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LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)
 9 Months Ended
Sep. 30, 2013
LOANS AND ALLOWANCE FOR LOAN LOSSES [Abstract]  
Composition of the loan portfolio by type
The composition of the loan portfolio, net of deferred origination fees and cost, and unearned income is summarized as follows:

   
September 30, 2013
   
December 31, 2012
 
Commercial and agricultural:
               
  Commercial and industrial
 
$
140,152,331
   
$
133,154,615
 
  Agricultural
   
623,656
     
696,666
 
Commercial mortgages:
               
  Construction
   
21,752,696
     
43,269,303
 
  Commercial mortgages
   
338,428,531
     
276,928,123
 
Residential mortgages
   
194,042,042
     
200,475,097
 
Consumer loans:
               
  Credit cards
   
1,682,987
     
1,851,145
 
  Home equity lines and loans
   
93,416,651
     
87,045,421
 
  Indirect consumer loans
   
157,257,713
     
130,573,200
 
  Direct consumer loans
   
20,277,738
     
19,523,371
 
      Total loans, net of deferred origination
        fees and costs, and unearned income
 
$
967,634,345
   
$
893,516,941
 
Interest receivable on loans
   
2,260,266
     
2,383,998
 
      Total recorded investment in loans
 
$
969,894,611
   
$
895,900,939
 

 
Allowance for loan losses by portfolio segment
The following tables present the activity in the allowance for loan losses by portfolio segment for the three and nine-month periods ending September 30, 2013 and 2012:
 
   
Nine Months Ended
 
   
September 30, 2013
 
Allowance for loan losses
 
Commercial and Agricultural
   
Commercial Mortgages
   
Residential Mortgages
   
Consumer Loans
   
Unallocated
   
Total
 
Beginning balance:
 
$
1,707,596
   
$
4,427,698
   
$
1,565,571
   
$
2,705,639
   
$
26,146
   
$
10,432,650
 
  Charge Offs:
   
(186,045
)
   
(44,049
)
   
(53,753
)
   
(909,414
)
   
-
     
(1,193,261
)
  Recoveries:
   
453,461
     
53,402
     
65,124
     
289,407
     
-
     
861,394
 
     Net recoveries (charge offs)
   
267,416
     
9,353
     
11,371
     
(620,007
)
   
-
     
(331,867
)
  Provision
   
82,523
     
976,409
     
(25,311
)
   
747,713
     
(26,146
)
   
1,755,188
 
Ending balance
 
$
2,057,535
   
$
5,413,460
   
$
1,551,631
   
$
2,833,345
   
$
-
   
$
11,855,971
 

   
Nine Months Ended
 
   
September 30, 2012
 
Allowance for loan losses
 
Commercial and Agricultural
   
Commercial Mortgages
   
Residential Mortgages
   
Consumer Loans
   
Unallocated
   
Total
 
Beginning balance:
 
$
3,143,372
   
$
2,570,149
   
$
1,309,649
   
$
2,192,729
   
$
443,420
   
$
9,659,319
   
Reclassification of acquired
  loan discount
   
73,227
     
50,332
     
-
     
-
     
-
     
123,559
   
  Charge Offs:
   
(5,792
)
   
(88,371
)
   
(82,442
)
   
(342,867
)
   
-
     
(519,472
)
 
  Recoveries:
   
591,498
     
43,031
     
-
     
176,139
     
-
     
810,668
   
     Net recoveries (charge-offs)
   
585,706
     
(45,340
)
   
(82,442
)
   
(166,728
)
   
-
)
   
291,196
   
  Provision
   
(1,165,842
)
   
769,461
     
232,793
     
884,943
     
32,542
     
753,897
   
Ending balance
 
$
2,636,463
   
$
3,344,602
   
$
1,460,000
   
$
2,910,944
   
$
475,962
   
$
10,827,971
   


   
Three Months Ended
September 30, 2013
 
Allowance for loan losses
 
Commercial and Agricultural
   
Commercial Mortgages
   
Residential Mortgages
   
Consumer Loans
   
Unallocated
   
Total
 
Beginning balance:
 
$
1,878,697
   
$
5,134,410
   
$
1,515,424
   
$
2,791,694
   
$
-
   
$
11,320,225
 
  Charge Offs:
   
(167,570
)
   
(44,049
)
   
-
     
(511,631
)
   
