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Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2015
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, 2015 and 2014 was as follows:

 

    2015   2014
         
Commercial, financial and agricultural loans   $ 58,173,187     $ 47,861,368  
Real estate                
Construction loans     19,831,070       12,257,185  
Commercial mortgage loans     85,777,359       76,915,794  
Residential loans     67,969,119       69,304,248  
Agricultural loans     15,620,266       14,996,076  
Consumer & other loans     3,434,380       3,091,067  
                 
         Loans outstanding     250,805,381       224,425,738  
                 
Unearned interest and discount     (19,046 )     (25,921 )
Allowance for loan losses     (3,032,242 )     (3,114,151 )
       Net loans   $ 247,754,093     $ 221,285,666  
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.

 

   

Age Analysis of Past Due Loans

As of December 31, 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   $ 449,618     $ 521     $ 450,139     $ 0     $ 57,723,048     $ 58,173,187  
Real estate:                                                
Construction loans     121,694       0       121,694       0       19,709,376       19,831,070  
Commercial mortgage loans     810,515       0       810,515       0       84,966,844       85,777,359  
Residential loans     2,238,684       0       2,238,684       639,094       65,091,341       67,969,119  
Agricultural loans     148,761       0       148,761       906,505       14,565,000       15,620,266  
Consumer & other loans     84,342       0       84,342       0       3,350,038       3,434,380  
                                                 
         Total loans   $ 3,853,614     $ 521     $ 3,854,135     $ 1,545,599     $ 245,405,647     $ 250,805,381  

 

   

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  
Schedule of Impaired Loans Segregated by Class of Loans

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

 

    Unpaid   Recorded Investment      

Year-to-date

Average

  

Interest

Income Received

December 31, 2015   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             
Commercial, financial and agricultural loans   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
Real estate:                                                        
Construction loans     193,524       72,724       0       72,724       0       133,693       15,049  
Commercial mortgage loans     3,256,589       496,159       2,760,430       3,256,589       212,283       2,096,082       89,947  
Residential loans     1,988,434       662,523       1,304,999       1,967,522       91,831       3,832,546       107,070  
Agricultural loans     257,211       257,211       0       257,211       0       422,099       25,823  
Consumer & other loans     4,569       4,569       0       4,569       0       0       0  
                                                         
         Total loans   $ 5,700,327     $ 1,493,186     $ 4,065,429     $ 5,558,615     $ 304,114     $ 6,484,420     $ 237,889  

 

    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  
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 nonaccrual at December 31, 2015 and 2014, as well as those currently paying under restructured terms and those that have defaulted under restructured terms as of December 31, 2015 and 2014. 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, 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     2,280,466       0       1       2,280,466       0       0  
   Residential loans     5,376       0       1       5,376       0       0  
   Agricultural loans     0       0       0       0       0       0  
Consumer & other loans     4,569       0       1       4,569       0       0  
Total TDR’s   $ 2,290,411     $ 0       3     $ 2,290,411       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  
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 nonaccrual at December 31, 2015 and 2014.

 

    December 31, 2015   December 31, 2014
    Accruing   Nonaccruing   Accruing   Nonaccruing
    #   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     3       2,290,411       0       0       4       8,001       0       0  
Forbearance of interest     0       0       0       0       1       31,713       0       0  
Total     3     $ 2,290,411       0     $ 0       6     $ 215,432       0     $ 0  
Schedule of Internal Loan Grading By Class of Loans

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

 

December 31, 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   $ 731,270     $ 0     $ 0     $ 25,988     $ 0     $ 416,250     $ 1,173,508  
Grade 2- Above Avg.     0       0       0       10,011       329,069       0       339,080  
Grade 3- Acceptable     30,581,968       7,569,566       26,285,799       31,303,029       9,648,983       1,756,139       107,145,484  
Grade 4- Fair     26,075,703       11,022,826       53,296,973       30,946,390       3,930,746       1,230,515       126,503,153  
Grade 5a- Watch     217,295       1,097,222       4,791,317       1,263,077       638,402       5,999       8,013,312  
Grade 5b- OAEM     560,678       0       523,596       1,233,611       0       13,802       2,331,687  
Grade 6- Substandard     6,273       141,456       879,674       3,155,625       1,073,066       11,675       5,267,769  
Grade 7- Doubtful     0       0       0       31,388       0       0       31,388  
       Total loans   $ 58,173,187     $ 19,831,070     $ 85,777,359     $ 67,969,119     $ 15,620,266     $ 3,434,380     $ 250,805,381  

 

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  
Schedule of Changes in Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

    2015   2014   2013
             
Balance, January 1   $ 3,114,151     $ 3,077,561     $ 2,844,903  
Provision charged to operations     141,300       330,000       420,000  
Loans charged off     (319,200 )     (341,377 )     (233,842 )
Recoveries     95,991       47,967       46,500  
                         
Balance, December 31   $ 3,032,242     $ 3,114,151     $ 3,077,561  
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, 2015 and 2014. 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, 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     263,809       0       0       33,238       0       22,153       319,200  
Recoveries     42,253       0       0       22,047       0       31,691       95,991  
Net charge-offs     221,556       0       0       11,191       0       (9,538 )     223,209  
Provisions charged to operations     66,487       0       0       80,260       0       (5,447 )     141,300  
Balance at end of period, December 31, 2015   $ 144,781     $ 1,043,083     $ 1,192,098     $ 381,891     $ 86,656     $ 183,733     $ 3,032,242  
                                                         
Ending balance -                                                        

Individually evaluated

for impairment

   $ 0     $ 0     $ 212,283     $ 91,831     $ 0     $ 0     $ 304,114  
Collectively evaluated for impairment     144,781       1,043,083       979,815       290,060       86,656       183,733       2,728,128  
Balance at end of period   $ 144,781     $ 1,043,083     $ 1,192,098     $ 381,891     $ 86,656     $ 183,733     $ 3,032,242  
                                                         
Loans :                                                        
Ending balance -                                                        

Individually evaluated

for impairment

   $ 0     $ 1,012,831     $ 5,414,491     $ 2,896,953     $ 1,682,207     $ 4,569     $ 11,011,051  
Collectively evaluated for impairment     58,173,187       18,818,239       80,362,868       65,072,166       13,938,059       3,429,811       239,794,330  
Balance at end of period   $ 58,173,187     $ 19,831,070     $ 85,777,359     $ 67,969,119     $ 15,620,266     $ 3,434,380     $ 250,805,381  

 

 

 

 

 

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  
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,
    2015   2014   2013
Allowance for loss on impaired loans   $ 304,114     $ 478,814     $ 469,302  
Recorded balance of impaired loans   $ 5,558,615     $ 4,126,957     $ 2,997,359