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5. Loans, Allowance for Loan Losses and Credit Quality (Tables)
 6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
Composition of net loans

 

   June 30, 2012  December 31, 2011  June 30, 2011
                
Commercial  $52,696,811   $39,514,607   $36,860,487 
Commercial real estate   131,239,549    132,269,368    137,273,305 
Residential real estate - 1st lien   166,621,140    159,535,958    161,038,426 
Residential real estate - Jr. lien   46,253,285    45,886,967    46,289,717 
Consumer   11,370,898    11,465,139    12,059,910 
    408,181,683    388,672,039    393,521,845 
Deduct (add):               
Allowance for loan losses   3,926,119    3,886,502    3,851,369 
Unearned net loan fees   (76,703)   (7,251)   38,803 
Loans held-for-sale   2,984,024    2,285,567    1,555,288 
    6,833,440    6,164,818    5,445,460 
          Net Loans  $401,348,243   $382,507,221   $388,076,385 
Past due loans by segment


 

          90 Days     Total                 Non-Accrual     Over 90 Days  
June 30, 2012   30-89 Days     or More     Past Due     Current     Total Loans     Loans     and Accruing  
                                           
Commercial   $ 690,163     $ 608,100     $ 1,298,263     $ 51,398,548     $ 52,696,811     $ 1,159,782     $ 31,517  
Commercial real estate     403,082       2,609,864       3,012,946       128,226,603       131,239,549       3,571,542       96,622  
Residential real estate - 1st lien     1,148,563       1,263,035       2,411,598       161,225,518       163,637,116       1,629,611       704,780  
Residential real estate - Jr lien     315,398       80,602       396,000       45,857,285       46,253,285       340,427       71,155  
Consumer     157,491       17,131       174,622       11,196,276       11,370,898       0       17,131  
          Total   $ 2,714,697     $ 4,578,732     $ 7,293,429     $ 397,904,230     $ 405,197,659     $ 6,701,362     $ 921,205  
                                                         
             90 Days     Total                     Non-Accrual     Over 90 Days  
December 31, 2011   30-89 Days     or More     Past Due     Current     Total Loans     Loans     and Accruing  
                                                         
Commercial   $ 655,168     $ 265,668     $ 920,836     $ 38,593,771     $ 39,514,607     $ 1,066,945     $ 59,618  
Commercial real estate     2,266,412       1,288,616       3,555,028       128,714,340       132,269,368       3,714,146       98,554  
Residential real estate - 1st lien     5,614,513       2,517,282       8,131,795       149,118,596       157,250,391       2,703,920       969,078  
Residential real estate - Jr lien     431,885       2,754,129       3,186,014       42,700,953       45,886,967       464,308       111,061  
Consumer     152,151       1,498       153,649       11,311,490       11,465,139       0       1,498  
          Total   $ 9,120,129     $ 6,827,193     $ 15,947,322     $ 370,439,150     $ 386,386,472     $ 7,949,319     $ 1,239,809  
                                                         
             90 Days     Total                     Non-Accrual     Over 90 Days  
June 30, 2011   30-89 Days     or More     Past Due     Current     Total Loans     Loans     and Accruing  
                                                         
Commercial   $ 563,870     $ 107,318     $ 671,188     $ 36,189,299     $ 36,860,487     $ 350,498     $ 4,838  
Commercial real estate     1,003,076       817,168       1,820,244       135,453,061       137,273,305       1,517,465       393,707  
Residential real estate - 1st lien     1,473,327       1,959,554       3,432,881       156,050,257       159,483,138       2,514,155       571,001  
Residential real estate - Jr lien     280,423       297,726       578,149       45,711,568       46,289,717       459,626       207,758  
Consumer     107,179       1,228       108,407       11,951,503       12,059,910       0       1,228  
          Total   $ 3,427,875     $ 3,182,994     $ 6,610,869     $ 385,355,688     $ 391,966,557     $ 4,841,744     $ 1,178,532  
Changes in the allowance for loan losses

 

