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Loans and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2017
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 June 30, 2017 and December 31, 2016, were as follows:

 

                 
    June 30, 2017   December 31, 2016
                 
Commercial, financial and agricultural loans   $ 76,754,355       23.8 %   $ 70,999,423       24.3 %
Real estate:                                
Construction loans     26,251,307       8.1 %     25,999,295       8.9 %
Commercial mortgage loans     99,114,586       30.7 %     91,732,812       31.3 %
Residential loans     92,057,575       28.5 %     83,270,983       28.5 %
Agricultural loans     24,442,152       7.6 %     16,580,126       5.7 %
Consumer & other loans     4,033,802       1.3 %     3,960,492       1.3 %
                                 
         Loans outstanding     322,653,777       100.0 %     292,543,131       100.0 %
                                 
Unearned interest and discount     (17,724 )             (18,895 )        
Allowance for loan losses     (3,095,987 )             (3,124,611 )        
       Net loans   $ 319,540,066             $ 289,399,625          
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 June 30, 2017.

   

Commercial,

Financial,

Agricultural and

Construction

     
Distribution of loans which are due:    
     In one year or less   $ 26,900,034  
     After one year but within five years     51,949,279  
     After five years     24,156,349  
         
          Total   $ 103,005,662  
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 March 31, 2017.

 

    Loans With        
    Predetermined   Loans With    
    Rates   Floating Rates   Total
             
Commercial, financial,            
agricultural and construction   $ 67,059,098   $ 6,961,884   $ 74,020,982
             
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 June 30, 2017
    30-89 Days Past Due   Greater than 90 Days   Total Past Due Loans   Nonaccrual Loans   Current Loans   Total Loans
                         
Commercial, financial and agricultural loans   $ 3,893,901     $ 8,240     $ 3,902,141     $ 55,509     $ 72,796,705     $ 76,754,355  
Real estate:                                                
Construction loans     295,364       0       295,364       0       25,955,943       26,251,307  
Commercial mortgage loans     1,321,713       0       1,321,713       0       97,792,873       99,114,586  
Residential loans     933,428       0       933,428       325,810       90,798,337       92,057,575  
Agricultural loans     190,773       0       190,773       903,842       23,347,537       24,442,152  
Consumer & other loans     55,618       0       55,618       0       3,978,184       4,033,802  
                                                 
         Total loans   $ 6,690,797     $ 8,240     $ 6,699,037     $ 1,285,162     $ 314,669,579     $ 322,653,777  

 

    Age Analysis of Past Due Loans
As of December 31, 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   $ 1,264,998     $ 0     $ 1,264,998     $ 38,798     $ 69,695,627     $ 70,999,423  
Real estate:                                                
Construction loans     66,931       0       66,931       207,522       25,724,842       25,999,295  
Commercial mortgage loans     1,268,405       0       1,268,405       0       90,464,407       91,732,812  
Residential loans     1,376,671       0       1,376,671       0       81,894,312       83,270,983  
Agricultural loans     0       0       0       0       16,580,126       16,580,126  
Consumer & other loans     65,127       0       65,127       0       3,895,365       3,960,492  
                                                 
         Total loans   $ 4,042,132     $ 0     $ 4,042,132     $ 246,320     $ 288,254,679     $ 292,543,131  

 
Schedule of Impaired Loans Segregated by Class of Loans

The following tables present impaired loans, segregated by class of loans as of June 30, 2017, and December 31, 2016:

 

    Unpaid   Recorded Investment       Year-to-date
Average		   Interest
Income Received
June 30, 2017   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             
Commercial, financial and
agricultural loans		   $ 381,732     $ 0     $ 381,732     $ 381,732     $ 65,455     $ 53,370     $ 7,228  
Real estate:                                                        
Construction loans     242,004       121,204       0       121,204       0       218,489       8,471  
Commercial mortgage loans     1,624,734       757,085       867,649       1,624,734       232,451       4,376,528       30,057  
Residential loans     2,412,593       507,165       1,824,753       2,331,918       228,176       4,158,805       55,347  
Agricultural loans     241,151       241,151       0       241,151       0       951,945       38,731  
Consumer & other loans     18,627       1,872       16,755       18,627       3,883       4,677       192  
                                                         
         Total loans   $ 4,920,841     $ 1,628,477     $ 3,090,889     $ 4,719,366     $ 529,965     $ 9,763,814     $ 140,026  

