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Loans and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2018
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 March 31, 2018 and December 31, 2017, were as follows:

 

    March 31, 2018   December 31, 2017
                 
Commercial, financial and agricultural loans   $ 72,884,220       21.7 %   $ 73,146,397       22.2 %
Real estate:                                
Construction loans     24,398,670       7.3 %     22,287,012       6.8 %
Commercial mortgage loans     104,820,909       31.3 %     106,458,342       32.2 %
Residential loans     100,818,477       30.1 %     99,159,607       30.0 %
Agricultural loans     27,717,796       8.3 %     25,373,621       7.7 %
Consumer & other loans     4,563,079       1.3 %     3,766,332       1.1 %
                                 
         Loans outstanding     335,203,151       100.0 %     330,191,311       100.0 %
                                 
Unearned interest and discount     (17,526 )             (17,921 )        
Allowance for loan losses     (3,170,409 )             (3,043,632 )        
       Net loans   $ 332,015,216             $ 327,129,758          
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 March 31, 2018.

 

   

Commercial,

Financial,

Agricultural and

Construction

     
Distribution of loans which are due:        
     In one year or less   $ 22,748,669  
     After one year but within five years     52,670,771  
     After five years     21,863,450  
         
          Total   $ 97,282,890  
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, 2018.

 

    Loans With        
    Predetermined   Loans With    
    Rates   Floating Rates   Total
             
Commercial, financial,            
agricultural and construction   $ 70,959,737   $ 3,574,484   $ 74,534,221
Schedule of Past Due Loans and Nonaccrual Loans

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

 

    Age Analysis of Past Due Loans
As of March 31, 2018
    30-89 Days Past Due  

 90 Days

 or Greater

   Total Past Due Loans   Nonaccrual Loans   Current Loans   Total Loans
                         
Commercial, financial and agricultural loans   $ 503,072     $ 0     $ 503,072     $ 267,838     $ 72,113,310     $ 72,884,220  
Real estate:                                                
Construction loans     195,527       0       195,527       0       24,203,143       24,398,670  
Commercial mortgage loans     347,959       0       347,959       1,023,901       103,449,049       104,820,909  
Residential loans     1,123,655       0       1,123,655       214,214       99,480,608       100,818,477  
Agricultural loans     136,444       0       136,444       0       27,581,352       27,717,796  
Consumer & other loans     28,190       0       28,190       0       4,534,889       4,563,079  
                                                 
         Total loans   $ 2,334,847     $ 0     $ 2,334,847     $ 1,505,953     $ 331,362,351     $ 335,203,151  

 

    Age Analysis of Past Due Loans
As of December 31, 2017
    30-89 Days Past Due  

90 Days

or Greater

   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  
Schedule of Impaired Loans Segregated by Class of Loans

The following tables present impaired loans, segregated by class of loans as of March 31, 2018, and December 31, 2017:

 

    Unpaid   Recorded Investment       Year-to-date
Average		   Interest
Income Received
March 31, 2018   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             
Commercial, financial and
agricultural loans		   $ 605,565     $ 70,123     $ 448,788     $ 518,911     $ 189,015     $ 294,849     $ 2,627  
Real estate:                                                        
Construction loans     424,050       303,250       0       303,250       0       358,039       7,232  
Commercial mortgage loans     1,879,635       1,371,860       339,058       1,710,918       57,021       4,468,807       12,477  
Residential loans     2,122,566       1,266,383       835,271       2,101,654       204,979       4,636,702       35,209  
Agricultural loans     139,919       139,919       0       139,919       0       722,595       1,755  
Consumer & other loans     19,456       221       19,235       19,456       3,258       13,474       444  
                                                         
         Total loans   $ 5,191,191     $ 3,151,756     $ 1,642,352     $ 4,794,108     $ 454,273     $ 10,494,466     $ 59,744  

 

    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  
Schedule of Troubled Debt Restructuring by Loan Class

    March 31, 2018
            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     3,011       0       1       3,011       0       0  
   Agricultural loans     0       0       0       0       0       0  
Consumer & other loans     221       0       1       221       0       0  
Total TDR’s   $ 3,232     $ 0       2     $ 3,232       0     $ 0  

 

    December 31, 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     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  
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 March 31, 2018, and December 31, 2017.

