Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 08, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 4,894,705 | ||
Entity Public Float | $ 115,500,424 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 17,962,990 | $ 21,688,557 |
Interest bearing deposits with other banks | 1,532,420 | 48,603,182 |
Securities available for sale, at fair value (amortized cost of $516,006,296 in 2017 and $513,220,290 in 2016) | 505,046,377 | 496,124,574 |
Loans, net of allowance for loan losses of $3,019,228 in 2017 and $3,902,796 in 2016 | 402,390,574 | 390,148,343 |
Bank premises, furniture, fixtures and equipment, net | 20,571,551 | 18,664,084 |
Other real estate owned, net | 3,980,127 | 4,443,010 |
Accrued interest receivable | 4,450,723 | 4,720,189 |
Cash surrender value of life insurance | 24,612,779 | 23,890,333 |
Deferred tax assets | 5,362,750 | 10,634,669 |
Other assets | 7,185,537 | 6,294,966 |
Total assets | 993,095,828 | 1,025,211,907 |
Deposits | ||
Non-interest bearing deposits | 159,291,356 | 149,512,941 |
Interest bearing deposits | 561,394,143 | 610,639,399 |
Total deposits | 720,685,499 | 760,152,340 |
Securities sold under agreement to repurchase | 142,497,938 | 150,282,913 |
Federal Funds Purchased | 1,500,000 | |
Federal Home Loan Bank advances | 30,000,000 | 20,000,000 |
Accrued interest payable | 198,183 | 199,368 |
Deferred compensation payable | 8,620,890 | 8,209,427 |
Other liabilities | 1,142,278 | 1,308,464 |
Total liabilities | 904,644,788 | 940,152,512 |
Stockholders' equity | ||
Common stock, $.20 par value, authorized 22,500,000 shares; 4,894,705 shares issued and outstanding at December 31, 2017 and 4,882,579 shares issued and outstanding at December 31, 2016 | 978,941 | 976,516 |
Additional paid-in capital | 4,103,139 | 3,802,204 |
Accumulated other comprehensive loss, net of tax benefit of ($2,734,500) in 2017 and ($6,376,702) in 2016 | (8,225,419) | (10,719,014) |
Retained earnings | 91,594,379 | 90,999,689 |
Total stockholders' equity | 88,451,040 | 85,059,395 |
Total liabilities and shareholders' equity | $ 993,095,828 | $ 1,025,211,907 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, at fair value, amortized cost | $ 516,006,296 | $ 513,220,290 |
Loans, allowance for loan losses | $ 3,019,228 | $ 3,902,796 |
Common stock, par value | $ 0.20 | $ 0.20 |
Common stock, shares authorized | 22,500,000 | 22,500,000 |
Common stock, shares issued | 4,894,705 | 4,882,579 |
Common stock, shares outstanding | 4,894,705 | 4,882,579 |
Accumulated other comprehensive loss, tax benefits | $ (2,734,500) | $ (6,376,702) |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income | |||
Interest and fees on loans | $ 18,733,676 | $ 19,012,157 | $ 20,040,315 |
Interest on securities | |||
Taxable | 8,178,526 | 7,589,532 | 8,026,808 |
Non-taxable | 3,319,234 | 3,382,064 | 2,802,915 |
Other interest | 273,379 | 185,188 | 94,721 |
Total interest income | 30,504,815 | 30,168,941 | 30,964,759 |
Interest expense | |||
Deposits | 1,921,904 | 1,843,983 | 1,843,717 |
Other borrowed funds | 1,420,635 | 1,253,574 | 1,233,162 |
Total interest expense | 3,342,539 | 3,097,557 | 3,076,879 |
Net interest income | 27,162,276 | 27,071,384 | 27,887,880 |
Provision for loan losses | 543,138 | 65,056 | (556,687) |
Net interest income after provision for loan losses | 27,705,414 | 27,136,440 | 27,331,193 |
Non-interest income | |||
Service charges on deposit accounts | 4,238,525 | 3,788,984 | 3,866,537 |
Other service charges and fees | 2,637,947 | 2,440,819 | 2,284,262 |
Net gains on sales of securities | 104,708 | 112,881 | 17,503 |
Other income | 1,314,964 | 1,348,916 | 2,159,407 |
Total non-interest income | 8,296,144 | 7,691,600 | 8,327,709 |
Non-interest expense | |||
Salaries and employee benefits | 14,772,438 | 13,696,985 | 13,295,211 |
Occupancy expense | 2,174,839 | 2,079,529 | 2,160,198 |
Equipment expense | 3,209,677 | 3,028,654 | 3,065,042 |
Other expense | 8,070,465 | 7,674,483 | 7,070,516 |
Total non-interest expense | 28,227,419 | 26,479,651 | 25,590,967 |
Income before income taxes | 7,774,139 | 8,348,389 | 10,067,935 |
Income tax expense | 4,070,591 | 1,611,735 | 2,479,034 |
Net income | $ 3,703,548 | $ 6,736,654 | $ 7,588,901 |
Net income per share - basic | $ 0.76 | $ 1.38 | $ 1.56 |
Net income per share - diluted | $ 0.76 | $ 1.38 | $ 1.56 |
Average shares outstanding | |||
Basic | 4,878,691 | 4,865,968 | 4,872,064 |
Diluted | 4,895,848 | 4,875,638 | 4,874,141 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,703,548 | $ 6,736,654 | $ 7,588,901 |
Other comprehensive income (loss) | |||
Unrealized holding gains (losses) on available-for-sale securities | 6,240,505 | (16,938,482) | (1,379,518) |
Income tax effect | (2,080,129) | 6,318,053 | 514,561 |
Net unrealized gains (losses) | 4,160,376 | (10,620,429) | (864,957) |
Unrealized losses on securities transferred from available-for-sale to held-to-maturity | 0 | 0 | 0 |
Amortization of net unrealized losses transferred during the period | 11,305,439 | 4,210,897 | |
Income tax effect | (4,216,929) | (1,570,664) | |
Net unrealized (losses) gains, securities held-to-maturity | 7,088,510 | 2,640,233 | |
Reclassification adjustment for gains included in net income | (104,708) | (112,881) | (17,503) |
Income tax effect | 26,125 | 42,105 | 6,528 |
Net gains included in net income | (78,583) | (70,776) | (10,975) |
Total other comprehensive income (loss) | 4,081,793 | (3,602,695) | 1,764,301 |
Comprehensive income | $ 7,785,341 | $ 3,133,959 | $ 9,353,202 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Beginning Balance (in shares) at Dec. 31, 2014 | 4,877,614 | ||||
Beginning Balance at Dec. 31, 2014 | $ 81,857,786 | $ 975,482 | $ 3,861,717 | $ (8,880,620) | $ 85,901,207 |
Net income | 7,588,901 | 7,588,901 | |||
Dividends paid | (4,540,748) | (4,540,748) | |||
Stock repurchased | (390,205) | $ (3,807) | (386,398) | ||
Stock Repurchased (in shares) | (19,035) | ||||
Options exercised | 27,000 | $ 341 | 26,659 | ||
Options exercised (in shares) | 1,500 | ||||
Excess tax benefits | 1,001 | 1,001 | |||
Restricted stock granted (in shares) | 15,000 | ||||
Restricted stock granted | $ 3,000 | (3,000) | |||
Stock compensation expense | 117,300 | 117,300 | |||
Other comprehensive income (loss), net | 1,764,301 | 1,764,301 | |||
Ending Balance (in shares) at Dec. 31, 2015 | 4,875,079 | ||||
Ending Balance at Dec. 31, 2015 | 86,425,336 | $ 975,016 | 3,617,279 | (7,116,319) | 88,949,360 |
Net income | 6,736,654 | 6,736,654 | |||
Dividends paid | (4,686,325) | (4,686,325) | |||
Restricted stock granted (in shares) | 7,500 | ||||
Restricted stock granted | $ 1,500 | (1,500) | |||
Stock compensation expense | 186,425 | 186,425 | |||
Other comprehensive income (loss), net | (3,602,695) | (3,602,695) | |||
Ending Balance (in shares) at Dec. 31, 2016 | 4,882,579 | ||||
Ending Balance at Dec. 31, 2016 | 85,059,395 | $ 976,516 | 3,802,204 | (10,719,014) | 90,999,689 |
Net income | 3,703,548 | 3,703,548 | |||
Dividends paid | (4,697,056) | (4,697,056) | |||
Options exercised | 92,625 | $ 925 | 91,700 | ||
Options exercised (in shares) | 4,626 | ||||
Restricted stock granted (in shares) | 7,500 | ||||
Restricted stock granted | $ 1,500 | (1,500) | |||
Stock compensation expense | 210,735 | 210,735 | |||
AOCI reclassification | (1,588,198) | 1,588,198 | |||
Other comprehensive income (loss), net | 4,081,793 | 4,081,793 | |||
Ending Balance (in shares) at Dec. 31, 2017 | 4,894,705 | ||||
Ending Balance at Dec. 31, 2017 | $ 88,451,040 | $ 978,941 | $ 4,103,139 | $ (8,225,419) | $ 91,594,379 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid, per share | $ 0.96 | $ 0.96 | $ 0.93 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net income | $ 3,703,548 | $ 6,736,654 | $ 7,588,901 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 1,003,381 | 980,514 | 1,040,207 |
Amortization of premiums and accretion of discounts on investment securities, net | 3,316,537 | 2,536,692 | 1,208,954 |
Stock compensation expense | 210,735 | 186,425 | 117,300 |
Provision for loan losses | (543,138) | (65,056) | 556,687 |
Gain on sale of securities | (104,708) | (112,881) | (17,503) |
Federal Home Loan Bank stock dividends | (22,000) | (13,000) | (4,500) |
Deferred income tax expense (benefit) | 3,885,194 | 673,977 | (86,251) |
Net writedown on other real estate owned | 413,740 | 226,828 | 156,053 |
Decrease (increase) in accrued interest receivable | 269,466 | (792,128) | (58,124) |
Increase in cash surrender value life insurance | (722,446) | (756,689) | (786,043) |
(Decrease) Increase in accrued interest payable | (1,185) | 19,373 | (10,722) |
Increase in deferred compensation liability | 411,463 | 490,803 | 508,930 |
Net change in other operating assets and liabilities | (1,200,936) | (32,599) | 188,128 |
Net cash provided by operating activities | 10,619,652 | 10,078,913 | 10,402,017 |
Cash flows from investing activities | |||
Proceeds from calls, paydowns and maturities of securities available-for-sale | 42,390,364 | 130,181,028 | 41,493,768 |
Proceeds from calls of securities held-to-maturity | 172,359,945 | 47,853,733 | |
Proceeds from sales of securities available-for-sale | 114,060,844 | 764,023 | 5,758,795 |
Purchases of investment securities available-for-sale | (162,449,043) | (379,291,499) | (135,229,379) |
Purchases of bank premises, furniture, fixtures and equipment | (2,910,848) | (988,907) | (455,668) |
Proceeds from sale of other real estate owned | 137,722 | 1,090,031 | 1,192,328 |
Net (increase) decrease in interest bearing deposits with other banks | 47,070,762 | (6,335,405) | 19,213,446 |
Proceeds from redemption of Federal Home Loan Bank Stock | 150,700 | ||
Purchases of Federal Home Loan Bank Stock | (498,700) | (3,600) | |
Net decrease (increase) in loans | (11,787,672) | 30,837,979 | (40,117,134) |
Net cash provided (used) by investing activities | 26,013,429 | (51,386,405) | (60,139,411) |
Cash flows from financing activities | |||
Net (decrease) increase in deposits | (39,469,242) | 6,749,953 | 57,310,894 |
Net increase in federal funds purchased | 1,500,000 | ||
Net change in securities sold under agreement to repurchase | (7,784,975) | 45,984,731 | (10,128,588) |
Proceeds from exercise of stock options | 92,625 | 27,000 | |
Stock repurchase | (390,205) | ||
Excess tax benefit on stock option exercises | 1,001 | ||
Dividends paid to stockholders | (4,697,056) | (4,686,325) | (4,540,748) |
Federal Home Loan Bank advances | 10,000,000 | ||
Net cash provided by financing activities | (40,358,648) | 48,048,359 | 42,279,354 |
Net increase (decrease) in cash and due from banks | (3,725,567) | 6,740,867 | (7,458,040) |
Cash and due from banks, beginning of year | 21,688,557 | 14,947,690 | 22,405,730 |
Cash and due from banks, end of year | 17,962,990 | 21,688,557 | 14,947,690 |
Supplemental disclosures of cash flow information | |||
Interest | 3,343,724 | 3,078,184 | 3,087,601 |
Income taxes | 1,781,790 | 1,692,201 | 2,301,698 |
Noncash disclosures | |||
Real estate acquired by foreclosure | $ 88,579 | $ 2,187,125 | $ 869,564 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Basis of Financial Statement Presentation The accounting policies of Citizens Holding Company and its subsidiary conform to generally accepted accounting principles (“GAAP”) in the United States of America and to general practices within the banking industry. The consolidated financial statements of Citizens Holding Company include the accounts of its wholly-owned subsidiary, The Citizens Bank of Philadelphia, Mississippi (collectively, the “Company”). All significant intercompany transactions have been eliminated in consolidation. Nature of Business The Citizens Bank of Philadelphia, Mississippi (the “Bank”) operates under a state bank charter and provides general banking services. As a state bank, the Bank is subject to regulations of the Mississippi Department of Banking and Consumer Finance and the Federal Deposit Insurance Company. The Company is also subject to the regulations of the Federal Reserve. The area served by the Bank is east central and southern counties of Mississippi and the surrounding areas. Services are provided at several branch offices. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and valuation of foreclosed real estate, management obtains independent appraisals for significant properties. While management uses available information to recognize losses on loans and to value foreclosed real estate, future additions to the allowance or adjustments to the valuation may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and valuations of foreclosed real estate. Such agencies may require the Company to recognize additions to the allowance or to make adjustments to the valuation based on their judgments about information available to them at the time of their examination. Due to these factors, it is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. Cash, Due from Banks and Interest Bearing Deposits with Other Banks For the purpose of reporting cash flows, cash and due from banks includes cash on hand and demand deposits. Cash flows from loans originated by the Company, deposits, and federal funds purchased and sold are reported net in the statement of cash flows. The Company is required to maintain average reserve balances with the Federal Reserve Bank based on a percentage of deposits. The Company was not required to maintain an average reserve balance by the Federal Reserve Bank at December 31, 2017 and 2016. Interest-bearing deposits with other banks mature within one year and are carried at cost. Investment Securities In accordance with the investments topic of the Accounting Standards Codification (“ASC”), securities are classified as “available-for-sale,” “held-to-maturity” Securities Available-for-Sale Securities that are held for indefinite periods of time or used as part of the Company’s asset/liability management strategy and that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital and other similar factors are classified as available-for-sale available-for-sale Securities Held to Maturity Securities that are held-to-maturity Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. The amortization of premiums and accretion of discounts are recognized in interest income. The Company periodically reviews its securities for impairment based upon a number of factors, including but not limited to, length of time and extent to which the fair value has been less than cost, the likelihood of the security’s ability to recover any decline in its fair value, financial condition of the underlying issuer, ability of the issuer to meet contractual obligations and ability to retain the security for a period of time sufficient to allow for recovery in fair value. Impairments on securities are recognized when management, based on its analysis, deems the impairment to be other-than-temporary. Disclosures about unrealized losses in the Company’s securities portfolio that have not been recognized as other-than-temporary impairments are provided in Note 2. Loans and Allowance for Loan Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding, net of unearned income and an allowance for loan losses. The Company has no loans held-for-sale. Unearned income includes deferred fees net of deferred direct incremental loan origination cost. Unearned income attributable to loans held with a maturity of more than one year is recognized as income or expense over the life of the loan. Unearned discounts on installment loans are recognized as income over the terms of the loans by a method that approximates the interest method. Unearned income and interest on commercial loans are recognized based on the principal amount outstanding. For all other loans, interest is accrued daily on the outstanding balances. For impaired loans, interest is discontinued on a loan when management believes, after considering collection efforts and other factors, that the borrower’s financial condition is such that collection of interest is doubtful. Cash collections on impaired loans are credited to the loan receivable balance, and no interest income is recognized on those loans until the principal balance has been collected. The Company generally discontinues the accrual of interest income when a loan becomes 90 days past due as to principal or interest; however, management may elect to continue the accrual when the estimated net realizable value of collateral is sufficient to cover the principal balance and the accrued interest. Interest income on other nonaccrual loans is recognized only to the extent of interest payments. Upon discontinuance of the accrual of interest on a loan, any previously accrued but unpaid interest is reversed against interest income. A loan is impaired when management determines that it is probable the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. The amount of impairment, if any, and any subsequent changes are included in the allowance for loan losses. Troubled debt restructurings (“TDR”) are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. TDR are classified as performing, unless they are on nonaccrual status of 90 days or more delinquent, in which case they are considered nonperforming. The allowance for loan losses is established through a provision for loan losses charged against net income. Loans determined to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance represents an amount, which, in management’s judgment, will be adequate to absorb estimated probable losses on existing loans that may become uncollectible. In order to determine an adequate level of allowance, management utilizes a model that calculates the allowance for loan loss by applying an average historical charge-off Large groups of small-balance homogenous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment disclosures. Bank Premises, Furniture, Fixtures and Equipment The Company’s premises, furniture, fixtures and equipment are stated at cost less accumulated depreciation computed by straight-line methods over the estimated useful lives of the assets, which range from three to forty years. Costs of major additions and improvements are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Other Real Estate Owned Other real estate owned (“OREO”) consists of properties repossessed by the Company on foreclosed loans. These assets are stated at fair value at the date acquired less estimated costs to sell. Losses arising from the acquisition of such property are charged against the allowance for loan losses. Declines in value resulting from subsequent revaluation of the property or losses resulting from disposition of such property are expensed as incurred. Revenue and expenses from operations of other real estate owned are reflected as other income (expense). Cash Surrender Value of Life Insurance The Company has purchased life insurance contracts on certain employees and directors. Certain of such policies were acquired to fund deferred compensation arrangements with employees and directors. The cash surrender value of the Company owned policies is carried at the actual cash surrender value of the policy at the balance sheet date. Changes in the value of the policies are classified in non-interest Intangible Assets Intangible assets include core deposits purchased and goodwill. Core deposit intangibles are amortized on a straight-line basis over their estimated economic lives ranging from 5 to 10 years. At December 31, 2017, all core deposit intangibles had been fully amortized. Goodwill and other intangible assets with indefinite lives are not amortized but are tested at least annually for impairment. Fair values are determined based on market valuation multiples for the Company and comparable businesses based on the assets and cash flow of the Bank, the Company’s only reportable segment. If impairment has occurred, the goodwill or other intangible asset is reduced to its estimated fair value through a charge to expense. At December 31, 2017 and 2016, the Company had $3,149,657 in goodwill included in other assets. Trust Assets Assets held by the trust department of the Company in its fiduciary or agency capacities are not assets of the Company and are not included in the consolidated financial statements. Income Taxes Provisions for income taxes are based on taxes payable or refundable for the current year and the changes in deferred tax assets and liabilities, excluding components of other comprehensive income. