Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'BAY BANKS OF VIRGINIA INC | ' |
Entity Central Index Key | '0001034594 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 4,817,856 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
ASSETS | ' | ' | |
Cash and due from banks | $7,537,010 | $4,757,889 | [1] |
Interest-bearing deposits | 13,026,634 | 35,166,448 | [1] |
Federal funds sold | 497,188 | 48,009 | [1] |
Securities available for sale, at fair value | 39,954,790 | 36,700,520 | [1] |
Restricted securities | 1,623,350 | 1,584,700 | [1] |
Loans receivable, net of allowance for loan losses of $2,979,344 and $3,093,623 | 245,885,715 | 235,474,626 | [1] |
Loans held for sale | 161,000 | 669,900 | [1] |
Premises and equipment, net | 10,884,404 | 11,611,688 | [1] |
Accrued interest receivable | 1,068,966 | 1,070,763 | [1] |
Other real estate owned, net | 3,910,728 | 3,151,346 | [1] |
Bank owned life insurance | 5,081,916 | ' | |
Goodwill | 2,807,842 | 2,807,842 | [1] |
Mortgage servicing rights | 535,034 | ' | |
Other assets | 1,965,487 | 1,753,945 | [1] |
Total assets | 334,940,064 | 334,797,676 | [1] |
LIABILITIES | ' | ' | |
Noninterest-bearing deposits | 57,094,032 | 50,467,907 | [1] |
Savings and interest-bearing demand deposits | 115,334,496 | 117,954,879 | [1] |
Time deposits | 99,535,358 | 106,751,785 | [1] |
Total deposits | 271,963,886 | 275,174,571 | [1] |
Securities sold under repurchase agreements | 9,430,510 | 6,459,839 | [1] |
Federal Home Loan Bank advances | 15,000,000 | 15,000,000 | [1] |
Other liabilities | 1,905,785 | 1,578,295 | [1] |
Total liabilities | 298,300,181 | 298,212,705 | [1] |
SHAREHOLDERS' EQUITY | ' | ' | |
Common stock ($5 par value; authorized - 10,000,000 shares; outstanding - 4,817,856 and 4,810,856 shares, respectively) | 24,089,280 | 24,054,280 | [1] |
Additional paid-in capital | 2,757,449 | 2,670,021 | [1] |
Retained earnings | 11,233,602 | 10,241,396 | [1] |
Accumulated other comprehensive loss, net | -1,440,448 | -380,726 | [1] |
Total shareholders' equity | 36,639,883 | 36,584,971 | [1] |
Total liabilities and shareholders' equity | $334,940,064 | $334,797,676 | [1] |
[1] | Derived from the audited consolidated financial statements. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Statement Of Financial Position [Abstract] | ' | ' | |
Loans, allowance for loan losses | $2,979,344 | $3,093,623 | [1] |
Common stock, par value | $5 | $5 | [1] |
Common stock, authorized shares | 10,000,000 | 10,000,000 | [1] |
Common stock, outstanding shares | 4,817,856 | 4,810,856 | [1] |
[1] | Derived from the audited consolidated financial statements. |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
INTEREST INCOME | ' | ' | ' | ' |
Loans, including fees | $3,182,155 | $3,209,477 | $9,471,186 | $9,698,516 |
Securities: | ' | ' | ' | ' |
Taxable | 103,029 | 143,605 | 344,691 | 524,549 |
Tax-exempt | 100,833 | 55,154 | 225,813 | 187,779 |
Federal funds sold | 197 | 141 | 533 | 2,751 |
Interest-bearing deposit accounts | 13,293 | 7,488 | 48,810 | 23,111 |
Total interest income | 3,399,507 | 3,415,865 | 10,091,033 | 10,436,706 |
INTEREST EXPENSE | ' | ' | ' | ' |
Deposits | 582,396 | 705,026 | 1,813,684 | 2,171,147 |
Federal funds purchased | 8 | 389 | 398 | 389 |
Securities sold under repurchase agreements | 3,259 | 4,213 | 13,273 | 12,280 |
FHLB advances | 102,275 | 141,813 | 347,424 | 423,660 |
Total interest expense | 687,938 | 851,441 | 2,174,779 | 2,607,476 |
Net interest income | 2,711,569 | 2,564,424 | 7,916,254 | 7,829,230 |
Provision for loan losses | 304,000 | 680,000 | 566,000 | 1,322,685 |
Net interest income after provision for loan losses | 2,407,569 | 1,884,424 | 7,350,254 | 6,506,545 |
NON-INTEREST INCOME | ' | ' | ' | ' |
Income from fiduciary activities | 165,574 | 164,914 | 492,688 | 482,756 |
Service charges and fees on deposit accounts | 270,295 | 248,381 | 811,421 | 608,070 |
VISA-related fees | 252,078 | 254,539 | 657,794 | 626,662 |
Other service charges and fees | 399,455 | 233,001 | 874,676 | 677,796 |
Secondary market lending fees (refer to Note 2) | 665,100 | 177,003 | 965,832 | 375,898 |
Bank owned life insurance income | 46,922 | ' | 81,916 | ' |
Net gains on sale of securities available for sale | 12,992 | 454,944 | 283,706 | 957,760 |
Loss on securities with other-than-temporary impairment | ' | ' | -168,000 | ' |
Portion of loss recognized in other comprehensive income | ' | ' | 48,000 | ' |
Net impairment recognized in income | ' | ' | -120,000 | ' |
Net gains (losses) on fixed assets | 165,068 | ' | 165,068 | -4,906 |
Other income | 7,812 | 21,625 | 34,129 | 80,025 |
Total non-interest income | 1,985,296 | 1,554,407 | 4,247,230 | 3,804,061 |
NON-INTEREST EXPENSES | ' | ' | ' | ' |
Salaries and employee benefits | 1,603,510 | 1,398,991 | 4,941,259 | 4,345,629 |
Occupancy expense | 490,983 | 469,740 | 1,476,731 | 1,520,105 |
Bank franchise tax | 43,935 | 42,990 | 131,805 | 128,970 |
VISA expense | 213,052 | 207,707 | 558,529 | 515,811 |
Telephone expense | 50,243 | 46,770 | 152,212 | 121,831 |
FDIC assessments | 105,150 | 102,582 | 310,099 | 310,284 |
Debit card expense | 21,661 | 57,373 | 58,842 | 173,222 |
Foreclosure property expense | 34,472 | 54,062 | 95,964 | 159,848 |
Other real estate losses | 239,972 | 121,057 | 493,871 | 444,906 |
Consulting expense | 89,236 | 53,453 | 117,751 | 174,558 |
Other expense | 653,571 | 565,531 | 1,909,771 | 1,869,403 |
Total non-interest expenses | 3,545,785 | 3,120,256 | 10,246,834 | 9,764,567 |
Net income before income taxes | 847,080 | 318,575 | 1,350,650 | 546,039 |
Income tax expense | 226,986 | 86,036 | 358,444 | 110,823 |
Net income | $620,094 | $232,539 | $992,206 | $435,216 |
Basic Earnings Per Share | ' | ' | ' | ' |
Average basic shares outstanding | 4,817,856 | 2,610,856 | 4,816,523 | 2,610,856 |
Earnings per share, basic | $0.13 | $0.09 | $0.21 | $0.17 |
Diluted Earnings Per Share | ' | ' | ' | ' |
Average diluted shares outstanding | 4,820,172 | 2,612,258 | 4,818,903 | 2,612,684 |
Earnings per share, diluted | $0.13 | $0.09 | $0.21 | $0.17 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net income | $620,094 | $232,539 | $992,206 | $435,216 |
Unrealized (losses) gains on securities: | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during the period | -125,338 | 93,068 | -1,441,933 | 308,985 |
Deferred tax benefit (expense) | 42,615 | -31,643 | 490,257 | -105,055 |
Reclassification of net securities (gains) and impairments recognized in net income | -12,992 | -454,944 | -163,706 | -957,760 |
Deferred tax benefit | 4,417 | 154,681 | 55,660 | 325,638 |
Unrealized losses adjustment, net of tax | -91,298 | -238,838 | -1,059,722 | -428,192 |
Defined benefit pension/Post retirement benefit plan: | ' | ' | ' | ' |
Total other comprehensive loss | -91,298 | -238,838 | -1,059,722 | -428,192 |
Comprehensive income (loss) | 528,796 | -6,299 | -67,516 | 7,024 |
Defined Benefit Pension Plan [Member] | ' | ' | ' | ' |
Defined benefit pension/Post retirement benefit plan: | ' | ' | ' | ' |
Net periodic cost | 22,436 | 17,860 | 67,309 | 53,580 |
Net loss | -22,436 | -17,860 | -67,309 | -53,580 |
Deferred tax benefit | ' | ' | ' | ' |
Defined benefit/post retirement pension plan adjustment, net of tax | ' | ' | ' | ' |
Post Retirement Benefit Plan [Member] | ' | ' | ' | ' |
Defined benefit pension/Post retirement benefit plan: | ' | ' | ' | ' |
Net periodic cost | 1,124 | 735 | 3,372 | 2,206 |
Net loss | -1,124 | -735 | -3,372 | -2,206 |
Deferred tax benefit | ' | ' | ' | ' |
Defined benefit/post retirement pension plan adjustment, net of tax | ' | ' | ' | ' |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at beginning of period at Dec. 31, 2012 | $36,584,971 | $24,054,280 | $2,670,021 | $10,241,396 | ($380,726) |
Balance at beginning of period, Shares at Dec. 31, 2012 | ' | 4,810,856 | ' | ' | ' |
Net income | 992,206 | ' | ' | 992,206 | ' |
Other comprehensive loss | -1,059,722 | ' | ' | ' | -1,059,722 |
Stock-based compensation | 122,428 | 35,000 | 87,428 | ' | ' |
Stock-based compensation, Shares | ' | 7,000 | ' | ' | ' |
Balance at end of period at Sep. 30, 2013 | $36,639,883 | $24,089,280 | $2,757,449 | $11,233,602 | ($1,440,448) |
Balance at end of period, Shares at Sep. 30, 2013 | ' | 4,817,856 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash Flows From Operating Activities | ' | ' |
Net income | $992,206 | $435,216 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 567,144 | 588,678 |
Net amortization and accretion of securities | 295,348 | 196,708 |
Provision for loan losses | 566,000 | 1,322,685 |
Stock-based compensation | 122,428 | 2,925 |
Deferred income tax benefit | -7,259 | ' |
Gain on securities available-for-sale | -283,706 | -957,760 |
Impairment loss on securities available-for-sale | 120,000 | ' |
Increase in OREO valuation allowance | 248,641 | 221,734 |
Loss on sale of other real estate | 245,230 | 223,172 |
(Gain) loss on disposal of fixed assets | -165,068 | 4,906 |
Loan originations for sale to FNMA | -19,118,613 | -15,813,400 |
Loan sales to FNMA | 19,691,104 | 13,923,081 |
Gain on loans sold to FNMA | -334,991 | -247,081 |
(Increase) decrease in accrued income and other assets | -843,219 | 314,257 |
Increase (decrease) in other liabilities | 880,667 | -2,323 |
Net cash provided by operating activities | 2,975,912 | 212,798 |
Cash Flows From Investing Activities | ' | ' |
Proceeds from maturities and principal paydowns of available-for-sale securities | 2,774,338 | 2,651,986 |
Proceeds from sales and calls of available-for-sale securities | 9,432,875 | 15,225,843 |
Purchase of bank owned life insurance | -5,000,000 | ' |
Purchases of available-for-sale securities | -17,198,766 | -7,228,452 |
(Purchases) sales of restricted securities | -38,650 | 406,500 |
Decrease (increase) in overnight funds in other banks | 22,139,814 | -70,329 |
(Increase) decrease in federal funds sold | -449,179 | 1,954,368 |
Loan originations and principal collections, net | -13,018,316 | -7,184,585 |
Proceeds from sale of other real estate | 1,075,899 | 718,094 |
Net sales (purchases) of premises and equipment | 325,208 | -73,451 |
Net cash provided by investing activities | 43,223 | 6,399,974 |
Cash Flows From Financing Activities | ' | ' |
Increase in demand, savings, and other interest-bearing deposits | 4,005,742 | 6,760,084 |
Net decrease in time deposits | -7,216,427 | -4,273,593 |
Net increase in securities sold under repurchase agreements | 2,970,671 | 751,435 |
Net cash (used in) provided by financing activities | -240,014 | 3,237,926 |
Net increase in cash and due from banks | 2,779,121 | 9,850,698 |
Cash and due from banks at beginning of period | 4,757,889 | 4,728,895 |
Cash and due from banks at end of period | 7,537,010 | 14,579,593 |
Cash paid for: | ' | ' |
Interest | 2,159,229 | 2,617,304 |
Income taxes | 211,943 | 109,961 |
Non-cash investing and financing: | ' | ' |
Unrealized loss on investment securities | -1,605,639 | -648,776 |
Change in fair value of pension and post-retirement obligation | ' | ' |
Loans transferred to other real estate owned | 2,312,627 | 2,012,095 |
Changes in deferred taxes resulting from OCI transactions | $545,918 | $220,504 |
General
General | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
General | ' | |
Note 1: | General | |
Bay Banks of Virginia, Inc. (the “Company”) owns 100% of the Bank of Lancaster (the “Bank”), 100% of Bay Trust Company, Inc. (the “Trust Company”) and 100% of Steptoes Holdings, LLC (“Steptoes Holdings”). The consolidated financial statements include the accounts of the Bank, the Trust Company, Steptoes Holdings and Bay Banks of Virginia, Inc. | ||
The Company completed a private stock placement of 2,200,000 shares of its common stock for $4.25 per share at the end of the day on December 31, 2012, which materially increased the number of shares outstanding and the level of capital. | ||
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and to the general practices within the banking industry. In management’s opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the consolidated financial statements, have been included. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements should be read in conjunction with the financial statements and notes to financial statements included in the Company’s 2012 Annual Report to Shareholders. | ||
Certain amounts in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations. The reclassifications had no effect on net income, net income per share or shareholders’ equity as previously reported. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Significant Accounting Policies | ' | |
Note 2: | Significant Accounting Policies | |
Loans | ||
The Company grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by mortgage loans. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Company’s market area. | ||
Loans are reported at their recorded investment, which is the outstanding principal balance net of any unearned income, such as deferred fees and costs, and charge-offs. Interest on loans is recognized over the term of the loan and is calculated using the interest method on principal amounts outstanding. Loan origination fees and certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield via straight line amortization over the contractual term of the loan, adjusted for early pay-offs. | ||
The accrual of interest is generally discontinued at the time a loan is 90 days or more past due, or earlier, if collection is uncertain based on an evaluation of the net realizable value of the collateral and the financial strength of the borrower. Payments received for loans no longer accruing interest are applied to the unpaid principal balance. Loans greater than 90 days past due may remain on accrual status if the credit is well secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are charged off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual and past due policies are materially the same for all types of loans. | ||
All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. Any interest received on these loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual. Generally, a loan is returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured, or it becomes well secured and in the process of collection. | ||
Allowance for loan losses | ||
The allowance for loan losses (“ALL”) reflects management’s judgment of probable loan losses inherent in the portfolio at the balance sheet date. Management uses a disciplined process and methodology to establish the allowance for losses each quarter. To determine the total allowance for loan losses, the Company estimates the reserves needed for each segment of the portfolio, including loans analyzed individually and pools of loans analyzed on a segmented basis. Considerations include historical experience, the nature and volume of the loan portfolio, adverse situations that may affect a borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as additional information becomes available. | ||
During the third quarter of 2012, management enhanced the ALL calculation methodology by changing the historical loss factor period from six quarters to the length of a business cycle. This increased the historical loss period to 16 quarters, since the then current business cycle was assumed to have begun in the fourth quarter of 2008. As the length of that business cycle extended, so did the length of the historical loss factor period. During the third quarter of 2013, management ceased this approach and determined that 19 quarters of historical losses will be used henceforth. This change in methodology produced an immaterial change in the ALL calculation. | ||
The allowance consists of specific, general, and unallocated components. Generally, large adversely risk rated loans, loans in bankruptcy, non-accruing loans, or loans more than 30 days past due, are evaluated to determine which are impaired for purposes of establishing the specific component. For those loans determined to be impaired, a specific allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component collectively evaluates smaller commercial loans, residential mortgages and consumer loans, grouped into segments. Historical loss experience is calculated and applied to each segment, then adjusted for qualitative factors. Qualitative factors include changes in the local economic outlook, including unemployment, interest rates, inflation rates and real estate trends; the level and trend of past due and nonaccrual loans; strength of policies and procedures; and oversight of credit risk and quality of underwriting. These qualitative adjustments reflect management’s judgment of risks inherent in the segments. An unallocated component is maintained if needed to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Changes in the allowance for loan losses and the related provision expense can materially affect net income. | ||
Management employs a risk rating system to evaluate and consistently categorize loan portfolio credit risk. Loans assigned risk rating grades include all commercial loans, commercial loans secured by real estate (commercial mortgages), large residential loans secured by real estate (residential mortgages), loans to real estate developers and contractors, large consumer loans with chronic delinquency, and troubled debt restructures. All other loans not specifically assigned a risk rating are monitored as a discreet pool of loans generally based on delinquency status. Risk rating categories are as follows: | ||
Pass – Borrower is strong or sound and collateral securing the loan, if any, is adequate. | ||
Watch – Borrower exhibits some signs of financial stress but is generally believed to be a satisfactory customer and collateral, if any, may be in excess of 90% of the loan balance. | ||
Special Mention – Adverse trends in the borrower’s financial position are evident and warrant management’s close attention and any collateral may not be fully adequate to secure loan balance. | ||
Substandard – A loan in this category has a well-defined weakness in the primary repayment source that jeopardizes the timely collection of the debt. There is a distinct possibility that a loss may result if the weakness is not corrected. | ||
Doubtful – Default has already occurred and it is likely that foreclosure or repossession procedures have begun or will begin in the near future. Weaknesses make collection or liquidation in full, based on currently existing information, highly questionable and improbable. | ||
Loss – Uncollectible and of such little value that continuance as a bankable asset is not warranted. | ||
The specific component of the ALL calculation evaluates large adversely classified loans for impairment, as noted above. Adversely classified loans are considered to be those loans risk rated as substandard, doubtful or loss. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Accrual of interest may or may not be discontinued for any given impaired loan. Impairment is measured by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Because large groups of smaller balance homogeneous loans are collectively evaluated for impairment, the Company does not generally separately identify smaller balance individual consumer and residential loans for impairment disclosures, unless such loans are the subject of a restructuring agreement. | ||
The general component of the ALL calculation collectively evaluates groups of loans in segments, as noted above. Segments are not disaggregated into classes. These segments are 1) Construction, land and land development; 2) Farmland; 3) Residential first mortgages; 4) Residential revolving and junior mortgages; 5) Commercial mortgages (non-owner-occupied); 6) Commercial mortgages (owner-occupied); 7) Commercial and industrial; and 8) Consumer. Every loan is assigned to a segment. Segments 1 through 6 are secured by real estate. Segments 7 and 8 are secured by other types of collateral or are unsecured. A given segment may not reflect the purpose of a loan. For example, a business owner may provide his residence as collateral for a loan to his company, in which case the loan would be grouped in a residential mortgage segment. | ||
Construction and development loans carry risks that the project will not be finished according to schedule or according to budget and the value of the collateral, at any point in time, may be less than the principal amount of the loan. These loans also bear the risk that the general contractor may face financial pressure unrelated to the project. Loans secured by land, farmland and residential mortgages carry the risk of continued credit-worthiness of the borrower and changes in value of the underlying real estate collateral. Commercial mortgages and commercial and industrial loans carry risks associated with the profitable operation of a business and its related cash flows. Additionally, commercial and industrial loans carry risks associated with the value of collateral other than real estate which may depreciate over time. Consumer loans carry risks associated with the continuing credit-worthiness of the borrower and are more likely than real estate loans to be adversely affected by divorce, unemployment, personal illness or bankruptcy of an individual. Consumer loans secured by automobiles carry risks associated with rapidly depreciating collateral. Consumer loans include credit cards. | ||
Additions to the allowance for loan losses are made by charges to earnings through the provision for loan losses. Charge-offs are credit exposures deemed to be uncollectible and the allowance for loan losses is reduced by these. Recoveries of previously charged off amounts are credited back to the allowance for loan losses. Charge-off policies are materially the same for all types of loans. | ||
In situations where, for economic or legal reasons related to a borrower’s financial condition, management grants a concession to a borrower that it would not otherwise consider, the related loan is deemed to be a troubled debt restructuring (“TDR”). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. All TDRs are considered impaired and are measured for impairment as noted above. | ||
Mortgage Servicing Rights (“MSRs”) | ||
The Company has sold mortgages that it has originated to a third party for a number of years. Due to the low volume of mortgage sales prior to 2013 and the immateriality of the asset associated with retention of the mortgage servicing rights to the balance sheet, the Company had not recorded the mortgage servicing rights asset at the time of the sale of the mortgage to the third party prior to 2013. The Company recognized the cumulative mortgage servicing right in the third quarter of 2013. The overstatement of income in 2013 of approximately $215,000 after tax ($325,000 pre-tax adjusted for a 34% tax rate) represents the fair value of servicing rights retained prior to 2013. The Company will be accounting for the mortgage servicing rights under the fair value method going forward. | ||
The Company has evaluated this uncorrected misstatement in consideration and accordance with the guidance from Staff Accounting Bulletins (“SAB”) 99 and 108, in order to determine whether it is material to the financial statements taken as a whole. The Company’s evaluation process included consideration of the nature, cause, amount and effect of the misstatement from both a quantitative and qualitative perspective. | ||
It is management’s judgment that the adjustment to the 2013 financial statements for mortgage servicing rights, related to 2012 and prior, is not material to the 2013 balance sheet, results of operations and cash flows taken as a whole. Management believes that users of the Company’s financial statements and other financial information will not consider the adjustment material to their investment decision process. | ||
Amendments_to_the_Accounting_S
Amendments to the Accounting Standards Codification | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Amendments to the Accounting Standards Codification | ' | |
Note 3: | Amendments to the Accounting Standards Codification | |
In December 2011, the Financial Accounting Standards (“FASB”) issued Accounting Standards Update “(ASU”) 2011-11, “Balance Sheet (Topic 210) – Disclosures about Offsetting Assets and Liabilities.” This ASU requires entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | ||
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The amendments in this ASU clarify the scope for derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are either offset or subject to netting arrangements. An entity is required to apply the amendments for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. | ||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in the consolidated financial statements. |
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Note 4: | Securities | ||||||||||||||||||||||||
