for the foreseeable future, or until pay-off or maturity occurs, are classified as held for investment. These loans are reported at amortized cost, net of the ACL.  Amortized cost is the amount of unpaid principal adjusted for charge-offs, any discounts or premiums, and any deferred fees and/or costs on originated loans.  Accrued interest receivable totaled $30.9 million and $28.8 million at December 31, 2024 and 2023, respectively, and was reported in other assets on the consolidated balance sheets.  Interest is credited to earnings as earned based on the principal amount outstanding. Deferred direct loan origination fees and/or costs are amortized as an adjustment of the related loan’s yield. As assets held for and used in the production of services, the origination and collection of these loans are classified as investing activities in the statement of cash flows.

​

The ACL is measured on a collective (pool) basis when similar risk characteristics exist.  The Company discloses the ACL (also known as the allowance) by portfolio segment, and credit quality information, nonaccrual status, and past due status by class of financing receivable. A portfolio segment is the level at which the Company develops and documents a systematic methodology to determine its ACL. A class of financing receivable is a further disaggregation of a portfolio segment based on risk characteristics and the Company’s method for monitoring and assessing credit risk. See the following information and Note 3 to the Consolidated Financial Statements.

​

The Company’s portfolio segments are as follows:

●C&I – revolving
●C&I – other
●CRE – owner occupied
●CRE – non-owner occupied

Note 1. Nature of Business and Significant Accounting Policies (continued)

●Construction and land development
●Multi-family
●1-4 family real estate
●Consumer

The Company’s classes of loans receivable are as follows:

●C&I – revolving
●C&I – other
●CRE – owner occupied
●CRE – non-owner occupied
●Construction and land development
●Multi-family
●Direct financing leases
●1-4 family real estate
●Consumer

Direct financing leases are considered a class of financing receivable within the overall loan/lease portfolio and are included in the C&I – other loan segments for ACL. The accounting policies for direct financing leases are disclosed below.

​

Generally, for all classes of loans receivable, loans are considered past due when contractual payments are delinquent for 30 days or greater.

For all classes of loans receivable, loans will generally be placed on nonaccrual status when the loan has become 90 days past due (unless the loan is well secured and in the process of collection); or if any of the following conditions exist:

●It becomes evident that the borrower will not make payments, or will not or cannot meet the terms for renewal of a matured loan;
●When full repayment of principal and interest is not expected;
●When the loan is graded “doubtful;”
●When the borrower files bankruptcy and an approved plan of reorganization or liquidation is not anticipated in the near future; or
●When foreclosure action is initiated.

When a loan is placed on nonaccrual status, income recognition is ceased. Previously recorded but uncollected amounts of interest on nonaccrual loans are reversed at the time the loan is placed on nonaccrual status. Generally, cash collected on nonaccrual loans is applied to principal. Should full collection of principal be expected, cash collected on nonaccrual loans can be recognized as interest income.

For all classes of loans receivable, nonaccrual loans may be restored to accrual status provided the following criteria are met:

●The loan is current, and all principal and interest amounts contractually due have been made;
●All principal and interest amounts contractually due, including past due payments, are reasonably assured of repayment within a reasonable period; and

Note 1. Nature of Business and Significant Accounting Policies (continued)

●There is a period of minimum repayment performance, as follows, by the borrower in accordance with contractual terms:

o

Six months of repayment performance for contractual monthly payments, or

o

One year of repayment performance for contractual quarterly or semi-annual payments.

Direct finance leases receivable, held for investment: The Company leases machinery and equipment to customers under leases that qualify as direct financing leases for financial reporting and as operating leases for income tax purposes. Under the direct financing method of accounting, the minimum lease payments to be received under the lease contract, together with the estimated unguaranteed residual values (approximately 3% to 25% of the cost of the related equipment), are recorded as lease receivables when the lease is signed and the lease property delivered to the customer. The excess of the minimum lease payments and residual values over the cost of the equipment is recorded as unearned lease income. Unearned lease income is recognized over the term of the lease on a basis that results in an approximate level rate of return on the unrecovered lease investment.

Lease income is recognized on the interest method. Residual value is the estimated fair market value of the equipment on lease at lease termination. In estimating the equipment’s fair value at lease termination, the Company relies on historical experience by equipment type and manufacturer and, where available, valuations by independent appraisers, adjusted for known trends.

The Company’s estimates are reviewed continuously to ensure reasonableness; however, the amounts the Company will ultimately realize could differ from the estimated amounts. If the review results in a lower estimate than had been previously established, a determination is made as to whether the decline in estimated residual value is other-than-temporary. If the decline in estimated unguaranteed residual value is judged to be other-than-temporary, the accounting for the transaction is revised using the changed estimate. The resulting reduction in the investment is recognized as a loss in the period in which the estimate is changed. An upward adjustment of the estimated residual value is not recorded.

The policies for delinquency and nonaccrual for direct financing leases are materially consistent with those described above for all classes of loan receivables.
Loan modifications

Loan modifications: In situations related to a borrower’s financial difficulties, the Company may grant a concession or set of concessions to the borrower for other than an insignificant period that would not otherwise be considered.  In such instances, the loan will be classified as a modification.  These concessions may include, but are not limited to interest rate reductions, extension of below market interest rates, principal forgiveness or other actions intended to minimize the economic loss and avoid foreclosure of the collateral.  In cases where borrowers are granted new terms that provide for a reduction in either interest or principal, the Company measures a credit loss on the restructuring.
Allowance

Allowance:

Allowance for Credit Losses on Loans and Leases

The ACL on loans/leases is measured on a collective (pool) basis when similar risk characteristics exist.  The Company has identified the eight portfolio segments at which the allowance will be measured.  For all portfolio segments, the allowance is established as losses are estimated to have occurred through a provision that is charged to earnings. Credit losses on loans and leases, for all portfolio segments, are charged against the allowance when management believes the uncollectability of a loan/lease balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The Company’s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts.  The methodologies apply historical loss information adjusted for asset-specific characteristics, economic conditions

Note 1. Nature of Business and Significant Accounting Policies (continued)

at the measurement date, and forecasts about future economic conditions that are expected to exist through the contractual lives of the financial assets and that are reasonable and supportable to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed.  The Company will immediately and fully revert back to average historical losses when it can no longer develop reasonable and supportable forecasts.

A discussion of the risk characteristics and the allowance by each portfolio segment follows:

For C&I loans, the Company focuses on small and mid-sized businesses with primary operations as wholesalers, manufacturers, building contractors, business services companies, other banks, and retailers. The Company provides a wide range of C&I loans, including lines of credit for working capital and operational purposes, and term loans for the acquisition of facilities, equipment and other purposes. Approval is generally based on the following factors:

●Ability and stability of current management of the borrower;
●Stable earnings with positive financial trends;
●Sufficient cash flow to support debt repayment;
●Earnings projections based on reasonable assumptions;
●Financial strength of the industry and business; and
●Value and marketability of collateral.

Collateral for C&I loans generally includes accounts receivable, inventory and equipment. The Company’s lending policy specifies approved collateral types and corresponding maximum advance percentages. The value of collateral pledged on loans must exceed the loan amount by a margin sufficient to absorb potential erosion of its value in the event of foreclosure and cover the loan amount plus costs incurred to convert it to cash.

The Company’s lending policy specifies maximum term limits for C&I loans. For term loans, the maximum term is generally seven years with average terms ranging from three to five years. For lines of credit, the maximum term is generally 365 days.

In addition, the Company often takes personal guarantees or cosigners to help assure repayment. Loans may be made on an unsecured basis if warranted by the overall financial condition of the borrower.

CRE is segmented into the following categories generally based on source of repayment: Owner occupied CRE, non-owner occupied CRE and multi-family.  CRE loans are also embedded in the following segments: construction and land development and 1-4 family real estate.  The Company is an active lender of LIHTC project loans which includes both the construction and permanent loan. Due to lower default rates, LIHTC loans have historically shown to have a lower risk profile than other CRE loans, and typically make up over a third of the Company’s CRE portfolio. CRE loans are subject to underwriting standards and processes similar to C&I loans, in addition to those standards and processes specific to real estate loans. Collateral for CRE loans generally includes the underlying real estate and improvements and may include additional assets of the borrower. The Company’s lending policy specifies maximum loan-to-value limits based on the category of CRE (CRE loans on improved property, raw land, land development, and commercial construction). These limits are the same limits, or in some situations, more conservative than those established by regulatory authorities. The Company also reviews CRE concentrations by industry in relation to risk-based capital on a quarterly basis.

Multi-family loans are typically repaid from rental income. LIHTC permanent loans are included in multi-family loans and the maximum term is generally up to 20 years.

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Note 1. Nature of Business and Significant Account Policies (continued)

The Company’s lending policy also includes guidelines for real estate appraisals, including minimum appraisal standards based on certain transactions. In addition, the Company often takes personal guarantees to help assure repayment.

Construction loans include any loans to finance the construction of any new residential property, CRE property, low-income housing project or major rehabilitation or expansion of existing commercial structures.  Construction lending carries a higher degree of risk because of the difficulty of protecting the bank against various factors.  The following components are evaluated when underwriting these types of loans:

●Borrowers/contractors experience and ability is analyzed with the type and size of project being considered.
●Financial ability to cover cost overruns.
●Reliability and thoroughness of cost projections and reasonable assurance that significant provisions are made for contingencies for soft costs especially interest and operating deficits.
●Reliability of the estimate of time to complete the project.

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The land development portfolio also includes other land loans such as raw land.  The raw land component involves considerable risk to the bank and is reserved for the bank’s most credit worthy borrowers.  Land development loans are typically only made to experienced local developers with successful track records.

​

For all loans the allowance consists of pooled and individually analyzed components.  Pooled loan allowances consist of quantitative and qualitative factors and cover loan classes that share similar risk characteristics with other assets in the segmented pool.

Quantitative Factors:

​

The quantitative factors are based on the probability of default and loss given default derived from historical net charge-off experience, repayment activity and default, remaining life, and current economic conditions as well as economic outlook.

​

Qualitative Factors:

​

The Company’s allowance methodology also has a qualitative component, the purpose of which is to take into consideration changes in current conditions that are not reflected in the quantitative analysis performed in determining its base credit loss rates.

​

The Company utilizes the following qualitative factors:

​

●National and local economy
●Loan volume and trend
●Loan quality
●Loan policies and procedures
●Management and staff experience
●Concentrations
●Collateral
●Loan review system
●Regulatory environment and oversight

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Note 1. Nature of Business and Significant Accounting Policies (continued)

The Company also provides for unique circumstances with qualitative adjustments as needed. The qualitative adjustments are based on the current conditions and applied as a percentage adjustment in addition to the calculated historical loss rates.  The adjustment amount can be either positive or negative.  These adjustments reflect the extent to which the Company expects current conditions to differ from the conditions that existed for the period over which historical information was evaluated.

​

Economic forecasting:

​

The Company uses reasonable and supportable forecasts over the contractual term of the financial assets for each entity.  This measurement is based upon relevant past events, historical experience and current conditions to determine the forecasted data which requires significant judgement.  When management no longer has sufficient information to make a reasonable and supportable forecast, the data will then immediately revert back to the average historical performance for each entity.  These forecasted adjustments are added to the qualitative adjustments and applied as a percentage adjustment in addition to the historical loss rates.

​

It is expected that actual economic conditions will, in many circumstances, turn out differently than forecasted because the ultimate outcomes during the forecast period may be affected by events that were unforeseen, such as, but not limited to, economic disruption and fiscal or monetary policy actions, which are exacerbated by longer forecasting periods.  This uncertainty would be relevant to the entity’s confidence level as to the outcomes being forecasted.  That is, an entity is likely less confident in the ultimate outcome of events that will occur at the end of the forecast period as compared to the beginning.  As a result, actual future economic conditions may not be an effective indicator of the quality of the Company’s forecasting process, including the length of the forecast period.

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Loans are determined to no longer share similar risk characteristics with other assets in the segmented pool when their scheduled payments of principal and interest according to the contractual terms of the loan agreement, have a greater probability of uncollectability based on current information and events.  Such events include past due status of 90 days

or more, non-accrual status or classification of a substandard or doubtful risk rating.

​

Factors considered by management in determining risk rating and non-accrual status include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due.  Loans that experience insignificant payment delays and payment shortfalls generally are not considered low quality. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.  Allowances for these low quality loans with outstanding principal balances greater than $250,000 are measured on a case-by-case basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent.

​

Low quality loans with principal balances equal to or less than $250,000 are placed into a unique pool and have the overall effective loss rate for that period applied to this low quality pool.  However, should an asset within the low quality pool no longer have the same risk characteristic of the unique pool, it will be removed and individually analyzed as described above.

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Some loans that are determined to no longer share risk characteristics with other assets in the segmented pool, may be deemed collateral dependent.  A financial asset is collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral.  When

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Note 1. Nature of Business and Significant Accounting Policies (continued)

it is determined that foreclosure is probable, the collateral’s fair value is used to estimate the financial assets expected credit losses for the current reporting period.  This fair value is then reduced by the present value of estimated costs to sell.  If it is determined that the asset is collateral-dependent, but foreclosure is not probable, an institution can elect to apply the practical expedient to use the collateral’s fair value to estimate the asset’s expected credit loss.  The Company is choosing to utilize the practical expedient.  When using the practical expedient on a collateral dependent loan where repayment is reliant upon the sale of the collateral, the fair value of that collateral will be adjusted for estimated costs to sell.  However, if the repayment is dependent on the operations of the company, the fair market value less estimated cost to sell cannot be used.  Thus, the net present value of the cash-flow will be utilized.

​

For non-homogenous loans, the Company utilizes the following internal risk rating scale:

1.Highest Quality (Pass) – Loans of the highest quality with no credit risk, including those fully secured by subsidiary bank certificates of deposit and U.S. government securities.
2.Superior Quality (Pass) – Loans with very strong credit quality. Borrowers have exceptionally strong earnings, liquidity, capital, cash flow coverage, and management ability. Includes loans secured by high quality marketable securities, certificates of deposit from other institutions, and cash value of life insurance. Also includes loans supported by U.S. government, state, or municipal guarantees.
3.Good Quality (Pass) – Loans with good credit quality. Established borrowers with good financial condition, including earnings, liquidity, capital and cash flow coverage.  Financial performance is above industry average.  Management is capable and is very experienced.  Collateral coverage, if applicable, is good.  Includes loans secured by personal assets and business assets including equipment, accounts receivable, inventory and real estate.
4.Moderate Quality (Pass) – Loans with moderate credit quality.  Established borrowers with good financial condition, including earnings, liquidity, capital and cash flow coverage.  Financial performance should be above industry averages.  Management is capable and has mor than adequate experience.  Collateral coverage, if applicable is more than adequate.  Includes loans secured by personal asset and business assets including equipment, accounts receivable, inventory, and real estate.
5.Satisfactory Quality (Pass) – Loans with satisfactory credit quality. Established borrowers with satisfactory financial condition, including credit quality, earnings, liquidity, capital and cash flow coverage. Performance should be at or above industry averages.  Management is capable with adequate experience. Collateral coverage, if applicable, is adequate. Includes loans secured by personal assets and business assets, including equipment, accounts receivable, inventory, and real estate.
6.Fair Quality (Pass) – Loans with acceptable credit quality. The primary repayment source is adequate; however, management’s ability to maintain consistent profitability is unproven or uncertain. Borrowers exhibit acceptable leverage and liquidity. May include new businesses with inexperienced management, performance at industry averages, or borrowers operating in highly cyclical or declining industries.
7.Low Quality (Pass) – Loans with low credit quality.  The primary repayment source remains adequate; however, management’s ability to maintain consistent profitability remains unproven or uncertain.  Borrowers exhibit moderate leverage and limited liquidity.  May include new businesses with inexperienced management, performance below industry averages, or borrowers operating in highly cyclical or declining industries.

​

​

Note 1. Nature of Business and Significant Accounting Policies (continued)

8.Early Warning (Pass) – Loans where the borrowers have generally performed as agreed, however unfavorable financial trends exist or are anticipated. Earnings may be erratic, with marginal cash flow or declining sales. Borrowers reflect leveraged financial condition and/or marginal liquidity. Management may be new and a track record of performance has yet to be developed. Financial information may be incomplete, and reliance on secondary repayment sources may be increasing.
9.Special Mention – Loans where the borrowers exhibit credit weaknesses or unfavorable financial trends requiring close monitoring. Weaknesses and adverse trends are more pronounced than Early Warning loans, and if left uncorrected, may jeopardize repayment according to the contractual terms. Currently, no loss of principal or interest is expected. Borrowers in this category have deteriorated to the point that it would be difficult to refinance with another lender. Special Mention should be assigned to borrowers in turnaround  situations. This rating is intended as a transitional rating, therefore, it is generally not assigned to a borrower for a period of more than one year.
10.Substandard – Loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if applicable. These loans have a well-defined weakness or weaknesses which jeopardize repayment according to the contractual terms. There is distinct loss potential if the weaknesses are not corrected. Includes loans with insufficient cash flow coverage which are collateral dependent, OREO, and repossessed assets.
11.Doubtful – Loans which have all the weaknesses inherent in a Substandard loan, with the added characteristic that existing weaknesses make full principal collection, on the basis of current facts, conditions and values, highly doubtful. The possibility of loss is extremely high, but because of pending factors, recognition of a loss is deferred until a more exact status can be determined. All doubtful loans will be placed on non-accrual, with all payments, including principal and interest, applied to principal reduction.

For term C&I and CRE loans equal to or greater than $1.0 million, the subsidiary banks with an asset size of $1.0 billion or less as of the most recent fiscal year-end require a term loan review within 15 months of the most recent credit review. For the subsidiary banks with an asset size of over $1.0 billion as of the most recent fiscal year-end, a term loan review is required within 15 months of the most recent credit review for term C&I and CRE loans of $2.0 million or more.  A credit review encompasses any new debt issuances or renewed debt facilities that are part of the borrower’s credit relationship.  The term loan/credit review is completed in enough detail to, at a minimum, validate the risk rating. Additionally, the review shall include an analysis of debt service requirements, covenant compliance, if applicable, and collateral adequacy. The frequency of the review is generally accelerated for loans with poor risk ratings.

The Company’s Loan Quality area performs a documentation review of a sampling of C&I and CRE loans, the primary purpose of which is to ensure the credit is properly documented and closed in accordance with approval authorities and conditions. A review is also performed by the Company’s Internal Audit Department of a sampling of C&I and CRE loans for proper documentation, according to an approved schedule. Validation of the risk rating is also part of Internal Audit’s review (performed by Internal Loan Review). Additionally, the Company has contracted an independent outside third party to review a sampling of C&I and CRE loans. Validation of the risk rating is part of this review as well.

The Company leases machinery and equipment to C&I customers under direct financing leases. All lease requests are subject to the credit requirements and criteria as set forth in the lending/leasing policy. In all cases, a formal independent credit analysis of the lessee is performed.  Direct financing leases are included in the C&I-other segment and allowance is established in the same manner as C&I loans.

​

Note 1. Nature of Business and Significant Accounting Policies (continued)

Generally, the Company’s residential real estate loans conform to the underwriting requirements of Freddie Mac and Fannie Mae to allow the subsidiary banks to resell loans in the secondary market. The subsidiary banks structure most loans that will not conform to those underwriting requirements as adjustable rate mortgages that mature or adjust in one to five years or fixed rate mortgages that mature in 15 years, and then retain these loans in their portfolios.

Servicing rights are not presently retained on the loans sold in the secondary market. The Company’s lending policy establishes minimum appraisal and other credit guidelines.

The Company provides many types of installment and other consumer loans including motor vehicle, home improvement, home equity, signature loans and small personal credit lines. The Company’s lending policy addresses specific credit guidelines by consumer loan type.

For residential real estate loans, and installment and other consumer loans, these large groups of smaller balance homogenous loans follow the same methodology as commercial loans in terms of evaluation of risk characteristics, other than these may not be risk rated due to homogenous nature.

Allowance for Credit Losses on Off-Balance Sheet Exposures

The Company estimates expected credit losses over the contractual term of the loan for the unfunded portion of the loan commitment that is not unconditionally cancellable by the Company.  Management uses an estimated average utilization rate to determine the exposure of default.  The allowance on OBS exposures is calculated using probability of default and loss given default using the same segmentation and qualitative factors used for loans and leases.  The allowance for OBS exposures is recorded in the Other Liabilities section of the consolidated balance sheet. See Note 3 to the Consolidated Financial Statements.

Allowance for Credit Losses on Held to Maturity Debt Securities

The Company measures expected credit losses on held to maturity debt securities on a collective basis based on security type.  The estimate of expected credit losses considers historical credit information from external sources.  The Company’s held to maturity debt securities consist primarily of investment grade obligations of states and political subdivisions.    See Note 2 to the Consolidated Financial Statements.

Allowance for Credit Losses on Available for Sale Debt Securities

Available for sale debt securities in unrealized loss positions are evaluated for credit related loss at least quarterly.  The decline in fair value of an available for sale debt security due to credit loss results in recording an ACL to the extent the fair value is less than the amortized cost basis.  Declines in fair value that have not been recorded through an ACL, such as declines due to changes in market interest rates, are recorded through other comprehensive income, net of applicable taxes.  Although these evaluations involve significant judgment, an unrealized loss in the fair value of a debt security is generally considered to not be related to credit when the fair value of the security is below the carrying value primarily due to the changes in risk-free interest rates, there has not been significant deterioration in the financial condition of the issues, and the Company does not intend to sell nor does it believe it will be required to sell the security before the recovery of its cost basis.     See Note 2 to the Consolidated Financial Statements.
Credit related financial instruments

Credit related financial instruments: In the ordinary course of business, the Company has entered into commitments to extend credit and standby letters of credit. Such financial instruments are recorded when they are funded.

​

​
Transfers of financial assets

Transfers of financial assets: Transfers of financial assets are accounted for as sales only when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when: (1) the assets have been isolated from the Company; (2) the transferee obtains the right to pledge or exchange the assets it received, and no condition both constrains the transferee from taking advantage of its right to pledge or exchange and provides more than a modest benefit to the transferor; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. In addition, for transfers of a portion of financial assets (for example, participations of loan receivables), the transfer must meet the definition of a “participating interest” in order to account for the transfer as a sale.

Following are the characteristics of a “participating interest”:

●Pro-rata ownership in an entire financial asset.
●From the date of the transfer, all cash flows received from entire financial assets are divided proportionately among the participating interest holders in an amount equal to their share of ownership.
●The rights of each participating interest holder have the same priority, and no participating interest holder’s interest is subordinated to the interest of another participating interest holder. That is, no participating interest

holder is entitled to receive cash before any other participating interest holder under its contractual rights as a participating interest holder.

●No party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset.
Loan securitizations

Loan securitizations: The Company securitizes and sells LIHTC loans through M- and Q-series Freddie Mac sponsored securitizations. The transfers of these loans are accounted for as a sale in accordance with ASC 860. The net gains/losses on sales are recognized in capital markets revenue on the consolidated statements of income. See further information in Note 4 to the Consolidated Financial Statements.
BOLI

BOLI: BOLI is carried at cash surrender value with increases/decreases reflected as income/expense in the statement of income.  Death benefit proceeds are reflected as income in the statement of income.
Premises and equipment

Premises and equipment: Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by the straight-line method over the estimated useful lives of the assets.
Restricted investment securities Restricted investment securities: Restricted investment securities represent FHLB and FRB common stock. The stock is carried at cost. These equity securities are “restricted” in that they can only be sold back to the respective institution or another member institution at par. Therefore, they are less liquid than other tradable equity securities. The Company views its investment in restricted stock as a long-term investment. Accordingly, when evaluating for impairment, the value is determined based on the ultimate recovery of the par value, rather than recognizing temporary declines in value. There have been no other-than-temporary write-downs recorded on these securities.
OREO

OREO: Real estate acquired through, or in lieu of, loan foreclosures, is held for sale and initially recorded at fair value less costs to sell, establishing a new cost basis. Any write down to fair value taken at the time of foreclosure is charged to the allowance. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less costs to sell. Subsequent write-downs to fair value are charged to earnings.
Goodwill

Goodwill: The Company has recorded goodwill from various business combinations. The goodwill is not being amortized, but is evaluated at least annually for impairment.  
Core deposit intangible

Core deposit intangible: The Company has recorded a core deposit intangible from historical acquisitions. The core deposit intangible was the portion of the acquisition purchase price which represented the value assigned to the existing deposit base at acquisition. See Note 5 to the Consolidated Financial Statements for additional information.

The core deposit intangibles have a finite life and are amortized over the estimated useful life of the deposits (estimated to be 10 years).
Swap transactions

Swap transactions: The Company offers a loan swap program to certain commercial loan customers including C&I, CRE, and multi-family which includes LIHTC permanent loans. Through this program, the Company originates a variable rate loan with the customer. The Company and the swap customer will then enter into a fixed interest rate swap. Separately, an identical offsetting swap is entered into by the Company with a counterparty. These “back-to-back” swap arrangements are intended to offset each other and allow the Company to book a variable rate loan, while providing the customer with a contract for fixed interest payments. In these arrangements, the Company’s net cash flow is equal to the interest income received from the variable rate loan originated with the customer. These customer swaps are not designated as hedging instruments and are recorded at fair value in other assets and other liabilities.

Additionally, the Company receives an upfront, non-refundable fee from the counterparty, dependent upon the pricing, which is recognized upon receipt from the counterparty. This upfront, non-refundable fee is recorded as noninterest income and classified as capital markets revenue.
Derivatives and hedging activities

Derivatives and hedging activities: The Company enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates.

Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying index (such as a rate, security price or price index) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying index.

The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market (although this type of derivative is negligible); (2) interest rate caps to manage the interest rate risk of certain variable rate deposits and short-term fixed rate liabilities; (3) interest rate swaps on variable rate trust preferred securities, subordinated notes and both fixed and floating rate loans; (4) interest rate collars on floating rate loans; and (5) swaptions to hedge the Company’s regulatory capital ratios against the adverse effects of a significant decline in long-term interest rates.

Derivatives are valued by a third party monthly and corroborated by the transaction counterparty. The Company uses the hypothetical derivative method to assess and measure effectiveness in accordance with ASC 815, Derivatives and Hedging.
Preferred stock Preferred stock: The Company currently has 250,000 shares of preferred stock authorized, but none outstanding as of December 31, 2024 and 2023. Should the Company have preferred stock outstanding in the future, dividends declared on those shares would be deducted from net income to arrive at net income available to common stockholders. Net income available to common stockholders would then be used in the earnings per share computation.
Stock-based compensation plans

Stock-based compensation plans: The Company accounts for stock-based compensation with measurement of compensation cost for all stock-based awards at fair value on the grant date and recognition of compensation over the requisite service period for awards expected to vest.

​

Note 1. Nature of Business and Significant Accounting Policies (continued)

The Company recognizes stock-based compensation expense for the grant-date fair value of stock-based awards that are expected to vest over the requisite service period. Management estimates expected forfeitures and recognizes compensation costs only for those equity awards expected to vest.

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option grants with the following assumptions for the indicated periods:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

Dividend yield

​

​

0.42%

​

​

0.45%

​

​

0.43% to 0.45%

​

Expected volatility

 

​

24.96%

​

​

22.31%

​

​

22.65% to 23.52%

​

Risk-free interest rate

 

​

4.18%

​

​

4.22%

​

​

1.87% to 3.12%

​

Expected life of option grants

 

​

6.25 years

​

​

6.25 years

​

​

6.25 years

​

Weighted-average grant date fair value

​

$

18.61

​

$

16.36

​

$

13.94 to 15.09

​

​

The Company also uses the Black-Scholes option pricing model to estimate the fair value of stock purchase grants with the following assumptions for the indicated periods:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

Dividend yield

​

    

0.41%

​

​

0.48% to 0.58%

​

​

0.43% to 0.44%

​

Expected volatility

​

 

32.06% to 32.47%

​

​

15.86% to 29.69%

​

​

17.97% to 21.16%

​

Risk-free interest rate

​

 

3.94% to 5.16%

​

​

4.67% to 5.47%

​

​

0.14% to 2.24%

​

Expected life of purchase grants

​

 

3 to 6 months

​

​

3 to 6 months

​

​

3 to 6 months

​

Weighted-average grant date fair value

​

$

11.85

​

$

8.35

​

$

7.88

​

​

The fair value is amortized on a straight-line basis over the vesting periods of the grants and will be adjusted for subsequent changes in estimated forfeitures. The expected dividend yield assumption is based on the Company’s current expectations about its anticipated dividend policy. Expected volatility is based on historical volatility of the Company’s common stock price. The risk-free interest rate for periods within the contractual life of the option or purchase is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of the option and purchase grants is derived using the “simplified” method and represents the period of time that options and purchases are expected to be outstanding. Historical data is used to estimate forfeitures used in the model. Two separate groups of employees (employees subject to broad based grants, and executive employees and directors) are used.

As of December 31, 2024, there was $357 thousand of unrecognized compensation cost related to stock options granted, which is expected to be recognized over a weighted average period of 2.02 years.

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the 220,846 options that were in-the-money at December 31, 2024. The aggregate intrinsic value at December 31, 2024 was $9.0 million on options outstanding and $7.4 million on options exercisable. During the years ended December 31, 2024, 2023 and 2022, the aggregate intrinsic value of options exercised under the Company’s stock-based compensation was $887 thousand, $440 thousand, and $387 thousand, respectively, and determined as of the date of the option exercise.

Restricted stock awards granted may not be sold or otherwise transferred until the service periods have lapsed. During the vesting periods, participants have voting rights and receive dividends. Upon termination of employment, common shares upon which the service periods have not lapsed must be returned to the Company.

All restricted share awards are classified as equity awards. The grant-date fair value of equity-classified restricted stock awards is amortized as compensation expense on a straight-line basis over the period restrictions lapse.

Note 1. Nature of Business and Significant Accounting Policies (continued)

As of December 31, 2024, there was $2.7 million of unrecognized compensation cost related to nonvested restricted stock awards expected to be recognized over a period of 1.15 years.
Capital markets revenue

Capital markets revenue: Capital markets revenue is derived from interest rate swap fees and gains on loan securitizations.  See the swap transactions and loan securitizations accounting policies discussions above in this Note 1 for further information. Capital markets revenue related to interest rate swaps totaled $70.1 million, $91.4 million and $41.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Capital markets revenue related to gains on loan securitizations totaled $955 thousand and $664 thousand for the years ended December 31, 2024 and 2023, respectively.  There was no capital markets revenue related to gains on loan securitization for the years ended December 31, 2022
Income taxes

Income taxes: The Company files its tax return on a consolidated basis with its subsidiaries. The entities follow the direct reimbursement method of accounting for income taxes under which income taxes or credits which result from the inclusion of the subsidiaries in the consolidated tax return are paid to or received from the parent company.

Deferred income taxes are provided under the liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the statements of income.
Trust assets

Trust assets: Trust assets held by the subsidiary banks in a fiduciary, agency, or custodial capacity for their customers, other than cash on deposit at the subsidiary banks, are not included in the accompanying Consolidated Financial Statements since such items are not assets of the subsidiary banks.
Earnings per share

Earnings per share: See Note 18 to the Consolidated Financial Statements for a complete description and calculation of basic and diluted earnings per share.
Revenue Recognition

Revenue Recognition:

Trust and Investment advisory and management fees: This is a contract between the Company and its customers for fiduciary and/or investment administration services on trust and brokerage accounts. Trust services and brokerage fee income is determined as a percentage of assets under management and is recognized over the period the underlying

Note 1. Nature of Business and Significant Accounting Policies (continued)

trust account is serviced. Such contracts are generally cancellable at any time, with the customer subject to a pro-rated fee in the month of termination.

Deposit service fees: The deposit contract obligates the Company to serve as a custodian of the customer's deposited funds and is generally terminable at will by either party. The contract permits the customer to access the funds on deposit and request additional services related to the deposit account. Deposit account related fees, including analysis charges, overdraft/nonsufficient fund charges, service charges, debit card usage fees, overdraft fees and wire transfer fees are within the scope of the guidance; however, revenue recognition practices did not change under the guidance, as deposit agreements are considered day-to-day contracts. Income for deposit accounts is recognized over the statement cycle period (typically on a monthly basis) or at the time the service is provided, if additional services are requested.

Correspondent banking fees: This is a contract between the Company and its correspondent banks for corresponding banking services. This line of business provides a strong source of noninterest bearing and interest bearing deposits, fee income, high-quality loan participations and bank stock loans. Correspondent banking fee income is tied to transaction activity and revenue is recognized monthly as earned for services provided.

Reclassifications

Reclassifications: Certain amounts in the prior year’s Consolidated Financial Statements have been reclassified, with no effect on net income or stockholders’ equity, to conform with the current period presentation.
Recent accounting developments

Recent accounting developments: In March 2023, the FASB issued ASU 2023-02, “Investments - Equity Method and Joint Venues (Topic 323):  Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a Consensus of the Emerging Issues Task Force).” Under the standard, the accounting guidance expands use of the proportional amortization method of accounting to equity investments in tax credit programs beyond those in LIHTC programs.  The ASU also prescribes specific information reporting entities must disclose about tax credit investments each period. The ASU is effective for reporting periods beginning after December 31, 2023, for public business entities, with all other entities having an extra year to adopt.  Entities will have the option of applying the ASU using either a modified retrospective or retrospective adoption approach.  For some changes related to existing LIHTC investments, prospective application is permitted. The standard was adopted on January 1, 2024 and did not have a significant impact on the Company’s financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.”  Under the standard, the accounting guidance expands the disclosures for reportable segments made by public entities to disclose significant expenses for reportable segments in both interim and annual reporting periods to enable investors to develop more decision-useful financial analyses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.  The standard was adopted effective December 31, 2024 and the newly required disclosures have been provided in Note 22 to the Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.”  Under the standard, the accounting guidance enhances the transparency and decision usefulness of income tax disclosures.  Investors, lenders, creditors and other allocators of capital information will be able to use the expanded disclosures to better assess how an entity’s operations and related tax risks and tax planning and operation opportunities affect its tax rate and prospects for future cash flows.  The ASU is effective for public business entities for annual periods beginning after December 15, 2024.  The standard is not expected to have a significant impact on the Company’s financial statements.

In March 2024, the FASB issued ASU 2024-01, “Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards.” Under the standard, the accounting guidance improves GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance of “Topic 718, Compensation –

Note 1. Nature of Business and Significant Accounting Policies (continued)

Stock Compensation” for profits interest and similar awards.  The illustrative examples will benefit investors and other allocators of capital by providing them with more consistent information.  The ASU is effective for public business entities for annual periods beginning after December 15, 2024, and interim periods within those annual periods.  The standard is not expected to have an impact on the Company’s financial statements.