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Comprehensive Income (Loss) Comprehensive income includes net earnings reported in the consolidated statements of income, changes in unrealized gain (loss) on securities available-for-sale available-for-sale Net Income Per Share Net income per share-basic is computed by dividing net income by the weighted average number of common shares outstanding during the year. Net income per share-diluted is based on the weighted average number of shares of common stock outstanding for the periods, including the dilutive effect of the Company’s outstanding stock options and restricted stock grants. The effect of the dilutive shares for the years 2017, 2016 and 2015 is illustrated in the following table. 2017 2016 2015 Basic weighted average shares outstanding 4,878,691 4,865,968 4,872,064 Dilutive effect of stock options 17,157 9,670 2,077 Dilutive weighted average shares outstanding 4,895,848 4,875,638 4,874,141 Net income $ 3,703,548 $ 6,736,654 $ 7,588,901 Net income per share-basic $ 0.76 $ 1.38 $ 1.56 Net income per share-diluted $ 0.76 $ 1.38 $ 1.56 Advertising Costs Advertising costs are charged to expense when incurred. Advertising expense was $649,612, $783,303 and $793,282 for the years ended December 31, 2017, 2016 and 2015, respectively. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally United States Government, federal agency and state county municipal securities, pledged as collateral under these financing arrangements cannot be sold or re-pledged Reclassifications Certain information for 2015 and 2016 has been reclassified to conform to the financial presentation for 2017. Such reclassifications had no effect on net income or shareholders’ equity. Stock-Based Compensation At December 31, 2017, the Company had outstanding grants under two stock-based compensation plans, which are the 1999 Directors’ Stock Compensation Plan and the 2013 Incentive Compensation Plan. Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date. The Company has elected to account for forfeitures in compensation cost when they occur as permitted under the guidance in ASC 718, “Compensation—Stock Compensation” (“ASC 718”). Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and benefits” on the Consolidated Statements of Income. The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” See Note 17 for further details regarding the Company’s stock-based compensation. Subsequent Events The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements, and has determined that no significant events occurred after December 31, 2017 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. Recently Issued Accounting Pronouncements The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-01 , Financial Instruments—Overall (Subtopic 825-10)—Recognition 2013-220 2013-221 No. 2016-01 available-for-sale No. 2016-01 No. 2016-01 yet been issued or, by all other entities, that have not yet been made available for issuance of certain amendments identified in this Update are permitted as of the beginning of the fiscal year of adoption. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position. FASB has issued an Accounting Standards Update (ASU) No. 2016-02, In March 2016, the FASB issued ASU 2016-09, In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments instruments carried at amortized cost and off-balance held-to-maturity off-balance available-for-sale 310-30, In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” 2014-09”), “Revenue from Contracts with Customers” 2014-09 2015-14, 2014-09 day-to-day In February 2018, FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220)” 2018-02”). 2018-02 2018-02 2018-02 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 2. Investment Securities The amortized cost and estimated fair value of securities available-for-sale Gross Gross Amortized Unrealized Unrealized 2017 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 180,647,580 $ — $ 4,199,022 $ 176,448,558 Mortgage-backed securities 213,707,125 43,197 5,327,265 208,423,057 State, County, Municipals 118,786,297 849,364 2,535,126 117,100,535 Other investments 2,865,294 208,933 — 3,074,227 Total $ 516,006,296 $ 1,101,494 $ 12,061,413 $ 505,046,377 Gross Gross Amortized Unrealized Unrealized 2016 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 207,080,794 $ — $ 7,114,186 $ 199,966,608 Mortgage-backed securities 152,765,924 340,419 4,841,633 148,264,710 State, County, Municipals 150,503,811 1,269,356 6,851,017 144,922,150 Other investments 2,869,761 101,345 — 2,971,106 Total $ 513,220,290 $ 1,711,120 $ 18,806,836 $ 496,124,574 The following tables show the gross unrealized losses and fair value of the Company’s investments classified as AFS investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2017 and 2016. A summary of unrealized loss information for AFS securities, categorized by security type follows (in thousands): December 31, 2017 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. Government agencies $ 15,681,866 223,535 $ 160,766,691 3,975,488 $ 176,448,557 4,199,023 Mortgage backed securities 88,499,852 1,613,091 116,753,236 3,714,175 205,253,088 5,327,266 State, County, Municipal 7,117,600 59,041 66,973,174 2,476,084 74,090,774 2,535,125 Total $ 111,299,318 1,895,667 $ 344,493,101 10,165,747 $ 455,792,419 12,061,414 December 31, 2016 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. Government agencies $ 195,362,908 6,752,521 $ 4,603,700 361,665 $ 199,966,608 7,114,186 Mortgage backed securities 117,437,836 4,182,916 24,353,553 658,717 141,791,389 4,841,633 State, County, Municipal 95,088,225 6,663,280 3,092,183 187,737 98,180,408 6,851,017 Total $ 407,888,969 17,598,717 $ 32,049,436 1,208,119 $ 439,938,405 18,806,836 Investment Securities. The Company’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 Other Investments. The Company at December 31, 2017 and 2016, owned an investment in a pooled trust preferred security. In the past the value of the pooled trust preferred security was 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. However, due to the reductions in defaults and deferrals since 2015, the unrealized gain or loss has improved from a $15,425 loss in 2015 to a $101,345 gain in 2016 and then to a $208,933 gain in 2017. The Company 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 Company’s tranche is negatively impacted. The Company does not intend to sell this security and it is not more likely than not that the Company will be required to sell at a price less than amortized cost prior to maturity. Given these factors, the Company does not consider the investment to be other-than-temporarily impaired at December 31, 2017 or December 31, 2016. This security is not subject to any of the restrictions put forth under the Volcker Rule that was brought about by the passage of the Dodd-Frank Act. The amortized cost and estimated fair value of securities at December 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. AFS Amortized Cost Fair Value Securities AFS Due in one year or less $ 3,398,727 $ 3,421,576 Due after one year through five years 75,887,288 74,589,829 Due after five years through ten years 55,691,854 54,740,055 Due after ten years 381,028,427 372,294,917 Total $ 516,006,296 $ 505,046,377 Investment securities with fair values of $223,005,409 and $226,633,330 at December 31, 2017 and December 31, 2016, respectively, were pledged as collateral for public deposits. Gross realized gains and losses are included in net gains on sales of securities. Total gross realized gains and gross realized losses from the sale of investment securities for each of the years ended December 31 were: 2017 2016 2015 Gross realized gains $ 633,244 $ 112,881 $ 142,422 Gross realized losses 528,536 — 124,919 Net realized gains $ 104,708 $ 112,881 $ 17,503 |
Federal Home Loan Bank Stock
Federal Home Loan Bank Stock | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Federal Home Loan Bank Stock | Note 3. Federal Home Loan Bank Stock The Company, as a member of the Federal Home Loan Bank of Dallas (“FHLB”) system, owns stock in the organization. No ready market exists for the stock, and it has no quoted market value. The Company’s investment in the FHLB is carried at cost of $1,740,200 and $1,219,500 at December 31, 2017 and December 31, 2016, respectively, and is included in other assets. The Company purchased stock in 2016 and 2017 at the par value of $100 per share. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans | Note 4. Loans The composition of loans, net at December 31, 2017 and 2016 is as follows (in thousands): 2017 2016 Real Estate: Land Development and Construction $ 25,923 $ 23,793 Farmland 16,905 18,175 1-4 95,925 97,812 Commercial Real Estate 191,736 180,880 Total Real Estate Loans 330,489 320,660 Business Loans: Commercial and Industrial Loans 58,204 53,761 Farm Production and Other Farm Loans 922 765 Total Business Loans 59,126 54,526 Consumer Loans: Credit Cards 1,310 1,156 Other Consumer Loans 14,680 18,310 Total Consumer Loans 15,990 19,466 Total Gross Loans 405,605 394,652 Unearned Income (195 ) (601 ) Allowance for Loan Losses (3,019 ) (3,903 ) Loans, net $ 402,391 $ 390,148 The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews these policies and procedures and submits them to the Company’s Board of Directors for its approval when needed, but no less frequently than annually. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and non-performing The Company maintains an independent loan review department that reviews and validates the credit risk program on a periodic basis. Results of this review are presented to management with quarterly reports made to the board of directors. The loan review process complements and reinforces the risk identification and assessment decisions made by the lenders and credit personnel, as well as the Company’s policies and procedures. Loans are made principally to customers in the Company’s market. The Company’s lending policy provides that loans collateralized by real estate are normally made with loan-to-value In the ordinary course of business, the Company has granted loans to certain directors and their affiliates (collectively referred to as “related parties”). These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unaffiliated persons and do not involve more than normal risk of collectability. Activity in related party loans during 2017 is presented in the following table. Balance outstanding at December 31, 2016 $ 320,426 Principal additions 39,250 Principal reductions (54,318 ) Balance outstanding at December 31, 2017 $ 305,358 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 non-accrual Year-end non-accrual 2017 2016 Real Estate: Land Development and Construction $ — $ 133 Farmland 366 234 1-4 2,131 1,954 Commercial Real Estate 4,891 6,293 Total Real Estate Loans 7,388 8,614 Business Loans: Farm Loans 32 — Commercial and Industrial Loans 78 239 Total Business Loans 110 239 Consumer Loans: Other Consumer Loans 84 26 Total Consumer Loans 84 26 Total Nonaccrual Loans $ 7,582 $ 8,879 In the event that non-accrual An age analysis of past due loans, segregated by class of loans, as of December 31, 2017 was as follows (in thousands): Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Past Total Past Current Total Days Real Estate: Land Development and Construction $ 281 $ — $ 281 $ 25,642 $ 25,923 $ — Farmland 93 — 93 16,812 16,905 — 1-4 2,657 — 2,657 93,268 95,925 — Commercial Real Estate 2,585 862 3,447 188,289 191,736 807 Total Real Estate Loans 5,616 862 6,478 324,011 330,489 807 Business Loans: Commercial and Industrial Loans 32 — 32 58,172 58,204 — Farm Production and Other Farm Loans 19 — 19 903 922 — Total Business Loans 51 — 51 59,075 59,126 — Consumer Loans: Credit Cards 25 6 31 1,279 1,310 6 Other Consumer Loans 422 — 422 14,258 14,680 — Total Consumer Loans 447 6 453 15,537 15,990 6 Total Loans $ 6,114 $ 868 $ 6,982 $ 398,623 $ 405,605 $ 813 An age analysis of past due loans, segregated by class of loans, as of December 31, 2016 was as follows (in thousands): Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Real Estate: Land Development and Construction $ 208 $ 78 $ 286 $ 23,507 $ 23,793 $ — Farmland 584 65 649 17,526 18,175 — 1-4 2,993 596 3,589 94,223 97,812 179 Commercial Real Estate 6,491 185 6,676 174,204 180,880 — Total Real Estate Loans 10,276 924 11,200 309,460 320,660 179 Business Loans: Commercial and Industrial Loans 66 186 252 53,509 53,761 — Farm Production and Other Farm Loans — — — 765 765 — Total Business Loans 66 186 252 54,274 54,526 — Consumer Loans: Credit Cards 7 3 10 1,146 1,156 — Other Consumer Loans 788 27 815 17,495 18,310 27 Total Consumer Loans 795 30 825 18,641 19,466 27 Total Loans $ 11,137 $ 1,140 $ 12,277 $ 382,375 $ 394,652 $ 206 Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect all the 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 contract terms on those loans in excess of $100,000. 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 Impaired loans as of December 31, by class of loans, are as follows (in thousands): 2017 Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ — $ — $ — $ — $ — $ — Farmland — — — — — 62 1-4 303 — 303 303 46 875 Commercial Real Estate 4,093 — 4,093 4,093 397 4,710 Total Real Estate Loans 4,396 — 4,396 4,396 443 5,647 Business Loans: Commercial and Industrial Loans — — — — — — Farm Production and Other Farm Loans — — — — — — Total Business Loans — — — — — — Total Loans $ 4,396 $ — $ 4,396 $ 4,396 $ 443 $ 5,647 2016 Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ — $ — $ — $ — $ — $ — Farmland 163 — 163 163 28 119 1-4 1,448 — 1,448 1,448 252 2,276 Commercial Real Estate 5,327 — 5,327 5,327 469 8,495 Total Real Estate Loans 6,938 — 6,938 6,938 749 10,890 Business Loans: Commercial and Industrial Loans 126 — 126 126 38 33 Farm Production and Other Farm Loans — — — — — — Total Business Loans 126 — 126 126 38 33 Total Loans $ 7,064 $ — $ 7,064 $ 7,064 $ 787 $ 10,923 The following table presents troubled debt restructurings segregated by class (in thousands, except number of loans): December 31, 2017 Number of Pre-Modification Post-Modification Commercial real estate 3 $ 4,871 $ 3,047 Total 3 $ 4,871 $ 3,047 December 31, 2016 Number of Pre-Modification Post-Modification Commercial real estate 3 $ 4,871 $ 3,288 Total 3 $ 4,871 $ 3,288 Changes in the Company’s troubled debt restructurings are set forth in the table below: Number of Recorded Totals at January 1, 2017 3 $ 3,288 Additional loans with concessions Reductions due to: Principal paydowns (241 ) Total at December 31, 2017 3 $ 3,047 The allocated allowance for loan losses attributable to restructured loans was $174,274 at December 31, 2017 and 2016. The Company had no remaining availability under commitments to lend additional funds on these troubled debt restructurings at December 31, 2017. The Company 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 Company. 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 most of the loans held by the Company. 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 that 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 December 31, 2017. The following table details the amount of gross loans by loan grade and class for the year ended December 31, 2017 (in thousands): Special Satisfactory Mention Substandard Doubtful Loss Total 1,2,3,4 5,6 7 8 9 Loans Real Estate: Land Development and Construction $ 23,720 $ 2,116 $ 87 $ — $ — $ 25,923 Farmland 15,496 377 1,032 — — 16,905 1-4 82,227 5,615 8,083 — — 95,925 Commercial Real Estate 143,271 41,833 6,632 — — 191,736 Total Real Estate Loans 264,714 49,941 15,834 — — 330,489 Business Loans: Commercial and Industrial Loans 55,081 2,990 133 — — 58,204 Farm Production and Other Farm Loans 853 9 60 — — 922 Total Business Loans 55,934 2,999 193 — — 59,126 Consumer Loans: Credit Cards 1,304 — 6 — — 1,310 Other Consumer Loans 14,414 71 137 58 — 14,680 Total Consumer Loans 15,718 71 143 58 — 15,990 Total Loans $ 336,366 $ 53,011 $ 16,170 $ 58 $ — $ 405,605 The following table details the amount of gross loans by loan grade and class for the year ended December 31, 2016 (in thousands): Special Satisfactory Mention Substandard Doubtful Loss Total 1,2,3,4 5,6 7 8 9 Loans Real Estate: Land Development and Construction $ 23,038 $ 186 $ 569 $ — $ — $ 23,793 Farmland 16,448 776 951 — — 18,175 1-4 86,043 1,754 10,015 — — 97,812 Commercial Real Estate 161,323 11,072 8,485 — — 180,880 Total Real Estate Loans 286,852 13,788 20,020 — — 320,660 Business Loans: Commercial and Industrial Loans 51,985 1,427 349 — — 53,761 Farm Production and Other Farm Loans 727 28 10 — — 765 Total Business Loans 52,712 1,455 359 — — 54,526 Consumer Loans: Credit Cards 1,153 — 3 — — 1,156 Other Consumer Loans 18,027 149 132 2 — 18,310 Total Consumer Loans 19,180 149 135 2 — 19,466 Total Loans $ 358,744 $ 15,392 $ 20,514 $ 2 $ — $ 394,652 The allowance for loan losses is a reserve established through a provision for possible loan losses charged to expense, which represents management’s best estimate of probable losses that will occur 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 five years with the most current years weighted to show the effect of the most recent chargeoff activity. This percentage is also adjusted for economic factors such as 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. Net chargeoffs (recoveries), segregated by class of loans, were as follows: 2017 2016 2015 Real Estate: Land Development and Construction $ 97,685 $ (17,677 ) $ (8,700 ) Farmland — (934 ) (5,156 ) 1-4 40,682 154,387 149,014 Commercial Real Estate — 2,387,956 415,413 Total Real Estate Loans 138,367 2,523,732 550,571 Business Loans: Commercial and Industrial Loans 164,191 (8,230 ) 1,585 Farm Production and other Farm Loans — — — Total Business Loans 164,191 (8,230 ) 1,585 Consumer Loans: Credit Cards (6,654 ) 9,285 15,493 Other Consumer Loans 44,526 (18,936 ) 57,661 Total Consumer Loans 37,872 (9,651 ) 73,154 Total Net Chargeoffs $ 340,430 $ 2,505,851 $ 625,310 The following table details activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2017, 2016 and 2015: Real Business 2017 Estate Loans Consumer Total Beginning Balance $ 3,117,134 $ 257,554 $ 528,108 $ 3,902,796 Provision for possible loan losses (827,052 ) 253,418 30,496 (543,138 ) Chargeoffs 168,841 165,685 102,567 437,093 Recoveries 30,474 1,494 64,695 96,663 Net chargeoffs 138,367 164,191 37,872 340,430 Ending Balance $ 2,151,715 $ 346,781 $ 520,732 $ 3,019,228 Period end allowance allocated to: Loans individually evaluated for impairment $ 442,589 $ — $ — $ 442,589 Loans collectively evaluated for impairment 1,709,126 346,781 520,732 2,576,639 Ending Balance $ 2,151,715 $ 346,781 $ 520,732 $ 3,019,228 Real Business 2016 Estate Loans Consumer Total Beginning Balance $ 5,238,895 $ 643,248 $ 591,560 $ 6,473,703 Provision for possible loan losses 401,971 (393,924 ) (73,103 ) (65,056 ) Chargeoffs 2,567,499 8,035 65,311 2,640,845 Recoveries 43,767 16,265 74,962 134,994 Net chargeoffs 2,523,732 (8,230 ) (9,651 ) 2,505,851 Ending Balance $ 3,117,134 $ 257,554 $ 528,108 $ 3,902,796 Period end allowance allocated to: Loans individually evaluated for impairment $ 749,090 $ 37,803 $ — $ 786,893 Loans collectively evaluated for impairment 2,368,044 219,751 528,108 3,115,903 Ending Balance $ 3,117,134 $ 257,554 $ 528,108 $ 3,902,796 2015 Real Estate Business Consumer Total Beginning Balance $ 5,202,151 $ 873,815 $ 466,360 $ 6,542,326 Provision for possible loan losses 587,315 (228,982 ) 198,354 556,687 Chargeoffs 625,556 32,258 164,091 821,905 Recoveries 74,985 30,673 90,937 196,595 Net chargeoffs 550,571 1,585 73,154 625,310 Ending Balance $ 5,238,895 $ 643,248 $ 591,560 $ 6,473,703 Period end allowance allocated to: Loans individually evaluated for impairment $ 2,996,708 $ — $ — $ 2,996,708 Loans collectively evaluated for impairment 2,242,187 643,248 591,560 3,476,995 Ending Balance $ 5,238,895 $ 643,248 $ 591,560 $ 6,473,703 The Company’s recorded investment in loans as of December 31, 2017 and 2016 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Company’s impairment methodology was as follows (in thousands): 2017 Real Estate Business Consumer Total Loans individually evaluated for impairment $ 4,396 $ — $ — $ 4,396 Loans collectively evaluated for impairment 326,093 59,126 15,990 401,209 $ 330,489 $ 59,126 $ 15,990 $ 405,605 Real Business 2016 Estate Loans Consumer Total Loans individually evaluated for impairment $ 6,938 $ 126 $ — $ 7,064 Loans collectively evaluated for impairment 313,722 54,400 19,466 387,588 $ 320,660 $ 54,526 $ 19,466 $ 394,652 |
Bank Premises, Furniture, Fixtu
