Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 06, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CIZN | |
Entity Registrant Name | CITIZENS HOLDING CO /MS/ | |
Entity Central Index Key | 1,075,706 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 4,872,570 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 20,349,539 | $ 22,405,730 |
Interest bearing deposits with other banks | 1,074,513 | 61,481,223 |
Investment securities held to maturity, at amortized cost | 198,841,442 | 206,817,169 |
Investment securities available for sale, at fair value | 249,115,059 | 179,745,130 |
Loans, net of allowance for loan losses of $6,828,782 in 2015 and $6,542,326 in 2014 | 425,116,389 | 384,417,508 |
Premises and equipment, net | 18,730,587 | 19,240,230 |
Other real estate owned, net | 3,529,381 | 4,051,561 |
Accrued interest receivable | 4,675,717 | 3,869,937 |
Cash value of life insurance | 22,853,541 | 22,347,601 |
Intangible assets, net | 3,149,657 | 3,149,657 |
Other assets | 13,459,367 | 13,534,935 |
TOTAL ASSETS | 960,895,192 | 921,060,681 |
Deposits: | ||
Noninterest-bearing demand | 143,728,615 | 145,729,932 |
Interest-bearing NOW and money market accounts | 321,160,191 | 268,567,815 |
Savings deposits | 69,866,627 | 60,253,788 |
Certificates of deposit | 213,886,079 | 221,542,359 |
Total deposits | 748,641,512 | 696,093,894 |
Securities sold under agreement to repurchase | 89,570,169 | 114,426,770 |
Federal Funds Purchased | 8,600,000 | |
Federal Home Loan Bank advances | 20,000,000 | 20,000,000 |
Accrued interest payable | 181,687 | 190,717 |
Deferred compensation payable | 7,613,147 | 7,209,694 |
Other liabilities | 1,775,553 | 1,281,820 |
Total liabilities | 876,382,068 | 839,202,895 |
SHAREHOLDERS' EQUITY | ||
Common stock; $.20 par value, 22,500,000 shares authorized, 4,872,570 shares outstanding at September 30, 2015 and 4,877,614 at December 31, 2014 | 974,514 | 975,482 |
Additional paid-in capital | 3,849,332 | 3,861,717 |
Retained earnings | 87,789,049 | 85,901,207 |
Accumulated other comprehensive loss, net of tax benefit of $4,818,524 in 2015 and $5,283,048 in 2014 | (8,099,771) | (8,880,620) |
Total shareholders' equity | 84,513,124 | 81,857,786 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 960,895,192 | $ 921,060,681 |
Consolidated Statements of Con3
Consolidated Statements of Condition (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Loans, allowance for loan losses | $ 6,828,782 | $ 6,542,326 |
Common stock, par value | $ 0.20 | $ 0.20 |
Common stock, shares authorized | 22,500,000 | 22,500,000 |
Common stock, shares outstanding | 4,872,570 | 4,877,614 |
Accumulated other comprehensive loss, net of tax benefits | $ 4,818,524 | $ 5,283,048 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME | ||||
Loans, including fees | $ 5,037,766 | $ 4,998,738 | $ 15,033,778 | $ 15,110,093 |
Investment securities | 2,736,657 | 2,822,783 | 8,095,751 | 8,570,907 |
Other interest | 14,038 | 8,285 | 61,322 | 20,247 |
Total interest income | 7,788,461 | 7,829,806 | 23,190,851 | 23,701,247 |
INTEREST EXPENSE | ||||
Deposits | 468,565 | 450,901 | 1,350,490 | 1,291,067 |
Other borrowed funds | 297,060 | 307,841 | 901,993 | 930,485 |
Total interest expense | 765,625 | 758,742 | 2,252,483 | 2,221,552 |
NET INTEREST INCOME | 7,022,836 | 7,071,064 | 20,938,368 | 21,479,695 |
PROVISION FOR LOAN LOSSES | 141,704 | 205,027 | 407,698 | 777,930 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,881,132 | 6,866,037 | 20,530,670 | 20,701,765 |
OTHER INCOME | ||||
Service charges on deposit accounts | 1,036,964 | 1,043,505 | 2,877,841 | 2,937,062 |
Other service charges and fees | 626,283 | 575,169 | 1,721,297 | 1,584,301 |
Other income | 354,366 | 437,223 | 1,022,071 | 1,801,636 |
Total other income | 2,017,613 | 2,055,897 | 5,621,209 | 6,322,999 |
OTHER EXPENSES | ||||
Salaries and employee benefits | 3,341,356 | 3,242,294 | 10,038,040 | 9,850,501 |
Occupancy expense | 1,356,655 | 1,360,039 | 3,952,914 | 3,904,096 |
Other operating expense | 1,776,868 | 1,836,925 | 5,292,049 | 6,099,519 |
Total other expenses | 6,474,879 | 6,439,258 | 19,283,003 | 19,854,116 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 2,423,866 | 2,482,676 | 6,868,876 | 7,170,648 |
PROVISION FOR INCOME TAXES | 587,405 | 584,456 | 1,610,282 | 1,382,756 |
NET INCOME | $ 1,836,461 | $ 1,898,220 | $ 5,258,594 | $ 5,787,892 |
NET INCOME PER SHARE | ||||
-Basic | $ 0.38 | $ 0.39 | $ 1.08 | $ 1.19 |
-Diluted | 0.38 | 0.39 | 1.08 | 1.19 |
DIVIDENDS PAID PER SHARE | $ 0.23 | $ 0.22 | $ 0.69 | $ 0.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,836,461 | $ 1,898,220 | $ 5,258,594 | $ 5,787,892 |
Other comprehensive income | ||||
Unrealized holding gains (losses) | 2,226,566 | 1,230,555 | (781,509) | 33,198,668 |
Income tax effect | (830,509) | (458,997) | 291,503 | (12,383,103) |
Net unrealized gains | 1,396,057 | 771,558 | (490,006) | 20,815,565 |
Unrealized losses transferred to held-to-maturity | (17,061,438) | |||
Amortization of net unrealized losses during the period | 539,239 | 494,536 | 2,013,183 | 908,444 |
Income tax effect | (201,136) | (184,462) | (750,917) | 6,025,067 |
Net unrealized gains, securities held-to-maturity | 338,103 | 310,074 | 1,262,266 | (10,127,927) |
Reclassification adjustment for gains included in net income | 13,699 | (5,436) | 13,699 | (14,538) |
Income tax effect | (5,110) | 2,028 | (5,110) | 5,423 |
Net gains included in net income | 8,589 | (3,408) | 8,589 | (9,115) |
Total other comprehensive income | 1,742,749 | 1,078,224 | 780,849 | 10,678,523 |
Comprehensive income | $ 3,579,210 | $ 2,976,444 | $ 6,039,443 | $ 16,466,415 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net cash provided by operating activities | $ 6,514,046 | $ 7,248,415 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturities and calls of securities available for sale | 26,701,814 | 6,869,327 |
Proceeds from sales of securities available for sale | 5,754,991 | 1,396,134 |
Proceeds from maturities and calls of securities held to maturity | 10,000,000 | |
Purchases of investment securities available for sale | (103,451,898) | |
Purchases of bank premises and equipment | (271,777) | (1,738,665) |
Decrease (increase) in interest bearing deposits with other banks | 60,406,710 | (14,184,618) |
Proceeds from sale of other real estate | 1,102,141 | 1,640,220 |
Redemption of Federal Home Loan Bank Stock | 150,700 | 1,292,600 |
Net (increase) decrease in loans | (41,787,893) | 709,323 |
Net cash used by investing activities | (41,395,212) | (4,015,679) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 52,547,618 | 40,661,413 |
Net change in securities sold under agreement to repurchase | (24,856,601) | (102,334) |
Increase (decrease) in federal funds purchased | 8,600,000 | (27,500,000) |
Repurchase of stock | (123,292) | |
Decrease in Federal Home Loan Bank advances | (10,000,000) | |
Exercise of Stock Options | 27,000 | |
Excess tax benefits on stock options | 1,001 | |
Payment of dividends | (3,370,751) | (3,219,225) |
Net cash provided by (used by) financing activities | 32,824,975 | (160,146) |
Net (decrease) increase in cash and due from banks | (2,056,191) | 3,072,590 |
Cash and due from banks, beginning of period | 22,405,730 | 16,040,195 |
Cash and due from banks, end of period | $ 20,349,539 | $ 19,112,785 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, these financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim consolidated financial statements are unaudited and reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition as of and for the interim periods presented. All adjustments and reclassifications are of a normal and recurring nature. Results for the period ended September 30, 2015 are not necessarily indicative of the results that may be expected for any other interim periods or for the year as a whole. The interim consolidated financial statements of Citizens Holding Company include the accounts of its wholly-owned subsidiary, The Citizens Bank of Philadelphia (the “Bank” and collectively with Citizens Holding Company, the “Corporation”). All significant intercompany transactions have been eliminated in consolidation. For further information and significant accounting policies of the Corporation, see the Notes to Consolidated Financial Statements of Citizens Holding Company included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission on March 13, 2015. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 2. Commitments and Contingent Liabilities In the ordinary course of business, the Corporation enters into commitments to extend credit to its customers. The unused portion of these commitments is not reflected in the accompanying financial statements. As of September 30, 2015, the Corporation had entered into loan commitments with certain customers with an aggregate unused balance of $53,873,059 compared to an aggregate unused balance of $50,242,705 at December 31, 2014. There was $2,860,480 of letters of credit outstanding at September 30, 2015 and $2,855,480 at December 31, 2014. The fair value of such contracts is not considered material because letters of credit and loan commitments often are not used in their entirety, if at all, before they expire. The balances of such letters and commitments should not be used to project actual future liquidity requirements. However, the Corporation does incorporate expectations about the level of draws under its credit-related commitments into its asset and liability management program. The Corporation is a party to lawsuits and other claims that arise in the ordinary course of business, all of which are being vigorously contested. In the regular course of business, management evaluates estimated losses or costs related to litigation, and provisions are made for anticipated losses whenever management believes that such losses are probable and can be reasonably estimated. At the present time, management believes, based on the advice of legal counsel, that the final resolution of pending legal proceedings will not likely have a material impact on the Corporation’s consolidated financial condition or results of operations. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Note 3. Net Income per Share Net income per share - basic has been computed based on the weighted average number of shares outstanding during each period. Net income per share - diluted has been computed based on the weighted average number of shares outstanding during each period plus the dilutive effect of outstanding stock options using the treasury stock method. Net income per share was computed as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Basic weighted average shares outstanding 4,877,614 4,870,114 4,872,092 4,870,114 Dilutive effect of granted options 1,170 605 904 550 Diluted weighted average shares outstanding 4,878,784 4,870,719 4,872,996 4,870,664 Net income $ 1,836,461 $ 1,898,220 $ 5,258,594 $ 5,787,892 Net income per share-basic $ 0.38 $ 0.39 $ 1.08 $ 1.19 Net income per share-diluted $ 0.38 $ 0.39 $ 1.08 $ 1.19 |
Equity Compensation Plans
