Loans and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2013

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 at December 31, 2013 and 2012 was as follows:

	2013			2012
Commercial, financial and agricultural loans	$	43,674,774		$	40,506,802
Real estate:
Construction loans		15,858,863			16,988,817
Commercial mortgage loans		78,722,646			70,059,410
Residential loans		64,382,656			62,433,339
Agricultural loans		12,605,851			10,169,251
Consumer & other loans		3,469,059			4,009,497
Loans outstanding		218,713,849			204,167,116
Unearned interest and discount		(25,941	)		(30,100	)
Allowance for loan losses		(3,077,561	)		(2,844,903	)
Net loans	$	215,610,347		$	201,292,113

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 December 31, 2013
	30-89 Days Past Due		Greater than 90 Days		Total Past Due Loans		Nonaccrual Loans		Current Loans		Total Loans
Commercial, financial and agricultural loans	$171,713		$0		$171,713		$36,893		$43,466,168		$43,674,774
Real estate:
Construction loans	3,383,103		0		3,383,103		215,804		12,259,956		15,858,863
Commercial mortgage loans	199,323		0		199,323		484,222		78,039,101		78,722,646
Residential loans		2,959,263		0		2,959,263		167,614		61,255,779		64,382,656
Agricultural loans		38,166		0		38,166		0		12,567,685		12,605,851
Consumer & other loans		35,303		0		35,303		8,252		3,425,504		3,469,059
Total loans	$	6,786,871	$	0	$	6,786,871	$	912,785	$	211,014,193	$	218,713,849

Age Analysis of Past Due Loans As of December 31, 2012
	30-89 Days Past Due		Greater than 90 Days		Total Accruing Past Due Loans		Nonaccrual Loans		Current Loans		Total Loans
Commercial, financial and agricultural loans	$	317,692	$	0	$	317,692	$	0	$	40,189,110	$	40,506,802
Real estate:
Construction loans		306,673		0		306,673		0		16,682,144		16,988,817
Commercial mortgage loans		568,127		0		568,127		0		69,491,283		70,059,410
Residential loans		4,923,435		0		4,923,435		25,187		57,484,717		62,433,339
Agricultural loans		0		0		0		0		10,169,251		10,169,251
Consumer & other loans		52,963		0		52,963		0		3,956,534		4,009,497
Total loans	$	6,168,890	$	0	$	6,168,890	$	25,187	$	197,973,039	$	204,167,116

Schedule of Impaired Loans Segregated by Class of Loans

The following table presents impaired loans, segregated by class of loans as of December 31, 2013 and 2012:

December 31, 2013	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	$56,429		$0		$56,429		$56,429		$38,219		$63,317		$2,301
Real estate:
Construction loans	0		0		0		0		0		0		0
Commercial mortgage loans	894,722		118,537		712,829		831,366		221,512		454,169		19,285
Residential loans		1,940,949		167,614		1,722,330		1,889,944		132,703		1,982,756		81,454
Agricultural loans		197,398		0		197,398		197,398		76,868		148,725		9,198
Consumer & other loans		22,222		22,222		0		22,222		0		17,473		1,451
Total loans	$	3,111,720	$	308,373	$	2,688,986	$	2,997,359	$	469,302	$	2,666,440	$	113,689

December 31, 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	$53,634		$0		$20,396		$20,396		$33,238		$29,551		$1,878
Real estate:
Construction loans	0		0		0		0		0		0		0
Commercial mortgage loans	588,776		182,253		336,483		518,736		70,040		341,311		29,708
Residential loans		1,536,147		0		1,399,107		1,399,107		137,040		743,770		63,470
Agricultural loans		0		0		0		0		0		0		0
Consumer & other loans		10,642		5,149		0		5,149		5,493		3,884		225
Total loans	$	2,189,199	$	187,402	$	1,755,986	$	1,943,388	$	245,811	$	1,118,516	$	95,281

Schedule of Troubled Debt Restructuring by Loan Class

The following tables present the amount of troubled debt restructuring by loan class, classified separately as accrual and non-accrual at December 31, 2013 and 2012 as well as those currently paying under restructured terms and those that have defaulted under restructured terms as December 31, 2013 and 2012. Loans modified in a troubled debt restructuring are considered to be in default once the loan becomes 90 days past due.

