Note 5 - DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2025

DERIVATIVES AND HEDGING ACTIVITIES

Summary of derivatives


		June 30, 2025			December 31, 2024

		(dollars in thousands)
Assets:
Hedged Derivatives
Cash Flow Hedges
Interest rate swaps		$	852		$	1,905
Interest rate collars			14			—
Unhedged Derivatives
Interest rate caps			—			118
Swaptions			416			998
Interest rate swaps			183,700			183,760
		$	184,982		$	186,781

Liabilities:
Hedged Derivatives
Cash Flow Hedges
Interest rate swaps		$	(23,056)		$	(30,623)
Interest rate collars			(356)			(105)
Fair Value Hedges
Interest rate swaps			(2,393)			(335)
Unhedged Derivatives
Interest rate swaps			(183,700)			(183,760)
		$	(209,505)		$	(214,823)

Summary of impact of AOCI


		Three Months Ended June 30, 2025							Three Months Ended June 30, 2024
		Interest and			Interest				Interest and			Interest
		Dividend Income			Expense				Dividend Income			Expense

		(dollars in thousands)
Income and expense line items presented in the consolidated statements of income		$	120,247		$	58,165			$	119,746		$	63,583

The effects of cash flow hedging:
Gain (loss) on interest rate caps and collars on deposits			-			-				-			(1,039)
Gain (loss) on interest rate swaps on debt			-			(210)				-			(337)
Loss on interest rate swaps and collars on loans			(2,109)			-				(2,987)			-

The effects of fair value hedging:
Gain on interest rate swaps on loans			165			-				985			-


		Six Months Ended June 30, 2025							Six Months Ended June 30, 2024
		Interest and			Interest				Interest and			Interest
		Dividend Income			Expense				Dividend Income			Expense

		(dollars in thousands)

Income and expense line items presented in the consolidated statements of income		$	236,920		$	114,852			$	234,795		$	123,933

The effects of cash flow hedging:
Gain (loss) on interest rate caps and collars on deposits			-			(117)				-			(2,155)
Gain (loss) on interest rate swaps on debt			-			(419)				-			(673)
(Gain) loss on interest rate swaps and collars on loans			(4,192)			-				(5,961)			-

The effects of fair value hedging:
Gain on interest rate swaps on loans			335			-				1,962			-

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


		June 30, 2025			December 31, 2024

		(dollars in thousands)

Cash		$	41,911		$	39,431
U.S. govt. sponsored agency securities			6,469			6,222
Municipal securities			140,958			151,107
Residential mortgage-backed and related securities			25,272			18,132
		$	214,610		$	214,892

Interest rate collars

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative


																	Fair Value as of
Hedged Item		Effective Date		Maturity Date		Location		Notional Amount			Cap Strike Rate			Floor Strike Rate			June 30, 2025			December 31, 2024
(dollars in thousands)

Loans		10/1/2022		10/1/2026		Derivatives - Assets (Liabilities)		$	50,000		4.40	%		2.44	%		$	14		$	(105)


						Balance Sheet											Fair Value as of
Hedged Item		Effective Date		Maturity Date		Location		Notional Amount			Cap Strike Rate			Floor Strike Rate			June 30, 2025				December 31, 2024
(dollars in thousands)

Deposits		5/1/2025		11/1/2027		Derivatives - Liabilities		$	50,000		4.40	%		2.24	%		$	(77)			$	N/A
Deposits		5/1/2025		5/1/2028		Derivatives - Liabilities			50,000		4.40	%		2.34	%			(117)				N/A
Deposits		5/1/2025		11/1/2028		Derivatives - Liabilities			50,000		4.40	%		2.43	%			(162)				N/A
								$	150,000								$	(356)			$	N/A

Interest rate swaps

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative


						Balance Sheet		Notional									Fair Value as of
Hedged Item		Effective Date		Maturity Date		Location		Amount			Receive Rate			Pay Rate			June 30, 2025			December 31, 2024
(dollars in thousands)

QCR Holdings Statutory Trust V		7/7/2018		7/7/2028		Derivatives - Assets		$	10,000		6.61	%		4.54	%		$	185		$	427
Community National Statutory Trust III		9/15/2018		9/15/2028		Derivatives - Assets			3,500		6.33	%		4.75	%			86			197
Guaranty Bankshares Statutory Trust I		9/15/2018		9/15/2028		Derivatives - Assets			4,500		6.33	%		4.75	%			67			153
Community National Statutory Trust II		9/20/2018		9/20/2028		Derivatives - Assets			3,000		6.76	%		5.17	%			58			132
QCR Holdings Statutory Trust II		9/30/2018		9/30/2028		Derivatives - Assets			10,000		7.41	%		5.85	%			193			443
QCR Holdings Statutory Trust III		9/30/2018		9/30/2028		Derivatives - Assets			8,000		7.41	%		5.85	%			154			353
Guaranty Statutory Trust II		5/23/2019		2/23/2026		Derivatives - Assets			10,310		6.04	%		4.09	%			109			200
QCR Holdings Subordinated Note		3/1/2024		2/15/2028		Derivatives - Liabilities			65,000		4.36	%		4.02	%			(1,063)			(50)
								$	114,310								$	(211)		$	1,855


						Balance Sheet													Fair Value as of
Hedged Item		Effective Date		Maturity Date		Location		Notional Amount				Receive Rate				Pay Rate			June 30, 2025			December 31, 2024
(dollars in thousands)

