Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 05, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CIZN | |
Entity Registrant Name | CITIZENS HOLDING CO /MS/ | |
Entity Central Index Key | 1,075,706 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 4,904,530 |
Consolidated Financial Statemen
Consolidated Financial Statements - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 12,609,437 | $ 17,962,990 |
Interest bearing deposits with other banks | 1,351,745 | 1,532,420 |
Investment securities available for sale, at fair value | 449,254,631 | 505,046,377 |
Loans, net of allowance for loan losses of $3,172,943 in 2018 and $3,019,228 in 2017 | 431,433,287 | 402,390,574 |
Premises and equipment, net | 19,868,597 | 20,571,551 |
Other real estate owned, net | 3,413,734 | 3,980,127 |
Accrued interest receivable | 3,946,179 | 4,450,723 |
Cash surrender value of life insurance | 25,134,668 | 24,612,779 |
Deferred tax assets, net | 8,326,417 | 5,362,750 |
Other assets | 7,629,251 | 7,185,537 |
TOTAL ASSETS | 962,967,946 | 993,095,828 |
Deposits: | ||
Noninterest-bearing demand | 162,832,452 | 159,291,356 |
Interest-bearing NOW and money market accounts | 327,991,524 | 306,047,053 |
Savings deposits | 81,085,547 | 77,784,876 |
Certificates of deposit | 185,470,810 | 177,562,214 |
Total deposits | 757,380,333 | 720,685,499 |
Securities sold under agreement to repurchase | 88,908,916 | 142,497,938 |
Federal funds purchased | 6,500,000 | 1,500,000 |
Federal Home Loan Bank advances | 20,000,000 | 30,000,000 |
Accrued interest payable | 245,839 | 198,183 |
Deferred compensation payable | 8,923,577 | 8,620,890 |
Other liabilities | 1,214,779 | 1,142,278 |
Total liabilities | 883,173,444 | 904,644,788 |
SHAREHOLDERS' EQUITY | ||
Common stock; $0.20 par value, 22,500,000 shares authorized, 4,904,530 shares issued and outstanding at September 30, 2018 and 4,894,705 shares issued and outstanding at December 31, 2017 | 980,906 | 978,941 |
Additional paid-in capital | 4,257,155 | 4,103,139 |
Retained earnings | 93,022,796 | 91,594,379 |
Accumulated other comprehensive loss, net of tax benefit of $6,139,049 in 2018 and $2,734,500 in 2017 | (18,466,355) | (8,225,419) |
Total shareholders' equity | 79,794,502 | 88,451,040 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 962,967,946 | $ 993,095,828 |
Consolidated Financial Statem_2
Consolidated Financial Statements (Parenthetical) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Loans, allowance for loan losses | $ 3,172,943 | $ 3,019,228 |
Common stock, par value | $ 0.20 | $ 0.20 |
Common stock, shares authorized | 22,500,000 | 22,500,000 |
Common stock, shares issued | 4,904,530 | 4,894,705 |
Common stock, shares outstanding | 4,904,530 | 4,894,705 |
Accumulated other comprehensive loss, tax benefits | $ 6,139,049 | $ 2,734,500 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
INTEREST INCOME | ||||
Loans, including fees | $ 5,166,554 | $ 4,585,668 | $ 14,867,465 | $ 14,017,718 |
Investment securities | 2,696,474 | 2,892,063 | 8,253,586 | 8,643,750 |
Other interest | 24,291 | 66,633 | 144,635 | 194,266 |
Total interest income | 7,887,319 | 7,544,364 | 23,265,686 | 22,855,734 |
INTEREST EXPENSE | ||||
Deposits | 709,985 | 471,049 | 1,726,700 | 1,434,694 |
Other borrowed funds | 458,039 | 353,968 | 1,062,505 | 1,027,587 |
Total interest expense | 1,168,024 | 825,017 | 2,789,205 | 2,462,281 |
NET INTEREST INCOME | 6,719,295 | 6,719,347 | 20,476,481 | 20,393,453 |
PROVISION FOR (REVERSAL OF) LOAN LOSSES | 288,576 | (73,808) | 140,765 | (254,614) |
NET INTEREST INCOME AFTER PROVISION FOR (REVERSAL OF) LOAN LOSSES | 6,430,719 | 6,793,155 | 20,335,716 | 20,648,067 |
OTHER INCOME | ||||
Other operating income | 287,683 | 308,012 | 870,153 | 1,013,818 |
Total other income | 2,220,574 | 2,126,172 | 6,399,414 | 6,183,624 |
OTHER EXPENSES | ||||
Salaries and employee benefits | 3,668,012 | 3,744,831 | 11,011,291 | 11,154,068 |
Occupancy expense | 1,486,232 | 1,335,676 | 4,373,233 | 3,984,549 |
Other operating expense | 1,739,780 | 1,806,713 | 5,505,070 | 5,768,370 |
Total other expenses | 6,894,024 | 6,887,220 | 20,889,594 | 20,906,987 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 1,757,269 | 2,032,107 | 5,845,536 | 5,924,704 |
PROVISION FOR INCOME TAXES | 260,475 | 424,638 | 888,215 | 1,096,457 |
NET INCOME | $ 1,496,794 | $ 1,607,469 | $ 4,957,321 | $ 4,828,247 |
NET INCOME PER SHARE -Basic | $ 0.31 | $ 0.33 | $ 1.01 | $ 0.99 |
NET INCOME PER SHARE -Diluted | 0.31 | 0.33 | 1.01 | 0.99 |
DIVIDENDS PAID PER SHARE | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 |
Deposit Account [Member] | ||||
OTHER INCOME | ||||
Other income | $ 1,170,956 | $ 1,115,474 | $ 3,381,809 | $ 3,176,877 |
Financial Service, Other [Member] | ||||
OTHER INCOME | ||||
Other income | $ 761,935 | $ 702,686 | $ 2,147,452 | $ 1,992,929 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,496,794 | $ 1,607,469 | $ 4,957,321 | $ 4,828,247 |
Securities available-for-sale | ||||
Unrealized holding (losses) gains | (3,006,277) | (2,137,839) | (13,656,532) | 8,378,246 |
Income tax effect | 747,310 | 797,413 | 3,407,305 | (3,125,086) |
Net unrealized gains | (2,258,967) | (1,340,426) | (10,249,227) | 5,253,160 |
Reclassification adjustment for gains included in net income | 11,047 | 15,612 | 11,047 | 104,708 |
Income tax effect | (2,756) | (5,823) | (2,756) | (39,056) |
Net gains included in net income | 8,291 | 9,789 | 8,291 | 65,652 |
Total other comprehensive (loss) income | (2,250,676) | (1,330,637) | (10,240,936) | 5,318,812 |
Comprehensive (loss) income | $ (753,882) | $ 276,832 | $ (5,283,615) | $ 10,147,059 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net cash provided by operating activities | $ 8,832,306 | $ 8,034,077 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturities and calls of securities available for sale | 32,579,774 | 31,045,728 |
Proceeds from sale of investment securities | 17,609,890 | 114,060,844 |
Purchases of investment securities available for sale | (10,550,000) | (160,967,616) |
Purchases of bank premises and equipment | (268,708) | (2,844,102) |
Sales of bank premises and equipment | 264,000 | |
Decrease in interest bearing deposits with other banks | 180,675 | 18,962,673 |
Purchase of Federal Home Loan Bank stock | (498,700) | |
Proceeds from sale of other real estate | 802,372 | 127,722 |
Net (increase) decrease in loans | (29,407,770) | 829,450 |
Net cash provided by investing activities | 11,210,233 | 715,999 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | 36,694,834 | (5,386,374) |
Net change in securities sold under agreement to repurchase | (53,589,022) | (830,963) |
Increase in federal funds purchased | 5,000,000 | |
Repayment of Federal Home Loan Bank advances | (10,000,000) | |
Proceeds from exercise of stock options | 27,000 | 92,625 |
Payment of dividends | (3,528,904) | (3,522,327) |
Net cash used in financing activities | (25,396,092) | (9,647,039) |
Net decrease in cash and due from banks | (5,353,553) | (896,963) |
Cash and due from banks, beginning of period | 17,962,990 | 21,688,557 |