-
     
(723,250
)
  Recoveries:
   
158,765
     
34,126
     
26,514
     
165,887
     
-
     
385,292
 
     Net recoveries (charge offs)
   
(8,805
)
   
(9,923
)
   
26,514
     
(345,744
)
   
-
     
(337,958
)
  Provision
   
187,643
     
288,973
     
9,693
     
387,395
     
-
     
873,704
 
Ending balance
 
$
2,057,535
   
$
5,413,460
   
$
1,551,631
   
$
2,833,345
   
$
-
   
$
11,855,971
 


   
Three Months Ended
September 30, 2012
 
Allowance for loan losses
 
Commercial  and Agricultural
   
Commercial Mortgages
   
Residential Mortgages
   
Consumer Loans
   
Unallocated
   
Total
 
Beginning balance:
 
$
3,004,211
   
$
3,075,712
   
$
1,424,816
   
$
2,474,185
   
$
413,648
   
$
10,392,572
 
  Charge Offs:
   
-
     
(31,019
)
   
(9,829
)
   
(69,439
)
   
-
     
(110,287
)
  Recoveries:
   
239,735
     
12,535
     
-
     
68,416
     
-
     
320,686
 
     Net recoveries (charge offs)
   
239,735
     
(18,484
)
   
(9,829
)
   
(1,023
)
   
-
     
210,399
 
  Provision
   
(607,483
)
   
287,374
     
45,013
     
437,782
     
62,314
     
225,000
 
Ending balance
 
$
2,636,463
   
$
3,344,602
   
$
1,460,000
   
$
2,910,944
   
$
475,962
   
$
10,827,971
 

 
Allowance for loan losses and the recorded investment in loans based on impairment method
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2013 and December 31, 2012:

   
September 30, 2013
Allowance for loan losses
 
Commercial  and Agricultural
   
Commercial Mortgages
   
Residential Mortgages
   
Consumer Loans
   
Unallocated
   
Total
 
Ending allowance balance
  attributable to loans:
                                   
Individually evaluated for
  impairment
 
$
592,108
   
$
485,209
   
$
-
   
$
4,020
   
$
-
   
$
1,081,337
 
Collectively evaluated for
  impairment
   
1,465,427
     
4,062,647
     
1,531,953
     
2,829,325
     
-
     
9,889,352
 
Acquired with deteriorated
  credit quality
   
-
     
865,604
     
19,678
     
-
     
-
     
885,282
 
Total ending allowance balance
 
$
2,057,535
   
$
5,413,460
   
$
1,551,631
   
$
2,833,345
   
$
-
   
$
11,855,971
 

   
December 31, 2012
Allowance for loan losses
 
Commercial  and Agricultural
   
Commercial Mortgages
   
Residential Mortgages
   
Consumer Loans
   
Unallocated
   
Total
 
Ending allowance balance attributable to loans:
                                   
Individually evaluated for
  impairment
 
$
133,437
   
$
59,201
   
$
-
   
$
-
   
$
-
   
$
192,638
 
Collectively evaluated for
 impairment
   
1,459,432
     
3,533,365
     
1,565,571
     
2,705,639
     
26,146
     
9,290,153
 
Acquired with deteriorated
  credit quality
   
114,727
     
835,132
     
-
     
-
     
-
     
949,859
 
Total ending allowance balance
 
$
1,707,596
   
$
4,427,698
   
$
1,565,571
   
$
2,705,639
   
$
26,146
   
$
10,432,650
 
-
   
September 30, 2013
 
Loans:
 
Commercial
and
Agricultural
   
Commercial Mortgages
   
Residential Mortgages
   
Consumer Loans
   
Total
 
Loans individually
  evaluated for impairment
 
$
2,608,351
   
$
9,002,624
   
$
121,527
   
$
132,533
   
$
11,865,035
 
Loans collectively
  evaluated for  impairment
   
137,775,852
     
343,187,539
     
194,172,367
     
273,149,608
     
948,285,366
 
Loans acquired with deteriorated
  credit quality
   
702,070
     
8,784,945
     
257,195
     
-
     
9,744,210
 
Total ending loans balance
 
$
141,086,273
   
$
360,975,108
   
$
194,551,089
   
$
273,282,141
   
$
969,894,611
 


   
December 31, 2012
 
Loans:
 