Equity Compensation Plans | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation Plans | Note 4. Equity Compensation Plans Prior to the adoption of the 2013 Plan, as defined below, the Corporation utilized two stock-based compensation plans, the 1999 Directors’ Stock Compensation Plan (the “Directors’ Plan”) for directors, and prior to its expiration, the 1999 Employees’ Long-Term Incentive Plan (the “Employees’ Plan”) for employees. The following table is a summary of the stock option activity for the nine months ended September 30, 2015. Directors’ Plan Employees’ Plan 2013 Plan Number Weighted Number Weighted Number Weighted Outstanding at December 31, 2014 96,000 $ 21.23 46,500 $ 22.14 — $ — Granted — — — — — — Exercised — — (1,500 ) 18.00 — — Expired (9,000 ) 20.00 (22,000 ) 21.05 — — Outstanding at September 30, 2015 87,000 $ 21.36 23,000 $ 23.46 — $ — The intrinsic value of options granted under the Directors’ Plan at September 30, 2015, was $138,030, the intrinsic value of options granted under the Employees’ Plan at September 30, 2015, was $0, and since there were no options granted under the 2013 Plan, the intrinsic value for the 2013 Plan is $0 for an aggregate intrinsic value at September 30, 2015, of $138,030. The Corporation has adopted the 2013 Incentive Compensation Plan (the “2013 Plan”), which the Corporation intends to use for all future equity grants to employees, directors or consultants until the termination or expiration of the 2013 Plan. During the quarter ended March 31, 2014, the Corporation’s directors received restricted stock grants totaling 7,500 shares of common stock. These grants vested over a one-year period ending March 13, 2015 during which time the recipients had rights to vote the shares and to receive dividends. The grant date fair value of these shares was $138,000 and was recognized over the one-year restriction period at a cost of $11,500 per month less deferred taxes of $4,290 per month. During the quarter ended June 30, 2015, the Corporation’s directors received restricted stock grants totaling 7,500 shares of common stock. These grants vest over a one-year period ending April 29, 2016 during which time the recipients has rights to vote the shares and to receive dividends. The grant date fair value of these shares was $141,450 and will be recognized over the one-year restriction period at a cost of $11,788 per month less deferred taxes of $4,397 per month. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. Income Taxes The income tax topic of the Accounting Standards Codification (“ASC”) defines the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the taxing authority. This topic also provides guidance on the derecognition, measurement and classification of income tax uncertainties, along with any related interest and penalties, and includes guidance concerning accounting for income tax uncertainties in interim periods. As of September 30, 2015, the Corporation had no unrecognized tax benefits related to federal and state income tax matters. Therefore, the Corporation does not anticipate any material increase or decrease in the effective tax rate during 2015 relative to any tax positions taken. It is the Corporation’s policy to recognize interest or penalties related to income tax matters in income tax expense. The Corporation files a consolidated United States federal income tax return. The Corporation is currently open to audit under the statute of limitations by the Internal Revenue Service for all tax years after 2011. The Corporation’s consolidated state income tax returns are also open to audit under the statute of limitations for the same period. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 6. Securities The amortized cost and estimated fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: September 30, 2015 Amortized Gross Gross Estimated Securities available-for-sale Obligations of U.S. Government agencies $ 68,004,770 $ 6,550 $ 910,122 $ 67,101,198 Mortgage backed securities 91,098,133 561,645 690,644 90,969,134 State, County, Municipals 86,482,999 2,310,546 646,554 88,146,991 Other investments 2,944,299 — 46,563 2,897,736 Total $ 248,530,201 $ 2,878,741 $ 2,293,883 $ 249,115,059 December 31, 2014 Amortized Gross Gross Estimated Securities available-for-sale Obligations of U.S. Government agencies $ 77,996,980 $ — $ 2,035,905 $ 75,961,075 Mortgage backed securities 12,501,990 824,844 — 13,326,834 State, County, Municipals 84,896,091 3,048,489 360,082 87,584,498 Other investments 2,997,401 — 124,678 2,872,723 Total $ 178,392,462 $ 3,873,333 $ 2,520,665 $ 179,745,130 During the quarter ended June 30, 2014, the Corporation transferred securities with an amortized cost of $222,322,423 from available-for-sale to held-to-maturity. This transfer was completed after consideration of the Corporation’s ability and intent to hold these securities to maturity. The fair value of the securities transferred as of the date of transfer was $205,260,985 with a net unrealized loss of $17,061,438. In accordance with ASC 320-10-35-16, the discount on each security that resulted from this transfer is amortized over the remaining lives of the individual securities. Any unrealized holding losses on the date of the transfer are not recognized in net income but remain in accumulated other comprehensive loss. In accordance with ASC 320-10-15-10d, the unrealized loss amounts in accumulated other comprehensive loss are amortized simultaneously against interest income as the discount is accreted on the transferred securities. There is no effect on net income as the discount accretion offsets the accumulated other comprehensive loss amortization. The unamortized unrealized loss, before deferred taxes, was $13,503,152 and $15,516,336 at September 30, 2015 and December 31, 2014, respectively. The amortized cost and estimated fair value of securities held-to-maturity and the corresponding amounts of gross unrecognized gains and losses were as follows: September 30, 2015 Amortized Gross Gross Estimated Securities held-to-maturity Obligations of U.S. Government agencies $ 198,841,442 $ 9,849,446 $ — $ 208,690,888 Total $ 198,841,442 $ 9,849,446 $ — $ 208,690,888 December 31, 2014 Amortized Gross Gross Estimated Securities held-to-maturity Obligations of U.S. Government agencies $ 206,817,169 $ 9,928,269 $ — $ 216,745,438 Total $ 206,817,169 $ 9,928,269 $ — $ 216,745,438 The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2015 and December 31, 2014 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations. September 30, 2015 December 31, 2014 Amortized Estimated Amortized Estimated Available-for-sale Due in one year or less $ 5,051,473 $ 5,083,634 $ 3,619,965 $ 3,644,097 Due after one year through five years 14,695,697 15,152,756 11,886,005 12,165,884 Due after five years through ten years 76,477,244 76,599,942 73,014,502 72,750,584 Due after ten years 152,305,786 152,278,727 89,871,990 91,184,565 Total $ 248,530,200 $ 249,115,059 $ 178,392,462 $ 179,745,130 Held-to-maturity Due after five years through ten years $ 36,985,730 $ 38,711,680 $ 27,599,235 $ 28,395,635 Due after ten years 161,855,712 169,979,208 179,217,934 188,349,803 Total $ 198,841,442 $ 208,690,888 $ 206,817,169 $ 216,745,438 The tables below show the Corporation’s gross unrealized losses and fair value of available-for-sale and held-to-maturity investments, aggregated by investment category and length of time that individual investments were in a continuous loss position at September 30, 2015 and December 31, 2014. A summary of unrealized loss information for securities available-for-sale, categorized by security type follows (in thousands): September 30, 2015 Less than 12 months 12 months or more Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized Obligations of U. S. Government agencies $ 15,460 $ 36 $ 46,635 $ 874 $ 62,095 $ 910 Mortgage backed securities 70,391 691 — — 70,391 691 State, County, Municipal 15,851 273 12,452 373 28,303 646 Other investments — — 2,898 47 2,898 47 Total $ 101,702 $ 1,000 $ 61,985 $ 1,294 $ 163,687 $ 2,294 December 31, 2014 Less than 12 months 12 months or more Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized Obligations of U. S. Government agencies $ — $ — $ 75,961 $ 2,036 $ 75,961 $ 2,036 Mortgage backed securities — — — — — — State, County, Municipal 697 3 14,980 357 15,677 360 Other investments — — 2,873 125 2,873 125 Total $ 697 $ 3 $ 93,814 $ 2,518 $ 94,511 $ 2,521 The Corporation’s unrealized losses on its obligations of United States Government agencies, mortgage backed securities and state, county and municipal bonds are the result of an upward trend in interest rates, mainly in the mid-term sector. None of the unrealized losses disclosed in the previous table are related to credit deterioration. The Corporation has determined that none of the securities in this classification are other-than-temporarily impaired at September 30, 2015 or at December 31, 2014. The Corporation’s unrealized loss on other investments relates to an investment in a pooled trust preferred security. The decline in value of the pooled trust preferred security is related to the deterioration of the markets for these types of securities brought about by the lowered credit ratings and past deferrals and defaults of the underlying issuing financial institutions. The Corporation owns a senior tranche of this security and therefore has a higher degree of which future deferrals and defaults would be required before the cash flow for the Corporation’s tranche is negatively impacted. The Corporation does not intend to sell this security and it is not more likely than not that the Corporation will be required to sell at a price less than amortized cost prior to maturity. Given these factors, the Corporation does not consider the investment to be other-than-temporarily impaired at September 30, 2015 or December 31, 2014. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans | Note 7. Loans The composition of net loans (in thousands) at September 30, 2015 and December 31, 2014 is as follows: September 30, 2015 December 31, 2014 Real Estate: Land Development and Construction $ 47,777 $ 43,233 Farmland 23,539 26,463 1-4 Family Mortgages 105,486 104,170 Commercial Real Estate 174,966 151,746 Total Real Estate Loans 351,768 325,612 Business Loans: Commercial and Industrial Loans 53,801 38,333 Farm Production and Other Farm Loans 995 1,035 Total Business Loans 54,796 39,368 Consumer Loans: Credit Cards 1,021 1,075 Other Consumer Loans 25,028 25,440 Total Consumer Loans 26,049 26,515 Total Gross Loans 432,613 391,495 Unearned income (668 ) (535 ) Allowance for loan losses (6,829 ) (6,542 ) Loans, net $ 425,116 $ 384,418 Loans are considered to be past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual status, when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on non-accrual status regardless of whether such loans are considered past due. When interest accruals are discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Period-end, non-accrual loans (in thousands), segregated by class, were as follows: September 30, 2015 December 31, 2014 Real Estate: Land Development and Construction $ 80 $ 92 Farmland 166 222 1-4 Family Mortgages 2,640 1,905 Commercial Real Estate 12,138 9,444 Total Real Estate Loans 15,024 11,663 Business Loans: Commercial and Industrial Loans 89 70 Total Business Loans 89 70 Consumer Loans: Other Consumer Loans 48 133 Total Consumer Loans 48 133 Total Non-Accrual Loans $ 15,161 $ 11,854 An aging analysis of past due loans (in thousands), segregated by class, as of September 30, 2015, was as follows: Loans 30-89 Days Loans Total Past Current Total Accruing Real Estate: Land Development and Construction $ 424 $ — $ 424 $ 47,353 $ 47,777 $ — Farmland 345 25 370 23,169 23,539 25 1-4 Family Mortgages 5,149 848 5,997 99,489 