Loans and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2012

Loans and Leases Receivable, Allowance [Abstract]

Schedule of Loan Portfolio and Percentage of Loans in Each Category to Total Loans

The composition of the Corporation’s loan portfolio and the percentage of loans in each category to total loans at June 30, 2012 and December 31, 2011, was as follows:

	June 30, 2012					December 31, 2011
Commercial, financial and agricultural loans	$	37,815,280		19.5	%	$	36,677,906		20.2	%
Real estate:
Construction loans		19,336,261		9.9	%		13,224,081		7.3	%
Commercial mortgage loans		65,967,004		33.9	%		60,599,120		33.4	%
Residential loans		59,246,425		30.5	%		59,177,824		32.6	%
Agricultural loans		7,376,881		3.8	%		6,283,665		3.5	%
Consumer & other loans		4,627,463		2.4	%		5,369,787		3.0	%
Loans Outstanding		194,369,314		100.0	%		181,332,383		100.0	%
Unearned interest and discount		(29,659	)				(30,069	)
Allowance for loan losses		(2,910,218	)				(3,100,000	)
Net loans	$	191,429,437				$	178,202,314

Summary of Maturities of Loan Portfolio

The following table shows maturities as well as interest sensitivity of the commercial, financial, agricultural, and construction loan portfolio at June 30, 2012.

	Commercial, Financial, Agricultural and Construction
Distribution of loans which are due:
In one year or less	$	16,342,107
After one year but within five years		34,418,113
After five years		6,391,321
Total	$	57,151,541

Summary of Loans Due After One Year

The following table shows, for such loans due after one year, the amounts which have predetermined interest rates and the amounts which have floating or adjustable interest rates at June 30, 2012.

	Loans With
	Predetermined	Loans With
	Rates	Floating Rates	Total
Commercial, financial,
agricultural and construction	$ 33,545,427	$ 7,264,007	$ 40,809,434

Schedule of Outstanding Balances Of Nonaccrual, Past-Due, Renegotiated, Potential Problem Loans and Foreclosed Assets

The following table presents information concerning outstanding balances of nonaccrual, past-due, renegotiated and potential problem loans as well as foreclosed assets for the indicated period.

	Nonaccrual Loans		Past-Due Loans		Renegotiated Loans		Potential Problem Loans		Total		Foreclosed Assets
June 30, 2012	$	3,201,802	$	0	$	0	$	1,834,012	$	5,035,814	$	2,009,595
December 31, 2011	$	1,153,242	$	0	$	0	$	933,962	$	2,087,204	$	2,357,695

Past Due Loans And Nonaccrual Loans

The following table presents an age analysis of past due loans and nonaccrual loans segregated by class of loans. We do not have any accruing loans that are 90 days or more past due.

	Age Analysis of Past Due Loans As of June 30, 2012
		30-89 Days Past Due		Greater than 90 Days		Total Past Due Loans		Nonaccrual Loans		Current Loans		Total Loans
Commercial, financial and agricultural loans	$	108,714	$	0	$	108,714	$	262,634	$	37,443,932	$	37,815,280
Real estate:
Construction loans		119,794		0		119,794		2,287,766		16,928,701		19,336,261
Commercial mortgage loans		2,495,498		0		2,495,498		233,142		63,238,364		65,967,004
Residential loans		1,110,597		0		1,110,597		412,271		57,723,557		59,246,425
Agricultural loans		0		0		0		0		7,376,881		7,376,881
Consumer & other loans		23,088		0		23,088		5,989		4,598,386		4,627,463
Total loans	$	3,857,691	$	0	$	3,857,691	$	3,201,802	$	187,309,821	$	194,369,314

Schedule of Impaired Loans Segragated by Class of Loans

The following table presents impaired loans, segregated by class of loans as of June 30, 2012:

June 30, 2012		Unpaid Principal Balance		Recorded Investment With No Allowance		Recorded Investment with Allowance		Total Recorded Investment		Related Allowance		Year-to-date Average Recorded Investment		Interest Income Received During Impairment
Commercial, financial and agricultural loans	$	300,352	$	0	$	21,136	$	21,136	$	279,216	$	74,678	$	3,776
Real estate:
Construction loans		157,570		0		74,099		74,099		83,471		29,888		2,059
Commercial mortgage loans		823,931		184,895		562,582		747,477		76,454		107,295		11,327
Residential loans		907,088		782,838		116,107		898,945		8,143		395,123		22,702
Agricultural loans		0		0		0		0		0		0		0
Consumer & other loans		5,989		5,989		0		5,989		0		16		0
Total loans	$	2,194,930	$	973,722	$	773,924	$	1,747,646	$	447,284	$	607,000	$	39,864

Schedule of Internal Loan Grading By Class Of Loans

The following table presents internal loan grading by class of loans as of June 30, 2012:

		Commercial, Financial, and Agricultural		Construction Real Estate		Commercial Real Estate		Residential Real Estate		Agricultural Real Estate		Consumer and Other		Total
Rating:
Grade 1- Exceptional	$	412,668	$	0	$	0	$	30,029	$	0	$	374,931	$	817,628
Grade 2- Above Avg.		0		1,115,061		4,560		122,207		970,239		8,069		2,220,136
Grade 3- Acceptable		26,776,177		6,106,276		31,116,667		37,727,863		4,611,571		3,109,901		109,448,455
Grade 4- Fair		9,664,386		9,375,344		31,643,547		15,539,043		769,694		995,028		67,987,042
Grade 5a- Watch		374,349		15,840		1,265,420		1,518,523		497,321		15,422		3,686,875
Grade 5b- OAEM		18,794		6,066		97		621,029		465,340		66,778		1,178,104
Grade 6- Substandard		568,906		2,717,674		1,936,713		3,632,045		62,716		57,334		8,975,388
Grade 7- Doubtful		0		0		0		55,686		0		0		55,686
Total loans	$	37,815,280	$	19,336,261	$	65,967,004	$	59,246,425	$	7,376,881	$	4,627,463	$	194,369,314