The aggregate amortized costs and fair values of the available-for-sale securities portfolio are as follows: | |||||||||||||||||||||||||
Available-for-sale securities | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
September 30, 2013 (unaudited) | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
U.S. Government agencies | $ | 9,537,023 | $ | 11,603 | $ | (71,604 | ) | $ | 9,477,022 | ||||||||||||||||
State and municipal obligations | 28,535,384 | 102,745 | (1,189,126 | ) | 27,449,003 | ||||||||||||||||||||
Certificates of deposits | 1,985,000 | 11,765 | — | 1,996,765 | |||||||||||||||||||||
Auction rate securities | 1,080,000 | — | (48,000 | ) | 1,032,000 | ||||||||||||||||||||
$ | 41,137,407 | $ | 126,113 | $ | (1,308,730 | ) | $ | 39,954,790 | |||||||||||||||||
Available-for-sale securities | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
December 31, 2012 | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
U.S. Government agencies | $ | 9,411,627 | $ | 78,178 | $ | (25,990 | ) | $ | 9,463,815 | ||||||||||||||||
State and municipal obligations | 23,480,871 | 412,759 | (44,102 | ) | 23,849,528 | ||||||||||||||||||||
Certificates of deposits | 1,985,000 | 3,271 | (1,094 | ) | 1,987,177 | ||||||||||||||||||||
Auction rate securities | 1,400,000 | — | — | 1,400,000 | |||||||||||||||||||||
$ | 36,277,498 | $ | 494,208 | $ | (71,186 | ) | $ | 36,700,520 | |||||||||||||||||
Gross realized gains and gross realized losses on sales an calls of securities were as follows: | |||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Gross realized gains | $ | 12,992 | $ | 454,944 | $ | 285,286 | $ | 959,588 | |||||||||||||||||
Gross realized losses | — | — | (1,580 | ) | (1,828 | ) | |||||||||||||||||||
Net realized gains | $ | 12,992 | $ | 454,944 | $ | 283,706 | $ | 957,760 | |||||||||||||||||
Average yields on securities were 2.40% and 2.66% for the three months ended September 30, 2013 and 2012, respectively; and 2.28% and 2.83% for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The aggregate amortized cost and market values of the investment securities portfolio by contractual maturity at September 30, 2013 are as follows: | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due one year or less | $ | 5,805,769 | $ | 5,808,257 | |||||||||||||||||||||
Due after one year through five years | 14,945,406 | 14,889,307 | |||||||||||||||||||||||
Due after five years through ten years | 16,772,341 | 15,963,447 | |||||||||||||||||||||||
Due after ten years | 3,613,891 | 3,293,779 | |||||||||||||||||||||||
$ | 41,137,407 | $ | 39,954,790 | ||||||||||||||||||||||
Securities with a market value of $11.7 million and $8.1 million were pledged as collateral for repurchase agreements and for other purposes as required by law as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
Securities in an unrealized loss position at September 30, 2013 and December 31, 2012, by duration of the unrealized loss, are shown below. With the exception of the auction rate security, the unrealized loss positions were directly related to interest rate movements as there is minimal credit risk exposure in these investments. All agency securities, states and municipalities securities and certificates of deposit are investment grade or better and their losses are considered temporary. Management does not intend to sell the securities and does not expect to be required to sell the securities. Furthermore, all amortized cost bases are expected to be recovered. Bonds with unrealized loss positions at September 30, 2013 included 16 certificates of deposit and 52 municipals. Bonds with unrealized loss positions at December 31, 2012 included three certificates of deposit, 10 municipals and two federal agencies. The tables are shown below. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
September 30, 2013 (unaudited) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. Government agencies | $ | 6,915,018 | $ | 71,604 | $ | — | $ | — | $ | 6,915,018 | $ | 71,604 | |||||||||||||
States and municipal obligations | 15,959,238 | 1,152,849 | 1,699,461 | 36,277 | 17,658,699 | 1,189,126 | |||||||||||||||||||
Certificates of deposits | — | — | — | — | — | — | |||||||||||||||||||
Auction rate securities | 1,032,000 | 48,000 | — | — | 1,032,000 | 48,000 | |||||||||||||||||||
Total temporarily impaired securities | $ | 23,906,256 | $ | 1,272,453 | $ | 1,699,461 | $ | 36,277 | $ | 25,605,717 | $ | 1,308,730 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
December 31, 2012 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. Government agencies | $ | 1,080,438 | $ | 25,990 | $ | — | $ | — | $ | 1,080,438 | $ | 25,990 | |||||||||||||
States and municipal obligations | 2,863,106 | 37,731 | 1,037,825 | 6,371 | 3,900,931 | 44,102 | |||||||||||||||||||
Certificates of deposits | 742,906 | 1,094 | — | — | 742,906 | 1,094 | |||||||||||||||||||
Auction rate securities | — | — | — | — | — | — | |||||||||||||||||||
Total temporarily impaired securities | $ | 4,686,450 | $ | 64,815 | $ | 1,037,825 | $ | 6,371 | $ | 5,724,275 | $ | 71,186 | |||||||||||||
The following table summarized cumulative credit related other-than temporary impairment losses recognized on the one auction rate security held by the Company (no other-than-temporary-impairment was recognized in the other income statement period presented): | |||||||||||||||||||||||||
For the nine | |||||||||||||||||||||||||
months ended | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Balance, beginning of the period | $ | — | |||||||||||||||||||||||
Impairment losses recognized during the period | 120,000 | ||||||||||||||||||||||||
Realized losses from sales | — | ||||||||||||||||||||||||
Balance, end of period | $ | 120,000 | |||||||||||||||||||||||
The Company holds one $1.2 million face amount South Carolina Student Loan Corporation auction rate security. During the second quarter of 2013, the South Carolina Student Loan Corporation made a tender and exchange offer with regards to these auction rate securities with the provision that 50% of the security holders were required for the tender offer to be consummated. The tender offer was not accepted by the required 50% of security holders. As a result of the tender and exchange offer, the Company determined that the value of these auction rate securities were other than temporarily impaired. The market value of the securities was estimated based on Level 3 inputs (refer to Note 11). The Company recognized a other-than-temporary impairment charge of $120 thousand in income, plus a $48 thousand unrealized loss component with $31,680, net of tax effect, in accumulated other comprehensive income related to this security during the nine months ended September 30, 2013. | |||||||||||||||||||||||||
The Company’s investment in Federal Home Loan Bank of Atlanta (“FHLB”) stock totaled $1.1 million at September 30, 2013 and $ 1.1 million at December 31, 2012. The investment in FHLB stock is a required investment related to the Company’s membership with FHLB. This investment is carried at cost since there is no ready market and redemptions have historically has been made at par. The Company does not consider this investment to be other-than-temporarily impaired at September 30, 2013 and no impairment has been recognized. FHLB stock is shown in the restricted securities line item on the consolidated balance sheets and is not a part of the available for sale securities portfolio. |
Loans
Loans | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||
Note 5: | Loans | ||||||||||||||||||||||||
The following is a summary of the balances of loans: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, Land and Land Development | $ | 28,837,320 | $ | 29,024,294 | |||||||||||||||||||||
Farmland | 1,283,588 | 1,442,757 | |||||||||||||||||||||||
Commercial Mortgages (Non-Owner Occupied) | 15,022,880 | 13,420,551 | |||||||||||||||||||||||
Commercial Mortgages (Owner Occupied) | 33,659,674 | 33,634,384 | |||||||||||||||||||||||
Residential First Mortgages | 113,917,591 | 106,885,794 | |||||||||||||||||||||||
Residential Revolving and Junior Mortgages | 24,083,948 | 26,982,512 | |||||||||||||||||||||||
Commercial and Industrial loans | 25,961,533 | 20,524,547 | |||||||||||||||||||||||
Consumer Loans | 6,098,525 | 6,653,410 | |||||||||||||||||||||||
Total loans | $ | 248,865,059 | $ | 238,568,249 | |||||||||||||||||||||
Allowance for loan losses | (2,979,344 | ) | (3,093,623 | ) | |||||||||||||||||||||
Loans, net | $ | 245,885,715 | $ | 235,474,626 | |||||||||||||||||||||
The recorded investment in past due and non-accruing loans is shown in the following table. A loan past due by more than 90 days is generally placed on nonaccrual unless it is both well secured and in the process of collection. | |||||||||||||||||||||||||
Loans Past Due and Non-accruing September 30, 2013 | 30-89 | 90 Days or | Nonaccruals | Total Past | Current | Total | |||||||||||||||||||
(unaudited) | Days | More Past | Due and | Loans | |||||||||||||||||||||
Past Due | Due and | Nonaccruals | |||||||||||||||||||||||
Still Accruing | |||||||||||||||||||||||||
Construction, Land and Land Development | $ | 65,217 | $ | — | $ | 596,202 | $ | 661,419 | $ | 28,175,901 | $ | 28,837,320 | |||||||||||||
Farmland | — | — | — | — | 1,283,588 | 1,283,588 | |||||||||||||||||||
Commercial Mortgages (Non-Owner Occupied) | — | — | — | — | 15,022,880 | 15,022,880 | |||||||||||||||||||
Commercial Mortgages (Owner Occupied) | — | — | 274,322 | 274,322 | 33,385,352 | 33,659,674 | |||||||||||||||||||
Residential First Mortgages | 428,194 | — | 1,483,554 | 1,911,748 | 112,005,843 | 113,917,591 | |||||||||||||||||||
Residential Revolving and Junior Mortgages | 7,544 | — | 91,860 | 99,404 | 23,984,544 | 24,083,948 | |||||||||||||||||||
Commercial and Industrial | 347,777 | — | — | 347,777 | 25,613,756 | 25,961,533 | |||||||||||||||||||
Consumer Loans | 117,756 | 31,336 | 3,513 | 152,605 | 5,945,920 | 6,098,525 | |||||||||||||||||||
Total | $ | 966,488 | $ | 31,336 | $ | 2,449,451 | $ | 3,447,275 | $ | 245,417,784 | $ | 248,865,059 | |||||||||||||
Loans Past Due and Non-accruing December 31, 2012 | 30-89 | 90 Days or | Nonaccruals | Total Past | Current | Total | |||||||||||||||||||
Days | More Past | Due and | Loans | ||||||||||||||||||||||
Past Due | Due and | Nonaccruals | |||||||||||||||||||||||
Still Accruing | |||||||||||||||||||||||||
Construction, Land and Land Development | $ | 230,866 | $ | — | $ | 655,397 | $ | 886,263 | $ | 28,138,031 | $ | 29,024,294 | |||||||||||||
Farmland | — | — | — | — | 1,442,757 | 1,442,757 | |||||||||||||||||||
Commercial Mortgages (Non-Owner Occupied) | — | — | 318,418 | 318,418 | 13,102,133 | 13,420,551 | |||||||||||||||||||
Commercial Mortgages (Owner Occupied) | — | 71,254 | 819,467 | 890,721 | 32,743,663 | 33,634,384 | |||||||||||||||||||
Residential First Mortgages | 761,981 | 502 | 2,677,788 | 3,440,271 | 103,445,523 | 106,885,794 | |||||||||||||||||||
Residential Revolving and Junior Mortgages | 18,081 | — | 1,257,915 | 1,275,996 | 25,706,516 | 26,982,512 | |||||||||||||||||||
Commercial and Industrial | 100,886 | 50,075 | — | 150,961 | 20,373,586 | 20,524,547 | |||||||||||||||||||
Consumer Loans | 12,193 | 3,688 | 1,479 | 17,360 | 6,636,050 | 6,653,410 | |||||||||||||||||||
Total | $ | 1,124,007 | $ | 125,519 | $ | 5,730,464 | $ | 6,979,990 | $ | 231,588,259 | $ | 238,568,249 | |||||||||||||
Non-accruing loans that are not 90 days or more past due are $1.7 million at September 30, 2013 and $2.8 million at December 31, 2012. |
Allowance_for_Loan_Losses
Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||||||
Note 6: | Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||||
A disaggregation of and an analysis of the change in the allowance for loan losses by segment is shown below. | |||||||||||||||||||||||||||||||||||||||||
Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||
Land and | Mortgages | Mortgages | First | Revolving | and | Loans | |||||||||||||||||||||||||||||||||||
Land | (Non | (Owner | Mortgages | and Junior | Industrial | ||||||||||||||||||||||||||||||||||||
Development | Owner | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
Occupied) | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 227,749 | $ | 2,000 | $ | 84,000 | $ | 428,808 | $ | 1,049,489 | $ | 669,423 | $ | 250,000 | $ | 266,210 | $ | 5,468 | $ | 2,983,147 | |||||||||||||||||||||
(Charge-offs) | (2,195 | ) | — | — | — | (8,694 | ) | (252,744 | ) | — | (50,392 | ) | — | (314,025 | ) | ||||||||||||||||||||||||||
Recoveries | 3,099 | — | — | — | — | 471 | 1,500 | 1,153 | — | 6,223 | |||||||||||||||||||||||||||||||
Provision | (51,653 | ) | (2,000 | ) | (11,000 | ) | (61,808 | ) | 184,959 | 166,056 | 61,500 | 23,413 | (5,468 | ) | 303,999 | ||||||||||||||||||||||||||
Ending Balance | $ | 177,000 | $ | — | $ | 73,000 | $ | 367,000 | $ | 1,225,754 | $ | 583,206 | $ | 313,000 | $ | 240,384 | $ | — | $ | 2,979,344 | |||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | 385,417 | $ | 188,206 | $ | — | $ | 33,384 | $ | — | $ | 607,007 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 177,000 | $ | — | $ | 73,000 | $ | 367,000 | $ | 840,337 | $ | 395,000 | $ | 313,000 | $ | 207,000 | $ | — | $ | 2,372,337 | |||||||||||||||||||||
Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||
Land and | Mortgages | Mortgages | First | Revolving | and | Loans | |||||||||||||||||||||||||||||||||||
Land | (Non | (Owner | Mortgages | and Junior | Industrial | ||||||||||||||||||||||||||||||||||||
Development | Owner | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
Occupied) | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 173,871 | $ | 1,000 | $ | 89,000 | $ | 374,796 | $ | 1,235,341 | $ | 610,440 | $ | 287,832 | $ | 261,210 | $ | 307,468 | $ | 3,340,958 | |||||||||||||||||||||
(Charge-offs) | (142,618 | ) | — | — | — | (451,078 | ) | (6,714 | ) | (65,000 | ) | (39,590 | ) | — | (705,000 | ) | |||||||||||||||||||||||||
Recoveries | — | — | 242 | — | 1,934 | — | — | 19,530 | — | 21,706 | |||||||||||||||||||||||||||||||
Provision | 130,888 | — | (242 | ) | 165,794 | 384,161 | 59,156 | 222,866 | 24,060 | (306,683 | ) | 680,000 | |||||||||||||||||||||||||||||
Ending Balance | $ | 162,141 | $ | 1,000 | $ | 89,000 | $ | 540,590 | $ | 1,170,358 | $ | 662,882 | $ | 445,698 | $ | 265,210 | $ | 785 | $ | 3,337,664 | |||||||||||||||||||||
Individually evaluated for impairment | $ | 91,141 | $ | — | $ | — | $ | 194,590 | $ | 404,358 | $ | 487,882 | $ | 186,698 | $ | 74,210 | $ | — | $ | 1,438,879 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 71,000 | $ | 1,000 | $ | 89,000 | $ | 346,000 | $ | 766,000 | $ | 175,000 | $ | 259,000 | $ | 191,000 | $ | 785 | $ | 1,898,785 | |||||||||||||||||||||
Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||
Land and | Mortgages | Mortgages | First | Revolving | and | Loans | |||||||||||||||||||||||||||||||||||
Land | (Non Owner | (Owner | Mortgages | and Junior | Industrial | ||||||||||||||||||||||||||||||||||||
Development | Occupied) | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
For the Nine Months | |||||||||||||||||||||||||||||||||||||||||
Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2013 (unaudited) | |||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 191,882 | $ | 2,000 | $ | 106,000 | $ | 545,084 | $ | 1,209,454 | $ | 517,253 | $ | 262,000 | $ | 252,210 | $ | 7,740 | $ | 3,093,623 | |||||||||||||||||||||
(Charge-offs) | (2,195 | ) | — | — | — | (373,706 | ) | (252,744 | ) | (16,897 | ) | (105,281 | ) | (750,823 | ) | ||||||||||||||||||||||||||
Recoveries | 19,951 | — | 18,889 | — | 24,360 | 471 | 1,535 | 5,339 | 70,545 | ||||||||||||||||||||||||||||||||
Provision | (32,638 | ) | (2,000 | ) | (51,889 | ) | (178,084 | ) | 365,646 | 318,226 | 66,362 | 88,116 | (7,740 | ) | 565,999 | ||||||||||||||||||||||||||
Ending Balance | $ | 177,000 | $ | — | $ | 73,000 | $ | 367,000 | $ | 1,225,754 | $ | 583,206 | $ | 313,000 | $ | 240,384 | $ | — | $ | 2,979,344 | |||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | 385,417 | $ | 188,206 | $ | — | $ | 33,384 | $ | — | $ | 607,007 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 177,000 | $ | — | $ | 73,000 | $ | 367,000 | $ | 840,337 | $ | 395,000 | $ | 313,000 | $ | 207,000 | $ | — | $ | 2,372,337 | |||||||||||||||||||||
For the Nine Months | Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Ended September 30, | Land and | Mortgages | Mortgages | First | Revolving | and | Loans | ||||||||||||||||||||||||||||||||||
2012 (unaudited) | Land | (Non Owner | (Owner | Mortgages | and Junior | Industrial | |||||||||||||||||||||||||||||||||||
Development | Occupied) | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 190,500 | $ | — | $ | 88,000 | $ | 554,318 | $ | 1,161,551 | $ | 719,121 | $ | 281,650 | $ | 185,000 | $ | 8,401 | $ | 3,188,541 | |||||||||||||||||||||
(Charge-offs) | (200,278 | ) | — | (283,569 | ) | — | (654,622 | ) | (39,388 | ) | (250,427 | ) | (114,971 | ) | — | (1,543,256 | ) | ||||||||||||||||||||||||
Recoveries | — | — | 285,326 | — | 1,934 | — | 10,869 | 71,564 | — | 369,693 | |||||||||||||||||||||||||||||||
Provision | 171,919 | 1,000 | (757 | ) | (13,728 | ) | 661,495 | (16,851 | ) | 403,606 | 123,617 | (7,616 | ) | 1,322,686 | |||||||||||||||||||||||||||
Ending Balance | $ | 162,141 | $ | 1,000 | $ | 89,000 | $ | 540,590 | $ | 1,170,358 | $ | 662,882 | $ | 445,698 | $ | 265,210 | $ | 785 | $ | 3,337,664 | |||||||||||||||||||||
Individually evaluated for impairment | $ | 91,141 | $ | — | $ | — | $ | 194,590 | $ | 404,358 | $ | 487,882 | $ | 186,698 | $ | 74,210 | $ | — | $ | 1,438,879 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 71,000 | $ | 1,000 | $ | 89,000 | $ | 346,000 | $ | 766,000 | $ | 175,000 | $ | 259,000 | $ | 191,000 | $ | 785 | $ | 1,898,785 | |||||||||||||||||||||
Loan receivables evaluated for impairment individually and collectively by segment as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||
As of September 30, | Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
2013 | Land and | Mortgages | Mortgages | First | Revolving | and | Loans | ||||||||||||||||||||||||||||||||||
Land | (Non Owner | (Owner | Mortgages | and Junior | Industrial | ||||||||||||||||||||||||||||||||||||
Development | Occupied) | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
LOAN RECEIVABLES: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 452,603 | $ | — | $ | 264,056 | $ | 2,321,551 | $ | 4,862,797 | $ | 365,278 | $ | — | $ | 39,400 | $ | 8,305,685 | |||||||||||||||||||||||
Collectively evaluated for impairment | 28,384,717 | 1,283,588 | 14,758,824 | 31,338,123 | 109,054,794 | 23,718,670 | 25,961,533 | 6,059,125 | 240,559,374 | ||||||||||||||||||||||||||||||||
Total Gross Loans | $ | 28,837,320 | $ | 1,283,588 | $ | 15,022,880 | $ | 33,659,674 | $ | 113,917,591 | $ | 24,083,948 | $ | 25,961,533 | $ | 6,098,525 | $ | 248,865,059 | |||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
LOAN RECEIVABLES: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 275,650 | $ | — | $ | — | $ | 1,617,001 | $ | 4,278,290 | $ | 1,336,761 | $ | — | $ | 73,978 | $ | 7,581,680 | |||||||||||||||||||||||
Collectively evaluated for impairment | 28,748,644 | 1,442,757 | 13,420,551 | 32,017,383 | 102,607,504 | 25,645,751 | 20,524,547 | 6,579,432 | 230,986,569 | ||||||||||||||||||||||||||||||||
Total Gross Loans | $ | 29,024,294 | $ | 1,442,757 | $ | 13,420,551 | $ | 33,634,384 | $ | 106,885,794 | $ | 26,982,512 | $ | 20,524,547 | $ | 6,653,410 | $ | 238,568,249 | |||||||||||||||||||||||
Internal risk rating grades are generally assigned to commercial loans not secured by real estate, commercial mortgages, residential mortgages greater than $1 million, smaller residential mortgages which are impaired, loans to real estate developers and contractors, consumer loans greater than $250,000 with chronic delinquency, and TDRs, as shown in the following table. The grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled. Risk grades (refer to Note 2) are evaluated as new information becomes available for each borrowing relationship or at least quarterly. | |||||||||||||||||||||||||||||||||||||||||
Construction, | Commercial | Commercial | |||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | Land and | Mortgages | Mortgages | Commercial | |||||||||||||||||||||||||||||||||||||
INTERNAL RISK | Land | (Non-Owner | (Owner | and | |||||||||||||||||||||||||||||||||||||
RATING GRADES | Development | Farmland | Occupied) | Occupied) | Industrial | Total | |||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 22,124,916 | $ | 1,283,588 | $ | 8,929,269 | $ | 23,766,686 | $ | 22,752,433 | $ | 78,856,892 | |||||||||||||||||||||||||||||
Watch | 4,109,037 | — | 3,447,988 | 6,987,815 | 2,276,135 | 16,820,975 | |||||||||||||||||||||||||||||||||||
Special mention | 1,313,018 | — | 2,306,567 | 167,562 | 467,364 | 4,254,511 | |||||||||||||||||||||||||||||||||||
Substandard | 1,290,349 | — | 339,056 | 2,737,611 | 465,601 | 4,832,617 | |||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 28,837,320 | $ | 1,283,588 | $ | 15,022,880 | $ | 33,659,674 | $ | 25,961,533 | $ | 104,764,995 | |||||||||||||||||||||||||||||
Construction, | Commercial | Commercial | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | Land and | Mortgages | Mortgages | Commercial | |||||||||||||||||||||||||||||||||||||
INTERNAL RISK | Land | (Non-Owner | (Owner | and | |||||||||||||||||||||||||||||||||||||
RATING GRADES | Development | Farmland | Occupied) | Occupied) | Industrial | Total | |||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 21,877,355 | $ | 1,442,757 | $ | 7,362,289 | $ | 23,974,131 | $ | 16,418,910 | $ | 71,075,442 | |||||||||||||||||||||||||||||
Watch | 4,746,266 | — | 2,824,575 | 6,680,142 | 2,866,739 | 17,117,722 | |||||||||||||||||||||||||||||||||||
Special mention | 1,162,388 | — | 2,574,371 | 338,902 | 759,554 | 4,835,215 | |||||||||||||||||||||||||||||||||||
Substandard | 1,038,285 | — | 659,316 | 2,641,209 | 479,344 | 4,818,154 | |||||||||||||||||||||||||||||||||||
Doubtful | 200,000 | — | — | — | — | 200,000 | |||||||||||||||||||||||||||||||||||
Total | $ | 29,024,294 | $ | 1,442,757 | $ | 13,420,551 | $ | 33,634,384 | $ | 20,524,547 | $ | 98,046,533 | |||||||||||||||||||||||||||||
Loans not assigned internal risk rating grades are comprised of smaller residential mortgages and smaller consumer loans. Payment activity of these loans is reviewed monthly by management. However, some of these loans are graded when the borrower’s total exposure to the Bank exceeds the limits noted above. Loans are considered to be nonperforming when they are delinquent by 90 days or more or non-accruing and credit risk is primarily evaluated by delinquency status, as shown in the table below. | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Residential | Revolving | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 (unaudited) | First | and Junior | Consumer | ||||||||||||||||||||||||||||||||||||||
PAYMENT ACTIVITY STATUS | Mortgages (1) | Mortgages (2) | Loans (3) | Total | |||||||||||||||||||||||||||||||||||||
Performing | $ | 112,434,037 | $ | 23,992,088 | $ | 6,063,676 | $ | 142,489,801 | |||||||||||||||||||||||||||||||||
Nonperforming | 1,483,554 | 91,860 | 34,849 | 1,610,263 | |||||||||||||||||||||||||||||||||||||
Total | $ | 113,917,591 | $ | 24,083,948 | $ | 6,098,525 | $ | 144,100,064 | |||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Residential | Revolving | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | First | and Junior | Consumer | ||||||||||||||||||||||||||||||||||||||
PAYMENT ACTIVITY STATUS | Mortgages (4) | Mortgages (5) | Loans (6) | Total | |||||||||||||||||||||||||||||||||||||
Performing | $ | 104,207,504 | $ | 25,724,597 | $ | 6,648,243 | $ | 136,580,344 | |||||||||||||||||||||||||||||||||
Nonperforming | 2,678,290 | 1,257,915 | 5,167 | 3,941,372 | |||||||||||||||||||||||||||||||||||||
Total | $ | 106,885,794 | $ | 26,982,512 | $ | 6,653,410 | $ | 140,521,716 | |||||||||||||||||||||||||||||||||
-1 | Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $5,169,080 as of September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||
-2 | Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $382,611. | ||||||||||||||||||||||||||||||||||||||||
-3 | Consumer Loans which have been assigned a risk rating grade of Substandard totaled $41,311 as of September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||
-4 | Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $4,676,938 as of December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
-5 | Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $536,019 and Doubtful totaled $847,581 as of December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
-6 | Consumer Loans which have been assigned a risk rating grade of Substandard totaled $75,409 as of December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