Bank Premises, Furniture, Fixtures and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises, Furniture, Fixtures and Equipment | Note 5. Bank Premises, Furniture, Fixtures and Equipment Bank premises, furniture, fixtures and equipment consist of the following at December 31, 2017 and December 31, 2016: 2017 2016 Land and buildings $ 27,610,855 $ 25,022,259 Furniture, fixtures and equipment 15,954,422 15,632,170 43,565,277 40,654,429 Less accumulated depreciation 22,993,726 21,990,345 Total $ 20,571,551 $ 18,664,084 Depreciation expense for the years ended December 31, 2017, 2016 and 2015, respectively, was $1,003,381, $980,514 and $1,040,207. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Note 6. Deposits The composition of deposits as of December 31, 2017 and December 31, 2016 is as follows: 2017 2016 Non-interest $ 159,291,356 $ 149,512,941 NOW and money market accounts 306,047,053 340,180,286 Savings deposits 77,784,876 73,745,005 Time deposits, $250,000 or more 36,237,241 43,060,799 Other time deposits 141,324,973 153,653,309 Total $ 720,685,499 $ 760,152,340 The scheduled maturities of time deposits at December 31, 2017 are as follows: Year Ending December 31, Amount 2018 $ 140,515,847 2019 32,469,001 2020 2,978,646 2021 18,542 2022 1,580,178 $ 177,562,214 Interest expense for time deposits over $250,000 was approximately $243,000, $236,000 and $240,000 for the years ended December 31, 2017, 2016 and 2015, respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Federal Home Loan Bank Advances | Note 7. Federal Home Loan Bank Advances Pursuant to collateral agreements with the FHLB, advances are collateralized by all of the Bank’s FHLB stock ($1,740,200 included in other assets at December 31, 2017) and qualifying first mortgages and other loans. As of December 31, 2017, the balance in qualifying first mortgages and other loans was $169,925,797. At December 31, 2017 and December 31, 2016, advances from the FHLB, along with their rate and maturity date, consist of the following: Advance Amount at Interest Rate Final Maturity December 31, 2017 2016 $20,000,000 $ 20,000,000 2.53 January 9, 2018 10,000,000 — 1.60 January 5, 2018 The scheduled payments for the next five years are as follows: Year Due Payment 2018 $ 30,000,000 2019 — 2020 — 2021 — 2022 — As of the date of this report, the Company had paid off all FHLB advances at their respective maturities and currently do not have any outstanding advances. Although the Company does not plan to secure another FHLB advance in the near future, it will do so if warranted by the liquidity needs at that time. |
Other Income and Other Expense
Other Income and Other Expense | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense | Note 8. Other Income and Other Expense The following is a detail of the major income classifications that are included in other income under non-interest Other Income 2017 2016 2015 BOLI Insurance $ 528,425 $ 511,854 $ 568,000 Mortgage Loan Origination Income 340,395 451,476 362,611 Other Income 446,144 385,586 1,228,796 Total Other Income $ 1,314,964 $ 1,348,916 $ 2,159,407 The following is a detail of the major expense classifications that comprise the other expense line item in the income statement for the years ended December 31: Other Operating Expense 2017 2016 2015 Advertising $ 649,612 $ 783,303 $ 793,282 Office Supplies 1,008,541 702,705 591,177 Legal and Audit Fees 515,273 497,986 408,066 FDIC and State Assessment 417,047 702,705 751,979 Telephone Expense 529,747 446,628 431,761 Postage and Freight 544,722 499,611 478,764 Loan Collection Expense 471,779 380,093 205,549 Other Losses 463,415 445,792 243,172 Debit Card/ATM expense 413,058 378,748 337,476 Travel and Convention 254,594 254,229 247,416 Other expenses 2,802,677 2,582,683 2,581,874 Total Other Expense $ 8,070,465 $ 7,674,483 $ 7,070,516 Other losses in 2017, 2016 and 2015 include the write-down on OREO in the amount of $234,042, $220,419 and $0, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The consolidated provision for income taxes consists of the following: 2017 2016 2015 Currently payable Federal $ 257,886 $ 884,743 $ 2,288,766 State (72,489 ) 53,015 276,519 185,397 937,758 2,565,285 Deferred tax expense (benefit) 3,885,194 673,977 (86,251 ) Income tax expense $ 4,070,591 $ 1,611,735 $ 2,479,034 The differences between income taxes calculated at the federal statutory rate and income tax expense were as follows: 2017 2016 2015 Federal taxes based on statutory rate $ 2,643,207 $ 2,838,452 $ 3,423,098 State income taxes, net of federal benefit (47,843 ) 46,972 182,503 Tax-exempt (1,074,443 ) (1,133,970 ) (928,246 ) Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act 2,558,859 — — Other, net (9,189 ) (139,719 ) (198,321 ) Income tax expense $ 4,070,591 $ 1,611,735 $ 2,479,034 The Tax Cuts and Jobs Act (the “Tax Act”), enacted on December 22, 2017, among other things, permanently lowered the statutory federal corporate tax rate from 35% to 21%, effective for tax years including or beginning January 1, 2018. Under the guidance of ASC 740, “Income Taxes” (“ASC 740”), the Company revalued its net deferred tax assets on the date of enactment based on the reduction in the overall future tax benefit expected to be realized at the lower tax rate implemented by the new legislation. After reviewing the Company’s inventory of deferred tax assets and liabilities on the date of enactment and giving consideration to the future impact of the lower corporate tax rates and other provisions of the new legislation, the Company’s revaluation of its net deferred tax assets was $2,588,859, which was included in “Income tax expense” in the Consolidated Statements of Income. Although in the normal course of business the Company is required to make estimates and assumptions for certain tax items which cannot be fully determined at period end, the Company did not identify items for which the income tax effects of the Tax Act have not been completed as of December 31, 2017 and, therefore, considers its accounting for the tax effects of the Tax Act on its deferred tax assets and liabilities to be complete as of December 31, 2017. At December 31, 2017 and December 31, 2016, net deferred tax assets consist of the following: 2017 2016 Deferred tax assets Allowance for loan losses $ 753,297 $ 1,455,743 Deferred compensation liability 2,150,913 3,375,924 Alternative minimum tax 667,280 — Unrealized loss on securities available-for-sale 2,734,500 6,376,702 Other 608,913 576,946 Total 6,914,903 11,785,315 Deferred tax liabilities Premises and equipment 1,358,165 1,042,833 Other 193,988 107,813 Total 1,552,153 1,150,646 Net deferred tax asset $ 5,362,750 $ 10,634,669 The net deferred tax asset was $5,362,750 and $10,634,669 at December 31, 2017 and 2016, respectively. The Company has evaluated the need for a valuation allowance related to the above deferred tax assets and, based on the weight of the available evidence, has determined that it is more likely than not that all deferred tax assets will be realized. As of December 31, 2017, the Company has no unrecognized tax benefits related to federal and state income tax matters. As of December 31, 2017, the Company has not accrued for interest and penalties related to uncertain tax positions. It is the Company’s policy to recognize interest or penalties related to income tax matters in income tax expense. The Company and the Bank file a consolidated United States federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2014 through 2017. The Company and Bank’s state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2014 through 2017. |
Summarized Financial Informatio
Summarized Financial Information of Citizens Holding Company | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Summarized Financial Information of Citizens Holding Company | Note 10. Summarized Financial Information of Citizens Holding Company Summarized financial information of Citizens Holding Company, excluding the Bank, at December 31, 2017 and December 31, 2016, and for the years ended December 31, 2017, 2016 and 2015, is as follows: Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash (1) $ 2,369,429 $ 1,444,895 Investment in bank subsidiary (1) 85,729,466 82,996,430 Other assets (1) 352,145 618,070 Total assets $ 88,451,040 $ 85,059,395 Liabilities Other liabilities $ — $ — Shareholders’ equity 88,451,040 85,059,395 Total liabilities and shareholders’ equity $ 88,451,040 $ 85,059,395 (1) Fully or partially eliminates in consolidation. Income Statements Years Ended December 31, 2017, 2016 and 2015 2017 2016 2015 Interest income (1) $ 1,902 $ 2,379 $ 1,896 Other income Dividends from bank subsidiary (1) 5,472,000 4,104,001 5,568,900 Equity in undistributed earnings of bank subsidiary (1) (1,348,757 ) 2,845,152 2,191,684 Other income — — — Total other income 4,123,243 6,949,153 7,760,584 Other expense 459,935 355,256 275,744 Income before income taxes 3,665,210 6,596,276 7,486,736 Income tax benefit (38,338 ) (140,378 ) (102,165 ) Net income $ 3,703,548 $ 6,736,654 $ 7,588,901 (1) Eliminates in consolidation. Statements of Cash Flows Years Ended December 31, 2017, 2016 and 2015 2017 2016 2015 Cash flows from operating activities Net income $ 3,703,548 $ 6,736,654 $ 7,588,901 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed loss (earnings) of the Bank 1,348,757 (2,845,152 ) (2,191,684 ) Stock compensation expense 210,735 186,425 117,300 (Decrease) increase in other assets 265,925 (143,602 ) (103,168 ) Net cash provided by operating activities 5,528,965 3,934,325 5,411,349 Cash flows from financing activities Dividends paid to shareholders $ (4,697,056 ) $ (4,686,325 ) $ (4,540,748 ) Repurchase of company stock — — (390,205 ) Excess tax benefit from equity grants — — 1,001 Proceeds from stock option exercises 92,625 — 27,000 Net cash used by financing activities (4,604,431 ) (4,686,325 ) (4,902,952 ) Net increase in cash 924,534 (752,000 ) 508,397 Cash, beginning of year 1,444,895 2,196,895 1,688,498 Cash, end of year $ 2,369,429 $ 1,444,895 $ 2,196,895 The Bank is required to obtain approval from state regulators before paying dividends. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 11. Related Party Transactions The Company had, and may be expected to have in the future, banking transactions in the ordinary course of business with directors, significant shareholders, principal officers, their immediate families, and affiliated companies in which they are principal shareholders (commonly referred to as related parties). In management’s opinion, such loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated parties, and do not involve more than the normal risk of collectability at the time of the transaction. Activity in related party loans is detailed in tabular form in Note 4 of the notes to the Financial Statements. Deposits from related parties at December 31, 2017 and December 31, 2016 approximated $6,482,221 and $7,755,582, respectively. |
Off-Balance Sheet Financial Ins
Off-Balance Sheet Financial Instruments, Commitments and Contingencies and Concentrations of Risks | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Off-Balance Sheet Financial Instruments, Commitments and Contingencies and Concentrations of Risks | Note 12. Off-Balance Commitments to Extend Credit In the ordinary course of business, the Company makes various commitments and incurs certain contingent liabilities to fulfill the financing needs of its customers. These commitments and contingent liabilities include commitments to extend credit and issue standby letters of credit. They involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. At December 31, 2017 and December 31, 2016, commitments related to unused lines of credit were $46,405,869 and $37,194,220, respectively, and standby letters of credit were $2,842,010 and $3,456,180, respectively. The fair value of such commitments is not materially different than stated values. As some of these commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company applies the same credit policies and standards as it does in the lending process when making these commitments. The collateral obtained is based upon the assessed credit worthiness of the borrower. Collateral held varies, but may include accounts receivable, crops, livestock, inventory, property and equipment, residential real estate and income-producing commercial properties. Interest Rate Risk The Company is principally engaged in providing short-term and medium-term installment, commercial and agricultural loans with interest rates that are fixed or fluctuate with the prime lending rate. These assets are primarily funded through short-term demand deposits and long-term certificates of deposit with variable and fixed rates. Accordingly, the Company is exposed to interest rate risk because in changing interest rate environments interest rate adjustments on assets and liabilities may not occur at the same time or in the same amount. The Company manages the overall rate sensitivity and mix of its asset and liability portfolio and attempts to minimize the effects that interest rate fluctuations will have on its net interest margin. Legal Proceedings The Company is party to lawsuits and other claims that arise in the ordinary course of business. The lawsuits assert claims related to the general business activities of the Company. The cases are being vigorously contested. In the regular course of business, management evaluates estimated losses or costs related to litigation, and provision is made for anticipated losses whenever management believes that such losses are probable and can be reasonably estimated. While management believes that the final resolution of pending legal proceedings will not have a material impact on the Company’s business, prospects, financial position or results of operations, the final resolution of such proceedings could have a material adverse effect. Concentration of Risk The Company makes agricultural, agribusiness, commercial, residential and consumer loans primarily in eastern central and southern Mississippi. A substantial portion of the customers’ abilities to honor their contracts is dependent on their business and the agricultural economy in the area. Although the Company’s loan portfolio is diversified, there is a relationship in this region between the agricultural economy and the economic performance of loans made to nonagricultural customers. The Company’s lending policies for agricultural and nonagricultural customers require loans to be well-collateralized and supported by cash flows. Collateral for agricultural loans includes equipment, crops, livestock, and land. Credit losses from loans related to the agricultural economy are consistent with credit losses experienced in the portfolio as a whole. The concentration of credit in the regional agricultural economy is taken into consideration by management in determining the allowance for loan losses. See Note 5 for a summary of loans by type. |
Lease Commitment and Total Rent
Lease Commitment and Total Rental Expense | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Lease Commitment and Total Rental Expense | Note 13. Lease Commitment and Total Rental Expense The Company has operating leases under non-cancellable Years Ending December 31, Amounts 2018 $ 292,169 2019 242,776 2020 216,528 2021 216,528 2022 216,528 $ 1,184,529 The total rental expense included in the income statements for the years ended December 31, 2017, 2016 and 2015 is $107,418, $118,805 and $111,684, respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Benefit Plans | Note 14. Benefit Plans The Company provides its employees with a profit sharing and savings plan, which allows employees to direct a percentage of their compensation into a tax deferred retirement account, subject to statutory limitations. To encourage participation, the Company provides a 50 percent matching contribution for up to a maximum of 3 percent of each participant’s compensation, plus discretionary non-matching Deferred Compensation Plans The Company provides a deferred compensation plan covering its directors. Participants in the deferred compensation plan can defer a portion of their compensation for payment after attaining age 70. Life insurance contracts have been purchased which may be used to fund payments under the plan. Expenses related to this plan were $189,966, $183,824 and $179,552 for the plan years ended December 31, 2017, 2016 and 2015, respectively. The Company has also entered into deferred compensation arrangements with certain officers that provide for payments to such officers or their survivors after retirement. Life insurance policies have been purchased that may be used to fund all or a portion of the payments under these arrangements. The obligations of the Company under both the directors and officers deferred compensation arrangements are expensed on a systematic basis over the remaining expected service period of the individual directors and officers. Expenses related to this plan were $521,991, $584,319 and $640,291 for the plan years ended December 31, 2017, 2016 and 2015, respectively. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Note 15. Regulatory Matters The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet the minimum regulatory capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on the Company. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines involving quantitative measures of the Company’s assets, liabilities and certain off-balance The FRB, FDIC and other federal banking agencies have established risk-based capital adequacy guidelines. These guidelines are intended to provide a measure of a bank’s capital adequacy that reflects the degree of risk associated with a bank’s operations. A banking organization’s risk-based capital ratios are obtained by dividing its qualifying capital by its total risk-adjusted assets and off-balance off-balance off-balance The Dodd-Frank Act requires the FRB, the Office of the Comptroller of the Currency (“OCC”) and the FDIC to adopt regulations imposing a continuing “floor” on the risk based capital requirements. In December 2010, the Basel Committee released a final framework for a strengthened set of capital requirements, known as “Basel III”. In July 2013, each of the U.S. federal banking agencies adopted final rules relevant to us: (1) the Basel III regulatory capital reforms; and (2) the “standardized approach of Basel II for non-core Beginning January 1, 2015, the Bank began to comply with the Basel III rules, although the rules will not be fully phased-in • Create a new requirement to maintain a ratio of common equity Tier 1 capital to total risk-weighted assets of not less than 4.5%; • Increase the minimum leverage ratio to 4% for all banking organizations (currently 3% for certain banking organizations); • Increase the minimum Tier 1 risk-based capital ratio from 4% to 6%; and • Maintain the minimum total risk-based capital ratio at 8%. In addition, the Basel III rules, when fully phased-in, will subject a banking organization to certain limitations on capital distributions and discretionary bonus payments to executive officers if the organization did not maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of its total risk-weighted assets. The effect of the capital conservation buffer, when fully phased-in, will be to increase the minimum common equity Tier 1 capital ratio to 7%, the minimum Tier 1 risk-based capital ratio to 8.5% and the minimum total risk-based capital ratio to 10.5% for banking organizations seeking to avoid the limitations on capital distributions and discretionary bonus payments to executive officers. The Basel III rules also changed the capital categories for insured depository institutions for purposes of prompt corrective action. Under the rules, to be well capitalized, an insured depository institution must maintain a minimum common equity Tier 1 capital ratio of at least 6.5%, a Tier 1 risk-based capital ratio of at least 8%, a total risk-based capital ratio of at least 10.0%, and a leverage capital ratio of at least 5%. In addition, the Basel III rules established more conservative standards for including an instrument in regulatory capital and imposed certain deductions from and adjustments to the measure of common equity Tier 1 capital. As of December 31, 2017 and 2016, the most recent regulatory notification categorized the Bank as well capitalized. There have been no conditions or events that would cause changes to the capital structure of the Company since this notification. To continue to be categorized as well capitalized under the regulatory framework for prompt corrective action, the Company would have to maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as disclosed below, in comparison with actual capital amounts and ratios (amounts in thousands): Minimum Capital Minimum Capital Requirement to be Requirement