Allowance For Loan Losses Methodology

Three months ended June 30, 2012:

	Commercial, Financial, and Agricultural			Construction Real Estate		Commercial Real Estate			Residential Real Estate		Agricultural Real Estate		Consumer and Other			Total
Allowance for loan losses:
Beginning balance, March 31, 2012	$	296,262		$	1,216,021	$	1,128,616		$	409,275	$	0	$	193,827		$	3,244,001
Charge-offs		0			248,637		0			195,490		0		0			444,127
Recoveries		799			0		716			3,206		0		623			5,344
Net charge-offs		(799	)		248,637		(716	)		192,284		0		(623	)		438,783
Provisions charged to operations		118,906			37,228		(80,426	)		52,767		0		(23,475	)		105,000
Balance at end of period, June 30, 2012	$	415,967		$	1,004,612	$	1,048,906		$	269,758	$	0	$	170,975		$	2,910,218

Six months ended June 30, 2012:

	Commercial, Financial, and Agricultural			Construction Real Estate		Commercial Real Estate			Residential Real Estate		Agricultural Real Estate		Consumer and Other		Total
Allowance for loan losses:
Beginning balance, December 31, 2011	$	392,222		$	1,122,650	$	1,046,827		$	365,455	$	0	$	172,846	$	3,100,000
Charge-offs		4,202			248,637		6,348			208,045		0		9,557		476,789
Recoveries		54,218			0		10,716			6,466		0		5,607		77,007
Net charge-offs		(50,016	)		248,637		(4,368	)		201,579		0		3,950		399,782
Provisions charged to operations		(26,271	)		130,599		(2,289	)		105,882		0		2,079		210,000
Balance at end of period, June 30, 2012	$	415,967		$	1,004,612	$	1,048,906		$	269,758	$	0	$	170,975	$	2,910,218
Ending balance -
Individually evaluated for impairment	$	279,216		$	83,471	$	76,454		$	8,143	$	0	$	0	$	447,284
Collectively evaluated for impairment		136,751			921,141		972,452			261,615		0		170,975		2,462,934
Balance at end of period	$	415,967		$	1,004,612	$	1,048,906		$	269,758	$	0	$	170,975	$	2,910,218
Loans :
Ending balance -
Individually evaluated for impairment	$	303,622		$	2,407,560	$	3,038,575		$	3,639,473	$	0	$	5,989	$	9,395,219
Collectively evaluated for impairment		37,511,658			16,928,701		62,928,429			55,606,952		7,376,881		4,621,474		184,974,095
Balance at end of period	$	37,815,280		$	19,336,261	$	65,967,004		$	59,246,425	$	7,376,881	$	4,627,463	$	194,369,314

The following table details activity in the ALL and loans evaluated for impairment by class of loans for the year ended December 31, 2011.

	Commercial, Financial, and Agricultural		Construction Real Estate			Commercial Real Estate		Residential Real Estate		Agricultural Real Estate		Consumer and Other			Total
Allowance for loan losses:
Beginning balance, December 31, 2010	$	133,636	$	1,395,722		$	685,994	$	301,902	$	0	$	237,360		$	2,754,614
Charge-offs		235,776		0			445,583		112,869		0		12,817			807,045
Recoveries		62,993		0			74,330		20,912		0		10,529			168,764
Net charge-offs		172,783		0			371,253		91,957		0		2,288			638,281
Provisions charged to operations		431,369		(273,072	)		732,086		155,510		0		(62,226	)		983,667
Balance at end of period, December 31, 2011	$	392,222	$	1,122,650		$	1,046,827	$	365,455	$	0	$	172,846		$	3,100,000
Ending balance -
Individually evaluated for impairment	$	31,250	$	0		$	0	$	8,688	$	0	$	0		$	39,938
Collectively evaluated for impairment		360,972		1,122,650			1,046,827		356,767		0		172,846			3,060,062
Balance at end of period	$	392,222	$	1,122,650		$	1,046,827	$	365,455	$	0	$	172,846		$	3,100,000
Loans :
Ending balance -
Individually evaluated for impairment	$	212,367	$	2,597,598		$	5,906,030	$	1,319,683	$	622,387	$	0		$	10,658,065
Collectively evaluated for impairment		36,465,539		10,626,483			54,693,090		57,858,141		5,661,278		5,369,787			170,674,318
Balance at end of period	$	36,677,906	$	13,224,081		$	60,599,120	$	59,177,824	$	6,283,665	$	5,369,787		$	181,332,383

Impaired Loans With Specific Reserves and Recorded Balance of Related Loans

The following table is a summary of amounts included in the ALL for the impaired loans with specific reserves and the recorded balance of the related loans.

	June 30,		December 31,
	2012		2011
Allowance for loss on impaired loans	$	447,284	$	39,938
Recorded balance of impaired loans	$	2,194,930	$	567,802