105,486 48 Commercial Real Estate 6,754 4,153 10,907 164,059 174,966 — Total Real Estate Loans 12,672 5,026 17,698 334,070 351,768 73 Business Loans: Commercial and Industrial Loans 166 79 245 53,556 53,801 50 Farm Production and Other Farm Loans 6 — 6 989 995 — Total Business Loans 172 79 251 54,545 54,796 50 Consumer Loans: Credit Cards 11 2 13 1,008 1,021 2 Other Consumer Loans 1,071 7 1,078 23,950 25,028 7 Total Consumer Loans 1,082 9 1,091 24,958 26,049 9 Total Loans $ 13,926 $ 5,114 $ 19,040 $ 413,573 $ 432,613 $ 132 An aging analysis of past due loans (in thousands), segregated by class, as of December 31, 2014 was as follows: Loans 30-89 Days Loans Total Past Current Total Accruing Real Estate: Land Development and Construction $ 578 $ — $ 578 $ 42,655 $ 43,233 $ — Farmland 889 17 906 25,557 26,463 — 1-4 Family Mortgages 4,606 837 5,443 98,727 104,170 131 Commercial Real Estate 2,211 4,471 6,682 145,064 151,746 724 Total Real Estate Loans 8,284 5,325 13,609 312,003 325,612 855 Business Loans: Commercial and Industrial Loans 115 3 118 38,215 38,333 3 Farm Production and other Farm Loans 22 — 22 1,013 1,035 — Total Business Loans 137 3 140 39,228 39,368 3 Consumer Loans: Credit Cards 27 6 33 1,042 1,075 6 Other Consumer Loans 1,179 53 1,232 24,208 25,440 16 Total Consumer Loans 1,206 59 1,265 25,250 26,515 22 Total Loans $ 9,627 $ 5,387 $ 15,014 $ 376,481 $ 391,495 $ 880 Loans are considered impaired when, based on current information and events, it is probable the Corporation will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. In determining which loans to evaluate for impairment, management looks at past due loans, bankruptcy filings and any situation that might lend itself to cause a borrower to be unable to repay the loan according to the original agreement terms. If a loan is determined to be impaired and the collateral is deemed to be insufficient to fully repay the loan, a specific reserve will be established. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans or portions thereof, are charged-off when deemed uncollectible. Impaired loans (in thousands) as of September 30, 2015 and December 31, 2014, segregated by class, are as follows: September 30, 2015 Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ 80 $ — $ 80 $ 80 $ 80 $ 81 Farmland 687 74 613 687 54 715 1-4 Family Mortgages 3,284 1,839 1,445 3,284 233 3,097 Commercial Real Estate 12,138 1,808 10,330 12,138 2,401 11,064 Total Real Estate Loans 16,189 3,721 12,468 16,189 2,768 14,957 Business Loans: Commercial and Industrial Loans 89 61 28 89 25 112 Total Business Loans 89 61 28 89 25 112 Consumer Loans: Other Consumer Loans 49 49 — 49 — 61 Total Consumer Loans 49 49 — 49 — 61 Total Loans $ 16,327 $ 3,831 $ 12,496 $ 16,327 $ 2,793 $ 15,130 December 31, 2014 Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ 92 $ — $ 92 $ 92 $ 92 $ 114 Farmland 798 104 694 798 108 575 1-4 Family Mortgages 2,554 1,685 869 2,554 143 2,210 Commercial Real Estate 9,444 896 8,548 9,444 1,642 9,169 Total Real Estate Loans 12,888 2,685 10,203 12,888 1,985 12,068 Business Loans: Commercial and Industrial Loans 70 30 40 70 40 1,147 Total Business Loans 70 30 40 70 40 1,147 Consumer Loans: Other Consumer Loans 121 121 — 121 — 120 Total Consumer Loans 121 121 — 121 — 120 Total Loans $ 13,079 $ 2,836 $ 10,243 $ 13,079 $ 2,025 $ 13,335 The following table presents troubled debt restructurings (in thousands, except for number of loans), segregated by class: September 30, 2015 Number of Pre-Modification Post-Modification Commercial real estate 4 $ 6,850 $ 4,460 Total 4 $ 6,850 $ 4,460 December 31, 2014 Number of Pre-Modification Post-Modification Commercial real estate 4 $ 6,850 $ 4,741 Total 4 $ 6,850 $ 4,741 Changes in the Corporation’s troubled debt restructurings (in thousands, except for number of loans) are set forth in the table below: Number Recorded Totals at January 1, 2015 4 $ 4,741 Reductions due to: Principal paydowns (281 ) Total at September 30, 2015 4 $ 4,460 The allocated allowance for loan losses attributable to restructured loans was $174,274 at September 30, 2015 and December 31, 2014. The Corporation had no remaining availability under commitments to lend additional funds on these troubled debt restructuring as of September 30, 2015. The Corporation utilizes a risk grading matrix to assign a risk grade to each of its loans when originated and is updated as factors related to the strength of the loan changes. Loans are graded on a scale of 1 to 9. A description of the general characteristics of the 9 risk grades is as follows. Grade 1. MINIMAL RISK - These loans are without loss exposure to the Corporation. This classification is reserved for only the best, well secured loans to borrowers with significant capital strength, low leverage, stable earnings and growth and other readily available financing alternatives. This type of loan would also include loans secured by a program of the government. Grade 2. MODEST RISK - These loans include borrowers with solid credit quality and moderate risk of loss. These loans may be fully secured by certificates of deposit with another reputable financial institution, or secured by readily marketable securities with acceptable margins. Grade 3. AVERAGE RISK - This is the rating assigned to the majority of the loans held by the Corporation. This includes loans with average loss exposure and average overall quality. These loans should liquidate through possessing adequate collateral and adequate earnings of the borrower. In addition, these loans are properly documented and are in accordance with all aspects of the current loan policy. Grade 4. ACCEPTABLE RISK - Borrower generates sufficient cash flow to fund debt service but most working asset and capital expansion needs are provided from external sources. Profitability and key balance sheet ratios are usually close to peers but one or more may be higher than peers. Grade 5. MANAGEMENT ATTENTION - Borrower has significant weaknesses resulting from performance trends or management concerns. The financial condition of the borrower has taken a negative turn and may be temporarily strained. Cash flow is weak but cash reserves remain adequate to meet debt service. Management weakness is evident. Grade 6. OTHER LOANS ESPECIALLY MENTIONED (“OLEM”) - Loans in this category are fundamentally sound but possess some weaknesses. OLEM loans have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the bank’s credit position at some future date. These loans have an identifiable weakness in credit, collateral, or repayment ability but there is no expectation of loss. Grade 7. SUBSTANDARD ASSETS - Assets classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets classified as substandard must have a well-defined weakness based upon objective evidence. Assets classified as substandard are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. The possibility that liquidation would not be timely requires a substandard classification even if there is little likelihood of total loss. Grade 8. DOUBTFUL - A loan classified as doubtful has all the weaknesses of a substandard classification and the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable or improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. A doubtful classification could reflect the fact that the primary source of repayment is gone and serious doubt exists as to the quality of a secondary source of repayment. Grade 9. LOSS - Loans classified loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may occur in the future. Also included in this classification is the defined loss portion of loans rated substandard assets and doubtful assets. These internally assigned grades are updated on a continual basis throughout the course of the year and represent management’s most updated judgment regarding grades at September 30, 2015. The following table details the amount of gross loans (in thousands), segregated by loan grade and class, as of September 30, 2015: Grades Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 46,066 $ 266 $ 1,445 $ — $ — $ 47,777 Farmland 21,341 856 1,342 — — 23,539 1-4 Family Mortgages 89,158 4,601 11,727 — — 105,486 Commercial Real Estate 150,601 11,185 13,180 — — 174,966 Total Real Estate Loans 307,166 16,908 27,694 — — 351,768 Business Loans: Commercial and Industrial Loans 53,255 397 149 — — 53,801 Farm Production and Other Farm Loans 995 — — — — 995 Total Business Loans 54,250 397 149 — — 54,796 Consumer Loans: Credit Cards 1,019 — 2 — — 1,021 Other Consumer Loans 24,714 114 192 8 — 25,028 Total Consumer Loans 25,733 114 194 8 — 26,049 Total Loans $ 387,149 $ 17,419 $ 28,037 $ 8 $ — $ 432,613 The following table details the amount of gross loans (in thousands) segregated by loan grade and class, as of December 31, 2014: Grades Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 41,431 $ 424 $ 1,378 $ — $ — $ 43,233 Farmland 23,993 708 1,762 — — 26,463 1-4 Family Mortgages 86,969 5,351 11,850 — — 104,170 Commercial Real Estate 126,881 13,558 11,307 — — 151,746 Total Real Estate Loans 279,274 20,041 26,297 — — 325,612 Business Loans: Commercial and Industrial Loans 37,890 232 211 — — 38,333 Farm Production and other Farm Loans 1,035 0 — — — 1,035 Total Business Loans 38,925 232 211 — — 39,368 Consumer Loans: Credit Cards 1,069 — 6 — — 1,075 Other Consumer Loans 24,889 177 358 16 — 25,440 Total Consumer Loans 25,958 177 364 16 — 26,515 Total Loans $ 344,157 $ 20,450 $ 26,872 $ 16 $ — $ 391,495 The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The allowance on the majority of the loan portfolio is calculated using a historical chargeoff percentage applied to the current loan balances by loan segment. This historical period is the average of the previous twenty quarters with the most current quarters weighted more heavily to show the effect of the most recent chargeoff activity. This percentage is also adjusted for economic factors such as local unemployment and general business conditions, both local and nationwide. The group of loans that are considered to be impaired are individually evaluated for possible loss and a specific reserve is established to cover any loss contingency. Loans that are determined to be a loss with no benefit of remaining in the portfolio are charged off to the allowance. These specific reserves are reviewed periodically for continued impairment and adequacy of the specific reserve and adjusted when necessary. The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2015: September 30, 2015 Real Business Consumer Total Beginning Balance, January 1, 2015 $ 5,202,151 $ 873,815 $ 466,360 $ 6,542,326 Provision for possible loan losses 338,668 (81,216 ) 150,246 407,698 Chargeoffs 152,503 — 111,897 264,400 Recoveries 67,843 11,545 63,770 143,158 Net Chargeoffs 84,660 (11,545 ) 48,127 121,242 Ending Balance $ 5,456,159 $ 804,144 $ 568,479 $ 6,828,782 Period end allowance allocated to: Loans individually evaluated for impairment $ 2,767,962 $ 25,000 $ — $ 2,792,962 Loans collectively evaluated for impairment 2,688,197 779,144 568,479 4,035,820 Ending Balance, September 30, 2015 $ 5,456,159 $ 804,144 $ 568,479 $ 6,828,782 The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2014: September 30, 2014 Real Business Consumer Total Beginning Balance, January 1, 2014 $ 4,705,753 $ 2,767,409 $ 604,337 $ 8,077,499 Provision for possible loan losses 69,710 736,437 (28,217 ) 777,930 Chargeoffs 181,146 2,050,939 102,672 2,334,757 Recoveries 145,004 