The following tables show the Company’s recorded investment and the customers’ unpaid principal balances for impaired loans, with the associated allowance amount, if applicable as of September 30, 2013 and December 31, 2012 along with the average recorded investment and interest income recognized for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
IMPAIRED LOANS | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | Recorded | Customers’ Unpaid | Related | ||||||||||||||||||||||||||||||||||||||
With no related allowance: | Investment | Principal Balance | Allowance | ||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 452,603 | $ | 453,438 | $ | — | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,603,288 | 2,604,644 | — | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 98,153 | 98,153 | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 264,056 | 264,056 | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 2,321,551 | 2,327,734 | — | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 5,739,651 | $ | 5,748,025 | $ | — | ||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,259,509 | 2,259,509 | 385,417 | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 267,125 | 842,698 | 188,206 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | 39,400 | 39,400 | 33,384 | ||||||||||||||||||||||||||||||||||||||
$ | 2,566,034 | $ | 3,141,607 | $ | 607,007 | ||||||||||||||||||||||||||||||||||||
Total Impaired Loans: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 452,603 | $ | 453,438 | $ | — | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 4,862,797 | 4,864,153 | 385,417 | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 365,278 | 940,851 | 188,206 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 264,056 | 264,056 | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 2,321,551 | 2,327,734 | — | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | 39,400 | 39,400 | 33,384 | ||||||||||||||||||||||||||||||||||||||
$ | 8,305,685 | $ | 8,889,632 | $ | 607,007 | ||||||||||||||||||||||||||||||||||||
-1 | Junior mortgages include equity lines | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes credit cards | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
IMPAIRED LOANS | |||||||||||||||||||||||||||||||||||||||||
With no related allowance: | Recorded | Customers’ Unpaid | Related | ||||||||||||||||||||||||||||||||||||||
Investment | Principal Balance | Allowance | |||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 213,768 | $ | 213,914 | $ | — | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 1,495,910 | 1,495,910 | — | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 971,654 | 1,785,259 | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 758,391 | 758,391 | — | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 3,439,723 | $ | 4,253,474 | $ | — | ||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 61,882 | $ | 65,566 | $ | 25,882 | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,782,380 | 2,807,875 | 467,454 | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 365,107 | 381,452 | 101,253 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 858,610 | 858,610 | 165,084 | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | 73,978 | 73,978 | 74,210 | ||||||||||||||||||||||||||||||||||||||
$ | 4,141,957 | $ | 4,187,481 | $ | 833,883 | ||||||||||||||||||||||||||||||||||||
Total Impaired Loans: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 275,650 | $ | 279,480 | $ | 25,882 | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 4,278,290 | 4,303,785 | 467,454 | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 1,336,761 | 2,166,711 | 101,253 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,617,001 | 1,617,001 | 165,084 | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | 73,978 | 73,978 | 74,210 | ||||||||||||||||||||||||||||||||||||||
$ | 7,581,680 | $ | 8,440,955 | $ | 833,883 | ||||||||||||||||||||||||||||||||||||
-1 | Junior mortgages include equity lines | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes credit cards | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||||
IMPAIRED LOANS | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||||
(unaudited) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 232,837 | $ | 6,670 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,402,503 | 27,216 | 1,812,224 | 4,175 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 98,153 | 1,349 | 155,161 | 666 | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 132,028 | 3,963 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,804,619 | 29,497 | 585,849 | 6,888 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 315,959 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
$ | 4,670,140 | $ | 68,695 | $ | 2,869,193 | $ | 11,729 | ||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | — | $ | — | $ | 263,002 | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,051,204 | 34,255 | 2,138,124 | 19,047 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 267,375 | 2,256 | 1,621,845 | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | — | — | 1,012,224 | — | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 198,590 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | 55,806 | 1,161 | 84,210 | 2,430 | |||||||||||||||||||||||||||||||||||||
$ | 2,374,385 | $ | 37,672 | $ | 5,317,995 | $ | 21,477 | ||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 232,837 | $ | 6,670 | $ | 263,002 | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 4,453,707 | 61,471 | 3,950,348 | 23,222 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 365,528 | 3,605 | 1,777,006 | 666 | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 132,028 | 3,963 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,804,619 | 29,497 | 1,598,073 | 6,888 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 514,549 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | 55,806 | 1,161 | 84,210 | 2,430 | |||||||||||||||||||||||||||||||||||||
$ | 7,044,525 | $ | 106,367 | $ | 8,187,188 | $ | 33,206 | ||||||||||||||||||||||||||||||||||
-1 | Junior mortgages include equity lines. | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes credit cards. | ||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||||
IMPAIRED LOANS | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||||
(unaudited) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 123,216 | $ | 6,670 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 1,929,720 | 69,037 | 1,794,078 | 46,668 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 97,700 | 1,471 | 142,643 | 4,416 | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 66,014 | 3,963 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,547,535 | 47,054 | 347,402 | 17,678 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 316,615 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
$ | 3,764,185 | $ | 128,195 | $ | 2,600,738 | $ | 68,762 | ||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | — | $ | — | $ | 264,230 | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 1,898,593 | 84,640 | 1,691,635 | 50,864 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 255,017 | 5,969 | 1,637,318 | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | — | — | 1,014,007 | 15,900 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 144,926 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | 64,679 | 4,238 | 65,658 | 6,480 | |||||||||||||||||||||||||||||||||||||
$ | 2,218,289 | $ | 94,847 | $ | 4,817,774 | $ | 73,244 | ||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 123,216 | $ | 6,670 | $ | 264,230 | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 3,828,313 | 153,677 | 3,485,713 | 97,532 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 352,717 | 7,440 | 1,779,961 | 4,416 | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 66,014 | 3,963 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,547,535 | 47,054 | 1,361,409 | 33,578 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 461,541 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | 64,679 | 4,238 | 65,658 | 6,480 | |||||||||||||||||||||||||||||||||||||
$ | 5,982,474 | $ | 223,042 | $ | 7,418,512 | $ | 142,006 | ||||||||||||||||||||||||||||||||||
-1 | Junior mortgages include equity lines. | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes credit cards. | ||||||||||||||||||||||||||||||||||||||||
Smaller non-accruing loans and non-accruing loans that are not graded because they are included in homogenous pools generally do not meet the criteria for impairment testing, and are therefore excluded from impaired loan disclosures. At September 30, 2013 and December 31, 2012, non-accruing loans excluded from impaired loan disclosure totaled $1,102,681 and $721,951, respectively. If interest on these non-accruing loans had been accrued, such income would have approximated $12,164 and $6,181 during the three months ended September 30, 2013 and 2012, respectively, and $26,008 and $8,622 during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
Loans modified as TDR’s are considered impaired and are individually evaluated for the amount of impairment in the ALL. The following table presents, by segments of loans, information related to loans modified as TDRs during the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
For the three months ended | For the three months ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS | Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||||||
Construction, land & land development (1) | 2 | $ | 45,110 | $ | 45,110 | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | — | — | — | 1 | 59,827 | 59,827 | |||||||||||||||||||||||||||||||||||
Consumer (2) | 1 | 7,953 | 7,953 | — | — | — | |||||||||||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS THAT | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||||||||
SUBSEQUENTLY DEFAULTED | Loans | Investment | Loans | Investment | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages (2) | 1 | $ | 105,797 | — | — | ||||||||||||||||||||||||||||||||||||
-1 | Modification was an extension of the loan term. | ||||||||||||||||||||||||||||||||||||||||
-2 | Modification was a capitalization of the interest. | ||||||||||||||||||||||||||||||||||||||||
For the nine months ended | For the nine months ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS | Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||||||
Construction, land & land development (1) | 2 | $ | 45,110 | $ | 45,110 | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Residential First Mortgages (2) | 1 | 206,505 | 205,091 | 1 | 650,113 | 647,094 | |||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | — | — | — | 1 | 59,827 | 59,827 | |||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) (3) | — | — | — | 1 | 479,115 | 479,115 | |||||||||||||||||||||||||||||||||||
Consumer (2) | 1 | 7,953 | 7,953 | 1 | 94,210 | 74,210 | |||||||||||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||||||||
THAT SUBSEQUENTLY DEFAULTED | Loans | Investment | Loans | Investment | |||||||||||||||||||||||||||||||||||||
Construction, land & land development (1) | — | $ | — | 1 | $ | 142,618 | |||||||||||||||||||||||||||||||||||
Residential First Mortgages (3) | 1 | 105,797 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | — | — | 2 | 65,000 | |||||||||||||||||||||||||||||||||||||
-1 | Modifications were an extension of the loan term. | ||||||||||||||||||||||||||||||||||||||||
-2 | Modifications were capitalization of interest for the 2013 modifications and an extension of loan terms for the 2012 modifications. | ||||||||||||||||||||||||||||||||||||||||
-3 | Modifications were capitalization of interest. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||||||||||||||
Note 7: | Earnings per share | ||||||||||||||||||||||||||||||||
The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of dilutive potential common stock. | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||||||||
(Unaudited) | Average | Per share | Average | Per share | Average | Per share | Average | Per share | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
Basic earnings per share | 4,817,856 | $ | 0.13 | 2,610,856 | $ | 0.09 | 4,816,523 | $ | 0.21 | 2,610,856 | $ | 0.17 | |||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||
Stock options | 2,316 | 1,402 | 2,380 | 1,828 | |||||||||||||||||||||||||||||
Diluted earnings per share | 4,820,172 | $ | 0.13 | 2,612,258 | $ | 0.09 | 4,818,903 | $ | 0.21 | 2,612,684 | $ | 0.17 | |||||||||||||||||||||
For the three months ended September 30, 2013 and 2012, options on 170,215 and 115,860 shares, respectively, were not included in computing diluted earnings per share because their effects were anti-dilutive. For the nine months ended September 30, 2013 and 2012, options on 170,215 and 110,360 shares, respectively, were not included in computing diluted earnings per share because their effects were anti-dilutive. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Note 8: | Stock-Based Compensation | ||||||||||||||||
On June 28, 2013, the Company registered a new stock-based compensation plan, which superseded all other plans. There are 385,000 shares available for grant under this plan at September 30, 2013. | |||||||||||||||||
Stock-based compensation expense related to stock awards during the nine month periods ended September 30, 2013 and 2012 was $122,429 and $2,925, respectively. There was no unrecognized compensation expense related to stock options as of September 30, 2013. A total of 89,500 options were granted and vested during the nine months ended September 30, 2013. Compensation expense for stock options is the estimated fair value of options granted using the Black-Scholes Model amortized on a straight-line basis over the vesting period of the award. The fair value of options granted under the former 2003 Incentive Stock Option Plan and the former 2008 Non-Employee Directors Stock Option Plan during the nine months ended September 30, 2013 was $1.08, respectively. The variables used in these calculations include the historical dividend yield of 3.6%, expected life of the options of five years, expected stock price volatility of 33.8%, and a risk-free interest rate of 0.86%, which is assumed to be the rate on 5-year U.S. Treasury bonds. | |||||||||||||||||
Stock option plan activity for the nine months ended September 30, 2013 (unaudited) is summarized below: | |||||||||||||||||
Shares | Weighted Average | Average | Aggregate | ||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||
Price | Contractual | Value (1) | |||||||||||||||
Life (in years) | |||||||||||||||||
Options outstanding, January 1 | 120,617 | $ | 9.51 | 5.4 | |||||||||||||
Granted | 89,500 | 5.25 | |||||||||||||||
Forfeited | (8,972 | ) | 9 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Expired | (7,596 | ) | 13.8 | ||||||||||||||
Options outstanding, September 30 | 193,549 | 7.39 | 7 | $ | 13,229 | ||||||||||||
Options exercisable, September 30 | 193,549 | 7.39 | 7 | $ | 13,229 | ||||||||||||
-1 | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on September 30, 2013. This amount changes based on changes in the market value of the Company’s common stock. | ||||||||||||||||
As of February 21, 2013, a total of 7,000 shares of the Company’s common stock was awarded to the Chief Executive Officer, the Executive Vice President and the Chief Financial Officer. These shares vested immediately and $36,750 in compensation expense was recognized on that date. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Note 9: | Employee Benefit Plans | ||||||||||||||||
The Company has a non-contributory, defined benefit pension plan for full-time employees over 21 years of age. Under this cash balance plan, until December 31, 2012, the account balance for each participant would grow each year with annual pay credits based on age and years of service and monthly interest credits based on an amount established each year by the Company’s Board of Directors. Effective December 31, 2012, this plan was frozen to new participants. Annual pay credits have been discontinued, but each participant’s account balance will continue to grow based on monthly interest credits. The Company funds pension costs in accordance with the funding provisions of the Employee Retirement Income Security Act. | |||||||||||||||||
The Company sponsors a postretirement benefit plan covering current and future retirees who acquire age 55 and 10 years of service or age 65 and 5 years of service. The post-retirement benefit plan provides coverage toward a retiree’s eligible medical and life insurance benefits expenses. The plan is unfunded and funded as benefits are due. | |||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Pension Benefits | Post Retirement Benefits | ||||||||||||||||
Nine months ended September 30, | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | — | $ | 190,714 | $ | 17,213 | $ | 19,501 | |||||||||
Interest cost | 107,444 | 133,724 | 22,430 | 22,468 | |||||||||||||
Expected return on plan assets | (160,996 | ) | (241,398 | ) | — | — | |||||||||||
Amortization of unrecognized prior service cost | — | (40,472 | ) | — | — | ||||||||||||
Amortization of unrecognized net loss | 67,309 | 53,580 | 3,372 | 2,206 | |||||||||||||
Remaining amortization of unrecognized net loss due to settlements | 62,280 | 168,580 | — | — | |||||||||||||
Net gain due to curtailment | — | (291,413 | ) | — | — | ||||||||||||
Amortization of transition obligation | — | — | 2,185 | 2,185 | |||||||||||||
Net periodic benefit cost | $ | 76,037 | $ | (26,685 | ) | $ | 45,200 | $ | 46,360 | ||||||||
The Company expects to make no contribution to its pension plan and $23,945 to its post-retirement benefit plan in 2013. The Company has contributed $3,992 toward the post-retirement plan during the first nine months of 2013. |
Long_Term_Debt
Long Term Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Long Term Debt | ' | ||||||||||||||||
Note 10: | Long Term Debt | ||||||||||||||||
On September 30, 2013, the Bank had FHLB debt consisting of two advances (see table below). The $10 million advance was restructured during the second quarter of 2013 to extend the maturity and reduce the interest rate from 4.23% to a three month LIBOR-based floating rate advance. | |||||||||||||||||
Advances on the FHLB lines are secured by a blanket lien on qualified 1 to 4 family residential real estate loans with a lendable collateral value of $56.0 million. Immediate available credit, as of September 30, 2013, was $40.0 million. With additional collateral, the total line of credit is worth $66.8 million, with $50.8 million available. | |||||||||||||||||
The two advances are shown in the following table. | |||||||||||||||||
Description | Balance | Originated | Current | Maturity | |||||||||||||
Interest Rate | Date | ||||||||||||||||
Adjustable Rate Hybrid | $ | 10,000,000 | 4/12/13 | 2.38 | % | 4/13/20 | |||||||||||
Fixed Rate Hybrid | 5,000,000 | 5/20/11 | 2.69 | % | 5/20/14 | ||||||||||||
$ | 15,000,000 | ||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 11: | Fair Value Measurements | ||||||||||||||||
The Company uses fair value to record certain assets and liabilities and to determine fair value disclosures. Authoritative accounting guidance clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. | |||||||||||||||||
Authoritative accounting guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: | |||||||||||||||||
Level 1 – | Valuation is based on quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||
Level 2 – | Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. | ||||||||||||||||
Level 3 – | Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. | ||||||||||||||||
The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: | |||||||||||||||||
Securities available for sale: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data (Level 2). In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. | |||||||||||||||||
Defined benefit plan assets: Defined benefit plan assets are recorded at fair value on an annual basis at year end. | |||||||||||||||||
The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||
Description | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
(unaudited) | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U. S. Government agencies | $ | 9,477,022 | $ | — | $ | 9,477,022 | $ | — | |||||||||
State and municipal obligations | 27,449,003 | — | 27,449,003 | — | |||||||||||||
Certificates of deposit | 1,996,765 | — | 1,996,765 | — | |||||||||||||
Auction rate securities | 1,032,000 | — | — | 1,032,000 | |||||||||||||
Total securities available for sale: | $ | 39,954,790 | $ | — | $ | 38,922,790 | $ | 1,032,000 | |||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Description | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
Securities available for sale: | |||||||||||||||||
U. S. Government agencies | $ | 9,463,815 | $ | — | $ | 9,463,815 | $ | — | |||||||||
State and municipal obligations | 23,849,528 | — | 23,849,528 | — | |||||||||||||
Certificates of deposit | 1,987,177 | — | 1,987,177 | — | |||||||||||||
Auction rate security | 1,400,000 | — | — | 1,400,000 | |||||||||||||
Total securities available for sale | $ | 36,700,520 | $ | — | $ | 35,300,520 | $ | 1,400,000 | |||||||||
Defined benefit plan assets: | |||||||||||||||||
Cash and cash equivalents | (5,539 | ) | (5,539 | ) | — | — | |||||||||||
Mutual funds - fixed income | 1,091,176 | 1,091,176 | — | — | |||||||||||||
Mutual funds - equity | 1,759,171 | 1,759,171 | — | — | |||||||||||||
Total defined benefit plan assets | $ | 2,844,808 | $ | 2,844,808 | $ | — | $ | — | |||||||||
Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. | |||||||||||||||||
The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements: | |||||||||||||||||
Impaired Loans: Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the Allowance for Loan Losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. | |||||||||||||||||
Other Real Estate Owned: Other real estate owned (“OREO”) is measured at fair value less cost to sell, based on an appraisal conducted by an independent, licensed appraiser outside of the Company. If the collateral value is significantly adjusted due to differences in the comparable properties, or is discounted by the Company because of marketability, then the fair value is considered Level 3. OREO is measured at fair value on a nonrecurring basis. The initial fair value of OREO is based on an appraisal done at the time of foreclosure. Subsequent fair value adjustments are recorded in the period incurred and included in other noninterest expense on the Consolidated Statements of Income. | |||||||||||||||||
The following table summarizes the Company’s assets that were measured at fair value on a nonrecurring basis during the period. | |||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||
Description | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
(unaudited) | |||||||||||||||||
Impaired Loans, net | $ | 1,959,027 | $ | — | $ | — | $ | 1,959,027 | |||||||||
Other real estate owned, net | 3,910,728 | — | — | 3,910,728 | |||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Description | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired Loans, net | $ | 3,308,074 | $ | — | $ | — | $ | 3,308,074 | |||||||||
Other real estate owned, net | 3,151,346 | — | — | 3,151,346 | |||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of September 30, 2013: | |||||||||||||||||
Description | Balance | Valuation Technique | Unobservable Input | Range | |||||||||||||
(Weighted Average) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Impaired Loans, net | $ | 1,959,027 | Discounted appraised value | Selling Cost | 10% - 20% (10 | %) | |||||||||||
Lack of Marketability | 0% - 100% (35 | %) | |||||||||||||||
Other real estate owned, net | 3,910,728 | Discounted appraised value | Selling Cost | 3% - 13% (6 | %) | ||||||||||||
Lack of Marketability | 7% - 30% (15 | %) | |||||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2012: | |||||||||||||||||
Description | Balance | Valuation Technique | Unobservable Input | Range | |||||||||||||
(Weighted Average) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Impaired Loans, net | $ | 3,308,074 | Discounted appraised value | Selling Cost | 0% - 20% (11 | %) | |||||||||||
Lack of Marketability | 10% - 100% (27 | %) | |||||||||||||||
Other real estate owned, net | 3,151,346 | Discounted appraised value | Selling Cost | 6% - 13% (6 | %) | ||||||||||||
Lack of Marketability | 10% - 20% (16 | %) | |||||||||||||||
The estimated fair values of financial instruments are shown in the following table. The carrying amounts in the table are included in the balance sheet under the applicable captions. | |||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||