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses.” Under the standard, the accounting guidance improves the disclosures about a public business entity’s expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions.  The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.  The standard is not expected to have a significant impact on the Company’s financial statements.
v3.25.0.1
Note 1 - Nature of Business and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Fair value assumptions for stock option grants and stock purchase grants

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

Dividend yield

​

​

0.42%

​

​

0.45%

​

​

0.43% to 0.45%

​

Expected volatility

 

​

24.96%

​

​

22.31%

​

​

22.65% to 23.52%

​

Risk-free interest rate

 

​

4.18%

​

​

4.22%

​

​

1.87% to 3.12%

​

Expected life of option grants

 

​

6.25 years

​

​

6.25 years

​

​

6.25 years

​

Weighted-average grant date fair value

​

$

18.61

​

$

16.36

​

$

13.94 to 15.09

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

Dividend yield

​

    

0.41%

​

​

0.48% to 0.58%

​

​

0.43% to 0.44%

​

Expected volatility

​

 

32.06% to 32.47%

​

​

15.86% to 29.69%

​

​

17.97% to 21.16%

​

Risk-free interest rate

​

 

3.94% to 5.16%

​

​

4.67% to 5.47%

​

​

0.14% to 2.24%

​

Expected life of purchase grants

​

 

3 to 6 months

​

​

3 to 6 months

​

​

3 to 6 months

​

Weighted-average grant date fair value

​

$

11.85

​

$

8.35

​

$

7.88

​
v3.25.0.1
Note 2 - Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investment Securities  
Schedule of amortized cost and fair value of HTM and AFS investment securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance

 

Gross

​

Gross

​

​

​

​

​

​

Amortized

​

for Credit

 

Unrealized

​

Unrealized

​

Fair

​

​

    

Cost

    

(Losses)

 

Gains

    

(Losses)

    

Value

    

​

​

(dollars in thousands)

​

December 31, 2024:

 

​

  

 

​

  

​

​

  

 

​

  

 

​

  

 

Securities HTM:

 

​

  

 

​

  

​

​

  

 

​

  

 

​

  

 

Municipal securities

​

$

806,992

​

$

(254)

​

$

23,292

​

$

(63,164)

​

$

766,866

​

Corporate securities

​

​

28,018

​

​

(8)

​

​

4,665

​

​

—

​

​

32,675

​

Other securities

​

 

1,050

​

 

(1)

​

 

—

​

 

(7)

​

 

1,042

​

​

​

$

836,060

​

$

(263)

​

$

27,957

​

$

(63,171)

​

$

800,583

​

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

Securities AFS:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

U.S. treasuries and govt. sponsored agency securities

​

$

23,113

​

$

—

​

$

7

​

$

(2,529)

​

$

20,591

​

Residential mortgage-backed and related securities

​

 

55,641

​

 

—

​

 

3

​

 

(5,602)

​

 

50,042

​

Municipal securities

​

 

204,664

​

 

—

​

 

—

​

 

(40,089)

​

 

164,575

​

Asset-backed securities

​

​

9,053

​

​

—

​

​

171

​

​

—

​

​

9,224

​

Corporate securities

​

 

38,866

​

 

—

​

 

4

​

 

(2,193)

​

 

36,677

​

​

​

$

331,337

​

$

—

​

$

185

​

$

(50,413)

​

$

281,109

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

* HTM securities shown on the balance sheet of $835.8 million represent amortized cost of $836.1 million, net of allowance for credit losses of $263 thousand as of December 31, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance

​

Gross

​

Gross

​

​

​

​

​

Amortized

​

for Credit

​

Unrealized

​

Unrealized

​

Fair

​

​

    

Cost

​

(Losses)

​

Gains

    

(Losses)

​

Value

​

​

​

(dollars in thousands)

​

December 31, 2023:

 

​

  

 

​

  

​

​

  

 

​

  

​

​

​

 

Securities HTM:

 

​

  

 

​

  

​

​

  

 

​

  

​

​

​

 

Municipal securities

​

$

682,657

​

$

(202)

​

$

33,385

​

$

(36,639)

​

$

679,201

​

Other securities

​

 

1,050

​

 

(1)

​

 

44

​

 

(15)

​

 

1,078

​

​

​

$

683,707

​

$

(203)

​

$

33,429

​

$

(36,654)

​

$

680,279

​

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

Securities AFS:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

U.S. govt. sponsored agency securities

​

$

17,399

​

$

—

​

$

12

​

$

(2,438)

​

$

14,973

​

Residential mortgage-backed and related securities

​

 

65,168

​

 

—

​

 

—

​

 

(5,972)

​

 

59,196

​

Municipal securities

​

 

206,566

​

 

—

​

 

11

​

 

(35,590)

​

 

170,987

​

Asset-backed securities

​

​

15,261

​

​

—

​

​

167

​

​

(5)

​

​

15,423

​

Corporate securities

​

 

44,239

​

 

(989)

​

 

—

​

 

(4,174)

​

 

39,076

​

​

​

$

348,633

​

$

(989)

​

$

190

​

$

(48,179)

​

$

299,655

​

​

* HTM securities shown on the balance sheet of $683.5 million represent amortized cost of $683.7 million, net of allowance for credit losses of $203 thousand as of December 31, 2023.

​
Securities have been in a continuous unrealized loss position

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 Months

​

12 Months or More

​

Total

​

​

​

​

Gross

​

​

​

Gross

​

​

​

Gross

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

    

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

​

​

(dollars in thousands)

December 31, 2024:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Securities HTM:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

162,914

​

$

(14,382)

​

$

253,818

​

$

(48,782)

​

$

416,732

​

$

(63,164)

Other securities

​

​

500

​

​

—

​

​

543

​

​

(7)

​

​

1,043

​

​

(7)

​

​

$

163,414

​

$

(14,382)

​

$

254,361

​

$

(48,789)

​

$

417,775

​

$

(63,171)

​

​

 

  

​

 

​

​

 

  

​

 

  

​

 

  

​

 

  

Securities AFS:

​

 

  

​

 

​

​

 

  

​

 

  

​

 

  

​

 

  

U.S. treasuries and govt. sponsored agency securities

​

$

6,522

​

$

(2)

​

$

13,369

​

$

(2,527)

​

$

19,891

​

$

(2,529)

Residential mortgage-backed and related securities

​

 

1,337

​

 

(24)

​

 

48,520

​

 

(5,578)

​

 

49,857

​

 

(5,602)

Municipal securities

​

 

798

​

 

(6)

​

 

163,777

​

 

(40,083)

​

 

164,575

​

 

(40,089)

Corporate securities

​

 

—

​

 

—

​

 

35,712

​

 

(2,193)

​

 

35,712

​

 

(2,193)

​

​

$

8,657

​

$

(32)

​

$

261,378

​

$

(50,381)

​

$

270,035

​

$

(50,413)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 Months

​

12 Months or More

​

Total

​

​

​

​

Gross

​

​

​

Gross

​

​

​

Gross

​

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized

​

    

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

​

​

(dollars in thousands)

December 31, 2023:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Securities HTM:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Municipal securities

​

$

1,320

​

$

(11)

​

$

289,891

​

$

(36,628)

​

$

291,211

​

$

(36,639)

Other securities

​

 

535

​

 

(15)

​

 

—

​

 

—

​

 

535

​

 

(15)

​

​

$

1,855

​

$

(26)

​

$

289,891

​

$

(36,628)

​

$

291,746

​

$

(36,654)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Securities AFS:

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

U.S. govt. sponsored agency securities

​

$

—

​

$

—

​

$

14,018

​

$

(2,438)

​

$

14,018

​

$

(2,438)

Residential mortgage-backed and related securities

​

 

—

​

 

—

​

 

59,118

​

 

(5,972)

​

 

59,118

​

 

(5,972)

Municipal securities

​

 

283

​

 

(2)

​

 

169,876

​

 

(35,588)

​

 

170,159

​

 

(35,590)

Asset-backed securities

​

​

—

​

​

—

​

​

3,804

​

​

(5)

​

​

3,804

​

​

(5)

Corporate securities

​

​

3,805

​

​

(393)

​

​

35,271

​

​

(3,781)

​

​

39,076

​

​

(4,174)

​

​

$

4,088

​

$

(395)

​

$

282,087

​

$

(47,784)

​

$

286,175

​

$

(48,179)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of activity in allowance for credit losses for HTM and AFS securities by major security

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

Year Ended December 31, 2023

​

​

​

Securities HTM

​

Securities AFS

​

Securities HTM

​

Securities AFS

​

​

​

Municipal

​

Corporate

​

Other

​

​

​

Corporate

​

Municipal

​

Other

​

​

​

​

Corporate

​

    

​

securities

​

securities

​

securities

​

Total

    

securities

​

securities

    

securities

​

​

Total

    

securities

​

 

​

(dollars in thousands)

Allowance for credit losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

​

$

202

​

$

—

​

$

1

​

$

203

​

$

989

​

$

180

​

$

—

​

$

180

​

$

—

Reduction due to sales

​

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(544)

​

​

—

​

​

—

​

​

—

​

​

—

Provision for credit losses

​

​

​

52

​

​

8

​

​

—

​

​

60

​

​

(445)

​

​

22

​

​

1

​

​

23

​

​

989

Balance, ending

​

​

$

254

​

$

8

​

$

1

​

$

263

​

$

—

​

$

202

​

$

1

​

$

203

​

$

989
Schedule of realized gain (loss) on investments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

​

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Proceeds from sales of securities

​

​

​

​

​

$

445

​

$

30,568

​

$

111,375

Gross gains from sales of securities

​

​

​

​

​

 

—

​

 

56

​

 

—

Gross losses from sales of securities

​

​

​

​

​

 

—

​

 

(507)

​

 

—
Schedule of investments classified by maturity date

​

​

​

​

​

​

​

​

​

    

Amortized Cost

    

Fair Value

​

​

(dollars in thousands)

Securities HTM:

 

​

  

 

​

  

Due in one year or less

​

$

1,662

​

$

1,658

Due after one year through five years

​

 

35,992

​

 

36,621

Due after five years

​

 

798,406

​

 

762,304

​

​

$

836,060

​

$

800,583

Securities AFS:

​

 

  

​

 

  

Due in one year or less

​

$

6,804

​

$

6,802

Due after one year through five years

​

 

19,170

​

 

18,253

Due after five years

​

 

240,669

​

 

196,788

​

​

​

266,643

​

​

221,843

Residential mortgage-backed and related securities

​

​

55,641

​

​

50,042

Asset-backed securities

​

 

9,053

​

 

9,224

​

​

$

331,337

​

$

281,109
Schedule of investment in callable securities

​

​

​

​

​

​

​

​

​

    

Amortized Cost

    

Fair Value

​

​

(dollars in thousands)

Securities HTM:

 

​

  

 

​

  

Municipal securities

​

​

285,136

​

​

276,359

Corporate securities

​

​

28,018

​

​

32,675

​

​

$

313,154

​

$

309,034

​

​

 

  

​

 

  

Securities AFS:

​

 

  

​

 

  

Municipal securities

​

​

204,238

​

​

164,163

Corporate securities

​

 

37,904

​

 

35,712

​

​

$

242,142

​

$

199,875
v3.25.0.1
Note 3 - Loans/Leases Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Composition of the loan/lease portfolio

​

​

​

​

​

​

​

​

​

    

December 31, 2024

​

December 31, 2023

​

​

(dollars in thousands)

C&I:

​

​

​

​

​

​

C&I - revolving

​

$

387,991

​

$

325,243

C&I - other *

​

​

1,514,932

​

​

1,481,778

​

​

​

1,902,923

​

​

1,807,021

​

​

 

  

​

 

  

CRE - owner occupied

​

 

605,993

​

 

607,365

CRE - non-owner occupied

​

 

1,077,852

​

​

1,008,892

Construction and land development

​

 

1,313,543

​

 

1,420,525

Multi-family

​

​

1,132,110

​

​

996,143

Direct financing leases**

​

 

17,076

​

 

31,164

1-4 family real estate***

​

​

588,179

​

​

544,971

Consumer

​

 

146,728

​

 

127,335

​

​

 

6,784,404

​

 

6,543,416

Allowance for credit losses

​

 

(89,841)

​

 

(87,200)

​

​

$

6,694,563

​

$

6,456,216

** Direct financing leases:

​

 

  

​

 

  

Net minimum lease payments to be received

​

$

18,506

​

$

34,966

Estimated unguaranteed residual values of leased assets

​

 

165

​

 

165

Unearned lease/residual income

​

 

(1,595)

​

 

(3,967)

​

​

 

17,076

​

 

31,164

Plus deferred lease origination costs, net of fees

​

 

18

​

 

75

​

​

 

17,094

​

 

31,239

Less allowance for credit losses

​

 

(580)

​

 

(992)

​

​

$

16,514

​

$

30,247

​

​

​

​

​

​

​

​

*    Includes equipment financing agreements outstanding at m2, totaling $303.2 million and $319.5 million as of  December 31, 2024 and 2023, respectively.

​

** Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors and management’s expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The majority of leases with residual values contain a lease options rider which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal.

As of December 31, 2024 and December 31, 2023, the Company had two leases remaining with residual values totaling $165 thousand that were not protected with a lease end options rider. Management has performed specific evaluations of these unguaranteed residual values and determined that the valuations are appropriate as of such dates. There were no losses related to unguaranteed residual values during the years ended December 31, 2024, 2023, or 2022.

*** Includes residential real estate loans held for sale totaling $2.1 million and $2.6 million as of December 31, 2024 and 2023, respectively.
Schedule of changes in remaining discounts on acquired loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended

​

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

​

​

​

​

Performing

​

Performing

​

Performing

​

​

​

Loans

    

Loans

​

Loans

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the period

​

​

$

(3,891)

​

$

(6,088)

​

$

(1,533)

Discount added at acquisition

​

​

​

—

​

​

—

​

​

(13,381)

Accretion recognized

​

​

 

1,581

​

 

2,197

​

 

8,826

Balance at the end of the period

​

​

$

(2,310)

​

$

(3,891)

​

$

(6,088)

​

​

​

​

​

​

​

​

​

​

​
Aging of the loan/lease portfolio by classes of loans/leases

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

 

​

​

​

​

​

​

​

​

Accruing Past

​

​

​

​

 

​

​

​

​

30-59 Days

​

60-89 Days

​

Due 90 Days or

​

Nonaccrual

​

​

 

Classes of Loans/Leases

    

Current

    

Past Due

    

Past Due

    

More

    

Loans/Leases

    

Total

 

​

​

(dollars in thousands)

​

C&I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

387,767

​

$

30

​

$

—

​

$

—

​

$

194

$

​

387,991

​

C&I - other

​

​

1,474,729

​

​

13,159

​

​

2,931

​

​

2

​

​

24,111

​

​

1,514,932

​

CRE - owner occupied

​

 

604,550

​

​

173

​

​

454

​

​

—

​

​

816

​

 

605,993

​

CRE - non-owner occupied

​

 

1,074,541

​

​

85

​

​

—

​

​

—

​

​

3,226

​

 

1,077,852

​

Construction and land development

​

​

1,300,893

​

​

8

​

​

—

​

​

4,188

​

​

8,454

​

​

1,313,543

​

Multi-family

​

 

1,132,110

​

​

—

​

​

—

​

​

—

​

​

—

​

 

1,132,110

​

Direct financing leases

​

 

16,622

​

​

60

​

​

135

​

​

—

​

​

259

​

 

17,076

​

1-4 family real estate

​

 

579,943

​

​

4,910

​

​

539

​

​

80

​

​

2,707

​

 

588,179

​

Consumer

​

 

146,172

​

​

235

​

​

8

​

​

—

​

​

313

​

 

146,728

​

​

​

$

6,717,327

​

$

18,660

​

$

4,067

​

$

4,270

​

$

40,080

​

$

6,784,404

​

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

As a percentage of total loan/lease portfolio

​

 

99.01

%  

 

0.28

%  

 

0.06

%  

 

0.06

%  

 

0.59

%  

 

100.00

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

 

​

​

​

​

​

​

​

​

Accruing Past

​

​

​

​

 

​

​

​

​

30-59 Days

​

60-89 Days

​

Due 90 Days or

​

Nonaccrual

​

​

 

Classes of Loans/Leases

    

Current

    

Past Due

    

Past Due

    

More

    

Loans/Leases

    

Total

 

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

325,243

​

$

—

​

$

—

​

$

—

​

$

—

​

$

325,243

​

C&I - other

​

 

1,459,818

​

 

4,848

​

 

5,603

​

 

1

​

 

11,508

​

 

1,481,778

​

CRE - owner occupied

​

 

604,602

​

 

—

​

 

83

​

 

—

​

 

2,680

​

 

607,365

​

CRE - non-owner occupied

​

 

1,003,267

​

 

631

​

 

—

​

 

—

​

 

4,994

​

 

1,008,892

​

Construction and land development

​

 

1,418,016

​

 

—

​

 

—

​

 

—

​

 

2,509

​

 

1,420,525

​

Multi-family

​

​

987,971

​

​

—

​

​

—

​

​

—

​

​

8,172

​

​

996,143

​

Direct financing leases

​

 

30,501

​

 

186

​

 

188

​

 

—

​

 

289

​

 

31,164

​

1-4 family real estate

​

 

538,229

​

 

3,883

​

 

534

​

 

85

​

 

2,240

​

 

544,971

​

Consumer

​

 

126,868

​

 

103

​

 

3

​

 

—

​

 

361

​

 

127,335

​

​

​

$

6,494,515

​

$

9,651

​

$

6,411

​

$

86

​

$

32,753

​

$

6,543,416

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As a percentage of total loan/lease portfolio

​

 

99.25

%  

 

0.15

%  

 

0.10

%  

 

0.00

%  

 

0.50

%  

 

100.00

%
NPLs by classes of loans/leases

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

​

Accruing Past

​

Nonaccrual

​

Nonaccrual

​

​

​

​

​

​

​

​

Due 90 Days or

​

Loans/Leases

​

Loans/Leases

​

​

​

​

Percentage of

​

Classes of Loans/Leases

    

More

    

with an ACL

    

without an ACL

    

Total NPLs

    

Total NPLs

 

​

 

(dollars in thousands)

​

C&I:

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

C&I - revolving

​

$

—

​

$

193

​

$

1

​

$

194

 

-

%

C&I - other

​

​

2

​

​

20,849

​

​

3,262

​

​

24,113

​

54

​

CRE - owner occupied

​

 

—

​

​

816

​

​

—

​

​

816

 

2

​

CRE - non-owner occupied

​

 

—

​

​

2,686

​

​

540

​

​

3,226

 

7

​

Construction and land development

​

​

4,188

​

​

—

​

​

8,454

​

​

12,642

​

29

​

Multi-family

​

 

—

​

​

—

​

​

—

​

​

—

 

-

​

Direct financing leases

​

 

—

​

​

259

​

​

—

​

​

259

 

1

​

1-4 family real estate

​

 

80

​

​

2,366

​

​

341

​

​

2,787

 

6

​

Consumer

​

 

—

​

​

313

​

​

—

​

​

313

 

1

​

​

​

$

4,270

​

$

27,482

​

$

12,598

​

$

44,350

 

100

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

 

​

​

Accruing Past

​

Nonaccrual

​

Nonaccrual

​

​

​

​

 

​

​

Due 90 Days or

​

Loans/Leases

​

Loans/Leases

​

​

​

Percentage of

 

Classes of Loans/Leases

    

More

    

with an ACL

    

without an ACL

    

Total NPLs

    

Total NPLs

 

​

 

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

—

​

$

—

​

$

—

​

$

—

 

-

%

C&I - other

​

​

1

​

​

8,865

​

​

2,643

​

​

11,509

​

35

​

CRE - owner occupied

​

 

—

​

 

530

​

 

2,150

​

 

2,680

 

8

​

CRE - non-owner occupied

​

 

—

​

 

1,213

​

 

3,781

​

 

4,994

 

15

​

Construction and land development

​

 

—

​

 

2,509

​

 

—

​

 

2,509

 

8

​

Multi-family

​

 

—

​

 

—

​

 

8,172

​

 

8,172

 

25

​

Direct financing leases

​

 

—

​

 

206

​

 

83

​

 

289

 

1

​

1-4 family real estate

​

 

85

​

 

1,866

​

 

374

​

 

2,325

 

7

​

Consumer

​

 

—

​

 

361

​

 

—

​

 

361

 

1

​

​

​

$

86

​

$

15,550

​

$

17,203

​

$

32,839

​

100

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Allowance for credit losses on financing receivables

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

​

​

​

​

​

CRE

​

CRE

​

Construction

​

​

​

​

1-4

​

​

​

​

​

​

    

C&I -

​

C&I -

​

Owner

​

Non-Owner

​

and Land

​

Multi-

​

Family

​

​

​

​

​

​

​

​

 

Revolving

​

Other*

​

Occupied

​

Occupied

​

Development

​

Family

​

Real Estate

    

Consumer

    

​

Total

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

4,224

​

$

27,460

​

$

8,223

​

$

11,581

​

$

16,856

​

$

12,463

​

$

4,917

​

$

1,476

​

​

$

87,200

Change in ACL for the transfer of loans to LHFS

​

​

—

​

 

—

​

 

—

​

​

—

​

​

—

​

​

(4,598)

​

​

—

​

​

—

​

​

​

(4,598)

Provision

​

 

(368)

​

 

16,769

​

 

(1,066)

​

 

(444)

​

 

(673)

​

 

4,308

​

 

17

​

 

196

​

​

 

18,739

Charge-offs

​

 

—

​

 

(12,652)

​

 

(10)

​

 

—

​

 

(1,085)

​

 

—

​

 

(24)

​

 

(198)

​

​

 

(13,969)

Recoveries

​

 

—

​

 

2,425

​

 

—

​

 

—

​

 

1

​

 

—

​

 

24

​

 

19

​

​

 

2,469

Balance, ending

​

$

3,856

​

$

34,002

​

$

7,147

​

$

11,137

​

$

15,099

​

$

12,173

​

$

4,934

​

$

1,493

​

​

$

89,841

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Included within the C&I-other column are ACL on leases with a beginning balance of $992 thousand, negative provision of $172 thousand, charge-offs of $353 thousand and recoveries of $113 thousand. ACL on leases was $580 thousand as of December 31, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

​

​

​

​

​

​

​

CRE

​

CRE

​

Construction

​

​

​

​

1-4

​

​

​

​

​

​

​

​

    

C&I -

​

C&I -

​

Owner

​

Non-Owner

​

and Land

​

Multi-

​

Family

​

​

​

​

​

​

​

​

​

Revolving

​

Other*

​

Occupied

​

Occupied

​

Development

​

Family

​

Real Estate

​

Consumer

    

​

Total

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

4,457

​

$

27,753

​

$

9,965

​

$

11,749

​

$

14,262

​

$

13,186

​

$

4,963

​

$

1,371

​

​

$

87,706

Change in ACL for the transfer of loans to LHFS

​

​

—

​

 

(5)

​

 

—

​

​

—

​

​

(147)

​

​

(3,393)

​

​

—

​

​

—

​

​

​

(3,545)

Provision

​

​

(233)

​

​

7,849

​

​

(1,523)

​

​

(199)

​

​

2,789

​

​

2,670

​

​

(51)

​

​

248

​

​

 

11,550

Charge-offs

​

 

—

​

 

(8,952)

​

 

(222)

​

 

—

​

 

(50)

​

 

—

​

 

—

​

 

(168)

​

​

 

(9,392)

Recoveries

​

 

—

​

 

815

​

 

3

​

 

31

​

 

2

​

 

—

​

 

5

​

 

25

​

​

 

881

Balance, ending

​

$

4,224

​

$

27,460

​

$

8,223

​

$

11,581

​

$

16,856

​

$

12,463

​

$

4,917

​

$

1,476

​

​

$

87,200

​

*Included within the C&I - Other column are ACL on leases with a beginning balance of $970 thousand, provision of $185 thousand, charge-offs of $252 thousand and recoveries of $89 thousand. ACL on leases was $992 thousand as of December 31, 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2022

​

​

​

​

​

​

​

​

CRE

​

CRE

​

Construction

​

​

​

​

1-4

​

​

​

​

​

​

​

​

​

    

C&I -

​

C&I -

​

Owner

​

Non-Owner

​

and Land

​

Multi-

​

Family

​

​

​

​

​

​

​

    

​

​

Revolving

​

Other**

​

Occupied

​

Occupied

​

Development

​

Family

​

Real Estate

​

Consumer

    

​

Total

​

​

 

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

3,907

​

$

25,982

​

$

8,501

​

$

8,549

​

$

16,972

​

$

9,339

​

$

4,541

​

$

930

​

​

$

78,721

​

Initial ACL recorded for PCD loans

​

​

600

​

 

7

​

 

2,481

​

​

1,076

​

​

1,100

​

​

481

​

​

137

​

​

20

​

​

​

5,902

​

Provision

​

 

(50)

​

 

7,364

​

 

(1,023)

​

 

2,220

​

 

(2,981)

​

 

3,323

​

 

306

​

 

477

​

​

 

9,636

​

Charge-offs

​

 

—

​

 

(6,417)

​

 

—

​

 

(193)

​

 

(829)

​

 

—

​

 

(21)

​

 

(65)

​

​

 

(7,525)

​

Recoveries

​

 

—

​

 

817

​

 

6

​

 

97

​

 

—

​

 

43

​

 

—

​

 

9

​

​

 

972

​

Balance, ending

​

$

4,457

​

$

27,753

​

$

9,965

​

$

11,749

​

$

14,262

​

$

13,186

​

$

4,963

​

$

1,371

​

​

$

87,706

​

​

*Included within the C&I - Other column are ACL on leases with a beginning balance of $1.5 million, provision of $269 thousand, charge-offs of $1.1 million and recoveries of $273 thousand. ACL on leases was $970 thousand as of December 31, 2022.

​

** Provision of the year ended December 31, 2022 included $11.0 million related to the Guaranty Bank acquisition.

The composition of the ACL loans/leases by portfolio segment based on evaluation method are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2024

​

​

​

Amortized Cost of Loans Receivable

​

Allowance for Credit Losses

​

​

​

Individually

​

Collectively

​

​

​

​

Individually

​

Collectively

​

​

​

​

​

​

Evaluated for

​

Evaluated for

​

​

​

​

Evaluated for

​

Evaluated for

​

​

​

​

​

    

Credit Losses

    

Credit Losses

​

Total

​

Credit Losses

    

Credit Losses

​

Total

​

​

​

(dollars in thousands)

C&I :

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

3,404

​

$

384,587

​

$

387,991

​

$

97

​

$

3,759

​

$

3,856

​

C&I - other*

​

 

38,140

​

 

1,493,868

​

 

1,532,008

​

 

9,437

​

 

24,565

​

 

34,002

​

​

​

 

41,544

​

 

1,878,455

​

 

1,919,999

​

 

9,534

​

 

28,324

​

 

37,858

​

CRE - owner occupied

​

 

26,822

​

 

579,171

​

 

605,993

​

 

2,136

​

 

5,011

​

 

7,147

​

CRE - non-owner occupied

​

 

18,163

​

 

1,059,689

​

 

1,077,852

​

 

542

​

 

10,595

​

 

11,137

​

Construction and land development

​

 

13,346

​

 

1,300,197

​

 

1,313,543

​

 

1,343

​

 

13,756

​

 

15,099

​

Multi-family

​

​

23

​

​

1,132,087

​

​

1,132,110

​

​

2

​

​

12,171

​

​

12,173

​

1-4 family real estate

​

 

3,463

​

 

584,716

​

 

588,179

​

 

321

​

 

4,613

​

 

4,934

​

Consumer

​

 

443

​

 

146,285

​

 

146,728

​

 

45

​

 

1,448

​

 

1,493

​

​

​

$

103,804

​

$

6,680,600

​

$

6,784,404

​

$

13,923

​

$

75,918

​

$

89,841

​

​

*Included within the C&I – other category are leases individually evaluated of $259 thousand with a related allowance for credit losses of $93 thousand and leases collectively evaluated of $16.8 million with a related allowance for credit losses of $487 thousand.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2023

​

​

​

Amortized Cost of Loans Receivable

​

Allowance for Credit Losses

​

​

​

Individually

​

Collectively

​

​

​

​

Individually

​

Collectively

​

​

​

​

​

​

Evaluated for

​

Evaluated for

​

​

​

​

Evaluated for

​

Evaluated for

​

​

​

​

​

    

Credit Losses

    

Credit Losses

​

Total

​

Credit Losses

    

Credit Losses

​

Total

​

​

​

(dollars in thousands)

C&I :

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

4,680

​

$

320,563

​

$

325,243

​

$

632

​

$

3,592

​

$

4,224

​

C&I - other*

​

 

20,133

​

 

1,492,809

​

 

1,512,942

​

 

3,642

​

 

23,818

​

 

27,460

​

​

​

 

24,813

​

 

1,813,372

​

 

1,838,185

​

 

4,274

​

 

27,410

​

 

31,684

​

CRE - owner occupied

​

 

22,709

​

 

584,656

​

 

607,365

​

 

2,426

​

 

5,797

​

 

8,223

​

CRE - non-owner occupied

​

 

21,886

​

 

987,006

​

 

1,008,892

​

 

661

​

 

10,920

​

 

11,581

​

Construction and land development

​

 

2,726

​

 

1,417,799

​

 

1,420,525

​

 

809

​

 

16,047

​

 

16,856

​

Multi-family

​

​

8,206

​

​

987,937

​

​

996,143

​

​

3

​

​

12,460

​

​

12,463

​

1-4 family real estate

​

 

3,128

​

 

541,843

​

 

544,971

​

 

289

​

 

4,628

​

 

4,917

​

Consumer

​

 

508

​

 

126,827

​

 

127,335

​

 

56

​

 

1,420

​

 

1,476

​

​

​

$

83,976

​

$

6,459,440

​

$

6,543,416

​

$

8,518

​

$

78,682

​

$

87,200

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Included within the C&I – other category are leases individually evaluated of $289 thousand with a related allowance for credit losses of $68 thousand and leases collectively evaluated of $30.9 million with a related allowance for credit losses of $924 thousand.
Schedule of loans receivable by collateral type

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2024

​

​

​

​

​

​

​

​

​

Non

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial

​

Owner-occupied

​

Owner-Occupied

​

Owner Occupied

​

​

​

​

​

​

​

​

​

​

​

    

Assets

    

CRE

    

Real Estate

​

Real Estate

​

Securities

​

Equipment

​

Other

​

Total

​

​

​

(dollars in thousands)

C & I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

3,404

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

3,404

​

C&I - other*

​

 

3,868

​

 

—

​

 

506

​

 

—

​

 

4,760

​

 

14,197

​

 

14,809

​

 

38,140

​

​

​

 

7,272

​

 

—

​

 

506

​

 

—

​

 

4,760

​

 

14,197

​

 

14,809

​

 

41,544

​

CRE - owner occupied

​

 

—

​

 

26,760

​

 

—

​

 

62

​

 

—

​

 

—

​

 

—

​

 

26,822

​

CRE - non-owner occupied

​

 

—

​

 

—

​

 

18,163

​

 

—

​

 

—

​

 

—

​

 

—

​

 

18,163

​

Construction and land development

​

 

—

​

 

—

​

 

13,346

​

 

—

​

 

—

​

 

—

​

 

—

​

 

13,346

​

Multi-family

​

​

—

​

​

—

​

​

23

​

​

—

​

​

—

​

​

—

​

​

—

​

​

23

​

1-4 family real estate

​

 

—

​

 

—

​

 

176

​

 

3,287

​

 

—

​

 

—

​

 

—

​

 

3,463

​

Consumer

​

 

—

​

 

—

​

 

34

​

 

394

​

 

—

​

 

—

​

 

15

​

 

443

​

​

​

$

7,272

​

$

26,760

​

$

32,248

​

$

3,743

​

$

4,760

​

$

14,197

​

$

14,824

​

$

103,804

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Included within the C&I – other category are leases individually evaluated of $259 thousand with primary collateral of equipment.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2023

​

​

​

​

​

​

​

​

​

Non

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial

​

Owner-occupied

​

Owner-Occupied

​

Owner Occupied

​

​

​

​

​

​

​

​

​

​

​

    

Assets

    

CRE

    

Real Estate

​

Real Estate

​

Securities

​

Equipment

​

Other

​

Total

​

​

​

(dollars in thousands)

C & I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

4,680

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

4,680

​

C&I - other*

​

 

871

​

 

—

​

 

—

​

 

—

​

 

5,191

​

 

13,249

​

 

822

​

 

20,133

​

​

​

 

5,551

​

 

—

​

 

—

​

 

—

​

 

5,191

​

 

13,249

​

 

822

​

 

24,813

​

CRE - owner occupied

​

 

—

​

 

22,644

​

 

—

​

 

65

​

 

—

​

 

—

​

 

—

​

 

22,709

​

CRE - non-owner occupied

​

 

—

​

 

—

​

 

21,886

​

 

—

​

 

—

​

 

—

​

 

—

​

 

21,886

​

Construction and land development

​

 

—

​

 

150

​

 

2,576

​

 

—

​

 

—

​

 

—

​

 

—

​

 

2,726

​

Multi-family

​

​

—

​

​

—

​

​

8,206

​

​

—

​

​

—

​

​

—

​

​

—

​

​

8,206

​

1-4 family real estate

​

 

—

​

 

—

​

 

189

​

 

2,939

​

 

—

​

 

—

​

 

—

​

 

3,128

​

Consumer

​

 

—

​

 

—

​

 

119

​

 

365

​

 

—

​

 

—

​

 

24

​

 

508

​

​

​

$

5,551

​

$

22,794

​

$

32,976

​

$

3,369

​

$

5,191

​

$

13,249

​

$

846

​

$

83,976

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Included within the C&I – other category are leases individually evaluated of $289 thousand with primary collateral of equipment.
Schedule of financing receivable credit quality indicators based on internally assigned Risk rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

Term Loans

 

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

Internally Assigned

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

​

Risk Rating

    

2024

    

2023

    

2022

    

2021

    

2020

​

Prior

​

Cost Basis

​

Total

​

​

(dollars in thousands)

C&I - revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

368,318

​

$

368,318

Special Mention

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

16,369

​

 

16,369

Substandard

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

3,304

​

 

3,304

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total C&I - revolving

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

387,991

​

$

387,991

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

324,649

​

$

348,843

​

$

204,275

​

$

82,601

​

$

49,130

​

$

155,191

​

$

—

​

$

1,164,689

Special Mention

​

 

6,517

​

​

5,534

​

​

2,855

​

​

4,799

​

​

2,548

​

​

725

​

​

—

​

 

22,978

Substandard

​

 

17,003

​

​

538

​

​

507

​

​

1,272

​

​

—

​

​

4,780

​

​

—

​

 

24,100

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total C&I - other

​

$

348,169

​

$

354,915

​

$

207,637

​

$

88,672

​

$

51,678

​

$

160,696

​

$

—

​

$

1,211,767

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE - owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

65,054

​

$

104,442

​

$

117,215

​

$

102,506

​

$

95,349

​

$

69,382

​

$

13,327

​

$

567,275

Special Mention

​

 

5,589

​

​

234

​

​

739

​

​

6,964

​

​

822

​

​

1,829

​

​

—

​

 

16,177

Substandard

​

 

3,669

​

​

—

​

​

980

​

​

309

​

​

16,582

​

​

1,001

​

​

—

​

 

22,541

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total CRE - owner occupied

​

$

74,312

​

$

104,676

​

$

118,934

​

$

109,779

​

$

112,753

​

$

72,212

​

$

13,327

​

$

605,993

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE - non-owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

194,510

​

$

204,599

​

$

272,296

​

$

164,948

​

$

96,216

​

$

95,117

​

$

20,548

​

$

1,048,234

Special Mention

​

 

4,406

​

​

—

​

​

55

​

​

—

​

​

—

​

​

6,844

​

​

150

​

 

11,455

Substandard

​

 

80

​

​

3,652

​

​

550

​

​

—

​

​

1,916

​

​

11,965

​

​

—

​

 

18,163

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total CRE - non-owner occupied

​

$

198,996

​

$

208,251

​

$

272,901

​

$

164,948

​

$

98,132

​

$

113,926

​

$

20,698

​

$

1,077,852

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

435,373

​

$

524,375

​

$

235,987

​

$

66,409

​

$

3,313

​

$

—

​

$

31,176

​

$

1,296,633

Special Mention

​

 

3,863

​

​

—

​

​

—

​

​

75

​

​

—

​

​

—

​

​

—

​

 

3,938

Substandard

​

 

4,394

​

​

124

​

​

1,082

​

​

7,372

​

​

—

​

​

—

​

​

—

​

 

12,972

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total Construction and land development

​

$

443,630

​

$

524,499

​

$

237,069

​

$

73,856

​

$

3,313

​

$

—

​

$

31,176

​

$

1,313,543

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

137,806

​

$

138,011

​

$

279,256

​

$

185,872

​

$

217,697

​

$

165,867

​

$

7,578

​

$

1,132,087

Special Mention

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Substandard

​

 

—

​

​

—

​

​

—

​

​

23

​

​

—

​

​

—

​

​

—

​

 

23

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total Multi-family

​

$

137,806

​

$

138,011

​

$

279,256

​

$

185,895

​

$

217,697

​

$

165,867

​

$

7,578

​

$

1,132,110

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 family real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

121,918

​

$

115,491

​

$

89,073

​

$

108,998

​

$

77,540

​

$

64,015

​

$

5,106

​

$

582,141

Special Mention

​

 

380

​

​

146

​

​

—

​

​

547

​

​

—

​

​

1,582

​

​

—

​

 

2,655

Substandard

​

 

91

​

​

327

​

​

981

​

​

634

​

​

378

​

​

944

​

​

28

​

 

3,383

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total 1-4 family real estate

​

$

122,389

​

$

115,964

​

$

90,054

​

$

110,179

​

$

77,918

​

$

66,541

​

$

5,134

​

$

588,179

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

11,513

​

$

13,375

​

$

6,082

​

$

1,254

​

$

2,435

​

$

1,519

​

$

110,042

​

$

146,220

Special Mention

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

64

​

 

64

Substandard

​

 

34

​

​

208

​

​

39

​

​

—

​

​

—

​

​

97

​

​

66

​

 

444

Doubtful

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

Total Consumer

​

$

11,547

​

$

13,583

​

$

6,121

​

$

1,254

​

$

2,435

​

$

1,616

​

$

110,172

​

$

146,728

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,336,849

​

$

1,459,899

​

$

1,211,972

​

$

734,583

​

$

563,926

​

$

580,858

​

$

576,076

​

$

6,464,163

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The following tables show the credit quality indicator of loans by class of receivable and year of origination as of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

Term Loans

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

Internally Assigned

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

​

Risk Rating

    

2023

    

2022

    

2021

    

2020

    

2019

​

Prior

​

Cost Basis

​

Total

​

​

(dollars in thousands)

C&I - revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

294,449

​

$

294,449

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

26,289

​

 

26,289

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

4,505

​

 

