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Loans and Allowance for Loan Losses (Tables)
 9 Months Ended
Sep. 30, 2016
Receivables [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 September 30, 2016 and December 31, 2015, were as follows:

  

    September 30, 2016   December 31, 2015
                 
Commercial, financial and agricultural loans   $ 72,301,178       25.2 %   $ 58,173,187       23.2 %
Real estate:                                
Construction loans     23,610,795       8.2 %     19,831,070       7.9 %
Commercial mortgage loans     88,607,249       30.9 %     85,777,359       34.2 %
Residential loans     82,049,316       28.5 %     67,969,119       27.1 %
Agricultural loans     16,415,755       5.7 %     15,620,266       6.2 %
Consumer & other loans     4,262,234       1.5 %     3,434,380       1.4 %
                                 
         Loans outstanding     287,246,527       100.0 %     250,805,381       100.0 %
                                 
Unearned interest and discount     (20,272 )             (19,046 )        
Allowance for loan losses     (3,093,450 )             (3,032,242 )        
       Net loans   $ 284,132,805             $ 247,754,093          
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 September 30, 2016.

 

   

Commercial,

Financial,

Agricultural and

Construction

     
Distribution of loans which are due:    
     In one year or less   $ 26,200,937  
     After one year but within five years     45,296,045  
     After five years     24,414,991  
         
          Total   $ 95,911,973  
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 September 30, 2016.

 

    Loans With        
    Predetermined   Loans With    
    Rates   Floating Rates   Total
             
Commercial, financial,            
agricultural and construction   $ 63,974,258   $ 5,736,778   $ 69,711,036
             
Schedule of 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 September 30, 2016
    30-89 Days Past Due   Greater than 90 Days   Total Past Due Loans   Nonaccrual Loans   Current Loans   Total Loans
                         
Commercial, financial and agricultural loans   $ 1,849,423     $ 0     $ 1,849,423     $ 351,864     $ 70,099,891     $ 72,301,178  
Real estate:                                                
Construction loans     67,327       0       67,327       0       23,543,468       23,610,795  
Commercial mortgage loans     821,018       0       821,018       0       87,786,231       88,607,249  
Residential loans     658,001       0       658,001       0       81,391,315       82,049,316  
Agricultural loans     0       0       0       0       16,415,755       16,415,755  
Consumer & other loans     29,511       0       29,511       0       4,232,723       4,262,234  
                                                 
         Total loans   $ 3,425,280     $ 0     $ 3,425,280     $ 351,864     $ 283,469,383     $ 287,246,527  

 

    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  
Schedule of Impaired Loans Segregated by Class of Loans

The following tables present impaired loans, segregated by class of loans as of September 30, 2016, and December 31, 2015:

 

    Unpaid   Recorded Investment       Year-to-date
Average		   Interest
Income Received
September 30, 2016   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             
Commercial, financial and
agricultural loans		   $ 436,375     $ 287,335     $ 64,529     $ 351,864     $ 4,744     $ 5,304     $ 0  
Real estate:                                                        
Construction loans     183,499       62,699       0       62,699       0       162,330       9,026  
Commercial mortgage loans     885,327       538,207       347,120       885,327       65,083       3,804,154       36,171  
Residential loans     2,167,126       964,160       1,182,054       2,146,214       66,167       2,761,723       92,068  
Agricultural loans     248,964       248,964       0       248,964       0       799,914       6,103  
Consumer & other loans     3,582       3,582       0       3,582       0       6,271       156  
                                                         
         Total loans   $ 3,924,873     $ 2,104,947     $ 1,593,703     $ 3,698,650     $ 135,994     $ 7,539,696     $ 143,524  

 

    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  
Schedule of Troubled Debt Restructuring by Loan Class

Loans modified in a troubled debt restructuring are considered to be in default once the loan becomes 30 days past due.

 

    September 30, 2016
            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     4,900       0       1       4,900       0       0  
   Agricultural loans     906,279       0       3       906,279       0       0  
Consumer & other loans     3,582       0       1       3,582       0       0  
Total TDR’s   $ 914,761     $ 0       5     $ 914,761       0     $ 0  

 

    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  
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 September 30, 2016, and December 31, 2015.