Commercial
and
Agricultural
   
Commercial Mortgages
   
Residential Mortgages
   
Consumer Loans
   
Total
 
Loans individually
  evaluated for impairment
 
$
1,907,395
   
$
10,620,274
   
$
131,909
   
$
-
   
$
12,659,578
 
Loans collectively
  evaluated for  impairment
   
131,045,609
     
301,172,164
     
200,622,600
     
239,689,455
     
872,529,828
 
Loans acquired with deteriorated
  credit quality
   
1,241,418
     
9,225,847
     
244,268
     
-
     
10,711,533
 
Total ending loans balance
 
$
134,194,422
   
$
321,018,285
   
$
200,998,777
   
$
239,689,455
   
$
895,900,939
 
 
Summary of impaired financing receivables
The following tables present loans individually evaluated for impairment recognized by class of loans as of September 30, 2013 and December 31, 2012, the average recorded investment and interest income recognized by class of loans as of the three and nine-month periods ended September 30, 2013 and 2012:

   
September 30, 2013
 
December 31, 2012
 
With no related allowance recorded:
 
Unpaid Principal Balance
   
Recorded Investment
   
Allowance for Loan Losses Allocated
   
Unpaid Principal Balance
   
Recorded Investment
     
Allowance for Loan Losses Allocated
   
Commercial and agricultural:
                                       
  Commercial & industrial
 
$
1,542,743
   
$
1,543,755
   
$
-
   
$
2,059,027
 
$
1,462,157
   
$
-
   
Commercial mortgages:
                                               
  Construction
   
2,008,009
     
1,998,022
     
-
     
5,168,353
   
5,166,853
     
-
   
  Commercial mortgages
   
5,447,063
     
5,458,928
     
-
     
5,678,565
   
5,090,399
     
-
   
Residential mortgages
   
121,527
     
121,527
     
-
     
131,909
   
131,909
     
-
   
Consumer loans:
                                               
  Home equity lines & loans
   
72,495
     
74,320
     
-
     
-
   
-
     
-
   
With an allowance recorded:
                                               
Commercial and agricultural:
                                               
  Commercial & industrial
   
1,064,032
     
1,064,595
     
592,108
     
446,330
   
445,238
     
133,437
   
Commercial mortgages:
                                               
  Commercial mortgages
   
1,556,492
     
1,545,675
     
485,209
     
364,423
   
363,022
     
59,201
   
Consumer loans:
                                               
  Home equity lines & loans
   
57,876
     
58,213
     
4,020
     
-
   
-
     
-
   
Total
 
$
11,870,237
   
$
11,865,035
   
$
1,081,337
   
$
13,848,607
 
$
12,659,578
   
$
192,638
   




     
Nine-Months Ended
September 30, 2013
   
Nine-Months Ended
September 30, 2012
   
Three Months Ended
September 30, 2013
   
Three Months Ended
September 30, 2012
 
     
Average Recorded Investment
   
Interest Income Recognized
     
Average Recorded Investment
     
Interest Income Recognized
   
Average Recorded Investment
   
Interest Income Recognized
   
Average Recorded Investment
   
Interest Income Recognized
 
With no related allowance recorded:
                                                     
Commercial and agricultural:
                                                     
  Commercial & industrial
 
$
1,528,613
 
$
52,269
   
$
843,910
   
$
-
   
$
1,599,481
   
$
17,710
   
$
177,457
   
$
-
 
Commercial mortgages:
                                                             
  Construction
   
3,625,534
   
64,027
     
10,454
     
-
     
2,576,130
     
21,577
     
10,454
     
-
 
  Commercial mortgages
   
5,628,724
   
184,027
1
   
932,358
     
-
     
5,564,316
     
65,898
     
1,081,307
     
-
 
Residential mortgages
   
126,801
   
-
     
117,737
     
-
     
123,473
     
-
     
74,441
     
-
 
Consumer loans:
                                                             
  Home equity lines & loans
   
41,158
   
1,352
     
14,892
     
2,289
     
59,546
     
671
     
-
     
-
 
With an allowance recorded:
                                                             
Commercial and agricultural:
                                                             
  Commercial & industrial
   
640,288
   
-
     
2,328,728
     
-
     
818,645
     
-
     
2,295,003
     
-
 
Commercial mortgages:
                                                             