Description | Balance as of | Level 1 | Level 2 | Level 3 | |||||||||||||
September 30, 2013 | |||||||||||||||||
(unaudited) | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 7,537,010 | $ | 7,537,010 | $ | — | $ | — | |||||||||
Interest-bearing deposits | 13,026,634 | 13,026,634 | — | — | |||||||||||||
Federal funds sold | 497,188 | 497,188 | — | — | |||||||||||||
Securities available-for-sale | 39,954,790 | — | 38,922,790 | 1,032,000 | |||||||||||||
Restricted securities | 1,623,350 | — | — | 1,623,350 | |||||||||||||
Loans, net | 245,885,715 | — | — | 251,573,000 | |||||||||||||
Accrued interest receivable | 1,068,966 | — | 1,068,966 | — | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Non-interest-bearing deposits | $ | 57,094,032 | $ | 57,094,032 | $ | — | $ | — | |||||||||
Savings and other interest-bearing deposits | 115,334,496 | — | 115,334,496 | — | |||||||||||||
Time deposits | 99,535,358 | — | — | 101,560,000 | |||||||||||||
Securities sold under repurchase agreements | 9,430,510 | — | 9,430,510 | — | |||||||||||||
FHLB advances | 15,000,000 | — | 16,074,695 | — | |||||||||||||
Accrued interest payable | 172,361 | — | 172,361 | — | |||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Description | Balance as of | Level 1 | Level 2 | Level 3 | |||||||||||||
December 31,2012 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 4,757,889 | $ | 4,757,889 | $ | — | $ | — | |||||||||
Interest-bearing deposits | 35,166,448 | 35,166,448 | — | — | |||||||||||||
Federal funds sold | 48,009 | 48,009 | — | — | |||||||||||||
Securities available-for-sale | 36,700,520 | — | 35,300,520 | 1,400,000 | |||||||||||||
Restricted securities | 1,584,700 | — | — | 1,584,700 | |||||||||||||
Loans, net | 235,474,626 | — | — | 244,038,921 | |||||||||||||
Accrued interest receivable | 1,070,763 | — | 1,070,763 | — | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Non-interest-bearing deposits | $ | 50,467,907 | $ | 50,467,907 | $ | — | $ | — | |||||||||
Savings and other interest-bearing deposits | 117,954,879 | — | 117,954,879 | — | |||||||||||||
Time deposits | 106,751,785 | — | — | 109,449,974 | |||||||||||||
Securities sold under repurchase agreements | 6,459,839 | — | 6,459,839 | — | |||||||||||||
FHLB advances | 15,000,000 | — | 16,483,342 | — | |||||||||||||
Accrued interest payable | 156,812 | — | 156,812 | — | |||||||||||||
The carrying amounts of cash and due from banks, interest-bearing deposits, federal funds sold or purchased, accrued interest and non-interest-bearing deposits, are payable on demand, or are of such short duration that carrying value approximates market value. | |||||||||||||||||
Securities available for sale are carried at the fair values measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Therefore carrying value equals market value. The carrying value of restricted securities approximates fair value based on the redemption provisions of the issuer. | |||||||||||||||||
The fair value of performing loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar remaining maturities. This calculation ignores loan fees and certain factors affecting the interest rates charged on various loans such as the borrower’s creditworthiness and compensating balances and dissimilar types of real estate held as collateral. The fair value of impaired loans is measured as described within the Impaired Loans section of this note. The fair value of loans does not consider the lack of liquidity and uncertainty in the market that would affect the valuation. | |||||||||||||||||
Time deposits are presented at estimated fair value using interest rates offered for deposits of similar remaining maturities. | |||||||||||||||||
The fair value of the FHLB advances is estimated by discounting the future cash flows using the current interest rate offered for similar advances. | |||||||||||||||||
The fair value of commitments to extend credit is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present credit worthiness of the counter parties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of standby letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counter parties at the reporting date. At September 30, 2013 and December 31, 2012, the fair value of loan commitments and standby letters of credit was immaterial and therefore, they are not included in the table above. | |||||||||||||||||
The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair value of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. However, borrowers with fixed rate obligations are less likely to prepay in a rising rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Note 12: | Changes in Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Changes in accumulated other comprehensive income (loss) (“AOCI”) balances, including amounts reclassified out of AOCI, are shown in the following table. | |||||||||||||
Net Unrealized | Pension and | Accumulated Other | |||||||||||
Gains (Losses) | Post-retirement | Comprehensive | |||||||||||
on Securities | Benefit Plans | Income (Loss) | |||||||||||
Three months ended September 30, 2013 (unaudited) | |||||||||||||
Beginning balance | $ | (689,229 | ) | $ | (659,921 | ) | $ | (1,349,150 | ) | ||||
Change in net unrealized holding gains on securities, before reclassifications, net of tax benefit of $42,615 | (82,723 | ) | — | (82,723 | ) | ||||||||
Reclassification for previously unrealized net (gains) and impairments on securities recognized in net income, net of tax of $4,417 | (8,575 | ) | — | (8,575 | ) | ||||||||
Balance at September 30, 2013 | $ | (780,527 | ) | $ | (659,921 | ) | $ | (1,440,448 | ) | ||||
Three months ended September 30, 2012 (unaudited) | |||||||||||||
Beginning balance | $ | 571,376 | $ | (315,391 | ) | $ | 255,985 | ||||||
Change in net unrealized holding gains on securities, before reclassifications, net of tax of $31,643 | 61,425 | — | 61,425 | ||||||||||
Reclassification for previously unrealized net (gains) on securities recognized in net income, net of tax of $154,681 | (300,263 | ) | — | (300,263 | ) | ||||||||
Balance at September 30, 2012 | $ | 332,538 | $ | (315,391 | ) | $ | 17,147 | ||||||
Net Unrealized | Pension and | Accumulated Other | |||||||||||
Gains (Losses) | Post-retirement | Comprehensive | |||||||||||
on Securities | Benefit Plans | Income (Loss) | |||||||||||
Nine months ended September 30, 2013 (unaudited) | |||||||||||||
Beginning balance | $ | 279,195 | $ | (659,921 | ) | $ | (380,726 | ) | |||||
Change in net unrealized holding gains on securities, before reclassifications, net of tax benefit of $490,257 | (951,676 | ) | — | (951,676 | ) | ||||||||
Reclassification for previously unrealized net (gains) and impairments on securities recognized in net income, net of tax of $55,660 | (108,046 | ) | — | (108,046 | ) | ||||||||
Balance at September 30, 2013 | $ | (780,527 | ) | $ | (659,921 | ) | $ | (1,440,448 | ) | ||||
Nine months ended September 30, 2012 (unaudited) | |||||||||||||
Beginning balance | $ | 760,730 | $ | (315,391 | ) | $ | 445,339 | ||||||
Change in net unrealized holding gains on securities, before reclassifications, net of tax of $105,055 | 203,930 | — | 203,930 | ||||||||||
Reclassification for previously unrealized net (gains) on securities recognized in net income, net of tax of $325,638 | (632,122 | ) | — | (632,122 | ) | ||||||||
Balance at September 30, 2012 | $ | 332,538 | $ | (315,391 | ) | $ | 17,147 | ||||||
Reclassification for previously unrealized gains and impairments on securities are reported in the consolidated statements of income as “Gains on sale of securities available for sale” and “net impairment recognized in income” with the corresponding income tax effect being reflected as a component of income tax expense. During the nine months ended September 30, 2013 and 2012, the Company reported net gains on sales of securities of $283,706 and $957,760, respectively; the tax effect of these transactions was $55,660 and $325,658, respectively, which was included as a component of income tax expense. Similarly, for the nine month period ended September 30, 2013, the Company recorded a net impairment loss on an other-than-temporarily-impaired security of $120,000, with a corresponding tax effect of $40,800 included as a component of income tax expense (refer to Note 4). |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Loans | ' |
Loans | |
The Company grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by mortgage loans. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the Company’s market area. | |
Loans are reported at their recorded investment, which is the outstanding principal balance net of any unearned income, such as deferred fees and costs, and charge-offs. Interest on loans is recognized over the term of the loan and is calculated using the interest method on principal amounts outstanding. Loan origination fees and certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield via straight line amortization over the contractual term of the loan, adjusted for early pay-offs. | |
The accrual of interest is generally discontinued at the time a loan is 90 days or more past due, or earlier, if collection is uncertain based on an evaluation of the net realizable value of the collateral and the financial strength of the borrower. Payments received for loans no longer accruing interest are applied to the unpaid principal balance. Loans greater than 90 days past due may remain on accrual status if the credit is well secured and in process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are charged off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual and past due policies are materially the same for all types of loans. | |
All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. Any interest received on these loans is accounted for on the cash basis or cost recovery method until qualifying for return to accrual. Generally, a loan is returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured, or it becomes well secured and in the process of collection. | |
Allowance For Loan Losses | ' |
Allowance for loan losses | |
The allowance for loan losses (“ALL”) reflects management’s judgment of probable loan losses inherent in the portfolio at the balance sheet date. Management uses a disciplined process and methodology to establish the allowance for losses each quarter. To determine the total allowance for loan losses, the Company estimates the reserves needed for each segment of the portfolio, including loans analyzed individually and pools of loans analyzed on a segmented basis. Considerations include historical experience, the nature and volume of the loan portfolio, adverse situations that may affect a borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as additional information becomes available. | |
During the third quarter of 2012, management enhanced the ALL calculation methodology by changing the historical loss factor period from six quarters to the length of a business cycle. This increased the historical loss period to 16 quarters, since the then current business cycle was assumed to have begun in the fourth quarter of 2008. As the length of that business cycle extended, so did the length of the historical loss factor period. During the third quarter of 2013, management ceased this approach and determined that 19 quarters of historical losses will be used henceforth. This change in methodology produced an immaterial change in the ALL calculation. | |
The allowance consists of specific, general, and unallocated components. Generally, large adversely risk rated loans, loans in bankruptcy, non-accruing loans, or loans more than 30 days past due, are evaluated to determine which are impaired for purposes of establishing the specific component. For those loans determined to be impaired, a specific allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component collectively evaluates smaller commercial loans, residential mortgages and consumer loans, grouped into segments. Historical loss experience is calculated and applied to each segment, then adjusted for qualitative factors. Qualitative factors include changes in the local economic outlook, including unemployment, interest rates, inflation rates and real estate trends; the level and trend of past due and nonaccrual loans; strength of policies and procedures; and oversight of credit risk and quality of underwriting. These qualitative adjustments reflect management’s judgment of risks inherent in the segments. An unallocated component is maintained if needed to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. Changes in the allowance for loan losses and the related provision expense can materially affect net income. | |
Management employs a risk rating system to evaluate and consistently categorize loan portfolio credit risk. Loans assigned risk rating grades include all commercial loans, commercial loans secured by real estate (commercial mortgages), large residential loans secured by real estate (residential mortgages), loans to real estate developers and contractors, large consumer loans with chronic delinquency, and troubled debt restructures. All other loans not specifically assigned a risk rating are monitored as a discreet pool of loans generally based on delinquency status. Risk rating categories are as follows: | |
Pass – Borrower is strong or sound and collateral securing the loan, if any, is adequate. | |
Watch – Borrower exhibits some signs of financial stress but is generally believed to be a satisfactory customer and collateral, if any, may be in excess of 90% of the loan balance. | |
Special Mention – Adverse trends in the borrower’s financial position are evident and warrant management’s close attention and any collateral may not be fully adequate to secure loan balance. | |
Substandard – A loan in this category has a well-defined weakness in the primary repayment source that jeopardizes the timely collection of the debt. There is a distinct possibility that a loss may result if the weakness is not corrected. | |
Doubtful – Default has already occurred and it is likely that foreclosure or repossession procedures have begun or will begin in the near future. Weaknesses make collection or liquidation in full, based on currently existing information, highly questionable and improbable. | |
Loss – Uncollectible and of such little value that continuance as a bankable asset is not warranted. | |
The specific component of the ALL calculation evaluates large adversely classified loans for impairment, as noted above. Adversely classified loans are considered to be those loans risk rated as substandard, doubtful or loss. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Accrual of interest may or may not be discontinued for any given impaired loan. Impairment is measured by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Because large groups of smaller balance homogeneous loans are collectively evaluated for impairment, the Company does not generally separately identify smaller balance individual consumer and residential loans for impairment disclosures, unless such loans are the subject of a restructuring agreement. | |
The general component of the ALL calculation collectively evaluates groups of loans in segments, as noted above. Segments are not disaggregated into classes. These segments are 1) Construction, land and land development; 2) Farmland; 3) Residential first mortgages; 4) Residential revolving and junior mortgages; 5) Commercial mortgages (non-owner-occupied); 6) Commercial mortgages (owner-occupied); 7) Commercial and industrial; and 8) Consumer. Every loan is assigned to a segment. Segments 1 through 6 are secured by real estate. Segments 7 and 8 are secured by other types of collateral or are unsecured. A given segment may not reflect the purpose of a loan. For example, a business owner may provide his residence as collateral for a loan to his company, in which case the loan would be grouped in a residential mortgage segment. | |
Construction and development loans carry risks that the project will not be finished according to schedule or according to budget and the value of the collateral, at any point in time, may be less than the principal amount of the loan. These loans also bear the risk that the general contractor may face financial pressure unrelated to the project. Loans secured by land, farmland and residential mortgages carry the risk of continued credit-worthiness of the borrower and changes in value of the underlying real estate collateral. Commercial mortgages and commercial and industrial loans carry risks associated with the profitable operation of a business and its related cash flows. Additionally, commercial and industrial loans carry risks associated with the value of collateral other than real estate which may depreciate over time. Consumer loans carry risks associated with the continuing credit-worthiness of the borrower and are more likely than real estate loans to be adversely affected by divorce, unemployment, personal illness or bankruptcy of an individual. Consumer loans secured by automobiles carry risks associated with rapidly depreciating collateral. Consumer loans include credit cards. | |
Additions to the allowance for loan losses are made by charges to earnings through the provision for loan losses. Charge-offs are credit exposures deemed to be uncollectible and the allowance for loan losses is reduced by these. Recoveries of previously charged off amounts are credited back to the allowance for loan losses. Charge-off policies are materially the same for all types of loans. | |
In situations where, for economic or legal reasons related to a borrower’s financial condition, management grants a concession to a borrower that it would not otherwise consider, the related loan is deemed to be a troubled debt restructuring (“TDR”). Management strives to identify borrowers in financial difficulty early and work with them to modify their loan to more affordable terms before their loan reaches nonaccrual status. These modified terms may include rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. All TDRs are considered impaired and are measured for impairment as noted above. | |
Mortgage Servicing Rights ("MSRs") | ' |
Mortgage Servicing Rights (“MSRs”) | |
The Company has sold mortgages that it has originated to a third party for a number of years. Due to the low volume of sales prior to 2013 and the immateriality of the asset associated with the mortgage servicing rights to the balance sheet, the Company had not recorded the mortgage servicing rights asset at the time of the sale of the mortgage to the third party prior to 2013. The overstatement of income in 2013 of approximately $215,000 after tax ($325,000 pre-tax adjusted for a 34% tax rate) is the culmination of individual immaterial annual amounts prior to 2013. The Company will be accounting for the mortgage servicing rights under the fair value method going forward. | |
The Company has evaluated this uncorrected misstatement in consideration and accordance with the guidance from Staff Accounting Bulletin (“SAB”) 99, in order to determine whether it is material to the financial statements taken as a whole. The Company’s evaluation process included consideration of the nature, cause, amount and effect of the misstatement from both a quantitative and qualitative perspective. | |
It is management’s judgment that the adjustment to the 2013 financial statements for mortgage servicing rights, related to 2012 and prior, is not material to the 2013 balance sheet, results of operations and cash flows taken as a whole. Management believes that users of the Company’s financial statements and other financial information will not consider the adjustment material to their decision process. |
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Aggregate Amortized Costs and Fair Values of Available-for-Sale Securities Portfolio | ' | ||||||||||||||||||||||||
The aggregate amortized costs and fair values of the available-for-sale securities portfolio are as follows: | |||||||||||||||||||||||||
Available-for-sale securities | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
September 30, 2013 (unaudited) | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
U.S. Government agencies | $ | 9,537,023 | $ | 11,603 | $ | (71,604 | ) | $ | 9,477,022 | ||||||||||||||||
State and municipal obligations | 28,535,384 | 102,745 | (1,189,126 | ) | 27,449,003 | ||||||||||||||||||||
Certificates of deposits | 1,985,000 | 11,765 | — | 1,996,765 | |||||||||||||||||||||
Auction rate securities | 1,080,000 | — | (48,000 | ) | 1,032,000 | ||||||||||||||||||||
$ | 41,137,407 | $ | 126,113 | $ | (1,308,730 | ) | $ | 39,954,790 | |||||||||||||||||
Available-for-sale securities | Amortized | Gross | Gross | Fair | |||||||||||||||||||||
December 31, 2012 | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
U.S. Government agencies | $ | 9,411,627 | $ | 78,178 | $ | (25,990 | ) | $ | 9,463,815 | ||||||||||||||||
State and municipal obligations | 23,480,871 | 412,759 | (44,102 | ) | 23,849,528 | ||||||||||||||||||||
Certificates of deposits | 1,985,000 | 3,271 | (1,094 | ) | 1,987,177 | ||||||||||||||||||||
Auction rate securities | 1,400,000 | — | — | 1,400,000 | |||||||||||||||||||||
$ | 36,277,498 | $ | 494,208 | $ | (71,186 | ) | $ | 36,700,520 | |||||||||||||||||
Gross Realized Gains and Gross Realized Losses on Sales of Securities | ' | ||||||||||||||||||||||||
Gross realized gains and gross realized losses on sales an calls of securities were as follows: | |||||||||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Gross realized gains | $ | 12,992 | $ | 454,944 | $ | 285,286 | $ | 959,588 | |||||||||||||||||
Gross realized losses | — | — | (1,580 | ) | (1,828 | ) | |||||||||||||||||||
Net realized gains | $ | 12,992 | $ | 454,944 | $ | 283,706 | $ | 957,760 | |||||||||||||||||
Aggregate Amortized Cost and Market Values of the Investment Securities Portfolio by Contractual Maturity | ' | ||||||||||||||||||||||||
The aggregate amortized cost and market values of the investment securities portfolio by contractual maturity at September 30, 2013 are as follows: | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
Due one year or less | $ | 5,805,769 | $ | 5,808,257 | |||||||||||||||||||||
Due after one year through five years | 14,945,406 | 14,889,307 | |||||||||||||||||||||||
Due after five years through ten years | 16,772,341 | 15,963,447 | |||||||||||||||||||||||
Due after ten years | 3,613,891 | 3,293,779 | |||||||||||||||||||||||
$ | 41,137,407 | $ | 39,954,790 | ||||||||||||||||||||||
Unrealized Loss Positions | ' | ||||||||||||||||||||||||
Bonds with unrealized loss positions at December 31, 2012 included three certificates of deposit, 10 municipals and two federal agencies. The tables are shown below. | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
September 30, 2013 (unaudited) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. Government agencies | $ | 6,915,018 | $ | 71,604 | $ | — | $ | — | $ | 6,915,018 | $ | 71,604 | |||||||||||||
States and municipal obligations | 15,959,238 | 1,152,849 | 1,699,461 | 36,277 | 17,658,699 | 1,189,126 | |||||||||||||||||||
Certificates of deposits | — | — | — | — | — | — | |||||||||||||||||||
Auction rate securities | 1,032,000 | 48,000 | — | — | 1,032,000 | 48,000 | |||||||||||||||||||
Total temporarily impaired securities | $ | 23,906,256 | $ | 1,272,453 | $ | 1,699,461 | $ | 36,277 | $ | 25,605,717 | $ | 1,308,730 | |||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
December 31, 2012 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
U.S. Government agencies | $ | 1,080,438 | $ | 25,990 | $ | — | $ | — | $ | 1,080,438 | $ | 25,990 | |||||||||||||
States and municipal obligations | 2,863,106 | 37,731 | 1,037,825 | 6,371 | 3,900,931 | 44,102 | |||||||||||||||||||
Certificates of deposits | 742,906 | 1,094 | — | — | 742,906 | 1,094 | |||||||||||||||||||
Auction rate securities | — | — | — | — | — | — | |||||||||||||||||||
Total temporarily impaired securities | $ | 4,686,450 | $ | 64,815 | $ | 1,037,825 | $ | 6,371 | $ | 5,724,275 | $ | 71,186 | |||||||||||||
Cumulative Credit Related Other-Than Temporary Impairment Losses Recognized on One Debt Security | ' | ||||||||||||||||||||||||
The following table summarized cumulative credit related other-than temporary impairment losses recognized on the one auction rate security held by the Company (no other-than-temporary-impairment was recognized in the other income statement period presented): | |||||||||||||||||||||||||
For the nine | |||||||||||||||||||||||||
months ended | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Balance, beginning of the period | $ | — | |||||||||||||||||||||||
Impairment losses recognized during the period | 120,000 | ||||||||||||||||||||||||
Realized losses from sales | — | ||||||||||||||||||||||||
