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Loans and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2019
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, 2019 and December 31, 2018, were as follows:

 

             
   June 30, 2019  December 31, 2018
             
Commercial, financial and agricultural loans  $91,875,926    23.7%  $88,403,215    23.5%
Real estate:                    
Construction loans   22,976,763    5.9%   24,890,536    6.6%
Commercial mortgage loans   133,594,392    34.4%   123,477,369    32.8%
Residential loans   103,129,466    26.6%   103,347,898    27.4%
Agricultural loans   31,145,318    8.0%   31,561,686    8.4%
Consumer & other loans   5,563,808    1.4%   5,086,984    1.3%
                     
         Loans outstanding   388,285,673    100.0%   376,767,688    100.0%
                     
Unearned interest and discount   (17,367)        (17,451)     
Allowance for loan losses   (3,465,140)        (3,428,869)     
       Net loans  $384,803,166        $373,321,368      
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, 2019.

 

  

Commercial,

Financial,

Agricultural and

Construction

    
Distribution of loans which are due:   
     In one year or less  $39,222,998 
     After one year but within five years   56,744,401 
     After five years   18,885,290 
      
          Total  $114,852,689 
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, 2019.

 

    Loans With        
    Predetermined   Loans With    
    Rates   Floating Rates   Total
             
Commercial, financial,            
agricultural and construction   $ 74,706,251   $ 923,440   $ 75,629,691
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, 2019
   30-89 Days Past Due 

Greater than 90

Days

  Total Past Due Loans  Nonaccrual Loans  Current Loans  Total Loans
                               
Commercial, financial and
agricultural loans		  $1,067,816   $842   $1,068,658   $7,204   $90,800,064   $91,875,926 
Real estate:                              
Construction loans   91,289    0    91,289    185,238    22,700,236    22,976,763 
Commercial mortgage loans   36,998    0    36,998    750,001    132,807,393    133,594,392 
Residential loans   534,965    0    534,965    851,906    101,742,595    103,129,466 
Agricultural loans   301,144    0    301,144    0    30,844,174    31,145,318 
Consumer & other loans   15,094    0    15,094    0    5,548,714    5,563,808 
                               
         Total loans  $2,047,306   $842   $2,048,148   $1,794,349   $384,443,176   $388,285,673 

 

   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 
Schedule of Impaired Loans Segregated by Class of Loans

The following tables present impaired loans, segregated by class of loans as of June 30, 2019, and December 31, 2018:

 

   Unpaid  Recorded Investment     Year-to-date
Average		  Interest
Income Received
June 30, 2019  Principal Balance  With No Allowance  With Allowance  Total  Related Allowance  Recorded Investment  During Impairment
                      
Commercial, financial and
agricultural loans		  $1,299,434   $113,251   $1,099,529   $1,212,780   $433,815   $587,074   $19,703 
Real estate:                                   
Construction loans   395,314    274,514    0    274,514    0    274,514    8,685 
Commercial mortgage loans   1,653,696    255,248    948,097    1,203,345    46,865    1,045,411    21,738 
Residential loans   2,055,845    925,655    1,130,190    2,055,845    245,169    1,353,530    50,357 
Agricultural loans   0    0    0    0    0    0    0 
Consumer & other loans   13,538    0    13,538    13,538    1,022    13,538    489 
                                    
         Total loans  $5,417,827   $1,568,668   $3,191,354   $4,760,022   $726,871   $3,274,067   $100,972 

 

   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 
Schedule of Troubled Debt Restructuring by Loan Class

   June 30, 2019
         Under restructured terms
    

 

Accruing

    Non-accruing    

 

#

    

 

Current

    

 

#

    

 

Default

 
Commercial, financial, and
agricultural loans		  $3,834   $0    1   $3,834    0   $0 
Real estate:                              
   Construction loans   0    0    0    0    0    0 
   Commercial mortgage loans   0    0    0    0    0    0 
   Residential loans   0    0    0    0    0    0 
   Agricultural loans   0    0    0    0    0    0 
Consumer & other loans   0    0    0    0    0    0 
Total TDR’s  $3,834   $0    1   $3,834    0   $0 

 

   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 
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, 2019, and December 31, 2018.

