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Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 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 at December 31, 2019 and 2018 was as follows:

 

    2019   2018
Commercial, financial and agricultural loans   $ 87,441,489     $ 88,403,215  
Real estate                
Construction loans     28,826,099       24,890,536  
Commercial mortgage loans     143,022,080       123,477,369  
Residential loans     102,239,917       103,347,898  
Agricultural loans     31,459,274       31,561,686  
Consumer & other loans     5,093,661       5,086,984  
         Loans outstanding     398,082,520       376,767,688  
Unearned interest and discount     (17,345 )     (17,451 )
Allowance for loan losses     (3,604,348 )     (3,428,869 )
       Net loans   $ 394,460,827     $ 373,321,368  
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, 2019

    Current and < 30 Days Past Due   30-59 Days Past Due   60-89 Days Past Due   90 Days or More Past Due Loans  

Total Past

Due Loans

  

Total

Loans

Commercial, financial and

agricultural loans

   $ 84,952,610     $ 675,714     $ 1,685,289     $ 127,876     $ 2,488,879     $ 87,441,489  
Real estate:                                                
  Construction loans     28,548,384       227,383       0       0       227,383       28,775,767  
  Commercial mortgage loans     138,646,493       3,962,070       209,234       1       4,171,305       142,817,798  
  Residential loans     100,302,023       1,404,806       248,516       115,772       1,769,094       102,071,117  
  Agricultural loans     30,877,028       457,246       125,000       0       582,246       31,459,274  
Consumer & other loans     4,887,890       61,404       34,265       0       95,669       4,983,559  
         Total loans   $ 388,214,428     $ 6,788,622     $ 2,302,304     $ 243,649     $ 9,334,576     $ 397,549,004  
Overdrafts, in-process, and suspense                                             533,516  
                                            $ 398,082,520  

  

   

Age Analysis of Past Due Loans

As of December 31, 2018

    Current and < 30 Days Past Due   30-59 Days Past Due   60-89 Days Past Due   90 Days or More Past Due   Total Past Due Loans  

Total

Loans

Commercial, financial and

agricultural loans

   $ 88,119,660     $ 222,516     $ 247,397     $ 36,157     $ 283,555     $ 88,403,215  
Real estate:                                                
  Construction loans     24,837,229       0       0       0       0       24,837,229  
  Commercial mortgage loans     122,454,819       0       0       1,022,550       1,022,550       123,477,369  
  Residential loans     101,630,920       1,424,282       1,560,913       146,154       146,153       103,337,986  
  Agricultural loans     31,240,367       321,319       321,319       0       0       31,561,686  
Consumer & other loans     5,050,331       14,238       36,654       0       0       5,086,984  
         Total loans   $ 373,333,325     $ 1,982,355     $ 2,166,283     $ 1,204,861     $ 3,371,144     $ 376,704,469  
Overdrafts, in-process, and suspense                                             63,219  
                                            $ 376,767,688  
Schedule of Nonaccrual Loans

The following table presents nonaccrual loans segregated by class of loans.

 

    2019   2018
    Nonaccrual    90 Days or
   More Still
   Accruing  		   Nonaccrual   90 Days or
More Still Accruing

Commercial, financial and

agricultural loans

   $ 125,305     $ 2,571     $ 36,157     $ 0  
Real estate:                                
  Construction loans     0       0       0       0  
  Commercial mortgage loans     1       0       1,022,550       0  
  Residential loans     115,772       0       146,154       0  
  Agricultural loans     0       0       0       0  
Consumer & other loans     0       0       0       0  
         Total loans   $ 241,078     $ 2,571     $ 1,204,861     $ 0  
Schedule of Impaired Loans Segregated by Class of Loans

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

 

    Unpaid  

Recorded

Investment

      

Year-to-date

Average

   Interest Income Received
December 31, 2019   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment

Commercial, financial and

agricultural loans

   $ 1,247,947     $ 62,475     $ 1,098,818     $ 1,161,293     $ 430,318     $ 939,937     $ 83,335  
Real estate:                                                        
Construction loans     63,708       63,708       0       63,708       0       63,708       4,533  
Commercial mortgage loans     847,287       249,582       154,439       404,021       47,690       365,940       47,663  
Residential loans     581,217       553,468       0       553,468       0       525,698       34,193  
Agricultural loans     0       0       0       0       0       0       0  
Consumer & other loans     12,661       0       12,661       12,661       145       12,661       936  
         Total loans   $ 2,752,820     $ 929,233     $ 1,265,918     $ 2,195,151     $ 478,153     $ 1,907,944     $ 170,660  