9,099 52,719 206,822 Net Chargeoffs 36,142 2,041,840 49,953 2,127,935 Ending Balance, September 30, 2014 $ 4,739,321 $ 1,462,006 $ 526,167 $ 6,727,494 Period end allowance allocated to: Loans individually evaluated for impairment $ 1,785,019 $ 40,619 $ — $ 1,825,638 Loans collectively evaluated for impairment 2,954,302 1,421,387 526,167 4,901,856 Ending Balance, September 30, 2014 $ 4,739,321 $ 1,462,006 $ 526,167 $ 6,727,494 The Corporation’s recorded investment in loans as of September 30, 2015 and December 31, 2014 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Corporation’s impairment methodology was as follows (in thousands): September 30, 2015 Real Business Consumer Total Loans individually evaluated for specific impairment $ 16,189 $ 89 $ 49 $ 16,327 Loans collectively evaluated for general impairment 335,579 54,707 26,000 416,286 $ 351,768 $ 54,796 $ 26,049 $ 432,613 December 31, 2014 Real Business Consumer Total Loans individually evaluated for specific impairment $ 12,888 $ 70 $ 121 $ 13,079 Loans collectively evaluated for general impairment 312,724 39,298 26,394 378,416 $ 325,612 $ 39,368 $ 26,515 $ 391,495 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 8. Fair Value of Financial Instruments The fair value topic of the ASC establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. This topic clarifies that fair value 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. This topic also requires disclosure about how fair value was determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows: Level 1 Quoted prices in active markets for identical assets or liabilities; Level 2 Quoted prices in active markets for similar assets and liabilities and inputs that are observable for the asset or liability; or Level 3 Unobservable inputs, such as discounted cash flow models or valuations. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2015: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U. S. Government Agencies $ — $ 67,101,198 $ — $ 67,101,198 Mortgage-backed securities — 90,969,134 — 90,969,134 State, county and municipal obligations — 88,146,991 — 88,146,991 Other investments — — 2,897,736 2,897,736 Total $ — $ 246,217,323 $ 2,897,736 $ 249,115,059 The following table presents assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U. S. Government Agencies $ — $ 75,961,075 $ — $ 75,961,075 Mortgage-backed securities — 13,326,834 — 13,326,834 State, county and municipal obligations — 87,584,498 — 87,584,498 Other investments — — 2,872,723 2,872,723 Total $ — $ 176,872,407 $ 2,872,723 $ 179,745,130 The following table reports the activity for 2015 in assets measured at fair value on a recurring basis using significant unobservable inputs. Fair Value Measurements Using Structured Financial Product Balance at January 1, 2015 $ 2,872,723 Principal payments received (60,246 ) Unrealized gains included in other comprehensive income 85,259 Balance at September 30, 2015 $ 2,897,736 The Corporation recorded no gains or losses in earnings for the period that were attributable to the change in unrealized gains or losses relating to assets still held at the reporting date. For assets measured at fair value on a nonrecurring basis during 2015 that were still held in the balance sheet at September 30, 2015, the following table provides the hierarchy level and the fair value of the related assets: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 4,504,455 $ 4,504,455 Other real estate owned — — 429,052 429,052 Total $ — $ — $ 4,933,507 $ 4,933,507 For assets measured at fair value on a nonrecurring basis during 2014 that were still held in the balance sheet at December 31, 2014, the following table provides the hierarchy level and the fair value of the related assets: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 8,782,923 $ 8,782,923 Other real estate owned — — 645,468 645,468 Total $ — $ — $ 9,428,391 $ 9,428,391 Impaired loans with a carrying value of $12,495,636 and $10,243,082 had an allocated allowance for loan losses of $2,830,978 and $2,024,754 at September 30, 2015 and December 31, 2014, respectively. The allocated allowance is based on the carrying value of the impaired loan and the fair value of the underlying collateral less estimated costs to sell. Other real estate owned (“OREO”) acquired during the nine-month period ended September 30, 2015, and recorded at fair value, less costs to sell, was $681,314, of which $252,262 was acquired and sold during this period. There were no writedowns during the period on properties owned. OREO acquired during 2014 and recorded at fair value, less costs to sell, was $2,874,173. Additional writedowns during 2014 on OREO acquired in previous years was $694,207. The financial instruments topic of the ASC requires disclosure of financial instruments’ fair values, as well as the methodology and significant assumptions used in estimating fair values. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The financial instruments topic of the ASC excludes certain financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Corporation and may not be indicative of amounts that might ultimately be realized upon disposition or settlement of those assets and liabilities. The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at September 30, 2015, and December 31, 2014: September 30, 2015 Carrying Quoted Prices Significant Significant Total (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 20,349,539 $ 20,349,539 $ — $ — $ 20,349,539 Interest bearing deposits with banks 1,074,513 1,074,513 — — 1,074,513 Securities held-to-maturity 198,841,442 208,690,888 208,690,888 Securities available-for-sale 249,115,059 — 246,217,323 2,897,736 249,115,059 Net loans 425,116,389 — — 427,298,527 427,298,527 Financial liabilities Deposits $ 748,641,512 $ 534,755,433 $ — $ 214,023,200 $ 748,778,633 Federal Home Loan Bank advances 20,000,000 — — 20,753,304 20,753,304 Securities Sold under Agreement to Repurchase 89,570,169 89,570,169 — — 89,570,169 December 31, 2014 Carrying Quoted Prices Significant Significant Total (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 22,405,730 $ 22,405,730 $ — $ — $ 22,405,730 Interest bearing deposits with banks 61,481,223 61,481,223 — — 61,481,223 Securities available-for-sale 179,745,130 — 176,872,407 2,872,723 179,745,130 Securities held-to-maturity 206,817,168 — 216,745,438 — 216,745,438 Net loans 384,417,508 — — 386,206,117 386,206,117 Financial liabilities Deposits $ 696,093,894 $ 474,551,535 $ — $ 221,685,000 $ 696,236,535 Federal Home Loan Bank advances 20,000,000 — — 20,804,047 20,804,047 Securities Sold under Agreement to Repurchase 114,426,770 114,426,770 — — 114,426,770 The fair value estimates, methods and assumptions used by the Corporation in estimating its fair value disclosures for financial statements were as follows: Cash and Due from Banks and Interest Bearing Deposits with Banks The carrying amounts reported in the balance sheet for these instruments approximate fair value because of their immediate and shorter-term maturities, which are considered to be three months or less when purchased. Securities Held-to-Maturity Securities held-to-maturity consists of debt securities such as obligations of states and other political subdivisions. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Securities Available-for-Sale Fair values for investment securities are based on quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments (Level 2). When neither quoted prices nor comparable instruments are available, unobservable inputs are needed to form an expected future cash flow analysis to establish fair values (Level 3). The Corporation owns certain beneficial interests in one collateralized debt obligation secured by community bank trust preferred securities. These interests do not trade in a liquid market, and therefore, market quotes are not a reliable indicator of their ultimate realizability. The Corporation utilizes a discounted cash flow model using inputs of (1) market yields of trust-preferred securities as the discount rate and (2) expected cash flows which are estimated using assumptions related to defaults, deferrals and prepayments to determine the fair values of these beneficial interests. Many of the factors that adjust the timing and extent of cash flows are based on judgment and not directly observable in the markets. Therefore, these fair values are classified as Level 3 valuations for accounting and disclosure purposes. Since observable transactions in these securities are extremely rare, the Corporation uses assumptions that a market participant would use in valuing these instruments. These assumptions primarily include cash flow estimates and market discount rates. The cash flow estimates are sensitive to the assumptions related to the ability of the issuers to pay the underlying trust preferred securities according to their terms. The market discount rates depend on transactions, which are rare given the lack of interest of investors in these types of beneficial interests. Net Loans For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans (i.e., commercial real estate and rental property mortgage loans, commercial and industrial loans, financial institution loans, and agricultural loans) are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Deposits The fair values for demand deposits, NOW and money market accounts and savings accounts are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts for variable-rate, fixed-term money market accounts and time deposits approximate their fair values at the reporting date. Fair values for fixed-rate time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Federal Home Loan Bank (“FHLB”) Borrowings The fair value of FHLB advances is based on a discounted cash flow analysis. Securities Sold Under Agreement to Repurchase Due to the short term nature of these instruments, which is generally three months or less, the carrying amount is equal to the fair value. Off-Balance Sheet Instruments The fair value of commitments to extend credit and letters of credit are estimated using fees currently charged to enter into similar agreements. The fees associated with these financial instruments are not material. |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Net income per share was computed as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Basic weighted average shares outstanding 4,877,614 4,870,114 4,872,092 4,870,114 Dilutive effect of granted options 1,170 605 904 550 Diluted weighted average shares outstanding 4,878,784 4,870,719 4,872,996 4,870,664 Net income $ 1,836,461 $ 1,898,220 $ 5,258,594 $ 5,787,892 Net income per share-basic $ 0.38 $ 0.39 $ 1.08 $ 1.19 Net income per share-diluted $ 0.38 $ 0.39 $ 1.08 $ 1.19 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table is a summary of the stock option activity for the nine months ended September 30, 2015. Directors’ Plan Employees’ Plan 2013 Plan Number Weighted Number Weighted Number Weighted Outstanding at December 31, 2014 96,000 $ 21.23 46,500 $ 22.14 — $ — Granted — — — — — — Exercised — — (1,500 ) 18.00 — — Expired (9,000 ) 20.00 (22,000 ) 21.05 — — Outstanding at September 30, 2015 87,000 $ 21.36 23,000 $ 23.46 — $ — |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale | The amortized cost and estimated fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows: September 30, 2015 Amortized Gross Gross Estimated Securities available-for-sale Obligations of U.S. Government agencies $ 68,004,770 $ 6,550 $ 910,122 $ 67,101,198 Mortgage backed securities 91,098,133 561,645 690,644 90,969,134 State, County, Municipals 86,482,999 2,310,546 646,554 88,146,991 Other investments 2,944,299 — 46,563 2,897,736 Total $ 248,530,201 $ 2,878,741 $ 2,293,883 $ 249,115,059 December 31, 2014 Amortized Gross Gross Estimated Securities available-for-sale Obligations of U.S. Government agencies $ 77,996,980 $ — $ 2,035,905 $ 75,961,075 Mortgage backed securities 12,501,990 824,844 — 13,326,834 State, County, Municipals 84,896,091 3,048,489 360,082 87,584,498 Other investments 2,997,401 — 124,678 2,872,723 Total $ 178,392,462 $ 3,873,333 $ 2,520,665 $ 179,745,130 |