Cash and due from banks, end of period | $ 12,609,437 | $ 20,791,594 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim consolidated financial statements are unaudited and reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition as of and for the interim periods presented. All adjustments and reclassifications are of a normal and recurring nature. Results for the period ended September 30, 2018 are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole. The interim consolidated financial statements of Citizens Holding Company (the “Company”) include the accounts of its wholly-owned subsidiary, The Citizens Bank of Philadelphia (the “Bank” and collectively with the Company, the “Corporation”). All significant intercompany transactions have been eliminated in consolidation. For further information and significant accounting policies of the Corporation, see the Notes to Consolidated Financial Statements of Citizens Holding Company included in the Corporation’s Annual Report on Form 10-K Nature of Business 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. Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “ Revenue from Contracts with Customers The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers. Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers 2014-09”), 2014-09 2014-09. 2014-09, 2014-09 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016-01”). 2016-01 2016-01. 2016-01 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15”). 2016-15 zero-coupon In January 2017, FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business” 2017-01”), 2017-01 2017-01 In February 2018, FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220)” 2018-02”). 2018-02 2018-02 2018-02 ended December 31, 2017. Newly Issued, But Not Yet Effective Accounting Standards On September 16, 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). held-to-maturity In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2016-02”). ASU 2016-02 on-balance right-of-use 2016-02 2016-02 In March 2017, the FASB issued ASU No. 2017-08, Receivables- Nonrefundable Fees and Other Costs (Subtopic 310-20) 2017-08”). ASU 2017-08 2017-08 2017-08 ASU 2018-13 Fair Value Measurement (Topic 820) – Changes in the Disclosure Requirements for Fair Value Measurement 2018-13”) 2018-13 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 2. Commitments and Contingent Liabilities In the ordinary course of business, the Corporation enters into commitments to extend credit to its customers. The unused portion of these commitments is not reflected in the accompanying financial statements. As of September 30, 2018, the Corporation had entered into loan commitments with certain customers with an aggregate unused balance of $55,982,175 compared to an aggregate unused balance of $46,405,869 at December 31, 2017. There were $2,516,810 of letters of credit outstanding at September 30, 2018 and $2,842,010 at December 31, 2017. The fair value of such commitments is not considered material because letters of credit and loan commitments often are not used in their entirety, if at all, before they expire. The balances of such letters and commitments should not be used to project actual future liquidity requirements. However, the Corporation does incorporate expectations about the utilization under its credit-related commitments and into its asset and liability management program. The Corporation is a party to lawsuits and other claims that arise in the ordinary course of business, all of which are being vigorously contested. In the regular course of business, management evaluates estimated losses or costs related to litigation, and provisions are made for anticipated losses whenever management believes that such losses are probable and can be reasonably estimated. At the present time, management believes, based on the advice of legal counsel, that the final resolution of pending legal proceedings will not likely have a material impact on the Corporation’s consolidated financial condition or results of operations. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Note 3. Net Income per Share Net income per share - basic has been computed based on the weighted average number of shares outstanding during each period. Net income per share - diluted has been computed based on the weighted average number of shares outstanding during each period plus the dilutive effect of outstanding stock options and restricted stock using the treasury stock method. Net income per share was computed as follows: For the Three Months For the Nine Months Ended September 30, Ended September 30, 2018 2017 2018 2017 Basic weighted average shares outstanding 4,899,520 4,882,705 4,888,372 4,877,338 Dilutive effect of granted options 5,093 10,443 9,586 17,412 Diluted weighted average shares outstanding 4,904,613 4,893,148 4,897,958 4,894,750 Net income $ 1,496,794 $ 1,607,469 $ 4,957,321 $ 4,828,247 Net income per share-basic $ 0.31 $ 0.33 $ 1.01 $ 0.99 Net income per share-diluted $ 0.31 $ 0.33 $ 1.01 $ 0.99 |
Equity Compensation Plans
Equity Compensation Plans | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation Plans | Note 4. Equity Compensation Plans The Corporation has adopted the 2013 Incentive Compensation Plan (the “2013 Plan”), which the Corporation intends to use for all future equity grants to employees, directors or consultants until the termination or expiration of the 2013 Plan. Prior to the adoption of the 2013 Plan, the Corporation utilized two stock-based compensation plans, the 1999 Directors’ Stock Compensation Plan (the “Directors’ Plan”) for directors, and the 1999 Employees’ Long-Term Incentive Plan (the “Employees’ Plan”) for employees, both of which have expired. The following table is a summary of the stock option activity for the nine months ended September 30, 2018: Directors’ Plan 2013 Plan Weighted Weighted Number Average Number Average of Exercise of Exercise Shares Price Shares Price Outstanding at December 31, 2017 63,000 $ 20.96 — $ — Granted — — — — Exercised (6,000 ) 18.00 — — Expired (4,500 ) 18.00 — — Outstanding at September 30, 2018 52,500 $ 21.55 — $ — The intrinsic value of options outstanding under the Directors’ Plan at September 30, 2018, was $131,820. No options were outstanding under the 2013 Plan or the Employee’s Plan as of September 30, 2018. During the quarter ended June 30, 2018, the Corporation’s directors received restricted stock grants totaling 7,500 shares of common stock under the 2013 Plan. These grants vest over a one-year one-year |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. Income Taxes 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 34% 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, the Company’s revaluation of its net deferred tax assets was $2,558,859, which was included in “Provision for Income Taxes” in the Consolidated Statements of Income at December 31, 2017. 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 had not been completed as of December 31, 2017 and, therefore, considered its accounting for the tax effects of the Tax Act on its net deferred tax asset to have been completed as of December 31, 2017. The effective tax rate for the three and nine months ended September 30, 2018 and 2017 differ from the statutory federal income tax rates of 21% and 34%, respectively, due primarily to state income taxes offset by tax exempt interest income. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 6. Securities The amortized cost and estimated fair value of securities available-for-sale Gross Gross Amortized Unrealized Unrealized Estimated September 30, 2018 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 99,367,877 $ — $ 4,515,549 $ 94,852,328 Mortgage backed securities 268,468,752 6,116 14,361,628 254,113,240 State, County, Municipals 106,023,406 52,086 5,786,429 100,289,063 Total $ 473,860,035 $ 58,202 $ 24,663,606 $ 449,254,631 Gross Gross Amortized Unrealized Unrealized Estimated December 31, 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 During the 2 nd At September 30, 2018 and December 31, 2017, securities with a carrying value of $247,691,420 and $222,326,856, respectively, were pledged to secure government and public deposits. Securities with a carrying value of $88,515,589 and $151,629,948, respectively, were pledged as collateral for customers who are under repurchase agreements. The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2018 and December 31, 2017 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations. September 30, 2018 December 31, 2017 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Available-for-sale Due in one year or less $ 2,020,810 $ 2,023,462 $ 3,398,727 $ 3,421,576 Due after one year through five years 91,951,412 88,193,981 70,836,435 69,594,014 Due after five years through ten years 31,859,642 30,351,244 55,691,854 54,740,055 Due after ten years 79,559,419 74,572,704 81,519,845 80,184,001 Residential mortgage backed securities 194,336,400 183,779,806 213,707,125 208,423,057 Commercial mortgage backed securities 74,132,352 70,333,434 90,852,310 88,683,674 Total $ 473,860,035 $ 449,254,631 $ 516,006,296 $ 505,046,377 The tables below show the Corporation’s gross unrealized losses and fair value of available-for-sale A summary of unrealized loss information for securities available-for-sale, September 30, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ — $ — $ 94,852,328 $ 4,515,549 $ 94,852,328 $ 4,515,549 Mortgage backed securities 17,492,984 367,341 236,430,049 13,994,287 253,923,033 14,361,628 State, County, Municipal 25,438,651 1,149,633 64,401,928 4,636,796 89,840,579 5,786,429 Total $ 42,931,635 $ 1,516,974 $ 395,684,305 $ 23,146,632 $ 438,615,940 $ 24,663,606 December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ 15,681,866 $ 223,534 $ 160,766,691 $ 3,975,488 $ 176,448,557 $ 4,199,022 Mortgage backed securities 88,499,852 1,613,091 116,753,236 3,714,174 205,253,088 5,327,265 State, County, Municipal 7,117,600 59,041 66,973,174 2,476,085 74,090,774 2,535,126 Total $ 111,299,318 $ 1,895,666 $ 344,493,101 $ 10,165,747 $ 455,792,419 $ 12,061,413 The Corporation’s unrealized losses on its obligations of United States government agencies, mortgage backed securities and state, county and municipal bonds are the result of an upward trend in interest rates, mainly in the mid-term |
Loans
Loans | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans | Note 7. Loans The composition of net loans (in thousands) at September 30, 2018 and December 31, 2017 was as follows: September 30, 2018 December 31, 2017 Real Estate: Land Development and Construction $ 41,937 $ 25,923 Farmland 15,541 16,905 1-4 88,448 95,925 Commercial Real Estate 197,235 191,736 Total Real Estate Loans 343,161 330,489 Business Loans: Commercial and Industrial Loans 75,842 58,204 Farm Production and Other Farm Loans 966 922 Total Business Loans 76,808 59,126 Consumer Loans: Credit Cards 1,492 1,310 Other Consumer Loans 13,214 14,680 Total Consumer Loans 14,706 15,990 Total Gross Loans 434,675 405,605 Unearned Income (69 ) (195 ) Allowance for Loan Losses (3,173 ) (3,019 ) Loans, net $ 431,433 $ 402,391 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 Period-end, non-accrual September 30, 2018 December 31, 2017 Real Estate: Land Development and Construction $ — $ — Farmland 264 366 1-4 1,929 2,131 Commercial Real Estate 7,719 4,891 Total Real Estate Loans 9,912 7,388 Business Loans: Commercial and Industrial Loans 60 78 Farm Production and Other Farm Loans 31 32 Total Business Loans 91 110 Consumer Loans: Other Consumer Loans 98 84 Total Consumer Loans 98 84 Total Nonaccrual Loans $ 10,101 $ 7,582 An aging analysis of past due loans (in thousands), segregated by class, as of September 30, 2018, was as follows: Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Past Due Past Due Due Loans Loans Loans Past Due Real Estate: Land Development and Construction $ 1,383 $ — $ 1,383 $ 40,554 $ 41,937 $ — Farmland 327 37 364 15,177 15,541 — 1-4 1,756 166 1,922 86,526 88,448 — Commercial Real Estate 1,785 2,074 3,859 193,376 197,235 — Total Real Estate Loans 5,251 2,277 7,528 335,633 343,161 — Business Loans: Commercial and Industrial Loans 338 — 338 75,504 75,842 — Farm Production and Other Farm Loans — — — 966 966 — Total Business Loans 338 — 338 76,470 76,808 — Consumer Loans: Credit Cards 47 — 47 1,445 1,492 — Other Consumer Loans 205 88 293 12,921 13,214 — Total Consumer Loans 252 88 340 14,366 14,706 — Total Loans $ 5,841 $ 2,365 $ 8,206 $ 426,469 $ 434,675 $ — An aging analysis of past due loans (in thousands), segregated by class, as of December 31, 2017 was as follows: Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Past Due Past Due Due Loans Loans Loans Past Due 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 Loans are considered impaired when, based on current information and events, it is probable the Corporation will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. In determining which loans to evaluate for impairment, management looks at all loans over $100,000 that are past due loans, bankruptcy filings and any situation that might lend itself to cause a borrower to be unable to repay the loan according to the original agreement terms. If a loan is determined to be impaired and the collateral is deemed to be insufficient to fully repay the loan, a specific reserve will be established. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans or portions thereof, are charged-off Impaired loans (in thousands) as of September 30, 2018, segregated by class, were as follows: Recorded Recorded Unpaid Investment Investment Total Average Principal With No With Recorded Related Recorded Balance Allowance Allowance Investment Allowance Investment Real Estate: Land Development and Construction $ — $ — $ — $ — $ — $ 111 Farmland 269 269 — 269 — 261 1-4 1,215 1,019 196 1,215 29 1,280 Commercial Real Estate 9,021 5,179 3,842 9,021 380 7,411 Total Real Estate Loans 10,505 6,467 4,038 10,505 409 9,062 Business Loans: Farm Production and Other Farm Loans — — — — — 25 Total Business Loans — — — — — 25 Total Loans $ 10,505 $ 6,467 $ 4,038 $ 10,505 $ 409 $ 9,087 Impaired loans (in thousands) as of December 31, 2017, segregated by class, were as follows: Recorded Recorded Unpaid Investment Investment Total Average Principal With No With Recorded Related Recorded Balance Allowance Allowance Investment Allowance Investment Real Estate: Land Development and Construction $ 222 $ — $ 222 $ 222 $ — $ 111 Farmland 252 252 — 252 — 126 1-4 1,344 1,141 203 1,344 46 906 Commercial Real Estate 5,801 1,763 4,038 5,801 397 4,994 Total Real Estate