to be Adequately Actual Well Capitalized Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2017 Citizens Holding Company Tier 1 leverage ratio $ 93,527 9.17 % $ 51,005 5.00 % $ 40,804 4.00 % Common Equity tier 1 capital ratio 93,527 9.17 % 66,307 6.50 % 45,905 4.50 % Tier 1 risk-based capital ratio 93,527 17.93 % 41,737 8.00 % 31,303 6.00 % Total risk-based capital ratio 96,546 18.51 % 52,171 10.00 % 41,737 8.00 % The Citizens Bank of Philadelphia Tier 1 leverage ratio $ 89,243 8.75 % $ 50,978 5.00 % $ 40,782 4.00 % Common Equity tier 1 capital ratio 89,243 8.75 % 66,271 6.50 % 45,880 4.50 % Tier 1 risk-based capital ratio 89,243 17.12 % 41,708 8.00 % 31,281 6.00 % Total risk-based capital ratio 92,262 17.70 % 52,136 10.00 % 41,708 8.00 % December 31, 2016 Citizens Holding Company Tier 1 leverage ratio $ 92,629 9.22 % $ 50,258 5.00 % $ 40,207 4.00 % Common Equity tier 1 capital ratio 92,629 9.22 % 65,336 6.50 % 45,232 4.50 % Tier 1 risk-based capital ratio 92,629 17.92 % 41,354 8.00 % 31,016 6.00 % Total risk-based capital ratio 96,532 18.67 % 51,693 10.00 % 41,354 8.00 % The Citizens Bank of Philadelphia Tier 1 leverage ratio $ 90,566 9.02 % $ 50,229 5.00 % $ 40,183 4.00 % Common Equity tier 1 capital ratio 90,566 9.02 % 65,298 6.50 % 45,206 4.50 % Tier 1 risk-based capital ratio 90,566 17.53 % 41,329 8.00 % 30,997 6.00 % Total risk-based capital ratio 94,469 18.29 % 51,661 10.00 % 41,329 8.00 % |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments | Note 16. Fair Values of Financial Instruments Under the authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions about risk and or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the three following categories: 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 fair value estimates, methods and assumptions used by the Company in estimating its fair value disclosures for financial instruments were: 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 is considered to be three months or less at the time of purchase. Investment Securities Fair values for investment securities, available-for-sale held-to-maturity, The Company 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 Company 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 Company 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. The following table presents investment securities that are measured at fair value on a recurring basis as of December 31, 2017: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government agencies $ — $ 176,448,558 $ — $ 176,448,558 Mortgage-backed securities — 208,423,057 — 208,423,057 State, County, Municipals — 117,100,535 — 117,100,535 Other Investments — — 3,074,227 3,074,227 $ — $ 501,972,150 $ 3,074,227 $ 505,046,377 The following table presents investment securities that are measured at fair value on a recurring basis as of December 31, 2016: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government agencies $ — $ 199,966,608 $ — $ 199,966,608 Mortgage-backed securities — 148,264,710 — 148,264,710 State, County, Municipals — 144,922,150 — 144,922,150 Other Investments — — 2,971,106 2,971,106 $ — $ 493,153,468 $ 2,971,106 $ 496,124,574 The following table reports the activity in assets measured at fair value on a recurring basis using significant unobservable inputs, during the years ended December 31, 2017 and December 31, 2016. Fair Value Measurements Using 2017 2016 Balance at January 1 $ 2,971,106 $ 2,915,709 Principal payments received (4,466 ) (69,631 ) Unrealized gains included in other comprehensive income 107,587 125,028 Balance at December 31 $ 3,074,227 $ 2,971,106 As of December 31, 2017 and December 31, 2016, management determined, based on the current credit ratings, known defaults and deferrals by the underlying banks and the degree to which future defaults and deferrals would be required to occur before the cash flow for the Company’s tranche is negatively impacted, that no other-than-temporary impairment exists. The Company 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. 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. Impaired Loans Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to, equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on management’s historical knowledge, changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Other real estate owned OREO is comprised of commercial and residential real estate obtained in partial and total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at fair value of the real estate, less costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for decline in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. As such, values for OREO are classified as Level 3. The following table presents assets measured at fair value on a nonrecurring basis during December 31, 2017 and 2016 and were still held at those respective dates: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals December 31, 2017 Impaired loans $ — $ — $ 544,502 $ 544,502 Other real estate owned — — 1,307,250 1,307,250 $ — $ — $ 1,851,752 $ 1,851,752 December 31, 2016 Impaired loans $ — $ — $ 3,591,516 $ 3,591,516 Other real estate owned — — 1,893,949 1,893,949 $ — $ — $ 5,485,465 $ 5,485,465 Impaired loans with a carrying value of $4,396,293 and $7,064,185 had an allocated allowance for loan losses of $442,589 and $786,893 at December 31, 2017 and December 31, 2016, 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. After monitoring the carrying amounts for subsequent declines or impairment after foreclosure, management determined that a fair value adjustment to OREO in the amount of $234,042 and $220,419 was necessary and was recorded during the year ended December 31, 2017 and December 31, 2016, respectively. Federal Funds Sold and Securities Sold Under Agreement to Repurchase Due to the short-term nature of these instruments, the carrying amount is equal to the fair value. 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 similar deposits to a schedule of aggregated expected monthly maturities on time deposits. Federal Home Loan Bank Borrowings The fair value of FHLB advances is based on discounted cash flow analysis. Off-Balance 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. The following represents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2017 and December 31, 2016: Carrying Value Quoted Prices in Significant Significant Total Fair Value 2017 (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 17,962,990 $ 17,962,990 $ — $ — $ 17,962,990 Interest bearing deposits with banks 1,532,420 1,532,420 — — 1,532,420 Securities available-for-sale 505,046,377 — 501,972,150 3,074,227 505,046,377 Net loans 402,390,574 — — 401,706,081 401,706,081 Financial liabilities Deposits $ 720,685,499 $ 543,123,284 $ — $ 177,698,280 $ 720,821,564 Federal Home Loan Bank advances 30,000,000 — — 30,005,541 30,005,541 Securities Sold under Agreement to Repurchase 142,497,938 142,497,938 — — 142,497,938 Carrying Value Quoted Prices in Significant Significant Total Fair Value 2016 (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 21,688,557 $ 21,688,557 $ — $ — $ 21,688,557 Interest bearing deposits with banks 48,603,182 48,603,182 — — 48,603,182 Securities available-for-sale 496,124,574 — 493,153,468 2,971,106 496,124,574 Net loans 390,148,343 — — 391,106,337 391,106,337 Financial liabilities Deposits $ 760,152,340 $ 563,440,632 $ — $ 196,859,851 $ 760,300,483 Federal Home Loan Bank advances 20,000,000 — — 20,283,999 20,283,999 Securities Sold under Agreement to Repurchase 150,282,913 150,282,913 — — 150,282,913 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Note 17. Stock Based Compensation The Company has a directors’ stock compensation plan and had an employees’ long-term incentive plan. Under the directors’ plan, the Company may grant options for up to 210,000 shares of common stock. The price of each option is equal to the market price determined as of the option grant date. Options granted are exercisable after six months and expire after 10 years. The employee plan expired on April 13, 2009, no options have been granted since this date and all previously granted options either expired or were exercised as of December 31, 2016. The options previously granted under the employee plan expire 10 years from the grant date. The exercise price is equal to the market price of the Company’s stock on the date of grant. The fair value of each option granted is estimated on the date of the grant using the Black-Sholes option-pricing model. No options were granted in 2017 or 2016, therefore no calculations were required in 2017 or 2016 to determine fair values. The Company has adopted the 2013 Incentive Compensation Plan (the “2013 Plan”), which the Company has used for all equity grants after the adoption and approval of the 2013 Plan. During 2017, the Company’s directors received restricted stock grants totaling 7,500 shares of common stock at a then market value of $24.03 per share and in 2016 received 7,500 shares of common stock at a then market value of $21.51 per share. These grants vest over a one-year one-year one-year During 2015, 7,500 shares of restricted stock was granted to the Chief Executive Officer (CEO) that would vest according to a stock performance schedule over the next five years. The stock performance for the Company met the goal for 2016 and the CEO became vested in 20%, or 1,500 shares of the restricted stock at an expense of $31,725. Again in 2017, the Company met 20% of its goal and the CEO became vested in an additional 1,500 shares of the restricted stock at an expense of $36,810. During 2017 and 2016, the Company recorded expense of $210,735 and $186,425 and recorded deferred taxes in the amounts of $43,395 and $57,700, respectively, related to all of the restricted shares. At December 31, 2017, there were 12,000 shares non-vested Following is a summary of the status of the stock options remaining under the plans for the years ending December 31, 2017, 2016 and 2015: Directors’ Plan Employees’ Plan Number Weighted Number Weighted Outstanding at January 1, 2015 96,000 $ 21.30 46,500 $ 22.06 Granted — — — — Exercised — — (1,500 ) 18.00 Expired (9,000 ) 20.00 (22,000 ) 21.95 Outstanding at December 31, 2015 87,000 $ 21.35 23,000 $ 23.46 Granted — — — — Exercised — — — — Expired (9,000 ) 23.70 (23,000 ) 23.46 Outstanding at December 31, 2016 78,000 $ 21.08 — $ — Granted — — — — Exercised (6,000 ) 20.94 — — Expired (9,000 ) 22.00 — — Outstanding at December 31, 2017 63,000 $ 20.96 — $ — Options exercisable at: December 31, 2017 63,000 $ 20.96 — $ — The following table presents the outstanding stock options granted in relation to the option price and the weighted average maturity. Options Weighted Weighted Average Range of Exercise Prices Outstanding Average Price Life Remaining $15.01 to $20.00 24,000 18.43 2 years, 6 months $20.01 to $22.50 25,500 20.83 1 year, 11 months $22.51 and above 13,500 25.72 2 years, 4 months Total 63,000 $ 20.96 2 years, 3 months The intrinsic value of options granted under the Directors’ Plan at December 31, 2017 was $169,785 and the intrinsic value of the Employees’ Plan at December 31, 2017 was $0 for a total intrinsic value at December 31, 2017 of $169,785. Additionally, the total intrinsic value of options exercised during 2017 and 2016 was $18,825 and $0, respectively. There were no options granted during 2017 under the 2013 Plan. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accounting policies of Citizens Holding Company and its subsidiary conform to generally accepted accounting principles (“GAAP”) in the United States of America and to general practices within the banking industry. The consolidated financial statements of Citizens Holding Company include the accounts of its wholly-owned subsidiary, The Citizens Bank of Philadelphia, Mississippi (collectively, the “Company”). All significant intercompany transactions have been eliminated in consolidation. |
Nature of Business | Nature of Business The Citizens Bank of Philadelphia, Mississippi (the “Bank”) operates under a state bank charter and provides general banking services. As a state bank, the Bank is subject to regulations of the Mississippi Department of Banking and Consumer Finance and the Federal Deposit Insurance Company. The Company is also subject to the regulations of the Federal Reserve. The area served by the Bank is east central and southern counties of Mississippi and the surrounding areas. Services are provided at several branch offices. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and valuation of foreclosed real estate, management obtains independent appraisals for significant properties. While management uses available information to recognize losses on loans and to value foreclosed real estate, future additions to the allowance or adjustments to the valuation may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and valuations of foreclosed real estate. Such agencies may require the Company to recognize additions to the allowance or to make adjustments to the valuation based on their judgments about information available to them at the time of their examination. Due to these factors, it is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. |
Cash, Due from Banks and Interest Bearing Deposits with Other Banks | Cash, Due from Banks and Interest Bearing Deposits with Other Banks For the purpose of reporting cash flows, cash and due from banks includes cash on hand and demand deposits. Cash flows from loans originated by the Company, deposits, and federal funds purchased and sold are reported net in the statement of cash flows. The Company is required to maintain average reserve balances with the Federal Reserve Bank based on a percentage of deposits. The Company was not required to maintain an average reserve balance by the Federal Reserve Bank at December 31, 2017 and 2016. Interest-bearing deposits with other banks mature within one year and are carried at cost. |
Investment Securities | Investment Securities In accordance with the investments topic of the Accounting Standards Codification (“ASC”), securities are classified as “available-for-sale,” “held-to-maturity” |
Securities Available-for-Sale | Securities Available-for-Sale Securities that are held for indefinite periods of time or used as part of the Company’s asset/liability management strategy and that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital and other similar factors are classified as available-for-sale available-for-sale |
Securities Held to Maturity | Securities Held to Maturity Securities that are held-to-maturity Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. The amortization of premiums and accretion of discounts are recognized in interest income. The Company periodically reviews its securities for impairment based upon a number of factors, including but not limited to, length of time and extent to which the fair value has been less than cost, the likelihood of the security’s ability to recover any decline in its fair value, financial condition of the underlying issuer, ability of the issuer to meet contractual obligations and ability to retain the security for a period of time sufficient to allow for recovery in fair value. Impairments on securities are recognized when management, based on its analysis, deems the impairment to be other-than-temporary. Disclosures about unrealized losses in the Company’s securities portfolio that have not been recognized as other-than-temporary impairments are provided in Note 2. |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding, net of unearned income and an allowance for loan losses. The Company has no loans held-for-sale. Unearned income includes deferred fees net of deferred direct incremental loan origination cost. Unearned income attributable to loans held with a maturity of more than one year is recognized as income or expense over the life of the loan. Unearned discounts on installment loans are recognized as income over the terms of the loans by a method that approximates the interest method. Unearned income and interest on commercial loans are recognized based on the principal amount outstanding. For all other loans, interest is accrued daily on the outstanding balances. For impaired loans, interest is discontinued on a loan when management believes, after considering collection efforts and other factors, that the borrower’s financial condition is such that collection of interest is doubtful. Cash collections on impaired loans are credited to the loan receivable balance, and no interest income is recognized on those loans until the principal balance has been collected. The Company generally discontinues the accrual of interest income when a loan becomes 90 days past due as to principal or interest; however, management may elect to continue the accrual when the estimated net realizable value of collateral is sufficient to cover the principal balance and the accrued interest. Interest income on other nonaccrual loans is recognized only to the extent of interest payments. Upon discontinuance of the accrual of interest on a loan, any previously accrued but unpaid interest is reversed against interest income. A loan is impaired when management determines that it is probable the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. The amount of impairment, if any, and any subsequent changes are included in the allowance for loan losses. Troubled debt restructurings (“TDR”) are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. TDR are classified as performing, unless they are on nonaccrual status of 90 days or more delinquent, in which case they are considered nonperforming. The allowance for loan losses is established through a provision for loan losses charged against net income. Loans determined to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance represents an amount, which, in management’s judgment, will be adequate to absorb estimated probable losses on existing loans that may become uncollectible. In order to determine an adequate level of allowance, management utilizes a model that calculates the allowance for loan loss by applying an average historical charge-off Large groups of small-balance homogenous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment disclosures. |
Bank Premises, Furniture, Fixtures and Equipment | Bank Premises, Furniture, Fixtures and Equipment The Company’s premises, furniture, fixtures and equipment are stated at cost less accumulated depreciation computed by straight-line methods over the estimated useful lives of the assets, which range from three to forty years. Costs of major additions and improvements are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned (“OREO”) consists of properties repossessed by the Company on foreclosed loans. These assets are stated at fair value at the date acquired less estimated costs to sell. Losses arising from the acquisition of such property are charged against the allowance for loan losses. Declines in value resulting from subsequent revaluation of the property or losses resulting from disposition of such property are expensed as incurred. Revenue and expenses from operations of other real estate owned are reflected as other income (expense). |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance The Company has purchased life insurance contracts on certain employees and directors. Certain of such policies were acquired to fund deferred compensation arrangements with employees and directors. The cash surrender value of the Company owned policies is carried at the actual cash surrender value of the policy at the balance sheet date. Changes in the value of the policies are classified in non-interest |
Intangible Assets | Intangible Assets Intangible assets include core deposits purchased and goodwill. Core deposit intangibles are amortized on a straight-line basis over their estimated economic lives ranging from 5 to 10 years. At December 31, 2017, all core deposit intangibles had been fully amortized. Goodwill and other intangible assets with indefinite lives are not amortized but are tested at least annually for impairment. Fair values are determined based on market valuation multiples for the Company and comparable businesses based on the assets and cash flow of the Bank, the Company’s only reportable segment. If impairment has occurred, the goodwill or other intangible asset is reduced to its estimated fair value through a charge to expense. At December 31, 2017 and 2016, the Company had $3,149,657 in goodwill included in other assets. |
Trust Assets | Trust Assets Assets held by the trust department of the Company in its fiduciary or agency capacities are not assets of the Company and are not included in the consolidated financial statements. |