Balance, end of period | $ | 120,000 | |||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Summary of Balances of Loans | ' | ||||||||||||||||||||||||
The following is a summary of the balances of loans: | |||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||
Loans secured by real estate: | |||||||||||||||||||||||||
Construction, Land and Land Development | $ | 28,837,320 | $ | 29,024,294 | |||||||||||||||||||||
Farmland | 1,283,588 | 1,442,757 | |||||||||||||||||||||||
Commercial Mortgages (Non-Owner Occupied) | 15,022,880 | 13,420,551 | |||||||||||||||||||||||
Commercial Mortgages (Owner Occupied) | 33,659,674 | 33,634,384 | |||||||||||||||||||||||
Residential First Mortgages | 113,917,591 | 106,885,794 | |||||||||||||||||||||||
Residential Revolving and Junior Mortgages | 24,083,948 | 26,982,512 | |||||||||||||||||||||||
Commercial and Industrial loans | 25,961,533 | 20,524,547 | |||||||||||||||||||||||
Consumer Loans | 6,098,525 | 6,653,410 | |||||||||||||||||||||||
Total loans | $ | 248,865,059 | $ | 238,568,249 | |||||||||||||||||||||
Allowance for loan losses | (2,979,344 | ) | (3,093,623 | ) | |||||||||||||||||||||
Loans, net | $ | 245,885,715 | $ | 235,474,626 | |||||||||||||||||||||
Recorded Investment in Past Due and Non-accruing Loans | ' | ||||||||||||||||||||||||
The recorded investment in past due and non-accruing loans is shown in the following table. A loan past due by more than 90 days is generally placed on nonaccrual unless it is both well secured and in the process of collection. | |||||||||||||||||||||||||
Loans Past Due and Non-accruing September 30, 2013 | 30-89 | 90 Days or | Nonaccruals | Total Past | Current | Total | |||||||||||||||||||
(unaudited) | Days | More Past | Due and | Loans | |||||||||||||||||||||
Past Due | Due and | Nonaccruals | |||||||||||||||||||||||
Still Accruing | |||||||||||||||||||||||||
Construction, Land and Land Development | $ | 65,217 | $ | — | $ | 596,202 | $ | 661,419 | $ | 28,175,901 | $ | 28,837,320 | |||||||||||||
Farmland | — | — | — | — | 1,283,588 | 1,283,588 | |||||||||||||||||||
Commercial Mortgages (Non-Owner Occupied) | — | — | — | — | 15,022,880 | 15,022,880 | |||||||||||||||||||
Commercial Mortgages (Owner Occupied) | — | — | 274,322 | 274,322 | 33,385,352 | 33,659,674 | |||||||||||||||||||
Residential First Mortgages | 428,194 | — | 1,483,554 | 1,911,748 | 112,005,843 | 113,917,591 | |||||||||||||||||||
Residential Revolving and Junior Mortgages | 7,544 | — | 91,860 | 99,404 | 23,984,544 | 24,083,948 | |||||||||||||||||||
Commercial and Industrial | 347,777 | — | — | 347,777 | 25,613,756 | 25,961,533 | |||||||||||||||||||
Consumer Loans | 117,756 | 31,336 | 3,513 | 152,605 | 5,945,920 | 6,098,525 | |||||||||||||||||||
Total | $ | 966,488 | $ | 31,336 | $ | 2,449,451 | $ | 3,447,275 | $ | 245,417,784 | $ | 248,865,059 | |||||||||||||
Loans Past Due and Non-accruing December 31, 2012 | 30-89 | 90 Days or | Nonaccruals | Total Past | Current | Total | |||||||||||||||||||
Days | More Past | Due and | Loans | ||||||||||||||||||||||
Past Due | Due and | Nonaccruals | |||||||||||||||||||||||
Still Accruing | |||||||||||||||||||||||||
Construction, Land and Land Development | $ | 230,866 | $ | — | $ | 655,397 | $ | 886,263 | $ | 28,138,031 | $ | 29,024,294 | |||||||||||||
Farmland | — | — | — | — | 1,442,757 | 1,442,757 | |||||||||||||||||||
Commercial Mortgages (Non-Owner Occupied) | — | — | 318,418 | 318,418 | 13,102,133 | 13,420,551 | |||||||||||||||||||
Commercial Mortgages (Owner Occupied) | — | 71,254 | 819,467 | 890,721 | 32,743,663 | 33,634,384 | |||||||||||||||||||
Residential First Mortgages | 761,981 | 502 | 2,677,788 | 3,440,271 | 103,445,523 | 106,885,794 | |||||||||||||||||||
Residential Revolving and Junior Mortgages | 18,081 | — | 1,257,915 | 1,275,996 | 25,706,516 | 26,982,512 | |||||||||||||||||||
Commercial and Industrial | 100,886 | 50,075 | — | 150,961 | 20,373,586 | 20,524,547 | |||||||||||||||||||
Consumer Loans | 12,193 | 3,688 | 1,479 | 17,360 | 6,636,050 | 6,653,410 | |||||||||||||||||||
Total | $ | 1,124,007 | $ | 125,519 | $ | 5,730,464 | $ | 6,979,990 | $ | 231,588,259 | $ | 238,568,249 | |||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses by Portfolio Segment | ' | ||||||||||||||||||||||||||||||||||||||||
Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||
Land and | Mortgages | Mortgages | First | Revolving | and | Loans | |||||||||||||||||||||||||||||||||||
Land | (Non | (Owner | Mortgages | and Junior | Industrial | ||||||||||||||||||||||||||||||||||||
Development | Owner | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
Occupied) | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 227,749 | $ | 2,000 | $ | 84,000 | $ | 428,808 | $ | 1,049,489 | $ | 669,423 | $ | 250,000 | $ | 266,210 | $ | 5,468 | $ | 2,983,147 | |||||||||||||||||||||
(Charge-offs) | (2,195 | ) | — | — | — | (8,694 | ) | (252,744 | ) | — | (50,392 | ) | — | (314,025 | ) | ||||||||||||||||||||||||||
Recoveries | 3,099 | — | — | — | — | 471 | 1,500 | 1,153 | — | 6,223 | |||||||||||||||||||||||||||||||
Provision | (51,653 | ) | (2,000 | ) | (11,000 | ) | (61,808 | ) | 184,959 | 166,056 | 61,500 | 23,413 | (5,468 | ) | 303,999 | ||||||||||||||||||||||||||
Ending Balance | $ | 177,000 | $ | — | $ | 73,000 | $ | 367,000 | $ | 1,225,754 | $ | 583,206 | $ | 313,000 | $ | 240,384 | $ | — | $ | 2,979,344 | |||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | 385,417 | $ | 188,206 | $ | — | $ | 33,384 | $ | — | $ | 607,007 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 177,000 | $ | — | $ | 73,000 | $ | 367,000 | $ | 840,337 | $ | 395,000 | $ | 313,000 | $ | 207,000 | $ | — | $ | 2,372,337 | |||||||||||||||||||||
Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||
Land and | Mortgages | Mortgages | First | Revolving | and | Loans | |||||||||||||||||||||||||||||||||||
Land | (Non | (Owner | Mortgages | and Junior | Industrial | ||||||||||||||||||||||||||||||||||||
Development | Owner | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
Occupied) | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 173,871 | $ | 1,000 | $ | 89,000 | $ | 374,796 | $ | 1,235,341 | $ | 610,440 | $ | 287,832 | $ | 261,210 | $ | 307,468 | $ | 3,340,958 | |||||||||||||||||||||
(Charge-offs) | (142,618 | ) | — | — | — | (451,078 | ) | (6,714 | ) | (65,000 | ) | (39,590 | ) | — | (705,000 | ) | |||||||||||||||||||||||||
Recoveries | — | — | 242 | — | 1,934 | — | — | 19,530 | — | 21,706 | |||||||||||||||||||||||||||||||
Provision | 130,888 | — | (242 | ) | 165,794 | 384,161 | 59,156 | 222,866 | 24,060 | (306,683 | ) | 680,000 | |||||||||||||||||||||||||||||
Ending Balance | $ | 162,141 | $ | 1,000 | $ | 89,000 | $ | 540,590 | $ | 1,170,358 | $ | 662,882 | $ | 445,698 | $ | 265,210 | $ | 785 | $ | 3,337,664 | |||||||||||||||||||||
Individually evaluated for impairment | $ | 91,141 | $ | — | $ | — | $ | 194,590 | $ | 404,358 | $ | 487,882 | $ | 186,698 | $ | 74,210 | $ | — | $ | 1,438,879 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 71,000 | $ | 1,000 | $ | 89,000 | $ | 346,000 | $ | 766,000 | $ | 175,000 | $ | 259,000 | $ | 191,000 | $ | 785 | $ | 1,898,785 | |||||||||||||||||||||
Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||||||
Land and | Mortgages | Mortgages | First | Revolving | and | Loans | |||||||||||||||||||||||||||||||||||
Land | (Non Owner | (Owner | Mortgages | and Junior | Industrial | ||||||||||||||||||||||||||||||||||||
Development | Occupied) | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
For the Nine Months | |||||||||||||||||||||||||||||||||||||||||
Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2013 (unaudited) | |||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 191,882 | $ | 2,000 | $ | 106,000 | $ | 545,084 | $ | 1,209,454 | $ | 517,253 | $ | 262,000 | $ | 252,210 | $ | 7,740 | $ | 3,093,623 | |||||||||||||||||||||
(Charge-offs) | (2,195 | ) | — | — | — | (373,706 | ) | (252,744 | ) | (16,897 | ) | (105,281 | ) | (750,823 | ) | ||||||||||||||||||||||||||
Recoveries | 19,951 | — | 18,889 | — | 24,360 | 471 | 1,535 | 5,339 | 70,545 | ||||||||||||||||||||||||||||||||
Provision | (32,638 | ) | (2,000 | ) | (51,889 | ) | (178,084 | ) | 365,646 | 318,226 | 66,362 | 88,116 | (7,740 | ) | 565,999 | ||||||||||||||||||||||||||
Ending Balance | $ | 177,000 | $ | — | $ | 73,000 | $ | 367,000 | $ | 1,225,754 | $ | 583,206 | $ | 313,000 | $ | 240,384 | $ | — | $ | 2,979,344 | |||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | 385,417 | $ | 188,206 | $ | — | $ | 33,384 | $ | — | $ | 607,007 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 177,000 | $ | — | $ | 73,000 | $ | 367,000 | $ | 840,337 | $ | 395,000 | $ | 313,000 | $ | 207,000 | $ | — | $ | 2,372,337 | |||||||||||||||||||||
For the Nine Months | Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Ended September 30, | Land and | Mortgages | Mortgages | First | Revolving | and | Loans | ||||||||||||||||||||||||||||||||||
2012 (unaudited) | Land | (Non Owner | (Owner | Mortgages | and Junior | Industrial | |||||||||||||||||||||||||||||||||||
Development | Occupied) | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES: | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 190,500 | $ | — | $ | 88,000 | $ | 554,318 | $ | 1,161,551 | $ | 719,121 | $ | 281,650 | $ | 185,000 | $ | 8,401 | $ | 3,188,541 | |||||||||||||||||||||
(Charge-offs) | (200,278 | ) | — | (283,569 | ) | — | (654,622 | ) | (39,388 | ) | (250,427 | ) | (114,971 | ) | — | (1,543,256 | ) | ||||||||||||||||||||||||
Recoveries | — | — | 285,326 | — | 1,934 | — | 10,869 | 71,564 | — | 369,693 | |||||||||||||||||||||||||||||||
Provision | 171,919 | 1,000 | (757 | ) | (13,728 | ) | 661,495 | (16,851 | ) | 403,606 | 123,617 | (7,616 | ) | 1,322,686 | |||||||||||||||||||||||||||
Ending Balance | $ | 162,141 | $ | 1,000 | $ | 89,000 | $ | 540,590 | $ | 1,170,358 | $ | 662,882 | $ | 445,698 | $ | 265,210 | $ | 785 | $ | 3,337,664 | |||||||||||||||||||||
Individually evaluated for impairment | $ | 91,141 | $ | — | $ | — | $ | 194,590 | $ | 404,358 | $ | 487,882 | $ | 186,698 | $ | 74,210 | $ | — | $ | 1,438,879 | |||||||||||||||||||||
Collectively evaluated for impairment | $ | 71,000 | $ | 1,000 | $ | 89,000 | $ | 346,000 | $ | 766,000 | $ | 175,000 | $ | 259,000 | $ | 191,000 | $ | 785 | $ | 1,898,785 | |||||||||||||||||||||
Loan Receivables Evaluated for Impairment Individually and Collectively by Segment | ' | ||||||||||||||||||||||||||||||||||||||||
Loan receivables evaluated for impairment individually and collectively by segment as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||
As of September 30, | Construction, | Farmland | Commercial | Commercial | Residential | Residential | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||
2013 | Land and | Mortgages | Mortgages | First | Revolving | and | Loans | ||||||||||||||||||||||||||||||||||
Land | (Non Owner | (Owner | Mortgages | and Junior | Industrial | ||||||||||||||||||||||||||||||||||||
Development | Occupied) | Occupied) | Mortgages | ||||||||||||||||||||||||||||||||||||||
LOAN RECEIVABLES: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 452,603 | $ | — | $ | 264,056 | $ | 2,321,551 | $ | 4,862,797 | $ | 365,278 | $ | — | $ | 39,400 | $ | 8,305,685 | |||||||||||||||||||||||
Collectively evaluated for impairment | 28,384,717 | 1,283,588 | 14,758,824 | 31,338,123 | 109,054,794 | 23,718,670 | 25,961,533 | 6,059,125 | 240,559,374 | ||||||||||||||||||||||||||||||||
Total Gross Loans | $ | 28,837,320 | $ | 1,283,588 | $ | 15,022,880 | $ | 33,659,674 | $ | 113,917,591 | $ | 24,083,948 | $ | 25,961,533 | $ | 6,098,525 | $ | 248,865,059 | |||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
LOAN RECEIVABLES: | |||||||||||||||||||||||||||||||||||||||||
Ending Balance: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 275,650 | $ | — | $ | — | $ | 1,617,001 | $ | 4,278,290 | $ | 1,336,761 | $ | — | $ | 73,978 | $ | 7,581,680 | |||||||||||||||||||||||
Collectively evaluated for impairment | 28,748,644 | 1,442,757 | 13,420,551 | 32,017,383 | 102,607,504 | 25,645,751 | 20,524,547 | 6,579,432 | 230,986,569 | ||||||||||||||||||||||||||||||||
Total Gross Loans | $ | 29,024,294 | $ | 1,442,757 | $ | 13,420,551 | $ | 33,634,384 | $ | 106,885,794 | $ | 26,982,512 | $ | 20,524,547 | $ | 6,653,410 | $ | 238,568,249 | |||||||||||||||||||||||
Internal Risk Rating Grades are Assigned to Commercial Loans Not Secured | ' | ||||||||||||||||||||||||||||||||||||||||
Internal risk rating grades are generally assigned to commercial loans not secured by real estate, commercial mortgages, residential mortgages greater than $1 million, smaller residential mortgages which are impaired, loans to real estate developers and contractors, consumer loans greater than $250,000 with chronic delinquency, and TDRs, as shown in the following table. The grading analysis estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled. Risk grades (refer to Note 2) are evaluated as new information becomes available for each borrowing relationship or at least quarterly. | |||||||||||||||||||||||||||||||||||||||||
Construction, | Commercial | Commercial | |||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | Land and | Mortgages | Mortgages | Commercial | |||||||||||||||||||||||||||||||||||||
INTERNAL RISK | Land | (Non-Owner | (Owner | and | |||||||||||||||||||||||||||||||||||||
RATING GRADES | Development | Farmland | Occupied) | Occupied) | Industrial | Total | |||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 22,124,916 | $ | 1,283,588 | $ | 8,929,269 | $ | 23,766,686 | $ | 22,752,433 | $ | 78,856,892 | |||||||||||||||||||||||||||||
Watch | 4,109,037 | — | 3,447,988 | 6,987,815 | 2,276,135 | 16,820,975 | |||||||||||||||||||||||||||||||||||
Special mention | 1,313,018 | — | 2,306,567 | 167,562 | 467,364 | 4,254,511 | |||||||||||||||||||||||||||||||||||
Substandard | 1,290,349 | — | 339,056 | 2,737,611 | 465,601 | 4,832,617 | |||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 28,837,320 | $ | 1,283,588 | $ | 15,022,880 | $ | 33,659,674 | $ | 25,961,533 | $ | 104,764,995 | |||||||||||||||||||||||||||||
Construction, | Commercial | Commercial | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | Land and | Mortgages | Mortgages | Commercial | |||||||||||||||||||||||||||||||||||||
INTERNAL RISK | Land | (Non-Owner | (Owner | and | |||||||||||||||||||||||||||||||||||||
RATING GRADES | Development | Farmland | Occupied) | Occupied) | Industrial | Total | |||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 21,877,355 | $ | 1,442,757 | $ | 7,362,289 | $ | 23,974,131 | $ | 16,418,910 | $ | 71,075,442 | |||||||||||||||||||||||||||||
Watch | 4,746,266 | — | 2,824,575 | 6,680,142 | 2,866,739 | 17,117,722 | |||||||||||||||||||||||||||||||||||
Special mention | 1,162,388 | — | 2,574,371 | 338,902 | 759,554 | 4,835,215 | |||||||||||||||||||||||||||||||||||
Substandard | 1,038,285 | — | 659,316 | 2,641,209 | 479,344 | 4,818,154 | |||||||||||||||||||||||||||||||||||
Doubtful | 200,000 | — | — | — | — | 200,000 | |||||||||||||||||||||||||||||||||||
Total | $ | 29,024,294 | $ | 1,442,757 | $ | 13,420,551 | $ | 33,634,384 | $ | 20,524,547 | $ | 98,046,533 | |||||||||||||||||||||||||||||
Performing and Non Performing Loans | ' | ||||||||||||||||||||||||||||||||||||||||
Loans are considered to be nonperforming when they are delinquent by 90 days or more or non-accruing and credit risk is primarily evaluated by delinquency status, as shown in the table below. | |||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Residential | Revolving | ||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 (unaudited) | First | and Junior | Consumer | ||||||||||||||||||||||||||||||||||||||
PAYMENT ACTIVITY STATUS | Mortgages (1) | Mortgages (2) | Loans (3) | Total | |||||||||||||||||||||||||||||||||||||
Performing | $ | 112,434,037 | $ | 23,992,088 | $ | 6,063,676 | $ | 142,489,801 | |||||||||||||||||||||||||||||||||
Nonperforming | 1,483,554 | 91,860 | 34,849 | 1,610,263 | |||||||||||||||||||||||||||||||||||||
Total | $ | 113,917,591 | $ | 24,083,948 | $ | 6,098,525 | $ | 144,100,064 | |||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||
Residential | Revolving | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | First | and Junior | Consumer | ||||||||||||||||||||||||||||||||||||||
PAYMENT ACTIVITY STATUS | Mortgages (4) | Mortgages (5) | Loans (6) | Total | |||||||||||||||||||||||||||||||||||||
Performing | $ | 104,207,504 | $ | 25,724,597 | $ | 6,648,243 | $ | 136,580,344 | |||||||||||||||||||||||||||||||||
Nonperforming | 2,678,290 | 1,257,915 | 5,167 | 3,941,372 | |||||||||||||||||||||||||||||||||||||
Total | $ | 106,885,794 | $ | 26,982,512 | $ | 6,653,410 | $ | 140,521,716 | |||||||||||||||||||||||||||||||||
-1 | Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $5,169,080 as of September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||
-2 | Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $382,611. | ||||||||||||||||||||||||||||||||||||||||
-3 | Consumer Loans which have been assigned a risk rating grade of Substandard totaled $41,311 as of September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||
-4 | Residential First Mortgages which have been assigned a risk rating grade of Substandard totaled $4,676,938 as of December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
-5 | Residential Revolving and Junior Mortgages which have been assigned a risk rating grade of Substandard totaled $536,019 and Doubtful totaled $847,581 as of December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
-6 | Consumer Loans which have been assigned a risk rating grade of Substandard totaled $75,409 as of December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
Company's Recorded Investment and Customers' Unpaid Principal Balances for Impaired Loans, with Associated Allowance Amount | ' | ||||||||||||||||||||||||||||||||||||||||
The following tables show the Company’s recorded investment and the customers’ unpaid principal balances for impaired loans, with the associated allowance amount, if applicable as of September 30, 2013 and December 31, 2012 along with the average recorded investment and interest income recognized for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
IMPAIRED LOANS | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | Recorded | Customers’ Unpaid | Related | ||||||||||||||||||||||||||||||||||||||
With no related allowance: | Investment | Principal Balance | Allowance | ||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 452,603 | $ | 453,438 | $ | — | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,603,288 | 2,604,644 | — | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 98,153 | 98,153 | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 264,056 | 264,056 | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 2,321,551 | 2,327,734 | — | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 5,739,651 | $ | 5,748,025 | $ | — | ||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,259,509 | 2,259,509 | 385,417 | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 267,125 | 842,698 | 188,206 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | 39,400 | 39,400 | 33,384 | ||||||||||||||||||||||||||||||||||||||
$ | 2,566,034 | $ | 3,141,607 | $ | 607,007 | ||||||||||||||||||||||||||||||||||||
Total Impaired Loans: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 452,603 | $ | 453,438 | $ | — | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 4,862,797 | 4,864,153 | 385,417 | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 365,278 | 940,851 | 188,206 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 264,056 | 264,056 | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 2,321,551 | 2,327,734 | — | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | 39,400 | 39,400 | 33,384 | ||||||||||||||||||||||||||||||||||||||
$ | 8,305,685 | $ | 8,889,632 | $ | 607,007 | ||||||||||||||||||||||||||||||||||||
-1 | Junior mortgages include equity lines | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes credit cards | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
IMPAIRED LOANS | |||||||||||||||||||||||||||||||||||||||||
With no related allowance: | Recorded | Customers’ Unpaid | Related | ||||||||||||||||||||||||||||||||||||||
Investment | Principal Balance | Allowance | |||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 213,768 | $ | 213,914 | $ | — | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 1,495,910 | 1,495,910 | — | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 971,654 | 1,785,259 | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 758,391 | 758,391 | — | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | — | — | — | ||||||||||||||||||||||||||||||||||||||
$ | 3,439,723 | $ | 4,253,474 | $ | — | ||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 61,882 | $ | 65,566 | $ | 25,882 | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,782,380 | 2,807,875 | 467,454 | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 365,107 | 381,452 | 101,253 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 858,610 | 858,610 | 165,084 | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | 73,978 | 73,978 | 74,210 | ||||||||||||||||||||||||||||||||||||||
$ | 4,141,957 | $ | 4,187,481 | $ | 833,883 | ||||||||||||||||||||||||||||||||||||
Total Impaired Loans: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 275,650 | $ | 279,480 | $ | 25,882 | |||||||||||||||||||||||||||||||||||
Farmland | — | — | — | ||||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 4,278,290 | 4,303,785 | 467,454 | ||||||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | 1,336,761 | 2,166,711 | 101,253 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,617,001 | 1,617,001 | 165,084 | ||||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | ||||||||||||||||||||||||||||||||||||||
Consumer (2) | 73,978 | 73,978 | 74,210 | ||||||||||||||||||||||||||||||||||||||
$ | 7,581,680 | $ | 8,440,955 | $ | 833,883 | ||||||||||||||||||||||||||||||||||||
-1 | Junior mortgages include equity lines | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes credit cards | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||||
IMPAIRED LOANS | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||||
(unaudited) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 232,837 | $ | 6,670 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,402,503 | 27,216 | 1,812,224 | 4,175 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 98,153 | 1,349 | 155,161 | 666 | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 132,028 | 3,963 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,804,619 | 29,497 | 585,849 | 6,888 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 315,959 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
$ | 4,670,140 | $ | 68,695 | $ | 2,869,193 | $ | 11,729 | ||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | — | $ | — | $ | 263,002 | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 2,051,204 | 34,255 | 2,138,124 | 19,047 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 267,375 | 2,256 | 1,621,845 | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | — | — | 1,012,224 | — | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 198,590 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | 55,806 | 1,161 | 84,210 | 2,430 | |||||||||||||||||||||||||||||||||||||
$ | 2,374,385 | $ | 37,672 | $ | 5,317,995 | $ | 21,477 | ||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 232,837 | $ | 6,670 | $ | 263,002 | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 4,453,707 | 61,471 | 3,950,348 | 23,222 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 365,528 | 3,605 | 1,777,006 | 666 | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 132,028 | 3,963 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,804,619 | 29,497 | 1,598,073 | 6,888 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 514,549 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | 55,806 | 1,161 | 84,210 | 2,430 | |||||||||||||||||||||||||||||||||||||
$ | 7,044,525 | $ | 106,367 | $ | 8,187,188 | $ | 33,206 | ||||||||||||||||||||||||||||||||||
-1 | Junior mortgages include equity lines. | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes credit cards. | ||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||||
IMPAIRED LOANS | Recorded | Income | Recorded | Income | |||||||||||||||||||||||||||||||||||||
(unaudited) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 123,216 | $ | 6,670 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 1,929,720 | 69,037 | 1,794,078 | 46,668 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 97,700 | 1,471 | 142,643 | 4,416 | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 66,014 | 3,963 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,547,535 | 47,054 | 347,402 | 17,678 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 316,615 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