4,505

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total C&I - revolving

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

325,243

​

$

325,243

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

430,764

​

$

301,225

​

$

128,057

​

$

68,882

​

$

62,149

​

$

132,171

​

$

—

​

$

1,123,248

Special Mention

​

 

11,617

​

 

8,777

​

 

5,572

​

 

3,088

​

 

1,024

​

 

386

​

 

—

​

 

30,464

Substandard

​

 

14

​

 

81

​

 

625

​

 

443

​

 

2,108

​

 

5,320

​

 

—

​

 

8,591

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total C&I - other

​

$

442,395

​

$

310,083

​

$

134,254

​

$

72,413

​

$

65,281

​

$

137,877

​

$

—

​

$

1,162,303

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE - owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

90,708

​

$

124,388

​

$

139,598

​

$

109,483

​

$

28,702

​

$

58,214

​

$

12,959

​

$

564,052

Special Mention

​

 

5,091

​

 

711

​

 

8,689

​

 

5,567

​

 

466

​

 

1,828

​

 

—

​

 

22,352

Substandard

​

 

1,955

​

 

564

​

 

24

​

 

15,978

​

 

1,312

​

 

1,128

​

 

—

​

 

20,961

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total CRE - owner occupied

​

$

97,754

​

$

125,663

​

$

148,311

​

$

131,028

​

$

30,480

​

$

61,170

​

$

12,959

​

$

607,365

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CRE - non-owner occupied

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

200,214

​

$

276,055

​

$

195,013

​

$

119,428

​

$

72,136

​

$

78,346

​

$

7,406

​

$

948,598

Special Mention

​

 

16,842

​

 

58

​

 

223

​

 

12,057

​

 

2,359

​

 

6,719

​

 

150

​

 

38,408

Substandard

​

 

3,805

​

 

1,200

​

 

—

​

 

1,989

​

 

14,892

​

 

—

​

 

—

​

 

21,886

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total CRE - non-owner occupied

​

$

220,861

​

$

277,313

​

$

195,236

​

$

133,474

​

$

89,387

​

$

85,065

​

$

7,556

​

$

1,008,892

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

467,045

​

$

485,376

​

$

271,881

​

$

151,091

​

$

1,911

​

$

4,137

​

$

30,304

​

$

1,411,745

Special Mention

​

 

6,054

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

6,054

Substandard

​

 

—

​

 

1,517

​

 

1,209

​

 

—

​

 

—

​

 

—

​

 

—

​

 

2,726

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Construction and land development

​

$

473,099

​

$

486,893

​

$

273,090

​

$

151,091

​

$

1,911

​

$

4,137

​

$

30,304

​

$

1,420,525

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

180,971

​

$

195,939

​

$

170,893

​

$

239,410

​

$

102,070

​

$

96,897

​

$

162

​

$

986,342

Special Mention

​

 

1,595

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,595

Substandard

​

 

—

​

 

—

​

 

8,206

​

 

—

​

 

—

​

 

—

​

 

—

​

 

8,206

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Multi-family

​

$

182,566

​

$

195,939

​

$

179,099

​

$

239,410

​

$

102,070

​

$

96,897

​

$

162

​

$

996,143

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 family real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

133,923

​

$

103,460

​

$

130,724

​

$

89,642

​

$

25,914

​

$

54,850

​

$

3,329

​

$

541,842

Special Mention

​

 

28

​

 

—

​

 

59

​

 

—

​

 

—

​

 

—

​

 

—

​

 

87

Substandard

​

 

144

​

 

215

​

 

815

​

 

637

​

 

519

​

 

712

​

 

—

​

 

3,042

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total 1-4 family real estate

​

$

134,095

​

$

103,675

​

$

131,598

​

$

90,279

​

$

26,433

​

$

55,562

​

$

3,329

​

$

544,971

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

17,722

​

$

9,405

​

$

2,573

​

$

3,024

​

$

622

​

$

1,842

​

$

91,580

​

$

126,768

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

59

​

 

59

Substandard

​

 

175

​

 

119

​

 

12

​

 

12

​

 

—

​

 

133

​

 

57

​

 

508

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Consumer

​

$

17,897

​

$

9,524

​

$

2,585

​

$

3,036

​

$

622

​

$

1,975

​

$

91,696

​

$

127,335

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

1,568,667

​

$

1,509,090

​

$

1,064,173

​

$

820,731

​

$

316,184

​

$

442,683

​

$

471,249

​

$

6,192,777

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of financing receivable credit quality indicators based on delinquency status

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

​

Term Loans

​

 

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

​

​

Delinquency Status *

    

2024

    

2023

    

2022

    

2021

    

2020

    

Prior

​

Cost Basis

​

Total

​

 

(dollars in thousands)

C&I - other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

109,373

$

​

99,204

$

​

57,819

$

​

18,853

$

​

4,107

$

​

278

​

$

—

​

$

289,634

Nonperforming

​

 

1,028

​

​

4,689

​

​

5,537

​

​

2,076

​

​

201

​

​

—

​

 

—

​

 

13,531

Total C&I - other

​

$

110,401

​

$

103,893

​

$

63,356

​

$

20,929

​

$

4,308

​

$

278

​

$

—

​

$

303,165

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Direct financing leases

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

1,742

$

​

6,099

$

​

6,583

$

​

1,413

$

​

569

$

​

411

​

$

—

​

$

16,817

Nonperforming

​

 

—

​

​

103

​

​

70

​

​

39

​

​

46

​

​

1

​

 

—

​

 

259

Total Direct financing leases

​

$

1,742

​

$

6,202

​

$

6,653

​

$

1,452

​

$

615

​

$

412

​

$

—

​

$

17,076

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

112,143

​

$

110,095

​

$

70,009

​

$

22,381

​

$

4,923

​

$

690

​

$

—

​

$

320,241

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Performing = loans/leases accruing and less than 90 days past due.  Nonperforming = loans/leases on nonaccrual and accruing loans/leases that are greater than or equal to 90 days past due.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

Term Loans

​

 

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

Revolving

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

​

Delinquency Status *

    

2023

    

2022

    

2021

    

2020

    

2019

    

Prior

    

Cost Basis

    

Total

​

 

(dollars in thousands)

C&I - other

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

149,216

​

$

103,804

​

$

40,003

​

$

12,590

​

$

2,539

​

$

132

​

$

—

​

$

308,284

Nonperforming

​

 

1,533

​

 

6,138

​

 

3,049

​

 

373

​

 

92

​

 

6

​

 

—

​

 

11,191

Total C&I - other

​

$

150,749

​

$

109,942

​

$

43,052

​

$

12,963

​

$

2,631

​

$

138

​

$

—

​

$

319,475

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Direct financing leases

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Performing

​

$

12,217

​

$

11,170

​

$

3,005

​

$

2,631

​

$

1,561

​

$

291

​

$

—

​

$

30,875

Nonperforming

​

 

—

​

 

50

​

 

43

​

 

176

​

 

20

​

 

—

​

 

—

​

 

289

Total Direct financing leases

​

$

12,217

​

$

11,220

​

$

3,048

​

$

2,807

​

$

1,581

​

$

291

​

$

—

​

$

31,164

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

162,966

​

$

121,162

​

$

46,100

​

$

15,770

​

$

4,212

​

$

429

​

$

—

​

$

350,639
Schedule of Gross Charge Offs of loans and Leases by Class of Receivable and Year of Origination

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

Year Ended December 31, 2023

​

​

Gross Charge-off by Origination Year

​

Gross Charge-off by Origination Year

Classes of Loans/Leases

    

2024

    

2023

    

2022

    

2021

    

2020

​

Prior

​

Total

​

2023

    

2022

    

2021

    

2020

    

2019

​

Prior

​

Total

​

​

(dollars in thousands)

​

(dollars in thousands)

C&I:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

C&I - revolving

​

$

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

C&I - other

​

​

245

​

​

2,701

​

​

5,537

​

​

3,227

​

​

312

​

​

277

​

​

12,299

​

​

142

​

​

5,465

​

​

1,753

​

​

1,083

​

​

255

​

​

2

​

​

8,700

CRE - owner occupied

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

10

​

​

10

​

​

—

​

​

—

​

​

222

​

​

—

​

​

—

​

​

—

​

​

222

CRE - non-owner occupied

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Construction and land development

​

​

—

​

​

—

​

​

285

​

​

800

​

​

—

​

​

—

​

​

1,085

​

​

—

​

​

50

​

​

—

​

​

—

​

​

—

​

​

—

​

​

50

Multi-family

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Direct financing leases

​

​

—

​

​

—

​

​

199

​

​

24

​

​

104

​

​

26

​

​

353

​

​

—

​

​

78

​

​

103

​

​

41

​

​

29

​

​

1

​

​

252

1-4 family real estate

​

​

—

​

​

21

​

​

—

​

​

—

​

​

—

​

​

3

​

​

24

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Consumer

​

​

10

​

​

78

​

​

49

​

​

45

​

​

15

​

​

1

​

​

198

​

​

28

​

​

108

​

​

24

​

​

1

​

​

5

​

​

2

​

​

168

​

​

$

255

​

$

2,800

​

$

6,070

​

$

4,096

​

$

431

​

$

317

​

$

13,969

​

$

170

​

$

5,701

​

$

2,102

​

$

1,125

​

$

289

​

$

5

​

$

9,392

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of analysis of changes in aggregated amounts of loans

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

125,963

​

$

113,200

​

$

100,898

Net increase (decrease) due to change in related parties

​

 

(8,665)

​

 

2,200

​

 

3,496

Advances

​

 

14,612

​

 

23,977

​

 

51,683

Repayments

​

 

(16,349)

​

 

(13,414)

​

 

(42,877)

Balance, ending

​

$

115,561

​

$

125,963

​

$

113,200
Schedule of loan portfolio includes a concentration of loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

2023

 

​

​

​

​

​

Percentage of

​

​

​

​

Percentage of

 

​

​

​

​

​

Total

​

​

​

​

Total

 

Industry Name

    

Balance

    

Loans/Leases

    

Balance

    

Loans/Leases

 

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

Lessors of Residential Buildings*

​

$

2,648,346

 

39

%  

$

2,328,875

 

36

%

Lessors of Non-Residential Buildings

​

​

715,668

 

11

%  

​

673,719

 

10

%

* Includes loans on LIHTC projects  
Unfunded Loan Commitment  
Notes Tables  
Schedule of financing receivable credit quality indicators

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended

​

​

​

​

    

December 31, 2024

​

December 31, 2023

​

December 31, 2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

9,529

​

$

5,552

​

$

6,886

Provisions (credited) to expense

​

 

(1,256)

​

 

3,977

​

 

(1,334)

Balance, ending

​

$

8,273

​

$

9,529

​

$

5,552

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 5 - Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Components of premises and equipment

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Land

​

$

27,096

​

$

17,807

Buildings (useful lives 15 to 39 years)

​

 

116,895

​

 

110,271

Construction in process - buildings

​

​

28,535

​

​

7,773

Furniture and equipment (useful lives 3 to 15 years)

​

 

58,094

​

 

52,350

Premises and equipment

​

 

230,620

​

 

188,201

Less accumulated depreciation

​

 

71,467

​

 

64,924

Premises and equipment, net

​

$

159,153

​

$

123,277

​

​

​

​

​

​

​
Maturities of operating lease liabilities

​

​

​

​

​

​

    

Amount

Year ending December 31:

    

(dollars in thousands)

2025

 

$

461

2026

 

​

434

2027

 

​

427

2028

 

​

429

2029

 

​

305

Thereafter

 

​

2,185

​

​

$

4,241

​

​

​

​
Contractual maturities of sales-type and direct financing lease receivables

​

​

​

​

​

​

    

Amount

Year ending December 31:

    

(dollars in thousands)

2025

 

$

2,087

2026

 

​

3,184

2027

 

​

4,828

2028

 

​

7,247

2029

 

​

1,160

Thereafter

 

​

—

Total lease payments receivable

​

$

18,506

Unguaranteed residual values

​

​

165

Unearned lease/residual income

​

​

(1,595)

​

​

$

17,076

Plus deferred origination costs, net of fees

​

​

18

​

​

$

17,094

Less allowance

​

​

(580)

Total lease payments receivable

​

$

16,514

​

​

​

​
v3.25.0.1
Note 6 - Goodwill and Intangibles (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Changes in carrying amount of goodwill

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of period

​

$

139,027

​

$

137,607

​

$

74,066

Acquisition of GFED

​

 

—

​

 

—

​

 

63,541

Acquisition of GFED - measurement period adjustment

​

​

—

​

​

1,420

​

​

—

Goodwill impairment - m2 restructuring

​

​

(432)

​

​

—

​

​

—

Balance at the end of period

​

$

138,595

​

$

139,027

​

$

137,607

​

​

​

​

​

​

​

​

​

​
Schedule of goodwill by reportable segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

​

​

(dollars in thousands)

Commercial banking:

​

​

​

​

​

​

​

​

​

QCBT

​

$

2,791

​

$

3,223

​

$

3,223

CRBT

​

 

14,980

​

 

14,980

​

 

14,980

CSB

​

​

9,888

​

​

9,888

​

​

9,888

GB

​

 

110,936

​

 

110,936

​

 

109,516

​

​

$

138,595

​

$

139,027

​

$

137,607

​

​

​

​

​

​

​

​

​

​
Schedule of core deposit intangibles by reportable segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

December 31, 2022

​

​

(dollars in thousands)

Commercial Banking:

​

​

​

​

​

​

​

​

​

CRBT

​

$

628

​

$

883

​

$

1,225

CSB

​

​

865

​

​

1,430

​

​

2,027

GB

​

​

9,568

​

​

11,508

​

​

13,507

​

​

$

11,061

​

$

13,821

​

$

16,759

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Core deposit intangibles  
Notes Tables  
Changes in Intangibles

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

​

2023

​

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the period

​

$

13,821

​

$

16,759

​

$

9,349

Acquisition of GFED

​

 

—

​

 

—

​

 

10,264

Amortization expense

​

 

(2,760)

​

 

(2,938)

​

 

(2,854)

Balance at the end of the period

​

$

11,061

​

$

13,821

​

$

16,759

​

​

 

  

​

 

  

​

 

  

Gross carrying amount

​

$

29,519

​

$

29,519

​

$

29,519

Accumulated amortization

​

 

(18,458)

​

 

(15,698)

​

 

(12,760)

Net book value

​

$

11,061

​

$

13,821

​

$

16,759

​

​

​

​

​

​

​

​

​

​
Estimated amortization of intangible assets

​

​

​

​

​

​

    

Amount

Years ending December 31,

​

(dollars in thousands)

2025

​

$

2,644

2026

​

 

2,360

2027

​

 

1,874

2028

​

 

1,316

2029

​

 

944

Thereafter

​

 

1,923

​

​

$

11,061

​

​

​

​

​
v3.25.0.1
Note 7 - Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivatives and Hedging Activities  
Summary of derivatives

​

​

​

​

​

​

​

​

​

    

December 31, 2024

    

December 31, 2023

​

​

(dollars in thousands)

Assets:

​

​

​

​

​

​

Hedged Derivatives

​

​

​

​

​

​

Cash Flow Hedges

​

​

​

​

​

​

Interest rate caps

​

$

—

​

$

2,847

Interest rate swaps

​

 

1,905

​

 

1,689

Unhedged Derivatives

​

​

​

​

​

​

Interest rate caps

​

​

118

​

​

951

Swaptions

​

​

998

​

​

—

Interest rate swaps

​

 

183,760

​

 

181,854

​

​

$

186,781

​

$

187,341

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

Hedged Derivatives

​

​

​

​

​

​

Cash Flow Hedges

​

​

​

​

​

​

Interest rate swaps

​

$

(30,623)

​

$

(30,407)

Interest rate collars

​

​

(105)

​

​

(166)

Fair Value Hedges

​

​

​

​

​

​

Interest rate swaps

​

​

(335)

​

​

(3,308)

Unhedged Derivatives

​

​

​

​

​

​

Interest rate swaps

​

​

(183,760)

​

​

(181,854)

​

​

$

(214,823)

​

$

(215,735)

​

​

​

​

​

​

​
Summary of impact of AOCI

​

​

​

​

​

​

​

​

​

​

Year Ended

​

    

December 31, 2024

    

December 31, 2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Unrealized loss at beginning of period, net of tax

​

$

(19,979)

​

$

(20,221)

Amount reclassified from accumulated other comprehensive income to interest expense related to caplet amortization

​

 

(510)

​

 

(872)

Amount of gain (loss) recognized in other comprehensive income, net of tax

​

 

(1,187)

​

 

1,114

Unrealized loss at end of period, net of tax

​

$

(21,676)

​

$

(19,979)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

​

Year Ended December 31, 2023

​

​

Year Ended December 31, 2022

​

​

Interest and

​

Interest

​

​

Interest and

​

Interest

​

​

Interest and

​

Interest

​

​

Dividend Income

​

Expense

​

​

Dividend Income

​

Expense

​

​

Dividend Income

​

Expense

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income and expense line items presented in the consolidated statements of income

​

$

481,857

​

$

250,069

​

​

$

413,410

​

$

192,404

​

​

$

292,571

​

$

61,451

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of cash flow hedging:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) on interest rate caps on deposits

​

​

-

​

​

(4,032)

​

​

​

-

​

​

(7,639)

​

​

​

-

​

​

(1,422)

Gain (loss) on interest rate swaps on debt

​

​

-

​

​

(1,271)

​

​

​

-

​

​

(1,167)

​

​

​

-

​

​

500

(Gain) loss on interest rate swaps and collars on loans

​

​

(11,431)

​

​

-

​

​

​

(10,763)

​

​

-

​

​

​

(829)

​

​

-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of fair value hedging:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain on interest rate swaps on loans

​

​

3,380

​

​

-

​

​

​

1,746

​

​

-

​

​

​

-

​

​

-

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

    

December 31, 2024

​

December 31, 2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Cash

​

$

39,431

​

$

51,680

U.S. govt. sponsored agency securities

​

​

6,222

​

​

6,413

Municipal securities

​

​

151,107

​

​

68,651

Residential mortgage-backed and related securities

​

 

18,132

​

 

23,358

​

​

$

214,892

​

$

150,102

​

​

​

​

​

​

​
Interest rate caps  
Derivatives and Hedging Activities  
Schedule of interest rate caps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheet

​

​

​

​

​

​

Fair Value as of

​

​

Hedged Item

​

Effective Date

​

Maturity Date

​

Location

​

Notional Amount

​

Strike Rate

​

December 31, 2024

​

​

December 31, 2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

1/1/2020

​

1/1/2024

​

Derivatives - Assets

​

$

25,000

​

1.75

%  

​

$

-

​

​

$

(79)

​

​

Deposits

​

1/1/2020

​

1/1/2024

​

Derivatives - Assets

​

​

50,000

​

1.57

%  

​

​

-

​

​

​

-

​

​

Deposits

​

1/1/2020

​

1/1/2024

​

Derivatives - Assets

​

​

25,000

​

1.80

%  

​

​

-

​

​

​

-

​

​

Deposits

​

1/1/2020

​

1/1/2025

​

Derivatives - Assets

​

​

25,000

​

1.75

%  

​

​

-

​

​

​

672

​

​

Deposits

​

1/1/2020

​

1/1/2025

​

Derivatives - Assets

​

​

50,000

​

1.57

%  

​

​

-

​

​

​

1,503

​

​

Deposits

​

1/1/2020

​

1/1/2025

​

Derivatives - Assets

​

​

25,000

​

1.80

%  

​

​

-

​

​

​

751

​

​

​

​

​

​

​

​

​

​

$

200,000

​

​

​

​

$

-

​

​

$

2,847

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Changes in the fair value of the underlying derivative contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheet

​

​

​

​

​

​

​

Fair Value as of

​

​

Effective Date

​

Maturity Date

​

Location

​

Notional Amount

​

Strike Rate

​

​

December 31, 2024

​

​

December 31, 2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2/1/2020

​

2/1/2024

​

Derivatives - Assets

​

$

25,000

​

1.90

%  

​

$

-

​

​

$

79

​

​

3/1/2020

​

3/3/2025

​

Derivatives - Assets

​

​

25,000

​

1.90

%  

​

​

118

​

​

​

872

​

​

​

​

​

​

​

​

$

50,000

​

​

​

​

$

118

​

​

$

951

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
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

​

December 31, 2024

​

December 31, 2023

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

QCR Holdings Statutory Trust V

 

7/7/2018

​

7/7/2028

​

Derivatives - Assets

 

$

10,000

​

6.47

%  

​

 

4.54

%  

​

$

427

​

$

335

Community National Statutory Trust III

 

9/15/2018

​

9/15/2028

​

Derivatives - Assets

 

​

3,500

​

6.37

%  

​

 

4.75

%  

​

​

197

​

​

118

Guaranty Bankshares Statutory Trust I

 

9/15/2018

​

9/15/2028

​

Derivatives - Assets

​

​

4,500

​

6.37

%

​

​

4.75

%

​

​

153

​

​

152

Community National Statutory Trust II

 

9/20/2018

​

9/20/2028

​

Derivatives - Assets

 

​

3,000

​

6.79

%  

​

 

5.17

%  

​

​

132

​

​

101

QCR Holdings Statutory Trust II

 

9/30/2018

​

9/30/2028

​

Derivatives - Assets

 

​

10,000

​

7.72

%  

​

 

5.85

%  

​

​

443

​

​

341

QCR Holdings Statutory Trust III

 

9/30/2018

​

9/30/2028

​

Derivatives - Assets

 

​

8,000

​

7.72

%  

​

 

5.85

%  

​

​

353

​

​

272

Guaranty Statutory Trust II*

 

5/23/2019

​

2/23/2026

​

Derivatives - Assets

 

​

10,310

​

6.23

%  

​

 

4.09

%  

​

​

200

​

​

370

QCR Holdings Subordinated Note

 

3/1/2024

​

2/15/2028

​

Derivatives - Liabilities

 

​

65,000

​

5.04

%  

​

 

4.02

%  

​

​

(50)

​

​

-

​

 

  

​

​

​

​

 

$

114,310

​

​

​

​

​

​

​

​

$

1,855

​

$

1,689

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

* Acquired on April 1, 2022 with GFED acquisition.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheet

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value as of

Hedged Item

  

Effective Date

  

Maturity Date

  

Location

  

Notional Amount

 

 

Receive Rate

​

 

 

Pay Rate

​

 

December 31, 2024

  

December 31, 2023

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

 

7/1/2021

​

7/1/2031

​

Derivatives - Liabilities

 

$

35,000

​

​

1.40

%  

​

 

4.66

%  

​

$

(5,445)

​

$

(5,004)

Loans

 

7/1/2021

​

7/1/2031

​

Derivatives - Liabilities

 

​

50,000

​

​

1.40

%  

​

 

4.66

%  

​

​

(7,779)

​

​

(7,149)

Loans

 

7/1/2021

​

7/1/2031

​

Derivatives - Liabilities

 

​

40,000

​

​

1.40

%  

​

 

4.66

%  

​

​

(6,233)

​

​

(5,730)

Loans

 

10/1/2022

​

7/1/2031

​

Derivatives - Liabilities

 

​

25,000

​

​

1.30

%  

​

 

4.66

%  

​

​

(3,916)

​

​

(3,696)

Loans

 

4/1/2022

​

4/1/2027

​

Derivatives - Liabilities

 

​

15,000

​

​

1.91

%  

​

 

4.66

%  

​

​

(720)

​

​

(868)

Loans

 

4/1/2022

​

4/1/2027

​

Derivatives - Liabilities

 

​

50,000

​

​

1.91

%  

​

 

4.66

%  

​

​

(2,400)

​

​

(2,892)

Loans

 

4/1/2022

​

4/1/2027

​

Derivatives - Liabilities

 

​

35,000

​

​

1.91

%  

​

 

4.66

%  

​

​

(1,680)

​

​

(2,024)

Loans

​

4/1/2022

​

4/1/2027

​

Derivatives - Liabilities

​

​

50,000

​

​

1.91

%

​

​

4.66

%

​

​

(2,401)

​

​

(3,044)

​

 

  

​

​

​

​

 

$

300,000

​

​

​

​

​

​

​

​

​

$

(30,574)

​

$

(30,407)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance Sheet

​

​

​

​

​

​

​

​

​

​

​

Fair Value as of

Hedged Item

​

Effective Date

​

Maturity Date

​

Location

​

Notional Amount

​

Receive Rate

​

​

​

Pay Rate

​

​

December 31, 2024

​

December 31, 2023

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans

​

7/12/2023

​

8/1/2025

​

Derivatives - Assets

​

$

15,000

​

4.65

%  

​

​

4.60

%  

​

$

(35)

​

$

(69)

Loans

 

7/12/2023

​

2/1/2026

​

Derivatives - Assets

 

​

25,000

​

4.65

%  

​

 

4.38

%  

​

​

(77)

​

​

(195)

Loans

 

7/12/2023

​

2/1/2026

​

Derivatives - Assets

 

​

15,000

​

4.65

%  

​

 

4.38

%  

​

​

(46)

​

​

(117)

Loans

​

7/12/2023

​

2/1/2026

​

Derivatives - Assets

​

​

20,000

​

4.65

%  

​

​

4.38

%  

​

​

(61)

​

​

(140)

Loans

 

7/12/2023

​

8/1/2026

​

Derivatives - Assets

 

​

30,000

​

4.65

%  

​

 

4.21

%  

​

​

(79)

​

​

(293)

Loans

 

7/12/2023

​

8/1/2026

​

Derivatives - Assets

 

​

15,000

​

4.65

%  

​

 

4.21

%  

​

​

(40)

​

​

(146)

Loans

​

7/12/2023

​

8/1/2026

​

Derivatives - Assets

​

​

20,000

​

4.65

%  

​

​

4.21

%  

​

​

(53)

​

​

(176)

Loans

 

7/12/2023

​

2/1/2027

​

Derivatives - Assets

 

​

32,500

​

4.65

%  

​

 

4.08

%  

​

​

(44)

​

​

(364)

Loans

​

7/12/2023

​

2/1/2027

​

Derivatives - Assets

​

​

15,000

​

4.65

%  

​

​

4.08

%  

​

​

(20)

​

​

(168)

Loans

​

7/12/2023

​

2/1/2027

​

Derivatives - Assets

​

​

20,000

​

4.65

%  

​

​

4.08

%  

​

​

(27)

​

​

(202)

Loans

 

7/12/2023

​

8/1/2027

​

Derivatives - Assets

 

​

32,500

​

4.65

%  

​

 

3.98

%  

​

​

14

​

​

(397)

Loans

​

7/12/2023

​

8/1/2027

​

Derivatives - Assets

​

​

15,000

​

4.65

%  

​

​

3.98

%  

​

​

6

​

​

(183)

Loans

​

7/12/2023

​

8/1/2027

​

Derivatives - Assets

​

​

25,000

​

4.65

%  

​

​

3.98

%  

​

​

11

​

​

(276)

Loans

 

7/12/2023

​

2/1/2028

​

Derivatives - Assets

 

​

30,000

​

4.65

%  

​

 

3.90

%  

​

​

77

​

​

(388)

Loans

​

7/12/2023

​

2/1/2028

​

Derivatives - Assets

​

​

15,000

​

4.65

%  

​

​

3.90

%  

​

​

39

​

​

(194)

​

​

​

​

​

​

​

​

$

325,000

​

​

​

​

​

​

​

​

$

(335)

​

$

(3,308)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Changes in the fair value of the underlying derivative contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

​

​

Notional Amount

​

Estimated Fair Value

​

Notional Amount

​

Estimated Fair Value

​

​

​

(dollars in thousands)

Non-Hedging Interest Rate Derivatives Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap contracts

​

​

$

4,148,306

​

$

183,760

​

$

3,308,024

​

$

181,854

Non-Hedging Interest Rate Derivatives Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap contracts

​

​

$

4,148,306

​

$

183,760

​

$

3,308,024

​

$

181,854
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

​

December 31, 2024

​

December 31, 2023

(dollars in thousands)

Loans

 

10/1/2022

​

10/1/2026

​

Derivatives - Liabilities

 

$

50,000

​

4.40

%  

 

2.44

%  

​

$

(105)

​

$

(166)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Swaptions  
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

​

December 31, 2024

​

December 31, 2023

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7/30/2024

​

7/30/2025

​

Derivatives - Assets

 

$

77,600

​

2.13

%  

​

$

37

​

​

N/A

7/30/2024

​

7/30/2025

​

Derivatives - Assets

​

​

33,100

​

2.62

%  

​

​

54

​

​

N/A

7/30/2024

​

7/30/2025

​

Derivatives - Assets

​

​

28,254

​

2.12

%  

​

​

48

​

​

N/A

7/30/2024

​

7/30/2025

​

Derivatives - Assets

​

​

66,247

​

2.63

%  

​

​

33

​

​

N/A

7/30/2024

​

1/29/2026

​

Derivatives - Assets

​

​

20,750

​

2.63

%  

​

​

102

​

​

N/A

7/30/2024

​

1/29/2026

​

Derivatives - Assets

​

​

41,700

​

2.13

%  

​

​

77

​

​

N/A

7/30/2024

​

1/30/2026

​

Derivatives - Assets

​

​

36,546

​

2.14

%  

​

​

70

​

​

N/A

7/30/2024

​

1/30/2026

​

Derivatives - Assets

​

​

18,453

​

2.64

%  

​

​

93

​

​

N/A

7/30/2024

​

7/30/2026

​

Derivatives - Assets

​

​

16,100

​

2.64

%  

​

​

140

​

​

N/A

7/30/2024

​

7/30/2026

​

Derivatives - Assets

​

​

29,800

​

2.14

%  

​

​

116

​

​

N/A

7/30/2024

​

7/30/2026

​

Derivatives - Assets

​

​

25,971

​

2.14

%  

​

​

103

​

​

N/A

7/30/2024

​

7/30/2026

​

Derivatives - Assets

​

​

14,280

​

2.64

%  

​

​

125

​

​

N/A

​

​

​

​

​

 

$

408,801

​

​

​

​

$

998

​

​

N/A

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 8 - Deposits (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of maturities of certificates of deposit

​

​

​

​

​

​

​

Amount

​

​

(dollars in thousands)

Year ending December 31:

    

​

​

2025

​

$

1,035,972

2026

​

 

30,737

2027

​

 

46,415

2028

​

 

54,461

2029

​

 

58,230

Thereafter

​

 

10

​

​

$

1,225,825

​

​

​

​
Schedules of collateralized investment securities

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

U.S. govt. sponsored agency securities

​

$

1,481

​

$

1,805

Residential mortgage-backed and related securities

​

 

2,022

​

 

2,114

​

​

$

3,503

​

$

3,919

​

​

​

​

​

​

​
v3.25.0.1
Note 9 - Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Short-term borrowings

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Federal funds purchased

​

$

1,800

​

$

1,500

​

​

​

​

​

​

​
Schedule of repurchase agreements

​

​

​

​

​

​

​

​

​

​

    

2024

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

Average daily balance

​

$

1,850

​

$

2,781

​

Average daily interest rate

​

 

5.03

%  

 

5.09

%

Maximum month-end balance

​

$

4,100

​

$

2,230

​

Weighted average rate as of December 31

​

 

4.20

%  

 

5.20

%
v3.25.0.1
Note 10 - FHLB Advances (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of maturity and interest rate information on advances

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

 

​

​

​

​

​

Weighted

​

​

​

​

Weighted

 

​

​

​

​

​

Average

​

​

​

​

Average

 

​

​

​

​

​

Interest Rate

​

​

​

​

Interest Rate

 

​

    

Amount Due

    

at Year-End

    

Amount Due

    

at Year-End

 

​

​

(dollars in thousands)

Maturity:

​

​

​

​

​

​

​

​

​

​

​

Year ending December 31:

 

​

  

 

  

 

​

  

 

  

​

2024

​

$

—

​

—

%

$

300,000

​

5.64

%

2025

​

​

140,000

​

4.62

​

​

—

​

—

​

2026

​

​

45,000

​

5.01

​

​

45,000

​

5.01

​

2027

​

​

45,000

​

4.82

​

​

45,000

​

4.82

​

2028

​

​

45,000

​

4.64

​

​

45,000

 

4.64

​

2029

​

 

10,383

 

—

​

 

—

 

—

​

Total FHLB advances

​

$

285,383

 

4.55

%  

$

435,000

 

5.39

%

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 11 - Other Borrowings and Unused Lines of Credit (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of unused line of credit

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Secured

​

$

746,742

​

$

248,494

Unsecured

​

 

450,800

​

 

450,800

​

​

$

1,197,542

​

$

699,294

​

​

​

​

​

​

​
v3.25.0.1
Note 12 - Subordinated Notes (Tables)
 12 Months Ended
Dec. 31, 2024
Subordinated Notes  
Schedule of Subordinated Notes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount Outstanding

​

Interest Rate

​

​

​

Amount Outstanding

​

Interest Rate

​

​

​

​

as of December 31, 2024

​

as of December 31, 2024

​

​

​

as of December 31, 2023

​

as of December 31, 2023

​

Maturity Date

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

Subordinated debenture dated 2/12/19

$

65,000

​

7.605

%

​

$

65,000

​

5.375

%

2/15/2029

Subordinated debenture dated 9/14/20

​

50,000

​

5.125

%

​

​

50,000

​

5.125

%

9/15/2030

Subordinated debenture dated 7/29/20*

​

20,000

​

5.250

%

​

​

20,000

​

5.250

%

9/30/2030

Subordinated debenture dated 8/18/22

​

45,000

​

5.500

%

​

​

45,000

​

5.500

%

9/1/2032

Subordinated debenture dated 8/18/22

​

55,000

​

5.950

%

​

​

55,000

​

5.950

%

9/1/2037

Debt issuance costs

​

(1,511)

​

​

​

​

​

(1,936)

​

​

​

​

Total Subordinated Debentures

$

233,489

​

​

​

​

$

233,064

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*Assumed in acquisition of GFED

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 13 - Junior Subordinated Debentures (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Summary of junior subordinated debentures

​

​

​

​

​

​

​

​

​

    

2024

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Note Payable to QCR Holdings Capital Trust II

​

$

10,310

​

$

10,310

Note Payable to QCR Holdings Capital Trust III

​

 

8,248

​

 

8,248

Note Payable to QCR Holdings Capital Trust V

​

 

10,310

​

 

10,310

Note Payable to Community National Trust II*

​

 

3,093

​

 

3,093

Note Payable to Community National Trust III*

​

 

3,609

​

 

3,609

Note Payable to Guaranty Bankshares Statutory Trust I**

​

 

4,640

​

 

4,640

Note Payable to Guaranty Statutory Trust II***

​

​

10,310

​

​

10,310

Market Value Discount per ASC 805****

​

 

(1,660)

​

 

(1,789)

​

​

$

48,860

​

$

48,731

​

​

​

​

​

​

​

*      As part of the acquisition of Community National in 2013, the Company assumed two junior subordinated debentures with a total fair value of $4.2 million.

**    As part of the acquisition of Guaranty Bank in 2017, the Company assumed one junior subordinated debenture with a fair value of $3.9 million.

***  As part of the acquisition of GFED in 2022, the Company assumed one junior subordinated debenture with a fair value of $10.3 million.