Income Taxes | Income Taxes Provisions for income taxes are based on taxes payable or refundable for the current year and the changes in deferred tax assets and liabilities, excluding components of other comprehensive income. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income includes net earnings reported in the consolidated statements of income, changes in unrealized gain (loss) on securities available-for-sale available-for-sale |
Net Income Per Share | Net Income Per Share Net income per share-basic is computed by dividing net income by the weighted average number of common shares outstanding during the year. Net income per share-diluted is based on the weighted average number of shares of common stock outstanding for the periods, including the dilutive effect of the Company’s outstanding stock options and restricted stock grants. The effect of the dilutive shares for the years 2017, 2016 and 2015 is illustrated in the following table. 2017 2016 2015 Basic weighted average shares outstanding 4,878,691 4,865,968 4,872,064 Dilutive effect of stock options 17,157 9,670 2,077 Dilutive weighted average shares outstanding 4,895,848 4,875,638 4,874,141 Net income $ 3,703,548 $ 6,736,654 $ 7,588,901 Net income per share-basic $ 0.76 $ 1.38 $ 1.56 Net income per share-diluted $ 0.76 $ 1.38 $ 1.56 |
Advertising Costs | Advertising Costs Advertising costs are charged to expense when incurred. Advertising expense was $649,612, $783,303 and $793,282 for the years ended December 31, 2017, 2016 and 2015, respectively. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally United States Government, federal agency and state county municipal securities, pledged as collateral under these financing arrangements cannot be sold or re-pledged |
Reclassifications | Reclassifications Certain information for 2015 and 2016 has been reclassified to conform to the financial presentation for 2017. Such reclassifications had no effect on net income or shareholders’ equity. |
Stock-Based Compensation | Stock-Based Compensation At December 31, 2017, the Company had outstanding grants under two stock-based compensation plans, which are the 1999 Directors’ Stock Compensation Plan and the 2013 Incentive Compensation Plan. Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date. The Company has elected to account for forfeitures in compensation cost when they occur as permitted under the guidance in ASC 718, “Compensation—Stock Compensation” (“ASC 718”). Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and benefits” on the Consolidated Statements of Income. The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” See Note 17 for further details regarding the Company’s stock-based compensation. |
Subsequent Events | Subsequent Events The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements, and has determined that no significant events occurred after December 31, 2017 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-01 , Financial Instruments—Overall (Subtopic 825-10)—Recognition 2013-220 2013-221 No. 2016-01 available-for-sale No. 2016-01 No. 2016-01 yet been issued or, by all other entities, that have not yet been made available for issuance of certain amendments identified in this Update are permitted as of the beginning of the fiscal year of adoption. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position. FASB has issued an Accounting Standards Update (ASU) No. 2016-02, In March 2016, the FASB issued ASU 2016-09, In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments instruments carried at amortized cost and off-balance held-to-maturity off-balance available-for-sale 310-30, In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” 2014-09”), “Revenue from Contracts with Customers” 2014-09 2015-14, 2014-09 day-to-day In February 2018, FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220)” 2018-02”). 2018-02 2018-02 2018-02 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Effect of Dilutive Shares | The effect of the dilutive shares for the years 2017, 2016 and 2015 is illustrated in the following table. 2017 2016 2015 Basic weighted average shares outstanding 4,878,691 4,865,968 4,872,064 Dilutive effect of stock options 17,157 9,670 2,077 Dilutive weighted average shares outstanding 4,895,848 4,875,638 4,874,141 Net income $ 3,703,548 $ 6,736,654 $ 7,588,901 Net income per share-basic $ 0.76 $ 1.38 $ 1.56 Net income per share-diluted $ 0.76 $ 1.38 $ 1.56 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Gross Gross Amortized Unrealized Unrealized 2017 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 180,647,580 $ — $ 4,199,022 $ 176,448,558 Mortgage-backed securities 213,707,125 43,197 5,327,265 208,423,057 State, County, Municipals 118,786,297 849,364 2,535,126 117,100,535 Other investments 2,865,294 208,933 — 3,074,227 Total $ 516,006,296 $ 1,101,494 $ 12,061,413 $ 505,046,377 Gross Gross Amortized Unrealized Unrealized 2016 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 207,080,794 $ — $ 7,114,186 $ 199,966,608 Mortgage-backed securities 152,765,924 340,419 4,841,633 148,264,710 State, County, Municipals 150,503,811 1,269,356 6,851,017 144,922,150 Other investments 2,869,761 101,345 — 2,971,106 Total $ 513,220,290 $ 1,711,120 $ 18,806,836 $ 496,124,574 |
Summary of Unrealized Loss Information for Available-for-sale Securities | A summary of unrealized loss information for AFS securities, categorized by security type follows (in thousands): December 31, 2017 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. Government agencies $ 15,681,866 223,535 $ 160,766,691 3,975,488 $ 176,448,557 4,199,023 Mortgage backed securities 88,499,852 1,613,091 116,753,236 3,714,175 205,253,088 5,327,266 State, County, Municipal 7,117,600 59,041 66,973,174 2,476,084 74,090,774 2,535,125 Total $ 111,299,318 1,895,667 $ 344,493,101 10,165,747 $ 455,792,419 12,061,414 December 31, 2016 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of U.S. Government agencies $ 195,362,908 6,752,521 $ 4,603,700 361,665 $ 199,966,608 7,114,186 Mortgage backed securities 117,437,836 4,182,916 24,353,553 658,717 141,791,389 4,841,633 State, County, Municipal 95,088,225 6,663,280 3,092,183 187,737 98,180,408 6,851,017 Total $ 407,888,969 17,598,717 $ 32,049,436 1,208,119 $ 439,938,405 18,806,836 |
Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at December 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. AFS Amortized Cost Fair Value Securities AFS Due in one year or less $ 3,398,727 $ 3,421,576 Due after one year through five years 75,887,288 74,589,829 Due after five years through ten years 55,691,854 54,740,055 Due after ten years 381,028,427 372,294,917 Total $ 516,006,296 $ 505,046,377 |
Total Gross Realized Gains and Gross Realized Losses from Sale of Investment Securities | Total gross realized gains and gross realized losses from the sale of investment securities for each of the years ended December 31 were: 2017 2016 2015 Gross realized gains $ 633,244 $ 112,881 $ 142,422 Gross realized losses 528,536 — 124,919 Net realized gains $ 104,708 $ 112,881 $ 17,503 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Composition of Net Loans | The composition of loans, net at December 31, 2017 and 2016 is as follows (in thousands): 2017 2016 Real Estate: Land Development and Construction $ 25,923 $ 23,793 Farmland 16,905 18,175 1-4 95,925 97,812 Commercial Real Estate 191,736 180,880 Total Real Estate Loans 330,489 320,660 Business Loans: Commercial and Industrial Loans 58,204 53,761 Farm Production and Other Farm Loans 922 765 Total Business Loans 59,126 54,526 Consumer Loans: Credit Cards 1,310 1,156 Other Consumer Loans 14,680 18,310 Total Consumer Loans 15,990 19,466 Total Gross Loans 405,605 394,652 Unearned Income (195 ) (601 ) Allowance for Loan Losses (3,019 ) (3,903 ) Loans, net $ 402,391 $ 390,148 |
Activity in Related Party Loans | Activity in related party loans during 2017 is presented in the following table. Balance outstanding at December 31, 2016 $ 320,426 Principal additions 39,250 Principal reductions (54,318 ) Balance outstanding at December 31, 2017 $ 305,358 |
Year-End Non-Accrual Loans, Segregated by Class of Loans | Year-end non-accrual 2017 2016 Real Estate: Land Development and Construction $ — $ 133 Farmland 366 234 1-4 2,131 1,954 Commercial Real Estate 4,891 6,293 Total Real Estate Loans 7,388 8,614 Business Loans: Farm Loans 32 — Commercial and Industrial Loans 78 239 Total Business Loans 110 239 Consumer Loans: Other Consumer Loans 84 26 Total Consumer Loans 84 26 Total Nonaccrual Loans $ 7,582 $ 8,879 |
Age Analysis of Past Due Loans, Segregated by Class of Loans | An age analysis of past due loans, segregated by class of loans, as of December 31, 2017 was as follows (in thousands): Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Past Total Past Current Total Days Real Estate: Land Development and Construction $ 281 $ — $ 281 $ 25,642 $ 25,923 $ — Farmland 93 — 93 16,812 16,905 — 1-4 2,657 — 2,657 93,268 95,925 — Commercial Real Estate 2,585 862 3,447 188,289 191,736 807 Total Real Estate Loans 5,616 862 6,478 324,011 330,489 807 Business Loans: Commercial and Industrial Loans 32 — 32 58,172 58,204 — Farm Production and Other Farm Loans 19 — 19 903 922 — Total Business Loans 51 — 51 59,075 59,126 — Consumer Loans: Credit Cards 25 6 31 1,279 1,310 6 Other Consumer Loans 422 — 422 14,258 14,680 — Total Consumer Loans 447 6 453 15,537 15,990 6 Total Loans $ 6,114 $ 868 $ 6,982 $ 398,623 $ 405,605 $ 813 An age analysis of past due loans, segregated by class of loans, as of December 31, 2016 was as follows (in thousands): Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Real Estate: Land Development and Construction $ 208 $ 78 $ 286 $ 23,507 $ 23,793 $ — Farmland 584 65 649 17,526 18,175 — 1-4 2,993 596 3,589 94,223 97,812 179 Commercial Real Estate 6,491 185 6,676 174,204 180,880 — Total Real Estate Loans 10,276 924 11,200 309,460 320,660 179 Business Loans: Commercial and Industrial Loans 66 186 252 53,509 53,761 — Farm Production and Other Farm Loans — — — 765 765 — Total Business Loans 66 186 252 54,274 54,526 — Consumer Loans: Credit Cards 7 3 10 1,146 1,156 — Other Consumer Loans 788 27 815 17,495 18,310 27 Total Consumer Loans 795 30 825 18,641 19,466 27 Total Loans $ 11,137 $ 1,140 $ 12,277 $ 382,375 $ 394,652 $ 206 |
Impaired Loans, Segregated by Class of Loans | Impaired loans as of December 31, by class of loans, are as follows (in thousands): 2017 Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ — $ — $ — $ — $ — $ — Farmland — — — — — 62 1-4 303 — 303 303 46 875 Commercial Real Estate 4,093 — 4,093 4,093 397 4,710 Total Real Estate Loans 4,396 — 4,396 4,396 443 5,647 Business Loans: Commercial and Industrial Loans — — — — — — Farm Production and Other Farm Loans — — — — — — Total Business Loans — — — — — — Total Loans $ 4,396 $ — $ 4,396 $ 4,396 $ 443 $ 5,647 2016 Unpaid Recorded Recorded Total Related Average Real Estate: Land Development and Construction $ — $ — $ — $ — $ — $ — Farmland 163 — 163 163 28 119 1-4 1,448 — 1,448 1,448 252 2,276 Commercial Real Estate 5,327 — 5,327 5,327 469 8,495 Total Real Estate Loans 6,938 — 6,938 6,938 749 10,890 Business Loans: Commercial and Industrial Loans 126 — 126 126 38 33 Farm Production and Other Farm Loans — — — — — — Total Business Loans 126 — 126 126 38 33 Total Loans $ 7,064 $ — $ 7,064 $ 7,064 $ 787 $ 10,923 |
Troubled Debt Restructurings Segregated by Class | The following table presents troubled debt restructurings segregated by class (in thousands, except number of loans): December 31, 2017 Number of Pre-Modification Post-Modification Commercial real estate 3 $ 4,871 $ 3,047 Total 3 $ 4,871 $ 3,047 December 31, 2016 Number of Pre-Modification Post-Modification Commercial real estate 3 $ 4,871 $ 3,288 Total 3 $ 4,871 $ 3,288 |
Changes in Troubled Debt Restructurings | Changes in the Company’s troubled debt restructurings are set forth in the table below: Number of Recorded Totals at January 1, 2017 3 $ 3,288 Additional loans with concessions Reductions due to: Principal paydowns (241 ) Total at December 31, 2017 3 $ 3,047 |
Detailed Amount of Gross Loans Segregated by Loan Grade and Class | The following table details the amount of gross loans by loan grade and class for the year ended December 31, 2017 (in thousands): Special Satisfactory Mention Substandard Doubtful Loss Total 1,2,3,4 5,6 7 8 9 Loans Real Estate: Land Development and Construction $ 23,720 $ 2,116 $ 87 $ — $ — $ 25,923 Farmland 15,496 377 1,032 — — 16,905 1-4 82,227 5,615 8,083 — — 95,925 Commercial Real Estate 143,271 41,833 6,632 — — 191,736 Total Real Estate Loans 264,714 49,941 15,834 — — 330,489 Business Loans: Commercial and Industrial Loans 55,081 2,990 133 — — 58,204 Farm Production and Other Farm Loans 853 9 60 — — 922 Total Business Loans 55,934 2,999 193 — — 59,126 Consumer Loans: Credit Cards 1,304 — 6 — — 1,310 Other Consumer Loans 14,414 71 137 58 — 14,680 Total Consumer Loans 15,718 71 143 58 — 15,990 Total Loans $ 336,366 $ 53,011 $ 16,170 $ 58 $ — $ 405,605 The following table details the amount of gross loans by loan grade and class for the year ended December 31, 2016 (in thousands): Special Satisfactory Mention Substandard Doubtful Loss Total 1,2,3,4 5,6 7 8 9 Loans Real Estate: Land Development and Construction $ 23,038 $ 186 $ 569 $ — $ — $ 23,793 Farmland 16,448 776 951 — — 18,175 1-4 86,043 1,754 10,015 — — 97,812 Commercial Real Estate 161,323 11,072 8,485 — — 180,880 Total Real Estate Loans 286,852 13,788 20,020 — — 320,660 Business Loans: Commercial and Industrial Loans 51,985 1,427 349 — — 53,761 Farm Production and Other Farm Loans 727 28 10 — — 765 Total Business Loans 52,712 1,455 359 — — 54,526 Consumer Loans: Credit Cards 1,153 — 3 — — 1,156 Other Consumer Loans 18,027 149 132 2 — 18,310 Total Consumer Loans 19,180 149 135 2 — 19,466 Total Loans $ 358,744 $ 15,392 $ 20,514 $ 2 $ — $ 394,652 |
Net Chargeoffs Segregated by Class of Loans | Net chargeoffs (recoveries), segregated by class of loans, were as follows: 2017 2016 2015 Real Estate: Land Development and Construction $ 97,685 $ (17,677 ) $ (8,700 ) Farmland — (934 ) (5,156 ) 1-4 40,682 154,387 149,014 Commercial Real Estate — 2,387,956 415,413 Total Real Estate Loans 138,367 2,523,732 550,571 Business Loans: Commercial and Industrial Loans 164,191 (8,230 ) 1,585 Farm Production and other Farm Loans — — — Total Business Loans 164,191 (8,230 ) 1,585 Consumer Loans: Credit Cards (6,654 ) 9,285 15,493 Other Consumer Loans 44,526 (18,936 ) 57,661 Total Consumer Loans 37,872 (9,651 ) 73,154 Total Net Chargeoffs $ 340,430 $ 2,505,851 $ 625,310 |
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 years ended December 31, 2017, 2016 and 2015: Real Business 2017 Estate Loans Consumer Total Beginning Balance $ 3,117,134 $ 257,554 $ 528,108 $ 3,902,796 Provision for possible loan losses (827,052 ) 253,418 30,496 (543,138 ) Chargeoffs 168,841 165,685 102,567 437,093 Recoveries 30,474 1,494 64,695 96,663 Net chargeoffs 138,367 164,191 37,872 340,430 Ending Balance $ 2,151,715 $ 346,781 $ 520,732 $ 3,019,228 Period end allowance allocated to: Loans individually evaluated for impairment $ 442,589 $ — $ — $ 442,589 Loans collectively evaluated for impairment 1,709,126 346,781 520,732 2,576,639 Ending Balance $ 2,151,715 $ 346,781 $ 520,732 $ 3,019,228 Real Business 2016 Estate Loans Consumer Total Beginning Balance $ 5,238,895 $ 643,248 $ 591,560 $ 6,473,703 Provision for possible loan losses 401,971 (393,924 ) (73,103 ) (65,056 ) Chargeoffs 2,567,499 8,035 65,311 2,640,845 Recoveries 43,767 16,265 74,962 134,994 Net chargeoffs 2,523,732 (8,230 ) (9,651 ) 2,505,851 Ending Balance $ 3,117,134 $ 257,554 $ 528,108 $ 3,902,796 Period end allowance allocated to: Loans individually evaluated for impairment $ 749,090 $ 37,803 $ — $ 786,893 Loans collectively evaluated for impairment 2,368,044 219,751 528,108 3,115,903 Ending Balance $ 3,117,134 $ 257,554 $ 528,108 $ 3,902,796 2015 Real Estate Business Consumer Total Beginning Balance $ 5,202,151 $ 873,815 $ 466,360 $ 6,542,326 Provision for possible loan losses 587,315 (228,982 ) 198,354 556,687 Chargeoffs 625,556 32,258 164,091 821,905 Recoveries 74,985 30,673 90,937 196,595 Net chargeoffs 550,571 1,585 73,154 625,310 Ending Balance $ 5,238,895 $ 643,248 $ 591,560 $ 6,473,703 Period end allowance allocated to: Loans individually evaluated for impairment $ 2,996,708 $ — $ — $ 2,996,708 Loans collectively evaluated for impairment 2,242,187 643,248 591,560 3,476,995 Ending Balance $ 5,238,895 $ 643,248 $ 591,560 $ 6,473,703 |
Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment | The Company’s recorded investment in loans as of December 31, 2017 and 2016 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Company’s impairment methodology was as follows (in thousands): 2017 Real Estate Business Consumer Total Loans individually evaluated for impairment $ 4,396 $ — $ — $ 4,396 Loans collectively evaluated for impairment 326,093 59,126 15,990 401,209 $ 330,489 $ 59,126 $ 15,990 $ 405,605 Real Business 2016 Estate Loans Consumer Total Loans individually evaluated for impairment $ 6,938 $ 126 $ — $ 7,064 Loans collectively evaluated for impairment 313,722 54,400 19,466 387,588 $ 320,660 $ 54,526 $ 19,466 $ 394,652 |
Bank Premises, Furniture, Fix30
Bank Premises, Furniture, Fixtures and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises, Furniture, Fixtures and Equipment | Bank premises, furniture, fixtures and equipment consist of the following at December 31, 2017 and December 31, 2016: 2017 2016 Land and buildings $ 27,610,855 $ 25,022,259 Furniture, fixtures and equipment 15,954,422 15,632,170 43,565,277 40,654,429 Less accumulated depreciation 22,993,726 21,990,345 Total $ 20,571,551 $ 18,664,084 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Composition of Deposits | The composition of deposits as of December 31, 2017 and December 31, 2016 is as follows: 2017 2016 Non-interest $ 159,291,356 $ 149,512,941 NOW and money market accounts 306,047,053 340,180,286 Savings deposits 77,784,876 73,745,005 Time deposits, $250,000 or more 36,237,241 43,060,799 Other time deposits 141,324,973 153,653,309 Total $ 720,685,499 $ 760,152,340 |
Scheduled Maturities of Time Deposits | The scheduled maturities of time deposits at December 31, 2017 are as follows: Year Ending December 31, Amount 2018 $ 140,515,847 2019 32,469,001 2020 2,978,646 2021 18,542 2022 1,580,178 $ 177,562,214 |
Federal Home Loan Bank Advanc32
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Summary of Federal Home Loan Bank Advances | At December 31, 2017 and December 31, 2016, advances from the FHLB, along with their rate and maturity date, consist of the following: Advance Amount at Interest Rate Final Maturity December 31, 2017 2016 $20,000,000 $ 20,000,000 2.53 January 9, 2018 10,000,000 — 1.60 January 5, 2018 |
Scheduled Payments for Next Five Years | The scheduled payments for the next five years are as follows: Year Due Payment 2018 $ 30,000,000 2019 — 2020 — 2021 — 2022 — |
Other Income and Other Expense
Other Income and Other Expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Major Income Classifications Included in Other Income Under Non Interest Income on Income Statement | The following is a detail of the major income classifications that are included in other income under non-interest Other Income 2017 2016 2015 BOLI Insurance $ 528,425 $ 511,854 $ 568,000 Mortgage Loan Origination Income 340,395 451,476 362,611 Other Income 446,144 385,586 1,228,796 Total Other Income $ 1,314,964 $ 1,348,916 $ 2,159,407 |
Major Expense Classifications Comprising of Other Expense Line Item in Income Statement | The following is a detail of the major expense classifications that comprise the other expense line item in the income statement for the years ended December 31: Other Operating Expense 2017 2016 2015 Advertising $ 649,612 $ 783,303 $ 793,282 Office Supplies 1,008,541 702,705 591,177 Legal and Audit Fees 515,273 497,986 408,066 FDIC and State Assessment 417,047 702,705 751,979 Telephone Expense 529,747 446,628 431,761 Postage and Freight 544,722 499,611 478,764 Loan Collection Expense 471,779 380,093 205,549 Other Losses 463,415 445,792 243,172 Debit Card/ATM expense 413,058 378,748 337,476 Travel and Convention 254,594 254,229 247,416 Other expenses 2,802,677 2,582,683 2,581,874 Total Other Expense $ 8,070,465 $ 7,674,483 $ 7,070,516 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Tax | The consolidated provision for income taxes consists of the following: 2017 2016 2015 Currently payable Federal $ 257,886 $ 884,743 $ 2,288,766 State (72,489 ) 53,015 276,519 185,397 937,758 2,565,285 Deferred tax expense (benefit) 3,885,194 673,977 (86,251 ) Income tax expense $ 4,070,591 $ 1,611,735 $ 2,479,034 |