$ | 3,764,185 | $ | 128,195 | $ | 2,600,738 | $ | 68,762 | ||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | — | $ | — | $ | 264,230 | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 1,898,593 | 84,640 | 1,691,635 | 50,864 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 255,017 | 5,969 | 1,637,318 | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | — | — | 1,014,007 | 15,900 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 144,926 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | 64,679 | 4,238 | 65,658 | 6,480 | |||||||||||||||||||||||||||||||||||||
$ | 2,218,289 | $ | 94,847 | $ | 4,817,774 | $ | 73,244 | ||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||
Construction, land & land development | $ | 123,216 | $ | 6,670 | $ | 264,230 | $ | — | |||||||||||||||||||||||||||||||||
Farmland | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages | 3,828,313 | 153,677 | 3,485,713 | 97,532 | |||||||||||||||||||||||||||||||||||||
Residential Junior Mortgages (1) | 352,717 | 7,440 | 1,779,961 | 4,416 | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Non-owner occupied) | 66,014 | 3,963 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) | 1,547,535 | 47,054 | 1,361,409 | 33,578 | |||||||||||||||||||||||||||||||||||||
Commercial & industrial | — | — | 461,541 | — | |||||||||||||||||||||||||||||||||||||
Consumer (2) | 64,679 | 4,238 | 65,658 | 6,480 | |||||||||||||||||||||||||||||||||||||
$ | 5,982,474 | $ | 223,042 | $ | 7,418,512 | $ | 142,006 | ||||||||||||||||||||||||||||||||||
-1 | Junior mortgages include equity lines. | ||||||||||||||||||||||||||||||||||||||||
-2 | Includes credit cards. | ||||||||||||||||||||||||||||||||||||||||
Summary of Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||||||||||
Loans modified as TDR’s are considered impaired and are individually evaluated for the amount of impairment in the ALL. The following table presents, by segments of loans, information related to loans modified as TDRs during the nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
For the three months ended | For the three months ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS | Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||||||
Construction, land & land development (1) | 2 | $ | 45,110 | $ | 45,110 | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | — | — | — | 1 | 59,827 | 59,827 | |||||||||||||||||||||||||||||||||||
Consumer (2) | 1 | 7,953 | 7,953 | — | — | — | |||||||||||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS THAT | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||||||||
SUBSEQUENTLY DEFAULTED | Loans | Investment | Loans | Investment | |||||||||||||||||||||||||||||||||||||
Residential First Mortgages (2) | 1 | $ | 105,797 | — | — | ||||||||||||||||||||||||||||||||||||
-1 | Modification was an extension of the loan term. | ||||||||||||||||||||||||||||||||||||||||
-2 | Modification was a capitalization of the interest. | ||||||||||||||||||||||||||||||||||||||||
For the nine months ended | For the nine months ended | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS | Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||||||
Construction, land & land development (1) | 2 | $ | 45,110 | $ | 45,110 | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Residential First Mortgages (2) | 1 | 206,505 | 205,091 | 1 | 650,113 | 647,094 | |||||||||||||||||||||||||||||||||||
Residential Revolving and Junior Mortgages (1) | — | — | — | 1 | 59,827 | 59,827 | |||||||||||||||||||||||||||||||||||
Commercial Mortgages (Owner occupied) (3) | — | — | — | 1 | 479,115 | 479,115 | |||||||||||||||||||||||||||||||||||
Consumer (2) | 1 | 7,953 | 7,953 | 1 | 94,210 | 74,210 | |||||||||||||||||||||||||||||||||||
TROUBLED DEBT RESTRUCTURINGS | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||||||||
THAT SUBSEQUENTLY DEFAULTED | Loans | Investment | Loans | Investment | |||||||||||||||||||||||||||||||||||||
Construction, land & land development (1) | — | $ | — | 1 | $ | 142,618 | |||||||||||||||||||||||||||||||||||
Residential First Mortgages (3) | 1 | 105,797 | — | — | |||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | — | — | 2 | 65,000 | |||||||||||||||||||||||||||||||||||||
-1 | Modifications were an extension of the loan term. | ||||||||||||||||||||||||||||||||||||||||
-2 | Modifications were capitalization of interest for the 2013 modifications and an extension of loan terms for the 2012 modifications. | ||||||||||||||||||||||||||||||||||||||||
-3 | Modifications were capitalization of interest. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Weighted Average Number of Shares Used in Computing Earnings Per Share | ' | ||||||||||||||||||||||||||||||||
The following table shows the weighted average number of shares used in computing earnings per share and the effect on the weighted average number of shares of dilutive potential common stock. | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||||||||
(Unaudited) | Average | Per share | Average | Per share | Average | Per share | Average | Per share | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||
Basic earnings per share | 4,817,856 | $ | 0.13 | 2,610,856 | $ | 0.09 | 4,816,523 | $ | 0.21 | 2,610,856 | $ | 0.17 | |||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||
Stock options | 2,316 | 1,402 | 2,380 | 1,828 | |||||||||||||||||||||||||||||
Diluted earnings per share | 4,820,172 | $ | 0.13 | 2,612,258 | $ | 0.09 | 4,818,903 | $ | 0.21 | 2,612,684 | $ | 0.17 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Status of Stock Option Plans | ' | ||||||||||||||||
Stock option plan activity for the nine months ended September 30, 2013 (unaudited) is summarized below: | |||||||||||||||||
Shares | Weighted Average | Average | Aggregate | ||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||
Price | Contractual | Value (1) | |||||||||||||||
Life (in years) | |||||||||||||||||
Options outstanding, January 1 | 120,617 | $ | 9.51 | 5.4 | |||||||||||||
Granted | 89,500 | 5.25 | |||||||||||||||
Forfeited | (8,972 | ) | 9 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Expired | (7,596 | ) | 13.8 | ||||||||||||||
Options outstanding, September 30 | 193,549 | 7.39 | 7 | $ | 13,229 | ||||||||||||
Options exercisable, September 30 | 193,549 | 7.39 | 7 | $ | 13,229 | ||||||||||||
-1 | The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on September 30, 2013. This amount changes based on changes in the market value of the Company’s common stock. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Pension Benefits | Post Retirement Benefits | ||||||||||||||||
Nine months ended September 30, | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | — | $ | 190,714 | $ | 17,213 | $ | 19,501 | |||||||||
Interest cost | 107,444 | 133,724 | 22,430 | 22,468 | |||||||||||||
Expected return on plan assets | (160,996 | ) | (241,398 | ) | — | — | |||||||||||
Amortization of unrecognized prior service cost | — | (40,472 | ) | — | — | ||||||||||||
Amortization of unrecognized net loss | 67,309 | 53,580 | 3,372 | 2,206 | |||||||||||||
Remaining amortization of unrecognized net loss due to settlements | 62,280 | 168,580 | — | — | |||||||||||||
Net gain due to curtailment | — | (291,413 | ) | — | — | ||||||||||||
Amortization of transition obligation | — | — | 2,185 | 2,185 | |||||||||||||
Net periodic benefit cost | $ | 76,037 | $ | (26,685 | ) | $ | 45,200 | $ | 46,360 | ||||||||
Long_Term_Debt_Tables
Long Term Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Advances of Long Term Debt | ' | ||||||||||||||||
The two advances are shown in the following table. | |||||||||||||||||
Description | Balance | Originated | Current | Maturity | |||||||||||||
Interest Rate | Date | ||||||||||||||||
Adjustable Rate Hybrid | $ | 10,000,000 | 4/12/13 | 2.38 | % | 4/13/20 | |||||||||||
Fixed Rate Hybrid | 5,000,000 | 5/20/11 | 2.69 | % | 5/20/14 | ||||||||||||
$ | 15,000,000 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Balances of Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||
Description | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
(unaudited) | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
U. S. Government agencies | $ | 9,477,022 | $ | — | $ | 9,477,022 | $ | — | |||||||||
State and municipal obligations | 27,449,003 | — | 27,449,003 | — | |||||||||||||
Certificates of deposit | 1,996,765 | — | 1,996,765 | — | |||||||||||||
Auction rate securities | 1,032,000 | — | — | 1,032,000 | |||||||||||||
Total securities available for sale: | $ | 39,954,790 | $ | — | $ | 38,922,790 | $ | 1,032,000 | |||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Description | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
Securities available for sale: | |||||||||||||||||
U. S. Government agencies | $ | 9,463,815 | $ | — | $ | 9,463,815 | $ | — | |||||||||
State and municipal obligations | 23,849,528 | — | 23,849,528 | — | |||||||||||||
Certificates of deposit | 1,987,177 | — | 1,987,177 | — | |||||||||||||
Auction rate security | 1,400,000 | — | — | 1,400,000 | |||||||||||||
Total securities available for sale | $ | 36,700,520 | $ | — | $ | 35,300,520 | $ | 1,400,000 | |||||||||
Defined benefit plan assets: | |||||||||||||||||
Cash and cash equivalents | (5,539 | ) | (5,539 | ) | — | — | |||||||||||
Mutual funds - fixed income | 1,091,176 | 1,091,176 | — | — | |||||||||||||
Mutual funds - equity | 1,759,171 | 1,759,171 | — | — | |||||||||||||
Total defined benefit plan assets | $ | 2,844,808 | $ | 2,844,808 | $ | — | $ | — | |||||||||
Summary of Company's Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||
The following table summarizes the Company’s assets that were measured at fair value on a nonrecurring basis during the period. | |||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||
Description | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
(unaudited) | |||||||||||||||||
Impaired Loans, net | $ | 1,959,027 | $ | — | $ | — | $ | 1,959,027 | |||||||||
Other real estate owned, net | 3,910,728 | — | — | 3,910,728 | |||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Description | Balance | Level 1 | Level 2 | Level 3 | |||||||||||||
Impaired Loans, net | $ | 3,308,074 | $ | — | $ | — | $ | 3,308,074 | |||||||||
Other real estate owned, net | 3,151,346 | — | — | 3,151,346 | |||||||||||||
Summary of Quantitative Fair Value Measurements for Level 3 | ' | ||||||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of September 30, 2013: | |||||||||||||||||
Description | Balance | Valuation Technique | Unobservable Input | Range | |||||||||||||
(Weighted Average) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Impaired Loans, net | $ | 1,959,027 | Discounted appraised value | Selling Cost | 10% - 20% (10 | %) | |||||||||||
Lack of Marketability | 0% - 100% (35 | %) | |||||||||||||||
Other real estate owned, net | 3,910,728 | Discounted appraised value | Selling Cost | 3% - 13% (6 | %) | ||||||||||||
Lack of Marketability | 7% - 30% (15 | %) | |||||||||||||||
The following table displays quantitative information about Level 3 Fair Value Measurements as of December 31, 2012: | |||||||||||||||||
Description | Balance | Valuation Technique | Unobservable Input | Range | |||||||||||||
(Weighted Average) | |||||||||||||||||
(unaudited) | |||||||||||||||||
Impaired Loans, net | $ | 3,308,074 | Discounted appraised value | Selling Cost | 0% - 20% (11 | %) | |||||||||||
Lack of Marketability | 10% - 100% (27 | %) | |||||||||||||||
Other real estate owned, net | 3,151,346 | Discounted appraised value | Selling Cost | 6% - 13% (6 | %) | ||||||||||||
Lack of Marketability | 10% - 20% (16 | %) | |||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||
The estimated fair values of financial instruments are shown in the following table. The carrying amounts in the table are included in the balance sheet under the applicable captions. | |||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||
Description | Balance as of | Level 1 | Level 2 | Level 3 | |||||||||||||
September 30, 2013 | |||||||||||||||||
(unaudited) | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 7,537,010 | $ | 7,537,010 | $ | — | $ | — | |||||||||
Interest-bearing deposits | 13,026,634 | 13,026,634 | — | — | |||||||||||||
Federal funds sold | 497,188 | 497,188 | — | — | |||||||||||||
Securities available-for-sale | 39,954,790 | — | 38,922,790 | 1,032,000 | |||||||||||||
Restricted securities | 1,623,350 | — | — | 1,623,350 | |||||||||||||
Loans, net | 245,885,715 | — | — | 251,573,000 | |||||||||||||
Accrued interest receivable | 1,068,966 | — | 1,068,966 | — | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Non-interest-bearing deposits | $ | 57,094,032 | $ | 57,094,032 | $ | — | $ | — | |||||||||
Savings and other interest-bearing deposits | 115,334,496 | — | 115,334,496 | — | |||||||||||||
Time deposits | 99,535,358 | — | — | 101,560,000 | |||||||||||||
Securities sold under repurchase agreements | 9,430,510 | — | 9,430,510 | — | |||||||||||||
FHLB advances | 15,000,000 | — | 16,074,695 | — | |||||||||||||
Accrued interest payable | 172,361 | — | 172,361 | — | |||||||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
Description | Balance as of | Level 1 | Level 2 | Level 3 | |||||||||||||
December 31,2012 | |||||||||||||||||
Financial Assets: | |||||||||||||||||
Cash and due from banks | $ | 4,757,889 | $ | 4,757,889 | $ | — | $ | — | |||||||||
Interest-bearing deposits | 35,166,448 | 35,166,448 | — | — | |||||||||||||
Federal funds sold | 48,009 | 48,009 | — | — | |||||||||||||
Securities available-for-sale | 36,700,520 | — | 35,300,520 | 1,400,000 | |||||||||||||
Restricted securities | 1,584,700 | — | — | 1,584,700 | |||||||||||||
Loans, net | 235,474,626 | — | — | 244,038,921 | |||||||||||||
Accrued interest receivable | 1,070,763 | — | 1,070,763 | — | |||||||||||||
Financial Liabilities: | |||||||||||||||||
Non-interest-bearing deposits | $ | 50,467,907 | $ | 50,467,907 | $ | — | $ | — | |||||||||
Savings and other interest-bearing deposits | 117,954,879 | — | 117,954,879 | — | |||||||||||||
Time deposits | 106,751,785 | — | — | 109,449,974 | |||||||||||||
Securities sold under repurchase agreements | 6,459,839 | — | 6,459,839 | — | |||||||||||||
FHLB advances | 15,000,000 | — | 16,483,342 | — | |||||||||||||
Accrued interest payable | 156,812 | — | 156,812 | — |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Changes in accumulated other comprehensive income (loss) (“AOCI”) balances, including amounts reclassified out of AOCI, are shown in the following table. | |||||||||||||
Net Unrealized | Pension and | Accumulated Other | |||||||||||
Gains (Losses) | Post-retirement | Comprehensive | |||||||||||
on Securities | Benefit Plans | Income (Loss) | |||||||||||
Three months ended September 30, 2013 (unaudited) | |||||||||||||
Beginning balance | $ | (689,229 | ) | $ | (659,921 | ) | $ | (1,349,150 | ) | ||||
Change in net unrealized holding gains on securities, before reclassifications, net of tax benefit of $42,615 | (82,723 | ) | — | (82,723 | ) | ||||||||
Reclassification for previously unrealized net (gains) and impairments on securities recognized in net income, net of tax of $4,417 | (8,575 | ) | — | (8,575 | ) | ||||||||
Balance at September 30, 2013 | $ | (780,527 | ) | $ | (659,921 | ) | $ | (1,440,448 | ) | ||||
Three months ended September 30, 2012 (unaudited) | |||||||||||||
Beginning balance | $ | 571,376 | $ | (315,391 | ) | $ | 255,985 | ||||||
Change in net unrealized holding gains on securities, before reclassifications, net of tax of $31,643 | 61,425 | — | 61,425 | ||||||||||
Reclassification for previously unrealized net (gains) on securities recognized in net income, net of tax of $154,681 | (300,263 | ) | — | (300,263 | ) | ||||||||
Balance at September 30, 2012 | $ | 332,538 | $ | (315,391 | ) | $ | 17,147 | ||||||
Net Unrealized | Pension and | Accumulated Other | |||||||||||
Gains (Losses) | Post-retirement | Comprehensive | |||||||||||
on Securities | Benefit Plans | Income (Loss) | |||||||||||
Nine months ended September 30, 2013 (unaudited) | |||||||||||||
Beginning balance | $ | 279,195 | $ | (659,921 | ) | $ | (380,726 | ) | |||||
Change in net unrealized holding gains on securities, before reclassifications, net of tax benefit of $490,257 | (951,676 | ) | — | (951,676 | ) | ||||||||
Reclassification for previously unrealized net (gains) and impairments on securities recognized in net income, net of tax of $55,660 | (108,046 | ) | — | (108,046 | ) | ||||||||
Balance at September 30, 2013 | $ | (780,527 | ) | $ | (659,921 | ) | $ | (1,440,448 | ) | ||||
Nine months ended September 30, 2012 (unaudited) | |||||||||||||
Beginning balance | $ | 760,730 | $ | (315,391 | ) | $ | 445,339 | ||||||
Change in net unrealized holding gains on securities, before reclassifications, net of tax of $105,055 | 203,930 | — | 203,930 | ||||||||||
Reclassification for previously unrealized net (gains) on securities recognized in net income, net of tax of $325,638 | (632,122 | ) | — | (632,122 | ) | ||||||||
Balance at September 30, 2012 | $ | 332,538 | $ | (315,391 | ) | $ | 17,147 | ||||||
General_Additional_Information
General - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Private Placement [Member] | Bank of Lancaster [Member] | Bay Trust Company [Member] | Steptoes Holdings [Member] | |
Organization Presentation And General [Line Items] | ' | ' | ' | ' |
Percent of ownership | ' | 100.00% | 100.00% | 100.00% |
Stock issued during period | 2,200,000 | ' | ' | ' |
Common stock per share price | $4.25 | ' | ' | ' |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2008 | |
Quarters | Quarters | Quarters | |
Regulatory Assets [Abstract] | ' | ' | ' |
Credit card and other personal loans charged off period no later than period | '180 days | ' | ' |
Number of Quarters | 19 | 6 | 16 |
Percentage of excess loan balance for watch category | 90.00% | ' | ' |
Overstatement of income, after tax | $215,000 | ' | ' |
Overstatement of income, pre-tax | $325,000 | ' | ' |
Pre-tax adjusted rate | 34.00% | ' | ' |
Securities_Aggregate_Amortized
Securities - Aggregate Amortized Costs and Fair Values of the Available-for-Sale Securities Portfolio (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | $41,137,407 | $36,277,498 | |
Gross Unrealized Gains | 126,113 | 494,208 | |
Gross Unrealized (Losses) | -1,308,730 | -71,186 | |
Fair Value | 39,954,790 | 36,700,520 | [1] |
U. S. Government Agencies [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 9,537,023 | 9,411,627 | |
Gross Unrealized Gains | 11,603 | 78,178 | |
Gross Unrealized (Losses) | -71,604 | -25,990 | |
Fair Value | 9,477,022 | 9,463,815 | |
State and Municipal Obligations [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 28,535,384 | 23,480,871 | |
Gross Unrealized Gains | 102,745 | 412,759 | |
Gross Unrealized (Losses) | -1,189,126 | -44,102 | |
Fair Value | 27,449,003 | 23,849,528 | |
Certificates of Deposit [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 1,985,000 | 1,985,000 | |
Gross Unrealized Gains | 11,765 | 3,271 | |
Gross Unrealized (Losses) | ' | -1,094 | |
Fair Value | 1,996,765 | 1,987,177 | |
Auction Rate Securities [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Amortized Cost | 1,080,000 | 1,400,000 | |
Gross Unrealized Gains | ' | ' | |
Gross Unrealized (Losses) | -48,000 | ' | |
Fair Value | $1,032,000 | $1,400,000 | |
[1] | Derived from the audited consolidated financial statements. |
Securities_Gross_Realized_Gain
Securities - Gross Realized Gains and Gross Realized Losses on Sales of Securities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' | ' | ' |
Gross realized gains | $12,992 | $454,944 | $285,286 | $959,588 |
Gross realized losses | ' | ' | -1,580 | -1,828 |
Net realized gains | $12,992 | $454,944 | $283,706 | $957,760 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | |
Certificate | Certificate | Certificate | Auction Rate Securities [Member] | Auction Rate Securities [Member] | Auction Rate Securities [Member] | |||
Bonds | Bonds | Bonds | ||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Average yields on securities | 2.40% | 2.66% | 2.28% | 2.83% | ' | ' | ' | ' |
Market value of securities | $11,700,000 | ' | $11,700,000 | ' | $8,100,000 | ' | ' | ' |
Certificates deposits | 16 | ' | 16 | ' | 3 | ' | ' | ' |
Municipal bonds with unrealized loss position | 52 | ' | 52 | ' | 10 | ' | ' | ' |
Federal agencies bonds with unrealized loss position | ' | ' | ' | ' | 2 | ' | ' | ' |
Loan Corporation auction rate security | ' | ' | ' | ' | ' | 1,200,000 | 1,200,000 | ' |
Percentage of Auction rate securities with provision | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' |
Other-than-temporary impairment charge | ' | ' | 120,000 | ' | ' | ' | ' | 120,000 |
Unrealized loss component | ' | ' | 48,000 | ' | ' | ' | ' | 48,000 |
Accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | 31,680 |
Company's investment in Federal Home Loan Bank stock | 1,100,000 | ' | 1,100,000 | ' | 1,100,000 | ' | ' | ' |
Impairment of Investment in Federal Home Loan Bank of Atlanta | ' | ' | $0 | ' | ' | ' | ' | ' |
Securities_Aggregate_Amortized1
Securities - Aggregate Amortized Cost and Market Values of the Investment Securities Portfolio by Contractual Maturity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' | |
Due one year or less, Amortized Cost | $5,805,769 | ' | |
Due after one year through five years, Amortized Cost | 14,945,406 | ' | |
Due after five years through ten years, Amortized Cost | 16,772,341 | ' | |
Due after ten years, Amortized Cost | 3,613,891 | ' | |
Amortized Cost | 41,137,407 | 36,277,498 | |
Due one year or less, Fair Value | 5,808,257 | ' | |
Due after one year through five years, Fair Value | 14,889,307 | ' | |
Due after five years through ten years, Fair Value | 15,963,447 | ' | |
Due after ten years, Fair Value | 3,293,779 | ' | |
Fair Value | $39,954,790 | $36,700,520 | [1] |
[1] | Derived from the audited consolidated financial statements. |
Securities_Unrealized_Loss_Pos
Securities - Unrealized Loss Positions (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $23,906,256 | $4,686,450 |
Less than 12 months, Unrealized Loss | 1,272,453 | 64,815 |
12 months or more, Fair Value | 1,699,461 | 1,037,825 |
12 months or more, Unrealized Loss | 36,277 | 6,371 |
Fair Value, Total | 25,605,717 | 5,724,275 |
Total Unrealized Loss | 1,308,730 | 71,186 |
U. S. Government Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 6,915,018 | 1,080,438 |
Less than 12 months, Unrealized Loss | 71,604 | 25,990 |
12 months or more, Fair Value | ' | ' |
12 months or more, Unrealized Loss | ' | ' |
Fair Value, Total | 6,915,018 | 1,080,438 |
Total Unrealized Loss | 71,604 | 25,990 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 15,959,238 | 2,863,106 |
Less than 12 months, Unrealized Loss | 1,152,849 | 37,731 |
12 months or more, Fair Value | 1,699,461 | 1,037,825 |
12 months or more, Unrealized Loss | 36,277 | 6,371 |
Fair Value, Total | 17,658,699 | 3,900,931 |
Total Unrealized Loss | 1,189,126 | 44,102 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | 742,906 |
Less than 12 months, Unrealized Loss | ' | 1,094 |
12 months or more, Fair Value | ' | ' |
12 months or more, Unrealized Loss | ' | ' |
Fair Value, Total | ' | 742,906 |
Total Unrealized Loss | ' | 1,094 |
Auction Rate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 1,032,000 | ' |
Less than 12 months, Unrealized Loss | 48,000 | ' |
12 months or more, Fair Value | ' | ' |
12 months or more, Unrealized Loss | ' | ' |
Fair Value, Total | 1,032,000 | ' |
Total Unrealized Loss | $48,000 | ' |
Securities_Cumulative_Credit_R
Securities - Cumulative Credit Related Other Than Temporary Impairment Losses Recognized on One Debt Security (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' |
Balance, beginning of the period | ' |
Impairment losses recognized during the period | 120,000 |
Realized losses from sales | ' |
Balance, end of period | $120,000 |
Loans_Summary_of_Balances_of_L
Loans - Summary of Balances of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Summary of balances of loans | ' | ' | |
Total loans | $248,865,059 | $238,568,249 | |
Allowance for loan losses | -2,979,344 | -3,093,623 | [1] |
Loans, net | 245,885,715 | 235,474,626 | [1] |
Construction, Land and Land Development [Member] | ' | ' | |
Summary of balances of loans | ' | ' | |
Total loans | 28,837,320 | 29,024,294 | |
Farmland [Member] | ' | ' | |
Summary of balances of loans | ' | ' | |
Total loans | 1,283,588 | 1,442,757 | |
Commercial Mortgages (Non-Owner Occupied) [Member] | ' | ' | |
Summary of balances of loans | ' | ' | |
Total loans | 15,022,880 | 13,420,551 | |
Commercial Mortgages (Owner Occupied) [Member] | ' | ' | |
Summary of balances of loans | ' | ' | |
Total loans | 33,659,674 | 33,634,384 | |
