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Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 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 at December 31, 2017 and 2016 was as follows:

 

    2017   2016
         
Commercial, financial and agricultural loans   $ 73,146,397     $ 70,999,423  
Real estate                
Construction loans     22,287,012       25,999,295  
Commercial mortgage loans     106,458,342       91,732,812  
Residential loans     99,159,607       83,270,983  
Agricultural loans     25,373,621       16,580,126  
Consumer & other loans     3,766,332       3,960,492  
                 
         Loans outstanding     330,191,311       292,543,131  
                 
Unearned interest and discount     (17,921 )     (18,895 )
Allowance for loan losses     (3,043,632 )     (3,124,611 )
       Net loans   $ 327,129,758     $ 289,399,625  
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 December 31, 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   $ 364,527     $ 0     $ 364,527     $ 394,455     $ 72,387,415     $ 73,146,397  
Real estate:                                                
Construction loans     198,861       0       198,861       0       22,088,151       22,287,012  
Commercial mortgage loans     645,214       0       645,214       757,085       105,056,043       106,458,342  
Residential loans     2,023,517       0       2,023,517       518,301       96,617,789       99,159,607  
Agricultural loans     0       0       0       0       25,373,621       25,373,621  
Consumer & other loans     30,033       0       30,033       4,815       3,731,484       3,766,332  
                                                 
         Total loans   $ 3,262,152     $ 0     $ 3,262,152     $ 1,674,656     $ 325,254,503     $ 330,191,311  

   

   

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 December 31, 2017 and 2016:

 

    Unpaid   Recorded Investment      

Year-to-date

Average

  

Interest

Income Received

December 31, 2017   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             

Commercial, financial and

agricultural loans

   $ 459,003     $ 208,032     $ 250,971     $ 459,003     $ 44,468     $ 190,994     $ 10,920  
Real estate:                                                        
Construction loans     549,599       428,799       0       428,799       0       299,609       24,487  
Commercial mortgage loans     1,615,811       1,107,654       339,440       1,447,094       57,403       4,130,250       54,582  
Residential loans     2,476,728       316,230       2,079,823       2,396,053       224,916       5,277,602       108,472  
Agricultural loans     142,966       142,966       0       142,966       0       703,079       8,198  
Consumer & other loans     21,815       846       20,969       21,815       4,992       10,684       521  
                                                         
         Total loans   $ 5,265,922     $ 2,204,527     $ 2,691,203     $ 4,895,730     $ 331,779     $ 10,612,218     $ 207,180  

 

    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

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, 2017
            Under restructured terms
   

 

Accruing

   Nonaccruing  

 

#

  

 

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     3,397       0       1       3,397       0       0  
   Agricultural loans     0       0       0       0       0       0  
Consumer & other loans     846       0       1       846       0       0  
Total TDR’s   $ 4,243     $ 0       2     $ 4,243       0     $ 0  

 

    December 31, 2016
            Under restructured terms
   

 

Accruing

   Nonaccruing  

 

#

  

 

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 nonaccrual at December 31, 2017 and 2016.

 

    December 31, 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       4,243       0       0       5       914,378       0       0  
Forbearance of interest     0       0       0       0       0       0       0       0  
Total     2     $ 4,243       0     $ 0       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 at December 31, 2017 and 2016:

 

December 31, 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   $ 1,371,135     $ 0     $ 0     $ 23,919     $ 0     $ 325,236     $ 1,720,290  
Grade 2- Above Avg.     0       0       0       0       0       51,421       51,421  
Grade 3- Acceptable     27,024,359       2,085,620       30,090,030       26,304,640       11,071,244       866,455       97,442,348  
Grade 4- Fair     42,821,117       19,772,593       70,518,545       68,103,351       13,781,326       2,494,509       217,491,441  
Grade 5a- Watch     120,626       0       1,027,581       757,628       39,344       7,572       1,952,751  
Grade 5b- OAEM     557,070       0       3,073,051       1,226,841       338,741       1,357       5,197,060  
Grade 6- Substandard     945,238       428,799       1,749,135       2,743,228       142,966       19,782       6,029,148  
Grade 7- Doubtful     306,852       0       0       0       0       0       306,852  
       Total loans   $ 73,146,397     $ 22,287,012     $ 106,458,342     $ 99,159,607     $ 25,373,621     $ 3,766,332     $ 330,191,311  

 

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 Changes in Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

    2017   2016   2015
             
Balance, January 1   $ 3,124,611     $ 3,032,242     $ 3,114,151  
Provision charged to operations     300,000       160,000       141,300  
Loans charged off     (447,747 )     (116,006 )     (319,200 )
Recoveries     66,768       48,375       95,991  
                         
Balance, December 31   $ 3,043,632     $ 3,124,611     $ 3,032,242  
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, 2017 and 2016. 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, 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       168,717       59,764       93,503       12,429       447,747  
Recoveries     63,486       0       0       0       0       3,282       66,768  
Net charge-offs     49,848       0       168,717       59,764       93,503       9,147       380,979  
Provisions charged to operations     182,841       0       33,214       56,049       18,407       9,489       300,000  
Balance at end of period, December 31, 2017   $ 324,260     $ 1,043,083     $ 1,056,595     $ 416,474     $ 11,560     $ 191,660     $ 3,043,632  
                                                         
Ending balance -                                                        

Individually evaluated

for impairment

   $ 44,468     $ 0     $ 57,403     $ 224,916     $ 0     $ 4,992     $ 331,779  
Collectively evaluated for impairment     279,792       1,043,083       999,192       191,558       11,560       186,668       2,711,853  
Balance at end of period   $ 324,260     $ 1,043,083     $ 1,056,595     $ 416,474     $ 11,560     $ 191,660     $ 3,043,632  
                                                         
Loans :                                                        
Ending balance -                                                        

Individually evaluated

for impairment

   $ 459,003     $ 428,799     $ 4,561,198     $ 2,448,531     $ 142,966     $ 21,815     $ 8,062,312  
Collectively evaluated for impairment     72,687,394       21,858,213       101,897,144       96,711,076       25,230,655       3,744,517       322,128,999  
Balance at end of period   $ 73,146,397     $ 22,287,012     $ 106,458,342     $ 99,159,607     $ 25,373,621     $ 3,766,332     $ 330,191,311  

 

At December 31, 2017, of the $8,062,312 loans that were individually evaluated for impairment, only $4,895,730 were deemed impaired.

 

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  
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,
    2017   2016   2015
             
Allowance for loss on impaired loans   $ 331,779     $ 549,429     $ 304,114  
Recorded balance of impaired loans   $ 4,895,730     $ 3,560,901     $ 5,558,615