Loans 7,619 3,156 4,463 7,619 443 6,137 Business Loans: Farm Production and Other Farm Loans 50 50 — 50 — 25 Total Business Loans 50 50 — 50 — 25 Total Loans $ 7,669 $ 3,206 $ 4,463 $ 7,669 $ 443 $ 6,162 The following table presents troubled debt restructurings (in thousands, except for number of loans), segregated by class: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded September 30, 2018 Loans Investment Investment Commercial real estate 3 $ 4,871 $ 2,963 Total 3 $ 4,871 $ 2,963 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded December 31, 2017 Loans Investment Investment Commercial real estate 3 $ 4,871 $ 3,047 Total 3 $ 4,871 $ 3,047 Changes in the Corporation’s troubled debt restructurings (in thousands, except for number of loans) are set forth in the table below: Number Recorded of Loans Investment Totals at January 1, 2018 3 $ 3,047 Reductions due to: Principal paydowns (84 ) Total at September 30, 2018 3 $ 2,963 The allocated allowance for loan losses attributable to restructured loans was $174,274 at September 30, 2018 and December 31, 2017. The Corporation had no remaining availability under commitments to lend additional funds on these troubled debt restructurings as of September 30, 2018. The Corporation utilizes a risk grading matrix to assign a risk grade to each of its loans when originated and is updated as factors related to the strength of the loan changes. Loans are graded on a scale of 1 to 9. A description of the general characteristics of the 9 risk grades follows. Grade 1. MINIMAL RISK - These loans are without loss exposure to the Corporation. This classification is reserved for only the best, well secured loans to borrowers with significant capital strength, low leverage, stable earnings and growth and other readily available financing alternatives. This type of loan would also include loans secured by a program of the government. Grade 2. MODEST RISK - These loans include borrowers with solid credit quality and moderate risk of loss. These loans may be fully secured by certificates of deposit with another reputable financial institution, or secured by readily marketable securities with acceptable margins. Grade 3. AVERAGE RISK - This is the rating assigned to the majority of the loans held by the Corporation. This includes loans with average loss exposure and average overall quality. These loans should liquidate through possessing adequate collateral and adequate earnings of the borrower. In addition, these loans are properly documented and are in accordance with all aspects of the current loan policy. Grade 4. ACCEPTABLE RISK - Borrower generates sufficient cash flow to fund debt service but most working asset and capital expansion needs are provided from external sources. Profitability and key balance sheet ratios are usually close to peers but one or more may be higher than peers. Grade 5. MANAGEMENT ATTENTION - Borrower has significant weaknesses resulting from performance trends or management concerns. The financial condition of the borrower has taken a negative turn and may be temporarily strained. Cash flow is weak but cash reserves remain adequate to meet debt service. Management weakness is evident. Grade 6. OTHER LOANS ESPECIALLY MENTIONED (“OLEM”) - Loans in this category are fundamentally sound but possess some weaknesses. OLEM loans have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the bank’s credit position at some future date. These loans have an identifiable weakness in credit, collateral, or repayment ability but there is no expectation of loss. Grade 7. SUBSTANDARD ASSETS - Assets classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets classified as substandard must have a well-defined weakness based upon objective evidence. Assets classified as substandard are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. The possibility that liquidation would not be timely requires a substandard classification even if there is little likelihood of total loss. This classification does not mean that the loan will incur a total or partial loss. Substandard loans may or may not be impaired. Grade 8. DOUBTFUL - A loan classified as doubtful has all the weaknesses of a substandard classification and the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable or improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. A doubtful classification could reflect the fact that the primary source of repayment is gone and serious doubt exists as to the quality of a secondary source of repayment. Grade 9. LOSS - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may occur in the future. Also included in this classification is the defined loss portion of loans rated substandard assets and doubtful assets. These internally assigned grades are updated on a continual basis throughout the course of the year and represent management’s most updated judgment regarding grades at September 30, 2018. The following table details the amount of gross loans (in thousands), segregated by loan grade and class, as of September 30, 2018: Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 40,644 $ 720 $ 573 $ — $ — $ 41,937 Farmland 14,170 356 1,015 — — 15,541 1-4 79,176 1,770 7,502 — — 88,448 Commercial Real Estate 154,868 17,891 24,476 — — 197,235 Total Real Estate Loans 288,858 20,737 33,566 — — 343,161 Business Loans: Commercial and Industrial Loans 73,460 122 2,260 — — 75,842 Farm Production and Other Farm Loans 931 2 33 — — 966 Total Business Loans 74,391 124 2,293 — — 76,808 Consumer Loans: Credit Cards 1,492 — — — — 1,492 Other Consumer Loans 13,000 65 91 58 — 13,214 Total Consumer Loans 14,492 65 91 58 — 14,706 Total Loans $ 377,741 $ 20,926 $ 35,950 $ 58 $ — $ 434,675 The following table details the amount of gross loans (in thousands) segregated by loan grade and class, as of December 31, 2017: Satisfactory Special Substandard Doubtful Loss Total 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 allowance for loan losses is established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The allowance on the majority of the loan portfolio is calculated using a historical chargeoff percentage applied to the current loan balances by loan segment. This historical period is the average of the previous twenty quarters with the most current quarters weighted more heavily to show the effect of the most recent chargeoff activity. This percentage is also adjusted for economic factors such as local unemployment and general business conditions, both local and nationwide. The group of loans that are considered to be impaired are individually evaluated for possible loss and a specific reserve is established to cover any loss contingency. Loans that are determined to be a loss with no benefit of remaining in the portfolio are charged off to the allowance. These specific reserves are reviewed periodically for continued impairment and adequacy of the specific reserve and are adjusted when necessary. The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2018: September 30, 2018 Real Business Consumer Total Beginning Balance, January 1, 2018 $ 2,151,715 $ 346,781 $ 520,732 $ 3,019,228 Provision for (reversal of) loan losses 615,927 (289,894 ) (185,268 ) 140,765 Chargeoffs 202,352 31,236 117,401 