Amortized Cost and Estimated Fair Value of Securities Held-to-Maturity | The amortized cost and estimated fair value of securities held-to-maturity and the corresponding amounts of gross unrecognized gains and losses were as follows: September 30, 2015 Amortized Gross Gross Estimated Securities held-to-maturity Obligations of U.S. Government agencies $ 198,841,442 $ 9,849,446 $ — $ 208,690,888 Total $ 198,841,442 $ 9,849,446 $ — $ 208,690,888 December 31, 2014 Amortized Gross Gross Estimated Securities held-to-maturity Obligations of U.S. Government agencies $ 206,817,169 $ 9,928,269 $ — $ 216,745,438 Total $ 206,817,169 $ 9,928,269 $ — $ 216,745,438 |
Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2015 and December 31, 2014 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations. September 30, 2015 December 31, 2014 Amortized Estimated Amortized Estimated Available-for-sale Due in one year or less $ 5,051,473 $ 5,083,634 $ 3,619,965 $ 3,644,097 Due after one year through five years 14,695,697 15,152,756 11,886,005 12,165,884 Due after five years through ten years 76,477,244 76,599,942 73,014,502 72,750,584 Due after ten years 152,305,786 152,278,727 89,871,990 91,184,565 Total $ 248,530,200 $ 249,115,059 $ 178,392,462 $ 179,745,130 Held-to-maturity Due after five years through ten years $ 36,985,730 $ 38,711,680 $ 27,599,235 $ 28,395,635 Due after ten years 161,855,712 169,979,208 179,217,934 188,349,803 Total $ 198,841,442 $ 208,690,888 $ 206,817,169 $ 216,745,438 |
Summary of Unrealized Loss Information for Available-for-sale Securities | A summary of unrealized loss information for securities available-for-sale, categorized by security type follows (in thousands): September 30, 2015 Less than 12 months 12 months or more Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized Obligations of U. S. Government agencies $ 15,460 $ 36 $ 46,635 $ 874 $ 62,095 $ 910 Mortgage backed securities 70,391 691 — — 70,391 691 State, County, Municipal 15,851 273 12,452 373 28,303 646 Other investments — — 2,898 47 2,898 47 Total $ 101,702 $ 1,000 $ 61,985 $ 1,294 $ 163,687 $ 2,294 December 31, 2014 Less than 12 months 12 months or more Total Description of Securities Fair Unrealized Fair Unrealized Fair Unrealized Obligations of U. S. Government agencies $ — $ — $ 75,961 $ 2,036 $ 75,961 $ 2,036 Mortgage backed securities — — — — — — State, County, Municipal 697 3 14,980 357 15,677 360 Other investments — — 2,873 125 2,873 125 Total $ 697 $ 3 $ 93,814 $ 2,518 $ 94,511 $ 2,521 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Composition of Net Loans | The composition of net loans (in thousands) at September 30, 2015 and December 31, 2014 is as follows: September 30, 2015 December 31, 2014 Real Estate: Land Development and Construction $ 47,777 $ 43,233 Farmland 23,539 26,463 1-4 Family Mortgages 105,486 104,170 Commercial Real Estate 174,966 151,746 Total Real Estate Loans 351,768 325,612 Business Loans: Commercial and Industrial Loans 53,801 38,333 Farm Production and Other Farm Loans 995 1,035 Total Business Loans 54,796 39,368 Consumer Loans: Credit Cards 1,021 1,075 Other Consumer Loans 25,028 25,440 Total Consumer Loans 26,049 26,515 Total Gross Loans 432,613 391,495 Unearned income (668 ) (535 ) Allowance for loan losses (6,829 ) (6,542 ) Loans, net $ 425,116 $ 384,418 |
Period-End Non-Accrual Loans, Segregated by Class of Loans | Period-end, non-accrual loans (in thousands), segregated by class, were as follows: September 30, 2015 December 31, 2014 Real Estate: Land Development and Construction $ 80 $ 92 Farmland 166 222 1-4 Family Mortgages 2,640 1,905 Commercial Real Estate 12,138 9,444 Total Real Estate Loans 15,024 11,663 Business Loans: Commercial and Industrial Loans 89 70 Total Business Loans 89 70 Consumer Loans: Other Consumer Loans 48 133 Total Consumer Loans 48 133 Total Non-Accrual Loans $ 15,161 $ 11,854 |
Aging Analysis of Past Due Loans, Segregated by Class | An aging analysis of past due loans (in thousands), segregated by class, as of September 30, 2015, was as follows: Loans 30-89 Days Loans Total Past Current Total Accruing Real Estate: Land Development and Construction $ 424 $ — $ 424 $ 47,353 $ 47,777 $ — Farmland 345 25 370 23,169 23,539 25 1-4 Family Mortgages 5,149 848 5,997 99,489 105,486 48 Commercial Real Estate 6,754 4,153 10,907 164,059 174,966 — Total Real Estate Loans 12,672 5,026 17,698 334,070 351,768 73 Business Loans: Commercial and Industrial Loans 166 79 245 53,556 53,801 50 Farm Production and Other Farm Loans 6 — 6 989 995 — Total Business Loans 172 79 251 54,545 54,796 50 Consumer Loans: Credit Cards 11 2 13 1,008 1,021 2 Other Consumer Loans 1,071 7 1,078 23,950 25,028 7 Total Consumer Loans 1,082 9 1,091 24,958 26,049 9 Total Loans $ 13,926 $ 5,114 $ 19,040 $ 413,573 $ 432,613 $ 132 An aging analysis of past due loans (in thousands), segregated by class, as of December 31, 2014 was as follows: Loans 30-89 Days Loans Total Past Current Total Accruing Real Estate: Land Development and Construction $ 578 $ — $ 578 $ 42,655 $ 43,233 $ — Farmland 889 17 906 25,557 26,463 — 1-4 Family Mortgages 4,606 837 5,443 98,727 104,170 131 Commercial Real Estate 2,211 4,471 6,682 145,064 151,746 724 Total Real Estate Loans 8,284 5,325 13,609 312,003 325,612 855 Business Loans: Commercial and Industrial Loans 115 3 118 38,215 38,333 3 Farm Production and other Farm Loans 22 — 22 1,013 1,035 — Total Business Loans 137 3 140 39,228 39,368 3 Consumer Loans: Credit Cards 27 6 33 1,042 1,075 6 Other Consumer Loans 1,179 53 1,232 24,208 25,440 16 Total Consumer Loans 1,206 59 1,265 25,250 26,515 22 Total Loans $ 9,627 $ 5,387 $ 15,014 $ 376,481 $ 391,495 $ 880 |
Impaired Loans, Segregated by Class of Loans | Impaired loans (in thousands) as of September 30, 2015 and December 31, 2014, segregated by class, are as follows: September 30, 2015 Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ 80 $ — $ 80 $ 80 $ 80 $ 81 Farmland 687 74 613 687 54 715 1-4 Family Mortgages 3,284 1,839 1,445 3,284 233 3,097 Commercial Real Estate 12,138 1,808 10,330 12,138 2,401 11,064 Total Real Estate Loans 16,189 3,721 12,468 16,189 2,768 14,957 Business Loans: Commercial and Industrial Loans 89 61 28 89 25 112 Total Business Loans 89 61 28 89 25 112 Consumer Loans: Other Consumer Loans 49 49 — 49 — 61 Total Consumer Loans 49 49 — 49 — 61 Total Loans $ 16,327 $ 3,831 $ 12,496 $ 16,327 $ 2,793 $ 15,130 December 31, 2014 Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ 92 $ — $ 92 $ 92 $ 92 $ 114 Farmland 798 104 694 798 108 575 1-4 Family Mortgages 2,554 1,685 869 2,554 143 2,210 Commercial Real Estate 9,444 896 8,548 9,444 1,642 9,169 Total Real Estate Loans 12,888 2,685 10,203 12,888 1,985 12,068 Business Loans: Commercial and Industrial Loans 70 30 40 70 40 1,147 Total Business Loans 70 30 40 70 40 1,147 Consumer Loans: Other Consumer Loans 121 121 — 121 — 120 Total Consumer Loans 121 121 — 121 — 120 Total Loans $ 13,079 $ 2,836 $ 10,243 $ 13,079 $ 2,025 $ 13,335 |
Troubled Debt Restructurings Segregated by Class | The following table presents troubled debt restructurings (in thousands, except for number of loans), segregated by class: September 30, 2015 Number of Pre-Modification Post-Modification Commercial real estate 4 $ 6,850 $ 4,460 Total 4 $ 6,850 $ 4,460 December 31, 2014 Number of Pre-Modification Post-Modification Commercial real estate 4 $ 6,850 $ 4,741 Total 4 $ 6,850 $ 4,741 |
Changes in Troubled Debt Restructurings | Changes in the Corporation’s troubled debt restructurings (in thousands, except for number of loans) are set forth in the table below: Number Recorded Totals at January 1, 2015 4 $ 4,741 Reductions due to: Principal paydowns (281 ) Total at September 30, 2015 4 $ 4,460 |
Detailed Amount of Gross Loans Segregated by Loan Grade and Class | The following table details the amount of gross loans (in thousands), segregated by loan grade and class, as of September 30, 2015: Grades Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 46,066 $ 266 $ 1,445 $ — $ — $ 47,777 Farmland 21,341 856 1,342 — — 23,539 1-4 Family Mortgages 89,158 4,601 11,727 — — 105,486 Commercial Real Estate 150,601 11,185 13,180 — — 174,966 Total Real Estate Loans 307,166 16,908 27,694 — — 351,768 Business Loans: Commercial and Industrial Loans 53,255 397 149 — — 53,801 Farm Production and Other Farm Loans 995 — — — — 995 Total Business Loans 54,250 397 149 — — 54,796 Consumer Loans: Credit Cards 1,019 — 2 — — 1,021 Other Consumer Loans 24,714 114 192 8 — 25,028 Total Consumer Loans 25,733 114 194 8 — 26,049 Total Loans $ 387,149 $ 17,419 $ 28,037 $ 8 $ — $ 432,613 The following table details the amount of gross loans (in thousands) segregated by loan grade and class, as of December 31, 2014: Grades Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 41,431 $ 424 $ 1,378 $ — $ — $ 43,233 Farmland 23,993 708 1,762 — — 26,463 1-4 Family Mortgages 86,969 5,351 11,850 — — 104,170 Commercial Real Estate 126,881 13,558 11,307 — — 151,746 Total Real Estate Loans 279,274 20,041 26,297 — — 325,612 Business Loans: Commercial and Industrial Loans 37,890 232 211 — — 38,333 Farm Production and other Farm Loans 1,035 0 — — — 1,035 Total Business Loans 38,925 232 211 — — 39,368 Consumer Loans: Credit Cards 1,069 — 6 — — 1,075 Other Consumer Loans 24,889 177 358 16 — 25,440 Total Consumer Loans 25,958 177 364 16 — 26,515 Total Loans $ 344,157 $ 20,450 $ 26,872 $ 16 $ — $ 391,495 |
Detailed Activity in Allowance for Possible Loan Losses by Portfolio Segment | The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2015: September 30, 2015 Real Business Consumer Total Beginning Balance, January 1, 2015 $ 5,202,151 $ 873,815 $ 466,360 $ 6,542,326 Provision for possible loan losses 338,668 (81,216 ) 150,246 407,698 Chargeoffs 152,503 — 111,897 264,400 Recoveries 67,843 11,545 63,770 143,158 Net Chargeoffs 84,660 (11,545 ) 48,127 121,242 Ending Balance $ 5,456,159 $ 804,144 $ 568,479 $ 6,828,782 Period end allowance allocated to: Loans individually evaluated for impairment $ 2,767,962 $ 25,000 $ — $ 2,792,962 Loans collectively evaluated for impairment 2,688,197 779,144 568,479 4,035,820 Ending Balance, September 30, 2015 $ 5,456,159 $ 804,144 $ 568,479 $ 6,828,782 The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2014: September 30, 2014 Real Business Consumer Total Beginning Balance, January 1, 2014 $ 4,705,753 $ 2,767,409 $ 604,337 $ 8,077,499 Provision for possible loan losses 69,710 736,437 (28,217 ) 777,930 Chargeoffs 181,146 2,050,939 102,672 2,334,757 Recoveries 145,004 9,099 52,719 206,822 Net Chargeoffs 36,142 2,041,840 49,953 2,127,935 Ending Balance, September 30, 2014 $ 4,739,321 $ 1,462,006 $ 526,167 $ 6,727,494 Period end allowance allocated to: Loans individually evaluated for impairment $ 1,785,019 $ 40,619 $ — $ 1,825,638 Loans collectively evaluated for impairment 2,954,302 1,421,387 526,167 4,901,856 Ending Balance, September 30, 2014 $ 4,739,321 $ 1,462,006 $ 526,167 $ 6,727,494 |
Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment | The Corporation’s recorded investment in loans as of September 30, 2015 and December 31, 2014 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Corporation’s impairment methodology was as follows (in thousands): September 30, 2015 Real Business Consumer Total Loans individually evaluated for specific impairment $ 16,189 $ 89 $ 49 $ 16,327 Loans collectively evaluated for general impairment 335,579 54,707 26,000 416,286 $ 351,768 $ 54,796 $ 26,049 $ 432,613 December 31, 2014 Real Business Consumer Total Loans individually evaluated for specific impairment $ 12,888 $ 70 $ 121 $ 13,079 Loans collectively evaluated for general impairment 312,724 39,298 26,394 378,416 $ 325,612 $ 39,368 $ 26,515 $ 391,495 |
Fair Value of Financial Instr19
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2015: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U. S. Government Agencies $ — $ 67,101,198 $ — $ 67,101,198 Mortgage-backed securities — 90,969,134 — 90,969,134 State, county and municipal obligations — 88,146,991 — 88,146,991 Other investments — — 2,897,736 2,897,736 Total $ — $ 246,217,323 $ 2,897,736 $ 249,115,059 The following table presents assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U. S. Government Agencies $ — $ 75,961,075 $ — $ 75,961,075 Mortgage-backed securities — 13,326,834 — 13,326,834 State, county and municipal obligations — 87,584,498 — 87,584,498 Other investments — — 2,872,723 2,872,723 Total $ — $ 176,872,407 $ 2,872,723 $ 179,745,130 |
Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table reports the activity for 2015 in assets measured at fair value on a recurring basis using significant unobservable inputs. Fair Value Measurements Using Structured Financial Product Balance at January 1, 2015 $ 2,872,723 Principal payments received (60,246 ) Unrealized gains included in other comprehensive income 85,259 Balance at September 30, 2015 $ 2,897,736 |
Asset Measured at Fair Value on Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis during 2015 that were still held in the balance sheet at September 30, 2015, the following table provides the hierarchy level and the fair value of the related assets: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 4,504,455 $ 4,504,455 Other real estate owned — — 429,052 429,052 Total $ — $ — $ 4,933,507 $ 4,933,507 For assets measured at fair value on a nonrecurring basis during 2014 that were still held in the balance sheet at December 31, 2014, the following table provides the hierarchy level and the fair value of the related assets: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 8,782,923 $ 8,782,923 Other real estate owned — — 645,468 645,468 Total $ — $ — $ 9,428,391 $ 9,428,391 |
Carrying Value and Estimated Fair Value of Financial Instruments | The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at September 30, 2015, and December 31, 2014: September 30, 2015 Carrying Quoted Prices Significant Significant Total (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 20,349,539 $ 20,349,539 $ — $ — $ 20,349,539 Interest bearing deposits with banks 1,074,513 1,074,513 — — 1,074,513 Securities held-to-maturity 198,841,442 208,690,888 208,690,888 Securities available-for-sale 249,115,059 — 246,217,323 2,897,736 249,115,059 Net loans 425,116,389 — — 427,298,527 427,298,527 Financial liabilities Deposits $ 748,641,512 $ 534,755,433 $ — $ 214,023,200 $ 748,778,633 Federal Home Loan Bank advances 20,000,000 — — 20,753,304 20,753,304 Securities Sold under Agreement to Repurchase 89,570,169 89,570,169 — — 89,570,169 December 31, 2014 Carrying Quoted Prices Significant Significant Total (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 22,405,730 $ 22,405,730 $ — $ — $ 22,405,730 Interest bearing deposits with banks 61,481,223 61,481,223 — — 61,481,223 Securities available-for-sale 179,745,130 — 176,872,407 2,872,723 179,745,130 Securities held-to-maturity 206,817,168 — 216,745,438 — 216,745,438 Net loans 384,417,508 — — 386,206,117 386,206,117 Financial liabilities Deposits $ 696,093,894 $ 474,551,535 $ — $ 221,685,000 $ 696,236,535 Federal Home Loan Bank advances 20,000,000 — — 20,804,047 20,804,047 Securities Sold under Agreement to Repurchase 114,426,770 114,426,770 — — 114,426,770 |
Commitments and Contingent Li20
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 53,873,059 | $ 50,242,705 |
Letters of credit outstanding | $ 2,860,480 | $ 2,855,480 |
Net Income per Share - Earnings
Net Income per Share - Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average shares outstanding | 4,877,614 | 4,870,114 | 4,872,092 | 4,870,114 |
Dilutive effect of granted options | 1,170 | 605 | 904 | 550 |
Diluted weighted average shares outstanding | 4,878,784 | 4,870,719 | 4,872,996 | 4,870,664 |
Net income | $ 1,836,461 | $ 1,898,220 | $ 5,258,594 | $ 5,787,892 |
Net income per share-basic | $ 0.38 | $ 0.39 | $ 1.08 | $ 1.19 |
Net income per share-diluted | $ 0.38 | $ 0.39 | $ 1.08 | $ 1.19 |
Equity Compensation Plans - Sum
Equity Compensation Plans - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Directors Stock Option Plan [Member] | |
Number of Shares | |
Beginning Balance | 96,000 |
Granted | 0 |
Expired | (9,000) |
Ending Balance | 87,000 |
Weighted Average Exercise Price | |
Beginning Balance | $ / shares | $ 21.23 |
Granted | $ / shares | 0 |
Expired | $ / shares | 20 |
Ending Balance | $ / shares | $ 21.36 |
Employee Stock Option Plan [Member] | |
Number of Shares | |
Beginning Balance | 46,500 |
Granted | 0 |
Exercised | (1,500) |
Expired | (22,000) |
Ending Balance | 23,000 |
Weighted Average Exercise Price | |
Beginning Balance | $ / shares | $ 22.14 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 18 |
Expired | $ / shares | 21.05 |
Ending Balance | $ / shares | $ 23.46 |
2013 Plan [Member] | |
Number of Shares | |
Granted | 0 |
Weighted Average Exercise Price | |
Granted | $ / shares | $ 0 |
Equity Compensation Plans - Add
Equity Compensation Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2014 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options granted | $ 138,030 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants | 7,500 | 7,500 | |
Restricted stock vesting period | 1 year | 1 year | |
Restricted stock grant date fair value | $ 141,450 | $ 138,000 | |
Restricted stock cost | 11,788 | 11,500 | |
Restricted stock, deferred taxes | $ 4,397 | $ 4,290 | |
Directors Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options granted | 138,030 | ||
Employee Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options granted | 0 | ||
2013 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options granted | $ 0 | ||
Granted, shares | 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | Sep. 30, 2015USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefit | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 248,530,201 | $ 178,392,462 |
Gross Unrealized Gains | 2,878,741 | 3,873,333 |
Gross Unrealized Losses | 2,293,883 | 2,520,665 |
Estimated Fair Value | 249,115,059 | 179,745,130 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 68,004,770 | 77,996,980 |
Gross Unrealized Gains | 6,550 | |
Gross Unrealized Losses | 910,122 | 2,035,905 |
Estimated Fair Value | 67,101,198 | 75,961,075 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 91,098,133 | 12,501,990 |
Gross Unrealized Gains | 561,645 | 824,844 |
Gross Unrealized Losses | 690,644 | |
Estimated Fair Value | 90,969,134 | 13,326,834 |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 86,482,999 | 84,896,091 |
Gross Unrealized Gains | 2,310,546 | 3,048,489 |
Gross Unrealized Losses | 646,554 | 360,082 |
Estimated Fair Value | 88,146,991 | 87,584,498 |
Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,944,299 | 2,997,401 |
Gross Unrealized Losses | 46,563 | 124,678 |
Estimated Fair Value | $ 2,897,736 | $ 2,872,723 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Available for sale transferred to held to maturity, amortized cost | $ 222,322,423 | ||
Available for sale transferred to held to maturity, fair value | 205,260,985 | ||
Available for sale transferred to held to maturity, net unrealized loss | $ (17,061,438) | ||
Unamortized unrealized loss, before deferred taxes | $ 13,503,152 | $ 15,516,336 |
Securities - Amortized Cost a27
Securities - Amortized Cost and Estimated Fair Value of Securities Held-to-Maturity (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 198,841,442 | $ 206,817,169 |
Gross Unrealized Gains | 9,849,446 | 9,928,269 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 208,690,888 | 216,745,438 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 198,841,442 | 206,817,169 |
Gross Unrealized Gains | 9,849,446 | 9,928,269 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 208,690,888 | $ 216,745,438 |
Securities - Amortized Cost a28
Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 5,051,473 | $ 3,619,965 |
Due after one year through five years | 14,695,697 | 11,886,005 |
Due after five years through ten years | 76,477,244 | 73,014,502 |
Due after ten years | 152,305,786 | 89,871,990 |
Total Amortized Cost | 248,530,200 | 178,392,462 |
Held-to-maturity, Amortized Cost | ||
Due after five years through ten years | 36,985,730 | 27,599,235 |
Due after ten years | 161,855,712 | 179,217,934 |
Total Amortized Cost | 198,841,442 | 206,817,169 |
Available-for-sale, Estimated Fair Value | ||
Due in one year or less | 5,083,634 | 3,644,097 |
Due after one year through five years | 15,152,756 | 12,165,884 |
Due after five years through ten years | 76,599,942 | 72,750,584 |
Due after ten years | 152,278,727 | 91,184,565 |
Total Fair Value | 249,115,059 | 179,745,130 |
Held-to-maturity, Estimated Fair Value | ||
Due after five years through ten years | 38,711,680 | 28,395,635 |
Due after ten years | 169,979,208 | 188,349,803 |
Total Fair Value | $ 208,690,888 | $ 216,745,438 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Loss Information for Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | $ 101,702 | $ 697 |
Less than 12 months Unrealized Losses | 1,000 | 3 |
12 months or more Fair Value | 61,985 | 93,814 |
12 months or more Unrealized Losses | 1,294 | 2,518 |
Total Fair Value | 163,687 | 94,511 |
Total Unrealized Losses | 2,294 | 2,521 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 15,460 | |
Less than 12 months Unrealized Losses | 36 | |
12 months or more Fair Value | 46,635 | 75,961 |
12 months or more Unrealized Losses | 874 | 2,036 |
Total Fair Value | 62,095 | 75,961 |
Total Unrealized Losses | 910 | 2,036 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 70,391 | |
Less than 12 months Unrealized Losses | 691 | |
Total Fair Value | 70,391 | |
Total Unrealized Losses | 691 | |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 15,851 | 697 |
Less than 12 months Unrealized Losses | 273 | 3 |
12 months or more Fair Value | 12,452 | 14,980 |
12 months or more Unrealized Losses | 373 | 357 |
Total Fair Value | 28,303 | 15,677 |
Total Unrealized Losses | 646 | 360 |
Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 months or more Fair Value | 2,898 | 2,873 |
12 months or more Unrealized Losses | 47 | 125 |
Total Fair Value | 2,898 | 2,873 |
Total Unrealized Losses | $ 47 | $ 125 |
Loans - Composition of Net Loan
