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Loans and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2018 and December 31, 2017, were as follows:

    June 30, 2018   December 31, 2017
                 
Commercial, financial and agricultural loans   $ 78,181,702       22.6 %   $ 73,146,397       22.2 %
Real estate:                                
Construction loans     23,938,671       6.9 %     22,287,012       6.8 %
Commercial mortgage loans     103,256,875       29.9 %     106,458,342       32.2 %
Residential loans     103,562,173       29.9 %     99,159,607       30.0 %
Agricultural loans     31,835,341       9.2 %     25,373,621       7.7 %
Consumer & other loans     5,094,754       1.5 %     3,766,332       1.1 %
                                 
         Loans outstanding     345,869,516       100.0 %     330,191,311       100.0 %
                                 
Unearned interest and discount     (17,516 )             (17,921 )        
Allowance for loan losses     (3,192,697 )             (3,043,632 )        
       Net loans   $ 342,659,303             $ 327,129,758          
Summary of Maturities of Loan Portfolio

The following table shows maturities of the commercial, financial, agricultural, and construction loan portfolio at June 30, 2018.

 

   

Commercial,

Financial,

Agricultural and

Construction

     
Distribution of loans which are due:        
     In one year or less   $ 26,149,959  
     After one year but within five years     51,905,582  
     After five years     24,064,832  
         
          Total   $ 102,120,373  
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 June 30, 2018.

 

    Loans With        
    Predetermined   Loans With    
    Rates   Floating Rates   Total
             
Commercial, financial,            
agricultural and construction   $ 72,442,500   $ 3,527,914   $ 75,970,414
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 June 30, 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   $ 752,019     $ 0     $ 752,019     $ 481,448     $ 76,948,235     $ 78,181,702  
Real estate:                                                
Construction loans     389,654       0       389,654       0       23,549,017       23,938,671  
Commercial mortgage loans     582,416       0       582,416       1,153,804       101,520,655       103,256,875  
Residential loans     351,938       0       351,938       81,436       103,128,799       103,562,173  
Agricultural loans     0       0       0       0       31,835,341       31,835,341  
Consumer & other loans     30,673       0       30,673       2,935       5,061,146       5,094,754  
                                                 
         Total loans   $ 2,106,700     $ 0     $ 2,106,700     $ 1,719,623     $ 342,043,193     $ 345,869,516  

 

    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 June 30, 2018, and December 31, 2017:

 

    Unpaid   Recorded Investment       Year-to-date
Average		   Interest
Income Received
June 30, 2018   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             
Commercial, financial and agricultural loans   $ 1,235,050     $ 427,276     $ 606,472     $ 1,033,748     $ 306,543     $ 509,358     $ 12,446  
Real estate:                                                        
Construction loans     420,625       299,825       0       299,825       0       299,825       12,896  
Commercial mortgage loans     2,003,797       1,497,705       337,375       1,835,080       55,338       1,573,756       24,533  
Residential loans     1,956,522       1,172,306       763,304       1,935,610       199,229       1,896,255       71,510  
Agricultural loans     136,883       136,883       0       136,883       0       136,883       3,523  
Consumer & other loans     18,374       31       18,343       18,374       2,366       18,374       821  
                                                         
         Total loans   $ 5,771,251     $ 3,534,026     $ 1,725,494     $ 5,259,520     $ 563,476     $ 4,434,451     $ 125,729  

 

    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     $ 169,930     $ 10,920  
Real estate:                                                        
Construction loans     549,599       428,799       0       428,799       0       162,698       24,487  
Commercial mortgage loans     1,615,811       1,107,654       339,440       1,447,094       57,403       1,071,663       54,582  
Residential loans     2,476,728       316,230       2,079,823       2,396,053       224,916       2,233,562       108,472  
Agricultural loans     142,966       142,966       0       142,966       0       142,966       8,198  
Consumer & other loans     21,815       846       20,969       21,815       4,992       9,003       521  
                                                         
         Total loans   $ 5,265,922     $ 2,204,527     $ 2,691,203     $ 4,895,730     $ 331,779     $ 3,789,822     $ 207,180  
Schedule of Troubled Debt Restructuring by Loan Class

    June 30, 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     2,617       0       1       2,617       0       0  
   Agricultural loans     0       0       0       0       0       0  
Consumer & other loans     31       0       1       31       0       0  
Total TDR’s   $ 2,648     $ 0       2     $ 2,648       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 June 30, 2018, and December 31, 2017.