 

    Unpaid   Recorded Investment       Year-to-date
Average		   Interest
Income Received
December 31, 2016   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             
Commercial, financial and
agricultural loans		   $ 102,086     $ 4,798     $ 97,288     $ 102,086     $ 12,021     $ 21,154     $ 2,464  
Real estate:                                                        
Construction loans     247,015       126,215       0       126,215       0       168,432       12,691  
Commercial mortgage loans     880,670       0       880,670       880,670       245,472       4,005,175       46,195  
Residential loans     2,223,421       230,610       1,971,899       2,202,509       291,936       3,272,528       122,370  
Agricultural loans     246,175       246,175       0       246,175       0       851,740       8,150  
Consumer & other loans     3,246       3,246       0       3,246       0       6,501       201  
                                                         
         Total loans   $ 3,702,613     $ 611,044     $ 2,949,857     $ 3,560,901     $ 549,429     $ 8,325,530     $ 192,071  
Schedule of Troubled Debt Restructuring by Loan Class

    June 30, 2017
            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     4,153       0       1       4,153       0       0  
   Agricultural loans     0       903,842       0       0       3       903,842  
Consumer & other loans     1,872       0       1       1,872       0       0  
Total TDR’s   $ 6,025     $ 903,842       2     $ 6,025       3     $ 903,842  

 

    December 31, 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     4,853       0       1       4,853       0       0  
   Agricultural loans     906,279       0       3       906,279       0       0  
Consumer & other loans     3,246       0       1       3,246       0       0  
Total TDR’s   $ 914,378     $ 0       5     $ 914,378       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 June 30, 2017, and December 31, 2016.

  

    June 30, 2017   December 31, 2016
    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     2       6,025       3       903,842       5       914,378       0       0  
Forbearance of interest     0       0       0       0       0       0       0       0  
Total     2     $ 6,025       3     $ 903,842       5     $ 914,378       0     $ 0  
Schedule of Internal Loan Grading By Class of Loans

The following tables present internal loan grading by class of loans as of June 30, 2017, and December 31, 2016:

 

June 30, 2017   Commercial, Financial, and Agricultural   Construction Real Estate   Commercial Real Estate   Residential Real Estate   Agricultural Real Estate   Consumer and Other   Total
Rating:                            
Grade 1- Exceptional   $ 934,969     $ 0     $ 0     $ 24,444     $ 0     $ 405,512     $ 1,364,925  
Grade 2- Above Avg.     0       0       0       0       0       58,154       58,154  
Grade 3- Acceptable     28,588,757       6,372,721       28,340,051       29,991,109       12,071,026       1,316,175       106,679,839  
Grade 4- Fair     45,154,772       19,744,009       64,778,551       57,299,466       10,936,561       2,217,126       200,130,485  
Grade 5a- Watch     347,795       0       1,051,931       848,431       40,005       27,099       2,315,261  
Grade 5b- OAEM     1,398,255       13,373       3,607,208       1,106,978       339,950       4,403       6,470,167  
Grade 6- Substandard     245,177       121,204       1,336,845       2,787,147       1,054,610       5,333       5,550,316  
Grade 7- Doubtful     84,630       0       0       0       0       0       84,630  
       Total loans   $ 76,754,355     $ 26,251,307     $ 99,114,586     $ 92,057,575     $ 24,442,152     $ 4,033,802     $ 322,653,777  

 

  

December 31, 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   $ 615,535     $ 0     $ 0     $ 24,963     $ 0     $ 395,765     $ 1,036,263  
Grade 2- Above Avg.     0       0       0       7,172       289,561       10,195       306,928  
Grade 3- Acceptable     28,049,484       7,456,101       24,383,326       29,654,781       8,899,344       1,343,547       99,786,583  
Grade 4- Fair     40,358,471       18,402,769       62,023,892       48,747,687       6,306,754       2,182,145       178,021,718  
Grade 5a- Watch     111,488       0       1,071,667       832,624       22,642       16,002       2,054,423  
Grade 5b- OAEM     1,561,359       14,210       2,883,133       1,260,719       0       3,247       5,722,668  
Grade 6- Substandard     214,862       126,215       1,370,794       2,743,037       1,061,825       9,591       5,526,324  
Grade 7- Doubtful     88,224       0       0       0       0       0       88,224  
       Total loans   $ 70,999,423     $ 25,999,295     $ 91,732,812     $ 83,270,983     $ 16,580,126     $ 3,960,492     $ 292,543,131  
Schedule of Allowance For Loan Losses Methodology