For the quarter ended June 30, 2012  
                Residential     Residential                    
          Commercial     Real Estate     Real Estate                    
    Commercial     Real Estate     1st Lien     Jr Lien     Consumer     Unallocated     Total  
Allowance for loan losses  
   Beginning balance   $ 388,576     $ 1,389,368     $ 1,595,453     $ 318,075     $ 124,022     $ 136,995     $ 3,952,489  
      Charge-offs     (115,100 )     (8,259 )     (125,000 )     0       (36,714 )     0       (285,073 )
      Recoveries     1,268       108       366       62       6,900       0       8,704  
      Provision     108,779       4,966       2,842       50,802       32,706       49,904       249,999  
   Ending balance   $ 383,523     $ 1,386,183     $ 1,473,661     $ 368,939     $ 126,914     $ 186,899     $ 3,926,119  



 

For the six months ended June 30, 2012  
                Residential     Residential                    
          Commercial     Real Estate     Real Estate                    
    Commercial     Real Estate     1st Lien     Jr Lien     Consumer     Unallocated     Total  
Allowance for loan losses  
   Beginning balance   $ 342,314     $ 1,385,939     $ 1,578,493     $ 331,684     $ 124,779     $ 123,293     $ 3,886,502  
      Charge-offs     (124,934 )     (55,057 )     (183,474 )     (60,287 )     (60,373 )     0       (484,125 )
      Recoveries     2,520       863       1,823       1,418       17,116       0       23,740  
      Provision     163,623       54,438       76,819       96,124       45,392       63,606       500,002  
   Ending balance   $ 383,523     $ 1,386,183     $ 1,473,661     $ 368,939     $ 126,914     $ 186,899     $ 3,926,119  
                                                         
Allowance for loan losses  
Evaluated for impairment                                                        
   Individually   $ 0     $ 15,100     $ 144,300     $ 21,000     $ 0     $ 0     $ 180,400  
   Collectively     383,523       1,371,083       1,329,361       347,939       126,914       186,899       3,745,719  
          Total   $ 383,523     $ 1,386,183     $ 1,473,661     $ 368,939     $ 126,914     $ 186,899     $ 3,926,119  
   
Loans evaluated for impairment  
   Individually   $ 985,350     $ 3,459,215     $ 1,345,724     $ 301,796     $ 0             $ 6,092,085  
   Collectively     51,711,461       127,780,334       165,275,416       45,951,489       11,370,898               402,089,598  
          Total   $ 52,696,811     $ 131,239,549     $ 166,621,140     $ 46,253,285     $ 11,370,898             $ 408,181,683  


 

For the year ended December 31, 2011  
                Residential     Residential                    
          Commercial     Real Estate     Real Estate                    
    Commercial     Real Estate     1st Lien     Jr Lien     Consumer     Unallocated     Total  
Allowance for loan losses  
   Beginning balance   $ 302,421     $ 1,391,898     $ 1,830,816     $ 0     $ 151,948     $ 50,852     $ 3,727,935  
      Charge-offs     (22,050 )     (197,367 )     (521,608 )     (96,961 )     (103,687 )     0       (941,673 )
      Recoveries     13,225       8,479       42,593       20       35,923       0       100,240  
      Provision     48,718       182,929       226,692       428,625       40,595       72,441       1,000,000  
   Ending balance   $ 342,314     $ 1,385,939     $ 1,578,493     $ 331,684     $ 124,779     $ 123,293     $ 3,886,502  
                                                         
Allowance for loan losses  
Evaluated for impairment                                                        
   Individually   $ 70,600     $ 57,500     $ 283,200     $ 47,200     $ 0     $ 0     $ 458,500  
   Collectively     271,714       1,328,439       1,295,293       284,484       124,779       123,293       3,428,002  
          Total   $ 342,314     $ 1,385,939     $ 1,578,493     $ 331,684     $ 124,779     $ 123,293     $ 3,886,502  
   
Loans evaluated for impairment  
   Individually   $ 1,000,120     $ 3,669,260     $ 2,366,326     $ 434,664     $ 0             $ 7,470,370  
   Collectively     38,514,487       128,600,108       157,169,632       45,452,303       11,465,139               381,201,669  
          Total   $ 39,514,607     $ 132,269,368     $ 159,535,958     $ 45,886,967     $ 11,465,139             $ 388,672,039  



 

For the quarter ended June 30, 2011  
          Commercial     Residential                    
    Commercial     Real Estate     Real Estate     Consumer     Unallocated     Total  
   
