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Loans and Allowance for Loan Losses
 9 Months Ended
Sep. 30, 2015
Loans and Leases Receivable, Allowance [Abstract]  
Loans and Allowance for Loan Losses

NOTE 4

 

Loans and Allowance for Loan Losses

 

The composition of the Corporation’s loan portfolio and the percentage of loans in each category to total loans at September 30, 2015 and December 31, 2014, were as follows:

 

    September 30, 2015   December 31, 2014
                 
Commercial, financial and agricultural loans   $ 51,760,609       21.6 %   $ 47,861,368       21.3 %
Real estate:                                
Construction loans     15,735,675       6.6 %     12,257,185       5.4 %
Commercial mortgage loans     87,000,052       36.4 %     76,915,794       34.3 %
Residential loans     65,416,041       27.4 %     69,304,248       30.9 %
Agricultural loans     16,115,915       6.7 %     14,996,076       6.7 %
Consumer & other loans     3,077,694       1.3 %     3,091,067       1.4 %
                                 
 Loans outstanding     239,105,986       100.0 %     224,425,738       100.0 %
                                 
Unearned interest and discount     (20,206 )             (25,921 )        
Allowance for loan losses     (3,180,110 )             (3,114,151 )        
 Net loans   $ 235,905,670             $ 221,285,666          

 

The Corporation’s only significant concentration of credit at September 30, 2015, occurred in real estate loans which totaled $184,267,683. However, this amount was not concentrated in any specific segment within the market or geographic area.

 

Certain 1-4 family mortgage loans are pledged to Federal Home Loan Bank to secure outstanding advances. At September 30, 2015, $34,082,202 in loans were pledged in this capacity.

 

The following table shows maturities as well as interest sensitivity of the commercial, financial, agricultural, and construction loan portfolio at September 30, 2015.

 

   

Commercial,

Financial,

Agricultural and

Construction

     
Distribution of loans which are due:        
 In one year or less   $ 19,712,301  
 After one year but within five years     35,575,228  
 After five years     12,208,755  
         
 Total   $ 67,496,284  

 

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 September 30, 2015.

 

    Loans With        
    Predetermined   Loans With    
    Rates   Floating Rates   Total
             
Commercial, financial,            
agricultural and construction   $ 46,552,102   $ 1,231,881   $ 47,783,983
             

 

Appraisal Policy

 

When a loan is first identified as a problem loan, the appraisal is reviewed to determine if the appraised value is still appropriate for the collateral. For the duration that a loan is considered a problem loan, the appraised value of the collateral is monitored on a quarterly basis. If significant changes occur in market conditions or in the condition of the collateral, a new appraisal will be obtained.

 

Nonaccrual Policy

 

The Corporation does not accrue interest on any loan (1) that is maintained on a cash basis due to the deteriorated financial condition of the borrower, (2) for which payment in full of principal or interest is not expected, or (3) upon which principal or interest has been past due for ninety days or more unless the loan is well secured and in the process of collection.

 

A loan subsequently placed on nonaccrual status may be returned to accrual status if (1) all past due interest and principal is paid with expectations of any remaining contractual principal and interest being repaid or (2) the loan becomes well secured and in the process of collection.

 

Loans placed on nonaccrual status amounted to $1,358,842 and $785,572 at September 30, 2015, and December 31, 2014, respectively. There were no past due loans over ninety days and still accruing at September 30, 2015, or December 31, 2014. The accrual of interest is discontinued when the loan is placed on nonaccrual. Interest income that would have been recorded on these nonaccrual loans in accordance with their original terms totaled $26,049 for September 30, 2015, and $34,300 for December 31, 2014.

 

The following tables present an age analysis of past due loans and nonaccrual loans segregated by class of loans.

 

    Age Analysis of Past Due Loans
As of September 30, 2015
    30-89 Days Past Due   Greater than 90 Days   Total Past Due Loans   Nonaccrual Loans   Current Loans   Total Loans
                         
Commercial, financial and
agricultural loans		   $ 777,406     $ 0     $ 777,406     $ 45,842     $ 50,937,361     $ 51,760,609  
Real estate:                                                
Construction loans     0       0       0       0       15,735,675       15,735,675  
Commercial mortgage loans     1,160,479       0       1,160,479       0       85,839,573       87,000,052  
Residential loans     1,909,654       0       1,909,654       406,923       63,099,464       65,416,041  
Agricultural loans     0       0       0       906,077       15,209,838       16,115,915  
Consumer & other loans     30,724       0       30,724       0       3,046,970       3,077,694  
                                                 
 Total loans   $ 3,878,263     $ 0     $ 3,878,263     $ 1,358,842     $ 233,868,881     $ 239,105,986  

 

    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  

 

Impaired Loans

 

A loan is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent.