 

   June 30, 2019  December 31, 2018
   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    3,834    0    0    1    1,888    0    0 
Forbearance of interest   0    0    0    0    1    5,570    0    0 
Total   1   $3,834    0   $0    2   $7,458    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, 2019, and December 31, 2018:

 

June 30, 2019 

 

Commercial, Financial, and Agricultural

  Construction Real Estate  Commercial Real Estate  Residential Real Estate  Agricultural Real Estate  Consumer and Other  Total
Rating:                     
Grade 1- Exceptional  $1,543,294   $0   $0   $22,420   $0   $236,636   $1,802,350 
Grade 2- Above Avg.   25,350    0    0    0    0    38,618    63,968 
Grade 3- Acceptable   24,747,422    2,879,744    29,292,207    26,036,145    16,574,101    1,952,560    101,482,179 
Grade 4- Fair   63,975,074    19,696,504    99,705,018    70,431,427    14,571,217    3,317,528    271,696,768 
Grade 5a- Watch   1,391,027    274,515    1,472,301    2,788,321    0    15,647    5,941,811 
Grade 5b- OAEM   3,807    0    2,476,833    456,629    0    2,819    2,940,088 
Grade 6- Substandard   0    126,000    648,033    3,340,491    0    0    4,114,524 
Grade 7- Doubtful   189,952    0    0    54,033    0    0    243,985 
       Total loans  $91,875,926   $22,976,763   $133,594,392   $103,129,466   $31,145,318   $5,563,808   $388,285,673 

 

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 
Schedule of Allowance for Loan Losses Methodology

Three months ended June 30, 2019:

 

June 30, 2019  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, 2019  $503,322   $1,043,027   $1,077,669   $458,871   $76,880   $207,158   $3,366,927 
                                    
Charge-offs   102,217    0    89,853    0    0    6,778    198,848 
Recoveries   9,484    0    0    35,940    0    1,247    46,671 
Net charge-offs   92,733    0    89,853    (35,940)   0    5,531    152,177 
Provisions charged to operations   122,964    0    138,429    (15,848)   0    4,845    250,390 
Balance at end of period, June 30, 2019  $533,553   $1,043,027   $1,126,245   $478,963   $76,880   $206,472   $3,465,140 

 

Six months ended June 30, 2019:

June 30, 2019  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, 2018  $402,251   $1,043,027   $1,210,302   $458,871   $108,878   $205,540   $3,428,869 
                                    
Charge-offs   102,217    0    274,549    0    0    6,778    383,544 
Recoveries   12,180    0    3,368    35,940    0    2,029    53,517 
Net charge-offs   90,037    0    271,181    (35,940)   0    4,749    330,027 
Provisions charged to operations   221,339    0    187,124    (15,848)   (31,998)   5,681    366,298 
Balance at end of period, June 30, 2019  $533,553   $1,043,027   $1,126,245   $478,963   $76,880   $206,472   $3,465,140 
                                    
Ending balance -                                   
Individually evaluated
for impairment		  $433,815   $0   $46,865   $245,169   $0   $1,022   $726,871 
Collectively evaluated for impairment   99,738    1,043,027    1,079,380    233,794    76,880    205,450    2,738,269 
Balance at end of period  $533,553   $1,043,027   $1,126,245   $478,963   $76,880   $206,472   $3,465,140 
                                    
Loans :                                   
Ending balance -                                   
Individually evaluated
for impairment		  $1,212,780   $274,514   $1,203,345   $2,055,845   $0   $13,538   $4,760,022 
Collectively evaluated for impairment   90,663,146    22,702,249    132,391,047    101,073,621    31,145,318    5,550,270    383,525,651 
Balance at end of period  $91,875,926   $22,976,763   $133,594,392   $103,129,466   $31,145,318   $5,563,808   $388,285,673 

 

The following table details activity in the ALL and loans evaluated for impairment by class of loans for the year ended December 31, 2018.

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