Differences between Income Taxes Calculated at Federal Statutory Rate and Income Tax Expense | The differences between income taxes calculated at the federal statutory rate and income tax expense were as follows: 2017 2016 2015 Federal taxes based on statutory rate $ 2,643,207 $ 2,838,452 $ 3,423,098 State income taxes, net of federal benefit (47,843 ) 46,972 182,503 Tax-exempt (1,074,443 ) (1,133,970 ) (928,246 ) Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act 2,558,859 — — Other, net (9,189 ) (139,719 ) (198,321 ) Income tax expense $ 4,070,591 $ 1,611,735 $ 2,479,034 |
Net Deferred Tax Assets | At December 31, 2017 and December 31, 2016, net deferred tax assets consist of the following: 2017 2016 Deferred tax assets Allowance for loan losses $ 753,297 $ 1,455,743 Deferred compensation liability 2,150,913 3,375,924 Alternative minimum tax 667,280 — Unrealized loss on securities available-for-sale 2,734,500 6,376,702 Other 608,913 576,946 Total 6,914,903 11,785,315 Deferred tax liabilities Premises and equipment 1,358,165 1,042,833 Other 193,988 107,813 Total 1,552,153 1,150,646 Net deferred tax asset $ 5,362,750 $ 10,634,669 |
Summarized Financial Informat35
Summarized Financial Information of Citizens Holding Company (Tables) - Citizens Holding Company [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Summarized Balance Sheets Financial Information of Citizens Holding Company | Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash (1) $ 2,369,429 $ 1,444,895 Investment in bank subsidiary (1) 85,729,466 82,996,430 Other assets (1) 352,145 618,070 Total assets $ 88,451,040 $ 85,059,395 Liabilities Other liabilities $ — $ — Shareholders’ equity 88,451,040 85,059,395 Total liabilities and shareholders’ equity $ 88,451,040 $ 85,059,395 (1) Fully or partially eliminates in consolidation. |
Summarized Income Statement Financial Information of Citizens Holding Company | Income Statements Years Ended December 31, 2017, 2016 and 2015 2017 2016 2015 Interest income (1) $ 1,902 $ 2,379 $ 1,896 Other income Dividends from bank subsidiary (1) 5,472,000 4,104,001 5,568,900 Equity in undistributed earnings of bank subsidiary (1) (1,348,757 ) 2,845,152 2,191,684 Other income — — — Total other income 4,123,243 6,949,153 7,760,584 Other expense 459,935 355,256 275,744 Income before income taxes 3,665,210 6,596,276 7,486,736 Income tax benefit (38,338 ) (140,378 ) (102,165 ) Net income $ 3,703,548 $ 6,736,654 $ 7,588,901 (1) Eliminates in consolidation. |
Summarized Statements of Cash Flows Financial Information of Citizens Holding Company | Statements of Cash Flows Years Ended December 31, 2017, 2016 and 2015 2017 2016 2015 Cash flows from operating activities Net income $ 3,703,548 $ 6,736,654 $ 7,588,901 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed loss (earnings) of the Bank 1,348,757 (2,845,152 ) (2,191,684 ) Stock compensation expense 210,735 186,425 117,300 (Decrease) increase in other assets 265,925 (143,602 ) (103,168 ) Net cash provided by operating activities 5,528,965 3,934,325 5,411,349 Cash flows from financing activities Dividends paid to shareholders $ (4,697,056 ) $ (4,686,325 ) $ (4,540,748 ) Repurchase of company stock — — (390,205 ) Excess tax benefit from equity grants — — 1,001 Proceeds from stock option exercises 92,625 — 27,000 Net cash used by financing activities (4,604,431 ) (4,686,325 ) (4,902,952 ) Net increase in cash 924,534 (752,000 ) 508,397 Cash, beginning of year 1,444,895 2,196,895 1,688,498 Cash, end of year $ 2,369,429 $ 1,444,895 $ 2,196,895 |
Lease Commitment and Total Re36
Lease Commitment and Total Rental Expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Future Minimum Rental Payments Due under Leases | The Company has operating leases under non-cancellable Years Ending December 31, Amounts 2018 $ 292,169 2019 242,776 2020 216,528 2021 216,528 2022 216,528 $ 1,184,529 The total rental expense included in the income statements for the years ended December 31, 2017, 2016 and 2015 is $107,418, $118,805 and $111,684, respectively. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Minimum Total Risk-Based, Tier I Risk-Based, and Tier I Leverage Ratios | To continue to be categorized as well capitalized under the regulatory framework for prompt corrective action, the Company would have to maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as disclosed below, in comparison with actual capital amounts and ratios (amounts in thousands): Minimum Capital Minimum Capital Requirement to be Requirement to be Adequately Actual Well Capitalized Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2017 Citizens Holding Company Tier 1 leverage ratio $ 93,527 9.17 % $ 51,005 5.00 % $ 40,804 4.00 % Common Equity tier 1 capital ratio 93,527 9.17 % 66,307 6.50 % 45,905 4.50 % Tier 1 risk-based capital ratio 93,527 17.93 % 41,737 8.00 % 31,303 6.00 % Total risk-based capital ratio 96,546 18.51 % 52,171 10.00 % 41,737 8.00 % The Citizens Bank of Philadelphia Tier 1 leverage ratio $ 89,243 8.75 % $ 50,978 5.00 % $ 40,782 4.00 % Common Equity tier 1 capital ratio 89,243 8.75 % 66,271 6.50 % 45,880 4.50 % Tier 1 risk-based capital ratio 89,243 17.12 % 41,708 8.00 % 31,281 6.00 % Total risk-based capital ratio 92,262 17.70 % 52,136 10.00 % 41,708 8.00 % December 31, 2016 Citizens Holding Company Tier 1 leverage ratio $ 92,629 9.22 % $ 50,258 5.00 % $ 40,207 4.00 % Common Equity tier 1 capital ratio 92,629 9.22 % 65,336 6.50 % 45,232 4.50 % Tier 1 risk-based capital ratio 92,629 17.92 % 41,354 8.00 % 31,016 6.00 % Total risk-based capital ratio 96,532 18.67 % 51,693 10.00 % 41,354 8.00 % The Citizens Bank of Philadelphia Tier 1 leverage ratio $ 90,566 9.02 % $ 50,229 5.00 % $ 40,183 4.00 % Common Equity tier 1 capital ratio 90,566 9.02 % 65,298 6.50 % 45,206 4.50 % Tier 1 risk-based capital ratio 90,566 17.53 % 41,329 8.00 % 30,997 6.00 % Total risk-based capital ratio 94,469 18.29 % 51,661 10.00 % 41,329 8.00 % |
Fair Values of Financial Inst38
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents investment securities that are measured at fair value on a recurring basis as of December 31, 2017: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government agencies $ — $ 176,448,558 $ — $ 176,448,558 Mortgage-backed securities — 208,423,057 — 208,423,057 State, County, Municipals — 117,100,535 — 117,100,535 Other Investments — — 3,074,227 3,074,227 $ — $ 501,972,150 $ 3,074,227 $ 505,046,377 The following table presents investment securities that are measured at fair value on a recurring basis as of December 31, 2016: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government agencies $ — $ 199,966,608 $ — $ 199,966,608 Mortgage-backed securities — 148,264,710 — 148,264,710 State, County, Municipals — 144,922,150 — 144,922,150 Other Investments — — 2,971,106 2,971,106 $ — $ 493,153,468 $ 2,971,106 $ 496,124,574 |
Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table reports the activity in assets measured at fair value on a recurring basis using significant unobservable inputs, during the years ended December 31, 2017 and December 31, 2016. Fair Value Measurements Using 2017 2016 Balance at January 1 $ 2,971,106 $ 2,915,709 Principal payments received (4,466 ) (69,631 ) Unrealized gains included in other comprehensive income 107,587 125,028 Balance at December 31 $ 3,074,227 $ 2,971,106 |
Asset Measured at Fair Value on Nonrecurring Basis | The following table presents assets measured at fair value on a nonrecurring basis during December 31, 2017 and 2016 and were still held at those respective dates: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals December 31, 2017 Impaired loans $ — $ — $ 544,502 $ 544,502 Other real estate owned — — 1,307,250 1,307,250 $ — $ — $ 1,851,752 $ 1,851,752 December 31, 2016 Impaired loans $ — $ — $ 3,591,516 $ 3,591,516 Other real estate owned — — 1,893,949 1,893,949 $ — $ — $ 5,485,465 $ 5,485,465 |
Carrying Value and Estimated Fair Value of Financial Instruments | The following represents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2017 and December 31, 2016: Carrying Value Quoted Prices in Significant Significant Total Fair Value 2017 (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 17,962,990 $ 17,962,990 $ — $ — $ 17,962,990 Interest bearing deposits with banks 1,532,420 1,532,420 — — 1,532,420 Securities available-for-sale 505,046,377 — 501,972,150 3,074,227 505,046,377 Net loans 402,390,574 — — 401,706,081 401,706,081 Financial liabilities Deposits $ 720,685,499 $ 543,123,284 $ — $ 177,698,280 $ 720,821,564 Federal Home Loan Bank advances 30,000,000 — — 30,005,541 30,005,541 Securities Sold under Agreement to Repurchase 142,497,938 142,497,938 — — 142,497,938 Carrying Value Quoted Prices in Significant Significant Total Fair Value 2016 (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 21,688,557 $ 21,688,557 $ — $ — $ 21,688,557 Interest bearing deposits with banks 48,603,182 48,603,182 — — 48,603,182 Securities available-for-sale 496,124,574 — 493,153,468 2,971,106 496,124,574 Net loans 390,148,343 — — 391,106,337 391,106,337 Financial liabilities Deposits $ 760,152,340 $ 563,440,632 $ — $ 196,859,851 $ 760,300,483 Federal Home Loan Bank advances 20,000,000 — — 20,283,999 20,283,999 Securities Sold under Agreement to Repurchase 150,282,913 150,282,913 — — 150,282,913 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Status of Plans | Following is a summary of the status of the stock options remaining under the plans for the years ending December 31, 2017, 2016 and 2015: Directors’ Plan Employees’ Plan Number Weighted Number Weighted Outstanding at January 1, 2015 96,000 $ 21.30 46,500 $ 22.06 Granted — — — — Exercised — — (1,500 ) 18.00 Expired (9,000 ) 20.00 (22,000 ) 21.95 Outstanding at December 31, 2015 87,000 $ 21.35 23,000 $ 23.46 Granted — — — — Exercised — — — — Expired (9,000 ) 23.70 (23,000 ) 23.46 Outstanding at December 31, 2016 78,000 $ 21.08 — $ — Granted — — — — Exercised (6,000 ) 20.94 — — Expired (9,000 ) 22.00 — — Outstanding at December 31, 2017 63,000 $ 20.96 — $ — Options exercisable at: December 31, 2017 63,000 $ 20.96 — $ — |
Outstanding Stock Options Granted in Relation to Option Price and Weighted Average Maturity | The following table presents the outstanding stock options granted in relation to the option price and the weighted average maturity. Options Weighted Weighted Average Range of Exercise Prices Outstanding Average Price Life Remaining $15.01 to $20.00 24,000 18,43 2 years, 6 months $20.01 to $22.50 25,500 20.83 1 year, 11 months $22.51 and above 13,500 25.72 2 years, 4 months Total 63,000 $ 20.96 2 years, 3 months |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Average reserve required by the Federal Reserve Bank | $ 0 | $ 0 | |
Interest-bearing deposits with other banks, maturity date | 1 year | ||
Securities classified held-to-maturity | $ 0 | 0 | |
Restructured loans, minimum period of nonaccrual status to be considered as nonperforming | 90 days | ||
Minimum individual loan basis, with specific reserve requirement | $ 100,000 | ||
Goodwill | 3,149,657 | ||
Advertising expense | $ 649,612 | $ 783,303 | $ 793,282 |
Lease terms | Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. | ||
Accumulated Other Comprehensive Income (Loss) | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Reclassification of accumulated other comprehensive income | $ (1,588,198) | ||
Retained Earnings | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Reclassification of accumulated other comprehensive income | $ 1,588,198 | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Premises, furniture, fixtures and equipment, estimated useful lives | 3 years | ||
Core deposit intangibles, estimated useful lives | 5 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Premises, furniture, fixtures and equipment, estimated useful lives | 40 years | ||
Core deposit intangibles, estimated useful lives | 10 years |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Effect of Dilutive Shares (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Basic weighted average shares outstanding | 4,878,691 | 4,865,968 | 4,872,064 |
Dilutive effect of stock options | 17,157 | 9,670 | 2,077 |
Dilutive weighted average shares outstanding | 4,895,848 | 4,875,638 | 4,874,141 |
Net income | $ 3,703,548 | $ 6,736,654 | $ 7,588,901 |
Net income per share-basic | $ 0.76 | $ 1.38 | $ 1.56 |
Net income per share-diluted | $ 0.76 | $ 1.38 | $ 1.56 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 516,006,296 | $ 513,220,290 |
Gross Unrealized Gains | 1,101,494 | 1,711,120 |
Gross Unrealized Losses | 12,061,413 | 18,806,836 |
Fair Value | 505,046,377 | 496,124,574 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 180,647,580 | 207,080,794 |
Gross Unrealized Losses | 4,199,022 | 7,114,186 |
Fair Value | 176,448,558 | 199,966,608 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 213,707,125 | 152,765,924 |
Gross Unrealized Gains | 43,197 | 340,419 |
Gross Unrealized Losses | 5,327,265 | 4,841,633 |
Fair Value | 208,423,057 | 148,264,710 |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 118,786,297 | 150,503,811 |
Gross Unrealized Gains | 849,364 | 1,269,356 |
Gross Unrealized Losses | 2,535,126 | 6,851,017 |
Fair Value | 117,100,535 | 144,922,150 |
Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,865,294 | 2,869,761 |
Gross Unrealized Gains | 208,933 | 101,345 |
Fair Value | $ 3,074,227 | $ 2,971,106 |
Investment Securities - Summary
Investment Securities - Summary of Unrealized Loss Information for Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | $ 111,299,318 | $ 407,888,969 |
Less than 12 months Unrealized Losses | 1,895,667 | 17,598,717 |
12 months or more Fair Value | 344,493,101 | 32,049,436 |
12 months or more Unrealized Losses | 10,165,747 | 1,208,119 |
Total Fair Value | 455,792,419 | 439,938,405 |
Total Unrealized Losses | 12,061,414 | 18,806,836 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 15,681,866 | 195,362,908 |
Less than 12 months Unrealized Losses | 223,535 | 6,752,521 |
12 months or more Fair Value | 160,766,691 | 4,603,700 |
12 months or more Unrealized Losses | 3,975,488 | 361,665 |
Total Fair Value | 176,448,557 | 199,966,608 |
Total Unrealized Losses | 4,199,023 | 7,114,186 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 88,499,852 | 117,437,836 |
Less than 12 months Unrealized Losses | 1,613,091 | 4,182,916 |
12 months or more Fair Value | 116,753,236 | 24,353,553 |
12 months or more Unrealized Losses | 3,714,175 | 658,717 |
Total Fair Value | 205,253,088 | 141,791,389 |
Total Unrealized Losses | 5,327,266 | 4,841,633 |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 7,117,600 | 95,088,225 |
Less than 12 months Unrealized Losses | 59,041 | 6,663,280 |
12 months or more Fair Value | 66,973,174 | 3,092,183 |
12 months or more Unrealized Losses | 2,476,084 | 187,737 |
Total Fair Value | 74,090,774 | 98,180,408 |
Total Unrealized Losses | $ 2,535,125 | $ 6,851,017 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment [Line Items] | |||
Fair values of Investment securities, pledged as collateral for public deposits | $ 223,005,409 | $ 226,633,330 | |
Pooled Trust Preferred Securities [Member] | |||
Investment [Line Items] | |||
Unrealized gain (loss) on other investments | $ 208,933 | $ 101,345 | $ (15,425) |
Investment Securities - Amort45
Investment Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 3,398,727 | |
Due after one year through five years | 75,887,288 | |
Due after five years through ten years | 55,691,854 | |
Due after ten years | 381,028,427 | |
Amortized Cost | 516,006,296 | $ 513,220,290 |
Available-for-sale, Estimated Fair Value | ||
Due in one year or less | 3,421,576 | |
Due after one year through five years | 74,589,829 | |
Due after five years through ten years | 54,740,055 | |
Due after ten years | 372,294,917 | |
Total Fair Value | $ 505,046,377 | $ 496,124,574 |
Investment Securities - Total G
Investment Securities - Total Gross Realized Gains and Gross Realized Losses from Sale of Investment Securities (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 633,244 | $ 112,881 | $ 142,422 |
Gross realized losses | 528,536 | 124,919 | |
Net realized gains | $ 104,708 | $ 112,881 | $ 17,503 |
Federal Home Loan Bank Stock -
Federal Home Loan Bank Stock - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Reserves on Deposit with Federal Reserve Bank and Federal Home Loan Bank [Line Items] | ||
Stock redemption par value | $ 100 | $ 100 |
Other Assets [Member] | ||
Reserves on Deposit with Federal Reserve Bank and Federal Home Loan Bank [Line Items] | ||
Investment in Federal Home Loan Bank at cost | $ 1,740,200 | $ 1,219,500 |
Loans - Composition of Net Loan
Loans - Composition of Net Loans (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | $ 405,605,000 | $ 394,652,000 | ||
Unearned Income | (195,000) | (601,000) | ||
Allowance for Loan Losses | (3,019,228) | (3,902,796) | $ (6,473,703) | $ (6,542,326) |
Loans, net | 402,390,574 | 390,148,343 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 330,489,000 | 320,660,000 | ||
Total Gross Loans | 330,489,000 | 320,660,000 | ||
Allowance for Loan Losses | (2,151,715) | (3,117,134) | (5,238,895) | (5,202,151) |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 25,923,000 | 23,793,000 | ||
Total Gross Loans | 25,923,000 | 23,793,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 16,905,000 | 18,175,000 | ||
Total Gross Loans | 16,905,000 | 18,175,000 | ||
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 95,925,000 | 97,812,000 | ||
Total Gross Loans | 95,925,000 | 97,812,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 191,736,000 | 180,880,000 | ||
Total Gross Loans | 191,736,000 | 180,880,000 | ||
Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 59,126,000 | 54,526,000 | ||
Total Gross Loans | 59,126,000 | 54,526,000 | ||
Allowance for Loan Losses | (346,781) | (257,554) | (643,248) | (873,815) |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 58,204,000 | 53,761,000 | ||
Total Gross Loans | 58,204,000 | 53,761,000 | ||
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 922,000 | 765,000 | ||
Total Gross Loans | 922,000 | 765,000 | ||
Consumer Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 15,990,000 | 19,466,000 | ||
Total Gross Loans | 15,990,000 | 19,466,000 | ||
Allowance for Loan Losses | (520,732) | (528,108) | $ (591,560) | $ (466,360) |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,310,000 | 1,156,000 | ||
Total Gross Loans | 1,310,000 | 1,156,000 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 14,680,000 | 18,310,000 | ||
Total Gross Loans | $ 14,680,000 | $ 18,310,000 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Variable rate outstanding loans | $ 48,700,000 | $ 38,000,000 | |
Interest income forgone on loans classified as non-accrual | 412,915 | 651,560 | $ 732,268 |
Minimum loan limit considered for impairment evaluation by management | 100,000 | ||
Restructured Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses | $ 174,274 | $ 174,274 | |
Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios | 80.00% | ||
Commercial Real Estate [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios | 80.00% | ||
Commercial Real Estate [Member] | Minimum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios | 50.00% | ||
Consumer Loans [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan-to-value ratios | 80.00% |
Loans - Activity in Related Par
Loans - Activity in Related Party Loans (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Receivables [Abstract] | |
Balance outstanding at December 31, 2016 | $ 320,426 |
Principal additions | 39,250 |
Principal reductions | (54,318) |
Balance outstanding at December 31, 2017 | $ 305,358 |
Loans - Period-End Non-Accrual
Loans - Period-End Non-Accrual Loans, Segregated by Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 7,582 | $ 8,879 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 7,388 | 8,614 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 133 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 366 | 234 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 2,131 | 1,954 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 4,891 | 6,293 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 110 | 239 |
Real Estate Loans [Member] | Farm Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 32 | |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 78 | 239 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 84 | 26 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 84 | $ 26 |