 

    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

    December 31, 2019
            Under restructured terms
    Accruing  

 

Non-accruing

   #   Current  

 

#

   Default

Commercial, financial, and

agricultural loans

   $ 3,384     $ 0       1     $ 3,384       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       1       0       0       0  
   Agricultural loans     0       0       0       0       0       0  
Consumer & other loans     0       0       0       0       0       0  
Total TDR’s   $ 3,384     $ 0       1     $ 3,384       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 nonaccrual at December 31, 2019 and 2018.

 

    December 31, 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     0       0       0       0       1       1,888       0       0  
Forbearance of interest     1       3,384       0       0       1       5,570       0       0  
Total     1     $ 3,384       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 at December 31, 2019 and 2018:

 

December 31, 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   $ 1,337,601     $ 0     $ 0     $ 21,932     $ 0     $ 335,663     $ 1,695,196  
Grade 2- Above Avg.     1,000       485,000       892,053       184,901       1,352,739       29,220       2,944,913  
Grade 3- Acceptable     23,863,615       4,863,194       36,268,643       27,923,193       16,118,982       1,307,088       110,344,716  
Grade 4- Fair     59,884,319       23,272,247       102,519,640       68,280,386       13,535,352       3,393,268       270,885,212  
Grade 5a- Watch     394,551       15,979       2,360,912       1,399,320       0       578       4,171,340  
Grade 5b- OAEM     1,532       125,971       327,831       3,110,121       452,200       11,327       4,028,982  
Grade 6- Substandard     1,730,710       63,708       653,001       1,293,986       0       16,517       3,757,922  
Grade 7- Doubtful     228,161       0       0       26,078       0       0       254,239  
       Total loans   $ 87,441,489     $ 28,826,099     $ 143,022,080     $ 102,239,917     $ 31,459,274     $ 5,093,661     $ 398,082,520  

  

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 Changes in Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

 

    2019   2018   2017
Balance, January 1   $ 3,428,869     $ 3,043,632     $ 3,124,611  
Provision charged to operations     856,677       829,500       300,000  
Loans charged off     (750,757 )     (606,345 )     (447,747 )
Recoveries     69,559       162,082       66,768  
Balance, December 31   $ 3,604,348     $ 3,428,869     $ 3,043,632  
Schedule of Allowance for Loan Losses Methodology

December 31, 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     179,241       56,220       274,550       226,540       0       14,206       750,757  
Recoveries     20,029       0       3,368       39,812       0       6,350       69,559  
Net charge-offs     159,212       56,220       271,182       186,728       0       7,856       681,198  
Provisions charged to operations     258,307       48,417       420,195       147,666       (31,998 )     14,090       856,677  
Balance at end of period, December 31, 2019   $ 501,346     $ 1,035,224     $ 1,359,315     $ 419,809       $      76 880     $ 211,774     $ 3,604,348  

 

Individually evaluated

for impairment

   $ 430,318     $ 0     $ 47,690     $ 0     $ 0     $ 145     $ 478,153  
Collectively evaluated for impairment     71,028       1,035,224       1,311,625       419,809       76,880       211,629       3,126,195  
Balance at end of period   $ 501,346     $ 1,035,224     $ 1,359,315     $ 419,809     $ 76,880     $ 211,774     $ 3,604,348  
                                                         

 

Loans :

                                                        
Ending balance -                                                        

Individually evaluated

for impairment

   $ 1,161,293     $ 63,708     $ 404,021     $ 553,468     $ 0     $ 12,661     $ 2,195,151  
Collectively evaluated for impairment     86,280,196       28,762,391       142,618,059       101,686,449       31,459,274       5,081,000       395,887,369  
Balance at end of period   $ 87,441,489     $ 28,826,099     $ 143,022,080     $ 102,239,917     $ 31,459,274     $ 5,093,661     $ 398,082,520  

   

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  

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  
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,            
    2019   2018   2017
Allowance for loss on impaired loans   $ 478,153     $ 518,230     $ 331,779  
Recorded balance of impaired loans   $ 2,195,151     $ 4,356,381     $ 4,895,730