Three months ended June 30, 2017:

    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, March 31, 2017   $ 232,822     $ 1,043,083     $ 1,192,098     $ 417,835     $ 86,656     $ 189,340     $ 3,161,834  
                                                         
Charge-offs     79,334       0       0       59,764       0       2,733       141,831  
Recoveries     783       0       0       0       0       201       984  
Net charge-offs     78,551       0       0       59,764       0       2,532       140,847  
Provisions charged to operations     55,049       0       0       17,887       0       2,064       75,000  
Balance at end of period, June 30, 2017   $ 209,320     $ 1,043,083     $ 1,192,098     $ 375,958     $ 86,656     $ 188,872     $ 3,095,987  
                                                         

 

Six months ended June 30, 2017:

June 30, 2017   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, 2016   $191,267   $1,043,083   $1,192,098   $420,189   $86,656   $191,318   $3,124,611
                                                         
Charge-offs     113,334       0       0       59,764       0       8,548       181,646  
Recoveries     1,638       0       0       0       0       1,384       3,022  
Net charge-offs     111,696       0       0       59,764       0       7,164       178,624  
Provisions charged to operations     129,749       0       0       15,533       0       4,718       150,000  
Balance at end of period, June 30, 2017   $ 209,320     $ 1,043,083     $ 1,192,098     $ 375,958     $ 86,656     $ 188,872     $ 3,095,987  
                                                         
Ending balance -                                                        
Individually evaluated
for impairment		   $ 65,455     $ 0     $ 232,451     $ 228,176     $ 0     $ 3,883     $ 529,965  
Collectively evaluated for impairment     143,865       1,043,083       959,647       147,782       86,656       184,989       2,566,022  
Balance at end of period   $ 209,320     $ 1,043,083     $ 1,192,098     $ 375,958     $ 86,656     $ 188,872     $ 3,095,987  
                                                         
Loans :                                                        
Ending balance -                                                        
Individually evaluated
for impairment		   $ 381,732     $ 121,204     $ 4,758,186     $ 2,383,377     $ 1,054,610     $ 18,627     $ 8,717,736  
Collectively evaluated for impairment     76,372,623       26,130,103       94,356,400       89,674,198       23,387,542       4,015,175       313,936,041  
Balance at end of period   $ 76,754,355     $ 26,251,307     $ 99,114,586     $ 92,057,575     $ 24,442,152     $ 4,033,802     $ 322,653,777  

 

The following table details activity in the ALL and loans evaluated for impairment by class of loans for the year ended December 31, 2016.

 

December 31, 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     103,387       0       0       3,394       0       9,225       116,006  
Recoveries     28,303       0       0       16,994       0       3,078       48,375  
Net charge-offs     75,084       0       0       (13,600 )     0       6,147       67,631  
Provisions charged to operations     121,570       0       0       24,698       0       13,732       160,000  
Balance at end of period, December 31, 2016   $ 191,267     $ 1,043,083     $ 1,192,098     $ 420,189     $ 86,656     $ 191,318     $ 3,124,611  
                                                         
Ending balance -                                                        
Individually evaluated
for impairment		   $ 12,021     $ 0     $ 245,472     $ 291,936     $ 0     $ 0     $ 549,429  
Collectively evaluated for impairment     179,246       1,043,083       946,626       128,253       86,656       191,318       2,575,182  
Balance at end of period   $ 191,267     $ 1,043,083     $ 1,192,098     $ 420,189     $ 86,656     $ 191,318     $ 3,124,611  
                                                         
Loans :                                                        
Ending balance -                                                        
Individually evaluated
for impairment		   $ 102,086     $ 126,215     $ 4,496,700     $ 2,281,439     $ 1,061,826     $ 3,246     $ 8,071,512  
Collectively evaluated for impairment     70,897,337       25,873,080       87,236,112       80,989,544       15,518,300       3,957,246       284,471,619  
Balance at end of period   $ 70,999,423     $ 25,999,295     $ 91,732,812     $ 83,270,983     $ 16,580,126     $ 3,960,492     $ 292,543,131