Loans - Age Analysis of Past Du
Loans - Age Analysis of Past Due Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | $ 6,114 | $ 11,137 |
Total Past Due Loans | 6,982 | 12,277 |
Current Loans | 398,623 | 382,375 |
Total Gross Loans | 405,605 | 394,652 |
Accruing Loans 90 or more Days Past Due | 813 | 206 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 5,616 | 10,276 |
Total Past Due Loans | 6,478 | 11,200 |
Current Loans | 324,011 | 309,460 |
Total Gross Loans | 330,489 | 320,660 |
Accruing Loans 90 or more Days Past Due | 807 | 179 |
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 | 281 | 208 |
Total Past Due Loans | 281 | 286 |
Current Loans | 25,642 | 23,507 |
Total Gross Loans | 25,923 | 23,793 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 93 | 584 |
Total Past Due Loans | 93 | 649 |
Current Loans | 16,812 | 17,526 |
Total Gross Loans | 16,905 | 18,175 |
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 | 2,657 | 2,993 |
Total Past Due Loans | 2,657 | 3,589 |
Current Loans | 93,268 | 94,223 |
Total Gross Loans | 95,925 | 97,812 |
Accruing Loans 90 or more Days Past Due | 179 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 2,585 | 6,491 |
Total Past Due Loans | 3,447 | 6,676 |
Current Loans | 188,289 | 174,204 |
Total Gross Loans | 191,736 | 180,880 |
Accruing Loans 90 or more Days Past Due | 807 | |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 51 | 66 |
Total Past Due Loans | 51 | 252 |
Current Loans | 59,075 | 54,274 |
Total Gross Loans | 59,126 | 54,526 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 32 | 66 |
Total Past Due Loans | 32 | 252 |
Current Loans | 58,172 | 53,509 |
Total Gross Loans | 58,204 | 53,761 |
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 | 19 | |
Total Past Due Loans | 19 | |
Current Loans | 903 | 765 |
Total Gross Loans | 922 | 765 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 447 | 795 |
Total Past Due Loans | 453 | 825 |
Current Loans | 15,537 | 18,641 |
Total Gross Loans | 15,990 | 19,466 |
Accruing Loans 90 or more Days Past Due | 6 | 27 |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 25 | 7 |
Total Past Due Loans | 31 | 10 |
Current Loans | 1,279 | 1,146 |
Total Gross Loans | 1,310 | 1,156 |
Accruing Loans 90 or more Days Past Due | 6 | |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 422 | 788 |
Total Past Due Loans | 422 | 815 |
Current Loans | 14,258 | 17,495 |
Total Gross Loans | 14,680 | 18,310 |
Accruing Loans 90 or more Days Past Due | 27 | |
Loans 90 or more Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 868 | 1,140 |
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 | 862 | 924 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 78 | |
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 | 65 | |
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 | 596 | |
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 | 862 | 185 |
Loans 90 or more Days Past Due [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 186 | |
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 | 186 | |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6 | 30 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 6 | 3 |
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 | $ 27 |
Loans - Impaired Loans, Segrega
Loans - Impaired Loans, Segregated by Class of Loans (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 4,396,000 | $ 7,064,000 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 4,396,293 | 7,064,185 |
Total Recorded Investment | 4,396,000 | 7,064,000 |
Related Allowance | 442,589 | 786,893 |
Average Recorded Investment | 5,647,000 | 10,923,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 4,396,000 | 6,938,000 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 4,396,000 | 6,938,000 |
Total Recorded Investment | 4,396,000 | 6,938,000 |
Related Allowance | 443,000 | 749,000 |
Average Recorded Investment | 5,647,000 | 10,890,000 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 163,000 | |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 163,000 | |
Total Recorded Investment | 163,000 | |
Related Allowance | 28,000 | |
Average Recorded Investment | 62,000 | 119,000 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 303,000 | 1,448,000 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 303,000 | 1,448,000 |
Total Recorded Investment | 303,000 | 1,448,000 |
Related Allowance | 46,000 | 252,000 |
Average Recorded Investment | 875,000 | 2,276,000 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 4,093,000 | 5,327,000 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 4,093,000 | 5,327,000 |
Total Recorded Investment | 4,093,000 | 5,327,000 |
Related Allowance | 397,000 | 469,000 |
Average Recorded Investment | 4,710,000 | 8,495,000 |
Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 126,000 | |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 126,000 | |
Total Recorded Investment | 126,000 | |
Related Allowance | 38,000 | |
Average Recorded Investment | 33,000 | |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 126,000 | |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 126,000 | |
Total Recorded Investment | 126,000 | |
Related Allowance | 38,000 | |
Average Recorded Investment | 33,000 | |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment With No Allowance | $ 0 | $ 0 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings Segregated by Class (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Loan | Dec. 31, 2016USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 3 | 3 |
Post-Modification Outstanding Recorded Investment | $ 3,047 | $ 3,288 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 3 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 4,871 | $ 4,871 |
Post-Modification Outstanding Recorded Investment | $ 3,047 | $ 3,288 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 3 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 4,871 | $ 4,871 |
Post-Modification Outstanding Recorded Investment | $ 3,047 | $ 3,288 |
Loans - Changes in Troubled Deb
Loans - Changes in Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Loan | Dec. 31, 2016USD ($)Loan | |
Receivables [Abstract] | ||
Number of Loans | Loan | 3 | 3 |
Additional loans with concessions, Recorded Investment | $ 0 | |
Principal paydowns, Recorded Investment | (241) | |
Post-Modification Outstanding Recorded Investment | $ 3,047 | $ 3,288 |
Loans - Detailed Amount of Gros
Loans - Detailed Amount of Gross Loans Segregated by Loan Grade and Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 405,605 | $ 394,652 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 330,489 | 320,660 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 25,923 | 23,793 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 16,905 | 18,175 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 95,925 | 97,812 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 191,736 | 180,880 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 59,126 | 54,526 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 58,204 | 53,761 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 922 | 765 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 15,990 | 19,466 |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,310 | 1,156 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 14,680 | 18,310 |
Satisfactory 1, 2, 3, 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 336,366 | 358,744 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 264,714 | 286,852 |
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 | 23,720 | 23,038 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 15,496 | 16,448 |
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 | 82,227 | 86,043 |
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 | 143,271 | 161,323 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 55,934 | 52,712 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 55,081 | 51,985 |
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 | 853 | 727 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 15,718 | 19,180 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,304 | 1,153 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 14,414 | 18,027 |
Special Mention 5,6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 53,011 | 15,392 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 49,941 | 13,788 |
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 | 2,116 | 186 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 377 | 776 |
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 | 5,615 | 1,754 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 41,833 | 11,072 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,999 | 1,455 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,990 | 1,427 |
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 | 9 | 28 |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 71 | 149 |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 71 | 149 |
Substandard 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 16,170 | 20,514 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 15,834 | 20,020 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 87 | 569 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,032 | 951 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 8,083 | 10,015 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 6,632 | 8,485 |
Substandard 7 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 193 | 359 |
Substandard 7 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 133 | 349 |
Substandard 7 [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 60 | 10 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 143 | 135 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 6 | 3 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 137 | 132 |
Doubtful 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 58 | 2 |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 58 | 2 |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 58 | $ 2 |
Loans - Net Charge offs (Recove
Loans - Net Charge offs (Recoveries) Segregated by Class of Loans (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | $ 340,430 | $ 2,505,851 | $ 625,310 |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | 138,367 | 2,523,732 | 550,571 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | 97,685 | (17,677) | (8,700) |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | (934) | (5,156) | |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | 40,682 | 154,387 | 149,014 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | 2,387,956 | 415,413 | |
Real Estate Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | 164,191 | (8,230) | 1,585 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | 164,191 | (8,230) | 1,585 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | 37,872 | (9,651) | 73,154 |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | (6,654) | 9,285 | 15,493 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net chargeoffs (recoveries) | $ 44,526 | $ (18,936) | $ 57,661 |
Loans - Detailed Activity in Al
Loans - Detailed Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | $ 3,902,796 | $ 6,473,703 | $ 6,542,326 | |||
(Reversal of) provision for loan losses | (543,138) | (65,056) | 556,687 | |||
Chargeoffs | 437,093 | 2,640,845 | 821,905 | |||
Recoveries | 96,663 | 134,994 | 196,595 | |||
Net chargeoffs (recoveries) | 340,430 | 2,505,851 | 625,310 | |||
Ending Balance | 3,019,228 | 3,902,796 | 6,473,703 | |||
Loans individually evaluated for impairment | $ 442,589 | $ 786,893 | $ 2,996,708 | |||
Loans collectively evaluated for impairment | 2,576,639 | 3,115,903 | 3,476,995 | |||
Ending Balance | 3,902,796 | 6,473,703 | 6,542,326 | 3,019,228 | 3,902,796 | 6,473,703 |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 3,117,134 | 5,238,895 | 5,202,151 | |||
(Reversal of) provision for loan losses | (827,052) | 401,971 | 587,315 | |||
Chargeoffs | 168,841 | 2,567,499 | 625,556 | |||
Recoveries | 30,474 | 43,767 | 74,985 | |||
Net chargeoffs (recoveries) | 138,367 | 2,523,732 | 550,571 | |||
Ending Balance | 2,151,715 | 3,117,134 | 5,238,895 | |||
Loans individually evaluated for impairment | 442,589 | 749,090 | 2,996,708 | |||
Loans collectively evaluated for impairment | 1,709,126 | 2,368,044 | 2,242,187 | |||
Ending Balance | 3,117,134 | 5,238,895 | 5,202,151 | 2,151,715 | 3,117,134 | 5,238,895 |
Real Estate Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 257,554 | 643,248 | 873,815 | |||
(Reversal of) provision for loan losses | 253,418 | (393,924) | (228,982) | |||
Chargeoffs | 165,685 | 8,035 | 32,258 | |||
Recoveries | 1,494 | 16,265 | 30,673 | |||
Net chargeoffs (recoveries) | 164,191 | (8,230) | 1,585 | |||
Ending Balance | 346,781 | 257,554 | 643,248 | |||
Loans individually evaluated for impairment | 37,803 | |||||
Loans collectively evaluated for impairment | 346,781 | 219,751 | 643,248 | |||
Ending Balance | 257,554 | 643,248 | 873,815 | 346,781 | 257,554 | 643,248 |
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 528,108 | 591,560 | 466,360 | |||
(Reversal of) provision for loan losses | 30,496 | (73,103) | 198,354 | |||
Chargeoffs | 102,567 | 65,311 | 164,091 | |||
Recoveries | 64,695 | 74,962 | 90,937 | |||
Net chargeoffs (recoveries) | 37,872 | (9,651) | 73,154 | |||
Ending Balance | 520,732 | 528,108 | 591,560 | |||
Loans collectively evaluated for impairment | 520,732 | 528,108 | 591,560 | |||
Ending Balance | $ 528,108 | $ 591,560 | $ 466,360 | $ 520,732 | $ 528,108 | $ 591,560 |
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 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | $ 4,396 | $ 7,064 |
Loans collectively evaluated for impairment | 401,209 | 387,588 |
Total Gross Loans | 405,605 | 394,652 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 4,396 | 6,938 |
Loans collectively evaluated for impairment | 326,093 | 313,722 |
Total Gross Loans | 330,489 | 320,660 |
Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for impairment | 126 | |
Loans collectively evaluated for impairment | 59,126 | 54,400 |
Total Gross Loans | 59,126 | 54,526 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for impairment | 15,990 | 19,466 |
Total Gross Loans | $ 15,990 | $ 19,466 |
Bank Premises, Furniture, Fix60
Bank Premises, Furniture, Fixtures and Equipment - Bank Premises, Furniture, Fixtures and Equipment (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Bank premises, furniture, fixtures and equipment | $ 43,565,277 | $ 40,654,429 |
Less accumulated depreciation | 22,993,726 | 21,990,345 |
Total | 20,571,551 | 18,664,084 |
Land and buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises, furniture, fixtures and equipment | 27,610,855 | 25,022,259 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises, furniture, fixtures and equipment | $ 15,954,422 | $ 15,632,170 |
Bank Premises, Furniture, Fix61
Bank Premises, Furniture, Fixtures and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 1,003,381 | $ 980,514 | $ 1,040,207 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Non-interest bearing | $ 159,291,356 | $ 149,512,941 |
NOW and money market accounts | 306,047,053 | 340,180,286 |
Savings deposits | 77,784,876 | 73,745,005 |
Time deposits, $250,000 or more | 36,237,241 | 43,060,799 |
Other time deposits | 141,324,973 | 153,653,309 |
Total deposits | $ 720,685,499 | $ 760,152,340 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) | Dec. 31, 2017USD ($) |
Banking and Thrift [Abstract] | |
2,018 | $ 140,515,847 |
2,019 | 32,469,001 |
2,020 | 2,978,646 |
2,021 | 18,542 |
2,022 | 1,580,178 |
Total Time deposit | $ 177,562,214 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |||
Interest expense for time deposits | $ 243,000 | $ 236,000 | $ 240,000 |
Federal Home Loan Bank Advanc65
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage and Other Loans [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal home loan bank advance | $ 169,925,797 | |
Other Assets [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank securities | $ 1,740,200 | $ 1,219,500 |
Federal Home Loan Bank Advanc66
Federal Home Loan Bank Advances - Summary of Federal Home Loan Bank Advances (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advance Amount | $ 30,000,000 | $ 20,000,000 |
Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank Advances with 2.53 Interest Rate [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advance Amount | $ 20,000,000 | $ 20,000,000 |
Interest Rate | 2.53% | |
Final Maturity | Jan. 9, 2018 | |
Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank Advances with 1.6 Interest Rate [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advance Amount | $ 10,000,000 | |
Interest Rate | 1.60% | |
Final Maturity | Jan. 5, 2018 |
Federal Home Loan Bank Advanc67
Federal Home Loan Bank Advances - Scheduled Payments for Next Five Years (Detail) | Dec. 31, 2017USD ($) |
Banking and Thrift [Abstract] | |
2,018 | $ 30,000,000 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | $ 0 |
Other Income and Other Expens68
Other Income and Other Expense - Major Income Classifications Included in Other Income Under Non Interest Income on Income Statement (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Component Of Other Expense Income Nonoperating [Line Items] | |||
Other income | $ 1,314,964 | $ 1,348,916 | $ 2,159,407 |
BOLI Insurance [Member] | |||
Component Of Other Expense Income Nonoperating [Line Items] | |||
Other income | 528,425 | 511,854 | 568,000 |
Mortgage Loan Origination Income [Member] | |||
Component Of Other Expense Income Nonoperating [Line Items] | |||
Other income | 340,395 | 451,476 | 362,611 |
Other Income [Member] | |||
Component Of Other Expense Income Nonoperating [Line Items] | |||
Other income | $ 446,144 | $ 385,586 | $ 1,228,796 |
Other Income and Other Expens69
Other Income and Other Expense - Major Expense Classifications Comprising of Other Expense Line Item in Income Statement (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Advertising | $ 649,612 | $ 783,303 | $ 793,282 |
Office Supplies | 1,008,541 | 702,705 | 591,177 |
Legal and Audit Fees | 515,273 | 497,986 | 408,066 |
FDIC and State Assessment | 417,047 | 702,705 | 751,979 |
Telephone Expense | 529,747 | 446,628 | 431,761 |
Postage and Freight | 544,722 | 499,611 | 478,764 |
Loan Collection Expense | 471,779 | 380,093 | 205,549 |
Other Losses | 463,415 | 445,792 | 243,172 |
Debit Card/ATM expense | 413,058 | 378,748 | 337,476 |
Travel and Convention | 254,594 | 254,229 | 247,416 |
Other expenses | 2,802,677 | 2,582,683 | 2,581,874 |
Total Other Expense | $ 8,070,465 | $ 7,674,483 | $ 7,070,516 |
Other Income and Other Expens70
Other Income and Other Expense - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Write-down on OREO | $ 234,042 | $ 220,419 | $ 0 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 257,886 | $ 884,743 | $ 2,288,766 |
State | (72,489) | 53,015 | 276,519 |
Current Income Tax Expense (Benefit), Total | 185,397 | 937,758 | 2,565,285 |
Deferred tax expense (benefit) | 3,885,194 | 673,977 | (86,251) |
Income tax expense | $ 4,070,591 | $ 1,611,735 | $ 2,479,034 |
Income Taxes - Differences betw
Income Taxes - Differences between Income Taxes Calculated at Federal Statutory Rate and Income Tax Expense (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal taxes based on statutory rate | $ 2,643,207 | $ 2,838,452 | $ 3,423,098 |
State income taxes, net of federal benefit | (47,843) | 46,972 | 182,503 |
Tax-exempt investment interest | (1,074,443) | (1,133,970) | (928,246) |
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act | 2,558,859 | ||
Other, net | (9,189) | (139,719) | (198,321) |
Income tax expense | $ 4,070,591 | $ 1,611,735 | $ 2,479,034 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||
Statutory federal corporate tax rate | 35.00% | |
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act | $ 2,558,859 | |
Net deferred tax asset | 5,362,750 | $ 10,634,669 |
Unrecognized tax benefit | $ 0 | |
Scenario, Plan [Member] | ||
Income Taxes [Line Items] | ||
Statutory federal corporate tax rate | 21.00% |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||
Allowance for loan losses | $ 753,297 | $ 1,455,743 |
Deferred compensation liability | 2,150,913 | 3,375,924 |
Alternative minimum tax | 667,280 | |
Unrealized loss on securities available-for-sale | 2,734,500 | 6,376,702 |
Other | 608,913 | 576,946 |
Total | 6,914,903 | 11,785,315 |
Deferred tax liabilities | ||
Premises and equipment | 1,358,165 | 1,042,833 |
Other | 193,988 | 107,813 |
Total | 1,552,153 | 1,150,646 |
Net deferred tax asset | $ 5,362,750 | $ 10,634,669 |