****  Market value discount includes discount on junior subordinated debt acquired as described in *, ** and ***.
Schedule of Company's non-consolidated subsidiaries formed for the issuance of trust preferred securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Amount

    

Amount

    

​

    

​

  

​

​

 

​

​

​

Outstanding

​

Outstanding

​

​

​

​

​

​

​

 

​

​

​

December 31, 

​

December 31, 

​

​

​

Interest Rate as of

​

​

Interest Rate as of

 

Name

Date Issued

​

2024

​

2023

​

Interest Rate

​

December 31, 2024

​

​

December 31, 2023

 

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

QCR Holdings Statutory Trust II

February 2004

​

$

10,310

​

$

10,310

 

2.85% over 3-month SOFR

 

7.72

%  

​

8.44

%

QCR Holdings Statutory Trust III

February 2004

​

 

8,248

​

 

8,248

 

2.85% over 3-month SOFR

 

7.72

%  

​

8.44

%

QCR Holdings Statutory Trust V

February 2006

​

 

10,310

​

 

10,310

 

1.55% over 3-month SOFR

 

6.47

%  

​

7.21

%

Community National Statutory Trust II

September 2004

​

 

3,093

​

 

3,093

 

2.17% over 3-month SOFR

 

6.79

%  

​

7.80

%

Community National Statutory Trust III

March 2007

​

 

3,609

​

 

3,609

 

1.75% over 3-month SOFR

 

6.37

%  

​

7.40

%

Guaranty Bankshares Statutory Trust I

May 2005

​

 

4,640

​

 

4,640

 

1.75% over 3-month SOFR

 

6.37

%  

​

7.40

%

Guaranty Statutory Trust II

December 2005

​

 

10,310

​

 

10,310

 

1.45% over 3-month SOFR

 

6.23

%  

​

7.09

%

​

​

​

$

50,520

​

$

50,520

 

Weighted Average Rate

 

6.88

%  

​

7.70

%

​

  

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 14 - Federal and State Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Federal and State Income Taxes  
Schedule of federal and state income tax expense

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Current

​

$

15,919

​

$

14,008

​

$

19,165

Deferred

​

 

(7,192)

​

 

(946)

​

 

(4,682)

​

​

$

8,727

​

$

13,062

​

$

14,483

​

​

​

​

​

​

​

​

​

​
Reconciliation of the expected federal income tax expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

 

​

​

​

2024

​

2023

​

2022

 

​

​

​

​

​

​

% of

​

​

​

​

% of

​

​

​

​

% of

 

​

​

​

​

​

​

Pretax

​

​

​

​

Pretax

​

​

​

​

Pretax

 

​

    

 

Amount

    

Income

    

Amount

    

Income

    

Amount

    

Income

 

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Computed "expected" tax expense

​

​

$

25,741

 

21.0

%  

$

26,590

 

21.0

%  

$

23,845

 

21.0

%

Tax exempt income, net

​

​

 

(16,410)

 

(13.4)

​

 

(13,823)

 

(10.9)

​

 

(10,689)

 

(9.4)

​

Bank-owned life insurance

​

​

 

(1,142)

 

(0.9)

​

 

(875)

 

(0.7)

​

 

(432)

 

(0.4)

​

State income taxes, net of federal benefit, current year

​

​

 

3,517

 

2.9

​

 

4,433

 

3.5

​

 

4,482

 

3.9

​

Change in unrecognized tax benefits

​

​

 

1,169

 

1.0

​

 

396

 

0.3

​

 

498

 

0.4

​

Provision adjustment from accounting method change

​

​

​

(142)

​

(0.1)

​

​

(247)

​

(0.2)

​

​

(1,181)

​

(1.0)

​

Tax credits

​

​

 

(2,717)

 

(2.3)

​

 

(2,865)

 

(2.3)

​

 

(1,362)

 

(1.2)

​

Acquisition costs

​

​

 

—

 

—

​

 

—

 

—

​

 

276

 

0.2

​

Excess tax benefit on stock options exercised and restricted stock awards vested

​

​

 

(929)

 

(0.8)

​

 

(464)

 

(0.3)

​

 

(503)

 

(0.4)

​

Other

​

​

 

(360)

 

(0.3)

​

 

(83)

 

(0.1)

​

 

(451)

 

(0.4)

​

Federal and state income tax expense

​

​

$

8,727

 

7.1

%  

$

13,062

 

10.3

%  

$

14,483

 

12.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of Unrecognized tax benefits

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

​

​

​

​

​

​

​

Balance, beginning

​

$

3,076

​

$

2,680

Impact of tax positions taken during current year

​

 

972

​

 

712

Gross increase related to tax positions of prior years

​

 

184

​

 

110

Change as a result of a lapse of the applicable statute of limitations

​

 

13

​

 

(426)

Balance, ending

​

$

4,245

​

$

3,076

​

​

​

​

​

​

​
Schedule of consolidated statements of operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Years Ended

​

​

​

December 31, 2024

​

​

December 31, 2023

​

December 31, 2022

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

Tax credits recognized

​

$

8,189

​

$

5,185

​

$

2,143

​

Other tax benefits recognized

​

 

2,631

​

 

2,037

​

 

1,371

​

Amortization

​

 

(8,313)

​

 

(5,091)

​

 

(3,109)

​

Net benefit included in income tax

​

 

2,507

​

 

2,131

​

 

405

​

​

​

 

​

​

 

​

​

 

​

​

Other income

​

 

—

​

 

—

​

 

—

​

Allocated income on investments

​

​

—

​

​

—

​

​

—

​

Net benefit included in noninterest income

​

​

—

​

​

—

​

​

—

​

​

​

 

​

​

 

​

​

 

​

​

Net benefit included in the Consolidated Statements of Operations

​

$

2,507

​

$

2,131

​

$

405

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of Deferred Tax Assets and Liabilities

​

​

​

​

​

​

​

​

​

    

2024

    

2023

​

​

(dollars in thousands)

Deferred tax assets:

 

​

  

 

​

  

Net unrealized losses on securities available for sale and derivative instruments

​

$

18,960

​

$

18,127

Compensation

​

 

17,765

​

 

15,761

Loan/lease losses

​

 

19,343

​

 

20,628

Equipment financing leases

​

​

1,555

​

​

—

Net operating loss carryforwards, federal and state

​

 

493

​

 

630

Other

​

 

893

​

 

—

​

​

 

59,009

​

 

55,146

Deferred tax liabilities:

​

 

  

​

 

  

Premises and equipment

​

 

6,102

​

 

7,206

Equipment financing leases

​

 

—

​

 

2,084

Acquisition fair value adjustments

​

 

3,962

​

 

3,983

Deferred loan origination fees, net

​

 

1,098

​

 

1,515

Prepaid expense

​

​

1,630

​

​

1,749

Other

​

 

—

​

 

417

​

​

 

12,792

​

 

16,954

Net deferred tax assets

​

$

46,217

​

$

38,192

​

​

​

​

​

​

​
Change in deferred income taxes

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Provision for income taxes

​

$

(7,192)

​

$

(946)

​

$

(4,682)

Statement of stockholders' equity- Other comprehensive income (loss)

​

 

(833)

​

 

3,192

​

 

(22,066)

​

​

$

(8,025)

​

$

2,246

​

$

(26,748)

​

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 15 - Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of matching contributions

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Matching contribution

​

$

3,670

​

$

3,314

​

$

3,071
Schedule of Change in compensation agreements

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

46,800

​

$

38,255

​

$

32,353

Employee deferrals

​

 

3,597

​

​

4,306

​

 

3,615

Company match and interest

​

 

5,393

​

​

4,788

​

 

2,776

Cash payments made

​

 

(625)

​

 

(549)

​

 

(489)

Balance, ending

​

$

55,165

​

$

46,800

​

$

38,255

​

​

​

​

​

​

​

​

​

​

​
Supplemental Executive Retirement Plans [Member]  
Notes Tables  
Schedule of Change in compensation agreements

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Balance, beginning

​

$

8,689

​

$

8,165

​

$

7,273

Expense accrued

​

 

400

​

 

889

​

 

1,286

Cash payments made

​

 

(267)

​

 

(365)

​

 

(394)

Balance, ending

​

$

8,822

​

$

8,689

​

$

8,165

​

​

​

​

​

​

​

​

​

​
v3.25.0.1
Note 16 - Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Stock-based compensation expense

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Stock options

​

$

358

​

$

286

​

$

246

Restricted stock awards

​

​

2,128

​

​

2,084

​

​

1,967

Stock purchase plan

​

 

339

​

 

308

​

 

225

​

​

$

2,825

​

$

2,678

​

$

2,438

​

​

​

​

​

​

​

​

​

​
Summary of the stock option plans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

​

2024

​

2023

​

2022

​

​

​

​

​

Weighted

​

​

​

​

Weighted

​

​

​

​

Weighted

​

​

​

​

​

Average

​

​

​

​

Average

​

​

​

​

Average

​

​

​

​

​

Exercise

​

​

​

​

Exercise

​

​

​

​

Exercise

​

    

Shares

    

Price

    

Shares

    

Price

    

Shares

    

Price

Outstanding, beginning

​

​

290,149

​

$

32.11

​

​

346,678

​

$

27.60

​

​

367,998

​

$

24.46

Granted

 

​

29,900

​

 

56.79

 

​

25,000

​

 

53.31

 

​

22,400

​

 

53.87

Exercised

 

​

(95,724)

​

 

22.05

 

​

(81,354)

​

 

19.45

 

​

(41,695)

​

 

14.07

Forfeited

 

​

(3,479)

​

 

39.01

 

​

(175)

​

 

15.65

 

​

(2,025)

​

 

26.72

Outstanding, ending

 

​

220,846

​

 

39.70

 

​

290,149

​

 

32.11

 

​

346,678

​

 

27.60

​

 

​

  

​

 

  

 

​

  

​

 

  

 

​

  

​

 

  

Exercisable, ending

 

​

158,911

​

 

  

 

​

233,967

​

 

  

 

​

295,077

​

 

  

​

 

​

  

​

 

  

 

​

  

​

 

  

 

​

  

​

 

  

Weighted average fair value per option granted

​

$

18.61

​

 

  

​

$

16.36

​

 

  

​

$

13.97

​

 

  
Summary of options outstanding

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Options Outstanding

​

​

​

​

​

​

​

​

​

Weighted

​

​

​

​

Options Exercisable

​

​

​

​

Average

​

Weighted

​

​

​

Weighted

​

​

​

​

Remaining

​

Average

​

​

​

Average

Range of

​

Number

​

Contractual

​

Exercise

​

Number

​

Exercise

Exercise Prices

    

Outstanding

    

Life

    

Price

    

Exercisable

    

Price

$17.49 to $17.86

​

23,869

​

0.09

​

$

17.49

​

23,869

​

$

17.49

$21.71 to $22.64

 

44,123

 

1.09

​

 

22.64

 

44,123

​

 

22.64

$29.77 to $36.00

 

12,875

 

4.17

​

 

36.00

 

12,875

​

 

36.00

$40.00 to $41.95

 

13,602

 

5.17

​

 

40.00

 

13,602

​

 

40.00

$42.65 to $48.50

 

53,428

 

3.78

​

 

43.85

 

48,506

​

 

43.88

$53.31 to $56.79

 

72,949

 

8.29

​

 

54.85

 

15,936

​

 

53.70

​

 

220,846

 

  

​

 

  

 

158,911

​

 

  

​

 

​

​

​

​

​

​

​

​

​

 

  
Summary of changes in nonvested restricted stock awards

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

    

2024

    

2023

    

2022

Outstanding, beginning

​

​

88,178

​

​

84,115

​

​

97,107

Granted*

​

 

28,211

​

 

51,157

​

 

35,525

Released

​

 

(43,468)

​

 

(43,331)

​

 

(47,766)

Forfeited

​

 

(5,297)

​

 

(3,763)

​

 

(751)

Outstanding, ending

​

​

67,624

​

​

88,178

​

​

84,115

​

​

​

​

​

​

​

​

​

​

Weighted average fair value per share granted

​

$

58.01

​

$

51.64

​

$

54.20

​

​

​

​

​

​

​

​

​

​

​

*  At December 31, 2024, includes 1,500 shares of restricted stock and 64,620 restricted stock units.

At December 31, 2023, includes 4,500 shares of restricted stock and 80,820 restricted stock units.

At December 31, 2022, includes 8,527 shares of restricted stock and 64,494 restricted stock units.

​
Schedule of Stock purchase plan

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

Shares granted

 

​

28,746

 

​

36,964

 

​

28,421

Shares purchased

 

​

31,069

 

​

35,058

 

​

27,103

Weighted average fair value per share granted

​

$

11.85

​

$

8.35

​

$

7.88

​
v3.25.0.1
Note 17 - Regulatory Capital Requirements and Restrictions on Dividends (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of the company and the subsidiary banks actual capital amounts and ratios

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For Capital Adequacy

​

To Be Well Capitalized

 

​

​

​

​

​

​

​

For Capital

​

Purposes With Capital

​

Under Prompt Corrective

 

​

​

Actual

​

Adequacy Purposes

​

Conservation Buffer

​

Action Provisions

 

​

    

Amount

    

Ratio

    

Amount

​

Ratio

    

Amount

​

Ratio

    

Amount

​

Ratio

​

​

​

( dollars in thousands)

​

As of December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Company:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total risk-based capital

​

$

1,273,903

​

14.10

%  

$

723,016

> 

8.00

%  

$

948,958

> 

10.50

%  

$

903,770

> 

10.00

%

Tier 1 risk-based capital

​

 

955,039

 

10.57

​

 

542,262

> 

6.00

​

 

768,204

> 

8.50

​

 

723,016

> 

8.00

​

Tier 1 leverage

​

 

955,039

 

10.73

​

 

356,091

> 

4.00

​

 

356,091

> 

4.00

​

 

445,114

> 

5.00

​

Common equity Tier 1

​

 

906,179

 

10.03

​

 

406,696

> 

4.50

​

 

632,639

> 

7.00

​

 

587,450

> 

6.50

​

Quad City Bank & Trust:

​

 

​

 

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

323,221

​

13.65

%  

$

189,365

> 

8.00

%  

$

248,541

> 

10.50

%  

$

236,706

> 

10.00

%

Tier 1 risk-based capital

​

 

293,597

 

12.40

​

 

142,024

> 

6.00

​

 

201,200

> 

8.50

​

 

189,365

> 

8.00

​

Tier 1 leverage

​

 

293,597

 

11.41

​

 

102,969

> 

4.00

​

 

102,969

> 

4.00

​

 

128,712

> 

5.00

​

Common equity Tier 1

​

 

293,597

 

12.40

​

 

106,518

> 

4.50

​

 

165,694

> 

7.00

​

 

153,859

> 

6.50

​

Cedar Rapids Bank & Trust:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

452,942

​

14.79

%  

$

245,055

> 

8.00

%  

$

321,635

> 

10.50

%  

$

306,319

> 

10.00

%

Tier 1 risk-based capital

​

 

424,253

 

13.85

​

 

183,792

> 

6.00

​

 

260,371

> 

8.50

​

 

245,055

> 

8.00

​

Tier 1 leverage

​

 

424,253

 

16.40

​

 

103,449

> 

4.00

​

 

103,449

> 

4.00

​

 

129,312

> 

5.00

​

Common equity Tier 1

​

 

424,253

 

13.85

​

 

137,844

> 

4.50

​

 

214,424

> 

7.00

​

 

199,108

> 

6.50

​

Community State Bank:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

189,362

​

12.94

%  

$

117,065

> 

8.00

%  

$

153,648

> 

10.50

%  

$

146,332

> 

10.00

%

Tier 1 risk-based capital

​

 

176,646

 

12.07

​

 

87,799

> 

6.00

​

 

124,382

> 

8.50

​

 

117,065

> 

8.00

​

Tier 1 leverage

​

 

176,646

 

11.72

​

 

60,305

> 

4.00

​

 

60,305

> 

4.00

​

 

75,382

> 

5.00

​

Common equity Tier 1

​

 

176,646

 

12.07

​

 

65,849

> 

4.50

​

 

102,432

> 

7.00

​

 

95,115

> 

6.50

​

Guaranty Bank:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

297,047

​

14.26

%  

$

166,695

> 

8.00

%  

$

218,787

> 

10.50

%  

$

208,369

> 

10.00

%

Tier 1 risk-based capital

​

 

272,621

 

13.08

​

 

125,021

> 

6.00

​

 

177,113

> 

8.50

​

 

166,695

> 

8.00

​

Tier 1 leverage

​

 

272,621

 

12.15

​

 

89,770

> 

4.00

​

 

89,770

> 

4.00

​

 

112,213

> 

5.00

​

Common equity Tier 1

​

 

272,621

 

13.08

​

 

93,766

> 

4.50

​

 

145,858

> 

7.00

​

 

135,440

> 

6.50

​

​

​

Note 17. Regulatory Capital Requirements and Restrictions on Dividends (continued)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For Capital Adequacy

​

To Be Well Capitalized

 

​

​

​

​

​

​

​

For Capital

​

Purposes With Capital

​

Under Prompt Corrective

 

​

​

Actual

​

Adequacy Purposes

​

Conservation Buffer

​

Action Provisions

 

​

    

Amount

    

Ratio

    

Amount

​

Ratio

    

Amount

​

Ratio

    

Amount

​

Ratio

 

​

​

( dollars in thousands)

​

As of December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Company:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total risk-based capital

​

$

1,171,047

​

14.29

%  

$

655,461

> 

8.00

%  

$

860,293

> 

10.50

%  

$

819,327

> 

10.00

%

Tier 1 risk-based capital

​

 

841,052

 

10.27

​

 

491,596

> 

6.00

​

 

696,428

> 

8.50

​

 

655,461

> 

8.00

​

Tier 1 leverage

​

 

841,052

 

10.03

​

 

335,420

> 

4.00

​

 

335,420

> 

4.00

​

 

419,275

> 

5.00

​

Common equity Tier 1

​

 

792,321

 

9.67

​

 

368,697

> 

4.50

​

 

573,529

> 

7.00

​

 

532,562

> 

6.50

​

Quad City Bank & Trust:

​

 

​

 

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

300,413

​

12.67

%  

$

189,707

> 

8.00

%  

$

248,990

> 

10.50

%  

$

237,133

> 

10.00

%

Tier 1 risk-based capital

​

 

270,744

 

11.42

​

 

142,280

> 

6.00

​

 

201,563

> 

8.50

​

 

189,707

> 

8.00

​

Tier 1 leverage

​

 

270,744

 

11.23

​

 

96,425

> 

4.00

​

 

96,425

> 

4.00

​

 

120,531

> 

5.00

​

Common equity Tier 1

​

 

270,744

 

11.42

​

 

106,710

> 

4.50

​

 

165,993

> 

7.00

​

 

154,137

> 

6.50

​

Cedar Rapids Bank & Trust:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

381,514

​

15.60

%  

$

195,687

> 

8.00

%  

$

256,840

> 

10.50

%  

$

244,609

> 

10.00

%

Tier 1 risk-based capital

​

 

354,940

 

14.51

​

 

146,766

> 

6.00

​

 

207,918

> 

8.50

​

 

195,687

> 

8.00

​

Tier 1 leverage

​

 

354,940

 

14.77

​

 

96,093

> 

4.00

​

 

96,093

> 

4.00

​

 

120,116

> 

5.00

​

Common equity Tier 1

​

 

354,940

 

14.51

​

 

110,074

> 

4.50

​

 

171,227

> 

7.00

​

 

158,996

> 

6.50

​

Community State Bank:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

171,747

​

13.22

%  

$

103,903

> 

8.00

%  

$

136,372

> 

10.50

%  

$

129,878

> 

10.00

%

Tier 1 risk-based capital

​

 

156,629

 

12.06

​

 

77,927

> 

6.00

​

 

110,397

> 

8.50

​

 

103,903

> 

8.00

​

Tier 1 leverage

​

 

156,629

 

11.19

​

 

56,005

> 

4.00

​

 

56,005

> 

4.00

​

 

70,007

> 

5.00

​

Common equity Tier 1

​

 

156,629

 

12.06

​

 

58,445

> 

4.50

​

 

90,915

> 

7.00

​

 

84,421

> 

6.50

​

Guaranty Bank:

​

 

​

​

​

​

 

​

  

​

​

 

​

  

​

​

 

​

  

​

​

Total risk-based capital

​

$

267,822

​

12.68

%  

$

168,967

> 

8.00

%  

$

221,770

> 

10.50

%  

$

211,209

> 

10.00

%

Tier 1 risk-based capital

​

 

244,506

 

11.58

​

 

126,726

> 

6.00

​

 

179,528

> 

8.50

​

 

168,967

> 

8.00

​

Tier 1 leverage

​

 

244,506

 

11.41

​

 

85,688

> 

4.00

​

 

85,688

> 

4.00

​

 

107,110

> 

5.00

​

Common equity Tier 1

​

 

244,506

 

11.58

​

 

95,044

> 

4.50

​

 

147,847

> 

7.00

​

 

137,286

> 

6.50

​
v3.25.0.1
Note 18 - Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of computation of basic and diluted EPS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

    

2023

    

2022

​

​

(dollars in thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

Net income

​

$

113,850

​

$

113,558

​

$

99,066

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic EPS

​

$

6.77

​

$

6.79

​

$

5.94

Diluted EPS

​

$

6.71

​

$

6.73

​

$

5.87

​

​

​

​

​

​

​

​

​

​

Weighted average common shares outstanding

​

 

16,829,004

​

 

16,732,406

​

 

16,681,844

Weighted average common shares issuable upon exercise of stock options

​

​

​

​

​

​

​

​

​

and under the employee stock purchase plan*

​

 

130,849

​

 

133,985

​

 

208,163

Weighted average common and common equivalent shares outstanding

​

 

16,959,853

​

 

16,866,391

​

 

16,890,007

​

​

​

​

​

​

​

​

​

​

​

                *  Excludes anti-dilutive restricted stock shares of 0, 1,762, and 1,706 at December 31, 2024, 2023 and 2022, respectively and anti-dilutive options

of 0, 47,164 and 22,503 at December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Note 20 - Parent Company Only Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Condensed Balance Sheet

​

​

​

​

​

​

​

​

​

     

2024

    

2023

​

​

(dollars in thousands)

Assets

​

​

​

​

​

​

Cash and due from banks

​

$

28,635

​

$

53,331

Investment in bank subsidiaries

​

 

1,259,571

​

 

1,122,803

Investment in nonbank subsidiaries

​

 

6,319

​

 

6,129

Premises and equipment, net

​

 

13,404

​

 

9,286

Other assets

​

 

16,370

​

 

14,512

Total assets

​

$

1,324,299

​

$

1,206,061

​

​

 

  

​

 

  

Liabilities and Stockholders' Equity

​

 

  

​

 

  

Liabilities:

​

 

  

​

 

  

Subordinated notes

​

$

233,489

​

$

233,064

Junior subordinated debentures

​

 

48,860

​

 

48,731

Other liabilities

​

 

44,563

​

 

37,670

Total liabilities

​

 

326,912

​

 

319,465

​

​

 

  

​

 

  

Stockholders' Equity:

​

 

  

​

 

  

Common stock

​

 

16,882

​

 

16,749

Additional paid-in capital

​

 

374,975

​

 

370,814

Retained earnings

​

 

665,171

​

 

554,992

Accumulated other comprehensive loss

​

 

(59,641)

​

 

(55,959)

Total stockholders' equity

​

 

997,387

​

 

886,596

Total liabilities and stockholders' equity

​

$

1,324,299

​

$

1,206,061

​

​

​

​

​

​

​
Condensed Income Statement

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

Total interest income

​

$

13

​

$

—

​

$

26

Equity in net income of bank subsidiaries

​

 

140,197

​

 

137,451

​

 

128,941

Equity in net income of nonbank subsidiaries

​

 

2,221

​

 

2,220

​

 

1,294

Other

​

 

369

​

 

704

​

 

(53)

Total income

​

 

142,800

​

 

140,375

​

 

130,208

​

​

 

  

​

 

  

​

 

  

Interest expense

​

 

17,088

​

 

16,066

​

 

11,836

Salaries and employee benefits

​

 

11,558

​

 

9,940

​

 

15,551

Professional fees

​

 

539

​

 

12

​

 

1,789

Acquisition costs

​

 

—

​

 

—

​

 

3,715

Post-acquisition compensation, transition and integration costs

​

 

—

​

 

207

​

 

5,526

Other

​

 

4,083

​

 

3,744

​

 

3,331

Total expenses

​

 

33,268

​

 

29,969

​

 

41,748

​

​

 

  

​

 

  

​

 

  

Income before income tax benefit

​

 

109,532

​

 

110,406

​

 

88,460

​

​

 

  

​

 

  

​

 

  

Income tax benefit

​

 

4,318

​

 

3,152

​

 

10,606

Net income

​

$

113,850

​

$

113,558

​

$

99,066

​

​

​

​

​

​

​

​

​

​
Condensed Cash flow Statement

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

​

​

(dollars in thousands)

Cash Flows from Operating Activities:

 

​

  

 

​

  

 

​

  

Net income

​

$

113,850

​

$

113,558

​

$

99,066

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

​

 

  

​

 

  

​

 

  

Earnings of bank subsidiaries

​

​

(140,197)

​

 

(137,451)

​

 

(128,941)

Earnings of nonbank subsidiaries

​

 

(2,221)

​

 

(2,220)

​

 

(1,294)

Distributions from bank subsidiaries

​

 

—

​

 

—

​

 

36,000

Distributions from nonbank subsidiaries

​

 

129

​

 

114

​

 

40

Deferred income taxes

​

​

1,410

​

​

(349)

​

​

(2,443)

Accretion of acquisition fair value adjustments

​

 

129

​

 

129

​

 

137

Depreciation

​

 

603

​

 

576

​

 

477

Deferred compensation expense accrued

​

​

5,793

​

​

4,063

​

​

4,062

Stock-based compensation expense

​

 

2,825

​

 

2,678

​

 

2,438

Gain on sale of fixed assets

​

​

54

​

​

—

​

​

—

Decrease (increase) in other assets

​

 

(794)

​

 

(2,649)

​

 

621

Increase in other liabilities

​

 

1,061

​

 

9,062

​

 

10,827

Net cash provided by (used in) operating activities

​

 

(17,358)

​

 

(12,489)

​

 

20,990

​

​

 

  

​

 

  

​

 

  

Cash Flows from Investing Activities:

​

 

  

​

 

  

​

 

  

Net decrease in interest-bearing deposits at financial institutions

​

 

—

​

 

—

​

 

5,950

Capital infusion, bank subsidiaries

​

 

—

​

 

(10,000)

​

 

—

Capital infusion, non-bank subsidiaries

​

​

—

​

​

—

​

​

(300)

Net cash received in dissolution of subsidiary

​

​

—

​

​

3,184

​

​

—

Net cash paid for acquisitions

​

 

—

​

 

—

​

 

(26,039)

Purchase of premises and equipment

​

 

(4,775)

​

 

(224)

​

 

(1,484)

Net cash used in investing activities

​

 

(4,775)

​

 

(7,040)

​

 

(21,873)

​

​

 

  

​

 

  

​

 

  

Cash Flows from Financing Activities:

​

 

  

​

 

  

​

 

  

Proceeds from subordinated notes

​

​

—

​

​

—

​

​

100,000

Payment of cash dividends

​

 

(4,032)

​

 

(4,029)

​

 

(3,944)

Proceeds from issuance of common stock, net

​

 

1,469

​

 

1,403

​

 

422

Repurchase and cancellation of shares

​

 

—

​

 

(8,686)

​

 

(52,954)

Net cash provided by (used in) financing activities

​

 

(2,563)

​

 

(11,312)

​

 

43,524

​

​

 

  

​

 

  

​

 

  

Net increase (decrease) in cash and due from banks

​

 

(24,696)

​

 

(30,841)

​

 

42,641

​

​

 

  

​

 

  

​

 

  

Cash and due from banks:

​

 

  

​

 

  

​

 

  

Beginning

​

 

53,331

​

 

84,172

​

 

41,531

Ending

​

$

28,635

​

$

53,331

​

$

84,172

​
v3.25.0.1
Note 21 - Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of assets measured at fair value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at Reporting Date Using

​

​

​

​

​

Quoted Prices

​

Significant

​

​

​

​

​

​

​

​

in Active

​

Other

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

​

​

(dollars in thousands)

December 31, 2024:

 

​

  

 

​

  

 

​

  

 

​

  

Securities AFS:

 

​

  

 

​

  

 

​

  

 

​

  

U.S. treasuries and govt. sponsored agency securities

​

$

20,591

​

$

—

​

$

20,591

​

$

—

Residential mortgage-backed and related securities

​

 

50,042

​

 

—

​

 

50,042

​

 

—

Municipal securities

​

 

164,575

​

 

—

​

 

164,575

​

 

—

Asset-backed securities

​

​

9,224

​

​

—

​

​

9,224

​

​

—

Other securities

​

 

36,677

​

 

—

​

 

36,677

​

 

—

Securities trading

​

​

83,529

​

​

—

​

​

—

​

​

83,529

Derivatives

​

 

186,781

​

 

—

​

 

186,781

​

 

—

Total assets measured at fair value

​

$

551,419

​

$

—

​

$

467,890

​

$

83,529

​

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives

​

$

214,823

​

$

—

​

$

214,823

​

$

—

Total liabilities measured at fair value

​

$

214,823

​

$

—

​

$

214,823

​

$

—

​

​

 

  

​

 

  

​

 

  

​

 

  

​

​

 

  

​

 

  

​

 

  

​

 

  

December 31, 2023:

​

 

  

​

 

  

​

 

  

​

 

  

Securities AFS:

​

 

  

​

 

  

​

 

  

​

 

  

U.S. govt. sponsored agency securities

​

$

14,973

​

$

—

​

$

14,973

​

$

—

Residential mortgage-backed and related securities

​

 

59,196

​

 

—

​

 

59,196

​

 

—

Municipal securities

​

 

170,987

​

 

—

​

 

170,987

​

 

—

Asset-backed securities

​

​

15,423

​

​

—

​

​

15,423

​

​

—

Other securities

​

 

39,076

​

 

—

​

 

39,076

​

 

—

Securities trading

​

​

22,369

​

​

—

​

​

—

​

​

22,369

Derivatives

​

 

187,341

​

 

—

​

 

187,341

​

 

—

Total assets measured at fair value

​

$

509,365

​

$

—

​

$

486,996

​

$

22,369

​

​

 

  

​

 

  

​

 

  

​

 

  

Derivatives

​

$

215,735

​

$

—

​

$

215,735

​

$

—

Total liabilities measured at fair value

​

$

215,735

​

$

—

​

$

215,735

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair Value Measurements at Reporting Date Using

​

​

​

​

​

Quoted Prices

​

Significant

​

​

​

​

​

​

​

​

in Active

​

Other

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024:

 

​

  

 

​

  

 

​

  

 

​

  

Loans/leases evaluated individually

​

$

54,434

​

$

—

​

$

—

​

$

54,434

OREO

​

​

714

​

​

—

​

​

—

​

​

714

​

​

$

55,148

​

$

—

​

$

—

​

$

55,148

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023:

​

 

  

​

 

  

​

 

  

​

 

  

Loans/leases evaluated individually

​

$

33,656

​

$

—

​

$

—

​

$

33,656

OREO

​

 

1,455

​

 

—

​

 

—

​

 

1,455

​

​

$

35,111

​

$

—

​

$

—

​

$

35,111

​

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of changes in fair value of trading securities

​

​

​

​

​

​

​

​

​

​

​

For the

​

For the

​

​

​

Year Ended

​

Year Ended

​

​

​

December 31, 2024

​

December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at the beginning of the period

​

$

22,369

​

$

—

​

Trading securities purchased

​

​

60,233

​

​

22,369

​

Paydowns

​

​

(13)

​

​

​

​

Premium amortization

​

 

(616)

​

 

—

​

Fair value gain (loss)

​

​

1,556

​

​

—

​

Balance at the end of the period

​

$

83,529

​

$

22,369

​
Schedule of assets measured at fair value, valuation techniques

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quantitative Information about Level Fair Value Measurements

 

​

​

Fair Value

​

Fair Value

​

​

​

​

​

​

​

​

​

​

 

​

​

December 31, 

​

December 31, 

​

​

​

​

​

​

​

​

​

​

 

​

    

2024

    

2023

    

Valuation Technique

    

Unobservable Input

    

Range

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans/leases evaluated individually

​

$

54,434

​

$

33,656

​

Appraisal of collateral

​

Appraisal adjustments

​

-10.00

%

to

​

-30.00

%

OREO

​

​

714

​

​

1,455

​

Appraisal of collateral

​

Appraisal adjustments

​

0.00

%  

to

 

-35.00

%
Schedule of assets and liabilities measured at fair value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value

​

As of December 31, 2024

​

As of December 31, 2023

​

​

Hierarchy

​

Carrying

​

Estimated

​

Carrying

​

Estimated

​

    

Level

    

Value

    

Fair Value

    

Value

    

Fair Value

​

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and due from banks

 

Level 1

​

$

91,732

​

$

91,732

​

$

97,123

​

$

97,123

Federal funds sold

 

Level 2

​

 

27,150

​

 

27,150

​

 

35,450

​

 

35,450

Interest-bearing deposits at financial institutions

 

Level 2

​

 

143,442

​

 

143,442

​

 

104,919

​

 

104,919

Investment securities:

 

  

​

 

​

​

 

​

​

 

​

​

 

​

HTM

 

Level 2

​

 

835,797

​

 

800,583

​

 

683,504

​

 

680,279

AFS

 

Level 2

​

 

281,109

​

 

281,109

​

 

299,655

​

 

299,655

Trading

​

Level 3

​

​

83,529

​

​

83,529

​

​

22,369

​

​

22,369

Loans/leases receivable, net

 

Level 3

​

 

50,402

​

 

54,434

​

 

31,163

​

 

33,656

Loans/leases receivable, net

 

Level 2

​

 

6,644,161

​

 

6,325,156

​

 

6,425,053

​

 

6,125,433

Derivatives

 

Level 2

​

 

186,781

​

 

186,781

​

 

187,341

​

 

187,341

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits:

 

  

​

 

​

​

 

​

​

 

​

​

 

​

Nonmaturity deposits

 

Level 2

​

 

5,835,362

​

 

5,835,362

​

 

5,504,323

​

 

5,504,323

Time deposits

 

Level 2

​

 

1,225,825

​

 

1,222,482

​

 

1,009,682

​

 

996,746

Short-term borrowings

 

Level 2

​

 

1,800

​

 

1,800

​

 

1,500

​

 

1,500

FHLB advances

 

Level 2

​

 

285,383

​

 

285,196

​

 

435,000

​

 

437,178

Subordinated notes

​

Level 2

​

​

233,489

​

​

238,873

​

​

233,064

​

​

240,235

Junior subordinated debentures

 

Level 2

​

 

48,860

​

 

41,638

​

 

48,731

​

 

40,397

Derivatives

 

Level 2

​

 

214,823

​

 

214,823

​

 

215,735

​

 

215,735

​
v3.25.0.1
Note 22 - Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of business segment information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial Banking

​

​

​

Intercompany

​

Consolidated

​

    

QCBT

    

CRBT

    

CSB

    

GB

    

All other

    

Eliminations

    

Total

​

​

(dollars in thousands)

Year Ended December 31, 2024

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Interest and dividend income

​

$

148,530

​

$

126,316

​

$

80,650

​

$

126,977

​

$

294

​

$

(910)

​

$

481,857

Interest expense

​

​

76,027

​

​

54,476

​

​

34,762

​

​

70,143

​

​

17,088

​

​

(2,427)

​

​

250,069

Net interest income

​

 

72,503

​

 

71,840

​

 

45,888

​

​

56,834

​

 

(16,794)

​

 

1,517

​

 

231,788

Provision for credit losses

​

 

10,460

​

 

5,365

​

 

(154)

​

​

1,427

​

 

—

​

 

—

​

 

17,098

Noninterest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital markets revenue

​

​

270

​

​

62,418

​

​

—

​

​

8,369

​

​

—

​

​

—

​

​

71,057

Other segment revenue items

​

​

19,115

​

​

10,666

​

​

5,603

​

​

10,326

​

​

145,001

​

​

(146,239)

​

​

44,472

Total noninterest income

​

​

19,385

​

​

73,084

​

​

5,603

​

​

18,695

​

​

145,001

​

​

(146,239)

​

​

115,529

Noninterest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and benefits expense

​

​

32,062

​

​

36,521

​

​

18,403

​

​

29,642

​

​

11,558

​

​

—

​

​

128,186

Occupancy expense

​

​

5,963

​

​

6,221

​

​

4,577

​

​

6,700

​

​

1,952

​

​

—

​

​

25,413

Other segment expense items

​

​

18,954

​

​

14,373

​

​

8,480

​

​

11,651

​

​

3,004

​

​

(2,419)

​

​

54,043

Total noninterest expense

​

​

56,979

​

​

57,115

​

​

31,460

​

​

47,993

​

​

16,514

​

​

(2,419)

​

​

207,642

Income tax expense

​

​

2,019

​

​

10,383

​

​

619

​

​

(30)

​

​

(4,264)

​

​

—

​

​

8,727

Net income (loss) from continuing operations

​

$

22,430

​

$

72,061

​

$

19,566

​

$

26,139

​

$

115,957

​

$

(142,303)

​

$

113,850

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

$

2,791

​

$

14,980

​

$

9,888

​

$

110,936

​

$

—

​

$

—

​

$

138,595

Intangibles

​

 

—

​

 

628

​

 

865

​

 

9,568

​

 

—

​

 

—

​

 

11,061

Total assets

​

 

2,588,587

​

 

2,614,570

​

 

1,531,559

​

 

2,342,958

​

 

1,332,834

​

 

(1,384,478)

​

 

9,026,030

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Interest and dividend income

​

$

128,280

​

$

108,113

​

$

68,069

​

$

110,130

​

$

181

​

$

(1,363)

​

$

413,410

Interest expense

​

​

60,379

​

​

40,700

​

​

24,413

​

​

53,464

​

​

16,066

​

​

(2,618)

​

​

192,404

Net interest income

​

 

67,901

​

 

67,413

​

 

43,656

​

​

56,666

​

 

(15,885)

​

 

1,255

​

 

221,006

Provision for credit losses

​

 

12,512

​

 

2,139

​

 

1,248

​

 

640

​

 

—

​

 

—

​

 

16,539

Noninterest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital markets revenue

​

​

246

​

​

82,593

​

​

—

​

​

9,226

​

​

—

​

​

—

​

​

92,065

Other segment revenue items

​

​

16,849

​

​

10,587

​

​

5,184

​

​

8,682

​

​

142,427

​

​

(143,110)