350,989 Recoveries 91,071 203,777 69,091 363,939 Net chargeoffs (recoveries) 111,281 (172,541 ) 48,310 (12,950 ) Ending Balance $ 2,656,361 $ 229,428 $ 287,154 $ 3,172,943 Period end allowance allocated to: Loans individually evaluated for impairment $ 409,496 $ — $ — $ 409,496 Loans collectively evaluated for impairment 2,246,865 229,428 287,154 2,763,447 Ending Balance, September 30, 2018 $ 2,656,361 $ 229,428 $ 287,154 $ 3,172,943 The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2017: September 30, 2017 Real Business Consumer Total Beginning Balance, January 1, 2017 $ 3,117,134 $ 257,554 $ 528,108 $ 3,902,796 (Reversal of) provision for loan losses (482,980 ) 199,355 29,011 (254,614 ) Chargeoffs 126,757 146,139 41,788 314,684 Recoveries 26,188 754 43,493 70,435 Net chargeoffs (recoveries) 100,569 145,385 (1,705 ) 244,249 Ending Balance $ 2,533,585 $ 311,524 $ 558,824 $ 3,403,933 Period end allowance allocated to: Loans individually evaluated for impairment $ 537,897 $ — $ — $ 537,897 Loans collectively evaluated for impairment 1,995,688 311,524 558,824 2,866,036 Ending Balance, September 30, 2017 $ 2,533,585 $ 311,524 $ 558,824 $ 3,403,933 The Corporation’s recorded investment in loans as of September 30, 2018 and December 31, 2017 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Corporation’s impairment methodology was as follows (in thousands): September 30, 2018 Real Business Consumer Total Loans individually evaluated for specific impairment $ 10,505 $ — $ — $ 10,505 Loans collectively evaluated for general impairment 332,656 76,808 14,706 424,170 $ 343,161 $ 76,808 $ 14,706 $ 434,675 December 31, 2017 Real Business Consumer Total Loans individually evaluated for specific impairment $ 7,669 $ — $ — $ 7,669 Loans collectively evaluated for general impairment 322,820 59,126 15,990 397,936 $ 330,489 $ 59,126 $ 15,990 $ 405,605 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 8. Fair Value of Financial Instruments The fair value topic of the ASC establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. This topic clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. This topic also requires disclosure about how fair value was determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices in active markets for identical assets and liabilities included in Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active; or Level 3 Unobservable inputs for an asset or liability, such as discounted cash flow models or valuations. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2018: Fair Value Measurements Using: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government Agencies $ — $ 94,852,328 $ — $ 94,852,328 Mortgage-backed securities — 254,113,240 — 254,113,240 State, county and municipal obligations — 100,289,063 — 100,289,063 Total $ — $ 449,254,631 $ — $ 449,254,631 The following table presents assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2017: Fair Value Measurements Using: 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 and municipal obligations — 117,100,535 — 117,100,535 Other investments — — 3,074,227 3,074,227 Total $ — $ 501,972,150 $ 3,074,227 $ 505,046,377 The following table reports the activity in assets measured at fair value on a recurring basis using significant unobservable inputs: Fair Value Measurements Using: Significant Unobservable Inputs (Level 3) Structured Financial Product As of September 30, 2018 2017 Beginning Balance $ 3,074,227 $ 2,971,106 Sales (2,865,294 ) — Principal payments received — (5,067 ) Unrealized (loss) gains included in other comprehensive income (208,933 ) 39,303 Ending Balance $ — $ 3,005,342 The Corporation recorded no gains or losses in earnings for the period ended September 30, 2018 or December 31, 2017 that were attributable to the change in unrealized gains or losses relating to assets still held at the reporting date. For assets measured at fair value on a nonrecurring basis during 2018 that were still held on the Corporation’s balance sheet at September 30, 2018, the following table provides the hierarchy level and the fair value of the related assets: Fair Value Measurements Using: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 3,254,784 $ 3,254,784 Total $ — $ — $ 3,254,784 $ 3,254,784 The following table presents information as of September 30, 2018 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation Technique Significant Range of Impaired loans $ 3,254,784 Appraised value of collateral less estimated costs to sell Estimated costs to sell 25 % For assets measured at fair value on a nonrecurring basis during 2017 that were still held on the Corporation’s balance sheet at December 31, 2017, the following table provides the hierarchy level and the fair value of the related assets: Fair Value Measurements Using: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 544,502 $ 544,502 Other real estate owned — — 1,307,250 1,307,250 Total $ — $ — $ 1,851,752 $ 1,851,752 Impaired loans with a carrying value of $10,504,831 and $7,668,908 had an allocated allowance for loan losses of $409,496 and $442,589 at September 30, 2018 and December 31, 2017, 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. Real estate acquired through foreclosure or deed in lieu, sometimes referred to as other real estate owned (“OREO”), during the nine-month period ended September 30, 2018, and recorded at fair value, less costs to sell, was $223,859. There were no writedowns during the period on properties owned. OREO acquired during 2017 and recorded at fair value, less costs to sell, was $88,579. There were $413,740 in additional writedowns during 2017 on OREO acquired in previous years. The financial instruments topic of the ASC requires disclosure of financial instruments’ fair values, as well as the methodology and significant assumptions used in estimating fair values. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The financial instruments topic of the ASC excludes certain financial instruments from its disclosure requirements. The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at September 30, 2018: Fair Value Measurements Using: September 30, 2018 Carrying Quoted Prices Significant Other Significant Total (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 12,609,437 $ 12,609,437 $ — $ — $ 12,609,437 Interest bearing deposits with banks 1,351,745 1,351,745 — — 1,351,745 Securities available-for-sale 449,254,631 — 449,254,631 — 449,254,631 Net loans 431,433,287 — — 425,805,759 425,805,759 Financial liabilities Deposits $ 757,380,333 $ — $ 757,335,191 $ — $ 757,335,191 Federal Funds Purchased 6,500,000 6,500,000 — — 6,500,000 Federal Home Loan Bank advances 20,000,000 — 20,000,000 — 20,000,000 Securities Sold under Agreement to Repurchase 88,908,916 — 88,908,916 — 88,908,916 The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at December 31, 2017: Fair Value Measurements Using: December 31, 2017 Carrying Quoted Prices Significant Significant Total (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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim consolidated financial statements are unaudited and reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition as of and for the interim periods presented. All adjustments and reclassifications are of a normal and recurring nature. Results for the period ended September 30, 2018 are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole. The interim consolidated financial statements of Citizens Holding Company (the “Company”) include the accounts of its wholly-owned subsidiary, The Citizens Bank of Philadelphia (the “Bank” and collectively with the Company, the “Corporation”). All significant intercompany transactions have been eliminated in consolidation. For further information and significant accounting policies of the Corporation, see the Notes to Consolidated Financial Statements of Citizens Holding Company included in the Corporation’s Annual Report on Form 10-K |