 

At September 30, 2015, and December 31, 2014, impaired loans amounted to $3,605,697 and $4,126,957, respectively. A reserve amount of $274,465 and $478,814 were recorded in the allowance for loan losses for these impaired loans as of September 30, 2015, and December 31, 2014, respectively.

 

The following tables present impaired loans, segregated by class of loans as of September 30, 2015, and December 31, 2014:

 

    Unpaid   Recorded Investment       Year-to-date
Average		   Interest
Income Received
September 30, 2015   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             
Commercial, financial and
agricultural loans		   $ 170,030     $ 0     $ 170,030     $ 170,030     $ 90,455     $ 301,824     $ 5,956  
Real estate:                                                        
Construction loans     196,735       75,935       0       75,935       0       120,456       11,879  
Commercial mortgage loans     986,671       504,272       482,399       986,671       84,277       1,867,491       44,563  
Residential loans     2,128,527       794,713       1,312,902       2,107,615       99,733       3,884,213       83,305  
Agricultural loans     259,829       259,829       0       259,829       0       579,228       23,390  
Consumer & other loans     5,617       5,617       0       5,617       0       5,416       692  
                                                         
 Total loans   $ 3,747,409     $ 1,640,366     $ 1,965,331     $ 3,605,697     $ 274,465     $ 6,758,628     $ 169,785  

 

    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  

 

At September 30, 2014, the year-to-date average recorded investment of impaired loans was $3,580,921 and the interest income received during impairment was $243,341.

 

At September 30, 2015, and December 31, 2014, included in impaired loans were $5,616 and $215,432, respectively, of troubled debt restructurings.

 

Troubled Debt Restructurings (TDR)

 

Loans are considered to have been modified in a troubled debt restructuring, or TDR, when due to a borrower’s financial difficulty the Corporation makes certain concessions to the borrower that it would not otherwise consider for new debt with similar risk characteristics. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of the collateral. Each potential loan modification is reviewed individually and the terms of the loan are modified to meet the borrower’s specific circumstances at a point in time. Not all loan modifications are TDRs. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period.

 

Loan modifications are reviewed and recommended by the Corporation’s senior credit officer, who determines whether the loan meets the criteria for a TDR. Generally, the types of concessions granted to borrowers that are evaluated in determining whether the loan is classified as a TDR include:

 

  ☐ Interest rate reductions – Occur when the stated interest rate is reduced to a nonmarket rate or a rate the borrower would not be able to obtain elsewhere under similar circumstances.

 

  ☐ Amortization or maturity date changes – Result when the amortization period of the loan is extended beyond what is considered a normal amortization period for loans of similar type with similar collateral.

 

  ☐ Principal reductions – Arise when the Corporation charges off a portion of the principal that is not fully collateralized and collectability is uncertain; however, this portion of principal may be recovered in the future under certain circumstances.

 

The following tables present the amount of troubled debt restructuring by loan class, classified separately as accrual and non-accrual at September 30, 2015, and December 31, 2014, as well as those currently paying under restructured terms and those that have defaulted under restructured terms at September 30, 2015, and December 31, 2014. Loans modified in a troubled debt restructuring are considered to be in default once the loan becomes 30 days past due.

 

    September 30, 2015
            Under restructured terms
   

 

Accruing

   Non-accruing  

 

#

  

 

Current

  

 

#

  

 

Default

Commercial, financial, and
agricultural loans		   $ 0     $ 0       0     $ 0       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     0       0       0       0       0       0  
Consumer & other loans     5,616       0       4       5,616       0       0  
Total TDR’s   $ 5,616     $ 0       4     $ 5,616       0     $ 0  

 

    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  

 

The following table presents the amount of troubled debt restructurings by types of concessions made, classified separately as accrual and non-accrual at September 30, 2015, and December 31, 2014.

    September 30, 2015   December 31, 2014
    Accruing   Non-accruing   Accruing   Non-accruing
    #   Balance   #   Balance   #   Balance   #   Balance
Type of concession:                                                                
Payment modification     0     $ 0       0     $ 0       1     $ 175,718       0     $ 0  
Rate reduction     0       0       0       0       0       0       0       0  
Rate reduction, payment modification     4       5,616       0       0       4       8,001       0       0  
Forbearance of interest     0       0       0       0       1       31,713       0       0  
Total     4     $ 5,616       0     $ 0       6     $ 215,432       0     $ 0  

 

As of September 30, 2015, and December 31, 2014, the Corporation had a balance of $5,616 and $215,432, respectively, in troubled debt restructurings. The Corporation had no charge-offs on such loans at September 30, 2015, and $3,290 at December 31, 2014. The Corporation’s balance in the allowance for loan losses allocated to such troubled debt restructurings was $0 and $24,231 at September 30, 2015, and December 31, 2014, respectively. The Corporation had no unfunded commitments to lend to a customer that has a troubled debt restructured loan as of September 30, 2015.

