LOANS (Tables)

12 Months Ended

Dec. 31, 2014

LOANS

Schedule of loans

	2014		2013
Commercial	$	47,184,681	$	34,653,869
Real estate construction	16,938,022		11,176,919
Real estate mortgage:
1-4 family residential	189,458,304		194,387,543
Multi-family residential	34,415,293		16,420,429
Non-farm & non-residential	161,821,521		126,791,109
Agricultural	71,344,589		68,002,303
Consumer	16,863,459		17,064,948
Other	279,403		157,852
	$	538,305,272	$	468,654,972

Schedule of activity in the allowance for loan losses

The following table presents the activity in the allowance for loan losses by portfolio segment for the years ending December 31, 2014, 2013 and 2012 (in thousands):

December 31, 2014

	Beginning									Ending
	Balance		Charge-offs		Recoveries		Provision			Balance
Commercial	$	230	$	258	$	—	$	367		$	339
Real estate Construction	358		—		14		74			446
Real estate mortgage:
1-4 family residential	2,169		274		59		(125		)	1,829
Multi-family residential	427		42		57		53			495
Non-farm & non-residential	564		—		368		(119		)	813
Agricultural	578		8		27		401			998
Consumer	548		239		67		144			520
Other	51		519		369		131			32
Unallocated	516		—		—		24			540
	$	5,441	$	1,340	$	961	$	950		$	6,012

December 31, 2013

	Beginning									Ending
	Balance		Charge-offs		Recoveries		Provision			Balance
Commercial	$	150	$	12	$	28	$	64		$	230
Real estate Construction	918		578		23		(5		)	358
Real estate mortgage:
1-4 family residential	1,989		262		63		379			2,169
Multi-family residential	414		161		113		61			427
Non-farm & non-residential	628		99		18		17			564
Agricultural	845		109		24		(182		)	578
Consumer	517		460		35		456			548
Other	54		623		344		276			51
Unallocated	532		—		—		(16		)	516
	$	6,047	$	2,304	$	648	$	1,050		$	5,441

December 31, 2012

	Beginning									Ending
	Balance		Charge-offs		Recoveries		Provision			Balance
Commercial	$	192	$	21	$	24	$	(45	)	$	150
Real estate Construction	1,008		74		19		(35		)	918
Real estate mortgage:
1-4 family residential	2,257		1,090		38		784			1,989
Multi-family residential	336		88		1		165			414
Non-farm & non-residential	410		126		1		343			628
Agricultural	721		15		9		130			845
Consumer	524		424		64		353			517
Other	50		497		334		167			54
Unallocated	344		—		—		188			532
	$	5,842	$	2,335	$	490	$	2,050		$	6,047

Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method

The following tables present the balance in the allowance for loan losses and the recorded investment (excluding accrued interest receivable amounting to $2,027,176 and $2,302,435) in loans by portfolio segment and based on impairment method as of December 31, 2014 and December 31, 2013 (in thousands):

As of December 31, 2014

	Individually		Collectively
	Evaluated for		Evaluated for
	Impairment		Impairment		Total
Allowance for Loan Losses:
Commercial	$	—	$	339	$	339
Real estate construction	—		446		446
Real estate mortgage:
1-4 family residential	56		1,773		1,829
Multi-family residential	94		401		495
Non-farm & non-residential	136		677		813
Agricultural	712		286		998
Consumer	—		520		520
Other	—		32		32
Unallocated	—		540		540
	$	998	$	5,014	$	6,012
Loans:
Commercial	$	—	$	47,185	$	47,185
Real estate construction	—		16,938		16,938
Real estate mortgage:
1-4 family residential	2,098		187,360		189,458
Multi-family residential	264		34,151		34,415
Non-farm & non-residential	2,958		158,864		161,822
Agricultural	8,479		62,866		71,345
Consumer	—		16,863		16,863
Other	—		279		279
	$	13,799	$	524,506	$	538,305

As of December 31, 2013

	Individually		Collectively
	Evaluated for		Evaluated for
	Impairment		Impairment		Total
Allowance for Loan Losses:
Commercial	$	—	$	230	$	230
Real estate construction	—		358		358
Real estate mortgage:
1-4 family residential	228		1,941		2,169
Multi-family residential	76		351		427
Non-farm & non-residential	110		454		564
Agricultural	298		280		578
Consumer	—		548		548
Other	—		51		51
Unallocated	—		516		516
	$	712	$	4,729	$	5,441
Loans:
Commercial	$	—	$	34,654	$	34,654
Real estate construction	—		11,177		11,177
Real estate mortgage:
1-4 family residential	2,873		191,515		194,388
Multi-family residential	274		16,146		16,420
Non-farm & non-residential	2,716		124,075		126,791
Agricultural	7,673		60,329		68,002
Consumer	—		17,065		17,065
Other	—		158		158
	$	13,536	$	455,119	$	468,655