Nature of Business | Nature of Business 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. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “ Revenue from Contracts with Customers The Company’s primary sources of revenue are derived from interest and dividends earned on loans, investment securities, and other financial instruments that are not within the scope of Topic 606. The Company has evaluated the nature of its contracts with customers and determined that further disaggregation of revenue from contracts with customers into more granular categories beyond what is presented in the Consolidated Statements of Income was not necessary. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers 2014-09”), 2014-09 2014-09. 2014-09, 2014-09 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016-01”). 2016-01 2016-01. 2016-01 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15”). 2016-15 zero-coupon In January 2017, FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business” 2017-01”), 2017-01 2017-01 In February 2018, FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220)” 2018-02”). 2018-02 2018-02 2018-02 ended December 31, 2017. Newly Issued, But Not Yet Effective Accounting Standards On September 16, 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13”). held-to-maturity In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2016-02”). ASU 2016-02 on-balance right-of-use 2016-02 2016-02 In March 2017, the FASB issued ASU No. 2017-08, Receivables- Nonrefundable Fees and Other Costs (Subtopic 310-20) 2017-08”). ASU 2017-08 2017-08 2017-08 ASU 2018-13 Fair Value Measurement (Topic 820) – Changes in the Disclosure Requirements for Fair Value Measurement 2018-13”) 2018-13 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Net income per share was computed as follows: For the Three Months For the Nine Months Ended September 30, Ended September 30, 2018 2017 2018 2017 Basic weighted average shares outstanding 4,899,520 4,882,705 4,888,372 4,877,338 Dilutive effect of granted options 5,093 10,443 9,586 17,412 Diluted weighted average shares outstanding 4,904,613 4,893,148 4,897,958 4,894,750 Net income $ 1,496,794 $ 1,607,469 $ 4,957,321 $ 4,828,247 Net income per share-basic $ 0.31 $ 0.33 $ 1.01 $ 0.99 Net income per share-diluted $ 0.31 $ 0.33 $ 1.01 $ 0.99 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table is a summary of the stock option activity for the nine months ended September 30, 2018: Directors’ Plan 2013 Plan Weighted Weighted Number Average Number Average of Exercise of Exercise Shares Price Shares Price Outstanding at December 31, 2017 63,000 $ 20.96 — $ — Granted — — — — Exercised (6,000 ) 18.00 — — Expired (4,500 ) 18.00 — — Outstanding at September 30, 2018 52,500 $ 21.55 — $ — |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 Estimated September 30, 2018 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 99,367,877 $ — $ 4,515,549 $ 94,852,328 Mortgage backed securities 268,468,752 6,116 14,361,628 254,113,240 State, County, Municipals 106,023,406 52,086 5,786,429 100,289,063 Total $ 473,860,035 $ 58,202 $ 24,663,606 $ 449,254,631 Gross Gross Amortized Unrealized Unrealized Estimated December 31, 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 |
Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2018 and December 31, 2017 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations. September 30, 2018 December 31, 2017 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Available-for-sale Due in one year or less $ 2,020,810 $ 2,023,462 $ 3,398,727 $ 3,421,576 Due after one year through five years 91,951,412 88,193,981 70,836,435 69,594,014 Due after five years through ten years 31,859,642 30,351,244 55,691,854 54,740,055 Due after ten years 79,559,419 74,572,704 81,519,845 80,184,001 Residential mortgage backed securities 194,336,400 183,779,806 213,707,125 208,423,057 Commercial mortgage backed securities 74,132,352 70,333,434 90,852,310 88,683,674 Total $ 473,860,035 $ 449,254,631 $ 516,006,296 $ 505,046,377 |
Summary of Unrealized Loss Information for Available-for-sale Securities | A summary of unrealized loss information for securities available-for-sale, September 30, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ — $ — $ 94,852,328 $ 4,515,549 $ 94,852,328 $ 4,515,549 Mortgage backed securities 17,492,984 367,341 236,430,049 13,994,287 253,923,033 14,361,628 State, County, Municipal 25,438,651 1,149,633 64,401,928 4,636,796 89,840,579 5,786,429 Total $ 42,931,635 $ 1,516,974 $ 395,684,305 $ 23,146,632 $ 438,615,940 $ 24,663,606 December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ 15,681,866 $ 223,534 $ 160,766,691 $ 3,975,488 $ 176,448,557 $ 4,199,022 Mortgage backed securities 88,499,852 1,613,091 116,753,236 3,714,174 205,253,088 5,327,265 State, County, Municipal 7,117,600 59,041 66,973,174 2,476,085 74,090,774 2,535,126 Total $ 111,299,318 $ 1,895,666 $ 344,493,101 $ 10,165,747 $ 455,792,419 $ 12,061,413 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Composition of Net Loans | The composition of net loans (in thousands) at September 30, 2018 and December 31, 2017 was as follows: September 30, 2018 December 31, 2017 Real Estate: Land Development and Construction $ 41,937 $ 25,923 Farmland 15,541 16,905 1-4 88,448 95,925 Commercial Real Estate 197,235 191,736 Total Real Estate Loans 343,161 330,489 Business Loans: Commercial and Industrial Loans 75,842 58,204 Farm Production and Other Farm Loans 966 922 Total Business Loans 76,808 59,126 Consumer Loans: Credit Cards 1,492 1,310 Other Consumer Loans 13,214 14,680 Total Consumer Loans 14,706 15,990 Total Gross Loans 434,675 405,605 Unearned Income (69 ) (195 ) Allowance for Loan Losses (3,173 ) (3,019 ) Loans, net $ 431,433 $ 402,391 |
Period-End, Non-Accrual Loans, Segregated by Class | Period-end, non-accrual September 30, 2018 December 31, 2017 Real Estate: Land Development and Construction $ — $ — Farmland 264 366 1-4 1,929 2,131 Commercial Real Estate 7,719 4,891 Total Real Estate Loans 9,912 7,388 Business Loans: Commercial and Industrial Loans 60 78 Farm Production and Other Farm Loans 31 32 Total Business Loans 91 110 Consumer Loans: Other Consumer Loans 98 84 Total Consumer Loans 98 84 Total Nonaccrual Loans $ 10,101 $ 7,582 |