 

Credit Risk Monitoring and Loan Grading

 

The Corporation employs several means to monitor the risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical loss experience and economic conditions.

 

Loans are subject to an internal risk grading system which indicates the risk and acceptability of that loan. The loan grades used by the Corporation are for internal risk identification purposes and do not directly correlate to regulatory classification categories or any financial reporting definitions.

 

The general characteristics of the risk grades are as follows:

 

Grade 1 – Exceptional – Loans graded 1 are characterized as having a very high credit quality, exhibit minimum risk to the Corporation and have low administrative cost. These loans are usually secured by highly liquid and marketable collateral and a strong primary and secondary source of repayment is available.

 

Grade 2 – Above Average – Loans graded 2 are basically sound credits secured by sound assets and/or backed by the financial strength of borrowers of integrity with a history of satisfactory payments of credit obligations.

 

Grade 3 – Acceptable – Loans graded 3 are secured by sound assets of sufficient value and/or supported by the sufficient financial strength of the borrower. The borrower will have experience in their business area or employed a reasonable amount of time at their current employment. The borrower will have a sound primary source of repayment, and preferably a secondary source, which will allow repayment in a prompt and reasonable period of time.

 

Grade 4 – Fair – Loans graded 4 are those which exhibit some weakness or downward trend in financial condition and although the repayment history is satisfactory, it requires supervision by bank personnel. The borrower may have little experience in their business area or employed only a short amount of time at their current employment. The loan may be secured by good collateral; however, it may require close supervision as to value and/or quality and may not have sufficient liquidation value to completely cover the loan.

 

Grade 5a – Watch – Loans graded 5a contain a discernible weakness; however, the weakness is not sufficiently pronounced so as to cause concern for the possible loss of interest or principal. Loans in this category may exhibit outward signs of stress, such as slowness in financial disclosures or recent payments. However, such signs are not of long duration or of sufficient severity that default appears imminent. Loans in this category are not so deficient as to cause alarm, but do require close monitoring for further deterioration and possible downgrade.

 

Grade 5b – Other Assets Especially Mentioned (OAEM) – Loans graded 5b may otherwise be classified more severely except that the loan is well secured by properly margined collateral, it is generally performing in accordance with the original contract or modification thereof and such performance has seasoned for a period of 90 days, or the ultimate collection of all principal and interest is reasonably expected. Loans in this grade are unsupported by sufficient evidence of the borrower’s sound net worth or repayment capacity or may be subject to third party action that would cause concern for future prompt repayment.

 

Grade 6 – Substandard – Loans graded 6 contain clearly pronounced credit weaknesses that are below acceptable credit standards for the Corporation. Such weaknesses may be due to either collateral deficiencies or inherent financial weakness of the borrower, but in either case represents less than acceptable credit risk. Loans in this grade are unsupported by sufficient evidence of the borrower’s sound net worth, repayment capacity or acceptable collateral.

 

Grade 7 – Doubtful – Loans graded 7 have such a pronounced credit weaknesses that the Corporation is clearly exposed to a significant degree of potential loss of principal or interest. Theses loan generally have a defined weakness which jeopardizes the ultimate repayment of the debt.

 

Grade 8 – Loss – Loans graded 8 are of such deteriorated credit quality that repayment of principal and interest can no longer be considered. These loans are of such little value that their continuance as an active bank asset is not warranted. As of September 30, 2015, all Grade 8 loans have been charged-off.

 

The following tables present internal loan grading by class of loans as of September 30, 2015, and December 31, 2014:

 

September 30, 2015   Commercial, Financial, and Agricultural   Construction Real Estate   Commercial Real Estate   Residential Real Estate   Agricultural Real Estate   Consumer and Other   Total
Rating:                            
Grade 1- Exceptional   $ 801,554     $ 0     $ 0     $ 26,246     $ 0     $ 422,326     $ 1,250,126  
Grade 2- Above Avg.     0       0       0       10,688       390,476       0       401,164  
Grade 3- Acceptable     26,474,520       5,746,270       26,650,466       31,392,542       10,372,814       1,641,933       102,278,545  
Grade 4- Fair     23,761,279       8,737,482       56,610,340       28,270,458       3,667,515       977,646       122,024,720  
Grade 5a- Watch     132,214       1,106,999       2,320,705       788,597       217,150       6,476       4,572,141  
Grade 5b- OAEM     401,132       0       527,745       1,479,499       392,661       11,074       2,812,111  
Grade 6- Substandard     48,947       144,924       890,796       3,448,011       1,075,299       17,513       5,625,490  
Grade 7- Doubtful     140,963       0       0       0       0       726       141,689  
 Total loans   $ 51,760,609     $ 15,735,675     $ 87,000,052     $ 65,416,041     $ 16,115,915     $ 3,077,694     $ 239,105,986  

 

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  

 

Allowance for Loan Losses Methodology

 

The allowance for loan losses (ALL) is determined by a calculation based on segmenting the loans into the following categories: (1) impaired loans and nonaccrual loans, (2) loans with a credit risk rating of 5, 6, 7 or 8, (3) other outstanding loans, and (4) other commitments to lend. In addition, unallocated general reserves are estimated based on migration and economic analysis of the loan portfolio.