	December 31, 2013
					Under restructured terms
	Accruing		Non-accruing		#		Current		#		Default
Commercial, financial, and agricultural loans	$36,079		$0		1		$36,079		0		$0
Real estate:
Construction loans		0		0		0		0		0		0
Commercial mortgage loans		0		118,537		0		0		1		118,537
Residential loans		0		0		0		0		0		0
Agricultural loans		197,398		0		1		197,398		0		0
Consumer & other loans		22,222		0		5		22,222		0		0
Total TDR’s	$	255,699	$	118,537		7	$	255,699		1	$	118,537

	December 31, 2012
					Under restructured terms
	Accruing		Non-accruing		#		Current		#		Default
Commercial, financial, and agricultural loans	$39,277		$0		1		$39,277		0		$0
Real estate:
Construction loans		82,171		0		0		0		1		82,171
Commercial mortgage loans		0		0		0		0		0		0
Residential loans		43,351		0		0		0		1		43,351
Agricultural loans		0		0		0		0		0		0
Consumer & other loans		33,995		0		2		12,913		3		21,082
Total TDR’s	$	198,794	$	0		3	$	52,190		5	$	146,604

Schedule of Troubled Debt Restructurings by Types of Concessions Made

The following table presents the amount of troubled debt restructurings by types of concessions made, classified separately as accrual and non-accrual at December 31, 2013 and 2012.

	December 31, 2013								December 31, 2012
	Accruing				Non-accruing				Accruing				Non-accruing
	#		Balance		#		Balance		#		Balance		#		Balance
Type of concession:
Payment modification		1	$	36,079		0	$	0		1	$	39,277		0	$	0
Rate reduction		1		4,131		0		0		4		138,435		0		0
Rate reduction, payment modification		5		215,489		0		0		3		21,082		0		0
Total		7	$	255,699		0	$	0		8	$	198,794		0	$	0

Schedule of Internal Loan Grading By Class of Loans

The following table presents internal loan grading by class of loans as of December 31, 2013 and 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	$377,030		$0		$0		$28,675		$0		$367,222		$772,927
Grade 2- Above Avg.	14,500		635,975		0		96,613		383,104		408		1,130,600
Grade 3- Acceptable	31,122,794		4,835,273		33,044,849		34,569,435		7,175,714		2,183,886		112,931,951
Grade 4- Fair		11,800,838		8,866,362		40,678,393		23,093,070		4,017,325		844,609		89,300,597
Grade 5a- Watch		127,359		936,550		2,060,701		1,091,573		164,132		13,523		4,393,838
Grade 5b- OAEM		39,994		248,497		1,702,801		598,666		668,181		20,108		3,278,247
Grade 6- Substandard		192,259		336,206		1,235,902		4,869,802		197,397		39,303		6,870,869
Grade 7- Doubtful		0		0		0		34,820		0		0		34,820
Total loans	$	43,674,774	$	15,858,863	$	78,722,646	$	64,382,656	$	12,605,851	$	3,469,059	$	218,713,849

	Commercial, Financial, and Agricultural		Construction Real Estate		Commercial Real Estate		Residential Real Estate		Agricultural Real Estate		Consumer and Other		Total
Rating:
Grade 1- Exceptional	$	320,295	$	0	$	0	$	29,588	$	0	$	292,305	$	642,188
Grade 2- Above Avg.		208,000		1,079,020		665		118,152		939,469		5,172		2,350,478
Grade 3- Acceptable		31,149,578		5,135,542		28,992,688		36,791,734		5,661,101		2,731,528		110,462,171
Grade 4- Fair		8,117,676		9,500,573		35,906,982		19,854,579		2,654,197		847,579		76,881,586
Grade 5a- Watch		471,472		967,009		1,643,198		852,787		385,412		57,009		4,376,887
Grade 5b- OAEM		13,415		0		1,685,218		681,156		454,991		35,889		2,870,669
Grade 6- Substandard		226,366		306,673		1,830,659		4,070,488		74,081		40,015		6,548,282
Grade 7- Doubtful		0		0		0		34,855		0		0		34.855
Total loans	$	40,506,802	$	16,988,817	$	70,059,410	$	62,433,339	$	10,169,251	$	4,009,497	$	204,167,116