Residential First Mortgages [Member] | ' | ' | |
Summary of balances of loans | ' | ' | |
Total loans | 113,917,591 | 106,885,794 | |
Residential Revolving and Junior Mortgages [Member] | ' | ' | |
Summary of balances of loans | ' | ' | |
Total loans | 24,083,948 | 26,982,512 | |
Commercial and Industrial Loans [Member] | ' | ' | |
Summary of balances of loans | ' | ' | |
Total loans | 25,961,533 | 20,524,547 | |
Consumer Loans [Member] | ' | ' | |
Summary of balances of loans | ' | ' | |
Total loans | $6,098,525 | $6,653,410 | |
[1] | Derived from the audited consolidated financial statements. |
Loans_Recorded_Investment_in_P
Loans - Recorded Investment in Past Due and Non-accruing Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | $966,488 | $1,124,007 |
90 Days or More Past Due and Still Accruing | 31,336 | 125,519 |
Nonaccruals | 2,449,451 | 5,730,464 |
Total Past Due and Nonaccruals | 3,447,275 | 6,979,990 |
Current | 245,417,784 | 231,588,259 |
Total Gross Loans | 248,865,059 | 238,568,249 |
Construction, Land and Land Development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 65,217 | 230,866 |
90 Days or More Past Due and Still Accruing | ' | ' |
Nonaccruals | 596,202 | 655,397 |
Total Past Due and Nonaccruals | 661,419 | 886,263 |
Current | 28,175,901 | 28,138,031 |
Total Gross Loans | 28,837,320 | 29,024,294 |
Farmland [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | ' | ' |
90 Days or More Past Due and Still Accruing | ' | ' |
Nonaccruals | ' | ' |
Total Past Due and Nonaccruals | ' | ' |
Current | 1,283,588 | 1,442,757 |
Total Gross Loans | 1,283,588 | 1,442,757 |
Commercial Mortgages (Non-Owner Occupied) [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | ' | ' |
90 Days or More Past Due and Still Accruing | ' | ' |
Nonaccruals | ' | 318,418 |
Total Past Due and Nonaccruals | ' | 318,418 |
Current | 15,022,880 | 13,102,133 |
Total Gross Loans | 15,022,880 | 13,420,551 |
Commercial Mortgages (Owner Occupied) [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | ' | ' |
90 Days or More Past Due and Still Accruing | ' | 71,254 |
Nonaccruals | 274,322 | 819,467 |
Total Past Due and Nonaccruals | 274,322 | 890,721 |
Current | 33,385,352 | 32,743,663 |
Total Gross Loans | 33,659,674 | 33,634,384 |
Residential First Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 428,194 | 761,981 |
90 Days or More Past Due and Still Accruing | ' | 502 |
Nonaccruals | 1,483,554 | 2,677,788 |
Total Past Due and Nonaccruals | 1,911,748 | 3,440,271 |
Current | 112,005,843 | 103,445,523 |
Total Gross Loans | 113,917,591 | 106,885,794 |
Residential Revolving and Junior Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 7,544 | 18,081 |
90 Days or More Past Due and Still Accruing | ' | ' |
Nonaccruals | 91,860 | 1,257,915 |
Total Past Due and Nonaccruals | 99,404 | 1,275,996 |
Current | 23,984,544 | 25,706,516 |
Total Gross Loans | 24,083,948 | 26,982,512 |
Commercial and Industrial Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 347,777 | 100,886 |
90 Days or More Past Due and Still Accruing | ' | 50,075 |
Nonaccruals | ' | ' |
Total Past Due and Nonaccruals | 347,777 | 150,961 |
Current | 25,613,756 | 20,373,586 |
Total Gross Loans | 25,961,533 | 20,524,547 |
Consumer Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 117,756 | 12,193 |
90 Days or More Past Due and Still Accruing | 31,336 | 3,688 |
Nonaccruals | 3,513 | 1,479 |
Total Past Due and Nonaccruals | 152,605 | 17,360 |
Current | 5,945,920 | 6,636,050 |
Total Gross Loans | $6,098,525 | $6,653,410 |
Loans_Additional_Informations_
Loans - Additional Informations (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Loans Non-accruing not 90 days or More | $1.70 | $2.80 |
Allowance_for_Loan_Losses_Allo
Allowance for Loan Losses - Allowance for Loan Losses by Portfolio Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | $2,983,147 | $3,340,958 | $3,093,623 | $3,188,541 |
(Charge-offs) | -314,025 | -705,000 | -750,823 | -1,543,256 |
Recoveries | 6,223 | 21,706 | 70,545 | 369,693 |
Provision | 303,999 | 680,000 | 565,999 | 1,322,686 |
Ending Balance | 2,979,344 | 3,337,664 | 2,979,344 | 3,337,664 |
Individually evaluated for impairment | 607,007 | 1,438,879 | 607,007 | 1,438,879 |
Collectively evaluated for impairment | 2,372,337 | 1,898,785 | 2,372,337 | 1,898,785 |
Construction, Land and Land Development [Member] | ' | ' | ' | ' |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | 227,749 | 173,871 | 191,882 | 190,500 |
(Charge-offs) | -2,195 | -142,618 | -2,195 | -200,278 |
Recoveries | 3,099 | ' | 19,951 | ' |
Provision | -51,653 | 130,888 | -32,638 | 171,919 |
Ending Balance | 177,000 | 162,141 | 177,000 | 162,141 |
Individually evaluated for impairment | ' | 91,141 | ' | 91,141 |
Collectively evaluated for impairment | 177,000 | 71,000 | 177,000 | 71,000 |
Farmland [Member] | ' | ' | ' | ' |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | 2,000 | 1,000 | 2,000 | ' |
(Charge-offs) | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision | -2,000 | ' | -2,000 | 1,000 |
Ending Balance | ' | 1,000 | ' | 1,000 |
Individually evaluated for impairment | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | 1,000 | ' | 1,000 |
Commercial Mortgages (Non-Owner Occupied) [Member] | ' | ' | ' | ' |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | 84,000 | 89,000 | 106,000 | 88,000 |
(Charge-offs) | ' | ' | ' | -283,569 |
Recoveries | ' | 242 | 18,889 | 285,326 |
Provision | -11,000 | -242 | -51,889 | -757 |
Ending Balance | 73,000 | 89,000 | 73,000 | 89,000 |
Individually evaluated for impairment | ' | ' | ' | ' |
Collectively evaluated for impairment | 73,000 | 89,000 | 73,000 | 89,000 |
Commercial Mortgages (Owner Occupied) [Member] | ' | ' | ' | ' |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | 428,808 | 374,796 | 545,084 | 554,318 |
(Charge-offs) | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision | -61,808 | 165,794 | -178,084 | -13,728 |
Ending Balance | 367,000 | 540,590 | 367,000 | 540,590 |
Individually evaluated for impairment | ' | 194,590 | ' | 194,590 |
Collectively evaluated for impairment | 367,000 | 346,000 | 367,000 | 346,000 |
Residential First Mortgages [Member] | ' | ' | ' | ' |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | 1,049,489 | 1,235,341 | 1,209,454 | 1,161,551 |
(Charge-offs) | -8,694 | -451,078 | -373,706 | -654,622 |
Recoveries | ' | 1,934 | 24,360 | 1,934 |
Provision | 184,959 | 384,161 | 365,646 | 661,495 |
Ending Balance | 1,225,754 | 1,170,358 | 1,225,754 | 1,170,358 |
Individually evaluated for impairment | 385,417 | 404,358 | 385,417 | 404,358 |
Collectively evaluated for impairment | 840,337 | 766,000 | 840,337 | 766,000 |
Residential Revolving and Junior Mortgages [Member] | ' | ' | ' | ' |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | 669,423 | 610,440 | 517,253 | 719,121 |
(Charge-offs) | -252,744 | -6,714 | -252,744 | -39,388 |
Recoveries | 471 | ' | 471 | ' |
Provision | 166,056 | 59,156 | 318,226 | -16,851 |
Ending Balance | 583,206 | 662,882 | 583,206 | 662,882 |
Individually evaluated for impairment | 188,206 | 487,882 | 188,206 | 487,882 |
Collectively evaluated for impairment | 395,000 | 175,000 | 395,000 | 175,000 |
Commercial and Industrial Loans [Member] | ' | ' | ' | ' |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | 250,000 | 287,832 | 262,000 | 281,650 |
(Charge-offs) | ' | -65,000 | -16,897 | -250,427 |
Recoveries | 1,500 | ' | 1,535 | 10,869 |
Provision | 61,500 | 222,866 | 66,362 | 403,606 |
Ending Balance | 313,000 | 445,698 | 313,000 | 445,698 |
Individually evaluated for impairment | ' | 186,698 | ' | 186,698 |
Collectively evaluated for impairment | 313,000 | 259,000 | 313,000 | 259,000 |
Consumer Loans [Member] | ' | ' | ' | ' |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | 266,210 | 261,210 | 252,210 | 185,000 |
(Charge-offs) | -50,392 | -39,590 | -105,281 | -114,971 |
Recoveries | 1,153 | 19,530 | 5,339 | 71,564 |
Provision | 23,413 | 24,060 | 88,116 | 123,617 |
Ending Balance | 240,384 | 265,210 | 240,384 | 265,210 |
Individually evaluated for impairment | 33,384 | 74,210 | 33,384 | 74,210 |
Collectively evaluated for impairment | 207,000 | 191,000 | 207,000 | 191,000 |
Unallocated [Member] | ' | ' | ' | ' |
ALLOWANCE FOR LOAN LOSSES: | ' | ' | ' | ' |
Beginning Balance | 5,468 | 307,468 | 7,740 | 8,401 |
(Charge-offs) | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision | -5,468 | -306,683 | -7,740 | -7,616 |
Ending Balance | ' | 785 | ' | 785 |
Individually evaluated for impairment | ' | ' | ' | ' |
Collectively evaluated for impairment | ' | $785 | ' | $785 |
Allowance_for_Loan_Losses_Loan
Allowance for Loan Losses - Loan Receivables Evaluated for Impairment Individually and Collectively by Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Ending Balance: | ' | ' |
Individually evaluated for impairment | $8,305,685 | $7,581,680 |
Collectively evaluated for impairment | 240,559,374 | 230,986,569 |
Total Gross Loans | 248,865,059 | 238,568,249 |
Construction, Land and Land Development [Member] | ' | ' |
Ending Balance: | ' | ' |
Individually evaluated for impairment | 452,603 | 275,650 |
Collectively evaluated for impairment | 28,384,717 | 28,748,644 |
Total Gross Loans | 28,837,320 | 29,024,294 |
Farmland [Member] | ' | ' |
Ending Balance: | ' | ' |
Individually evaluated for impairment | ' | ' |
Collectively evaluated for impairment | 1,283,588 | 1,442,757 |
Total Gross Loans | 1,283,588 | 1,442,757 |
Commercial Mortgages (Non-Owner Occupied) [Member] | ' | ' |
Ending Balance: | ' | ' |
Individually evaluated for impairment | 264,056 | ' |
Collectively evaluated for impairment | 14,758,824 | 13,420,551 |
Total Gross Loans | 15,022,880 | 13,420,551 |
Commercial Mortgages (Owner Occupied) [Member] | ' | ' |
Ending Balance: | ' | ' |
Individually evaluated for impairment | 2,321,551 | 1,617,001 |
Collectively evaluated for impairment | 31,338,123 | 32,017,383 |
Total Gross Loans | 33,659,674 | 33,634,384 |
Residential First Mortgages [Member] | ' | ' |
Ending Balance: | ' | ' |
Individually evaluated for impairment | 4,862,797 | 4,278,290 |
Collectively evaluated for impairment | 109,054,794 | 102,607,504 |
Total Gross Loans | 113,917,591 | 106,885,794 |
Residential Revolving and Junior Mortgages [Member] | ' | ' |
Ending Balance: | ' | ' |
Individually evaluated for impairment | 365,278 | 1,336,761 |
Collectively evaluated for impairment | 23,718,670 | 25,645,751 |
Total Gross Loans | 24,083,948 | 26,982,512 |
Commercial and Industrial Loans [Member] | ' | ' |
Ending Balance: | ' | ' |
Individually evaluated for impairment | ' | ' |
Collectively evaluated for impairment | 25,961,533 | 20,524,547 |
Total Gross Loans | 25,961,533 | 20,524,547 |
Consumer Loans [Member] | ' | ' |
Ending Balance: | ' | ' |
Individually evaluated for impairment | 39,400 | 73,978 |
Collectively evaluated for impairment | 6,059,125 | 6,579,432 |
Total Gross Loans | $6,098,525 | $6,653,410 |
Allowance_for_Loan_Losses_Addi
Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Period of nonperforming loans | ' | ' | '90 days | ' | ' |
Non-accruing loans excluded from impaired loan | $1,102,681 | ' | $1,102,681 | ' | $721,951 |
Non-accruing loans accrued interest | 12,164 | 6,181 | 26,008 | 8,622 | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Minimum balance in order to assign a risk rating grade | 1,000,000 | ' | 1,000,000 | ' | ' |
Consumer [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Minimum balance in order to assign a risk rating grade | $250,000 | ' | $250,000 | ' | ' |
Allowance_for_Loan_Losses_Inte
Allowance for Loan Losses - Internal Risk Rating Grades are Assigned to Commercial Loans not Secured (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | $104,764,995 | $98,046,533 |
Pass [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 78,856,892 | 71,075,442 |
Watch [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 16,820,975 | 17,117,722 |
Special Mention [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 4,254,511 | 4,835,215 |
Substandard [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 4,832,617 | 4,818,154 |
Doubtful [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | ' | 200,000 |
Construction, Land and Land Development [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 28,837,320 | 29,024,294 |
Construction, Land and Land Development [Member] | Pass [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 22,124,916 | 21,877,355 |
Construction, Land and Land Development [Member] | Watch [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 4,109,037 | 4,746,266 |
Construction, Land and Land Development [Member] | Special Mention [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 1,313,018 | 1,162,388 |
Construction, Land and Land Development [Member] | Substandard [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 1,290,349 | 1,038,285 |
Construction, Land and Land Development [Member] | Doubtful [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | ' | 200,000 |
Farmland [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 1,283,588 | 1,442,757 |
Farmland [Member] | Pass [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 1,283,588 | 1,442,757 |
Farmland [Member] | Watch [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | ' | ' |
Farmland [Member] | Special Mention [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | ' | ' |
Farmland [Member] | Substandard [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | ' | ' |
Farmland [Member] | Doubtful [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | ' | ' |
Commercial Mortgages (Non-Owner Occupied) [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 15,022,880 | 13,420,551 |
Commercial Mortgages (Non-Owner Occupied) [Member] | Pass [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 8,929,269 | 7,362,289 |
Commercial Mortgages (Non-Owner Occupied) [Member] | Watch [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 3,447,988 | 2,824,575 |
Commercial Mortgages (Non-Owner Occupied) [Member] | Special Mention [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 2,306,567 | 2,574,371 |
Commercial Mortgages (Non-Owner Occupied) [Member] | Substandard [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 339,056 | 659,316 |
Commercial Mortgages (Non-Owner Occupied) [Member] | Doubtful [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | ' | ' |
Commercial Mortgages (Owner Occupied) [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 33,659,674 | 33,634,384 |
Commercial Mortgages (Owner Occupied) [Member] | Pass [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 23,766,686 | 23,974,131 |
Commercial Mortgages (Owner Occupied) [Member] | Watch [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 6,987,815 | 6,680,142 |
Commercial Mortgages (Owner Occupied) [Member] | Special Mention [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 167,562 | 338,902 |
Commercial Mortgages (Owner Occupied) [Member] | Substandard [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 2,737,611 | 2,641,209 |
Commercial Mortgages (Owner Occupied) [Member] | Doubtful [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | ' | ' |
Commercial and Industrial Loans [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 25,961,533 | 20,524,547 |
Commercial and Industrial Loans [Member] | Pass [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 22,752,433 | 16,418,910 |
Commercial and Industrial Loans [Member] | Watch [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 2,276,135 | 2,866,739 |
Commercial and Industrial Loans [Member] | Special Mention [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 467,364 | 759,554 |
Commercial and Industrial Loans [Member] | Substandard [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | 465,601 | 479,344 |
Commercial and Industrial Loans [Member] | Doubtful [Member] | ' | ' |
INTERNAL RISK RATING GRADES | ' | ' |
Loan Receivables | ' | ' |
Allowance_for_Loan_Losses_Perf
Allowance for Loan Losses - Performing and Non Performing Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Performing and non performing loans | ' | ' |
Loan receivables | $144,100,064 | $140,521,716 |
Performing [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 142,489,801 | 136,580,344 |
Nonperforming [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 1,610,263 | 3,941,372 |
Residential First Mortgages [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 113,917,591 | 106,885,794 |
Residential First Mortgages [Member] | Performing [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 112,434,037 | 104,207,504 |
Residential First Mortgages [Member] | Nonperforming [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 1,483,554 | 2,678,290 |
Residential Revolving and Junior Mortgages [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 24,083,948 | 26,982,512 |
Residential Revolving and Junior Mortgages [Member] | Performing [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 23,992,088 | 25,724,597 |
Residential Revolving and Junior Mortgages [Member] | Nonperforming [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 91,860 | 1,257,915 |
Consumer [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 6,098,525 | 6,653,410 |
Consumer [Member] | Performing [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | 6,063,676 | 6,648,243 |
Consumer [Member] | Nonperforming [Member] | ' | ' |
Performing and non performing loans | ' | ' |
Loan receivables | $34,849 | $5,167 |
Allowance_for_Loan_Losses_Perf1
Allowance for Loan Losses - Performing and Non Performing Loans (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Risk rate grade of doubtful totaled | $144,100,064 | $140,521,716 |
Residential First Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Risk rate grade of doubtful totaled | 113,917,591 | 106,885,794 |
Residential First Mortgages [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Risk rate grade of doubtful totaled | 5,169,080 | 4,676,938 |
Residential Revolving and Junior Mortgages [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Risk rate grade of doubtful totaled | 24,083,948 | 26,982,512 |
Residential Revolving and Junior Mortgages [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Risk rate grade of doubtful totaled | 382,611 | 536,019 |
Residential Revolving and Junior Mortgages [Member] | Doubtful [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Risk rate grade of doubtful totaled | ' | 847,581 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Risk rate grade of doubtful totaled | 6,098,525 | 6,653,410 |
Consumer [Member] | Substandard [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Risk rate grade of doubtful totaled | $41,311 | $75,409 |
Allowance_for_Loan_Losses_Comp
Allowance for Loan Losses - Company's Recorded Investment and Customers' Unpaid Principal Balances for Impaired Loans, with Associated Allowance Amount (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance, Recorded Investment | $5,739,651 | ' | $5,739,651 | ' | $3,439,723 |
With no related allowance, Customers' Unpaid Principal Balance | 5,748,025 | ' | 5,748,025 | ' | 4,253,474 |
With an allowance recorded, Recorded Investment | 2,566,034 | ' | 2,566,034 | ' | 4,141,957 |
With an allowance recorded, Customers' Unpaid Principal Balance | 3,141,607 | ' | 3,141,607 | ' | 4,187,481 |
With an allowance recorded, Related Allowance | 607,007 | ' | 607,007 | ' | 833,883 |
Total Impaired Loans, Recorded Investment | 8,305,685 | ' | 8,305,685 | ' | 7,581,680 |
Total Impaired Loans, Customers' Unpaid Principal Balance | 8,889,632 | ' | 8,889,632 | ' | 8,440,955 |
Total Impaired Loans, Related Allowance | 607,007 | ' | 607,007 | ' | 833,883 |
With no related allowance, Average Recorded Investment | 4,670,140 | 2,869,193 | 3,764,185 | 2,600,738 | ' |
With no related allowance, Interest Income Recognized | 68,695 | 11,729 | 128,195 | 68,762 | ' |
With an allowance recorded, Average Recorded Investment | 2,374,385 | 5,317,995 | 2,218,289 | 4,817,774 | ' |
With an allowance recorded, Interest Income Recognized | 37,672 | 21,477 | 94,847 | 73,244 | ' |
Total, Average Recorded Investment | 7,044,525 | 8,187,188 | 5,982,474 | 7,418,512 | ' |
Total, Interest Income Recognized | 106,367 | 33,206 | 223,042 | 142,006 | ' |
Construction, Land and Land Development [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance, Recorded Investment | 452,603 | ' | 452,603 | ' | 213,768 |
With no related allowance, Customers' Unpaid Principal Balance | 453,438 | ' | 453,438 | ' | 213,914 |
With an allowance recorded, Recorded Investment | ' | ' | ' | ' | 61,882 |
With an allowance recorded, Customers' Unpaid Principal Balance | ' | ' | ' | ' | 65,566 |
With an allowance recorded, Related Allowance | ' | ' | ' | ' | 25,882 |
Total Impaired Loans, Recorded Investment | 452,603 | ' | 452,603 | ' | 275,650 |
Total Impaired Loans, Customers' Unpaid Principal Balance | 453,438 | ' | 453,438 | ' | 279,480 |
Total Impaired Loans, Related Allowance | ' | ' | ' | ' | 25,882 |
With no related allowance, Average Recorded Investment | 232,837 | ' | 123,216 | ' | ' |
With no related allowance, Interest Income Recognized | 6,670 | ' | 6,670 | ' | ' |
With an allowance recorded, Average Recorded Investment | ' | 263,002 | ' | 264,230 | ' |
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ' |
Total, Average Recorded Investment | 232,837 | 263,002 | 123,216 | 264,230 | ' |
Total, Interest Income Recognized | 6,670 | ' | 6,670 | ' | ' |
Farmland [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance, Recorded Investment | ' | ' | ' | ' | ' |
With no related allowance, Customers' Unpaid Principal Balance | ' | ' | ' | ' | ' |
With an allowance recorded, Recorded Investment | ' | ' | ' | ' | ' |
With an allowance recorded, Customers' Unpaid Principal Balance | ' | ' | ' | ' | ' |
With an allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
Total Impaired Loans, Recorded Investment | ' | ' | ' | ' | ' |
Total Impaired Loans, Customers' Unpaid Principal Balance | ' | ' | ' | ' | ' |
Total Impaired Loans, Related Allowance | ' | ' | ' | ' | ' |
With no related allowance, Average Recorded Investment | ' | ' | ' | ' | ' |
With no related allowance, Interest Income Recognized | ' | ' | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ' |
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ' |
Total, Average Recorded Investment | ' | ' | ' | ' | ' |
Total, Interest Income Recognized | ' | ' | ' | ' | ' |
Residential First Mortgages [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance, Recorded Investment | 2,603,288 | ' | 2,603,288 | ' | 1,495,910 |
With no related allowance, Customers' Unpaid Principal Balance | 2,604,644 | ' | 2,604,644 | ' | 1,495,910 |
With an allowance recorded, Recorded Investment | 2,259,509 | ' | 2,259,509 | ' | 2,782,380 |
With an allowance recorded, Customers' Unpaid Principal Balance | 2,259,509 | ' | 2,259,509 | ' | 2,807,875 |
With an allowance recorded, Related Allowance | 385,417 | ' | 385,417 | ' | 467,454 |
Total Impaired Loans, Recorded Investment | 4,862,797 | ' | 4,862,797 | ' | 4,278,290 |
Total Impaired Loans, Customers' Unpaid Principal Balance | 4,864,153 | ' | 4,864,153 | ' | 4,303,785 |
Total Impaired Loans, Related Allowance | 385,417 | ' | 385,417 | ' | 467,454 |
With no related allowance, Average Recorded Investment | 2,402,503 | 1,812,224 | 1,929,720 | 1,794,078 | ' |
With no related allowance, Interest Income Recognized | 27,216 | 4,175 | 69,037 | 46,668 | ' |
With an allowance recorded, Average Recorded Investment | 2,051,204 | 2,138,124 | 1,898,593 | 1,691,635 | ' |
With an allowance recorded, Interest Income Recognized | 34,255 | 19,047 | 84,640 | 50,864 | ' |
Total, Average Recorded Investment | 4,453,707 | 3,950,348 | 3,828,313 | 3,485,713 | ' |
Total, Interest Income Recognized | 61,471 | 23,222 | 153,677 | 97,532 | ' |
Residential Revolving and Junior Mortgages [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance, Recorded Investment | 98,153 | ' | 98,153 | ' | 971,654 |
With no related allowance, Customers' Unpaid Principal Balance | 98,153 | ' | 98,153 | ' | 1,785,259 |
With an allowance recorded, Recorded Investment | 267,125 | ' | 267,125 | ' | 365,107 |
With an allowance recorded, Customers' Unpaid Principal Balance | 842,698 | ' | 842,698 | ' | 381,452 |
With an allowance recorded, Related Allowance | 188,206 | ' | 188,206 | ' | 101,253 |
Total Impaired Loans, Recorded Investment | 365,278 | ' | 365,278 | ' | 1,336,761 |
Total Impaired Loans, Customers' Unpaid Principal Balance | 940,851 | ' | 940,851 | ' | 2,166,711 |
Total Impaired Loans, Related Allowance | 188,206 | ' | 188,206 | ' | 101,253 |
With no related allowance, Average Recorded Investment | 98,153 | 155,161 | 97,700 | 142,643 | ' |
With no related allowance, Interest Income Recognized | 1,349 | 666 | 1,471 | 4,416 | ' |