​

​

40,619

Total noninterest income

​

​

17,095

​

​

93,180

​

​

5,184

​

​

17,908

​

​

142,427

​

​

(143,110)

​

​

132,684

Noninterest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and benefits expense

​

​

28,470

​

​

51,733

​

​

16,749

​

​

29,727

​

​

9,940

​

​

—

​

​

136,619

Occupancy expense

​

​

5,627

​

​

6,029

​

​

4,489

​

​

7,108

​

​

1,778

​

​

—

​

​

25,031

Other segment expense items

​

​

14,693

​

​

14,457

​

​

7,997

​

​

11,749

​

​

2,284

​

​

(2,299)

​

​

48,881

Total noninterest expense

​

​

48,790

​

​

72,219

​

​

29,235

​

​

48,584

​

​

14,002

​

​

(2,299)

​

​

210,531

Income tax expense

​

​

1,927

​

​

13,857

​

​

330

​

​

71

​

​

(3,123)

​

​

—

​

​

13,062

Net income (loss) from continuing operations

​

$

21,767

​

$

72,378

​

$

18,027

​

$

25,279

​

$

115,663

​

$

(139,556)

​

$

113,558

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

$

3,223

​

$

14,980

​

$

9,888

​

$

110,936

​

$

—

​

$

—

​

$

139,027

Intangibles

​

 

—

​

 

883

​

 

1,430

​

 

11,508

​

 

—

​

 

—

​

 

13,821

Total assets

​

 

2,448,957

​

 

2,419,146

​

 

1,426,202

​

 

2,281,296

​

 

1,213,954

​

 

(1,250,661)

​

 

8,538,894

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2022

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

​

Interest and dividend income

​

$

88,195

​

$

75,411

​

$

48,604

​

$

79,266

​

$

58

​

$

1,037

​

$

292,571

Interest expense

​

​

16,591

​

​

10,019

​

​

7,824

​

​

15,532

​

​

11,835

​

​

(350)

​

​

61,451

Net interest income

​

 

71,604

​

 

65,392

​

 

40,780

​

​

63,734

​

 

(11,777)

​

 

1,387

​

 

231,120

Provision for loan/lease losses

​

 

1,073

​

 

(961)

​

 

(1,336)

​

 

9,508

​

 

—

​

 

—

​

 

8,284

Noninterest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital markets revenue

​

​

479

​

​

38,772

​

​

144

​

​

1,914

​

​

—

​

​

—

​

​

41,309

Other segment revenue items

​

​

14,946

​

​

13,887

​

​

5,381

​

​

6,700

​

​

131,865

​

​

(133,359)

​

​

39,420

Total noninterest income

​

​

15,425

​

​

52,659

​

​

5,525

​

​

8,614

​

​

131,865

​

​

(133,359)

​

​

80,729

Noninterest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and benefits expense

​

​

27,895

​

​

36,339

​

​

16,180

​

​

19,403

​

​

15,551

​

​

—

​

​

115,368

Occupancy expense

​

​

4,953

​

​

5,376

​

​

4,513

​

​

5,447

​

​

1,686

​

​

—

​

​

21,975

Other segment expense items

​

​

12,148

​

​

12,537

​

​

7,961

​

​

8,606

​

​

13,215

​

​

(1,794)

​

​

52,673

Total noninterest expense

​

​

44,996

​

​

54,252

​

​

28,654

​

​

33,456

​

​

30,452

​

​

(1,794)

​

​

190,016

Income tax expense

​

​

7,110

​

​

11,185

​

​

1,762

​

​

5,094

​

​

(10,668)

​

​

—

​

​

14,483

Net income (loss) from continuing operations

​

$

33,850

​

$

53,575

​

$

17,225

​

$

24,290

​

$

100,304

​

$

(130,178)

​

$

99,066

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

$

3,223

​

$

14,980

​

$

9,888

​

$

109,516

​

$

—

​

$

—

​

$

137,607

Intangibles

​

 

—

​

 

1,225

​

 

2,027

​

 

13,507

​

 

—

​

 

—

​

 

16,759

Total assets

​

 

2,312,012

​

 

2,185,500

​

 

1,297,812

​

 

2,146,474

​

 

1,086,351

​

 

(1,079,312)

​

 

7,948,837

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial Banking

​

​

​

QCBT

    

CRBT

    

CSB

    

GB

    

Total

​

​

​

(dollars in thousands)

​

Year Ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment revenue items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity in net income of subsidiary bank

​

$

22,430

​

$

72,061

​

$

19,566

​

$

26,140

​

$

140,197

​

Total assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment in subsidiary bank

​

​

280,945

​

​

423,857

​

​

173,133

​

​

381,636

​

​

1,259,571

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment revenue items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity in net income of subsidiary bank

​

$

21,766

​

$

72,378

​

$

18,027

​

$

25,280

​

$

137,451

​

Total assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment in subsidiary bank

​

$

260,160

​

​

353,299

​

​

153,838

​

​

355,506

​

​

1,122,803

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other segment revenue items:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity in net income of subsidiary bank

​

$

33,850

​

$

53,576

​

$

17,225

​

$

24,289

​

$

128,940

​

Total assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investment in subsidiary bank