Schedule of loans individually evaluated for impairment by class of loans

The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2014 (in thousands):

	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded:
Commercial	$	—	$	—	$	—	$	—	$	—	$	—
Real estate construction	—		—		—		—		—		—
Real estate mortgage:
1-4 family residential	1,618		1,618		—		1,147		25		25
Multi-family residential	—		—		—		—		—		—
Non-farm & non-residential	—		—		—		552		—		—
Agricultural	442		442		—		2,696		29		29
Consumer	—		—		—		—		—		—
Other	—		—		—		—		—		—
With an allowance recorded:
Commercial	—		—		—		—		—		—
Real estate construction	—		—		—		—		—		—
Real estate mortgage
1-4 family residential	480		480		56		990		18		18
Multi-family residential	264		264		94		284		5		5
Non-farm & non-residential	2,958		2,958		136		3,173		115		115
Agricultural	8,037		8,037		712		5,341		116		116
Consumer	—		—		—		—		—		—
Other	—		—		—		—				—
Total	$	13,799	$	13,799	$	998	$	14,183	$	308	$	308

The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013 (in thousands):

	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded:
Commercial	$	—	$	—	$	—	$	—	$	—	$	—
Real estate construction	—		—		—		—		—		—
Real estate mortgage:
1-4 family residential	824		793		—		1,217		28		28
Multi-family residential	—		—		—		—		—		—
Non-farm & non-residential	1,650		803		—		1,471		81		81
Agricultural	2,912		2,826		—		2,802		123		123
Consumer	—		—		—		—		—		—
Other	—		—		—		—		—		—
With an allowance recorded:
Commercial	—		—		—		—		—		—
Real estate construction	—		—		—		607		—		—
Real estate mortgage
1-4 family residential	2,080		2,080		228		1,349		96		96
Multi-family residential	274		274		76		443		3		3
Non-farm & non-residential	1,913		1,913		110		1,938		79		79
Agricultural	4,847		4,847		298		4,864		287		287
Consumer	—		—		—		—		—		—
Other	—		—		—		—				—
Total	$	14,500	$	13,536	$	712	$	14,691	$	697	$	697

The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2012 (in thousands):

	Unpaid				Allowance for		Average		Interest		Cash Basis
	Principal		Recorded		Loan Losses		Recorded		Income		Interest
	Balance		Investment		Allocated		Investment		Recognized		Recognized
With no related allowance recorded:
Commercial	$	—	$	—	$	—	$	—	$	—	$	—
Real estate construction	—		—		—		640		—		—
Real estate mortgage:
1-4 family residential	2,272		2,243		—		1,322		75		75
Multi-family residential	—		—		—		41		—		—
Non-farm & non-residential	2,775		2,008		—		1,756		158		158
Agricultural	2,657		2,657		—		1,432		275		275
Consumer	—		—		—		—		—		—
Other	—		—		—		—		—		—
With an allowance recorded:
Commercial	—		—		—		—		—		—
Real estate construction	3,035		3,035		503		2,020		111		111
Real estate mortgage:
1-4 family residential	1,367		1,367		109		976		57		57
Multi-family residential	311		311		147		225		12		12
Non-farm & non-residential	2,175		2,175		150		1,189		104		104
Agricultural	5,388		5,388		549		4,024		252		252
Consumer	—		—		—		—		—		—
Other	—		—		—		—				—
Total	$	19,980	$	19,184	$	1,458	$	13,625	$	1,044	$	1,044

Schedule of recorded investment in nonaccrual, loans past due over 90 days still on accrual and accruing troubled debt restructurings by class of loans

The following tables present the recorded investment in nonaccrual and loans past due over 90 days still on accrual by class of loans as of December 31, 2014 and 2013 (in thousands):

As of December 31, 2014

			Loans Past Due
			Over 90 Days
			Still		Troubled Debt
	Nonaccrual		Accruing		Restructurings
Commercial	$	25	$	—	$	—
Real estate construction	142		—		—
Real estate mortgage:
1-4 family residential	1,390		23		480
Multi-family residential	264		—		—
Non-farm & non-residential	380		—		1,829
Agricultural	4,371		—		3,829
Consumer	5		1		—
Other	—		—		—
Total	$	6,577	$	24	$	6,138