Loans - Composition of Net Loans (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | $ 432,613,000 | $ 391,495,000 | ||
Unearned income | (668,000) | (535,000) | ||
Allowance for loan losses | (6,828,782) | (6,542,326) | $ (6,727,494) | $ (8,077,499) |
Loans, net | 425,116,389 | 384,417,508 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real estate loans | 351,768,000 | 325,612,000 | ||
Total Gross Loans | 351,768,000 | 325,612,000 | ||
Allowance for loan losses | (5,456,159) | (5,202,151) | (4,739,321) | (4,705,753) |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real estate loans | 47,777,000 | 43,233,000 | ||
Total Gross Loans | 47,777,000 | 43,233,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real estate loans | 23,539,000 | 26,463,000 | ||
Total Gross Loans | 23,539,000 | 26,463,000 | ||
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real estate loans | 105,486,000 | 104,170,000 | ||
Total Gross Loans | 105,486,000 | 104,170,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real estate loans | 174,966,000 | 151,746,000 | ||
Total Gross Loans | 174,966,000 | 151,746,000 | ||
Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 54,796,000 | 39,368,000 | ||
Total Gross Loans | 54,796,000 | 39,368,000 | ||
Allowance for loan losses | (804,144) | (873,815) | (1,462,006) | (2,767,409) |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 53,801,000 | 38,333,000 | ||
Total Gross Loans | 53,801,000 | 38,333,000 | ||
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 995,000 | 1,035,000 | ||
Total Gross Loans | 995,000 | 1,035,000 | ||
Consumer Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer loans | 26,049,000 | 26,515,000 | ||
Total Gross Loans | 26,049,000 | 26,515,000 | ||
Allowance for loan losses | (568,479) | (466,360) | $ (526,167) | $ (604,337) |
Consumer Portfolio Segment [Member] | Credit Card Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer loans | 1,021,000 | 1,075,000 | ||
Total Gross Loans | 1,021,000 | 1,075,000 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Consumer loans | 25,028,000 | 25,440,000 | ||
Total Gross Loans | $ 25,028,000 | $ 25,440,000 |
Loans - Period-End Non-Accrual
Loans - Period-End Non-Accrual Loans, Segregated by Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 15,161 | $ 11,854 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 15,024 | 11,663 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 80 | 92 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 166 | 222 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 2,640 | 1,905 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 12,138 | 9,444 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 89 | 70 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 89 | 70 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 48 | 133 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 48 | $ 133 |
Loans - Aging Analysis of Past
Loans - Aging Analysis of Past Due Loans, Segregated by Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | $ 13,926 | $ 9,627 |
Total Past Due Loans | 19,040 | 15,014 |
Current Loans | 413,573 | 376,481 |
Total Gross Loans | 432,613 | 391,495 |
Accruing Loans 90 or more Days Past Due | 132 | 880 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 12,672 | 8,284 |
Total Past Due Loans | 17,698 | 13,609 |
Current Loans | 334,070 | 312,003 |
Total Gross Loans | 351,768 | 325,612 |
Accruing Loans 90 or more Days Past Due | 73 | 855 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 424 | 578 |
Total Past Due Loans | 424 | 578 |
Current Loans | 47,353 | 42,655 |
Total Gross Loans | 47,777 | 43,233 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 345 | 889 |
Total Past Due Loans | 370 | 906 |
Current Loans | 23,169 | 25,557 |
Total Gross Loans | 23,539 | 26,463 |
Accruing Loans 90 or more Days Past Due | 25 | |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 5,149 | 4,606 |
Total Past Due Loans | 5,997 | 5,443 |
Current Loans | 99,489 | 98,727 |
Total Gross Loans | 105,486 | 104,170 |
Accruing Loans 90 or more Days Past Due | 48 | 131 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 6,754 | 2,211 |
Total Past Due Loans | 10,907 | 6,682 |
Current Loans | 164,059 | 145,064 |
Total Gross Loans | 174,966 | 151,746 |
Accruing Loans 90 or more Days Past Due | 724 | |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 172 | 137 |
Total Past Due Loans | 251 | 140 |
Current Loans | 54,545 | 39,228 |
Total Gross Loans | 54,796 | 39,368 |
Accruing Loans 90 or more Days Past Due | 50 | 3 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 166 | 115 |
Total Past Due Loans | 245 | 118 |
Current Loans | 53,556 | 38,215 |
Total Gross Loans | 53,801 | 38,333 |
Accruing Loans 90 or more Days Past Due | 50 | 3 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 6 | 22 |
Total Past Due Loans | 6 | 22 |
Current Loans | 989 | 1,013 |
Total Gross Loans | 995 | 1,035 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 1,082 | 1,206 |
Total Past Due Loans | 1,091 | 1,265 |
Current Loans | 24,958 | 25,250 |
Total Gross Loans | 26,049 | 26,515 |
Accruing Loans 90 or more Days Past Due | 9 | 22 |
Consumer Portfolio Segment [Member] | Credit Card Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 11 | 27 |
Total Past Due Loans | 13 | 33 |
Current Loans | 1,008 | 1,042 |
Total Gross Loans | 1,021 | 1,075 |
Accruing Loans 90 or more Days Past Due | 2 | 6 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 1,071 | 1,179 |
Total Past Due Loans | 1,078 | 1,232 |
Current Loans | 23,950 | 24,208 |
Total Gross Loans | 25,028 | 25,440 |
Accruing Loans 90 or more Days Past Due | 7 | 16 |
Loans 90 or more Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 5,114 | 5,387 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 5,026 | 5,325 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 25 | 17 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 848 | 837 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,153 | 4,471 |
Loans 90 or more Days Past Due [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 79 | 3 |
Loans 90 or more Days Past Due [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 79 | 3 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 9 | 59 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2 | 6 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 7 | $ 53 |
Loans - Impaired Loans, Segrega
Loans - Impaired Loans, Segregated by Class of Loans (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 16,327,000 | $ 13,079,000 |
Recorded Investment With No Allowance | 3,831,000 | 2,836,000 |
Recorded Investment With Allowance | 12,495,636 | 10,243,082 |
Total Recorded Investment | 16,327,000 | 13,079,000 |
Related Allowance | 2,792,962 | 2,024,754 |
Average Recorded Investment | 15,130,000 | 13,335,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 16,189,000 | 12,888,000 |
Recorded Investment With No Allowance | 3,721,000 | 2,685,000 |
Recorded Investment With Allowance | 12,468,000 | 10,203,000 |
Total Recorded Investment | 16,189,000 | 12,888,000 |
Related Allowance | 2,768,000 | 1,985,000 |
Average Recorded Investment | 14,957,000 | 12,068,000 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 92,000 | |
Recorded Investment With Allowance | 92,000 | |
Total Recorded Investment | 92,000 | |
Related Allowance | 92,000 | |
Average Recorded Investment | 114,000 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 798,000 | |
Recorded Investment With No Allowance | 104,000 | |
Recorded Investment With Allowance | 694,000 | |
Total Recorded Investment | 798,000 | |
Related Allowance | 108,000 | |
Average Recorded Investment | 575,000 | |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,554,000 | |
Recorded Investment With No Allowance | 1,685,000 | |
Recorded Investment With Allowance | 869,000 | |
Total Recorded Investment | 2,554,000 | |
Related Allowance | 143,000 | |
Average Recorded Investment | 2,210,000 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 9,444,000 | |
Recorded Investment With No Allowance | 896,000 | |
Recorded Investment With Allowance | 8,548,000 | |
Total Recorded Investment | 9,444,000 | |
Related Allowance | 1,642,000 | |
Average Recorded Investment | 9,169,000 | |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 80,000 | |
Recorded Investment With Allowance | 80,000 | |
Total Recorded Investment | 80,000 | |
Related Allowance | 80,000 | |
Average Recorded Investment | 81,000 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 687,000 | |
Recorded Investment With No Allowance | 74,000 | |
Recorded Investment With Allowance | 613,000 | |
Total Recorded Investment | 687,000 | |
Related Allowance | 54,000 | |
Average Recorded Investment | 715,000 | |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 3,284,000 | |
Recorded Investment With No Allowance | 1,839,000 | |
Recorded Investment With Allowance | 1,445,000 | |
Total Recorded Investment | 3,284,000 | |
Related Allowance | 233,000 | |
Average Recorded Investment | 3,097,000 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 12,138,000 | |
Recorded Investment With No Allowance | 1,808,000 | |
Recorded Investment With Allowance | 10,330,000 | |
Total Recorded Investment | 12,138,000 | |
Related Allowance | 2,401,000 | |
Average Recorded Investment | 11,064,000 | |
Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 89,000 | 70,000 |
Recorded Investment With No Allowance | 61,000 | 30,000 |
Recorded Investment With Allowance | 28,000 | 40,000 |
Total Recorded Investment | 89,000 | 70,000 |
Related Allowance | 25,000 | 40,000 |
Average Recorded Investment | 112,000 | 1,147,000 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 70,000 | |
Recorded Investment With No Allowance | 30,000 | |
Recorded Investment With Allowance | 40,000 | |
Total Recorded Investment | 70,000 | |
Related Allowance | 40,000 | |
Average Recorded Investment | 1,147,000 | |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 89,000 | |
Recorded Investment With No Allowance | 61,000 | |
Recorded Investment With Allowance | 28,000 | |
Total Recorded Investment | 89,000 | |
Related Allowance | 25,000 | |
Average Recorded Investment | 112,000 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 49,000 | 121,000 |
Recorded Investment With No Allowance | 49,000 | 121,000 |
Total Recorded Investment | 49,000 | 121,000 |
Average Recorded Investment | 61,000 | 120,000 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 121,000 | |
Recorded Investment With No Allowance | 121,000 | |
Total Recorded Investment | 121,000 | |
Average Recorded Investment | $ 120,000 | |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 49,000 | |
Recorded Investment With No Allowance | 49,000 | |
Total Recorded Investment | 49,000 | |
Average Recorded Investment | $ 61,000 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings Segregated by Class (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)Loan | Dec. 31, 2014USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 4 | 4 |
Post-Modification Outstanding Recorded Investment | $ 4,460 | $ 4,741 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 4 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 6,850 | $ 6,850 |
Post-Modification Outstanding Recorded Investment | $ 4,460 | $ 4,741 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 4 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 6,850 | $ 6,850 |
Post-Modification Outstanding Recorded Investment | $ 4,460 | $ 4,741 |