​

​

238,631

​

​

277,812

​

​

122,826

​

​

326,704

​

​

965,973

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

.
v3.25.0.1
Note 1 - Nature of Business and Significant Accounting Policies (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
subsidiary
segment
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Number of subsidiaries commercial banks | subsidiary 4    
Number of portfolio segments | segment 8    
Maximum term for financial receivable 1 year    
Minimum number of months of repayment performance to restore to accrual status, monthly payment loans 15 months    
Minimum number of years of repayment performance to restore to accrual status, quarterly or semi-monthly payment loans 15 months    
Number of Non-Consolidated Subsidiaries Issuing Trust Preferred Securities | subsidiary 7    
Cash Reserve Deposit Required and Made $ 0 $ 0  
Goodwill, Impaired, Accumulated Impairment Loss 1,000,000,000    
Revenue related to gain on loan securitizations $ 955,000 $ 664,000 $ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares 158,911 233,967 295,077
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 9,000,000    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value 7,400,000    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value 887,000 $ 440,000 $ 387,000
Accrued investment income receivable $ 30,900,000 $ 28,800,000  
Preferred Stock, Shares Authorized | shares 250,000 250,000  
Preferred Stock, Shares Outstanding | shares 0 0  
Minimum outstanding balance considered for calculation of low quality loans allowance on case-to-case basis $ 250,000    
Maximum principal balance considered for placing low quality loans in the unique pool 250,000    
Interest rate swaps      
Revenue related to interest rate swaps 70,100,000 $ 91,400,000 $ 41,300,000
Other Assets      
Accrued investment income receivable 30,900,000 $ 28,800,000  
Subsidiary banks with an asset size of $1.0 billion or less      
Lending Threshold Requiring Additional Loan Review 1,000,000    
Subsidiary banks with an asset size of over $1.0 billion      
Lending Threshold Requiring Additional Loan Review 2,000,000    
Employee Stock Option      
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized $ 357,000    
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 2 years 7 days    
In The Money Options      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares 220,846    
Restricted Stock      
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized $ 2,700,000    
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 1 year 1 month 24 days    
Subsidiaries | Fixed Rate Residential Mortgage      
Financing receivable, term 15 years    
Commercial Portfolio Segment      
Financing Receivable, Term Loans, Generally Maximum Term 7 years    
Minimum      
Maximum term for financial receivable 6 months    
Residual Value Percent of Cost 3.00%    
Minimum | Subsidiaries | Adjustable Rate Residential Mortgage      
Financing receivable, term 1 year    
Minimum | Commercial Portfolio Segment | Term Loan      
Financing receivable, term 3 years    
Maximum      
Permanent loans term 20 years    
Financing Receivable, Credit Weaknesses Borrowers, Term 365 days    
Maximum term for financial receivable 1 year    
Residual Value Percent of Cost 25.00%    
Maximum | Subsidiaries | Adjustable Rate Residential Mortgage      
Financing receivable, term 5 years    
Maximum | Commercial Portfolio Segment | Term Loan      
Financing receivable, term 5 years    
Core deposit intangibles      
Estimated useful life 10 years    
v3.25.0.1
Note 1. Nature of Business and Significant Accounting Policies - Option Pricing Model Valuation Assumptions (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Expected life of purchase grants 10 years    
Weighted average fair value per option granted (in dollars per share) $ 18.61 $ 16.36 $ 13.97
Employee Stock Option      
Dividend yield 0.42% 0.45%  
Expected volatility 24.96% 22.31%  
Risk-free interest rate 4.18% 4.22%  
Expected life of purchase grants 6 years 3 months 6 years 3 months 6 years 3 months
Weighted average fair value per option granted (in dollars per share) $ 18.61 $ 16.36  
Employee Stock Option | Minimum      
Dividend yield     0.43%
Expected volatility     22.65%
Risk-free interest rate     1.87%
Weighted average fair value per option granted (in dollars per share)     $ 13.94
Employee Stock Option | Maximum      
Dividend yield     0.45%
Expected volatility     23.52%
Risk-free interest rate     3.12%
Weighted average fair value per option granted (in dollars per share)     $ 15.09
Stock Purchase Grants      
Dividend yield 0.41%    
Weighted average fair value per option granted (in dollars per share) $ 11.85 $ 8.35 $ 7.88
Stock Purchase Grants | Minimum      
Dividend yield   0.48% 0.43%
Expected volatility 32.06% 15.86% 17.97%
Risk-free interest rate 3.94% 4.67% 0.14%
Expected life of purchase grants 3 months 3 months 3 months
Stock Purchase Grants | Maximum      
Dividend yield   0.58% 0.44%
Expected volatility 32.47% 29.69% 21.16%
Risk-free interest rate 5.16% 5.47% 2.24%
Expected life of purchase grants 6 months 6 months 6 months
v3.25.0.1
Note 2 - Investment Securities (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
item
security
state
location
issuer
Dec. 31, 2023
USD ($)
state
issuer
location
Dec. 31, 2022
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Sale of securities portfolio       $ 111,400
Number of securities | security   671    
Aggregate losses of securities (as a percent)   9.73%    
Available-for-sale, unrealized loss positions, qualitative disclosure, number of positions | security   548    
Available-for-sale, unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year | security   447    
Securities trading, at fair value   $ 83,529 $ 22,369  
Recognized trading gain (loss)   $ 1,600 0  
Number of charters owning municipal securities | item   4    
Public deposits and derivative liabilities        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Investment securities pledged   $ 188,200 117,800  
Asset Pledged as Collateral [Member] | First loss support to Freddie Mac in conjunction with the M-series securitization        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Interest rate swaps collateralized by investment securities   $ 74,000 $ 16,200  
General Obligation Bonds        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Number of issuers | issuer   79 82  
Other investments   $ 103,500 $ 99,400  
Number of states holding investments | state   18 18  
General Obligation Bonds | Aggregate Fair Value Exceeding 5 Million        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Number of states holding investments | state   9 8  
General Obligation Bonds | Aggregate Fair Value Exceeding 5 Million | Minimum        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Other investments   $ 5,000 $ 5,000  
Revenue Bonds        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Number of issuers | issuer   165 169  
Other investments   $ 828,000 $ 750,800  
Number of states holding investments | state   31 31  
Revenue Bonds | Aggregate Fair Value Exceeding 5 Million        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Number of states holding investments | state   13 15  
Revenue Bonds | Aggregate Fair Value Exceeding 5 Million | Minimum        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Other investments   $ 5,000 $ 5,000  
Revenue Bonds | Aggregate Book Or Market Value Exceeded 5% of The Company Equity        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Number of issuers | issuer   3    
Percentage threshold   5.00% 5.00%  
Revenue Bonds | Aggregate Book Or Market Value Exceeded 5% of The Company Equity | Ohio        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Number of issuers   2 2  
Revenue Bonds | Aggregate Book Or Market Value Exceeded 5% of The Company Equity | Wisconsin        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Number of issuers | location     1  
Corporate securities        
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]        
Provision for credit loss expense $ 989 $ (445) $ 989  
v3.25.0.1
Note 2 - Investment Securities - Amortized Cost and Fair Value of HTM and AFS Investment Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Securities HTM:      
Securities HTM, Amortized cost $ 836,060 $ 683,707  
Securities held to maturity, at amortized cost, net of allowance for credit losses 835,797 683,504  
Securities HTM, Allowance for Credit (Losses) 263 203 $ 180
Securities HTM, Gross Unrealized Gains 27,957 33,429  
Securities HTM, Gross Unrealized (Losses) (63,171) (36,654)  
Securities HTM, Fair Value 800,583 680,279  
Securities AFS:      
Securities AFS, Amortized Cost 331,337 348,633  
Securities AFS, Allowance for Credit (Losses)   (989)  
Securities AFS, Gross Unrealized Gains 185 190  
Securities AFS, Gross Unrealized (Losses) (50,413) (48,179)  
Securities AFS, Fair Value 281,109 299,655  
U.S. treasuries and govt. sponsored agency securities      
Securities AFS:      
Securities AFS, Amortized Cost 23,113 17,399  
Securities AFS, Gross Unrealized Gains 7 12  
Securities AFS, Gross Unrealized (Losses) (2,529) (2,438)  
Securities AFS, Fair Value 20,591 14,973  
Residential mortgage-backed and related securities      
Securities AFS:      
Securities AFS, Amortized Cost 55,641 65,168  
Securities AFS, Gross Unrealized Gains 3    
Securities AFS, Gross Unrealized (Losses) (5,602) (5,972)  
Securities AFS, Fair Value 50,042 59,196  
Municipal securities      
Securities HTM:      
Securities HTM, Amortized cost 806,992 682,657  
Securities HTM, Allowance for Credit (Losses) 254 202 $ 180
Securities HTM, Gross Unrealized Gains 23,292 33,385  
Securities HTM, Gross Unrealized (Losses) (63,164) (36,639)  
Securities HTM, Fair Value 766,866 679,201  
Securities AFS:      
Securities AFS, Amortized Cost 204,664 206,566  
Securities AFS, Gross Unrealized Gains   11  
Securities AFS, Gross Unrealized (Losses) (40,089) (35,590)  
Securities AFS, Fair Value 164,575 170,987  
Asset-backed securities      
Securities AFS:      
Securities AFS, Amortized Cost 9,053 15,261  
Securities AFS, Gross Unrealized Gains 171 167  
Securities AFS, Gross Unrealized (Losses)   (5)  
Securities AFS, Fair Value 9,224 15,423  
Corporate securities      
Securities HTM:      
Securities HTM, Amortized cost 28,018    
Securities HTM, Allowance for Credit (Losses) 8    
Securities HTM, Gross Unrealized Gains 4,665    
Securities HTM, Fair Value 32,675    
Securities AFS:      
Securities AFS, Amortized Cost 38,866 44,239  
Securities AFS, Allowance for Credit (Losses)   (989)  
Securities AFS, Gross Unrealized Gains 4    
Securities AFS, Gross Unrealized (Losses) (2,193) (4,174)  
Securities AFS, Fair Value 36,677 39,076  
Other securities      
Securities HTM:      
Securities HTM, Amortized cost 1,050 1,050  
Securities HTM, Allowance for Credit (Losses) 1 1  
Securities HTM, Gross Unrealized Gains   44  
Securities HTM, Gross Unrealized (Losses) (7) (15)  
Securities HTM, Fair Value $ 1,042 $ 1,078  
v3.25.0.1
Note 2 - Investment Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Securities HTM:    
Securities HTM, Less than 12 Months, Fair Value $ 163,414 $ 1,855
Securities HTM, Less than 12 Months, Gross Unrealized Losses (14,382) (26)
Securities HTM, 12 Months or More, Fair Value 254,361 289,891
Securities HTM, 12 Months or More, Gross Unrealized Losses (48,789) (36,628)
Securities HTM, Total, Fair Value 417,775 291,746
Securities HTM, Total, Gross Unrealized Losses (63,171) (36,654)
Securities AFS:    
Securities AFS, Less than 12 Months, Fair Value 8,657 4,088
Securities AFS, Less than 12 Months, Gross Unrealized Losses (32) (395)
Securities AFS, 12 Months or More, Fair Value 261,378 282,087
Securities AFS, 12 Months or More, Gross Unrealized Losses (50,381) (47,784)
Securities AFS, Total, Fair Value 270,035 286,175
Securities AFS, Total, Gross Unrealized Losses (50,413) (48,179)
Municipal securities    
Securities HTM:    
Securities HTM, Less than 12 Months, Fair Value 162,914 1,320
Securities HTM, Less than 12 Months, Gross Unrealized Losses (14,382) (11)
Securities HTM, 12 Months or More, Fair Value 253,818 289,891
Securities HTM, 12 Months or More, Gross Unrealized Losses (48,782) (36,628)
Securities HTM, Total, Fair Value 416,732 291,211
Securities HTM, Total, Gross Unrealized Losses (63,164) (36,639)
Securities AFS:    
Securities AFS, Less than 12 Months, Fair Value 798 283
Securities AFS, Less than 12 Months, Gross Unrealized Losses (6) (2)
Securities AFS, 12 Months or More, Fair Value 163,777 169,876
Securities AFS, 12 Months or More, Gross Unrealized Losses (40,083) (35,588)
Securities AFS, Total, Fair Value 164,575 170,159
Securities AFS, Total, Gross Unrealized Losses (40,089) (35,590)
U.S. treasuries and govt. sponsored agency securities    
Securities AFS:    
Securities AFS, Less than 12 Months, Fair Value 6,522  
Securities AFS, Less than 12 Months, Gross Unrealized Losses (2)  
Securities AFS, 12 Months or More, Fair Value 13,369 14,018
Securities AFS, 12 Months or More, Gross Unrealized Losses (2,527) (2,438)
Securities AFS, Total, Fair Value 19,891 14,018
Securities AFS, Total, Gross Unrealized Losses (2,529) (2,438)
Residential mortgage-backed and related securities    
Securities AFS:    
Securities AFS, Less than 12 Months, Fair Value 1,337  
Securities AFS, Less than 12 Months, Gross Unrealized Losses (24)  
Securities AFS, 12 Months or More, Fair Value 48,520 59,118
Securities AFS, 12 Months or More, Gross Unrealized Losses (5,578) (5,972)
Securities AFS, Total, Fair Value 49,857 59,118
Securities AFS, Total, Gross Unrealized Losses (5,602) (5,972)
Asset-backed securities    
Securities AFS:    
Securities AFS, 12 Months or More, Fair Value   3,804
Securities AFS, 12 Months or More, Gross Unrealized Losses   (5)
Securities AFS, Total, Fair Value   3,804
Securities AFS, Total, Gross Unrealized Losses   (5)
Other securities    
Securities HTM:    
Securities HTM, Less than 12 Months, Fair Value 500 535
Securities HTM, Less than 12 Months, Gross Unrealized Losses   (15)
Securities HTM, 12 Months or More, Fair Value 543  
Securities HTM, 12 Months or More, Gross Unrealized Losses (7)  
Securities HTM, Total, Fair Value 1,043 535
Securities HTM, Total, Gross Unrealized Losses (7) (15)
Corporate securities    
Securities AFS:    
Securities AFS, Less than 12 Months, Fair Value   3,805
Securities AFS, Less than 12 Months, Gross Unrealized Losses   (393)
Securities AFS, 12 Months or More, Fair Value 35,712 35,271
Securities AFS, 12 Months or More, Gross Unrealized Losses (2,193) (3,781)
Securities AFS, Total, Fair Value 35,712 39,076
Securities AFS, Total, Gross Unrealized Losses $ (2,193) $ (4,174)
v3.25.0.1
Note 2 - Investment Securities - Activity in Allowance for Credit Losses HTM and AFS securities by major security (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 180 $ 203 $ 180
Provision for credit losses   60 23
Balance, ending   263 203
Beginning balance   989  
Balance, ending     989
Municipal securities      
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]      
Beginning balance 180 202 180
Provision for credit losses   52 22
Balance, ending   254 202
Corporate securities      
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]      
Provision for credit losses   8  
Balance, ending   8  
Beginning balance   989  
Reduction due to sales   (544)  
Provision for credit loss expense $ 989 (445) 989
Balance, ending     989
Other securities      
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward]      
Beginning balance   1  
Provision for credit losses     1
Balance, ending   $ 1 $ 1
v3.25.0.1
Note 2 - Investment Securities - Sales of Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]      
Proceeds from sales of securities $ 445 $ 30,568 $ 111,375
Gross gains from sales of securities   56  
Gross losses from sales of securities   $ (507)  
v3.25.0.1
Note 2 - Investment Securities - Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Securities HTM:    
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One $ 1,662  
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One 1,658  
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five 35,992  
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five 36,621  
Securities held to maturity, due after five years, amortized cost 798,406  
Securities held to maturity, due after five years, fair value 762,304  
Securities HTM, Amortized cost 836,060 $ 683,707
Securities held to maturity, fair value 800,583 680,279
Securities AFS:    
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One 6,804  
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One 6,802  
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five 19,170  
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five 18,253  
Securities available for sale, due after five years, amortized cost 240,669  
Securities available for sale, due after five years, fair value 196,788  
Securities available for sale, single maturity, amortized cost 266,643  
Securities available for sale, single maturity, fair value 221,843  
Securities AFS, Amortized Cost 331,337 348,633
Available-for-sale Securities, Debt Securities, Total 281,109 299,655
Callable Securities    
Securities HTM:    
Securities held to maturity, callable, amortized cost 313,154  
Securities held to maturity, callable, fair value 309,034  
Securities AFS:    
Securities AFS, Amortized Cost 242,142  
Available-for-sale Securities, Debt Securities, Total 199,875  
Municipal securities    
Securities HTM:    
Securities HTM, Amortized cost 806,992 682,657
Securities held to maturity, fair value 766,866 679,201
Securities AFS:    
Securities AFS, Amortized Cost 204,664 206,566
Available-for-sale Securities, Debt Securities, Total 164,575 170,987
Municipal securities | Callable Securities    
Securities HTM:    
Securities held to maturity, callable, amortized cost 285,136  
Securities held to maturity, callable, fair value 276,359  
Municipal securities | Callable Securities | Callable Securities    
Securities AFS:    
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Amortized Cost 204,238  
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value 164,163  
Corporate securities    
Securities HTM:    
Securities HTM, Amortized cost 28,018  
Securities held to maturity, fair value 32,675  
Securities AFS:    
Securities AFS, Amortized Cost 38,866 44,239
Available-for-sale Securities, Debt Securities, Total 36,677 39,076
Corporate securities | Callable Securities    
Securities HTM:    
Securities held to maturity, callable, amortized cost 28,018  
Securities held to maturity, callable, fair value 32,675  
Asset-backed securities    
Securities AFS:    
Securities AFS, Amortized Cost 9,053 15,261
Available-for-sale Securities, Debt Securities, Total 9,224 15,423
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Amortized Cost 9,053  
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value 9,224  
Residential mortgage-backed and related securities    
Securities AFS:    
Securities AFS, Amortized Cost 55,641 65,168
Available-for-sale Securities, Debt Securities, Total 50,042 59,196
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Amortized Cost 55,641  
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value 50,042  
Other securities    
Securities HTM:    
Securities HTM, Amortized cost 1,050 1,050
Securities held to maturity, fair value 1,042 $ 1,078
Other securities | Callable Securities    
Securities AFS:    
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Amortized Cost 37,904  
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value $ 35,712  
v3.25.0.1
Note 3 - Loans/Leases Receivable (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
lease
Dec. 31, 2023
USD ($)
lease
Dec. 31, 2022
USD ($)
Loans/leases receivable $ 6,784,404 $ 6,543,416  
Accrued interest on loans 30,900 28,800  
Residential Portfolio Segment [Member]      
Loan held for sale 2,100 2,600  
C&I      
Loans/leases receivable 1,902,923 1,807,021  
C&I | C&I - other      
Loans/leases receivable 1,514,932 1,481,778  
C&I | C&I - other including lease      
Loans/leases receivable 1,532,008 1,512,942  
C&I | m2 Lease Funds, LLC      
Loans/leases receivable 303,200 319,500  
Direct financing leases      
Loans/leases receivable $ 17,076 $ 31,164  
Number of Leases | lease 2 2  
Loss related to unguaranteed residual values of leases $ 0 $ 0 $ 0
Multi-family      
Loans/leases receivable 1,132,110 996,143  
1-4 family real estate      
Loans/leases receivable 588,179 544,971  
No Lease End Option Rider | Direct financing leases      
Lease residual values $ 165 $ 165  
v3.25.0.1
Note 3 - Loans/Leases Receivable - Composition of the Loan Lease Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Gross loans/leases receivable $ 6,784,404 $ 6,543,416    
Less allowance for credit losses (89,841) (87,200) $ (87,706) $ (78,721)
Net loans/leases receivable 6,694,563 6,456,216    
C&I        
Gross loans/leases receivable 1,902,923 1,807,021    
C&I | C&I - revolving        
Gross loans/leases receivable 387,991 325,243    
Less allowance for credit losses (3,856) (4,224) (4,457) (3,907)
C&I | C&I - other        
Gross loans/leases receivable 1,514,932 1,481,778    
CRE | CRE - owner occupied        
Gross loans/leases receivable 605,993 607,365    
CRE | Non-owner occupied        
Gross loans/leases receivable 1,077,852 1,008,892    
Less allowance for credit losses (11,137) (11,581) (11,749) (8,549)
Construction and land development        
Gross loans/leases receivable 1,313,543 1,420,525    
Less allowance for credit losses (15,099) (16,856) (14,262) (16,972)
Multi-family        
Gross loans/leases receivable 1,132,110 996,143    
Less allowance for credit losses (12,173) (12,463) (13,186) (9,339)
Direct financing leases        
Net minimum lease payments to be received 18,506 34,966    
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Residual Value of Leased Assets 165 165    
Unearned lease/residual income (1,595) (3,967)    
Gross loans/leases receivable 17,076 31,164    
Plus deferred lease origination costs, net of fees 18 75    
Gross loans/leases receivable after originated cost 17,094 31,239    
Less allowance for credit losses (580) (992)    
Net loans/leases receivable 16,514 30,247    
1-4 family real estate        
Gross loans/leases receivable 588,179 544,971    
Less allowance for credit losses (4,934) (4,917) (4,963) (4,541)
Consumer        
Gross loans/leases receivable 146,728 127,335    
Less allowance for credit losses $ (1,493) $ (1,476) $ (1,371) $ (930)
v3.25.0.1
Note 3 - Loans/Leases Receivable - Remaining Discount on Acquired loans (Details) - Performing Loans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]      
Balance at the beginning of the period $ (3,891) $ (6,088) $ (1,533)
Discount added at acquisition     (13,381)
Accretion recognized 1,581 2,197 8,826
Balance at the end of the period $ (2,310) $ (3,891) $ (6,088)
v3.25.0.1
Note 3 - Loans/Leases Receivable - Aging of the Loan Lease Portfolio (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loans/leases receivable $ 6,784,404 $ 6,543,416
Accruing Past Due 90 Days or More 4,270 86
Nonaccrual Loans/Leases $ 40,080 $ 32,753
Accruing past due 90 days or more as a percentage of total loan/lease portfolio 0.06% 0.00%
Nonaccrual Loans/Leases as a percentage of total loan/lease portfolio 0.59% 0.50%
Loans and leases as a percentage of total loan/lease portfolio 100.00% 100.00%
Current    
Loans/leases receivable $ 6,717,327 $ 6,494,515
Current as a percentage of total loan/lease portfolio 99.01% 99.25%
30 to 59 Days Past Due    
Loans/leases receivable $ 18,660 $ 9,651
Past due as a percentage of total loan/lease portfolio 0.28% 0.15%
60 to 89 Days Past Due    
Loans/leases receivable $ 4,067 $ 6,411
Past due as a percentage of total loan/lease portfolio 0.06% 0.10%
C&I    
Loans/leases receivable $ 1,902,923 $ 1,807,021
C&I | C&I - revolving    
Loans/leases receivable 387,991 325,243
Nonaccrual Loans/Leases 194  
C&I | C&I - other    
Loans/leases receivable 1,514,932 1,481,778
Accruing Past Due 90 Days or More 2 1
Nonaccrual Loans/Leases 24,111 11,508
C&I | Current | C&I - revolving    
Loans/leases receivable 387,767 325,243
C&I | Current | C&I - other    
Loans/leases receivable 1,474,729 1,459,818
C&I | 30 to 59 Days Past Due | C&I - revolving    
Loans/leases receivable 30  
C&I | 30 to 59 Days Past Due | C&I - other    
Loans/leases receivable 13,159 4,848
C&I | 60 to 89 Days Past Due | C&I - other    
Loans/leases receivable 2,931 5,603
CRE | Owner occupied - CRE    
Loans/leases receivable 605,993 607,365
Nonaccrual Loans/Leases 816 2,680
CRE | Non-owner occupied    
Loans/leases receivable 1,077,852 1,008,892
Nonaccrual Loans/Leases 3,226 4,994
CRE | Current | Owner occupied - CRE    
Loans/leases receivable 604,550 604,602
CRE | Current | Non-owner occupied    
Loans/leases receivable 1,074,541 1,003,267
CRE | 30 to 59 Days Past Due | Owner occupied - CRE    
Loans/leases receivable 173  
CRE | 30 to 59 Days Past Due | Non-owner occupied    
Loans/leases receivable 85 631
CRE | 60 to 89 Days Past Due | Owner occupied - CRE    
Loans/leases receivable 454 83
Construction and land development    
Loans/leases receivable 1,313,543 1,420,525
Accruing Past Due 90 Days or More 4,188  
Nonaccrual Loans/Leases 8,454 2,509
Construction and land development | Current    
Loans/leases receivable 1,300,893 1,418,016
Construction and land development | 30 to 59 Days Past Due    
Loans/leases receivable 8  
Multi-family    
Loans/leases receivable 1,132,110 996,143
Nonaccrual Loans/Leases   8,172
Multi-family | Current    
Loans/leases receivable 1,132,110 987,971
Direct financing leases    
Loans/leases receivable 17,076 31,164
Nonaccrual Loans/Leases 259 289
Direct financing leases | Current    
Loans/leases receivable 16,622 30,501
Direct financing leases | 30 to 59 Days Past Due    
Loans/leases receivable 60 186
Direct financing leases | 60 to 89 Days Past Due    
Loans/leases receivable 135 188
1-4 family real estate    
Loans/leases receivable 588,179 544,971
Accruing Past Due 90 Days or More 80 85
Nonaccrual Loans/Leases 2,707 2,240
1-4 family real estate | Current    
Loans/leases receivable 579,943 538,229
1-4 family real estate | 30 to 59 Days Past Due    
Loans/leases receivable 4,910 3,883
1-4 family real estate | 60 to 89 Days Past Due    
Loans/leases receivable 539 534
Consumer    
Loans/leases receivable 146,728 127,335
Nonaccrual Loans/Leases 313 361
Consumer | Current    
Loans/leases receivable 146,172 126,868
Consumer | 30 to 59 Days Past Due    
Loans/leases receivable 235 103
Consumer | 60 to 89 Days Past Due    
Loans/leases receivable $ 8 $ 3
v3.25.0.1
Note 3 - Loans/Leases Receivable - Loans Leases Nonperforming Loans Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accruing Past Due 90 Days or More $ 4,270 $ 86
Nonaccrual Loans/Leases 40,080 32,753
Loans/leases receivable $ 6,784,404 $ 6,543,416
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans 100.00% 100.00%
Nonperforming loans    
Accruing Past Due 90 Days or More $ 4,270 $ 86
Nonaccrual Loans/Leases 27,482 15,550
Nonaccrual Loans/Leases without an Allowance for Credit Losses 12,598 17,203
Loans/leases receivable $ 44,350 $ 32,839
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans 100.00% 100.00%
Nonperforming loans | C&I - other    
Loans/leases receivable $ 13,531 $ 11,191
C&I    
Loans/leases receivable 1,902,923 1,807,021
C&I | C&I - revolving    
Nonaccrual Loans/Leases 194  
Loans/leases receivable 387,991 325,243
C&I | C&I - other    
Accruing Past Due 90 Days or More 2 1
Nonaccrual Loans/Leases 24,111 11,508
Loans/leases receivable 1,514,932 1,481,778
C&I | Nonperforming loans | C&I - revolving    
Nonaccrual Loans/Leases 193  
Nonaccrual Loans/Leases without an Allowance for Credit Losses 1  
Loans/leases receivable 194  
C&I | Nonperforming loans | C&I - other    
Accruing Past Due 90 Days or More 2 1
Nonaccrual Loans/Leases 20,849 8,865
Nonaccrual Loans/Leases without an Allowance for Credit Losses 3,262 2,643
Loans/leases receivable $ 24,113 $ 11,509
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans 54.00% 35.00%
CRE | Owner occupied - CRE    
Nonaccrual Loans/Leases $ 816 $ 2,680
Loans/leases receivable 605,993 607,365
CRE | Non-owner occupied    
Nonaccrual Loans/Leases 3,226 4,994
Loans/leases receivable 1,077,852 1,008,892
CRE | Nonperforming loans | Owner occupied - CRE    
Nonaccrual Loans/Leases 816 530
Nonaccrual Loans/Leases without an Allowance for Credit Losses   2,150
Loans/leases receivable $ 816 $ 2,680
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans 2.00% 8.00%
CRE | Nonperforming loans | Non-owner occupied    
Nonaccrual Loans/Leases $ 2,686 $ 1,213
Nonaccrual Loans/Leases without an Allowance for Credit Losses 540 3,781
Loans/leases receivable $ 3,226 $ 4,994
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans 7.00% 15.00%
Construction and land development    
Accruing Past Due 90 Days or More $ 4,188  
Nonaccrual Loans/Leases 8,454 $ 2,509
Loans/leases receivable 1,313,543 1,420,525
Construction and land development | Nonperforming loans    
Accruing Past Due 90 Days or More 4,188  
Nonaccrual Loans/Leases   2,509
Nonaccrual Loans/Leases without an Allowance for Credit Losses 8,454  
Loans/leases receivable $ 12,642 $ 2,509
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans 29.00% 8.00%
Multi-family    
Nonaccrual Loans/Leases   $ 8,172
Loans/leases receivable $ 1,132,110 996,143
Multi-family | Nonperforming loans    
Nonaccrual Loans/Leases without an Allowance for Credit Losses   8,172
Loans/leases receivable   $ 8,172
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans   25.00%
Direct financing leases    
Nonaccrual Loans/Leases 259 $ 289
Loans/leases receivable 17,076 31,164
Direct financing leases | Nonperforming loans    
Nonaccrual Loans/Leases 259 206
Nonaccrual Loans/Leases without an Allowance for Credit Losses   83
Loans/leases receivable $ 259 $ 289
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans 1.00% 1.00%
1-4 family real estate    
Accruing Past Due 90 Days or More $ 80 $ 85
Nonaccrual Loans/Leases 2,707 2,240
Loans/leases receivable 588,179 544,971
1-4 family real estate | Nonperforming loans    
Accruing Past Due 90 Days or More 80 85
Nonaccrual Loans/Leases 2,366 1,866
Nonaccrual Loans/Leases without an Allowance for Credit Losses 341 374
Loans/leases receivable $ 2,787 $ 2,325
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans 6.00% 7.00%
Consumer    
Nonaccrual Loans/Leases $ 313 $ 361
Loans/leases receivable 146,728 127,335
Consumer | Nonperforming loans    
Nonaccrual Loans/Leases 313 361
Loans/leases receivable $ 313 $ 361
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans 1.00% 1.00%
v3.25.0.1
Note 3 - Loans/Leases Receivable - Allowance for Estimated Losses on Loans Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Balance, beginning $ 87,200 $ 87,706 $ 78,721  
Change in ACL for the transfer of loans to LHFS (4,598)      
Provisions 18,739 11,550 9,636  
Charged off (13,969) (9,392) (7,525)  
Recoveries 2,469 881 972  
Balance, ending 89,841 87,200 87,706 $ 78,721
Accounting Standards Update 2016-13 [Member]        
Change in ACL for the transfer of loans to LHFS   (3,545)    
Initial ACL recorded for PCD loans       5,902
Guaranty Bank        
Provisions     11,000  
C&I | C&I - revolving        
Balance, beginning 4,224 4,457 3,907  
Provisions (368) (233) (50)  
Balance, ending 3,856 4,224 4,457 3,907
C&I | C&I - revolving | Accounting Standards Update 2016-13 [Member]        
Initial ACL recorded for PCD loans       600
C&I | C&I - other including lease        
Balance, beginning 27,460 27,753 25,982  
Provisions 16,769 7,849 7,364  
Charged off (12,652) (8,952) (6,417)  
Recoveries 2,425 815 817  
Balance, ending 34,002 27,460 27,753 25,982
C&I | C&I - other including lease | Accounting Standards Update 2016-13 [Member]        
Change in ACL for the transfer of loans to LHFS   (5)    
Initial ACL recorded for PCD loans       7
C&I | Owner occupied - CRE        
Balance, beginning 8,223 9,965 8,501  
Provisions   (1,523) (1,023)  
Charged off   (222)    
Recoveries   3 6  
Balance, ending   8,223 9,965 8,501
C&I | Owner occupied - CRE | Accounting Standards Update 2016-13 [Member]        
Initial ACL recorded for PCD loans       2,481
CRE | Owner occupied - CRE        
Balance, beginning 8,223      
Provisions (1,066)      
Charged off (10)      
Balance, ending 7,147 8,223    
CRE | Non-owner occupied        
Balance, beginning 11,581 11,749 8,549  
Provisions (444) (199) 2,220  
Charged off     (193)  
Recoveries   31 97  
Balance, ending 11,137 11,581 11,749 8,549
CRE | Non-owner occupied | Accounting Standards Update 2016-13 [Member]        
Initial ACL recorded for PCD loans       1,076
Construction and land development        
Balance, beginning 16,856 14,262 16,972  
Provisions (673) 2,789 (2,981)  
Charged off (1,085) (50) (829)  
Recoveries 1 2    
Balance, ending 15,099 16,856 14,262 16,972
Construction and land development | Accounting Standards Update 2016-13 [Member]        
Change in ACL for the transfer of loans to LHFS   (147)    
Initial ACL recorded for PCD loans       1,100
Multi-family        
Balance, beginning 12,463 13,186 9,339  
Change in ACL for the transfer of loans to LHFS (4,598)      
Provisions 4,308 2,670 3,323  
Recoveries     43  
Balance, ending 12,173 12,463 13,186 9,339
Multi-family | Accounting Standards Update 2016-13 [Member]        
Change in ACL for the transfer of loans to LHFS   (3,393)    
Initial ACL recorded for PCD loans       481
Direct financing leases        
Balance, beginning 992      
Charged off (353) (252)    
Balance, ending 580 992    
Direct financing leases | C&I - other including lease        
Balance, beginning 992 970 1,500  
Provisions 172 185 269  
Charged off 353 252 1,100  
Recoveries 113 89 273  
Balance, ending 580 992 970 1,500
1-4 family real estate        
Balance, beginning 4,917 4,963 4,541  
Provisions 17 (51) 306  
Charged off (24)   (21)  
Recoveries 24 5    
Balance, ending 4,934 4,917 4,963 4,541
1-4 family real estate | Accounting Standards Update 2016-13 [Member]        
Initial ACL recorded for PCD loans       137
Consumer        
Balance, beginning 1,476 1,371 930  
Provisions 196 248 477  
Charged off (198) (168) (65)  
Recoveries 19 25 9  
Balance, ending $ 1,493 $ 1,476 $ 1,371 930
Consumer | Accounting Standards Update 2016-13 [Member]        
Initial ACL recorded for PCD loans       $ 20
v3.25.0.1
Note 3 - Loans/Leases Receivable - Composition Of Allowance For Credit Losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses $ 103,804 $ 83,976    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 6,680,600 6,459,440    
Gross loans/leases receivable 6,784,404 6,543,416    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 13,923 8,518    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 75,918 78,682    
Allowance for Credit Losses, Total 89,841 87,200 $ 87,706 $ 78,721
C&I        
Gross loans/leases receivable 1,902,923 1,807,021    
C&I | Commercial And Industrial Revolving Other Including Lease        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 41,544 24,813    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 1,878,455 1,813,372    
Gross loans/leases receivable 1,919,999 1,838,185    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 9,534 4,274    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 28,324 27,410    
Allowance for Credit Losses, Total 37,858 31,684    
C&I | C&I - revolving        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 3,404 4,680    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 384,587 320,563    
Gross loans/leases receivable 387,991 325,243    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 97 632    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 3,759 3,592    
Allowance for Credit Losses, Total 3,856 4,224 4,457 3,907
C&I | C&I - other including lease        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 38,140 20,133    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 1,493,868 1,492,809    
Gross loans/leases receivable 1,532,008 1,512,942    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 9,437 3,642    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 24,565 23,818    
Allowance for Credit Losses, Total 34,002 27,460 27,753 25,982
C&I | Owner occupied - CRE        
Allowance for Credit Losses, Total   8,223 9,965 8,501
CRE | Owner occupied - CRE        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 26,822 22,709    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 579,171 584,656    
Gross loans/leases receivable 605,993 607,365    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 2,136 2,426    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 5,011 5,797    
Allowance for Credit Losses, Total 7,147 8,223    
CRE | Non-owner occupied        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 18,163 21,886    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 1,059,689 987,006    
Gross loans/leases receivable 1,077,852 1,008,892    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 542 661    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 10,595 10,920    
Allowance for Credit Losses, Total 11,137 11,581 11,749 8,549
Construction and land development        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 13,346 2,726    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 1,300,197 1,417,799    
Gross loans/leases receivable 1,313,543 1,420,525    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 1,343 809    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 13,756 16,047    
Allowance for Credit Losses, Total 15,099 16,856 14,262 16,972
Multi-family        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 23 8,206    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 1,132,087 987,937    
Gross loans/leases receivable 1,132,110 996,143    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 2 3    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 12,171 12,460    
Allowance for Credit Losses, Total 12,173 12,463 13,186 9,339
1-4 family real estate        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 3,463 3,128    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 584,716 541,843    
Gross loans/leases receivable 588,179 544,971    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 321 289    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 4,613 4,628    
Allowance for Credit Losses, Total 4,934 4,917 4,963 4,541
Consumer        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 443 508    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 146,285 126,827    
Gross loans/leases receivable 146,728 127,335    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 45 56    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 1,448 1,420    
Allowance for Credit Losses, Total 1,493 1,476 1,371 930
Direct financing leases        
Gross loans/leases receivable 17,076 31,164    
Allowance for Credit Losses, Total 580 992    
Direct financing leases | C&I - other including lease        
Amortized Cost of Loans Receivable, Individually Evaluated for Credit Losses 259 289    
Amortized Cost of Loans Receivable, Collectively Evaluated for Credit Losses 16,800 30,900    
Allowance for Credit Losses, Individually Evaluated for Credit Losses 93 68    
Allowance for Credit Losses, Collectively Evaluated for Credit Losses 487 924    
Allowance for Credit Losses, Total $ 580 $ 992 $ 970 $ 1,500
v3.25.0.1
Note 3 - Loans/Leases Receivable - Amortized Cost Basis of Collateral (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Loans/leases receivable $ 6,784,404 $ 6,543,416
Collateral Dependent Loans    
Loans/leases receivable 103,804 83,976
Commercial Assets    
Loans/leases receivable 7,272 5,551
Owner occupied - CRE    
Loans/leases receivable 26,760 22,794
Non Owner-Occupied Real Estate    
Loans/leases receivable 32,248 32,976
Owner Occupied Real Estate    
Loans/leases receivable 3,743 3,369
Securities    
Loans/leases receivable 4,760 5,191
Equipment    
Loans/leases receivable 14,197 13,249
Other    
Loans/leases receivable 14,824 846
C&I    
Loans/leases receivable 1,902,923 1,807,021
C&I | Collateral Dependent Loans    
Loans/leases receivable 41,544 24,813
C&I | Commercial Assets    
Loans/leases receivable 7,272 5,551
C&I | Non Owner-Occupied Real Estate    
Loans/leases receivable 506  
C&I | Securities    
Loans/leases receivable 4,760 5,191
C&I | Equipment    
Loans/leases receivable 14,197 13,249
C&I | Other    
Loans/leases receivable 14,809 822
C&I | Commercial And Industrial Revolving Other Including Lease    
Loans/leases receivable 1,919,999 1,838,185
C&I | C&I - revolving    
Loans/leases receivable 387,991 325,243
C&I | C&I - revolving | Collateral Dependent Loans    
Loans/leases receivable 3,404 4,680
C&I | C&I - revolving | Commercial Assets    
Loans/leases receivable 3,404 4,680
C&I | C&I - other including lease    
Loans/leases receivable 1,532,008 1,512,942
C&I | C&I - other including lease | Collateral Dependent Loans    
Loans/leases receivable 38,140 20,133
C&I | C&I - other including lease | Commercial Assets    
Loans/leases receivable 3,868 871
C&I | C&I - other including lease | Non Owner-Occupied Real Estate    
Loans/leases receivable 506  
C&I | C&I - other including lease | Securities    
Loans/leases receivable 4,760 5,191
C&I | C&I - other including lease | Equipment    
Loans/leases receivable 14,197 13,249
C&I | C&I - other including lease | Other    
Loans/leases receivable 14,809 822
CRE | Owner occupied - CRE    
Loans/leases receivable 605,993 607,365
CRE | Owner occupied - CRE | Collateral Dependent Loans    
Loans/leases receivable 26,822 22,709
CRE | Owner occupied - CRE | Owner occupied - CRE    
Loans/leases receivable 26,760 22,644
CRE | Owner occupied - CRE | Owner Occupied Real Estate    
Loans/leases receivable 62 65
CRE | Non-owner occupied    
Loans/leases receivable 1,077,852 1,008,892
CRE | Non-owner occupied | Collateral Dependent Loans    
Loans/leases receivable 18,163 21,886
CRE | Non-owner occupied | Non Owner-Occupied Real Estate    
Loans/leases receivable 18,163 21,886
Construction and land development    
Loans/leases receivable 1,313,543 1,420,525
Construction and land development | Collateral Dependent Loans    
Loans/leases receivable 13,346 2,726
Construction and land development | Owner occupied - CRE    
Loans/leases receivable   150
Construction and land development | Non Owner-Occupied Real Estate    
Loans/leases receivable 13,346 2,576
Direct financing leases    
Loans/leases receivable 17,076 31,164
Direct financing leases | C&I - other including lease | Commercial Assets    
Loans/leases receivable   289
Direct financing leases | C&I - other including lease | Equipment    
Loans/leases receivable 259  
Multi-family    
Loans/leases receivable 1,132,110 996,143
Multi-family | Collateral Dependent Loans    
Loans/leases receivable 23 8,206
Multi-family | Non Owner-Occupied Real Estate    
Loans/leases receivable 23 8,206
1-4 family real estate    
Loans/leases receivable 588,179 544,971
1-4 family real estate | Collateral Dependent Loans    
Loans/leases receivable 3,463 3,128
1-4 family real estate | Non Owner-Occupied Real Estate    
Loans/leases receivable 176 189
1-4 family real estate | Owner Occupied Real Estate    
Loans/leases receivable 3,287 2,939
Consumer    
Loans/leases receivable 146,728 127,335
Consumer | Collateral Dependent Loans    
Loans/leases receivable 443 508
Consumer | Non Owner-Occupied Real Estate    
Loans/leases receivable 34 119
Consumer | Owner Occupied Real Estate    
Loans/leases receivable 394 365
Consumer | Other    
Loans/leases receivable $ 15 $ 24
v3.25.0.1
Note 3 - Loans/Leases Receivable - Loans by Internally Assigned Risk Rating (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Gross loans/leases receivable $ 6,784,404 $ 6,543,416
Internally Assigned Risk Rating    
2024/2023 1,336,849 1,568,667
2023/2022 1,459,899 1,509,090
2022/2021 1,211,972 1,064,173
2021/2020 734,583 820,731
2020/2019 563,926 316,184
Prior 580,858 442,683
Revolving Loans Amortized Cost Basis 576,076 471,249
Gross loans/leases receivable 6,464,163 6,192,777
C&I    
Gross loans/leases receivable 1,902,923 1,807,021
C&I | C&I - revolving    
Gross loans/leases receivable 387,991 325,243
C&I | C&I - other    
Gross loans/leases receivable 1,514,932 1,481,778
C&I | Internally Assigned Risk Rating | C&I - revolving    
Revolving Loans Amortized Cost Basis 387,991 325,243
Gross loans/leases receivable 387,991 325,243
C&I | Internally Assigned Risk Rating | C&I - other    
2024/2023 348,169 442,395
2023/2022 354,915 310,083
2022/2021 207,637 134,254
2021/2020 88,672 72,413
2020/2019 51,678 65,281
Prior 160,696 137,877
Gross loans/leases receivable 1,211,767 1,162,303
C&I | Pass | C&I - revolving    
Revolving Loans Amortized Cost Basis 368,318 294,449
Gross loans/leases receivable 368,318 294,449
C&I | Pass | C&I - other    
2024/2023 324,649 430,764
2023/2022 348,843 301,225
2022/2021 204,275 128,057
2021/2020 82,601 68,882
2020/2019 49,130 62,149
Prior 155,191 132,171
Gross loans/leases receivable 1,164,689 1,123,248
C&I | Special Mention | C&I - revolving    
Revolving Loans Amortized Cost Basis 16,369 26,289
Gross loans/leases receivable 16,369 26,289
C&I | Special Mention | C&I - other    
2024/2023 6,517 11,617
2023/2022 5,534 8,777
2022/2021 2,855 5,572
2021/2020 4,799 3,088
2020/2019 2,548 1,024
Prior 725 386
Gross loans/leases receivable 22,978 30,464
C&I | Substandard | C&I - revolving    
Revolving Loans Amortized Cost Basis 3,304 4,505
Gross loans/leases receivable 3,304 4,505
C&I | Substandard | C&I - other    
2024/2023 17,003 14
2023/2022 538 81
2022/2021 507 625
2021/2020 1,272 443
2020/2019   2,108
Prior 4,780 5,320
Gross loans/leases receivable 24,100 8,591
CRE | Owner occupied - CRE    
Gross loans/leases receivable 605,993 607,365
CRE | Non-owner occupied    
Gross loans/leases receivable 1,077,852 1,008,892
CRE | Internally Assigned Risk Rating | Owner occupied - CRE    
2024/2023 74,312 97,754
2023/2022 104,676 125,663
2022/2021 118,934 148,311
2021/2020 109,779 131,028
2020/2019 112,753 30,480
Prior 72,212 61,170
Revolving Loans Amortized Cost Basis 13,327 12,959
Gross loans/leases receivable 605,993 607,365
CRE | Internally Assigned Risk Rating | Non-owner occupied    
2024/2023 198,996 220,861
2023/2022 208,251 277,313
2022/2021 272,901 195,236
2021/2020 164,948 133,474
2020/2019 98,132 89,387
Prior 113,926 85,065
Revolving Loans Amortized Cost Basis 20,698 7,556
Gross loans/leases receivable 1,077,852 1,008,892
CRE | Pass | Owner occupied - CRE    
2024/2023 65,054 90,708
2023/2022 104,442 124,388
2022/2021 117,215 139,598
2021/2020 102,506 109,483
2020/2019 95,349 28,702
Prior 69,382 58,214
Revolving Loans Amortized Cost Basis 13,327 12,959
Gross loans/leases receivable 567,275 564,052
CRE | Pass | Non-owner occupied    
2024/2023 194,510 200,214
2023/2022 204,599 276,055
2022/2021 272,296 195,013
2021/2020 164,948 119,428
2020/2019 96,216 72,136
Prior 95,117 78,346
Revolving Loans Amortized Cost Basis 20,548 7,406
Gross loans/leases receivable 1,048,234 948,598
CRE | Special Mention | Owner occupied - CRE    
2024/2023 5,589 5,091
2023/2022 234 711
2022/2021 739 8,689
2021/2020 6,964 5,567
2020/2019 822 466
Prior 1,829 1,828
Gross loans/leases receivable 16,177 22,352
CRE | Special Mention | Non-owner occupied    
2024/2023 4,406 16,842
2023/2022   58
2022/2021 55 223
2021/2020   12,057
2020/2019   2,359
Prior 6,844 6,719
Revolving Loans Amortized Cost Basis 150 150
Gross loans/leases receivable 11,455 38,408