Aging Analysis of Past Due Loans, Segregated by Class | An aging analysis of past due loans (in thousands), segregated by class, as of September 30, 2018, was as follows: Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Past Due Past Due Due Loans Loans Loans Past Due Real Estate: Land Development and Construction $ 1,383 $ — $ 1,383 $ 40,554 $ 41,937 $ — Farmland 327 37 364 15,177 15,541 — 1-4 1,756 166 1,922 86,526 88,448 — Commercial Real Estate 1,785 2,074 3,859 193,376 197,235 — Total Real Estate Loans 5,251 2,277 7,528 335,633 343,161 — Business Loans: Commercial and Industrial Loans 338 — 338 75,504 75,842 — Farm Production and Other Farm Loans — — — 966 966 — Total Business Loans 338 — 338 76,470 76,808 — Consumer Loans: Credit Cards 47 — 47 1,445 1,492 — Other Consumer Loans 205 88 293 12,921 13,214 — Total Consumer Loans 252 88 340 14,366 14,706 — Total Loans $ 5,841 $ 2,365 $ 8,206 $ 426,469 $ 434,675 $ — An aging analysis of past due loans (in thousands), segregated by class, as of December 31, 2017 was as follows: Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Past Due Past Due Due Loans Loans Loans Past Due 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 |
Impaired Loans, Segregated by Class of Loans | Impaired loans (in thousands) as of September 30, 2018, segregated by class, were as follows: Recorded Recorded Unpaid Investment Investment Total Average Principal With No With Recorded Related Recorded Balance Allowance Allowance Investment Allowance Investment Real Estate: Land Development and Construction $ — $ — $ — $ — $ — $ 111 Farmland 269 269 — 269 — 261 1-4 1,215 1,019 196 1,215 29 1,280 Commercial Real Estate 9,021 5,179 3,842 9,021 380 7,411 Total Real Estate Loans 10,505 6,467 4,038 10,505 409 9,062 Business Loans: Farm Production and Other Farm Loans — — — — — 25 Total Business Loans — — — — — 25 Total Loans $ 10,505 $ 6,467 $ 4,038 $ 10,505 $ 409 $ 9,087 Impaired loans (in thousands) as of December 31, 2017, segregated by class, were as follows: Recorded Recorded Unpaid Investment Investment Total Average Principal With No With Recorded Related Recorded Balance Allowance Allowance Investment Allowance Investment Real Estate: Land Development and Construction $ 222 $ — $ 222 $ 222 $ — $ 111 Farmland 252 252 — 252 — 126 1-4 1,344 1,141 203 1,344 46 906 Commercial Real Estate 5,801 1,763 4,038 5,801 397 4,994 Total Real Estate Loans 7,619 3,156 4,463 7,619 443 6,137 Business Loans: Farm Production and Other Farm Loans 50 50 — 50 — 25 Total Business Loans 50 50 — 50 — 25 Total Loans $ 7,669 $ 3,206 $ 4,463 $ 7,669 $ 443 $ 6,162 |
Troubled Debt Restructurings Segregated by Class | The following table presents troubled debt restructurings (in thousands, except for number of loans), segregated by class: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded September 30, 2018 Loans Investment Investment Commercial real estate 3 $ 4,871 $ 2,963 Total 3 $ 4,871 $ 2,963 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded December 31, 2017 Loans Investment Investment Commercial real estate 3 $ 4,871 $ 3,047 Total 3 $ 4,871 $ 3,047 |
Changes in Troubled Debt Restructurings | Changes in the Corporation’s troubled debt restructurings (in thousands, except for number of loans) are set forth in the table below: Number Recorded of Loans Investment Totals at January 1, 2018 3 $ 3,047 Reductions due to: Principal paydowns (84 ) Total at September 30, 2018 3 $ 2,963 |
Detailed Amount of Gross Loans Segregated by Loan Grade and Class | The following table details the amount of gross loans (in thousands), segregated by loan grade and class, as of September 30, 2018: Satisfactory Special Substandard Doubtful Loss Total Real Estate: Land Development and Construction $ 40,644 $ 720 $ 573 $ — $ — $ 41,937 Farmland 14,170 356 1,015 — — 15,541 1-4 79,176 1,770 7,502 — — 88,448 Commercial Real Estate 154,868 17,891 24,476 — — 197,235 Total Real Estate Loans 288,858 20,737 33,566 — — 343,161 Business Loans: Commercial and Industrial Loans 73,460 122 2,260 — — 75,842 Farm Production and Other Farm Loans 931 2 33 — — 966 Total Business Loans 74,391 124 2,293 — — 76,808 Consumer Loans: Credit Cards 1,492 — — — — 1,492 Other Consumer Loans 13,000 65 91 58 — 13,214 Total Consumer Loans 14,492 65 91 58 — 14,706 Total Loans $ 377,741 $ 20,926 $ 35,950 $ 58 $ — $ 434,675 The following table details the amount of gross loans (in thousands) segregated by loan grade and class, as of December 31, 2017: Satisfactory Special Substandard Doubtful Loss Total 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 |
Detailed Activity in Allowance for Possible Loan Losses by Portfolio Segment | The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2018: September 30, 2018 Real Business Consumer Total Beginning Balance, January 1, 2018 $ 2,151,715 $ 346,781 $ 520,732 $ 3,019,228 Provision for (reversal of) loan losses 615,927 (289,894 ) (185,268 ) 140,765 Chargeoffs 202,352 31,236 117,401 350,989 Recoveries 91,071 203,777 69,091 363,939 Net chargeoffs (recoveries) 111,281 (172,541 ) 48,310 (12,950 ) Ending Balance $ 2,656,361 $ 229,428 $ 287,154 $ 3,172,943 Period end allowance allocated to: Loans individually evaluated for impairment $ 409,496 $ — $ — $ 409,496 Loans collectively evaluated for impairment 2,246,865 229,428 287,154 2,763,447 Ending Balance, September 30, 2018 $ 2,656,361 $ 229,428 $ 287,154 $ 3,172,943 The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2017: September 30, 2017 Real Business Consumer Total Beginning Balance, January 1, 2017 $ 3,117,134 $ 257,554 $ 528,108 $ 3,902,796 (Reversal of) provision for loan losses (482,980 ) 199,355 29,011 (254,614 ) Chargeoffs 126,757 146,139 41,788 314,684 Recoveries 26,188 754 43,493 70,435 Net chargeoffs (recoveries) 100,569 145,385 (1,705 ) 244,249 Ending Balance $ 2,533,585 $ 311,524 $ 558,824 $ 3,403,933 Period end allowance allocated to: Loans individually evaluated for impairment $ 537,897 $ — $ — $ 537,897 Loans collectively evaluated for impairment 1,995,688 311,524 558,824 2,866,036 Ending Balance, September 30, 2017 $ 2,533,585 $ 311,524 $ 558,824 $ 3,403,933 |
Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment | The Corporation’s recorded investment in loans as of September 30, 2018 and December 31, 2017 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Corporation’s impairment methodology was as follows (in thousands): September 30, 2018 Real Business Consumer Total Loans individually evaluated for specific impairment $ 10,505 $ — $ — $ 10,505 Loans collectively evaluated for general impairment 332,656 76,808 14,706 424,170 $ 343,161 $ 76,808 $ 14,706 $ 434,675 December 31, 2017 Real Business Consumer Total Loans individually evaluated for specific impairment $ 7,669 $ — $ — $ 7,669 Loans collectively evaluated for general impairment 322,820 59,126 15,990 397,936 $ 330,489 $ 59,126 $ 15,990 $ 405,605 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2018: Fair Value Measurements Using: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government Agencies $ — $ 94,852,328 $ — $ 94,852,328 Mortgage-backed securities — 254,113,240 — 254,113,240 State, county and municipal obligations — 100,289,063 — 100,289,063 Total $ — $ 449,254,631 $ — $ 449,254,631 The following table presents assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2017: Fair Value Measurements Using: 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 and municipal obligations — 117,100,535 — 117,100,535 Other investments — — 3,074,227 3,074,227 Total $ — $ 501,972,150 $ 3,074,227 $ 505,046,377 |
