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Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 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 at December 31, 2018 and 2017 was as follows:

 

    2018   2017
         
Commercial, financial and agricultural loans   $ 88,403,215     $ 73,146,397  
Real estate                
Construction loans     24,890,536       22,287,012  
Commercial mortgage loans     123,477,369       106,458,342  
Residential loans     103,347,898       99,159,607  
Agricultural loans     31,561,686       25,373,621  
Consumer & other loans     5,086,984       3,766,332  
                 
         Loans outstanding     376,767,688       330,191,311  
                 
Unearned interest and discount     (17,451 )     (17,921 )
Allowance for loan losses     (3,428,869 )     (3,043,632 )
       Net loans   $ 373,321,368     $ 327,129,758  
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, 2018

    30-89 Days Past Due   Greater than 90 Days   Total Past Due Loans   Nonaccrual Loans   Current Loans   Total Loans
                         

Commercial, financial and

agricultural loans

   $ 247,397     $ 0     $ 247,397     $ 36,157     $ 88,119,661     $ 88,403,215  
Real estate:                                                
Construction loans     0       0       0       0       24,890,536       24,890,536  
Commercial mortgage loans     0       0       0       1,022,550       122,454,819       123,477,369  
Residential loans     1,560,913       0       1,560,913       146,154       101,640,831       103,347,898  
Agricultural loans     321,319       0       321,319       0       31,240,367       31,561,686  
Consumer & other loans     36,654       0       36,654       0       5,050,330       5,086,984  
                                                 
         Total loans   $ 2,166,283     $ 0     $ 2,166,283     $ 1,204,861     $ 373,396,544     $ 376,767,688  

   

   

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  
Schedule of Impaired Loans Segregated by Class of Loans

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

 

    Unpaid   Recorded Investment      

Year-to-date

Average

  

Interest

Income Received

December 31, 2018   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             

Commercial, financial and

agricultural loans

   $ 184,899     $ 87,525     $ 568,816     $ 656,341     $ 276,392     $ 370,038     $ 52,411  
Real estate:                                                        
Construction loans     402,234       281,434       0       281,434       0       281,434       25,364  
Commercial mortgage loans     1,787,305       1,277,611       333,892       1,611,503       51,854       1,544,299       45,403  
Residential loans     1,801,002       1,027,647       752,443       1,780,090       188,368       1,594,390       127,806  
Agricultural loans     12,526       12,526       0       12,526       0       12,526       5,530  
Consumer & other loans     0       0       14,487       14,487       1,616       14,487       820  
                                                         
         Total loans   $ 4,187,966     $ 2,686,743     $ 1,669,638     $ 4,356,381     $ 518,230     $ 3,817,174     $ 257,334  

 

    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

    December 31, 2018
            Under restructured terms
   

 

Accruing

   Non-accruing  

 

#

  

 

Current

  

 

#

  

 

Default

Commercial, financial, and

agricultural loans

   $ 5,570     $ 0       1     $ 5,570       0     $ 0  
Real estate:                                                
   Construction loans     0       0       0       0       0       0  
   Commercial mortgage loans     0       0       0       0       0       0  
   Residential loans     1,888       0       1       1,888       0       0  
   Agricultural loans     0       0       0       0       0       0  
Consumer & other loans     0       0       0       0       0       0  
Total TDR’s   $ 7,458     $ 0       2     $ 7,458       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 nonaccrual at December 31, 2018 and 2017.

 

    December 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     1       1,888       0       0       2       4,243       0       0  
Forbearance of interest     1       5,570       0       0       0       0       0       0  
Total     2     $ 7,458       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 at December 31, 2018 and 2017:

 

December 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   $ 1,237,602     $ 0     $ 0     $ 22,905     $ 0     $ 210,045     $ 1,470,552  
Grade 2- Above Avg.     0       0       0       0       0       43,711       43,711  
Grade 3- Acceptable     23,821,846       1,860,003       30,398,565       25,839,646       16,863,356       1,151,239       99,934,655  
Grade 4- Fair     58,753,931       22,749,099       88,122,957       73,114,310       14,698,330       3,657,108       261,095,735  
Grade 5a- Watch     473,616       0       2,411,710       722,441       0       6,206       3,613,973  
Grade 5b- OAEM     3,079,098       0       446,841       1,299,587       0       2,168       4,827,694  
Grade 6- Substandard     787,309       281,434       2,097,296       2,349,009       0       16,507       5,531,555  
Grade 7- Doubtful     249,813       0       0       0       0       0       249,813  
       Total loans   $ 88,403,215     $ 24,890,536     $ 123,477,369     $ 103,347,898     $ 31,561,686     $ 5,086,984     $ 376,767,688  

 

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 Changes in Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

 

    2018   2017   2016
             
Balance, January 1   $ 3,043,632     $ 3,124,611     $ 3,032,242  
Provision charged to operations     829,500       300,000       160,000  
Loans charged off     (606,345 )     (447,747 )     (116,006 )
Recoveries     162,082       66,768       48,375  
                         
Balance, December 31   $ 3,428,869     $ 3,043,632     $ 3,124,611  
Schedule of Allowance for Loan Losses Methodology

December 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     548,460       783       43,349       6,909       0       6,844       606,345  
Recoveries     12,025       0       590       0       147,252       2,215       162,082  
Net charge-offs     536,435       783       42,759       6,909       (147,252 )     4,629       444,263  
Provisions charged to operations     614,426       727       196,466       49,306       (49,934 )     18,509       829,500  
Balance at end of period, December 31, 2018   $ 402,251     $ 1,043,027     $ 1,210,302     $ 458,871     $ 108,878     $ 205,540     $ 3,428,869  
                                                         
Ending balance -                                                        

Individually evaluated

for impairment

   $ 276,392     $ 0     $ 51,854     $ 188,368     $ 0     $ 1,616     $ 518,230  
Collectively evaluated for impairment     125,859       1,043,027       1,158,448       270,503       108,878       203,924       2,910,639  
Balance at end of period   $ 402,251     $ 1,043,027     $ 1,210,302     $ 458,871     $ 108,878     $ 205,540     $ 3,428,869  
                                                         
Loans :                                                        
Ending balance -                                                        

Individually evaluated

for impairment

   $ 656,341     $ 281,434     $ 1,611,503     $ 1,929,214     $ 12,526     $ 14,487     $ 4,505,505  
Collectively evaluated for impairment     87,746,874       24,609,102       121,865,866       101,418,684       31,549,160       5,072,497       372,262,183  
Balance at end of period   $ 88,403,215     $ 24,890,536     $ 123,477,369     $ 103,347,898     $ 31,561,686     $ 5,086,984     $ 376,767,688  

 

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  
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,
    2018   2017   2016
             
Allowance for loss on impaired loans   $ 518,230     $ 331,779     $ 549,429  
Recorded balance of impaired loans   $ 4,356,381     $ 4,895,730     $ 3,560,901