CRE | Substandard | Owner occupied - CRE    
2024/2023 3,669 1,955
2023/2022   564
2022/2021 980 24
2021/2020 309 15,978
2020/2019 16,582 1,312
Prior 1,001 1,128
Gross loans/leases receivable 22,541 20,961
CRE | Substandard | Non-owner occupied    
2024/2023 80 3,805
2023/2022 3,652 1,200
2022/2021 550  
2021/2020   1,989
2020/2019 1,916 14,892
Prior 11,965  
Gross loans/leases receivable 18,163 21,886
Construction and land development    
Gross loans/leases receivable 1,313,543 1,420,525
Construction and land development | Internally Assigned Risk Rating    
2024/2023 443,630 473,099
2023/2022 524,499 486,893
2022/2021 237,069 273,090
2021/2020 73,856 151,091
2020/2019 3,313 1,911
Prior   4,137
Revolving Loans Amortized Cost Basis 31,176 30,304
Gross loans/leases receivable 1,313,543 1,420,525
Construction and land development | Pass    
2024/2023 435,373 467,045
2023/2022 524,375 485,376
2022/2021 235,987 271,881
2021/2020 66,409 151,091
2020/2019 3,313 1,911
Prior   4,137
Revolving Loans Amortized Cost Basis 31,176 30,304
Gross loans/leases receivable 1,296,633 1,411,745
Construction and land development | Special Mention    
2024/2023 3,863 6,054
2021/2020 75  
Gross loans/leases receivable 3,938 6,054
Construction and land development | Substandard    
2024/2023 4,394  
2023/2022 124 1,517
2022/2021 1,082 1,209
2021/2020 7,372  
Gross loans/leases receivable 12,972 2,726
Multi-family    
Gross loans/leases receivable 1,132,110 996,143
Multi-family | Internally Assigned Risk Rating    
2024/2023 137,806 182,566
2023/2022 138,011 195,939
2022/2021 279,256 179,099
2021/2020 185,895 239,410
2020/2019 217,697 102,070
Prior 165,867 96,897
Revolving Loans Amortized Cost Basis 7,578 162
Gross loans/leases receivable 1,132,110 996,143
Multi-family | Pass    
2024/2023 137,806 180,971
2023/2022 138,011 195,939
2022/2021 279,256 170,893
2021/2020 185,872 239,410
2020/2019 217,697 102,070
Prior 165,867 96,897
Revolving Loans Amortized Cost Basis 7,578 162
Gross loans/leases receivable 1,132,087 986,342
Multi-family | Special Mention    
2024/2023   1,595
Gross loans/leases receivable   1,595
Multi-family | Substandard    
2022/2021   8,206
2021/2020 23  
Gross loans/leases receivable 23 8,206
1-4 family real estate    
Gross loans/leases receivable 588,179 544,971
1-4 family real estate | Internally Assigned Risk Rating    
2024/2023 122,389 134,095
2023/2022 115,964 103,675
2022/2021 90,054 131,598
2021/2020 110,179 90,279
2020/2019 77,918 26,433
Prior 66,541 55,562
Revolving Loans Amortized Cost Basis 5,134 3,329
Gross loans/leases receivable 588,179 544,971
1-4 family real estate | Pass    
2024/2023 121,918 133,923
2023/2022 115,491 103,460
2022/2021 89,073 130,724
2021/2020 108,998 89,642
2020/2019 77,540 25,914
Prior 64,015 54,850
Revolving Loans Amortized Cost Basis 5,106 3,329
Gross loans/leases receivable 582,141 541,842
1-4 family real estate | Special Mention    
2024/2023 380 28
2023/2022 146  
2022/2021   59
2021/2020 547  
Prior 1,582  
Gross loans/leases receivable 2,655 87
1-4 family real estate | Substandard    
2024/2023 91 144
2023/2022 327 215
2022/2021 981 815
2021/2020 634 637
2020/2019 378 519
Prior 944 712
Revolving Loans Amortized Cost Basis 28  
Gross loans/leases receivable 3,383 3,042
Consumer    
Gross loans/leases receivable 146,728 127,335
Consumer | Internally Assigned Risk Rating    
2024/2023 11,547 17,897
2023/2022 13,583 9,524
2022/2021 6,121 2,585
2021/2020 1,254 3,036
2020/2019 2,435 622
Prior 1,616 1,975
Revolving Loans Amortized Cost Basis 110,172 91,696
Gross loans/leases receivable 146,728 127,335
Consumer | Pass    
2024/2023 11,513 17,722
2023/2022 13,375 9,405
2022/2021 6,082 2,573
2021/2020 1,254 3,024
2020/2019 2,435 622
Prior 1,519 1,842
Revolving Loans Amortized Cost Basis 110,042 91,580
Gross loans/leases receivable 146,220 126,768
Consumer | Special Mention    
Revolving Loans Amortized Cost Basis 64 59
Gross loans/leases receivable 64 59
Consumer | Substandard    
2024/2023 34 175
2023/2022 208 119
2022/2021 39 12
2021/2020   12
Prior 97 133
Revolving Loans Amortized Cost Basis 66 57
Gross loans/leases receivable $ 444 $ 508
v3.25.0.1
Note 3 - Loans/Leases Receivable - Leases By Delinquency Status (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Gross loans/leases receivable $ 6,784,404 $ 6,543,416
Delinquency    
2024/2023 112,143 162,966
2023/2022 110,095 121,162
2022/2021 70,009 46,100
2021/2020 22,381 15,770
2020/2019 4,923 4,212
Prior 690 429
Gross loans/leases receivable 320,241 350,639
Nonperforming    
Gross loans/leases receivable 44,350 32,839
C&I - other | Nonperforming    
2024/2023 1,028 1,533
2023/2022 4,689 6,138
2022/2021 5,537 3,049
2021/2020 2,076 373
2020/2019 201 92
Prior   6
Gross loans/leases receivable 13,531 11,191
C&I    
Gross loans/leases receivable 1,902,923 1,807,021
C&I | C&I - other    
Gross loans/leases receivable 1,514,932 1,481,778
C&I | C&I - other | Delinquency    
2024/2023 110,401 150,749
2023/2022 103,893 109,942
2022/2021 63,356 43,052
2021/2020 20,929 12,963
2020/2019 4,308 2,631
Prior 278 138
Gross loans/leases receivable 303,165 319,475
C&I | C&I - other | Performing    
2024/2023 109,373 149,216
2023/2022 99,204 103,804
2022/2021 57,819 40,003
2021/2020 18,853 12,590
2020/2019 4,107 2,539
Prior 278 132
Gross loans/leases receivable 289,634 308,284
C&I | C&I - other | Nonperforming    
Gross loans/leases receivable 24,113 11,509
Direct financing leases    
Gross loans/leases receivable 17,076 31,164
Direct financing leases | Delinquency    
2024/2023 1,742 12,217
2023/2022 6,202 11,220
2022/2021 6,653 3,048
2021/2020 1,452 2,807
2020/2019 615 1,581
Prior 412 291
Gross loans/leases receivable 17,076 31,164
Direct financing leases | Performing    
2024/2023 1,742 12,217
2023/2022 6,099 11,170
2022/2021 6,583 3,005
2021/2020 1,413 2,631
2020/2019 569 1,561
Prior 411 291
Gross loans/leases receivable 16,817 30,875
Direct financing leases | Nonperforming    
2023/2022 103 50
2022/2021 70 43
2021/2020 39 176
2020/2019 46 20
Prior 1  
Gross loans/leases receivable $ 259 $ 289
v3.25.0.1
Note 3 - Loans/Leases Receivable - Schedule of Gross Charge Offs of loans and Leases by Class of Receivable and Year of Origination (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
2024/2023 $ 255 $ 170  
2023/2022 2,800 5,701  
2022/2021 6,070 2,102  
2021/2020 4,096 1,125  
2020/2019 431 289  
Prior 317 5  
Total 13,969 9,392 $ 7,525
Construction and land development      
2023/2022   50  
2022/2021 285    
2021/2020 800    
Total 1,085 50 829
Direct financing leases      
2023/2022   78  
2022/2021 199 103  
2021/2020 24 41  
2020/2019 104 29  
Prior 26 1  
Total 353 252  
1-4 family real estate      
2023/2022 21    
Prior 3    
Total 24   21
Consumer Portfolio Segment [Member]      
2024/2023 10 28  
2023/2022 78 108  
2022/2021 49 24  
2021/2020 45 1  
2020/2019 15 5  
Prior 1 2  
Total 198 168 65
C&I - other | C&I      
2024/2023 245 142  
2023/2022 2,701 5,465  
2022/2021 5,537 1,753  
2021/2020 3,227 1,083  
2020/2019 312 255  
Prior 277 2  
Total 12,299 8,700  
CRE - owner occupied | CRE      
2022/2021   222  
Prior 10    
Total $ 10 $ 222  
Non-owner occupied | CRE      
Total     $ 193
v3.25.0.1
Note 3 - Loans/Leases Receivable - Changes in the ACL for OBS exposures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance, beginning $ 87,200 $ 87,706 $ 78,721
Provisions (credited) to expense 18,739 11,550 9,636
Balance, ending 89,841 87,200 87,706
Unfunded Loan Commitment      
Balance, beginning 9,529 5,552 6,886
Provisions (credited) to expense (1,256) 3,977 (1,334)
Balance, ending $ 8,273 $ 9,529 $ 5,552
v3.25.0.1
Note 3 - Loans/Leases Receivable - Related Party Loans (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loans/Leases Receivable      
Threshold for related party loans evaluated $ 60,000 $ 60,000 $ 60,000
Balance, beginning 125,963,000 113,200,000 100,898,000
Net increase (decrease) due to change in related parties (8,665,000) 2,200,000 3,496,000
Advances 14,612,000 23,977,000 51,683,000
Repayments (16,349,000) (13,414,000) (42,877,000)
Balance, ending $ 115,561,000 $ 125,963,000 $ 113,200,000
v3.25.0.1
Note 3 - Loans/Leases Receivable - Concentration by Industries (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Loan $ 6,784,404 $ 6,543,416
Lessors of Residential Buildings    
Loan $ 2,648,346 $ 2,328,875
Percentage of total loans/leases 39.00% 36.00%
Lessors of Non-Residential Buildings    
Loan $ 715,668 $ 673,719
Percentage of total loans/leases 11.00% 10.00%
v3.25.0.1
Note 4 - Securitizations and Variable Interest Entities - Securitization (Details)
$ in Thousands
 12 Months Ended
Nov. 26, 2024
USD ($)
security
Aug. 15, 2024
USD ($)
security
Nov. 16, 2023
USD ($)
security
Oct. 12, 2023
USD ($)
security
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Securitizations and Variable Interest Entities            
Securities trading, at fair value         $ 83,529 $ 22,369
Recognized trading gain (loss)         1,600 0
Amount of first loss support     $ 16,200      
Assets pledged as collateral | First loss support to Freddie Mac in conjunction with the M-series securitization            
Securitizations and Variable Interest Entities            
Interest rate swaps collateralized by investment securities         $ 74,000 $ 16,200
Tax exempt LIHTC loans            
Securitizations and Variable Interest Entities            
Securities trading, at fair value   $ 36,700        
Recognized trading gain (loss)   473        
Q-series Tax exempt LIHTC loans            
Securitizations and Variable Interest Entities            
Interest rate swaps collateralized by investment securities $ 155,800   133,300      
Securities trading, at fair value 23,600   6,200      
Recognized trading gain (loss) $ 1,400   $ 3,100      
Number of securities issued | security 3   2      
Q-series Tax exempt LIHTC loans | Assets pledged as collateral            
Securitizations and Variable Interest Entities            
Percentage of first loss support     12.00%      
Class A Certificates            
Securitizations and Variable Interest Entities            
Proceeds from issue of certificates $ 138,500   $ 134,600      
Class A Certificates | Assets pledged as collateral            
Securitizations and Variable Interest Entities            
Percentage of first loss support 12.00%          
Amount of first loss support $ 18,900          
Class X Certificates            
Securitizations and Variable Interest Entities            
Proceeds from issue of certificates 3,200   $ 6,100      
M-series Tax exempt LIHTC loans            
Securitizations and Variable Interest Entities            
Interest rate swaps collateralized by investment securities   $ 230,700   $ 128,600    
Securities trading, at fair value       16,200    
Recognized trading gain (loss)       $ 2,400    
Number of securities issued | security   2   2    
Class A certificates | Assets pledged as collateral            
Securitizations and Variable Interest Entities            
Interest rate swaps collateralized by investment securities   $ 10,100   $ 7,500    
Proceeds from issue of certificates   197,500   114,200    
Investment securities pledged       3,800    
Class B Certificates            
Securitizations and Variable Interest Entities            
Proceeds from issue of certificates $ 18,900          
Class B Certificates | Assets pledged as collateral            
Securitizations and Variable Interest Entities            
Proceeds from issue of certificates   $ 34,900   $ 15,600    
Percentage of first loss support   15.00%   12.00%    
Amount of first loss support   $ 34,900   $ 15,600    
v3.25.0.1
Note 4 - Securitizations and Variable Interest Entities - VIE (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Securitizations and Variable Interest Entities      
Assets $ 9,026,030 $ 8,538,894 $ 7,948,837
Liabilities 8,028,643 7,652,298  
VIE      
Securitizations and Variable Interest Entities      
Assets 83,500 22,400  
Liabilities 0 $ 0  
Maximum exposure to loss $ 85,600    
v3.25.0.1
Note 5 - Premises and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lease expenses $ 406 $ 469
Right of use assets $ 3,300 $ 3,500
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Increase in ROU assets   $ 1,100
Operating lease liability $ 3,300  
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
Interest income from direct financing lease $ 1,400 $ 2,000
Net investment in direct financing lease 16,500 30,200
CSB facility    
Contract price for construction of new facility 41,300  
Construction payment for new facility 8,700  
Construction remaining future commitment 32,600  
CBRT facility    
Contract price for construction of new facility   $ 17,000
Construction payment for new facility 15,800  
Construction remaining future commitment $ 1,200  
v3.25.0.1
Note 5 - Premises and Equipment - Components of Premises and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Premises and Equipment    
Land $ 27,096 $ 17,807
Buildings (useful lives 15 to 39 years) 116,895 110,271
Construction in process - buildings 28,535 7,773
Furniture and equipment (useful lives 3 to 15 years) 58,094 52,350
Premises and equipment 230,620 188,201
Less accumulated depreciation 71,467 64,924
Premises and equipment, net $ 159,153 $ 123,277
v3.25.0.1
Note 5 - Premises and Equipment - Components of Premises and Equipment (Parenthetical) (Details)
Dec. 31, 2024
Dec. 31, 2023
Building | Minimum    
Useful lives (Year) 15 years 15 years
Building | Maximum    
Useful lives (Year) 39 years 39 years
Furniture and equipment | Minimum    
Useful lives (Year) 3 years 3 years
Furniture and equipment | Maximum    
Useful lives (Year) 15 years 15 years
v3.25.0.1
Note 5 - Premises and Equipment - Maturities of operating lease liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]  
2025 $ 461
2026 434
2027 427
2028 429
2029 305
Thereafter 2,185
Operating Lease, Liability, Total $ 4,241
v3.25.0.1
Note 5 - Premises and Equipment - Contractual Maturities of Sales-type and Direct Financing Lease Receivables (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Sales-Type and Direct Financing Leases, Payment to be Received, Fiscal Year Maturity [Abstract]  
2025 $ 2,087
2026 3,184
2027 4,828
2028 7,247
2029 1,160
Total lease payments receivable 18,506
Unguaranteed residual values 165
Unearned lease/residual income (1,595)
Total lease payments receivable, net of residual value and income 17,076
Plus deferred origination costs, net of fees 18
Total lease payments receivable, Including deferred origination fee 17,094
Less allowance (580)
Total lease payments receivable $ 16,514
v3.25.0.1
Note 6 - Goodwill and Intangibles - Goodwill (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance at the beginning of period     $ 139,027 $ 137,607 $ 74,066
Acquisition of GFED         63,541
Acquisition of GFED - measurement period adjustment       1,420  
Goodwill impairment - m2 restructuring $ 0 $ 0 (432)    
Balance at the end of period     $ 138,595 139,027 $ 137,607
Acquisition - measurement period adjustment       $ 1,420  
v3.25.0.1
Note 6 - Goodwill and Intangibles - Goodwill by Reportable Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]        
Goodwill $ 138,595 $ 139,027 $ 137,607 $ 74,066
Commercial Banking | QCBT        
Segment Reporting Information [Line Items]        
Goodwill 2,791 3,223 3,223  
Commercial Banking | CRBT        
Segment Reporting Information [Line Items]        
Goodwill 14,980 14,980 14,980  
Commercial Banking | CSB        
Segment Reporting Information [Line Items]        
Goodwill 9,888 9,888 9,888  
Commercial Banking | GB        
Segment Reporting Information [Line Items]        
Goodwill $ 110,936 $ 110,936 $ 109,516  
v3.25.0.1
Note 6 - Goodwill and Intangibles - Core Deposit Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance at the beginning of period $ 13,821 $ 16,759  
Acquisition of GFED     $ 63,541
Amortization expense (2,761) (2,938) (2,854)
Balance at the end of the period 11,061 13,821 16,759
Net book value 11,061 13,821 16,759
Core deposit intangibles      
Balance at the beginning of period 13,821 16,759 9,349
Amortization expense (2,760) (2,938) (2,854)
Balance at the end of the period 11,061 13,821 16,759
Gross carrying amount 29,519 29,519 29,519
Accumulated amortization (18,458) (15,698) (12,760)
Net book value $ 11,061 $ 13,821 16,759
Core deposit intangibles | Guaranty Bank      
Acquisition of GFED     $ 10,264
v3.25.0.1
Note 6 - Goodwill and Intangibles - Core Deposit Intangibles by Reportable Segment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]        
Core deposit intangible $ 11,061 $ 13,821 $ 16,759  
Core deposit intangibles        
Segment Reporting Information [Line Items]        
Core deposit intangible 11,061 13,821 16,759 $ 9,349
CRBT | Core deposit intangibles        
Segment Reporting Information [Line Items]        
Core deposit intangible 628 883 1,225  
CSB | Core deposit intangibles        
Segment Reporting Information [Line Items]        
Core deposit intangible 865 1,430 2,027  
GB | Core deposit intangibles        
Segment Reporting Information [Line Items]        
Core deposit intangible $ 9,568 $ 11,508 $ 13,507  
v3.25.0.1
Note 6 - Goodwill and Intangibles - Estimated Amortization Expense of Core Deposit Intangible (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net book value $ 11,061 $ 13,821 $ 16,759  
Core deposit intangibles        
2025 2,644      
2026 2,360      
2027 1,874      
2028 1,316      
2029 944      
Thereafter 1,923      
Net book value $ 11,061 $ 13,821 $ 16,759 $ 9,349
v3.25.0.1
Note 7 - Derivatives and Hedging Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Initial premium, paid upfront   $ 4,500
Interest rate caps | Cash Flow Hedges    
Initial premium paid upfront for the two caps   $ 3,500
Unhedged Derivatives | Swaptions    
Initial premium paid upfront for the two caps $ 4,500  
v3.25.0.1
Note 7 - Derivatives and Hedging Activities - Summary of Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative Asset $ 186,781 $ 187,341
Derivative Liabilities (214,823) (215,735)
Swaptions    
Derivative Asset 998  
Hedged Derivatives | Cash Flow Hedges | Interest rate caps    
Derivative Asset   2,847
Hedged Derivatives | Cash Flow Hedges | Interest rate swaps    
Derivative Asset 1,905 1,689
Derivative Liabilities (30,623) (30,407)
Hedged Derivatives | Cash Flow Hedges | Interest rate collars    
Derivative Liabilities (105) (166)
Hedged Derivatives | Fair Value Hedges | Interest rate swaps    
Derivative Liabilities (335) (3,308)
Unhedged Derivatives | Interest rate caps    
Derivative Asset 118 951
Unhedged Derivatives | Swaptions    
Derivative Asset 998  
Unhedged Derivatives | Interest rate swaps    
Derivative Asset 183,760 181,854
Derivative Liabilities $ (183,760) $ (181,854)
v3.25.0.1
Note 7 - Derivatives and Hedging Activities - Summary of Hedged Interest Rate Swap and Cap Derivatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Investment, Variable Interest Rate, Type [Extensible Enumeration] Prime Rate [Member]  
Derivative Asset $ 186,781 $ 187,341
Derivative Liabilities (214,823) (215,735)
Hedged Derivatives | Cash Flow Hedges | Interest rate swaps    
Derivative Liability, Notional Amount 300,000  
Derivative, Notional Amount 114,310  
Derivative Asset 1,905 1,689
Derivative Liabilities (30,623) (30,407)
Derivative Assets (Liabilities), net 1,855 1,689
Derivative Liabilities (30,574) (30,407)
Hedged Derivatives | Cash Flow Hedges | QCR Holdings Statutory Trust V    
Derivative Asset, Notional Amount $ 10,000  
Receive Rate 6.47%  
Pay Rate 4.54%  
Derivative Asset $ 427 335
Hedged Derivatives | Cash Flow Hedges | Community National Statutory Trust III    
Derivative Asset, Notional Amount $ 3,500  
Receive Rate 6.37%  
Pay Rate 4.75%  
Derivative Asset $ 197 118
Hedged Derivatives | Cash Flow Hedges | Guaranty Bankshares Statutory Trust I    
Derivative Asset, Notional Amount $ 4,500  
Receive Rate 6.37%  
Pay Rate 4.75%  
Derivative Asset $ 153 152
Hedged Derivatives | Cash Flow Hedges | Community National Statutory Trust II    
Derivative Asset, Notional Amount $ 3,000  
Receive Rate 6.79%  
Pay Rate 5.17%  
Derivative Asset $ 132 101
Hedged Derivatives | Cash Flow Hedges | QCR Holdings Statutory Trust II    
Derivative Asset, Notional Amount $ 10,000  
Receive Rate 7.72%  
Pay Rate 5.85%  
Derivative Asset $ 443 341
Hedged Derivatives | Cash Flow Hedges | QCR Holdings Statutory Trust III    
Derivative Asset, Notional Amount $ 8,000  
Receive Rate 7.72%  
Pay Rate 5.85%  
Derivative Asset $ 353 272
Hedged Derivatives | Cash Flow Hedges | Guaranty Statutory Trust II    
Derivative Asset, Notional Amount $ 10,310  
Receive Rate 6.23%  
Pay Rate 4.09%  
Derivative Asset $ 200 370
Hedged Derivatives | Cash Flow Hedges | QCR Holdings Subordinated Note    
Derivative Liability, Notional Amount $ 65,000  
Receive Rate 5.04%  
Pay Rate 4.02%  
Derivative Liabilities $ (50)  
Hedged Derivatives | Cash Flow Hedges | Loans, one    
Derivative Liability, Notional Amount $ 35,000  
Receive Rate 1.40%  
Pay Rate 4.66%  
Derivative Liabilities $ (5,445) (5,004)
Hedged Derivatives | Cash Flow Hedges | Loans, two    
Derivative Liability, Notional Amount $ 50,000  
Receive Rate 1.40%  
Pay Rate 4.66%  
Derivative Liabilities $ (7,779) (7,149)
Hedged Derivatives | Cash Flow Hedges | Loans, three    
Derivative Liability, Notional Amount $ 40,000  
Receive Rate 1.40%  
Pay Rate 4.66%  
Derivative Liabilities $ (6,233) (5,730)
Hedged Derivatives | Cash Flow Hedges | Loans, four    
Derivative Liability, Notional Amount $ 25,000  
Receive Rate 1.30%  
Pay Rate 4.66%  
Derivative Liabilities $ (3,916) (3,696)
Hedged Derivatives | Cash Flow Hedges | Loan five    
Derivative Liability, Notional Amount $ 15,000  
Receive Rate 1.91%  
Pay Rate 4.66%  
Derivative Liabilities $ (720) (868)
Hedged Derivatives | Cash Flow Hedges | Loan six    
Derivative Liability, Notional Amount $ 50,000  
Receive Rate 1.91%  
Pay Rate 4.66%  
Derivative Liabilities $ (2,400) (2,892)
Hedged Derivatives | Cash Flow Hedges | Loan seven    
Derivative Liability, Notional Amount $ 35,000  
Receive Rate 1.91%  
Pay Rate 4.66%  
Derivative Liabilities $ (1,680) (2,024)
Hedged Derivatives | Cash Flow Hedges | Loan eight    
Derivative Liability, Notional Amount $ 50,000  
Receive Rate 1.91%  
Pay Rate 4.66%  
Derivative Liabilities $ (2,401) (3,044)
Hedged Derivatives | Cash Flow Hedges | Interest rate caps    
Derivative Asset, Notional Amount 200,000  
Derivative Asset   2,847
Hedged Derivatives | Cash Flow Hedges | Deposits, one    
Derivative Asset, Notional Amount $ 25,000  
Strike Rate 1.75%  
Derivative Asset   (79)
Hedged Derivatives | Cash Flow Hedges | Deposits, two    
Derivative Asset, Notional Amount $ 50,000  
Strike Rate 1.57%  
Hedged Derivatives | Cash Flow Hedges | Deposits, three    
Derivative Asset, Notional Amount $ 25,000  
Strike Rate 1.80%  
Hedged Derivatives | Cash Flow Hedges | Deposits, four    
Derivative Asset, Notional Amount $ 25,000  
Strike Rate 1.75%  
Derivative Asset   672
Hedged Derivatives | Cash Flow Hedges | Deposits, five    
Derivative Asset, Notional Amount $ 50,000  
Strike Rate 1.57%  
Derivative Asset   1,503
Hedged Derivatives | Cash Flow Hedges | Deposits, six    
Derivative Asset, Notional Amount $ 25,000  
Strike Rate 1.80%  
Derivative Asset   751
Hedged Derivatives | Fair Value Hedges | Interest rate swaps    
Derivative, Notional Amount $ 325,000  
Derivative Liabilities (335) (3,308)
Derivative Assets (Liabilities), net (335) (3,308)
Hedged Derivatives | Fair Value Hedges | Loan Nine    
Derivative, Notional Amount $ 15,000  
Receive Rate 4.65%  
Pay Rate 4.60%  
Derivative Liabilities $ (35) (69)
Hedged Derivatives | Fair Value Hedges | Loan Eleven    
Derivative, Notional Amount $ 15,000  
Receive Rate 4.65%  
Pay Rate 4.38%  
Derivative Liabilities $ (46) (117)
Hedged Derivatives | Fair Value Hedges | Loan Twelve    
Derivative, Notional Amount $ 20,000  
Receive Rate 4.65%  
Pay Rate 4.38%  
Derivative Liabilities $ (61) (140)
Hedged Derivatives | Fair Value Hedges | Loan Thirteen    
Derivative, Notional Amount $ 30,000  
Receive Rate 4.65%  
Pay Rate 4.21%  
Derivative Liabilities $ (79) (293)
Hedged Derivatives | Fair Value Hedges | Loan fourteen    
Derivative, Notional Amount $ 15,000  
Receive Rate 4.65%  
Pay Rate 4.21%  
Derivative Liabilities $ (40) (146)
Hedged Derivatives | Fair Value Hedges | Loan fifteen    
Derivative, Notional Amount $ 20,000  
Receive Rate 4.65%  
Pay Rate 4.21%  
Derivative Liabilities $ (53) (176)
Hedged Derivatives | Fair Value Hedges | Loan sixteen    
Derivative, Notional Amount $ 32,500  
Receive Rate 4.65%  
Pay Rate 4.08%  
Derivative Liabilities $ (44) (364)
Hedged Derivatives | Fair Value Hedges | Loan seventeen    
Derivative, Notional Amount $ 15,000  
Receive Rate 4.65%  
Pay Rate 4.08%  
Derivative Liabilities $ (20) (168)
Hedged Derivatives | Fair Value Hedges | Loan Eighteen    
Derivative, Notional Amount $ 20,000  
Receive Rate 4.65%  
Pay Rate 4.08%  
Derivative Liabilities $ (27) (202)
Hedged Derivatives | Fair Value Hedges | Loan Nineteen    
Derivative, Notional Amount $ 32,500  
Receive Rate 4.65%  
Pay Rate 3.98%  
Derivative Asset $ 14  
Derivative Liabilities   (397)
Hedged Derivatives | Fair Value Hedges | Loan Twenty    
Derivative, Notional Amount $ 15,000  
Receive Rate 4.65%  
Pay Rate 3.98%  
Derivative Asset $ 6  
Derivative Liabilities   (183)
Hedged Derivatives | Fair Value Hedges | Loan twenty one    
Derivative, Notional Amount $ 25,000  
Receive Rate 4.65%  
Pay Rate 3.98%  
Derivative Asset $ 11  
Derivative Liabilities   (276)
Hedged Derivatives | Fair Value Hedges | Loan twenty two    
Derivative, Notional Amount $ 30,000  
Receive Rate 4.65%  
Pay Rate 3.90%  
Derivative Asset $ 77  
Derivative Liabilities   (388)
Hedged Derivatives | Fair Value Hedges | Loan twenty three    
Derivative, Notional Amount $ 15,000  
Receive Rate 4.65%  
Pay Rate 3.90%  
Derivative Asset $ 39  
Derivative Liabilities   (194)
Hedged Derivatives | Fair Value Hedges | Loan ten    
Derivative, Notional Amount $ 25,000  
Receive Rate 4.65%  
Pay Rate 4.38%  
Derivative Liabilities $ (77) $ (195)
v3.25.0.1
Note 7 - Derivatives and Hedging Activities - Hedged Interest Rate Collars (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative Liabilities $ (214,823) $ (215,735)
Cash Flow Hedges | Hedged Derivatives | Interest rate collars    
Derivative Liability, Notional Amount $ 50,000  
Cap Strike Rate 4.40%  
Floor Strike Rate 2.44%  
Derivative Liabilities $ (105) $ (166)
v3.25.0.1
Note 7 - Derivatives and Hedging Activities - Changes in Fair Values of Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrealized loss at beginning of period, net of tax $ (19,979) $ (20,221)
Unrealized loss at end of period, net of tax (21,676) (19,979)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]    
Amount of gain (loss) recognized in other comprehensive income, net of tax (1,187) 1,114
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Caplet Amortization.    
Amount reclassified from accumulated other comprehensive income $ (510) $ (872)
v3.25.0.1
Note 7 - Derivatives and Hedging Activities - Unhedged Interest Rate Caps and Swaps (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative Asset $ 186,781 $ 187,341
Derivative Liability $ 214,823 215,735
Investment, Variable Interest Rate, Type [Extensible Enumeration] Prime Rate [Member]  
Unhedged Derivatives | Interest rate swaps    
Derivative Asset, Notional Amount $ 4,148,306 3,308,024
Derivative Asset 183,760 181,854
Derivative Liability, Notional Amount 4,148,306 3,308,024
Derivative Liability 183,760 181,854
Unhedged Derivatives | Interest rate caps    
Derivative Asset, Notional Amount 50,000  
Derivative Asset 118 951
Unhedged Derivatives | Derivative Instrument Maturing on 2/1/2024    
Derivative Asset, Notional Amount $ 25,000  
Derivative Asset   79
Strike Rate 1.90%  
Investment, Variable Interest Rate, Type [Extensible Enumeration] London Interbank Offered Rate LIBOR Rate [Member]  
Unhedged Derivatives | Derivative Instrument Maturing on 3/3 2025    
Derivative Asset, Notional Amount $ 25,000  
Derivative Asset $ 118 $ 872
Strike Rate 1.90%  
Investment, Variable Interest Rate, Type [Extensible Enumeration] London Interbank Offered Rate LIBOR Rate [Member]  
v3.25.0.1
Note 7 - Derivatives and Hedging Activities - Unhedged Swaptions (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Derivatives $ 186,781 $ 187,341
Swaptions    
Derivative [Line Items]    
Notional Amount 408,801  
Derivatives 998  
Swaptions | Unhedged Derivatives    
Derivative [Line Items]    
Derivatives 998  
Derivative Instrument One, Maturing 2025 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 77,600  
Strike Rate 2.13%  
Derivatives $ 37  
Derivative Instrument Two, Maturing 2025 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 33,100  
Strike Rate 2.62%  
Derivatives $ 54  
Derivative Instrument Three, Maturing 2025 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 28,254  
Strike Rate 2.12%  
Derivatives $ 48  
Derivative Instrument Four, Maturing 2025 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 66,247  
Strike Rate 2.63%  
Derivatives $ 33  
Derivative Instrument One, Maturing 2026 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 20,750  
Strike Rate 2.63%  
Derivatives $ 102  
Derivative Instrument Two, Maturing 2026 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 41,700  
Strike Rate 2.13%  
Derivatives $ 77  
Derivative Instrument Three, Maturing 2026 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 36,546  
Strike Rate 2.14%  
Derivatives $ 70  
Derivative Instrument Four, Maturing 2026 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 18,453  
Strike Rate 2.64%  
Derivatives $ 93  
Derivative Instrument Five, Maturing 2026 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 16,100  
Strike Rate 2.64%  
Derivatives $ 140  
Derivative Instrument Six, Maturing 2026 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 29,800  
Strike Rate 2.14%  
Derivatives $ 116  
Derivative Instrument Seven, Maturing 2026 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 25,971  
Strike Rate 2.14%  
Derivatives $ 103  
Derivative Instrument Eight, Maturing 2026 | Unhedged Derivatives    
Derivative [Line Items]    
Notional Amount $ 14,280  
Strike Rate 2.64%  
Derivatives $ 125  
v3.25.0.1
Note 7 - Derivatives and Hedging Activities - Cash flow hedging and fair value (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Interest and Dividend Income $ 481,857 $ 413,410 $ 292,571
Interest expense 250,069 192,404 61,451
Interest rate caps | Interest Expense      
Derivative [Line Items]      
Gain (loss) on effects of cash flow hedging (4,032) (7,639) (1,422)
Interest rate swaps | Interest And Dividend Income      
Derivative [Line Items]      
Gain on effects of fair value hedging 3,380 1,746  
Interest rate swaps | Interest Expense      
Derivative [Line Items]      
Gain (loss) on effects of cash flow hedging (1,271) (1,167) 500
Interest rate swaps and collars | Interest And Dividend Income      
Derivative [Line Items]      
Gain (loss) on effects of cash flow hedging $ (11,431) $ (10,763) $ (829)
v3.25.0.1
Note 7 - Derivatives and Hedging Activities - Hedged Interest Rate Swaps and Non-hedged Interest Rate Swaps (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Swapped loan portfolio loan-to-value percentage, including the potential swap exposure 65.00%  
Interest rate swaps    
Derivative [Line Items]    
Interest rate swaps collateralized by investment securities $ 214,892 $ 150,102
Interest rate swaps | Cash    
Derivative [Line Items]    
Interest rate swaps collateralized by investment securities 39,431 51,680
Interest rate swaps | U.S. govt. sponsored agency securities    
Derivative [Line Items]    
Interest rate swaps collateralized by investment securities 6,222 6,413
Interest rate swaps | Municipal securities    
Derivative [Line Items]    
Interest rate swaps collateralized by investment securities 151,107 68,651
Interest rate swaps | Residential mortgage-backed and related securities    
Derivative [Line Items]    
Interest rate swaps collateralized by investment securities $ 18,132 $ 23,358
v3.25.0.1
Note 8 - Deposits (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Minimum denomination $ 250,000  
Aggregate amount of certificates of deposits, $250,000 minimum denomination 529,700,000 $ 511,400,000
Brokered deposits 358,300,000 285,000,000
Federal Home Loan Bank of Des Moines    
FHLB advance 240,000,000 175,000,000
Amount outstanding $ 0 $ 0
v3.25.0.1
Note 8 - Deposits - Maturities of Certificates of Deposit (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Deposits.  
2025 $ 1,035,972
2026 30,737
2027 46,415
2028 54,461
2029 58,230
Thereafter 10
Total $ 1,225,825
v3.25.0.1
Note 8 - Deposits - Public Entity Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Collateralized by investment securities $ 3,503 $ 3,919
U.S. govt. sponsored agency securities    
Collateralized by investment securities 1,481 1,805
Residential mortgage-backed and related securities    
Collateralized by investment securities $ 2,022 $ 2,114
v3.25.0.1
Note 9 - Short-Term Borrowings - Short-Term Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Short-Term Borrowings    
Federal funds purchased $ 1,800 $ 1,500
v3.25.0.1
Note 9 - Short-Term Borrowings - Overnight Repurchase Agreements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Federal Funds Purchased    
Average daily balance $ 1,850 $ 2,781
Average daily interest rate 5.03% 5.09%
Maximum month-end balance $ 4,100 $ 2,230
Weighted average rate as of December 31 4.20% 5.20%
Short-Term Debt | Assets pledged as collateral    
Investment securities pledged $ 9,200 $ 10,100
v3.25.0.1
Note 10 - FHLB Advances (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
FHLB stock $ 18,300 $ 24,500
Collateral, Loans    
FHLB advance 2,100,000 2,100,000
Collateral, Securities    
FHLB advance $ 0 $ 0
v3.25.0.1
Note 10 - FHLB Advances - Maturity and Interest Rate Information on Advances from FHLB (Details) - Federal Home Loan Bank, Advances, Putable Option - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Amount due within one year   $ 300,000
Weighted average interest rate at year-end - next 12 months   5.64%
Amount due - one to two years after balance sheet date $ 140,000  
Weighted average interest rate at year-end - year two 4.62%  
Amount due - two to three years after balance sheet date $ 45,000 $ 45,000
Weighted average interest rate at year-end - year three 5.01% 5.01%
Amount due - three to four years after balance sheet date $ 45,000 $ 45,000
Weighted average interest rate at year-end - year four 4.82% 4.82%
Amount due - four to five years after balance sheet date $ 45,000 $ 45,000
Weighted average interest rate at year-end - year five 4.64% 4.64%
Amount due - five to six years after balance sheet date $ 10,383  
Total FHLB advances, Amount due $ 285,383 $ 435,000
Total FHLB advances, Weighted average interest rate at year-end 4.55% 5.39%
v3.25.0.1
Note 11 - Other Borrowings and Unused Lines of Credit (Details) - Revolving Credit Facility [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Line of credit facility, maximum borrowing capacity   $ 50.0  
Variable interest rate (as a percent) 3.00%    
Outstanding amount line of credit $ 0.0   $ 0.0
Percentage of the outstanding capital stock of the entity's bank subsidiaries used as collateral (as a percentage) 100.00%    
Prime Rate [Member] | Maximum [Member]      
Variable interest rate (as a percent) 0.50%    
v3.25.0.1
Note 11 - Other Borrowings and Unused Lines of Credit - Unused Lines of Credit (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Line of Credit Facility, Remaining Borrowing Capacity $ 1,197,542 $ 699,294
Secured Debt [Member]    
Line of Credit Facility, Remaining Borrowing Capacity 746,742 248,494
Unsecured Debt [Member]    
Line of Credit Facility, Remaining Borrowing Capacity $ 450,800 $ 450,800
v3.25.0.1
Note 12 - Subordinated Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 18, 2022
Apr. 01, 2022
Sep. 14, 2020
Feb. 19, 2019
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Subordinated Borrowing [Line Items]              
Total Subordinated Debentures         $ 233,489 $ 233,064  
Debt issuance costs         (1,511) (1,936)  
Junior subordinated debentures assumed in acquisition             $ 10,310
Proceeds from subordinated notes             $ 100,000
Subordinated debenture dated 2/12/19              
Subordinated Borrowing [Line Items]              
Total Subordinated Debentures         $ 65,000 $ 65,000  
Interest Rate         7.605% 5.375%  
Subordinated debenture dated 9/14/20              
Subordinated Borrowing [Line Items]              
Total Subordinated Debentures         $ 50,000 $ 50,000  
Interest Rate         5.125% 5.125%  
Subordinated debenture dated 7/29/20              
Subordinated Borrowing [Line Items]              
Total Subordinated Debentures         $ 20,000 $ 20,000  
Interest Rate         5.25% 5.25%  
Junior subordinated debentures assumed in acquisition   $ 20,000          
Subordinated debenture dated 08/18/22              
Subordinated Borrowing [Line Items]              
Total Subordinated Debentures         $ 45,000 $ 45,000  
Interest Rate         5.50% 5.50%  
Subordinated debenture dated 8/18/22              
Subordinated Borrowing [Line Items]              
Total Subordinated Debentures         $ 55,000 $ 55,000  
Interest Rate         5.95% 5.95%  
Secured Overnight Financing Rate | Subordinated debenture dated 7/29/20              
Subordinated Borrowing [Line Items]              
Basis points   5.19%          
Secured Overnight Financing Rate | Subordinated debenture dated 7/29/20 | Interest Rate Period Two              
Subordinated Borrowing [Line Items]              
Variable rate expected term   SOFR          
Subordinated debenture mature on February 15 2029 | Subordinated debenture dated 2/12/19              
Subordinated Borrowing [Line Items]              
Proceeds from subordinated notes       $ 65,000      
Net proceeds       $ 63,400      
Fixed term       5 years      
Redemption price percentage       100.00%      
Subordinated debenture mature on February 15 2029 | Subordinated debenture dated 2/12/19 | Interest Rate Period One              
Subordinated Borrowing [Line Items]              
Fixed rate       5.375%      
Subordinated debenture mature on February 15 2029 | London Interbank Offered Rate (LIBOR) | Subordinated debenture dated 2/12/19              
Subordinated Borrowing [Line Items]              
Variable rate expected term     LIBOR        
Subordinated debenture mature on February 15 2029 | London Interbank Offered Rate (LIBOR) | Subordinated debenture dated 2/12/19 | Interest Rate Period Two              
Subordinated Borrowing [Line Items]              
Basis points       2.82%      
Subordinated debenture mature on September 1 2037 | Subordinated debenture dated 8/18/22              
Subordinated Borrowing [Line Items]              
Proceeds from subordinated notes $ 55,000            
Redemption price percentage 100.00%            
Subordinated debenture mature on September 1 2037 | Subordinated debenture dated 8/18/22 | Interest Rate Period One              
Subordinated Borrowing [Line Items]              
Fixed rate 5.95%            
Subordinated debenture mature on September 1 2037 | Secured Overnight Financing Rate | Subordinated debenture dated 8/18/22 | Interest Rate Period Two              
Subordinated Borrowing [Line Items]              
Variable rate expected term SOFR            
Basis points 3.00%            
Subordinated debenture mature on September 1 2032 | Subordinated debenture dated 08/18/22              
Subordinated Borrowing [Line Items]              
Proceeds from subordinated notes $ 45,000            
Conversion Amount $ 43,250            
Redemption price percentage 100.00%            
Subordinated debenture mature on September 1 2032 | Subordinated debenture dated 08/18/22 | Interest Rate Period One              
Subordinated Borrowing [Line Items]              
Fixed rate 5.50%            
Subordinated debenture mature on September 1 2032 | Secured Overnight Financing Rate | Subordinated debenture dated 08/18/22 | Interest Rate Period Two              
Subordinated Borrowing [Line Items]              
Variable rate expected term SOFR            
Basis points 2.79%            
Subordinated debenture mature on September 15 2030 | Subordinated debenture dated 9/14/20              
Subordinated Borrowing [Line Items]              
Proceeds from subordinated notes     $ 50,000        
Redemption price percentage     100.00%        
Subordinated debenture mature on September 15 2030 | Subordinated debenture dated 9/14/20 | Interest Rate Period One              
Subordinated Borrowing [Line Items]              
Fixed rate     5.125%        
Subordinated debenture mature on September 15 2030 | Secured Overnight Financing Rate | Subordinated debenture dated 9/14/20 | Interest Rate Period Two              
Subordinated Borrowing [Line Items]              
Variable rate expected term     SOFR        
Basis points     5.00%        
Subordinated debenture mature on September 30 2030 | Subordinated debenture dated 7/29/20              
Subordinated Borrowing [Line Items]              
Redemption price percentage   100.00%          
Subordinated debenture mature on September 30 2030 | Subordinated debenture dated 7/29/20 | Interest Rate Period One              
Subordinated Borrowing [Line Items]              
Fixed rate   5.25%          
v3.25.0.1
Note 13 - Junior Subordinated Debentures (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2022
USD ($)
loan
Oct. 01, 2017
USD ($)
loan
May 13, 2013
USD ($)
loan
Junior Subordinated Debt        
Repayment period (in years) 30 years      
Community National        
Number of assumed junior subordinated debentures | loan       2
Other borrowings | $       $ 4.2
Guaranty Bank and Trust Company        
Number of assumed junior subordinated debentures | loan     1  
Other borrowings | $     $ 3.9  
Guaranty Federal Bancshares, Inc        
Number of assumed junior subordinated debentures | loan   1    
Other borrowings | $   $ 10.3    
v3.25.0.1
Note 13 - Junior Subordinated Debentures -Additional (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Junior subordinated debentures $ 48,860 $ 48,731
Junior subordinated debentures (1,660) (1,789)
Note Payable to QCR Holdings Capital Trust II    
Junior subordinated debentures 10,310 10,310
Note Payable to QCR Holdings Capital Trust III    
Junior subordinated debentures 8,248 8,248
Note Payable to QCR Holdings Capital Trust V    
Junior subordinated debentures 10,310 10,310
Note Payable to Community National Trust II    
Junior subordinated debentures 3,093 3,093
Note Payable to Community National Trust III    
Junior subordinated debentures 3,609 3,609
Note Payable to Guaranty Bankshares Statutory Trust I    
Junior subordinated debentures 4,640 4,640
Note Payable to Guaranty Statutory Trust II    
Junior subordinated debentures $ 10,310 $ 10,310
v3.25.0.1
Note 13 - Junior Subordinated Debentures - Trust Preferred Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Aggregate principal amount $ 50,520 $ 50,520
Interest rate (as a percent) 6.88% 7.70%
QCR Holdings Statutory Trust II    
Date issued February 2004  
Aggregate principal amount $ 10,310 $ 10,310
Interest rate (as a percent) 7.72% 8.44%
QCR Holdings Statutory Trust II | Secured Overnight Financing Rate    
Variable interest rate (as a percent) 2.85%  
QCR Holdings Statutory Trust III    
Date issued February 2004  
Aggregate principal amount $ 8,248 $ 8,248
Interest rate (as a percent) 7.72% 8.44%
QCR Holdings Statutory Trust III | Secured Overnight Financing Rate    
Variable interest rate (as a percent) 2.85%  
QCR Holdings Statutory Trust V    
Date issued February 2006  
Aggregate principal amount $ 10,310 $ 10,310
Interest rate (as a percent) 6.47% 7.21%
QCR Holdings Statutory Trust V | Secured Overnight Financing Rate    
Variable interest rate (as a percent) 1.55%  
Community National Statutory Trust II    
Date issued September 2004  
Aggregate principal amount $ 3,093 $ 3,093
Interest rate (as a percent) 6.79% 7.80%
Community National Statutory Trust II | Secured Overnight Financing Rate    
Variable interest rate (as a percent) 2.17%  
Community National Statutory Trust III    
Date issued March 2007  
Aggregate principal amount $ 3,609 $ 3,609
Interest rate (as a percent) 6.37% 7.40%
Community National Statutory Trust III | Secured Overnight Financing Rate    
Variable interest rate (as a percent) 1.75%  
Guaranty Bankshares Statutory Trust I    
Date issued May 2005  
Aggregate principal amount $ 4,640 $ 4,640
Interest rate (as a percent) 6.37% 7.40%
Guaranty Bankshares Statutory Trust I | Secured Overnight Financing Rate    
Variable interest rate (as a percent) 1.75%  
Guaranty Statutory Trust II    
Date issued December 2005  
Aggregate principal amount $ 10,310 $ 10,310
Interest rate (as a percent) 6.23% 7.09%
Guaranty Statutory Trust II | Secured Overnight Financing Rate    
Variable interest rate (as a percent) 1.45%  
v3.25.0.1
Note 14 - Federal and State Income Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Unrecognized tax benefits that would impact effective tax rate $ 3,800 $ 2,500
Unrecognized tax benefits, interest on income taxes accrued 971 486
Domestic Tax Jurisdiction    
Deferred tax assets, operating loss carryforwards, subject to expiration 2,200 2,800
Domestic Tax Jurisdiction | Community National And CNB    
Deferred tax assets, operating loss carryforwards, subject to expiration 886 1,400
Domestic Tax Jurisdiction | Guaranty Bank and Trust Company    
Federal Tax NOL 1,300 1,400
State and Local Jurisdiction    
Deferred tax assets, operating loss carryforwards, subject to expiration 2,000 2,000
State and Local Jurisdiction | Community National And CNB    
Deferred tax assets, operating loss carryforwards, subject to expiration $ 2,000 $ 2,000
v3.25.0.1
Note 14 - Federal and State Income Taxes - Federal and State Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Federal and State Income Taxes      
Current $ 15,919 $ 14,008 $ 19,165
Deferred (7,192) (946) (4,682)
Federal and state income tax expense $ 8,727 $ 13,062 $ 14,483
v3.25.0.1
Note 14 - Federal and State Income Taxes - Reconciliation of the Expected Federal Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Federal and State Income Taxes      
Computed "expected" tax expense $ 25,741 $ 26,590 $ 23,845
Tax exempt income, net (16,410) (13,823) (10,689)
Bank-owned life insurance (1,142) (875) (432)
State income taxes, net of federal benefit, current year 3,517 4,433 4,482
Change in unrecognized tax benefits 1,169 396 498
Provision adjustment from accounting method change (142) (247) (1,181)
Tax credits (2,717) (2,865) (1,362)
Acquisition costs     276
Excess tax benefit on stock options exercised and restricted stock awards vested (929) (464) (503)
Other (360) (83) (451)
Federal and state income tax expense $ 8,727 $ 13,062 $ 14,483
Computed "expected" tax expense (in percentage) 21.00% 21.00% 21.00%
Tax exempt income, net (in percentage) (13.40%) (10.90%) (9.40%)
Bank-owned life insurance (in percentage) (0.90%) (0.70%) (0.40%)
State income taxes, net of federal benefit, current year (in percentage) 2.90% 3.50% 3.90%
Change in unrecognized tax benefits (in percentage) 1.00% 0.30% 0.40%
Provision adjustment from accounting method change (in percentage) (0.10%) (0.20%) (1.00%)
Tax credits (in percentage) (2.30%) (2.30%) (1.20%)
Acquisition costs (in percentage)     0.20%
Excess tax benefit on stock options exercised and restricted stock awards vested (in percentage) (0.80%) (0.30%) (0.40%)