 

    March 31, 2018   December 31, 2017
    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       3,232       0       0       2       4,243       0       0  
Forbearance of interest     0       0       0       0       0       0       0       0  
Total     2     $ 3,232       0     $ 0       2     $ 4,243       0     $ 0  
Schedule of Internal Loan Grading By Class of Loans

The following tables present internal loan grading by class of loans as of March 31, 2018, and December 31, 2017:

 

March 31, 2018   Commercial, Financial, and Agricultural   Construction Real Estate   Commercial Real Estate   Residential Real Estate   Agricultural Real Estate   Consumer and Other   Total
Rating:                            
Grade 1- Exceptional   $ 1,111,490     $ 0     $ 0     $ 23,661     $ 0     $ 248,520     $ 1,383,671  
Grade 2- Above Avg.     0       0       0       0       0       48,125       48,125  
Grade 3- Acceptable     24,243,340       1,643,502       29,507,775       26,080,766       11,680,790       1,201,546       94,357,719  
Grade 4- Fair     42,125,327       22,451,918       70,039,261       69,982,016       15,523,114       3,024,587       223,146,223  
Grade 5a- Watch     313,223       0       488,963       1,062,844       38,884       15,824       1,919,738  
Grade 5b- OAEM     3,855,547       0       2,778,144       1,135,067       335,089       221       8,104,068  
Grade 6- Substandard     932,478       303,250       2,006,766       2,534,123       139,919       24,256       5,940,792  
Grade 7- Doubtful     302,815       0       0       0       0       0       302,815  
       Total loans   $ 72,884,220     $ 24,398,670     $ 104,820,909     $ 100,818,477     $ 27,717,796     $ 4,563,079     $ 335,203,151  

 

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  
Schedule of Allowance For Loan Losses Methodology

Three months ended March 31, 2018:

 

March 31, 2018   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, 2017   $ 324,260     $ 1,043,083     $ 1,056,595     $ 416,474     $ 11,560     $ 191,660     $ 3,043,632  
                                                         
Charge-offs     86,654       783       0       6,909       0       0       94,346  
Recoveries     5,623       0       0       0       0       0       5,623  
Net charge-offs     81,031       783       0       6,909       0       0       88,723  
Provisions charged to operations     48,762       391       84,178       33,265       46,651       2,253       215,500  
Balance at end of period, March 31, 2018   $ 291,991     $ 1,042,691     $ 1,140,773     $ 442,830     $ 58,211     $ 193,913     $ 3,170,409  
                                                         
Ending balance -                                                        
Individually evaluated for impairment   $ 189,015     $ 0     $ 57,021     $ 204,979     $ 0     $ 3,258     $ 454,273  
Collectively evaluated for impairment     102,976       1,042,691       1,083,752       237,851       58,211       190,655       2,716,136  
Balance at end of period   $ 291,991     $ 1,042,691     $ 1,140,773     $ 442,830     $ 58,211     $ 193,913     $ 3,170,409  
                                                         
Loans :                                                        
Ending balance -                                                        
Individually evaluated for impairment   $ 518,911     $ 303,250     $ 4,097,190     $ 2,239,108     $ 139,919     $ 19,456     $ 7,317,834  
Collectively evaluated for impairment     72,365,309       24,095,420       100,723,719       98,579,369       27,577,877       4,543,623       327,885,317  
Balance at end of period   $ 72,884,220     $ 24,398,670     $ 104,820,909     $ 100,818,477     $ 27,717,796     $ 4,563,079     $ 335,203,151  

 

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