Loans		7/1/2021		7/1/2031		Derivatives - Liabilities		$	35,000			1.40	%			4.43	%		$	(4,098)		$	(5,445)
Loans		7/1/2021		7/1/2031		Derivatives - Liabilities			50,000			1.40	%			4.43	%			(5,855)			(7,779)
Loans		7/1/2021		7/1/2031		Derivatives - Liabilities			40,000			1.40	%			4.43	%			(4,693)			(6,233)
Loans		10/1/2022		7/1/2031		Derivatives - Liabilities			25,000			1.30	%			4.43	%			(2,950)			(3,916)
Loans		4/1/2022		4/1/2027		Derivatives - Liabilities			15,000			1.91	%			4.43	%			(440)			(720)
Loans		4/1/2022		4/1/2027		Derivatives - Liabilities			50,000			1.91	%			4.43	%			(1,466)			(2,400)
Loans		4/1/2022		4/1/2027		Derivatives - Liabilities			35,000			1.91	%			4.43	%			(1,026)			(1,680)
Loans		4/1/2022		4/1/2027		Derivatives - Liabilities			50,000			1.91	%			4.43	%			(1,465)			(2,400)
								$	300,000										$	(21,993)		$	(30,573)



						Balance Sheet												Fair Value as of
Hedged Item		Effective Date		Maturity Date		Location		Notional Amount			Receive Rate				Pay Rate			June 30, 2025			December 31, 2024
(dollars in thousands)

Loans		7/12/2023		8/1/2025		Derivatives - Liabilities		$	15,000		4.32	%			4.60	%		$	(3)		$	(35)
Loans		7/12/2023		2/1/2026		Derivatives - Liabilities			25,000		4.32	%			4.38	%			(47)			(77)
Loans		7/12/2023		2/1/2026		Derivatives - Liabilities			15,000		4.32	%			4.38	%			(28)			(46)
Loans		7/12/2023		2/1/2026		Derivatives - Liabilities			20,000		4.32	%			4.38	%			(37)			(61)
Loans		7/12/2023		8/1/2026		Derivatives - Liabilities			30,000		4.32	%			4.21	%			(144)			(79)
Loans		7/12/2023		8/1/2026		Derivatives - Liabilities			15,000		4.32	%			4.21	%			(72)			(40)
Loans		7/12/2023		8/1/2026		Derivatives - Liabilities			20,000		4.32	%			4.21	%			(96)			(53)
Loans		7/12/2023		2/1/2027		Derivatives - Liabilities			32,500		4.32	%			4.08	%			(270)			(44)
Loans		7/12/2023		2/1/2027		Derivatives - Liabilities			15,000		4.32	%			4.08	%			(125)			(20)
Loans		7/12/2023		2/1/2027		Derivatives - Liabilities			20,000		4.32	%			4.08	%			(166)			(27)
Loans		7/12/2023		8/1/2027		Derivatives - Liabilities			32,500		4.32	%			3.98	%			(364)			14
Loans		7/12/2023		8/1/2027		Derivatives - Liabilities			15,000		4.32	%			3.98	%			(168)			6
Loans		7/12/2023		8/1/2027		Derivatives - Liabilities			25,000		4.32	%			3.98	%			(280)			11
Loans		7/12/2023		2/1/2028		Derivatives - Liabilities			30,000		4.32	%			3.90	%			(395)			77
Loans		7/12/2023		2/1/2028		Derivatives - Liabilities			15,000		4.32	%			3.90	%			(198)			39
								$	325,000									$	(2,393)		$	(335)

Changes in the fair value of the underlying derivative contracts


				As of June 30, 2025					As of December 31, 2024
			Notional Amount			Estimated Fair Value			Notional Amount			Estimated Fair Value

			(dollars in thousands)
Non-Hedging Interest Rate Derivatives Assets:
Interest rate swap contracts			$	4,339,462		$	183,700		$	4,148,306		$	183,760
Non-Hedging Interest Rate Derivatives Liabilities:				-
Interest rate swap contracts			$	4,339,462		$	183,700		$	4,148,306		$	183,760

Interest rate caps

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of fair value of derivative

Balance Sheet

Fair Value as of

Effective Date

Maturity Date

Location

Notional Amount

Strike Rate

June 30, 2025

December 31, 2024

(dollars in thousands)

3/1/2020

3/3/2025

Derivatives - Assets

$

25,000

1.90

%

$

-

$

118

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			June 30, 2025			December 31, 2024
(dollars in thousands)

7/30/2024		7/30/2025		Derivatives - Assets		$	77,600		2.13	%		$	-		$	37
7/30/2024		7/30/2025		Derivatives - Assets			33,100		2.62	%			43			54
7/30/2024		7/30/2025		Derivatives - Assets			28,254		2.12	%			26			48
7/30/2024		7/30/2025		Derivatives - Assets			66,247		2.63	%			-			33
7/30/2024		1/29/2026		Derivatives - Assets			20,750		2.63	%			89			102
7/30/2024		1/29/2026		Derivatives - Assets			41,700		2.13	%			61			77
7/30/2024		1/30/2026		Derivatives - Assets			36,546		2.14	%			23			70
7/30/2024		1/30/2026		Derivatives - Assets			18,453		2.64	%			39			93
7/30/2024		7/30/2026		Derivatives - Assets			16,100		2.64	%			-			140
7/30/2024		7/30/2026		Derivatives - Assets			29,800		2.14	%			-			116
7/30/2024		7/30/2026		Derivatives - Assets			25,971		2.14	%			54			103
7/30/2024		7/30/2026		Derivatives - Assets			14,280		2.64	%			81			125
						$	408,801					$	416		$	998