Allowance for loan losses  
   Beginning balance   $ 256,448     $ 1,396,946     $ 1,756,119     $ 151,865     $ 148,540     $ 3,709,918  
      Charge-offs     (2,427 )     0       (82,646 )     (26,523 )     0       (111,596 )
      Recoveries     3,416       1,091       600       10,440       0       15,547  
      Provision (reduction)     (10,870 )     (2,687 )     291,867       (3,250 )     (37,560 )     237,500  
   Ending balance   $ 246,567     $ 1,395,350     $ 1,965,940     $ 132,532     $ 110,980     $ 3,851,369  


 

For the six months ended June 30, 2011  
          Commercial     Residential                    
    Commercial     Real Estate     Real Estate     Consumer     Unallocated     Total  
   
Allowance for loan losses  
   Beginning balance   $ 302,421     $ 1,391,898     $ 1,830,816     $ 151,948     $ 50,852     $ 3,727,935  
      Charge-offs     (3,127 )     0       (271,446 )     (64,113 )     0       (338,686 )
      Recoveries     11,522       2,181       600       22,817       0       37,120  
      Provision (reduction)     (64,249 )     1,271       405,970       21,880       60,128       425,000  
   Ending balance   $ 246,567     $ 1,395,350     $ 1,965,940     $ 132,532     $ 110,980     $ 3,851,369  
                                                 
 Individually evaluated for impairment   $ 0     $ 6,100     $ 366,300     $ 0     $ 0     $ 372,400  
 Collectively evaluated  for impairment     246,567       1,389,250       1,599,640       132,532       110,980       3,478,969  
          Total   $ 246,567     $ 1,395,350     $ 1,965,940     $ 132,532     $ 110,980     $ 3,851,369  
   
Loans  
 Individually evaluated for impairment   $ 856,643     $ 1,471,703     $ 2,644,713     $ 0             $ 4,973,059  
 Collectively evaluated for impairment     36,003,844       135,801,602       204,683,430       12,059,910             $ 388,548,786  
          Total   $ 36,860,487     $ 137,273,305     $ 207,328,143     $ 12,059,910             $ 393,521,845  


 

 

 
Impaired loans by segment

 

For the six months ended June 30, 2012                          
          Unpaid           Average     Interest  
    Recorded     Principal     Related     Recorded     Income  
    Investment     Balance     Allowance     Investment     Recognized *  
                               
With no related allowance recorded                              
   Commercial   $ 985,350     $ 1,098,373     $ 0     $ 601,073     $ 0  
   Commercial real estate     2,307,560       2,658,965       0       2,112,726       0  
   Residential real estate 1st lien     701,424       924,758       0       847,776       0  
   Residential real estate Jr lien     31,532       36,024       0       52,439       0  
                                         
With an allowance recorded                                        
   Commercial     0       0       0       387,905       0  
   Commercial real estate     1,151,655       1,167,055       15,100       1,471,201       0  
   Residential real estate 1st lien     644,300       683,961       144,300       1,161,093       0  
   Residential real estate Jr lien     270,264       284,776       21,000       295,016       0  
                                         
Total                                        
   Commercial   $ 985,350     $ 1,098,373     $ 0     $ 988,978     $ 0  
   Commercial real estate   $ 3,459,215     $ 3,826,020     $ 15,100     $ 3,583,927     $ 0  
   Residential real estate 1st lien   $ 1,345,724     $ 1,608,719     $ 144,300     $ 2,008,869     $ 0  
   Residential real estate Jr lien   $ 301,796     $ 320,800     $ 21,000     $ 347,455     $ 0  
                                         
          Total   $ 6,092,085     $ 6,853,912     $ 180,400     $ 6,929,229     $ 0  

 

 

For the year ended December 31, 2011  
          Unpaid           Average     Interest  
    Recorded     Principal     Related     Recorded     Income  
    Investment     Balance     Allowance     Investment     Recognized*  
                               
With no related allowance recorded                              
   Commercial   $ 380,624     $ 391,800     $ 0     $ 332,523     $ 0  
   Commercial real estate     2,041,101       2,246,905       0       960,407       0  
   Residential real estate 1st lien     1,000,819       1,191,437       0       1,210,137       0  
   Residential real estate Jr lien     125,786       185,142       0       25,157       0  
                                         
With an allowance recorded                                        
   Commercial     619,496       637,729       70,600       237,724       0  
   Commercial real estate     1,628,159       1,653,646       57,500       1,128,795       0  
   Residential real estate 1st lien     1,365,507       1,869,338       283,200       1,629,151       0  
   Residential real estate Jr lien     308,878       321,475       47,200       61,776       0  
                                         