Summarized Financial Informat75
Summarized Financial Information of Citizens Holding Company - Summarized Balance Sheets Financial Information of Citizens Holding Company (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Assets | |||||||
Other assets | $ 7,185,537 | $ 6,294,966 | |||||
Total assets | 993,095,828 | 1,025,211,907 | |||||
Liabilities | |||||||
Other liabilities | 1,142,278 | 1,308,464 | |||||
Shareholders' equity | 88,451,040 | 85,059,395 | $ 86,425,336 | $ 81,857,786 | |||
Total liabilities and shareholders' equity | 993,095,828 | 1,025,211,907 | |||||
Citizens Holding Company [Member] | |||||||
Assets | |||||||
Cash | 2,369,429 | [1] | 1,444,895 | [1] | $ 2,196,895 | $ 1,688,498 | |
Investment in bank subsidiary | [1] | 85,729,466 | 82,996,430 | ||||
Other assets | [1] | 352,145 | 618,070 | ||||
Total assets | 88,451,040 | 85,059,395 | |||||
Liabilities | |||||||
Other liabilities | 0 | 0 | |||||
Shareholders' equity | 88,451,040 | 85,059,395 | |||||
Total liabilities and shareholders' equity | $ 88,451,040 | $ 85,059,395 | |||||
[1] | Fully or partially eliminates in consolidation. |
Summarized Financial Informat76
Summarized Financial Information of Citizens Holding Company - Summarized Income Statement Financial Information of Citizens Holding Company (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Other income | ||||
Other income | $ 1,314,964 | $ 1,348,916 | $ 2,159,407 | |
Total non-interest income | 8,296,144 | 7,691,600 | 8,327,709 | |
Other expense | 8,070,465 | 7,674,483 | 7,070,516 | |
Income tax benefit | 4,070,591 | 1,611,735 | 2,479,034 | |
Net income | 3,703,548 | 6,736,654 | 7,588,901 | |
Citizens Holding Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Interest income | [1] | 1,902 | 2,379 | 1,896 |
Other income | ||||
Dividends from bank subsidiary | [1] | 5,472,000 | 4,104,001 | 5,568,900 |
Equity in undistributed earnings of bank subsidiary | [1] | (1,348,757) | 2,845,152 | 2,191,684 |
Other income | 0 | 0 | 0 | |
Total non-interest income | 4,123,243 | 6,949,153 | 7,760,584 | |
Other expense | 459,935 | 355,256 | 275,744 | |
Income before income taxes | 3,665,210 | 6,596,276 | 7,486,736 | |
Income tax benefit | (38,338) | (140,378) | (102,165) | |
Net income | $ 3,703,548 | $ 6,736,654 | $ 7,588,901 | |
[1] | Eliminates in consolidation. |
Summarized Financial Informat77
Summarized Financial Information of Citizens Holding Company - Summarized Statements of Cash Flows Financial Information of Citizens Holding Company (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Cash flows from operating activities | ||||||
Net income | $ 3,703,548 | $ 6,736,654 | $ 7,588,901 | |||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Stock compensation expense | 210,735 | 186,425 | 117,300 | |||
(Decrease) increase in other assets | (722,446) | (756,689) | (786,043) | |||
Cash flows from financing activities | ||||||
Dividends paid to shareholders | (4,697,056) | (4,686,325) | (4,540,748) | |||
Repurchase of company stock | (390,205) | |||||
Excess tax benefit from equity grants | 1,001 | |||||
Proceeds from stock option exercises | 92,625 | 27,000 | ||||
Net increase (decrease) in cash and due from banks | (3,725,567) | 6,740,867 | (7,458,040) | |||
Citizens Holding Company [Member] | ||||||
Cash flows from operating activities | ||||||
Net income | 3,703,548 | 6,736,654 | 7,588,901 | |||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Equity in undistributed loss (earnings) of the Bank | [1] | 1,348,757 | (2,845,152) | (2,191,684) | ||
Stock compensation expense | 210,735 | 186,425 | 117,300 | |||
(Decrease) increase in other assets | 265,925 | (143,602) | (103,168) | |||
Net cash provided by operating activities | 5,528,965 | 3,934,325 | 5,411,349 | |||
Cash flows from financing activities | ||||||
Dividends paid to shareholders | (4,697,056) | (4,686,325) | (4,540,748) | |||
Repurchase of company stock | (390,205) | |||||
Excess tax benefit from equity grants | 1,001 | |||||
Proceeds from stock option exercises | 92,625 | 27,000 | ||||
Net cash used by financing activities | (4,604,431) | (4,686,325) | (4,902,952) | |||
Net increase (decrease) in cash and due from banks | 924,534 | (752,000) | 508,397 | |||
Cash, beginning of year | 1,444,895 | [2] | 2,196,895 | 1,688,498 | ||
Cash, end of year | $ 2,369,429 | [2] | $ 1,444,895 | [2] | $ 2,196,895 | |
[1] | Eliminates in consolidation. | |||||
[2] | Fully or partially eliminates in consolidation. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transactions [Abstract] | ||
Deposits from related parties | $ 6,482,221 | $ 7,755,582 |
Off-Balance Sheet Financial I79
Off-Balance Sheet Financial Instruments, Commitments and Contingencies and Concentrations of Risks - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 46,405,869 | $ 37,194,220 |
Letters of credit outstanding | $ 2,842,010 | $ 3,456,180 |
Lease Commitment and Total Re80
Lease Commitment and Total Rental Expense - Future Minimum Rental Payments Due under Leases (Detail) | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 292,169 |
2,019 | 242,776 |
2,020 | 216,528 |
2,021 | 216,528 |
2,022 | 216,528 |
Operating Leases, Future Minimum Payments Due, Total | $ 1,184,529 |
Lease Commitment and Total Re81
Lease Commitment and Total Rental Expense - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rental expenses | $ 107,418 | $ 118,805 | $ 111,684 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of employer's matching contribution | 50.00% | ||
Employer's annual contribution | $ 538,495 | $ 520,488 | $ 496,363 |
Defined contribution plan, service period for eligibility | 1 year | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer's matching contribution as percentage of each participant's compensation, maximum | 3.00% | ||
Director [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation expense | $ 189,966 | 183,824 | 179,552 |
Officer [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation expense | $ 521,991 | $ 584,319 | $ 640,291 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Jan. 01, 2015 |
Regulatory Matters [Line Items] | ||
Total risk-based capital ratio, Actual Ratio | 8.00% | |
Tier 1 risk-based capital ratio, Actual Ratio | 4.00% | |
Basel III [Member] | ||
Regulatory Matters [Line Items] | ||
Leverage capital ratio | 3.00% | |
Basel III [Member] | Criteria 1 [Member] | ||
Regulatory Matters [Line Items] | ||
Total risk-based capital ratio, Actual Ratio | 10.50% | |
Tier 1 risk-based capital ratio, Actual Ratio | 8.50% | |
Common Equity tier 1 capital ratio, Actual Ratio | 7.00% | |
Basel III [Member] | Criteria 2 [Member] | ||
Regulatory Matters [Line Items] | ||
Total risk-based capital ratio, Actual Ratio | 10.00% | |
Tier 1 risk-based capital ratio, Actual Ratio | 8.00% | |
Common Equity tier 1 capital ratio, Actual Ratio | 6.50% | |
Leverage capital ratio | 5.00% | |
Minimum [Member] | Basel III [Member] | ||
Regulatory Matters [Line Items] | ||
Total risk-based capital ratio, Actual Ratio | 8.00% | |
Tier 1 risk-based capital ratio, Actual Ratio | 4.00% | |
Consolidated risk weighted asset | $ 500,000,000 | |
Minimum [Member] | Basel III [Member] | Criteria 1 [Member] | ||
Regulatory Matters [Line Items] | ||
Common Equity tier 1 capital ratio, Actual Ratio | 2.50% | |
Maximum [Member] | Basel III [Member] | ||
Regulatory Matters [Line Items] | ||
Tier 1 risk-based capital ratio, Actual Ratio | 6.00% | |
Common Equity tier 1 capital ratio, Actual Ratio | 4.50% | |
Leverage capital ratio | 4.00% |
Regulatory Matters - Minimum To
Regulatory Matters - Minimum Total Risk-Based, Tier I Risk-Based, and Tier I Leverage Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 risk-based capital ratio, Actual Ratio | 4.00% | |
Total risk-based capital ratio, Actual Ratio | 8.00% | |
Citizens Holding Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage ratio | $ 93,527 | $ 92,629 |
Common Equity tier 1 capital ratio | 93,527 | 92,629 |
Tier 1 risk-based capital ratio | 93,527 | 92,629 |
Total risk-based capital ratio | $ 96,546 | $ 96,532 |
Tier 1 leverage ratio, Actual Ratio | 9.17% | 9.22% |
Common Equity tier 1 capital ratio, Actual Ratio | 9.17% | 9.22% |
Tier 1 risk-based capital ratio, Actual Ratio | 17.93% | 17.92% |
Total risk-based capital ratio, Actual Ratio | 18.51% | 18.67% |
Tier 1 leverage ratio, Minimum Capital Requirement to be Well Capitalized, Amount | $ 51,005 | $ 50,258 |
Common Equity tier 1 capital ratio, Minimum Capital Requirement to be Well Capitalized, Amount | 66,307 | 65,336 |
Tier 1 risk-based capital ratio, Minimum Capital Requirement to be Well Capitalized, Amount | 41,737 | 41,354 |
Total risk-based capital ratio, Minimum Capital Requirement to be Well Capitalized, Amount | $ 52,171 | $ 51,693 |
Tier 1 leverage ratio, Minimum Capital Requirement to be Well Capitalized, Ratio | 5.00% | 5.00% |
Common Equity tier 1 capital ratio, Minimum Capital Requirement to be Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 risk-based capital ratio, Minimum Capital Requirement to be Well Capitalized, Ratio | 8.00% | 8.00% |
Total risk-based capital ratio, Minimum Capital Requirement to be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 leverage ratio, Minimum Capital Requirement to be Adequately Capitalized, Amount | $ 40,804 | $ 40,207 |
Common Equity tier 1 capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Amount | 45,905 | 45,232 |
Tier 1 risk-based capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Amount | 31,303 | 31,016 |
Total risk-based capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Amount | $ 41,737 | $ 41,354 |
Tier 1 leverage ratio, Minimum Capital Requirement to be Adequately Capitalized, Ratio | 4.00% | 4.00% |
Common Equity tier 1 capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Ratio | 4.50% | 4.50% |
Tier 1 risk-based capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Ratio | 6.00% | 6.00% |
Total risk-based capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Ratio | 8.00% | 8.00% |
Citizens Bank of Philadelphia [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage ratio | $ 89,243 | $ 90,566 |
Common Equity tier 1 capital ratio | 89,243 | 90,566 |
Tier 1 risk-based capital ratio | 89,243 | 90,566 |
Total risk-based capital ratio | $ 92,262 | $ 94,469 |
Tier 1 leverage ratio, Actual Ratio | 8.75% | 9.02% |
Common Equity tier 1 capital ratio, Actual Ratio | 8.75% | 9.02% |
Tier 1 risk-based capital ratio, Actual Ratio | 17.12% | 17.53% |
Total risk-based capital ratio, Actual Ratio | 17.70% | 18.29% |
Tier 1 leverage ratio, Minimum Capital Requirement to be Well Capitalized, Amount | $ 50,978 | $ 50,229 |
Common Equity tier 1 capital ratio, Minimum Capital Requirement to be Well Capitalized, Amount | 66,271 | 65,298 |
Tier 1 risk-based capital ratio, Minimum Capital Requirement to be Well Capitalized, Amount | 41,708 | 41,329 |
Total risk-based capital ratio, Minimum Capital Requirement to be Well Capitalized, Amount | $ 52,136 | $ 51,661 |
Tier 1 leverage ratio, Minimum Capital Requirement to be Well Capitalized, Ratio | 5.00% | 5.00% |
Common Equity tier 1 capital ratio, Minimum Capital Requirement to be Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 risk-based capital ratio, Minimum Capital Requirement to be Well Capitalized, Ratio | 8.00% | 8.00% |
Total risk-based capital ratio, Minimum Capital Requirement to be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 leverage ratio, Minimum Capital Requirement to be Adequately Capitalized, Amount | $ 40,782 | $ 40,183 |
Common Equity tier 1 capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Amount | 45,880 | 45,206 |
Tier 1 risk-based capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Amount | 31,281 | 30,997 |
Total risk-based capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Amount | $ 41,708 | $ 41,329 |
Tier 1 leverage ratio, Minimum Capital Requirement to be Adequately Capitalized, Ratio | 4.00% | 4.00% |
Common Equity tier 1 capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Ratio | 4.50% | 4.50% |
Tier 1 risk-based capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Ratio | 6.00% | 6.00% |
Total risk-based capital ratio, Minimum Capital Requirement to be Adequately Capitalized, Ratio | 8.00% | 8.00% |
Fair Values of Financial Inst85
Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 505,046,377 | $ 496,124,574 |
Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 176,448,558 | 199,966,608 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 208,423,057 | 148,264,710 |
State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 117,100,535 | 144,922,150 |
Other Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,074,227 | 2,971,106 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 501,972,150 | 493,153,468 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,074,227 | 2,971,106 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 505,046,377 | 496,124,574 |
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 | 176,448,558 | 199,966,608 |
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 | 208,423,057 | 148,264,710 |
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 | 117,100,535 | 144,922,150 |
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 | 3,074,227 | 2,971,106 |
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 | 501,972,150 | 493,153,468 |
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 | 176,448,558 | 199,966,608 |
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 | 208,423,057 | 148,264,710 |
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 | 117,100,535 | 144,922,150 |
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 | 3,074,227 | 2,971,106 |
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 | $ 3,074,227 | $ 2,971,106 |
Fair Values of Financial Inst86
Fair Values of Financial Instruments - Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Beginning Balance | $ 2,971,106 | $ 2,915,709 |
Principal payments received | (4,466) | (69,631) |
Unrealized gains included in other comprehensive income | 107,587 | 125,028 |
Ending Balance | $ 3,074,227 | $ 2,971,106 |
Fair Values of Financial Inst87
Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Gains or losses in earnings attributable to the change in unrealized gains or losses | $ 0 | |
Carrying value of an impaired loan | 4,396,293 | $ 7,064,185 |
Impaired loans, allowance for loan losses | 442,589 | 786,893 |
Fair value adjustment to OREO due to declines or impairment after foreclosure | $ 234,042 | $ 220,419 |
Fair Values of Financial Inst88
Fair Values of Financial Instruments - Asset Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | $ 1,851,752 | $ 5,485,465 |
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 | 544,502 | 3,591,516 |
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 | 1,307,250 | 1,893,949 |
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 | 1,851,752 | 5,485,465 |
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 | 544,502 | 3,591,516 |
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 | $ 1,307,250 | $ 1,893,949 |
Fair Values of Financial Inst89
Fair Values of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets | ||
Cash and due from banks | $ 17,962,990 | $ 21,688,557 |
Interest bearing deposits with banks | 1,532,420 | 48,603,182 |
Securities available-for-sale | 505,046,377 | 496,124,574 |
Net loans | 401,706,081 | 391,106,337 |
Financial liabilities | ||
Deposits | 720,821,564 | 760,300,483 |
Federal Home Loan Bank advances | 30,005,541 | 20,283,999 |
Securities Sold under Agreement to Repurchase | 142,497,938 | 150,282,913 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and due from banks | 17,962,990 | 21,688,557 |
Interest bearing deposits with banks | 1,532,420 | 48,603,182 |
Financial liabilities | ||
Deposits | 543,123,284 | 563,440,632 |
Securities Sold under Agreement to Repurchase | 142,497,938 | 150,282,913 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets | ||
Securities available-for-sale | 501,972,150 | 493,153,468 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Securities available-for-sale | 3,074,227 | 2,971,106 |
Net loans | 401,706,081 | 391,106,337 |
Financial liabilities | ||
Deposits | 177,698,280 | 196,859,851 |
Federal Home Loan Bank advances | 30,005,541 | 20,283,999 |
Carrying Value [Member] | ||
Financial assets | ||
Cash and due from banks | 17,962,990 | 21,688,557 |
Interest bearing deposits with banks | 1,532,420 | 48,603,182 |
Securities available-for-sale | 505,046,377 | 496,124,574 |
Net loans | 402,390,574 | 390,148,343 |
Financial liabilities | ||
Deposits | 720,685,499 | 760,152,340 |
Federal Home Loan Bank advances | 30,000,000 | 20,000,000 |
Securities Sold under Agreement to Repurchase | $ 142,497,938 | $ 150,282,913 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock market value per share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | |
Restricted stock non-vested shares | 12,000 | 12,000 | |||
Unrecognized stock-based compensation expense | $ 60,075 | $ 60,075 | |||
Intrinsic value of options granted | 169,785 | ||||
Total intrinsic value of options exercised | $ 18,825 | $ 0 | |||
Stock options granted | 0 | 0 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock restriction period | 1 year | 1 year | |||
Restricted stock grants | 7,500 | 7,500 | |||
Common stock market value per share | $ 24.03 | $ 21.51 | $ 24.03 | $ 21.51 | |
Restricted stock grant date fair value | $ 180,225 | $ 161,325 | $ 180,225 | $ 161,325 | |
Restricted stock cost | 15,019 | 13,444 | 210,735 | 186,425 | |
Restricted stock, deferred taxes | $ 3,747 | $ 4,397 | 43,395 | 57,700 | |
Restricted Stock [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock restriction period | 5 years | ||||
Restricted stock grants | 7,500 | ||||
Restricted stock cost | $ 36,810 | $ 31,725 | |||
Restricted stock vesting percentage | 20.00% | 20.00% | |||
Number of restricted Shares Vested | 1,500 | 1,500 | |||
Employee Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted, expiration period | 10 years | ||||
Intrinsic value of options granted | $ 0 | ||||
Stock options granted | 0 | 0 | 0 | ||
Directors Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock restriction period | 6 months | ||||
Stock options granted, expiration period | 10 years | ||||
Intrinsic value of options granted | $ 169,785 | ||||
Stock options granted | 0 | 0 | 0 | ||
Directors Stock Option Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 210,000 | ||||
2013 Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 0 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Status of Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Options | |||
Granted | 0 | 0 | |
Employee Stock Option Plan [Member] | |||
Number of Options | |||
Beginning Balance | 23,000 | 46,500 | |
Granted | 0 | 0 | 0 |
Exercised | (1,500) | ||
Expired | (23,000) | (22,000) | |
Ending Balance | 23,000 | ||
Weighted Average Exercise Price | |||
Beginning Balance | $ 23.46 | $ 22.06 | |
Granted | $ 0 | 0 | 0 |
Exercised | 18 | ||
Expired | $ 23.46 | 21.95 | |
Ending Balance | $ 23.46 | ||
Directors Stock Option Plan [Member] | |||
Number of Options | |||
Beginning Balance | 78,000 | 87,000 | 96,000 |
Granted | 0 | 0 | 0 |
Exercised | (6,000) | ||
Expired | (9,000) | (9,000) | (9,000) |
Ending Balance | 63,000 | 78,000 | 87,000 |
Options exercisable at: December 31, 2017 | 63,000 | ||
Weighted Average Exercise Price | |||
Beginning Balance | $ 21.08 | $ 21.35 | $ 21.30 |
Granted | 0 | 0 | 0 |
Exercised | 20.94 | ||
Expired | 22 | 23.70 | 20 |
Ending Balance | 20.96 | $ 21.08 | $ 21.35 |
Weighted average exercise price of Options exercisable at: December 31, 2017 | $ 20.96 |
Stock Based Compensation - Outs
Stock Based Compensation - Outstanding Stock Options Granted In Relation to Option Price and Weighted Average Maturity (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding | shares | 63,000 |
Weighted Average Price | $ 20.96 |
Weighted Average Life Remaining | 2 years 3 months |
Exercise Price 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $ 15.01 |
Range of Exercise Prices, Upper Limit | $ 20 |
Options Outstanding | shares | 24,000 |
Weighted Average Price | $ 1,843 |
Weighted Average Life Remaining | 2 years 6 months |
Exercise Price 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $ 20.01 |
Range of Exercise Prices, Upper Limit | $ 22.50 |
Options Outstanding | shares | 25,500 |
Weighted Average Price | $ 20.83 |
Weighted Average Life Remaining | 1 year 11 months |
Exercise Price 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $ 22.50 |
Options Outstanding | shares | 13,500 |
Weighted Average Price | $ 25.72 |
Weighted Average Life Remaining | 2 years 4 months |