 

The ALL is calculated by the addition of the estimated loss derived from each of the above categories. The impaired loans and nonaccrual loans over $50,000 are analyzed on an individual basis to determine if the future collateral value is sufficient to support the outstanding debt of the loan. If an estimated loss is calculated, it is included in the estimated ALL until it is charged to the loan loss reserve. The calculation for loan risk graded 5, 6, 7 or 8, other outstanding loans and other commitments to lend is based on assigning an estimated loss factor based on a twelve quarter rolling historical weighted average net loss rate. The estimated requirement for unallocated general reserves from migration and economic analysis is determined by considering (1) trends in asset quality, (2) level and trends in charge-off experience, (3) macroeconomic trends and conditions, (4) microeconomic trends and conditions and (5) risk profile of lending activities. Within each of these categories, a high risk factor percentage and a low risk factor percentage from a rating of excessive, high, moderate or low will be determined by management and applied to the loan portfolio. This results in a high and low range of the estimated reserves required. By adding the estimated high and low value from the migration and economic analysis to the estimated reserve from the loan portfolio, a high and low range of total estimated loss reserves is obtained. This amount is then compared to the actual amount in the loan loss reserve.

 

The calculation of ALL is performed on a monthly basis and is presented to the Loan Committee and the Board of Directors.

 

The following table details activity in the ALL and loans evaluated for impairment by class of loans for the three and nine month period ended September 30, 2015. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. The annualized net charge-offs to average loans outstanding ratio was 0.04% for the nine months ended September 30, 2015.

 

Three months ended September 30, 2015:

    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,
June 30, 2015		   $ 298,548     $ 1,043,083     $ 1,192,098     $ 376,556     $ 86,656     $ 183,200     $ 3,180,141  
                                                         
Charge-offs     42,712       0       0       33,238       0       1,474       77,424  
Recoveries     6,537       0       0       1,786       0       17,770       26,093  
Net charge-offs     36,175       0       0       31,452       0       (16,296 )     51,331  
Provisions charged to operations     36,153       0       0       31,433       0       (16,286 )     51,300  
Balance at end of period, September 30, 2015   $ 298,526     $ 1,043,083     $ 1,192,098     $ 376,537     $ 86,656     $ 183,210     $ 3,180,110  

 

Nine months ended September 30, 2015:

 

    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, 2014   $ 299,850     $ 1,043,083     $ 1,192,098     $ 312,822     $ 86,656     $ 179,642     $ 3,114,151  
                                                         
Charge-offs     109,298       0       0       33,238       0       21,428       163,964  
Recoveries     41,487       0       0       16,693       0       30,443       88,623  
Net charge-offs     67,811       0       0       16,545       0       (9,015 )     75,341  
Provisions charged to operations     66,487       0       0       80,260       0       (5,447 )     141,300  
Balance at end of period, September 30, 2015   $ 298,526     $ 1,043,083     $ 1,192,098     $ 376,537     $ 86,656     $ 183,210     $ 3,180,110  
                                                         
Ending balance -                                                        
Individually evaluated
for impairment		   $ 90,455     $ 0     $ 84,277     $ 99,733     $ 0     $ 0     $ 274,465  
Collectively evaluated for impairment     208,071       1,043,083       1,107,821       276,804       86,656       183,210       2,905,645  
Balance at end of period   $ 298,526     $ 1,043,083     $ 1,192,098     $ 376,537     $ 86,656     $ 183,210     $ 3,180,110  
                                                         
Loans :                                                        
Ending balance -                                                        
Individually evaluated
for impairment		   $ 183,193     $ 1,023,852     $ 3,160,521     $ 3,424,634     $ 1,075,300     $ 5,617     $ 8,873,117  
Collectively evaluated for impairment     51,577,416       14,711,823       83,839,531       61,991,407       15,040,615       3,072,077       230,232,869  
Balance at end of period   $ 51,760,609     $ 15,735,675     $ 87,000,052     $ 65,416,041     $ 16,115,915     $ 3,077,694     $ 239,105,986  

 

 

The following table details activity in the ALL and loans evaluated for impairment by class of loans for the year ended 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