Schedule of Changes in Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

	2013			2012			2011
Balance, January 1	$	2,844,903		$	3,100,000		$	2,754,614
Provision charged to operations		420,000			445,000			983,667
Loans charged off		(233,842	)		(796,852	)		(807,045	)
Recoveries		46,500			96,755			168,764
Balance, December 31	$	3,077,561		$	2,844,903		$	3,100,000

Schedule of Allowance For Loan Losses Methodology

The following table details activity in the ALL by class of loans for the years ended December 31, 2013 and 2012. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

	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, 2012	$309,946		$1,032,053		$1,047,292		$284,603		$0		$171,009		$2,844,903
Charge-offs	17,746		0		160,824		46,093		0		9,179		233,842
Recoveries	23,187		0		4,497		13,154		0		5,662		46,500
Net charge-offs	(5,441)		0		156,327		32,939		0		3,517		187,342
Provisions charged to operations	(17,841)		0		301,133		49,505		76,868		10,335		420,000
Balance at end of period, December 31, 2013	$     297,546		$  1,032,053		$   1,192,098		$     301,169		$      76,868		$   177,827		$    3,077,561
Ending balance -
Individually evaluated for impairment	$	38,219	$	0	$	221,512	$	132,703	$	76,868	$	0	$	469,302
Collectively evaluated for impairment		259,327		1,032,053		970,586		168,466		0		177,827		2,608,259
Balance at end of period	$	297,546	$	1,032,053	$	1,192,098	$	301,169	$	76,868	$	177,827	$	3,077,561
Loans :
Ending balance -
Individually evaluated for impairment	$	72,971	$	944,387	$	4,372,425	$	4,256,508	$	380,931	$	30,474	$	10,057,696
Collectively evaluated for impairment		43,601,803		14,914,476		74,350,221		60,126,148		12,224,920		3,438,585		208,656,153
Balance at end of period	$	43,674,774	$	15,858,863	$	78,722,646	$	64,382,656	$	12,605,851	$	3,469,059	$	218,713,849

The following table details activity in the ALL and loans evaluated for impairment by class of loans for the year ended December 31, 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		285,710		248,637		9,439			241,176		0		11,890		796,852
Recoveries		59,909		0		10,716			19,283		0		6,847		96,755
Net charge-offs		225,801		248,637		(1,277	)		221,893		0		5,043		700,097
Provisions charged to operations		143,525		158,040		(812	)		141,041		0		3,206		445,000
Balance at end of period, December 31, 2012	$	309,946	$	1,032,053	$	1,047,292		$	284,603	$	0	$	171,009	$	2,844,903
Ending balance -
Individually evaluated for impairment	$	33,238	$	0	$	70,040		$	137,040	$	0	$	5,493	$	245,811
Collectively evaluated for impairment		276,708		1,032,053		977,252			147,563		0		165,516		2,599,092
Balance at end of period	$	309,946	$	1,032,053	$	1,047,292		$	284,603	$	0	$	171,009	$	2,844,903
Loans :
Ending balance -
Individually evaluated for impairment	$	53,634	$	224,502	$	1,943,134		$	3,778,183	$	74,081	$	10,642	$	6,084,176
Collectively evaluated for impairment		40,453,168		16,764,315		68,116,276			58,655,156		10,095,170		3,998,855		198,082,940
Balance at end of period	$	40,506,802	$	16,988,817	$	70,059,410		$	62,433,339	$	10,169,251	$	4,009,497	$	204,167,116

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.

	Year Ended December 31,
	2013		2012		2011
Allowance for loss on impaired loans	$	469,302	$	245,811	$	39,938
Recorded balance of impaired loans	$	2,997,359	$	1,943,308	$	567,802