Loans - Changes in Troubled Deb
Loans - Changes in Troubled Debt Restructurings (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)Loan | Dec. 31, 2014USD ($)Loan | |
Receivables [Abstract] | ||
Number of Loans | Loan | 4 | 4 |
Principal paydowns, Recorded Investment | $ (281) | |
Post-Modification Outstanding Recorded Investment | $ 4,460 | $ 4,741 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Restructured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | $ 174,274 | $ 174,274 |
Loans - Detailed Amount of Gros
Loans - Detailed Amount of Gross Loans Segregated by Loan Grade and Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 432,613 | $ 391,495 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 351,768 | 325,612 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 47,777 | 43,233 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 23,539 | 26,463 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 105,486 | 104,170 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 174,966 | 151,746 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 54,796 | 39,368 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 53,801 | 38,333 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 995 | 1,035 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 26,049 | 26,515 |
Consumer Portfolio Segment [Member] | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,021 | 1,075 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 25,028 | 25,440 |
Satisfactory 1, 2, 3, 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 387,149 | 344,157 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 307,166 | 279,274 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 46,066 | 41,431 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 21,341 | 23,993 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 89,158 | 86,969 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 150,601 | 126,881 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 54,250 | 38,925 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 53,255 | 37,890 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 995 | 1,035 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 25,733 | 25,958 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,019 | 1,069 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 24,714 | 24,889 |
Special Mention 5,6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 17,419 | 20,450 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 16,908 | 20,041 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 266 | 424 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 856 | 708 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 4,601 | 5,351 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 11,185 | 13,558 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 397 | 232 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 397 | 232 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 114 | 177 |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 114 | 177 |
Substandard 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 28,037 | 26,872 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 27,694 | 26,297 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,445 | 1,378 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,342 | 1,762 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 11,727 | 11,850 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 13,180 | 11,307 |
Substandard 7 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 149 | 211 |
Substandard 7 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 149 | 211 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 194 | 364 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2 | 6 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 192 | 358 |
Doubtful 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 8 | 16 |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 8 | 16 |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 8 | $ 16 |
Loans - Detailed Activity in Al
Loans - Detailed Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | $ 6,542,326 | $ 8,077,499 | ||||
Provision for possible loan losses | $ 141,704 | $ 205,027 | 407,698 | 777,930 | ||
Chargeoffs | 264,400 | 2,334,757 | ||||
Recoveries | 143,158 | 206,822 | ||||
Net Chargeoffs | 121,242 | 2,127,935 | ||||
Ending Balance | 6,828,782 | 6,727,494 | 6,828,782 | 6,727,494 | ||
Loans individually evaluated for impairment | $ 2,792,962 | $ 1,825,638 | ||||
Loans collectively evaluated for impairment | 4,035,820 | 4,901,856 | ||||
Ending Balance | 6,828,782 | 6,727,494 | 6,828,782 | 6,727,494 | 6,828,782 | 6,727,494 |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 5,202,151 | 4,705,753 | ||||
Provision for possible loan losses | 338,668 | 69,710 | ||||
Chargeoffs | 152,503 | 181,146 | ||||
Recoveries | 67,843 | 145,004 | ||||
Net Chargeoffs | 84,660 | 36,142 | ||||
Ending Balance | 5,456,159 | 4,739,321 | 5,456,159 | 4,739,321 | ||
Loans individually evaluated for impairment | 2,767,962 | 1,785,019 | ||||
Loans collectively evaluated for impairment | 2,688,197 | 2,954,302 | ||||
Ending Balance | 5,456,159 | 4,739,321 | 5,456,159 | 4,739,321 | 5,456,159 | 4,739,321 |
Real Estate Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 873,815 | 2,767,409 | ||||
Provision for possible loan losses | (81,216) | 736,437 | ||||
Chargeoffs | 2,050,939 | |||||
Recoveries | 11,545 | 9,099 | ||||
Net Chargeoffs | (11,545) | 2,041,840 | ||||
Ending Balance | 804,144 | 1,462,006 | 804,144 | 1,462,006 | ||
Loans individually evaluated for impairment | 25,000 | 40,619 | ||||
Loans collectively evaluated for impairment | 779,144 | 1,421,387 | ||||
Ending Balance | 804,144 | 1,462,006 | 804,144 | 1,462,006 | 804,144 | 1,462,006 |
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 466,360 | 604,337 | ||||
Provision for possible loan losses | 150,246 | (28,217) | ||||
Chargeoffs | 111,897 | 102,672 | ||||
Recoveries | 63,770 | 52,719 | ||||
Net Chargeoffs | 48,127 | 49,953 | ||||
Ending Balance | 568,479 | 526,167 | 568,479 | 526,167 | ||
Loans collectively evaluated for impairment | 568,479 | 526,167 | ||||
Ending Balance | $ 568,479 | $ 526,167 | $ 568,479 | $ 526,167 | $ 568,479 | $ 526,167 |
Loans - Recorded Investment in
Loans - Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | $ 16,327 | $ 13,079 |
Loans collectively evaluated for general impairment | 416,286 | 378,416 |
Total Gross Loans | 432,613 | 391,495 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | 16,189 | 12,888 |
Loans collectively evaluated for general impairment | 335,579 | 312,724 |
Total Gross Loans | 351,768 | 325,612 |
Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | 89 | 70 |
Loans collectively evaluated for general impairment | 54,707 | 39,298 |
Total Gross Loans | 54,796 | 39,368 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | 49 | 121 |
Loans collectively evaluated for general impairment | 26,000 | 26,394 |
Total Gross Loans | $ 26,049 | $ 26,515 |
Fair Value of Financial Instr40
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 249,115,059 | $ 179,745,130 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 246,217,323 | 176,872,407 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,897,736 | 2,872,723 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 249,115,059 | 179,745,130 |
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 67,101,198 | 75,961,075 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 90,969,134 | 13,326,834 |
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 88,146,991 | 87,584,498 |
Fair Value, Measurements, Recurring [Member] | Other Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,897,736 | 2,872,723 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 246,217,323 | 176,872,407 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 67,101,198 | 75,961,075 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 90,969,134 | 13,326,834 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 88,146,991 | 87,584,498 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,897,736 | 2,872,723 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 2,897,736 | $ 2,872,723 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments - Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value Disclosures [Abstract] | |
Balance at January 1, 2015 | $ 2,872,723 |
Principal payments received | (60,246) |
Unrealized gains included in other comprehensive income | 85,259 |
Balance at September 30, 2015 | $ 2,897,736 |
Fair Value of Financial Instr42
Fair Value of Financial Instruments - Asset Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | $ 681,314 | $ 2,874,173 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | 4,933,507 | 9,428,391 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | 4,504,455 | 8,782,923 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | 429,052 | 645,468 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | 4,933,507 | 9,428,391 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | 4,504,455 | 8,782,923 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | $ 429,052 | $ 645,468 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value of an impaired loan | $ 12,495,636 | $ 10,243,082 |
Impaired loans, allowance for loan losses | 2,792,962 | 2,024,754 |
Other Real Estate Owned [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other real estate owned | 681,314 | 2,874,173 |
Other real estate owned ("OREO") acquired and sold during period | 252,262 | |
Additional write downs on OREO previously acquired | $ 0 | |
Real Estate Investment Property, at Cost | $ 694,207 |
Fair Value of Financial Instr44
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets | ||
Cash and due from banks | $ 20,349,539 | $ 22,405,730 |
Interest bearing deposits with banks | 1,074,513 | 61,481,223 |
Securities held-to-maturity | 208,690,888 | 216,745,438 |
Securities available-for-sale | 249,115,059 | 179,745,130 |
Net loans | 427,298,527 | 386,206,117 |
Financial liabilities | ||
Deposits | 748,778,633 | 696,236,535 |
Federal Home Loan Bank advances | 20,753,304 | 20,804,047 |
Securities Sold under Agreement to Repurchase | 89,570,169 | 114,426,770 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and due from banks | 20,349,539 | 22,405,730 |
Interest bearing deposits with banks | 1,074,513 | 61,481,223 |
Financial liabilities | ||
Deposits | 534,755,433 | 474,551,535 |
Securities Sold under Agreement to Repurchase | 89,570,169 | 114,426,770 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets | ||
Securities held-to-maturity | 208,690,888 | 216,745,438 |
Securities available-for-sale | 246,217,323 | 176,872,407 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Securities available-for-sale | 2,897,736 | 2,872,723 |
Net loans | 427,298,527 | 386,206,117 |
Financial liabilities | ||
Deposits | 214,023,200 | 221,685,000 |
Federal Home Loan Bank advances | 20,753,304 | 20,804,047 |
Carrying Value [Member] | ||
Financial assets | ||
Cash and due from banks | 20,349,539 | 22,405,730 |
Interest bearing deposits with banks | 1,074,513 | 61,481,223 |
Securities held-to-maturity | 198,841,442 | 206,817,168 |
Securities available-for-sale | 249,115,059 | 179,745,130 |
Net loans | 425,116,389 | 384,417,508 |
Financial liabilities | ||
Deposits | 748,641,512 | 696,093,894 |
Federal Home Loan Bank advances | 20,000,000 | 20,000,000 |
Securities Sold under Agreement to Repurchase | $ 89,570,169 | $ 114,426,770 |