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Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2014
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, 2014 and 2013 was as follows:

 

    2014   2013
         
Commercial, financial and agricultural loans   $ 47,861,368     $ 43,674,774  
Real estate                
Construction loans     12,257,185       15,858,863  
Commercial mortgage loans     76,915,794       78,722,646  
Residential loans     69,304,248       64,382,656  
Agricultural loans     14,996,076       12,605,851  
Consumer & other loans     3,091,067       3,469,059  
                 
         Loans outstanding     224,425,738       218,713,849  
                 
Unearned interest and discount     (25,921 )     (25,941 )
Allowance for loan losses     (3,114,151 )     (3,077,561 )
       Net loans   $ 221,285,666     $ 215,610,347  
Past Due Loans and Nonaccrual Loans

The following tables present 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, 2014

    30-89 Days Past Due   Greater than 90 Days   Total Past Due Loans   Nonaccrual Loans   Current Loans   Total Loans
                         

Commercial, financial and

agricultural loans

   $ 518,578     $ 0     $ 518,578     $ 25,500     $ 47,317,290     $ 47,861,368  
Real estate:                                                
Construction loans     233,734       0       233,734       0       12,023,451       12,257,185  
Commercial mortgage loans     517,488       0       517,488       681,360       75,716,946       76,915,794  
Residential loans     534,896       0       534,896       21,796       68,747,556       69,304,248  
Agricultural loans     0       0       0       37,707       14,958,369       14,996,076  
Consumer & other loans     70,142       0       70,142       19,209       3,001,716       3,091,067  
                                                 
         Total loans   $ 1,874,838     $ 0     $ 1,874,838     $ 785,572     $ 221,765,328     $ 224,425,738  

 

   

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  
Schedule of Impaired Loans Segregated by Class of Loans

The following tables present impaired loans, segregated by class of loans as of December 31, 2014 and 2013:

 

    Unpaid   Recorded Investment      

Year-to-date

Average

  

Interest

Income Received

December 31, 2014   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             

Commercial, financial and

agricultural loans

   $ 202,323     $ 25,500     $ 176,823     $ 202,323     $ 99,067     $ 210,968     $ 12,192  
Real estate:                                                        
Construction loans     208,121       87,321       0       87,321       0       76,555       17,925  
Commercial mortgage loans     1,170,496       0       1,170,496       1,170,496       240,899       1,309,828       49,522  
Residential loans     2,336,711       568,909       1,746,890       2,315,799       129,060       2,232,148       110,730  
Agricultural loans     323,808       148,090       175,718       323,808       9,788       425,865       59,802  
Consumer & other loans     30,953       27,210       0       27,210       0       23,937       1,324  
                                                         
         Total loans   $ 4,272,412     $ 857,030     $ 3,269,927     $ 4,126,957     $ 478,814     $ 4,279,301     $ 251,495  

 

    Unpaid   Recorded Investment      

Year-to-date

Average

  

Interest

Income Received

December 31, 2013   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   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  
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, 2014 and 2013 as well as those currently paying under restructured terms and those that have defaulted under restructured terms as December 31, 2014 and 2013. Loans modified in a troubled debt restructuring are considered to be in default once the loan becomes 30 or more days past due.

 

    December 31, 2014
            Under restructured terms
   

 

Accruing

   Non-accruing  

 

#

  

 

Current

  

 

#

  

 

Default

Commercial, financial, and

agricultural loans

   $ 31,713     $ 0       1     $ 31,713       0     $ 0  
Real estate:                                                
   Construction loans     0       0       0       0       0       0  
   Commercial mortgage loans     0       0       0       0       0       0  
   Residential loans     0       0       0       0       0       0  
   Agricultural loans     175,718       0       1       175,718       0       0  
Consumer & other loans     8,001       0       1       868       3       7,133  
Total TDR’s   $ 215,432     $ 0       3     $ 208,299       3     $ 7,133  

 

    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  
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, 2014 and 2013.