 

    June 30, 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       2,648       0       0       2       4,243       0       0  
Forbearance of interest     0       0       0       0       0       0       0       0  
Total     2     $ 2,648       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 June 30, 2018, and December 31, 2017:

 

June 30, 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   $ 1,097,426     $ 0     $ 0     $ 23,413     $ 0     $ 268,906     $ 1,389,745  
Grade 2- Above Avg.     0       0       0       0       0       44,523       44,523  
Grade 3- Acceptable     26,032,845       2,447,663       28,502,586       25,852,885       12,058,971       1,303,193       96,198,143  
Grade 4- Fair     45,475,568       21,191,183       69,526,437       72,985,670       19,306,808       3,436,103       231,921,769  
Grade 5a- Watch     655,512       0       483,434       990,978       0       18,433       2,148,357  
Grade 5b- OAEM     3,214,477       0       488,733       1,123,179       332,679       31       5,159,099  
Grade 6- Substandard     1,200,281       299,825       4,255,685       2,586,048       136,883       23,565       8,502,287  
Grade 7- Doubtful     505,593       0       0       0       0       0       505,593  
       Total loans   $ 78,181,702     $ 23,938,671     $ 103,256,875     $ 103,562,173     $ 31,835,341     $ 5,094,754     $ 345,869,516  

 

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 June 30, 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, March 31, 2018   $ 291,991     $ 1,042,691     $ 1,140,773     $ 442,830     $ 58,211     $ 193,913     $ 3,170,409  
                                                         
Charge-offs     122,175       0       0       0       0       0       122,175  
Recoveries     1,653       0       0       0       1,200       1,610       4,463  
Net charge-offs     120,522       0       0       0       (1,200 )     (1,610 )     117,712  
Provisions charged to operations     266,192       (104,001 )     (56,296 )     2,366       31,611       128       140,000  
Balance at end of period, June 30, 2018   $ 437,661     $ 938,690     $ 1,084,477     $ 445,196     $ 91,022     $ 195,651     $ 3,192,697  
                                                         

 

Six months ended June 30, 2018:

June 30, 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     208,829       783       0       6,909       0       0       216,521  
Recoveries     7,276       0       0       0       1,200       1,610       10,086  
Net charge-offs     201,553       783       0       6,909       (1,200 )     (1,610 )     206,435  
Provisions charged to operations     314,954       (103,610 )     27,882       35,631       78,262       2,381       355,500  
Balance at end of period, June 30, 2018   $ 437,661     $ 938,690     $ 1,084,477     $ 445,196     $ 91,022     $ 195,651     $ 3,192,697  
                                                         
Ending balance -                                                        
Individually evaluated
for impairment		   $ 306,543     $ 0     $ 55,338     $ 199,229     $ 0     $ 2,366     $ 563,476  
Collectively evaluated for impairment     131,118       938,690       1,029,139       245,967       91,022       193,285       2,629,221  
Balance at end of period   $ 437,661     $ 938,690     $ 1,084,477     $ 445,196     $ 91,022     $ 195,651     $ 3,192,697  
                                                         
Loans :                                                        
Ending balance -                                                        
Individually evaluated
for impairment		   $ 1,033,748     $ 299,825     $ 4,211,744     $ 2,070,770     $ 136,883     $ 18,374     $ 7,771,344  
Collectively evaluated for impairment     77,147,954       23,638,846       99,045,131       101,491,403       31,698,458       5,076,380       338,098,172  
Balance at end of period   $ 78,181,702     $ 23,938,671     $ 103,256,875     $ 103,562,173     $ 31,835,341     $ 5,094,754     $ 345,869,516  

 

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