  Construction
   
-
   
-
     
4,148
     
-
     
-
     
-
     
-
     
-
 
  Commercial mortgages
   
847,220
   
-
     
1,712,578
     
-
     
1,333,381
     
-
     
830,049
     
-
 
Residential mortgages
   
-
   
-
     
32,001
     
-
     
-
     
-
     
64,003
     
-
 
Consumer loans:
                                                             
  Home equity lines & loans
   
43,601
   
2,343
     
-
     
-
     
58,177
     
1,094
     
-
     
-
 
  Direct consumer loans
   
3,813
   
-
     
-
     
-
     
-
     
-
     
-
     
-
 
  Total
 
$
12,485,752
 
$
304,198
   
$
5,996,806
   
$
2,289
   
$
12,133,149
   
$
106,950
   
$
4,532,714
   
$
-
 
(1)  
Cash basis interest income approximates interest income recognized.
Recorded investment in past due and non-accrual status by class of loans
The following tables present the recorded investment in past due and non-accrual status by class of loans as of September 30, 2013 and December 31, 2012:

                                                 
September 30, 2013
 
Current
   
30-89 Days Past Due
   
90 Days or more Past Due and accruing
     
Loans acquired with deteriorated credit quality
   
Non-Accrual (1)
   
Total
 
Commercial and agricultural:
                                     
  Commercial & industrial
 
$
138,320,091
   
$
35,277
   
$
-
   
$
702,070
   
$
1,403,804
   
$
140,461,242
 
  Agricultural
   
625,031
     
-
     
-
     
-
     
-
     
625,031
 
Commercial mortgages:
                                               
  Construction
   
19,028,779
     
-
     
1,455,128
     
773,841
     
542,893
     
21,800,641
 
  Commercial mortgages
   
328,305,500
     
668,762
     
-
     
8,011,104
     
2,189,101
     
339,174,467
 
Residential mortgages
   
189,025,630
     
2,555,389
     
-
     
257,195
     
2,712,875
     
194,551,089
 
Consumer loans:
                                               
  Credit cards
   
1,656,644
     
16,839
     
9,504
     
-
     
-
     
1,682,987
 
  Home equity lines & loans
   
92,808,417
     
215,994
     
-
     
-
     
613,363
     
93,637,774
 
  Indirect consumer loans
   
156,271,223
     
1,232,135
     
-
     
-
     
118,706
     
157,622,064
 
  Direct consumer loans
   
20,237,164
     
39,679
     
-
     
-
     
62,473
     
20,339,316
 
  Total
 
$
946,278,479
   
$
4,764,075
   
$
1,464,632
   
$
9,744,210
   
$
7,643,215
   
$
969,894,611
 
(1)  Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2013.


                                                 
December 31, 2012
 
Current
   
30-89 Days Past Due
   
90 Days or more Past Due and accruing
     
Loans acquired with deteriorated credit quality
   
Non-Accrual (1)
   
Total
 
Commercial and agricultural:
                                     
  Commercial & industrial
 
$
131,404,371
   
$
183,269
   
$
-
   
$
1,241,418
   
$
666,912
   
$
133,495,970
 
  Agricultural
   
698,452
     
-
     
-
     
-
     
-
     
698,452
 
Commercial mortgages:
                                               
  Construction
   
36,988,222
     
294,565
     
4,481,066
     
1,182,037
     
434,338
     
43,380,228
 
  Other
   
266,261,798
     
1,750,806
     
-
     
8,043,810
     
1,581,643
     
277,638,057
 
Residential mortgages
   
194,185,617
     
4,145,868
     
-
`
   
244,268
     
2,423,024
     
200,998,777
 
Consumer loans:
                                               
  Credit cards
   
1,847,837
     
-
     
3,308
     
-
     
-
     
1,851,145
 
  Home equity lines & loans
   
86,486,781
     
211,739
     
-
     
-
     
571,365
     
87,269,885
 
  Indirect consumer loans
   
129,789,672
     
852,818
     
-
     
-
     
335,285
     
130,977,775
 
 Direct consumer loans
   
19,481,693
     
89,619
     
-
     
-
     
19,338
     
19,590,650
 
  Total
 
$
867,144,443
   
$
7,528,684
   
$
4,484,374
   
$
10,711,533
   
$
6,031,905
   
$
895,900,939
 
(1)  Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2012.
Loans by class modified as troubled debt restructurings
The following table presents loans by class modified as troubled debt restructurings that occurred during the nine months ended September 30, 2013 and September 30, 2012:

Nine months ended September 30, 2013
 
Number of Loans
   
Pre-Modification Outstanding Recorded Investment
   
Post-Modification Outstanding Recorded Investment
   
Troubled debt restructurings:
                   
  Commercial and agricultural:
                         
    Commercial & industrial
   
4
   
$
841,162
   
$
841,162
   
Commercial mortgages:
                         
    Commercial mortgages
   
1
     
133,000
     
133,000
   
  Consumer loans:
                         
    Home equity lines & loans
   
3
     
134,225
     
134,225
   
Total
   
8
   
$
1,108,387
   
$
1,108,387
   
                           
Nine months ended
September 30, 2012
                         
Troubled debt restructurings:
                   
  Commercial and agricultural:
                         
    Commercial & industrial
   
1
   
$
74,838
   
$
74,838
   
  Consumer loans:
                         
    Home equity lines & loans
   
1
   
$
58,823
     
58,823
   
Total
   
2
   
$
133,661
   
$
133,661
   

The troubled debt restructurings described above increased the allowance for loan losses by $96,910 and resulted in no charge offs during the nine months ended September 30, 2013.  The troubled debt restructurings described above did not increase the allowance for loan losses and resulted in no charge offs during the nine months ended September 30, 2012.
The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended September 30, 2013 and September 30, 2012:

Three months ended
September 30, 2013
 
Number of Loans
   
Pre-Modification Outstanding Recorded Investment
   
Post-Modification Outstanding Recorded Investment
   
Troubled debt restructurings:
                   
  Consumer loans:
                         
    Home equity lines & loans
   
1
   
$
30,638
   
$
30,638
   
Total
   
1
   
$
30,638
   
$
30,638
   

Three months ended
September 30, 2012
 
Number of Loans
   
Pre-Modification Outstanding Recorded Investment
   
Post-Modification Outstanding Recorded Investment
   
Troubled debt restructurings:
                   
  Commercial and agricultural:
                         
    Commercial & industrial
   
1
   
$
74,838
   
$
74,838
   
Total
   
1
   
$
74,838
   
$
74,838
   

Risk category of the recorded investment of loans by class of loans
Based on the analyses performed as of September 30, 2013 and December 31, 2012, the risk category of the recorded investment of loans by class of loans is as follows:

 
September 30, 2013
     
   
Not Rated
   
Pass
   
Loans acquired with deteriorated credit quality
   
Special Mention
   
Substandard
   
Doubtful
   
Commercial and agricultural:
                                     
  Commercial & industrial
 
$
-
   
$
125,064,289
   
$
702,070
   
$
9,926,617
   
$
4,332,774
   
$
435,492
   
  Agricultural
   
-
     
625,031
     
-
     
-
     
-
     
-
   
Commercial mortgages:
                                                 
  Construction
   
-
     
17,361,075
     
773,841
     
2,797,055
     
868,670
     
-
   
  Commercial mortgages
   
-
     
305,969,292
     
8,011,104
     
16,146,231
     
9,047,840
     
-
   
Residential mortgages
   
191,650,301
     
-
     
257,195
     
-
     
2,643,593
           
Consumer loans
                                                 
  Credit cards
   
1,682,987
     
-
     
-
     
-
     
-
     
-
   
  Home equity lines & loans
   
92,945,959
     
-
     
-
     
-
     
691,815
     
-
   
  Indirect consumer loans
   
157,494,345
     
-
     
-
     
-
     
127,719
     
-
   
  Direct consumer loans
   
20,284,471
     
-
     
-
     
-
     
54,845
           
Total
 
$
464,058,063
   
$
449,019,687
   
$
9,744,210
   
$
28,869,903
   
$
17,767,256
   
$
435,492
   
       


 
December 31, 2012
     
   
Not Rated
   
Pass
   
Loans acquired with deteriorated credit quality
   
Special Mention
   
Substandard
   
Doubtful
   
Commercial and agricultural:
                                     
  Commercial & industrial
 
$
-
   
$
121,145,761
   
$
1,241,418
   
$
8,008,002
   
$
2,606,529
   
$
494,260
   
  Agricultural
   
-
     
698,452
     
-
     
-
     
-
     
-
   
Commercial mortgages:
                                                 