 

    September 30, 2016   December 31, 2015
    Accruing   Nonaccruing   Accruing   Nonaccruing
    #   Balance   #   Balance   #   Balance   #   Balance
Type of concession:                                
Payment modification     0     $ 0       0     $ 0       0     $ 0       0     $ 0  
Rate reduction     0       0       0       0       0       0       0       0  
Rate reduction, payment modification     5       914,761       0       0       3       2,290,411       0       0  
Forbearance of interest     0       0       0       0       0       0       0       0  
Total     5     $ 914,761       0     $ 0       3     $ 2,290,411       0     $ 0  
Schedule of Internal Loan Grading By Class of Loans

The following tables present internal loan grading by class of loans as of September 30, 2016, and December 31, 2015:

 

September 30, 2016   Commercial, Financial, and Agricultural   Construction Real Estate   Commercial Real Estate   Residential Real Estate   Agricultural Real Estate   Consumer and Other   Total
Rating:                            
Grade 1- Exceptional   $ 680,054     $ 0     $ 0     $ 25,224     $ 0     $ 438,277     $ 1,143,555  
Grade 2- Above Avg.     0       0       0       7,903       319,938       0       327,841  
Grade 3- Acceptable     29,012,322       4,569,016       25,182,875       31,961,069       9,800,644       1,798,287       102,324,213  
Grade 4- Fair     40,249,152       17,338,734       57,062,397       44,994,021       4,610,795       1,987,580       166,242,679  
Grade 5a- Watch     223,747       1,573,019       2,076,679       1,153,163       619,764       23,451       5,669,823  
Grade 5b- OAEM     1,667,876       0       2,902,294       1,259,624       0       3,582       5,833,376  
Grade 6- Substandard     376,794       130,026       1,383,004       2,618,555       1,064,614       11,057       5,584,050  
Grade 7- Doubtful     91,233       0       0       29,757       0       0       120,990  
       Total loans   $ 72,301,178     $ 23,610,795     $ 88,607,249     $ 82,049,316     $ 16,415,755     $ 4,262,234     $ 287,246,527  

 

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  
Schedule of Allowance For Loan Losses Methodology

The annualized net charge-offs to average loans outstanding ratio was 0.03% for the nine months ended September 30, 2016.

 

Three months ended September 30, 2016:

 

    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, 2016		   $ 169,974     $ 1,043,083     $ 1,192,098     $ 434,915     $ 86,656     $ 185,916     $ 3,112,642  
                                                         
Charge-offs     89,052       0       0       3,394       0       0       92,446  
Recoveries     26,007       0       0       1,947       0       300       28,254  
Net charge-offs     63,045       0       0       1,447       0       (300 )     64,192  
Provisions charged to operations     48,019       0       0       (4,230 )     0       1,211       45,000  
Balance at end of period, September 30, 2016   $ 154,948     $ 1,043,083     $ 1,192,098     $ 429,238     $ 86,656     $ 187,427     $ 3,093,450  
                                                         

  

Nine months ended September 30, 2016:

 

    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, 2015   $ 144,781     $ 1,043,083     $ 1,192,098     $ 381,891     $ 86,656     $ 183,733     $ 3,032,242  
                                                         
Charge-offs     89,052       0       0       3,394       0       8,426       100,872  
Recoveries     27,607       0       0       16,994       0       2,479       47,080  
Net charge-offs     61,445       0       0       (13,600 )     0       5,947       53,792  
Provisions charged to operations     71,612       0       0       33,747       0       9,641       115,000  
Balance at end of period, September 30, 2016   $ 154,948     $ 1,043,083     $ 1,192,098     $ 429,238     $ 86,656     $ 187,427     $ 3,093,450  
                                                         
Ending balance -                                                        
Individually evaluated
for impairment		   $ 4,744     $ 0     $ 65,083     $ 66,167     $ 0     $ 0     $ 135,994  
Collectively evaluated for impairment     150,204       1,043,083       1,127,015       363,071       86,656       187,427       2,957,456  
Balance at end of period   $ 154,948     $ 1,043,083     $ 1,192,098     $ 429,238     $ 86,656     $ 187,427     $ 3,093,450  
                                                         
Loans :                                                        
Ending balance -                                                        
Individually evaluated
for impairment		   $ 351,864     $ 1,473,191     $ 4,922,412     $ 2,300,813     $ 1,660,061     $ 3,582     $ 10,711,923  
Collectively evaluated for impairment     71,949,314       22,137,604       83,684,837       79,748,503       14,755,694       4,258,652       276,534,604  
Balance at end of period   $ 72,301,178     $ 23,610,795     $ 88,607,249     $ 82,049,316     $ 16,415,755     $ 4,262,234     $ 287,246,527  

 

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