 

    December 31, 2014   December 31, 2013
    Accruing   Non-accruing   Accruing   Non-accruing
    #   Balance   #   Balance   #   Balance   #   Balance
Type of concession:                                                                
Payment modification     1     $ 175,718       0     $ 0       1     $ 36,079       0     $ 0  
Rate reduction     0       0       0       0       1       4,131       0       0  
Rate reduction, payment modification     4       8,001       0       0       5       215,489       0       0  
Forbearance of interest     1       31,713       0       0       0       0       1       118,537  
Total     6     $ 215,432       0     $ 0       7     $ 255,699       1     $ 118,537  
Schedule of Internal Loan Grading By Class of Loans

The following tables present internal loan grading by class of loans at December 31, 2014 and 2013:

 

December 31, 2014   Commercial, Financial, and Agricultural   Construction Real Estate   Commercial Real Estate   Residential Real Estate   Agricultural Real Estate   Consumer and Other   Total
Rating:                            
Grade 1- Exceptional   $ 926,512     $ 0     $ 0     $ 27,017     $ 0     $ 39,353     $ 992,882  
Grade 2- Above Avg.     0       0       0       89,109       356,081       0       445,190  
Grade 3- Acceptable     28,793,317       3,656,979       28,294,037       34,766,811       10,183,723       2,014,924       107,709,791  
Grade 4- Fair     17,498,283       7,298,860       45,578,932       28,691,419       2,525,044       959,978       102,552,516  
Grade 5a- Watch     392,644       1,135,991       1,411,604       795,450       0       868       3,736,557  
Grade 5b- OAEM     38,414       0       590,011       1,240,299       1,755,510       31,872       3,656,106  
Grade 6- Substandard     212,198       165,355       1,041,210       3,660,179       175,718       44,072       5,298,732  
Grade 7- Doubtful     0       0       0       33,964       0       0       33,964  
       Total loans   $ 47,861,368     $ 12,257,185     $ 76,915,794     $ 69,304,248     $ 14,996,076     $ 3,091,067     $ 224,425,738  

 

 

 

December 31, 2013   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  
Schedule of Changes in Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

    2014   2013   2012
             
Balance, January 1   $ 3,077,561     $ 2,844,903     $ 3,100,000  
Provision charged to operations     330,000       420,000       445,000  
Loans charged off     (341,377 )     (233,842 )     (796,852 )
Recoveries     47,967       46,500       96,755  
                         
Balance, December 31   $ 3,114,151     $ 3,077,561     $ 2,844,903  
Schedule of Allowance For Loan Losses Methodology

The following tables detail activity in the ALL by class of loans for the years ended December 31, 2014 and 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

 

December 31, 2014   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, 2013   $ 297,546     $ 1,032,053     $ 1,192,098     $ 301,169     $ 76,868     $ 177,827     $ 3,077,561  
                                                         
Charge-offs     37,186       120,800       0       157,744       0       25,647       341,377  
Recoveries     11,957       0       0       30,247       0       5,763       47,967  
Net charge-offs     25,229       120,800       0       127,497       0       19,884       293,410  
Provisions charged to operations     27,533       131,830       0       139,150       9,788       21,699       330,000  
Balance at end of period, December 31, 2014   $ 299,850     $ 1,043,083     $ 1,192,098     $ 312,822     $ 86,656     $ 179,642     $ 3,114,151  
                                                         
Ending balance -                                                        

Individually evaluated

for impairment

   $ 99,067     $ 0     $ 240,899     $ 129,060     $ 9,788     $ 0     $ 478,814  
Collectively evaluated for impairment     200,783       1,043,083       951,199       183,762       76,868       179,642       2,635,337  
Balance at end of period   $ 299,850     $ 1,043,083     $ 1,192,098     $ 312,822     $ 86,656     $ 179,642     $ 3,114,151  
                                                         
Loans :                                                        
Ending balance -                                                        

Individually evaluated

for impairment

   $ 202,323     $ 1,066,771     $ 2,623,475     $ 3,415,987     $ 1,317,256     $ 27,210     $ 8,653,022  
Collectively evaluated for impairment     47,659,045       11,190,414       74,292,319       65,888,261       13,678,820       3,063,857       215,772,716  
Balance at end of period   $ 47,861,368     $ 12,257,185     $ 76,915,794     $ 69,304,248     $ 14,996,076     $ 3,091,067     $ 224,425,738  

 

 

 

 

December 31, 2013   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  
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,
    2014   2013   2012
             
Allowance for loss on impaired loans   $ 478,814     $ 469,302     $ 245,811  
Recorded balance of impaired loans   $ 4,126,957     $ 2,997,359     $ 1,943,388