  Construction
   
-
     
34,882,896
     
1,182,037
     
5,153,918
     
2,161,377
     
-
   
  Other
   
-
     
247,793,150
     
8,043,810
     
11,974,716
     
9,826,381
     
-
   
Residential mortgages
   
198,336,641
     
-
     
244,268
     
-
     
2,417,868
     
-
   
Consumer loans
                                                 
  Credit cards
   
1,851,145
     
-
     
-
     
-
     
-
     
-
   
  Home equity lines & loans
   
86,615,392
     
-
     
-
     
-
     
654,493
     
-
   
  Indirect consumer loans
   
130,642,490
     
-
     
-
     
-
     
335,285
     
-
   
  Direct consumer loans
   
19,571,312
     
-
     
-
     
-
     
19,338
     
-
   
Total
 
$
437,016,980
   
$
404,520,259
   
$
10,711,533
   
$
25,136,636
   
$
18,021,271
   
$
494,260
   
       

 
Recorded investment in residential and consumer loans based on payment activity
The following table presents the recorded investment in residential and consumer loans based on payment activity as of September 30, 2013 and December 31, 2012:

   
September 30, 2013
         
Consumer Loans
 
   
Residential Mortgages
   
Credit Card
   
Home Equity Lines & Loans
   
Indirect Consumer Loans
   
Other Direct Consumer Loans
 
Performing
 
$
191,838,214
   
$
1,673,483
   
$
93,024,411
   
$
157,503,358
   
$
20,276,843
 
Non-Performing
   
2,712,875
     
9,504
     
613,363
     
118,706
     
62,473
 
Total
 
$
194,551,089
   
$
1,682,987
   
$
93,637,774
   
$
157,622,064
   
$
20,339,316
 


   
December 31, 2012
         
Consumer Loans
 
   
Residential Mortgages
   
Credit Card
   
Home Equity Lines & Loans
   
Indirect Consumer Loans
   
Other Direct Consumer Loans
 
Performing
 
$
198,575,753
   
$
1,847,838
   
$
86,698,520
   
$
130,642,490
   
$
19,571,312
 
Non-Performing
   
2,423,024
     
3,307
     
571,365
     
335,285
     
19,338
 
   
$
200,998,777
   
$
1,851,145
   
$
87,269,885
   
$
130,977,775
   
$
19,590,650
 

Summary of changes in contractually required principal and interest on loans acquired
The table below summarizes the changes in total contractually required principal and interest cash payments, management’s estimate of expected total cash payments and carrying value of the PCI loans from January 1, 2013 to September 30, 2013 and July 1, 2013 to September 30, 2013:

Nine months ended September 30, 2013
 
Balance at December 31, 2012
   
Income Accretion
   
All Other Adjustments
   
Balance at
September 30,
2013
 
Contractually required principal and interest
 
$
16,896,078
   
$
-
   
$
(5,293,182
)
 
$
11,602,896
 
Contractual cash flows not expected to be collected
  (nonaccretable discount)
   
(3,655,500
)
   
-
     
2,865,778
     
(789,722
)
Cash flows expected to be collected
   
13,240,578
     
-
     
(2,427,404
)
   
10,813,174
 
Interest component of expected cash flows (accretable yield)
   
(2,529,045
)
   
818,780
     
641,301
     
(1,068,964
)
Fair value of loans acquired with deteriorating credit quality
 
$
10,711,533
   
$
818,780
   
$
(1,786,103
)
 
$
9,744,210
 


Three months ended September 30, 2013
 
Balance at
June 30, 2013
   
Income Accretion
   
All Other Adjustments
   
Balance at
September 30,
2013
 
Contractually required principal and interest
 
$
14,700,338
   
$
-
   
$
(3,097,442
)
 
$
11,602,896
 
Contractual cash flows not expected to be collected
  (nonaccretable discount)
   
(1,938,757
)
   
-
     
1,149,035
     
(789,722
)
Cash flows expected to be collected
   
12,761,581
     
-
     
(1,948,407
)
   
10,813,174
 
Interest component of expected cash flows (accretable yield)
   
(2,552,297
)
   
154,919
     
1,328,414
     
(1,068,964
)
Fair value of loans acquired with deteriorating credit quality
 
$
10,209,284
   
$
154,919
   
$
(619,993
)
 
$
9,744,210