With an allowance recorded, Average Recorded Investment | 267,375 | 1,621,845 | 255,017 | 1,637,318 | ' |
With an allowance recorded, Interest Income Recognized | 2,256 | ' | 5,969 | ' | ' |
Total, Average Recorded Investment | 365,528 | 1,777,006 | 352,717 | 1,779,961 | ' |
Total, Interest Income Recognized | 3,605 | 666 | 7,440 | 4,416 | ' |
Commercial Mortgages (Non Owner Occupied) [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance, Recorded Investment | 264,056 | ' | 264,056 | ' | ' |
With no related allowance, Customers' Unpaid Principal Balance | 264,056 | ' | 264,056 | ' | ' |
With an allowance recorded, Recorded Investment | ' | ' | ' | ' | ' |
With an allowance recorded, Customers' Unpaid Principal Balance | ' | ' | ' | ' | ' |
With an allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
Total Impaired Loans, Recorded Investment | 264,056 | ' | 264,056 | ' | ' |
Total Impaired Loans, Customers' Unpaid Principal Balance | 264,056 | ' | 264,056 | ' | ' |
Total Impaired Loans, Related Allowance | ' | ' | ' | ' | ' |
With no related allowance, Average Recorded Investment | 132,028 | ' | 66,014 | ' | ' |
With no related allowance, Interest Income Recognized | 3,963 | ' | 3,963 | ' | ' |
With an allowance recorded, Average Recorded Investment | ' | ' | ' | ' | ' |
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ' |
Total, Average Recorded Investment | 132,028 | ' | 66,014 | ' | ' |
Total, Interest Income Recognized | 3,963 | ' | 3,963 | ' | ' |
Commercial Mortgages (Owner Occupied) [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance, Recorded Investment | 2,321,551 | ' | 2,321,551 | ' | 758,391 |
With no related allowance, Customers' Unpaid Principal Balance | 2,327,734 | ' | 2,327,734 | ' | 758,391 |
With an allowance recorded, Recorded Investment | ' | ' | ' | ' | 858,610 |
With an allowance recorded, Customers' Unpaid Principal Balance | ' | ' | ' | ' | 858,610 |
With an allowance recorded, Related Allowance | ' | ' | ' | ' | 165,084 |
Total Impaired Loans, Recorded Investment | 2,321,551 | ' | 2,321,551 | ' | 1,617,001 |
Total Impaired Loans, Customers' Unpaid Principal Balance | 2,327,734 | ' | 2,327,734 | ' | 1,617,001 |
Total Impaired Loans, Related Allowance | ' | ' | ' | ' | 165,084 |
With no related allowance, Average Recorded Investment | 1,804,619 | 585,849 | 1,547,535 | 347,402 | ' |
With no related allowance, Interest Income Recognized | 29,497 | 6,888 | 47,054 | 17,678 | ' |
With an allowance recorded, Average Recorded Investment | ' | 1,012,224 | ' | 1,014,007 | ' |
With an allowance recorded, Interest Income Recognized | ' | ' | ' | 15,900 | ' |
Total, Average Recorded Investment | 1,804,619 | 1,598,073 | 1,547,535 | 1,361,409 | ' |
Total, Interest Income Recognized | 29,497 | 6,888 | 47,054 | 33,578 | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance, Recorded Investment | ' | ' | ' | ' | ' |
With no related allowance, Customers' Unpaid Principal Balance | ' | ' | ' | ' | ' |
With an allowance recorded, Recorded Investment | ' | ' | ' | ' | ' |
With an allowance recorded, Customers' Unpaid Principal Balance | ' | ' | ' | ' | ' |
With an allowance recorded, Related Allowance | ' | ' | ' | ' | ' |
Total Impaired Loans, Recorded Investment | ' | ' | ' | ' | ' |
Total Impaired Loans, Customers' Unpaid Principal Balance | ' | ' | ' | ' | ' |
Total Impaired Loans, Related Allowance | ' | ' | ' | ' | ' |
With no related allowance, Average Recorded Investment | ' | 315,959 | ' | 316,615 | ' |
With no related allowance, Interest Income Recognized | ' | ' | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | ' | 198,590 | ' | 144,926 | ' |
With an allowance recorded, Interest Income Recognized | ' | ' | ' | ' | ' |
Total, Average Recorded Investment | ' | 514,549 | ' | 461,541 | ' |
Total, Interest Income Recognized | ' | ' | ' | ' | ' |
Consumer [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
With no related allowance, Recorded Investment | ' | ' | ' | ' | ' |
With no related allowance, Customers' Unpaid Principal Balance | ' | ' | ' | ' | ' |
With an allowance recorded, Recorded Investment | 39,400 | ' | 39,400 | ' | 73,978 |
With an allowance recorded, Customers' Unpaid Principal Balance | 39,400 | ' | 39,400 | ' | 73,978 |
With an allowance recorded, Related Allowance | 33,384 | ' | 33,384 | ' | 74,210 |
Total Impaired Loans, Recorded Investment | 39,400 | ' | 39,400 | ' | 73,978 |
Total Impaired Loans, Customers' Unpaid Principal Balance | 39,400 | ' | 39,400 | ' | 73,978 |
Total Impaired Loans, Related Allowance | 33,384 | ' | 33,384 | ' | 74,210 |
With no related allowance, Average Recorded Investment | ' | ' | ' | ' | ' |
With no related allowance, Interest Income Recognized | ' | ' | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | 55,806 | 84,210 | 64,679 | 65,658 | ' |
With an allowance recorded, Interest Income Recognized | 1,161 | 2,430 | 4,238 | 6,480 | ' |
Total, Average Recorded Investment | 55,806 | 84,210 | 64,679 | 65,658 | ' |
Total, Interest Income Recognized | $1,161 | $2,430 | $4,238 | $6,480 | ' |
Allowance_for_Loan_Losses_Summ
Allowance for Loan Losses - Summary of Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
SecurityLoan | SecurityLoan | SecurityLoan | SecurityLoan | |
Residential First Mortgages [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | ' | ' | $206,505 | $650,113 |
Post-Modification Outstanding Recorded Investment | ' | ' | 205,091 | 647,094 |
Subsequently defaulted number of loans | 1 | ' | 1 | ' |
Subsequently defaulted recorded investment | 105,797 | ' | 105,797 | ' |
Construction, Land and Land Development [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | 2 | ' | 2 | ' |
Pre-Modification Outstanding Recorded Investment | 45,110 | ' | 45,110 | ' |
Post-Modification Outstanding Recorded Investment | 45,110 | ' | 45,110 | ' |
Subsequently defaulted number of loans | ' | ' | ' | 1 |
Subsequently defaulted recorded investment | ' | ' | ' | 142,618 |
Commercial and Industrial [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Subsequently defaulted number of loans | ' | ' | ' | 2 |
Subsequently defaulted recorded investment | ' | ' | ' | 65,000 |
Residential Revolving and Junior Mortgages [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | 1 | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | 59,827 | ' | 59,827 |
Post-Modification Outstanding Recorded Investment | ' | 59,827 | ' | 59,827 |
Consumer [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | ' | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | 7,953 | ' | 7,953 | 94,210 |
Post-Modification Outstanding Recorded Investment | 7,953 | ' | 7,953 | 74,210 |
Commercial Mortgages (Owner Occupied) [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | ' | 1 |
Pre-Modification Outstanding Recorded Investment | ' | ' | ' | 479,115 |
Post-Modification Outstanding Recorded Investment | ' | ' | ' | $479,115 |
Earnings_per_share_Weighted_Av
Earnings per share - Weighted Average Number of Shares Used in Computing Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share Basic And Diluted Other Disclosures [Abstract] | ' | ' | ' | ' |
Average basic shares outstanding | 4,817,856 | 2,610,856 | 4,816,523 | 2,610,856 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock options | 2,316 | 1,402 | 2,380 | 1,828 |
Average diluted shares outstanding | 4,820,172 | 2,612,258 | 4,818,903 | 2,612,684 |
Basic earnings per share | $0.13 | $0.09 | $0.21 | $0.17 |
Diluted earnings per share | $0.13 | $0.09 | $0.21 | $0.17 |
Earnings_per_share_Additional_
Earnings per share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Shares not included in computing diluted earnings per share because effects were anti-dilutive | 170,215 | 115,860 | 170,215 | 110,360 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
Feb. 21, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Stock-based compensation expense | $36,750 | $122,429 | $2,925 |
Additional options granted under plan | ' | 89,500 | ' |
Stock price volatility, risk free interest period | ' | '5 years | ' |
Unrecognized compensation expenses related to stock options | ' | $1.08 | ' |
Historical dividend yield | ' | 3.60% | ' |
Expected stock price volatility | ' | 33.80% | ' |
Risk-free interest rate | ' | 0.86% | ' |
Officers [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Additional options granted under plan | 7,000 | ' | ' |
2003 Incentive Stock Option Plan [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Shares available for grant | ' | 385,000 | ' |
Unrecognized compensation expense related to stock options | ' | $0 | ' |
2008 Non-Employee Directors Stock Option Plan [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Additional options granted under plan | ' | 89,500 | ' |
Fair value of options vested | ' | 89,500 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Status of Stock Option Plans (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Options outstanding, January 1, shares | 120,617 | ' |
Granted, shares | 89,500 | ' |
Forfeited, shares | -8,972 | ' |
Exercised, shares | ' | ' |
Expired, shares | -7,596 | ' |
Options outstanding, September 30 | 193,549 | 120,617 |
Options exercisable, September 30 | 193,549 | ' |
Options outstanding, January 1, Weighted Average Exercise Price | $9.51 | ' |
Granted, Weighted Average Exercise Price | $5.25 | ' |
Forfeited, Weighted Average Exercise Price | $9 | ' |
Exercised, Weighted Average Exercise Price | ' | ' |
Expired, Weighted Average Exercise Price | $13.80 | ' |
Options outstanding, September 30, Weighted Average Exercise Price | $7.39 | $9.51 |
Options exercisable, September 30, Weighted Average Exercise Price | $7.39 | ' |
Options outstanding, January 1, Remaining Contractual Life | '7 years | '5 years 4 months 24 days |
Options exercisable, September 30, Remaining Contractual Life | '7 years | ' |
Options outstanding, September 30, Aggregate Intrinsic Value | $13,229 | ' |
Options exercisable, September 30, Aggregate Intrinsic Value | $13,229 | ' |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Age | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Minimum age of full-time employees | 21 |
Conditional age-1 for availing plan | 55 |
Conditional age-2 for availing plan | 65 |
Conditional years of service -1 for availing plan | '10 years |
Conditional years of service-2 for availing plan | '5 years |
Defined Benefit Pension Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated future benefit payments in 2013 | ' |
Post Retirement Benefit Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated future benefit payments in 2013 | 23,945 |
Employer contributions | 3,992 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Defined Benefit Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | ' | $190,714 |
Interest cost | 107,444 | 133,724 |
Expected return on plan assets | -160,996 | -241,398 |
Amortization of unrecognized prior service cost | ' | -40,472 |
Amortization of unrecognized net loss | 67,309 | 53,580 |
Remaining amortization of unrecognized net loss due to settlements | 62,280 | 168,580 |
Net gain due to curtailment | ' | -291,413 |
Amortization of transition obligation | ' | ' |
Net periodic benefit cost | 76,037 | -26,685 |
Post Retirement Benefit Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 17,213 | 19,501 |
Interest cost | 22,430 | 22,468 |
Expected return on plan assets | ' | ' |
Amortization of unrecognized prior service cost | ' | ' |
Amortization of unrecognized net loss | 3,372 | 2,206 |
Remaining amortization of unrecognized net loss due to settlements | ' | ' |
Net gain due to curtailment | ' | ' |
Amortization of transition obligation | 2,185 | 2,185 |
Net periodic benefit cost | $45,200 | $46,360 |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Long Term Debt [Abstract] | ' |
Advance on which FHLB holds an option to terminate | $10 |
Advances, Variable rate description | 'Three month LIBOR-based floating rate advance |
Interest rate LIBOR-based floating rate advance | 4.23% |
Lendable collateral value of 1 to 4 family residential real estate loans | 56 |
Immediate available credit | 40 |
Total line of credit | 66.8 |
Available line of credit | $50.80 |
Long_Term_Debt_Advances_of_Lon
Long Term Debt - Advances of Long Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Adjustable Rate Hybrid [Member] | Fixed Rate Hybrid [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |
Federal Home Loan Bank advances | $15,000,000 | $15,000,000 | [1] | $15,000,000 | $10,000,000 | $5,000,000 |
Originated | ' | ' | ' | 12-Apr-13 | 20-May-11 | |
Current Interest Rate | ' | ' | ' | 2.38% | 2.69% | |
Maturity Date | ' | ' | ' | 13-Apr-20 | 20-May-14 | |
[1] | Derived from the audited consolidated financial statements. |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Balances of Financial Assets Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | $39,954,790 | $36,700,520 | [1] |
U. S. Government Agencies [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 9,477,022 | 9,463,815 | |
State and Municipal Obligations [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 27,449,003 | 23,849,528 | |
Certificates of Deposit [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 1,996,765 | 1,987,177 | |
Auction Rate Securities [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 1,032,000 | 1,400,000 | |
Recorded Balance [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 39,954,790 | 36,700,520 | |
Defined benefit plan assets: | ' | ' | |
Cash and cash equivalents | ' | 2,844,808 | |
Recorded Balance [Member] | Cash and Cash Equivalents [Member] | ' | ' | |
Defined benefit plan assets: | ' | ' | |
Cash and cash equivalents | ' | -5,539 | |
Recorded Balance [Member] | Fixed Income Funds [Member] | ' | ' | |
Defined benefit plan assets: | ' | ' | |
Cash and cash equivalents | ' | 1,091,176 | |
Recorded Balance [Member] | Equity Funds [Member] | ' | ' | |
Defined benefit plan assets: | ' | ' | |
Cash and cash equivalents | ' | 1,759,171 | |
Recorded Balance [Member] | U. S. Government Agencies [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 9,477,022 | 9,463,815 | |
Recorded Balance [Member] | State and Municipal Obligations [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 27,449,003 | 23,849,528 | |
Recorded Balance [Member] | Certificates of Deposit [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 1,996,765 | 1,987,177 | |
Recorded Balance [Member] | Auction Rate Securities [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 1,032,000 | 1,400,000 | |
Recorded Balance [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | ' | ' | |
Defined benefit plan assets: | ' | ' | |
Cash and cash equivalents | ' | 2,844,808 | |
Recorded Balance [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | ' | ' | |
Defined benefit plan assets: | ' | ' | |
Cash and cash equivalents | ' | -5,539 | |
Recorded Balance [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Funds [Member] | ' | ' | |
Defined benefit plan assets: | ' | ' | |
Cash and cash equivalents | ' | 1,091,176 | |
Recorded Balance [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Funds [Member] | ' | ' | |
Defined benefit plan assets: | ' | ' | |
Cash and cash equivalents | ' | 1,759,171 | |
Recorded Balance [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 38,922,790 | 35,300,520 | |
Recorded Balance [Member] | Significant Other Observable Inputs (Level 2) [Member] | U. S. Government Agencies [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 9,477,022 | 9,463,815 | |
Recorded Balance [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and Municipal Obligations [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 27,449,003 | 23,849,528 | |
Recorded Balance [Member] | Significant Other Observable Inputs (Level 2) [Member] | Certificates of Deposit [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 1,996,765 | 1,987,177 | |
Recorded Balance [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | 1,032,000 | 1,400,000 | |
Recorded Balance [Member] | Significant Unobservable Inputs (Level 3) [Member] | Auction Rate Securities [Member] | ' | ' | |
Securities available for sale: | ' | ' | |
Securities available-for-sale | $1,032,000 | $1,400,000 | |
[1] | Derived from the audited consolidated financial statements. |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Company's Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (Recorded Balance [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans, net | $1,959,027 | $3,308,074 |
Other real estate owned, net | 3,910,728 | 3,151,346 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans, net | ' | ' |
Other real estate owned, net | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans, net | ' | ' |
Other real estate owned, net | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans, net | 1,959,027 | 3,308,074 |
Other real estate owned, net | $3,910,728 | $3,151,346 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Quantitative Fair Value Measurements for Level 3 (Detail) (Discounted Appraised Value [Member], Significant Unobservable Inputs (Level 3) [Member], USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Impaired Loans [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Impaired Loans, net | 1,959,027 | 3,308,074 |
Other Real Estate Owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Other real estate owned, net | 3,910,728 | 3,151,346 |
Minimum [Member] | Impaired Loans [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable Input, Selling Cost | 10.00% | 0.00% |
Unobservable Input, Lack of Marketability | 0.00% | 10.00% |
Minimum [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable Input, Selling Cost | 3.00% | 6.00% |
Unobservable Input, Lack of Marketability | 7.00% | 10.00% |
Maximum [Member] | Impaired Loans [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable Input, Selling Cost | 20.00% | 20.00% |
Unobservable Input, Lack of Marketability | 100.00% | 100.00% |
Maximum [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable Input, Selling Cost | 13.00% | 13.00% |
Unobservable Input, Lack of Marketability | 30.00% | 20.00% |
Weighted Average [Member] | Impaired Loans [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable Input, Selling Cost | 10.00% | 11.00% |
Unobservable Input, Lack of Marketability | 35.00% | 27.00% |
Weighted Average [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Unobservable Input, Selling Cost | 6.00% | 6.00% |
Unobservable Input, Lack of Marketability | 15.00% | 16.00% |
Fair_Value_Measurements_Estima
Fair Value Measurements - Estimated Fair Values of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Financial Assets: | ' | ' | |
Securities available-for-sale | $39,954,790 | $36,700,520 | [1] |
Recorded Balance [Member] | ' | ' | |
Financial Assets: | ' | ' | |
Cash and due from banks | 7,537,010 | 4,757,889 | |
Interest-bearing deposits | 13,026,634 | 35,166,448 | |
Federal funds sold | 497,188 | 48,009 | |
Securities available-for-sale | 39,954,790 | 36,700,520 | |
Restricted securities | 1,623,350 | 1,584,700 | |
Loans, net | 245,885,715 | 235,474,626 | |
Accrued interest receivable | 1,068,966 | 1,070,763 | |
Financial Liabilities: | ' | ' | |
Non-interest-bearing deposits | 57,094,032 | 50,467,907 | |
Savings and other interest-bearing deposits | 115,334,496 | 117,954,879 | |
Time deposits | 99,535,358 | 106,751,785 | |
Securities sold under repurchase agreements | 9,430,510 | 6,459,839 | |
FHLB advances | 15,000,000 | 15,000,000 | |
Accrued interest payable | 172,361 | 156,812 | |
Recorded Balance [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | |
Financial Assets: | ' | ' | |
Cash and due from banks | 7,537,010 | 4,757,889 | |
Interest-bearing deposits | 13,026,634 | 35,166,448 | |
Federal funds sold | 497,188 | 48,009 | |
Securities available-for-sale | ' | ' | |
Restricted securities | ' | ' | |
Loans, net | ' | ' | |
Accrued interest receivable | ' | ' | |
Financial Liabilities: | ' | ' | |
Non-interest-bearing deposits | 57,094,032 | 50,467,907 | |
Savings and other interest-bearing deposits | ' | ' | |
Time deposits | ' | ' | |
Securities sold under repurchase agreements | ' | ' | |
FHLB advances | ' | ' | |
Accrued interest payable | ' | ' | |
Recorded Balance [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Financial Assets: | ' | ' | |
Cash and due from banks | ' | ' | |
Interest-bearing deposits | ' | ' | |
Federal funds sold | ' | ' | |
Securities available-for-sale | 38,922,790 | 35,300,520 | |
Restricted securities | ' | ' | |
Loans, net | ' | ' | |
Accrued interest receivable | 1,068,966 | 1,070,763 | |
Financial Liabilities: | ' | ' | |
Non-interest-bearing deposits | ' | ' | |
Savings and other interest-bearing deposits | 115,334,496 | 117,954,879 | |
Time deposits | ' | ' | |
Securities sold under repurchase agreements | 9,430,510 | 6,459,839 | |
FHLB advances | 16,074,695 | 16,483,342 | |
Accrued interest payable | 172,361 | 156,812 | |
Recorded Balance [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | |
Financial Assets: | ' | ' | |
Cash and due from banks | ' | ' | |
Interest-bearing deposits | ' | ' | |
Federal funds sold | ' | ' | |
Securities available-for-sale | 1,032,000 | 1,400,000 | |
Restricted securities | 1,623,350 | 1,584,700 | |
Loans, net | 251,573,000 | 244,038,921 | |
Accrued interest receivable | ' | ' | |
Financial Liabilities: | ' | ' | |
Non-interest-bearing deposits | ' | ' | |
Savings and other interest-bearing deposits | ' | ' | |
Time deposits | 101,560,000 | 109,449,974 | |
Securities sold under repurchase agreements | ' | ' | |
FHLB advances | ' | ' | |
Accrued interest payable | ' | ' | |
[1] | Derived from the audited consolidated financial statements. |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Beginning balance | ($1,349,150) | $255,985 | ($380,726) | [1] | $445,339 |
Change in net unrealized holding gains and impairment on securities, before reclassifications, net of tax benefit | -82,723 | 61,425 | -951,676 | 203,930 | |
Reclassification for previously unrealized net gains on securities recognized in net income, net of tax | -8,575 | -300,263 | -108,046 | -632,122 | |
Ending balance | -1,440,448 | 17,147 | -1,440,448 | 17,147 | |
Net Unrealized Gains (Losses) on Securities [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Beginning balance | -689,229 | 571,376 | 279,195 | 760,730 | |
Change in net unrealized holding gains and impairment on securities, before reclassifications, net of tax benefit | -82,723 | 61,425 | -951,676 | 203,930 | |
Reclassification for previously unrealized net gains on securities recognized in net income, net of tax | -8,575 | -300,263 | -108,046 | -632,122 | |
Ending balance | -780,527 | 332,538 | -780,527 | 332,538 | |
Pension and Postretirement Benefit Plans [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | |
Beginning balance | -659,921 | -315,391 | -659,921 | -315,391 | |
Change in net unrealized holding gains and impairment on securities, before reclassifications, net of tax benefit | ' | ' | ' | ' | |
Reclassification for previously unrealized net gains on securities recognized in net income, net of tax | ' | ' | ' | ' | |
Ending balance | ($659,921) | ($315,391) | ($659,921) | ($315,391) | |
[1] | Derived from the audited consolidated financial statements. |
Changes_in_Accumulated_Other_C3
Changes in Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Unrealized holding gains arising during the period, net of tax | $42,615 | ($31,643) | $490,257 | ($105,055) |
Reclassification adjustment for gains and impairments recognized in income, tax | 4,417 | 154,681 | 55,660 | 325,638 |
Net Unrealized Gains (Losses) on Securities [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Unrealized holding gains arising during the period, net of tax | 42,615 | -31,643 | 490,257 | -105,055 |
Reclassification adjustment for gains and impairments recognized in income, tax | $4,417 | $154,681 | $55,660 | $325,638 |
Changes_in_Accumulated_Other_C4
Changes in Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains on sale of securities available for sale | ' | ' | $283,706 | $957,760 |
Reclassification adjustment for gains and impairments recognized in income, tax | 4,417 | 154,681 | 55,660 | 325,638 |
Net impairment loss on an other-than-temporarily-impaired security | ' | ' | 120,000 | ' |
Tax effect included as a component of income tax expense | ' | ' | 40,800 | ' |
Net Unrealized Gains (Losses) on Securities [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Reclassification adjustment for gains and impairments recognized in income, tax | 4,417 | 154,681 | 55,660 | 325,638 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Net Unrealized Gains (Losses) on Securities [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains on sale of securities available for sale | ' | ' | 283,706 | 957,760 |
Reclassification adjustment for gains and impairments recognized in income, tax | ' | ' | $55,660 | $325,658 |