Other (in percentage) (0.30%) (0.10%) (0.40%)
Federal and state income tax expense (in percentage) 7.10% 10.30% 12.70%
v3.25.0.1
Note 14 - Federal and State Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Federal and State Income Taxes    
Balance, beginning $ 3,076 $ 2,680
Impact of tax positions taken during current year 972 712
Gross increase related to tax positions of prior years 184 110
Change as a result of a lapse of the applicable statute of limitations (13) (426)
Balance, ending $ 4,245 $ 3,076
v3.25.0.1
Note 14 - Federal and State Income Taxes - Consolidated Statements of Operations relative to the Company's tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Federal and State Income Taxes      
Tax credits recognized $ 8,189 $ 5,185 $ 2,143
Other tax benefits recognized 2,631 2,037 1,371
Amortization (8,313) (5,091) (3,109)
Net benefit included in income tax 2,507 2,131 405
Net benefit included in the Consolidated Statements of Operations $ 2,507 $ 2,131 $ 405
v3.25.0.1
Note 14 - Federal and State Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net unrealized losses on securities available for sale and derivative instruments $ 18,960 $ 18,127
Compensation 17,765 15,761
Loan/lease losses 19,343 20,628
Equipment financing leases 1,555  
Net operating loss carryforwards, federal and state 493 630
Other 893  
Deferred tax assets 59,009 55,146
Deferred tax liabilities:    
Premises and equipment 6,102 7,206
Equipment financing leases   2,084
Acquisition fair value adjustments 3,962 3,983
Deferred loan origination fees, net 1,098 1,515
Prepaid expense 1,630 1,749
Other   417
Deferred tax liabilities 12,792 16,954
Net deferred tax assets $ 46,217 $ 38,192
v3.25.0.1
Note 14 - Federal and State Income Taxes - The Change in Deferred Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Federal and State Income Taxes      
Provision for income taxes $ (7,192) $ (946) $ (4,682)
Statement of stockholders' equity- Other comprehensive income (loss) (833) 3,192 (22,066)
Total $ (8,025) $ 2,246 $ (26,748)
v3.25.0.1
Note 15 - Employee Benefit Plans (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Discretionary contributions $ 0 $ 0 $ 0  
Employee deferrals $ 3,597,000 4,306,000 3,615,000  
Interest on deferred compensation, basis spread on variable rate 1.00%      
Investment, Variable Interest Rate, Type [Extensible Enumeration] Prime Rate [Member]      
Deferred compensation liability, current and noncurrent $ 55,165,000 46,800,000 $ 38,255,000 $ 32,353,000
Percent of employee contributions matched 4.50%      
Certain Executive Officers [Member]        
Company matching contribution percent (as a percent) 100.00%      
Minimum [Member]        
Defined benefit plan eligible age limit 18 years      
Minimum [Member] | Certain Executive Officers [Member]        
Employee deferrals $ 10,000      
Interest on deferred compensation amounts 4.00%      
Maximum [Member] | Certain Executive Officers [Member]        
Employee deferrals $ 25,000      
Interest on deferred compensation amounts 12.00%      
Certain Management Officers [Member]        
Company matching contribution percent (as a percent) 50.00%      
Number of monthly installment payments 180 months      
Deferred compensation liability, current and noncurrent $ 55,100,000 $ 46,800,000    
Certain Management Officers [Member] | Minimum [Member]        
Company matching contribution percent (as a percent) 4.00%      
Interest on deferred compensation amounts 4.00%      
Certain Management Officers [Member] | Maximum [Member]        
Company matching contribution percent (as a percent) 12.00%      
Interest on deferred compensation amounts 8.00%      
First 3% of Employees Wages [Member]        
Company matching contribution percent (as a percent) 100.00%      
Match at 100% [Member]        
Percent of employee contributions matched 3.00%      
From 4% to 4.5% of Employees Wages [Member]        
Company matching contribution percent (as a percent) 50.00%      
Matched at 50% [Member]        
Percent of employee contributions matched 3.00%      
v3.25.0.1
Note 15 - Employee Benefit Plans - Profit Sharing Contributions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Benefit Plans      
Matching contribution $ 3,670 $ 3,314 $ 3,071
v3.25.0.1
Note 15 - Employee Benefit Plans - Deferred Compensation Agreements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance, beginning $ 46,800 $ 38,255 $ 32,353
Employee deferrals 3,597 4,306 3,615
Company match and interest 5,393 4,788 2,776
Cash payments made (625) (549) (489)
Balance, ending 55,165 46,800 38,255
Supplemental Executive Retirement Plans [Member]      
Balance, beginning 8,689 8,165 7,273
Company match and interest 400 889 1,286
Cash payments made (267) (365) (394)
Balance, ending $ 8,822 $ 8,689 $ 8,165
v3.25.0.1
Note 16 - Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2025
Jul. 01, 2022
Expected life 10 years        
Minimum          
Vesting period 3 years        
Maximum          
Vesting period 7 years        
2010 Equity Incentive Plan          
Shares of common stock authorized 350,000        
The 2013 Equity Incentive Plan          
Shares of common stock authorized 350,000        
The 2016 Equity Incentive Plan          
Shares of common stock authorized 400,000        
2024 Equity Incentive Plan          
Remaining shares of common stock available for grant 622,344        
Employee Stock Purchase Plan          
Maximum amount any one participant can elect in an offering period $ 21,250        
Maximum amount any one participant can contribute (as a percent) 15.00% 15.00% 15.00%    
Stock purchase price percent 85.00%        
Purchase Plan 2022          
Remaining shares of common stock available for grant       317,068 350,000
v3.25.0.1
Note 16 - Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allocated Share-based Compensation Expense $ 2,825 $ 2,678 $ 2,438
Employee Stock Option      
Allocated Share-based Compensation Expense 358 286 246
Restricted Stock      
Allocated Share-based Compensation Expense 2,128 2,084 1,967
Employee Stock Purchase Plan      
Allocated Share-based Compensation Expense $ 339 $ 308 $ 225
v3.25.0.1
Note 16 - Stock-Based Compensation - Stock Option Plans (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stock-Based Compensation      
Outstanding, shares (in shares) 290,149 346,678 367,998
Outstanding, Weighted average exercise price (in dollars per share) $ 32.11 $ 27.6 $ 24.46
Granted, shares (in shares) 29,900 25,000 22,400
Granted, Weighted average exercise price (in dollars per share) $ 56.79 $ 53.31 $ 53.87
Exercised, shares (in shares) (95,724) (81,354) (41,695)
Exercised, Weighted average exercise price (in dollars per share) $ 22.05 $ 19.45 $ 14.07
Forfeited, shares (in shares) (3,479) (175) (2,025)
Forfeited, Weighted average exercise price (in dollars per share) $ 39.01 $ 15.65 $ 26.72
Outstanding, shares (in shares) 220,846 290,149 346,678
Outstanding, Weighted average exercise price (in dollars per share) $ 39.7 $ 32.11 $ 27.6
Exercisable, shares (in shares) 158,911 233,967 295,077
Weighted average fair value per option granted (in dollars per share) $ 18.61 $ 16.36 $ 13.97
v3.25.0.1
Note 16 - Stock-Based Compensation - Options Outstanding (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Number Outstanding, Options Outstanding | shares 220,846
Number of Exercisable, Options Exercisable | shares 158,911
$17.49 to $17.86  
Range of Exercise Prices, Lower range limit $ 17.49
Range of Exercise Prices, Upper range limit $ 17.86
Number Outstanding, Options Outstanding | shares 23,869
Weighted Average Remaining Contractual Life, Options Outstanding 1 month 2 days
Weighted Average Exercise Price, Options Outstanding $ 17.49
Number of Exercisable, Options Exercisable | shares 23,869
Weighted Average Exercisable Price, Options Exercisable $ 17.49
$21.71 to $22.64  
Range of Exercise Prices, Lower range limit 21.71
Range of Exercise Prices, Upper range limit $ 22.64
Number Outstanding, Options Outstanding | shares 44,123
Weighted Average Remaining Contractual Life, Options Outstanding 1 year 1 month 2 days
Weighted Average Exercise Price, Options Outstanding $ 22.64
Number of Exercisable, Options Exercisable | shares 44,123
Weighted Average Exercisable Price, Options Exercisable $ 22.64
$29.77 to $36.00  
Range of Exercise Prices, Lower range limit 29.77
Range of Exercise Prices, Upper range limit $ 36
Number Outstanding, Options Outstanding | shares 12,875
Weighted Average Remaining Contractual Life, Options Outstanding 4 years 2 months 1 day
Weighted Average Exercise Price, Options Outstanding $ 36
Number of Exercisable, Options Exercisable | shares 12,875
Weighted Average Exercisable Price, Options Exercisable $ 36
$40.00 to $41.95  
Range of Exercise Prices, Lower range limit 40
Range of Exercise Prices, Upper range limit $ 41.95
Number Outstanding, Options Outstanding | shares 13,602
Weighted Average Remaining Contractual Life, Options Outstanding 5 years 2 months 1 day
Weighted Average Exercise Price, Options Outstanding $ 40
Number of Exercisable, Options Exercisable | shares 13,602
Weighted Average Exercisable Price, Options Exercisable $ 40
$42.65 to $48.50  
Range of Exercise Prices, Lower range limit 42.65
Range of Exercise Prices, Upper range limit $ 48.5
Number Outstanding, Options Outstanding | shares 53,428
Weighted Average Remaining Contractual Life, Options Outstanding 3 years 9 months 10 days
Weighted Average Exercise Price, Options Outstanding $ 43.85
Number of Exercisable, Options Exercisable | shares 48,506
Weighted Average Exercisable Price, Options Exercisable $ 43.88
$53.31 to $56.79  
Range of Exercise Prices, Lower range limit 53.31
Range of Exercise Prices, Upper range limit $ 56.79
Number Outstanding, Options Outstanding | shares 72,949
Weighted Average Remaining Contractual Life, Options Outstanding 8 years 3 months 14 days
Weighted Average Exercise Price, Options Outstanding $ 54.85
Number of Exercisable, Options Exercisable | shares 15,936
Weighted Average Exercisable Price, Options Exercisable $ 53.7
v3.25.0.1
Note 16 - Stock-Based Compensation - Restricted Stock Awards (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock      
Outstanding, beginning (in shares) 88,178 84,115 97,107
Granted (in shares) 1,500 4,500 8,527
Released (in shares) (43,468) (43,331) (47,766)
Forfeited (in shares) (5,297) (3,763) (751)
Outstanding, ending (in shares) 67,624 88,178 84,115
Weighted average fair value per share granted (in dollars per share) $ 58.01 $ 51.64 $ 54.2
Total grant value of awards vested $ 2.6 $ 2.2 $ 2.6
Restricted Stock Units (RSUs)      
Granted (in shares) 64,620 80,820 64,494
Restricted Stock and Restricted Stock Units      
Granted (in shares) 28,211 51,157 35,525
v3.25.0.1
Note 16 - Stock-Based Compensation - Stock Purchase Plan (Details) - Employee Stock Purchase Plan - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares granted 28,746 36,964 28,421
Shares purchased 31,069 35,058 27,103
Weighted average fair value per share granted $ 11.85 $ 8.35 $ 7.88
v3.25.0.1
Note 17 - Regulatory Capital Requirements and Restrictions on Dividends - Capital Requirements (Details)
$ in Thousands
 12 Months Ended
May 19, 2022
shares
Feb. 13, 2020
shares
Dec. 31, 2024
USD ($)
security
shares
Dec. 31, 2023
USD ($)
shares
Banking Regulation, Total Capital, Actual     $ 1,273,903 $ 1,171,047
Total risk-based capital, actual, ratio     0.141 0.1429
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum     $ 723,016 $ 655,461
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.08 0.08
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 948,958 $ 860,293
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.105 0.105
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum     $ 903,770 $ 819,327
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum     0.10 0.10
Banking Regulation, Tier 1 Risk-Based Capital, Actual     $ 955,039 $ 841,052
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual     0.1057 0.1027
Banking Regulation, Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 542,262 $ 491,596
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.06 0.06
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 768,204 $ 696,428
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.085 0.085
Banking Regulation, Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 723,016 $ 655,461
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum     0.08 0.08
Banking Regulation, Tier 1 Leverage Capital, Actual     $ 955,039 $ 841,052
Banking Regulation, Tier 1 Leverage Capital Ratio, Actual     0.1073 0.1003
Banking Regulation, Tier 1 Leverage Capital, Capital Adequacy, Minimum     $ 356,091 $ 335,420
Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum     0.04 0.04
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount     $ 356,091 $ 335,420
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio     0.04 0.04
Banking Regulation, Tier 1 Leverage Capital, Well Capitalized, Minimum     $ 445,114 $ 419,275
Banking Regulation, Tier 1 Leverage Capital Ratio, Well Capitalized, Minimum     0.05 0.05
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Actual     $ 906,179 $ 792,321
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Actual     0.1003 0.0967
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 406,696 $ 368,697
Common equity Tier 1 for capital adequacy purposes, ratio     0.045% 0.045%
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount     $ 632,639 $ 573,529
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio     7.00% 0.07%
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 587,450 $ 532,562
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio     6.50% 0.065%
The number of junior subordinated private placement debentures issued | security     4  
The number of junior subordinated private placement debentures assumed | security     4  
Percentage of outstanding shares under share repurchase program 10.00% 5.00%    
Shares repurchased | shares     0 175,000
Number of shares remaining for repurchase | shares     760,915 760,915
Maximum        
Shares repurchased authorized | shares 1,500,000 800,000    
QCBT        
Banking Regulation, Total Capital, Actual     $ 323,221 $ 300,413
Total risk-based capital, actual, ratio     0.1365 0.1267
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum     $ 189,365 $ 189,707
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.08 0.08
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 248,541 $ 248,990
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.105 0.105
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum     $ 236,706 $ 237,133
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum     0.10 0.10
Banking Regulation, Tier 1 Risk-Based Capital, Actual     $ 293,597 $ 270,744
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual     0.124 0.1142
Banking Regulation, Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 142,024 $ 142,280
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.06 0.06
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 201,200 $ 201,563
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.085 0.085
Banking Regulation, Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 189,365 $ 189,707
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum     0.08 0.08
Banking Regulation, Tier 1 Leverage Capital, Actual     $ 293,597 $ 270,744
Banking Regulation, Tier 1 Leverage Capital Ratio, Actual     0.1141 0.1123
Banking Regulation, Tier 1 Leverage Capital, Capital Adequacy, Minimum     $ 102,969 $ 96,425
Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum     0.04 0.04
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount     $ 102,969 $ 96,425
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio     0.04 0.04
Banking Regulation, Tier 1 Leverage Capital, Well Capitalized, Minimum     $ 128,712 $ 120,531
Banking Regulation, Tier 1 Leverage Capital Ratio, Well Capitalized, Minimum     0.05 0.05
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Actual     $ 293,597 $ 270,744
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Actual     0.124 0.1142
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 106,518 $ 106,710
Common equity Tier 1 for capital adequacy purposes, ratio     0.045% 0.045%
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount     $ 165,694 $ 165,993
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio     7.00% 0.07%
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 153,859 $ 154,137
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio     6.50% 0.065%
CRBT        
Banking Regulation, Total Capital, Actual     $ 452,942 $ 381,514
Total risk-based capital, actual, ratio     0.1479 0.156
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum     $ 245,055 $ 195,687
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.08 0.08
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 321,635 $ 256,840
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.105 0.105
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum     $ 306,319 $ 244,609
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum     0.10 0.10
Banking Regulation, Tier 1 Risk-Based Capital, Actual     $ 424,253 $ 354,940
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual     0.1385 0.1451
Banking Regulation, Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 183,792 $ 146,766
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.06 0.06
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 260,371 $ 207,918
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.085 0.085
Banking Regulation, Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 245,055 $ 195,687
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum     0.08 0.08
Banking Regulation, Tier 1 Leverage Capital, Actual     $ 424,253 $ 354,940
Banking Regulation, Tier 1 Leverage Capital Ratio, Actual     0.164 0.1477
Banking Regulation, Tier 1 Leverage Capital, Capital Adequacy, Minimum     $ 103,449 $ 96,093
Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum     0.04 0.04
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount     $ 103,449 $ 96,093
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio     0.04 0.04
Banking Regulation, Tier 1 Leverage Capital, Well Capitalized, Minimum     $ 129,312 $ 120,116
Banking Regulation, Tier 1 Leverage Capital Ratio, Well Capitalized, Minimum     0.05 0.05
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Actual     $ 424,253 $ 354,940
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Actual     0.1385 0.1451
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 137,844 $ 110,074
Common equity Tier 1 for capital adequacy purposes, ratio     0.045% 0.045%
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount     $ 214,424 $ 171,227
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio     7.00% 0.07%
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 199,108 $ 158,996
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio     6.50% 0.065%
CSB        
Banking Regulation, Total Capital, Actual     $ 189,362 $ 171,747
Total risk-based capital, actual, ratio     0.1294 0.1322
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum     $ 117,065 $ 103,903
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.08 0.08
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 153,648 $ 136,372
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.105 0.105
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum     $ 146,332 $ 129,878
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum     0.10 0.10
Banking Regulation, Tier 1 Risk-Based Capital, Actual     $ 176,646 $ 156,629
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual     0.1207 0.1206
Banking Regulation, Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 87,799 $ 77,927
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.06 0.06
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 124,382 $ 110,397
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.085 0.085
Banking Regulation, Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 117,065 $ 103,903
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum     0.08 0.08
Banking Regulation, Tier 1 Leverage Capital, Actual     $ 176,646 $ 156,629
Banking Regulation, Tier 1 Leverage Capital Ratio, Actual     0.1172 0.1119
Banking Regulation, Tier 1 Leverage Capital, Capital Adequacy, Minimum     $ 60,305 $ 56,005
Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum     0.04 0.04
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount     $ 60,305 $ 56,005
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio     0.04 0.04
Banking Regulation, Tier 1 Leverage Capital, Well Capitalized, Minimum     $ 75,382 $ 70,007
Banking Regulation, Tier 1 Leverage Capital Ratio, Well Capitalized, Minimum     0.05 0.05
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Actual     $ 176,646 $ 156,629
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Actual     0.1207 0.1206
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 65,849 $ 58,445
Common equity Tier 1 for capital adequacy purposes, ratio     0.045% 0.045%
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount     $ 102,432 $ 90,915
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio     7.00% 0.07%
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 95,115 $ 84,421
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio     6.50% 0.065%
Guaranty Bank        
Banking Regulation, Total Capital, Actual     $ 297,047 $ 267,822
Total risk-based capital, actual, ratio     0.1426 0.1268
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum     $ 166,695 $ 168,967
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.08 0.08
Total risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 218,787 $ 221,770
Total risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.105 0.105
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum     $ 208,369 $ 211,209
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum     0.10 0.10
Banking Regulation, Tier 1 Risk-Based Capital, Actual     $ 272,621 $ 244,506
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual     0.1308 0.1158
Banking Regulation, Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 125,021 $ 126,726
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Capital Adequacy, Minimum     0.06 0.06
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, amount     $ 177,113 $ 179,528
Tier 1 risk-based capital for capital adequacy purposes with capital conservation buffer, ratio     0.085 0.085
Banking Regulation, Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 166,695 $ 168,967
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum     0.08 0.08
Banking Regulation, Tier 1 Leverage Capital, Actual     $ 272,621 $ 244,506
Banking Regulation, Tier 1 Leverage Capital Ratio, Actual     0.1215 0.1141
Banking Regulation, Tier 1 Leverage Capital, Capital Adequacy, Minimum     $ 89,770 $ 85,688
Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum     0.04 0.04
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, amount     $ 89,770 $ 85,688
Tier 1 leverage for capital adequacy purposes with capital conservation buffer, ratio     0.04 0.04
Banking Regulation, Tier 1 Leverage Capital, Well Capitalized, Minimum     $ 112,213 $ 107,110
Banking Regulation, Tier 1 Leverage Capital Ratio, Well Capitalized, Minimum     0.05 0.05
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Actual     $ 272,621 $ 244,506
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Actual     0.1308 0.1158
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Capital Adequacy, Minimum     $ 93,766 $ 95,044
Common equity Tier 1 for capital adequacy purposes, ratio     0.045% 0.045%
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, amount     $ 145,858 $ 147,847
Common equity Tier 1 for capital adequacy purposes with capital conservation buffer, ratio     7.00% 0.07%
Banking Regulation, Common Equity Tier 1 Risk-Based Capital, Well Capitalized, Minimum     $ 135,440 $ 137,286
Common equity Tier 1 to be well capitalized under prompt corrective action provisions, ratio     0.065% 0.065%
v3.25.0.1
Note 18 - Earnings per Share - Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings per Share      
Net income $ 113,850 $ 113,558 $ 99,066
Basic EPS $ 6.77 $ 6.79 $ 5.94
Diluted EPS $ 6.71 $ 6.73 $ 5.87
Weighted average common shares outstanding 16,829,004 16,732,406 16,681,844
Weighted average common shares issuable upon exercise of stock options and under the employee stock purchase plan (in shares) 130,849 133,985 208,163
Weighted average common and common equivalent shares outstanding 16,959,853 16,866,391 16,890,007
v3.25.0.1
Note 18 - Earnings per Share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive securities excluded from computation of earnings per share, amount 0 1,762 1,706
Employee Stock Option [Member]      
Antidilutive securities excluded from computation of earnings per share, amount 0 47,164 22,503
v3.25.0.1
Note 19 - Commitments and Contingencies (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Maximum performance guarantee term 1 year  
Liability for potential guarantee obligations $ 0 $ 0
Sale of mortgage loans in the secondary market 2,143 2,594
Loans sold with recourse provisions 21,800 11,000
Amount of uninsured cash 86,000 96,100
Cash Management Program [Member]    
Customer Funds 4,100 1,900
Cash Management Program [Member] | Swap [Member]    
Investment securities pledged 0 5,400
Standby Letters of Credit [Member]    
Other commitment 28,800 23,700
Commitments to Extend Credit [Member]    
Other commitment $ 1,900,000 $ 2,000,000
v3.25.0.1
Note 20 - Parent Company Only Financial Statements - Condensed Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and due from banks $ 91,732 $ 97,123    
Premises and equipment, net 159,153 123,277    
Other assets 227,470 224,975    
Total assets 9,026,030 8,538,894 $ 7,948,837  
Subordinated notes 233,489 233,064    
Junior subordinated debentures 48,860 48,731    
Other liabilities 183,101 204,263    
Total liabilities 8,028,643 7,652,298    
Common stock 16,882 16,749    
Additional paid-in capital 374,975 370,814    
Retained earnings 665,171 554,992    
Accumulated other comprehensive loss (21,676) (19,979) (20,221)  
Total stockholders' equity 997,387 886,596 $ 772,724 $ 677,010
Total liabilities and stockholders' equity 9,026,030 8,538,894    
Reportable Legal Entities [Member] | Parent Company [Member]        
Cash and due from banks 28,635 53,331    
Premises and equipment, net 13,404 9,286    
Other assets 16,370 14,512    
Total assets 1,324,299 1,206,061    
Subordinated notes 233,489 233,064    
Junior subordinated debentures 48,860 48,731    
Other liabilities 44,563 37,670    
Total liabilities 326,912 319,465    
Common stock 16,882 16,749    
Additional paid-in capital 374,975 370,814    
Retained earnings 665,171 554,992    
Accumulated other comprehensive loss (59,641) (55,959)    
Total stockholders' equity 997,387 886,596    
Total liabilities and stockholders' equity 1,324,299 1,206,061    
Reportable Legal Entities [Member] | Parent Company [Member] | Bank Subsidiaries [Member]        
Investment in bank subsidiaries 1,259,571 1,122,803    
Reportable Legal Entities [Member] | Parent Company [Member] | Non-bank Subsidiaries [Member]        
Investment in bank subsidiaries $ 6,319 $ 6,129    
v3.25.0.1
Note 20 - Parent Company Only Financial Statements - Condensed Statements of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest expense $ 250,069 $ 192,404 $ 61,451
Salaries and employee benefits 128,186 136,619 115,368
Acquisition costs     3,715
Post-acquisition compensation, transition and integration costs   207 5,526
Net income before income taxes 122,577 126,620 113,549
Income tax benefit (8,727) (13,062) (14,483)
Net income 113,850 113,558 99,066
Parent Company [Member] | Reportable Legal Entities [Member]      
Total interest income 13   26
Other 369 704 (53)
Total income 142,800 140,375 130,208
Interest expense 17,088 16,066 11,836
Salaries and employee benefits 11,558 9,940 15,551
Professional fees 539 12 1,789
Acquisition costs     3,715
Post-acquisition compensation, transition and integration costs   207 5,526
Other 4,083 3,744 3,331
Total expenses 33,268 29,969 41,748
Net income before income taxes 109,532 110,406 88,460
Income tax benefit 4,318 3,152 10,606
Net income 113,850 113,558 99,066
Parent Company [Member] | Reportable Legal Entities [Member] | Bank Subsidiaries [Member]      
Equity in net income of bank subsidiaries 140,197 137,451 128,941
Parent Company [Member] | Reportable Legal Entities [Member] | Non-bank Subsidiaries [Member]      
Equity in net income of bank subsidiaries $ 2,221 $ 2,220 $ 1,294
v3.25.0.1
Note 20 - Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income $ 113,850 $ 113,558 $ 99,066
Deferred income taxes (7,192) (946) (4,682)
Accretion of acquisition fair value adjustments, net (1,565) (2,173) (8,581)
Depreciation 8,470 8,725 7,662
Deferred compensation expense accrued 5,793 5,677 4,062
Stock-based compensation expense 2,825 2,678 2,438
Net cash provided by operating activities 444,538 376,323 118,699
Net decrease in interest-bearing deposits at financial institutions (38,523) (37,559) 25,066
Net cash paid for acquisitions     (26,871)
Purchase of premises and equipment (44,491) (14,945) (33,261)
Net cash used in investing activities (845,231) (749,269) (634,692)
Proceeds from subordinated notes     100,000
Proceeds from issuance of common stock, net 1,469 1,403 422
Repurchase and cancellation of shares   (8,686) (52,954)
Net cash provided by financing activities 395,302 410,346 538,226
Net increase (decrease) in cash and due from banks (5,391) 37,400 22,233
Parent Company [Member] | Reportable Legal Entities [Member]      
Net income 113,850 113,558 99,066
Deferred income taxes 1,410 (349) (2,443)
Accretion of acquisition fair value adjustments, net 129 129 137
Depreciation 603 576 477
Deferred compensation expense accrued 5,793 4,063 4,062
Stock-based compensation expense 2,825 2,678 2,438
Gain on sale of fixed assets 54    
Decrease (increase) in other assets (794) (2,649) 621
Increase in other liabilities 1,061 9,062 10,827
Net cash provided by operating activities (17,358) (12,489) 20,990
Net decrease in interest-bearing deposits at financial institutions     5,950
Net cash received in dissolution of subsidiary   3,184  
Net cash paid for acquisitions     (26,039)
Purchase of premises and equipment (4,775) (224) (1,484)
Net cash used in investing activities (4,775) (7,040) (21,873)
Proceeds from subordinated notes     100,000
Payment of cash dividends (4,032) (4,029) (3,944)
Proceeds from issuance of common stock, net 1,469 1,403 422
Repurchase and cancellation of shares   (8,686) (52,954)
Net cash provided by financing activities (2,563) (11,312) 43,524
Net increase (decrease) in cash and due from banks (24,696) (30,841) 42,641
Cash and due from banks, beginning 53,331 84,172 41,531
Cash and due from banks, ending 28,635 53,331 84,172
Parent Company [Member] | Reportable Legal Entities [Member] | Bank Subsidiaries [Member]      
Earnings of bank subsidiaries (140,197) (137,451) (128,941)
Parent Company [Member] | Reportable Legal Entities [Member] | Non-bank Subsidiaries [Member]      
Earnings of bank subsidiaries (2,221) (2,220) (1,294)
Distributions from subsidiaries $ 129 114 40
Parent Company [Member] | Reportable Legal Entities [Member] | Bank Subsidiaries [Member]      
Distributions from subsidiaries     36,000
Capital infusion to subsidiaries   $ (10,000)  
Parent Company [Member] | Reportable Legal Entities [Member] | Non-bank Subsidiaries [Member]      
Capital infusion to subsidiaries     $ (300)
v3.25.0.1
Note 21 - Fair Value (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Nov. 26, 2024
USD ($)
Aug. 15, 2024
USD ($)
Dec. 31, 2023
USD ($)
Nov. 16, 2023
USD ($)
Securities available for sale, at fair value $ 281,109     $ 299,655  
Derivatives 186,781     187,341  
Derivatives 214,823     215,735  
Trading securities 83,529     22,369  
Fair Value, Measurements, Recurring          
Derivatives 186,781     187,341  
Total assets measured at fair value 551,419     509,365  
Total liabilities measured at fair value $ 214,823     215,735  
Fair Value, Measurements, Recurring | Discount Rate | Minimum          
Measurement Input 3.21        
Fair Value, Measurements, Recurring | Discount Rate | Maximum          
Measurement Input 6.57        
Fair Value, Measurements, Recurring | Interest rate swaps          
Derivatives $ 214,823     215,735  
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2          
Derivatives 186,781     187,341  
Total assets measured at fair value 467,890     486,996  
Total liabilities measured at fair value 214,823     215,735  
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest rate swaps          
Derivatives 214,823     215,735  
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3          
Total assets measured at fair value 83,529     22,369  
U.S. treasuries and govt. sponsored agency securities          
Securities available for sale, at fair value 20,591     14,973  
U.S. treasuries and govt. sponsored agency securities | Fair Value, Measurements, Recurring          
Securities available for sale, at fair value 20,591     14,973  
U.S. treasuries and govt. sponsored agency securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2          
Securities available for sale, at fair value 20,591     14,973  
Residential mortgage-backed and related securities          
Securities available for sale, at fair value 50,042     59,196  
Residential mortgage-backed and related securities | Fair Value, Measurements, Recurring          
Securities available for sale, at fair value 50,042     59,196  
Residential mortgage-backed and related securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2          
Securities available for sale, at fair value 50,042     59,196  
Municipal securities          
Securities available for sale, at fair value 164,575     170,987  
Municipal securities | Fair Value, Measurements, Recurring          
Securities available for sale, at fair value 164,575     170,987  
Municipal securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2          
Securities available for sale, at fair value 164,575     170,987  
Asset-backed securities          
Securities available for sale, at fair value 9,224     15,423  
Asset-backed securities | Fair Value, Measurements, Recurring          
Securities available for sale, at fair value 9,224     15,423  
Asset-backed securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2          
Securities available for sale, at fair value 9,224     15,423  
Other securities | Fair Value, Measurements, Recurring          
Securities available for sale, at fair value 36,677     39,076  
Other securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2          
Securities available for sale, at fair value 36,677     39,076  
Securities trading | Fair Value, Measurements, Recurring          
Securities available for sale, at fair value 83,529     22,369  
Securities trading | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3          
Securities available for sale, at fair value $ 83,529     $ 22,369  
Tax exempt LIHTC loans          
Trading securities     $ 36,700    
Q-series Tax exempt LIHTC loans          
Trading securities   $ 23,600     $ 6,200
v3.25.0.1
Note 21 - Fair Value - Changes In Fair Values of Trading Securities (Details) - Trading securities - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Balance at the beginning of the period $ 22,369  
Trading securities purchased 60,233 $ 22,369
Paydowns (13)  
Premium amortization (616)  
Fair value gain (loss) $ 1,556  
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Fair Value Gain Loss On Derivatives An Trading Securities Fair Value Gain Loss On Derivatives An Trading Securities
Balance at the end of the period $ 83,529 $ 22,369
v3.25.0.1
Note 21 - Fair Value - Quantitative Information About Level Fair Value Measurements (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value, Measurements, Nonrecurring    
Fair value $ 55,148 $ 35,111
Minimum | Valuation Technique, Appraisal of Collateral | Measurement Input, Appraised Value    
OREO, measurement input (0.10)  
Maximum | Valuation Technique, Appraisal of Collateral | Measurement Input, Appraised Value    
OREO, measurement input (0.30)  
Impaired Loans Leases | Fair Value, Measurements, Nonrecurring    
Fair value $ 54,434 33,656
Other Real Estate Owned | Fair Value, Measurements, Nonrecurring    
Fair value 714 1,455
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring    
Fair value 55,148 35,111
Fair Value, Inputs, Level 3 | Valuation Technique, Appraisal of Collateral | Measurement Input, Appraised Value    
Loans receivable held for sale in preparation for securitization $ 54,434 $ 33,656
Loans receivable held-for-sale, Valuation Technique us-gaap:MarketApproachValuationTechniqueMember us-gaap:MarketApproachValuationTechniqueMember
Loans receivable held-for-sale, Measurement Input us-gaap:MeasurementInputComparabilityAdjustmentMember us-gaap:MeasurementInputComparabilityAdjustmentMember
Fair Value, Inputs, Level 3 | Impaired Loans Leases | Fair Value, Measurements, Nonrecurring    
Fair value $ 54,434 $ 33,656
Fair Value, Inputs, Level 3 | Other Real Estate Owned | Fair Value, Measurements, Nonrecurring    
Fair value 714 1,455
Fair Value, Inputs, Level 3 | Other Real Estate Owned | Valuation Technique, Appraisal of Collateral | Measurement Input, Appraised Value    
Fair value $ 714 $ 1,455
Valuation technique, OREO Valuation Technique, Appraisal of Collateral Valuation Technique, Appraisal of Collateral
Unobservable input, OREO Measurement Input, Appraised Value Measurement Input, Appraised Value
Fair Value, Inputs, Level 3 | Other Real Estate Owned | Minimum | Valuation Technique, Appraisal of Collateral | Measurement Input, Appraised Value    
OREO, measurement input 0  
Fair Value, Inputs, Level 3 | Other Real Estate Owned | Maximum | Valuation Technique, Appraisal of Collateral | Measurement Input, Appraised Value    
OREO, measurement input (0.35)  
v3.25.0.1
Note 21 - Fair Value - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Interest-bearing deposits at financial institutions $ 143,442 $ 104,919
Securities held to maturity, fair value 800,583 680,279
Securities available for sale, at fair value 281,109 299,655
Derivatives 186,781 187,341
Subordinated notes 233,489 233,064
Derivatives 214,823 215,735
Fair Value, Inputs, Level 1 | Carrying Value    
Cash and due from banks 91,732 97,123
Fair Value, Inputs, Level 1 | Estimated of Fair Value    
Cash and due from banks 91,732 97,123
Fair Value, Inputs, Level 2 | Carrying Value    
Federal funds sold 27,150 35,450
Securities held to maturity, fair value 835,797 683,504
Securities available for sale, at fair value 281,109 299,655
Loans/leases receivable, net 6,644,161 6,425,053
Short-term borrowings 1,800 1,500
FHLB advances 285,383 435,000
Subordinated notes 233,489 233,064
Junior subordinated debentures 48,860 48,731
Fair Value, Inputs, Level 2 | Carrying Value | Non-maturity Deposits    
Deposits 5,835,362 5,504,323
Fair Value, Inputs, Level 2 | Carrying Value | Time Deposits    
Deposits 1,225,825 1,009,682
Fair Value, Inputs, Level 2 | Carrying Value | Interest rate caps    
Derivatives 186,781 187,341
Fair Value, Inputs, Level 2 | Carrying Value | Interest rate swaps    
Derivatives 214,823 215,735
Fair Value, Inputs, Level 2 | Carrying Value | Interest-bearing Deposits    
Interest-bearing deposits at financial institutions 143,442 104,919
Fair Value, Inputs, Level 2 | Estimated of Fair Value    
Federal funds sold 27,150 35,450
Securities held to maturity, fair value 800,583 680,279
Securities available for sale, at fair value 281,109 299,655
Loans/leases receivable, net 6,325,156 6,125,433
Short-term borrowings 1,800 1,500
FHLB advances 285,196 437,178
Subordinated notes 238,873 240,235
Junior subordinated debentures 41,638 40,397
Fair Value, Inputs, Level 2 | Estimated of Fair Value | Non-maturity Deposits    
Deposits 5,835,362 5,504,323
Fair Value, Inputs, Level 2 | Estimated of Fair Value | Time Deposits    
Deposits 1,222,482 996,746
Fair Value, Inputs, Level 2 | Estimated of Fair Value | Interest rate caps    
Derivatives 186,781 187,341
Fair Value, Inputs, Level 2 | Estimated of Fair Value | Interest rate swaps    
Derivatives 214,823 215,735
Fair Value, Inputs, Level 2 | Estimated of Fair Value | Interest-bearing Deposits    
Interest-bearing deposits at financial institutions 143,442 104,919
Fair Value, Inputs, Level 3 | Carrying Value    
Trading 83,529 22,369
Loans/leases receivable, net 50,402 31,163
Fair Value, Inputs, Level 3 | Estimated of Fair Value    
Trading 83,529 22,369
Loans/leases receivable, net 54,434 33,656
Fair Value, Measurements, Recurring    
Derivatives 186,781 187,341
Fair Value, Measurements, Recurring | Interest rate swaps    
Derivatives 214,823 215,735
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2    
Derivatives 186,781 187,341
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest rate swaps    
Derivatives $ 214,823 $ 215,735
v3.25.0.1
Note 22 - Business Segment Information (Details)
Dec. 31, 2024
subsidiary
Number of subsidiaries commercial banks 4
Commercial Banking  
Number of subsidiaries commercial banks 4
v3.25.0.1
Note 22 - Business Segment Information - Selected Financial Information on the Company's Business Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and dividend income $ 481,857 $ 413,410 $ 292,571  
Interest expense 250,069 192,404 61,451  
Net interest income 231,788 221,006 231,120  
Provision for credit losses 17,098 16,539 8,284  
Noninterest income        
Capital markets revenue 71,057 92,065 41,309  
Other segment revenue items 44,472 40,619 39,420  
Total noninterest income 115,529 132,684 80,729  
Noninterest expense        
Salaries and benefits expense 128,186 136,619 115,368  
Occupancy expense 25,413 25,031 21,975  
Other segment expense items 54,043 48,881 52,673  
Total noninterest expense 207,642 210,531 190,016  
Income tax expense 8,727 13,062 14,483  
Net income 113,850 113,558 99,066  
Goodwill 138,595 139,027 137,607 $ 74,066
Intangibles 11,061 13,821 16,759  
Total assets 9,026,030 8,538,894 7,948,837  
Commercial Banking | QCBT        
Noninterest expense        
Goodwill 2,791 3,223 3,223  
Commercial Banking | CRBT        
Noninterest expense        
Goodwill 14,980 14,980 14,980  
Commercial Banking | CSB        
Noninterest expense        
Goodwill 9,888 9,888 9,888  
Commercial Banking | GB        
Noninterest expense        
Goodwill 110,936 110,936 109,516  
Operating Segments | Commercial Banking | QCBT        
Interest and dividend income 148,530 128,280 88,195  
Interest expense 76,027 60,379 16,591  
Net interest income 72,503 67,901 71,604  
Provision for credit losses 10,460 12,512 1,073  
Noninterest income        
Capital markets revenue 270 246 479  
Other segment revenue items 19,115 16,849 14,946  
Total noninterest income 19,385 17,095 15,425  
Noninterest expense        
Salaries and benefits expense 32,062 28,470 27,895  
Occupancy expense 5,963 5,627 4,953  
Other segment expense items 18,954 14,693 12,148  
Total noninterest expense 56,979 48,790 44,996  
Income tax expense 2,019 1,927 7,110  
Net income 22,430 21,767 33,850  
Goodwill 2,791 3,223 3,223  
Total assets 2,588,587 2,448,957 2,312,012  
Operating Segments | Commercial Banking | CRBT        
Interest and dividend income 126,316 108,113 75,411  
Interest expense 54,476 40,700 10,019  
Net interest income 71,840 67,413 65,392  
Provision for credit losses 5,365 2,139 (961)  
Noninterest income        
Capital markets revenue 62,418 82,593 38,772  
Other segment revenue items 10,666 10,587 13,887  
Total noninterest income 73,084 93,180 52,659  
Noninterest expense        
Salaries and benefits expense 36,521 51,733 36,339  
Occupancy expense 6,221 6,029 5,376  
Other segment expense items 14,373 14,457 12,537  
Total noninterest expense 57,115 72,219 54,252  
Income tax expense 10,383 13,857 11,185  
Net income 72,061 72,378 53,575  
Goodwill 14,980 14,980 14,980  
Intangibles 628 883 1,225  
Total assets 2,614,570 2,419,146 2,185,500  
Operating Segments | Commercial Banking | CSB        
Interest and dividend income 80,650 68,069 48,604  
Interest expense 34,762 24,413 7,824  
Net interest income 45,888 43,656 40,780  
Provision for credit losses (154) 1,248 (1,336)  
Noninterest income        
Capital markets revenue     144  
Other segment revenue items 5,603 5,184 5,381  
Total noninterest income 5,603 5,184 5,525  
Noninterest expense        
Salaries and benefits expense 18,403 16,749 16,180  
Occupancy expense 4,577 4,489 4,513  
Other segment expense items 8,480 7,997 7,961  
Total noninterest expense 31,460 29,235 28,654  
Income tax expense 619 330 1,762  
Net income 19,566 18,027 17,225  
Goodwill 9,888 9,888 9,888  
Intangibles 865 1,430 2,027  
Total assets 1,531,559 1,426,202 1,297,812  
Operating Segments | Commercial Banking | GB        
Interest and dividend income 126,977 110,130 79,266  
Interest expense 70,143 53,464 15,532  
Net interest income 56,834 56,666 63,734  
Provision for credit losses 1,427 640 9,508  
Noninterest income        
Capital markets revenue 8,369 9,226 1,914  
Other segment revenue items 10,326 8,682 6,700  
Total noninterest income 18,695 17,908 8,614  
Noninterest expense        
Salaries and benefits expense 29,642 29,727 19,403  
Occupancy expense 6,700 7,108 5,447  
Other segment expense items 11,651 11,749 8,606  
Total noninterest expense 47,993 48,584 33,456  
Income tax expense (30) 71 5,094  
Net income 26,139 25,279 24,290  
Goodwill 110,936 110,936 109,516  
Intangibles 9,568 11,508 13,507  
Total assets 2,342,958 2,281,296 2,146,474  
Operating Segments | Other Segments        
Interest and dividend income 294 181 58  
Interest expense 17,088 16,066 11,835  
Net interest income (16,794) (15,885) (11,777)  
Noninterest income        
Other segment revenue items 145,001 142,427 131,865  
Total noninterest income 145,001 142,427 131,865  
Noninterest expense        
Salaries and benefits expense 11,558 9,940 15,551  
Occupancy expense 1,952 1,778 1,686  
Other segment expense items 3,004 2,284 13,215  
Total noninterest expense 16,514 14,002 30,452  
Income tax expense (4,264) (3,123) (10,668)  
Net income 115,957 115,663 100,304  
Total assets 1,332,834 1,213,954 1,086,351  
Intersegment Eliminations        
Interest and dividend income (910) (1,363) 1,037  
Interest expense (2,427) (2,618) (350)  
Net interest income 1,517 1,255 1,387  
Noninterest income        
Other segment revenue items (146,239) (143,110) (133,359)  
Total noninterest income (146,239) (143,110) (133,359)  
Noninterest expense        
Other segment expense items (2,419) (2,299) (1,794)  
Total noninterest expense (2,419) (2,299) (1,794)  
Net income (142,303) (139,556) (130,178)  
Total assets $ (1,384,478) $ (1,250,661) $ (1,079,312)  
v3.25.0.1
Note 22 - Business Segment Information - Intercompany Eliminations (Details) - Intersegment Eliminations - Commercial Banking - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity in net income of subsidiary bank $ 140,197 $ 137,451 $ 128,940
Investment in subsidiary bank 1,259,571 1,122,803 965,973
QCBT      
Equity in net income of subsidiary bank 22,430 21,766 33,850
Investment in subsidiary bank 280,945 260,160 238,631
CRBT      
Equity in net income of subsidiary bank 72,061 72,378 53,576
Investment in subsidiary bank 423,857 353,299 277,812
CSB      
Equity in net income of subsidiary bank 19,566 18,027 17,225
Investment in subsidiary bank 173,133 153,838 122,826
GB      
Equity in net income of subsidiary bank 26,140 25,280 24,289
Investment in subsidiary bank $ 381,636 $ 355,506 $ 326,704