As of December 31, 2013

			Loans Past Due
			Over 90 Days
			Still		Troubled Debt
	Nonaccrual		Accruing		Restructurings
Commercial	$	—	$	—	$	—
Real estate construction	—		—		—
Real estate mortgage:
1-4 family residential	1,171		314		493
Multi-family residential	275		—		—
Non-farm & non-residential	803		—		1,878
Agricultural	717		232		4,530
Consumer	8		8		—
Other	—		—		—
Total	$	2,974	$	554	$	6,901

Schedule of aging of the recorded investment in past due and non-accrual loans

The following tables present the aging of the recorded investment in past due and non-accrual loans as of December 31, 2014 and 2013 by class of loans (in thousands):

2014

	30—59		60—89		Greater than				Total
	Days		Days		90 Days				Past Due &		Loans Not
	Past Due		Past Due		Past Due		Non-accrual		Non-accrual		Past Due
Commercial	$	92	$	—	$	—	$	25	$	117	$	47,068
Real estate construction	—		—		—		142		142		16,796
Real estate mortgage:
1-4 family residential	1,531		232		23		1,390		3,176		186,282
Multi-family residential	—		131		—		264		395		34,020
Non-farm & non-residential	67		—		—		380		447		161,375
Agricultural	7		11		—		4,371		4,389		66,956
Consumer	130		25		1		5		161		16,702
Other	—		—		—		—		—		279
Total	$	1,827	$	399	$	24	$	6,577	$	8,827	$	529,478

2013

	30—59		60—89		Greater than				Total
	Days		Days		90 Days				Past Due &		Loans Not
	Past Due		Past Due		Past Due		Non-accrual		Non-accrual		Past Due
Commercial	$	49	$	—	$	—	$	—	$	49	$	34,605
Real estate construction	175		—		—		—		175		11,002
Real estate mortgage:
1-4 family residential	1,981		1,285		314		1,171		4,751		189,637
Multi-family residential	—		—		—		275		275		16,145
Non-farm & non-residential	503		—		—		803		1,306		125,485
Agricultural	155		—		232		717		1,104		66,898
Consumer	102		27		8		8		145		16,920
Other	—		—		—		—		—		158
Total	$	2,965	$	1,312	$	554	$	2,974	$	7,805	$	460,850

Schedule of risk category of loans by class of loans

The following tables present the risk category of loans by class of loans, based on the most recent analysis performed, as of December 31, 2014 and 2013 (in thousands):

2014

			Special
	Pass		Mention		Substandard		Doubtful
Commercial	$	45,602	$	1,307	$	275	$	—
Real estate construction	15,529		1,267		142		—
Real estate mortgage:
1-4 family residential	176,791		5,439		7,068		160
Multi-family residential	33,990		—		425		—
Non-farm & non-residential	154,857		5,178		1,787		—
Agricultural	58,110		7,653		5,581		—
Total	$	484,879	$	20,844	$	15,278	$	160

2013

			Special
	Pass		Mention		Substandard		Doubtful
Commercial	$	32,771	$	1,587	$	296	$	—
Real estate construction	9,660		1,517		—		—
Real estate mortgage:
1-4 family residential	176,553		10,346		7,489		—
Multi-family residential	14,392		1,579		449		—
Non-farm & non-residential	120,195		5,327		1,269		—
Agricultural	56,713		7,297		3,992		—
Total	$	410,284	$	27,653	$	13,495	$	—

Schedule of analysis of the activity with respect to all director and executive officer loans

An analysis of the activity with respect to all director and executive officer loans is as follows (in thousands):

	2014			2013
Balance, beginning of year	$	1,288		$	3,858
New loans	977			45
Effect of changes in composition of related parties	—			(2,070		)
Repayments	(559		)	(545		)
Balance, end of year	$	1,706		$	1,288

Schedule of activity for mortgage servicing rights and the related valuation allowance

	2014			2013			2012
Servicing Rights:
Beginning balance	$	1,343,887		$	1,152,436		$	834,675
Additions	270,088			445,812			627,999
Amortization	(385,248		)	(409,361		)	(346,238		)
Change in valuation allowance	(20,000		)	155,000			36,000
Ending balance	$	1,208,727		$	1,343,887		$	1,152,436
Valuation Allowance:
Beginning balance	$	59,000		$	214,000		$	250,000
Additions expensed	34,000			73,000			92,000
Reductions credited to operations	14,000			228,000			128,000
Ending balance	$	79,000		$	59,000		$	214,000

Schedule of estimated amortization expense for each of the next five years

2015	$	316,000
2016	246,000
2017	184,000
2018	134,000
2019	98,000