Total                                        
   Commercial   $ 1,000,120     $ 1,029,529     $ 70,600     $ 570,247     $ 0  
   Commercial real estate   $ 3,669,260     $ 3,900,551     $ 57,500     $ 2,089,202     $ 0  
   Residential real estate 1st lien   $ 2,366,326     $ 3,060,775     $ 283,200     $ 2,839,288     $ 0  
   Residential real estate Jr lien   $ 434,664     $ 506,617     $ 47,200     $ 86,933     $ 0  
                                         
          Total   $ 7,470,370     $ 8,497,472     $ 458,500     $ 5,585,670     $ 0  

 

For the six months ended June 30, 2011  
          Unpaid           Average     Interest  
    Recorded     Principal     Related     Recorded     Income  
    Investment     Balance     Allowance     Investment     Recognized*  
                               
With no related allowance recorded                              
   Commercial   $ 856,643     $ 859,175           $ 294,667     $ 0  
   Commercial real estate     1,260,762       1,276,902             480,280       0  
   Residential real estate     865,299       1,058,921             1,323,348       0  
                                       
With an allowance recorded                                      
   Commercial     0       0       0       42,028       0  
   Commercial real estate     210,941       210,941       6,100       833,777       0  
   Residential real estate     1,779,414       2,176,749       366,300       1,655,730       0  
                                         
Total                                        
   Commercial   $ 856,643     $ 859,175     $ 0     $ 336,695     $ 0  
   Commercial real estate   $ 1,471,703     $ 1,487,843     $ 6,100     $ 1,314,057     $ 0  
   Residential real estate   $ 2,644,713     $ 3,235,670     $ 366,300     $ 2,979,078     $ 0  
          Total   $ 4,973,059     $ 5,582,688     $ 372,400     $ 4,629,830     $ 0  


*Interest income recognized on impaired loans is immaterial for all periods presented.
Risk ratings

 

    Total Loans  
                Residential     Residential              
          Commercial     Real Estate     Real Estate              
June 30, 2012   Commercial     Real Estate     1st Lien     Jr Lien     Consumer     Total  
                                     
Group A   $ 50,347,984     $ 119,388,434     $ 162,033,504     $ 45,302,653     $ 11,350,308     $ 388,422,883  
Group B     400,125       4,660,012       412,798       321,946       0       5,794,881  
Group C     1,948,702       7,191,103       4,174,838       628,686       20,590       13,963,919  
          Total   $ 52,696,811     $ 131,239,549     $ 166,621,140     $ 46,253,285     $ 11,370,898     $ 408,181,683  

 

 

    Total Loans  
                Residential     Residential              
          Commercial     Real Estate     Real Estate              
December 31, 2011   Commercial     Real Estate     1st Lien     Jr Lien     Consumer     Total  
                                     
Group A   $ 36,971,880     $ 119,410,381     $ 153,954,604     $ 44,943,200     $ 11,459,371     $ 366,739,436  
Group B     530,523       4,037,860       98,603       322,022       0       4,989,008  
Group C     2,012,204       8,821,127       5,482,751       621,745       5,768       16,943,595  
          Total   $ 39,514,607     $ 132,269,368     $ 159,535,958     $ 45,886,967     $ 11,465,139     $ 388,672,039  

 

 

    Total Loans  
          Commercial     Residential              
June 30, 2011   Commercial     Real Estate     Real Estate     Consumer     Total  
                               
Group A   $ 33,713,261     $ 121,191,043     $ 201,366,558     $ 12,045,442     $ 368,316,305  
Group B     990,727       7,129,125       594,832       0       8,714,684  
Group C     2,156,499       8,953,137       5,366,753       14,468       16,490,856  
Total   $ 36,860,487     $ 137,273,305     $ 207,328,143     $ 12,059,910     $ 393,521,845  
Loans modified as TDRs

 

          Pre-     Post-  
          Modification     Modification  
          Outstanding     Outstanding  
    Number of     Recorded     Recorded  
    Contracts     Investment     Investment  
                   
Residential real estate 1st lien     1     $ 23,944     $ 26,493  


The following table presents TDRs for the twelve month period ended June 30, 2012 for which there was a payment default under the restructured terms during the period:


 

    Number of     Recorded  
    Contracts     Investment  
Commercial     3     $ 283,363  
Commercial real estate     1       398,002  
Residential real estate 1st lien     1       107,584  
          Total     5     $ 788,949