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: Fair Value Measurements Using: Significant Unobservable Inputs (Level 3) Structured Financial Product As of September 30, 2018 2017 Beginning Balance $ 3,074,227 $ 2,971,106 Sales (2,865,294 ) — Principal payments received — (5,067 ) Unrealized (loss) gains included in other comprehensive income (208,933 ) 39,303 Ending Balance $ — $ 3,005,342 |
Asset Measured at Fair Value on Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis during 2018 that were still held on the Corporation’s balance sheet at September 30, 2018, the following table provides the hierarchy level and the fair value of the related assets: Fair Value Measurements Using: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 3,254,784 $ 3,254,784 Total $ — $ — $ 3,254,784 $ 3,254,784 For assets measured at fair value on a nonrecurring basis during 2017 that were still held on the Corporation’s balance sheet at December 31, 2017, the following table provides the hierarchy level and the fair value of the related assets: Fair Value Measurements Using: Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 544,502 $ 544,502 Other real estate owned — — 1,307,250 1,307,250 Total $ — $ — $ 1,851,752 $ 1,851,752 |
Carrying Value and Estimated Fair Value of Financial Instruments | The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at September 30, 2018: Fair Value Measurements Using: September 30, 2018 Carrying Quoted Prices Significant Other Significant Total (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 12,609,437 $ 12,609,437 $ — $ — $ 12,609,437 Interest bearing deposits with banks 1,351,745 1,351,745 — — 1,351,745 Securities available-for-sale 449,254,631 — 449,254,631 — 449,254,631 Net loans 431,433,287 — — 425,805,759 425,805,759 Financial liabilities Deposits $ 757,380,333 $ — $ 757,335,191 $ — $ 757,335,191 Federal Funds Purchased 6,500,000 6,500,000 — — 6,500,000 Federal Home Loan Bank advances 20,000,000 — 20,000,000 — 20,000,000 Securities Sold under Agreement to Repurchase 88,908,916 — 88,908,916 — 88,908,916 The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at December 31, 2017: Fair Value Measurements Using: December 31, 2017 Carrying Quoted Prices Significant Significant Total (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 |
Fair Value, Measurements, Nonrecurring [Member] | |
Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value | The following table presents information as of September 30, 2018 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation Technique Significant Range of Impaired loans $ 3,254,784 Appraised value of collateral less estimated costs to sell Estimated costs to sell 25 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Dec. 31, 2017USD ($) |
ASU 2018-02 [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to retained earnings | $ 1,588,198 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 55,982,175 | $ 46,405,869 |
Letters of credit outstanding | $ 2,516,810 | $ 2,842,010 |
Net Income per Share - Earnings
Net Income per Share - Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average shares outstanding | 4,899,520 | 4,882,705 | 4,888,372 | 4,877,338 |
Dilutive effect of granted options | 5,093 | 10,443 | 9,586 | 17,412 |
Diluted weighted average shares outstanding | 4,904,613 | 4,893,148 | 4,897,958 | 4,894,750 |
Net income | $ 1,496,794 | $ 1,607,469 | $ 4,957,321 | $ 4,828,247 |
Net income per share-basic | $ 0.31 | $ 0.33 | $ 1.01 | $ 0.99 |
Net income per share-diluted | $ 0.31 | $ 0.33 | $ 1.01 | $ 0.99 |
Equity Compensation Plans - Sum
Equity Compensation Plans - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
2013 Plan [Member] | |
Number of Options | |
Beginning Balance | shares | 0 |
Granted | shares | 0 |
Exercised | shares | 0 |
Expired | shares | 0 |
Ending Balance | shares | 0 |
Weighted Average Exercise Price | |
Beginning Balance | $ / shares | $ 0 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 0 |
Expired | $ / shares | 0 |
Ending Balance | $ / shares | $ 0 |
Directors Stock Option Plan [Member] | |
Number of Options | |
Beginning Balance | shares | 63,000 |
Granted | shares | 0 |
Exercised | shares | (6,000) |
Expired | shares | (4,500) |
Ending Balance | shares | 52,500 |
Weighted Average Exercise Price | |
Beginning Balance | $ / shares | $ 20.96 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 18 |
Expired | $ / shares | 18 |
Ending Balance | $ / shares | $ 21.55 |
Equity Compensation Plans - Add
Equity Compensation Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Sep. 30, 2018 | |
Employee Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options outstanding | $ 0 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock grants | 7,500 | |
Restricted stock vesting period | 1 year | |
Restricted stock grant date fair value | $ 165,375 | |
Restricted stock cost | 13,781 | |
Restricted stock, deferred taxes | $ 3,438 | |
Directors Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options outstanding | 131,820 | |
2013 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options outstanding | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Statutory federal corporate tax rate | 21.00% | 34.00% |
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act | $ 2,558,859 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 473,860,035 | $ 516,006,296 |
Gross Unrealized Gains | 58,202 | 1,101,494 |
Gross Unrealized Losses | 24,663,606 | 12,061,413 |
Estimated Fair Value | 449,254,631 | 505,046,377 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 99,367,877 | 180,647,580 |
Gross Unrealized Losses | 4,515,549 | 4,199,022 |
Estimated Fair Value | 94,852,328 | 176,448,558 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 268,468,752 | 213,707,125 |
Gross Unrealized Gains | 6,116 | 43,197 |
Gross Unrealized Losses | 14,361,628 | 5,327,265 |
Estimated Fair Value | 254,113,240 | 208,423,057 |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 106,023,406 | 118,786,297 |
Gross Unrealized Gains | 52,086 | 849,364 |
Gross Unrealized Losses | 5,786,429 | 2,535,126 |
Estimated Fair Value | $ 100,289,063 | 117,100,535 |
Other Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,865,294 | |
Gross Unrealized Gains | 208,933 | |
Estimated Fair Value | $ 3,074,227 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Investment [Line Items] | |||
Securities at carrying value | $ 247,691,420 | $ 222,326,856 | |
Securities pledged as collateral | $ 88,515,589 | $ 151,629,948 | |
Mortgage-Backed Securities [Member] | |||
Investment [Line Items] | |||
Reclassification adjustment securities | $ 76,518,180 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 2,020,810 | $ 3,398,727 |
Due after one year through five years | 91,951,412 | 70,836,435 |
Due after five years through ten years | 31,859,642 | 55,691,854 |
Due after ten years | 79,559,419 | 81,519,845 |
Total Amortized Cost | 473,860,035 | 516,006,296 |
Available-for-sale, Estimated Fair Value | ||
Due in one year or less | 2,023,462 | 3,421,576 |
Due after one year through five years | 88,193,981 | 69,594,014 |
Due after five years through ten years | 30,351,244 | 54,740,055 |
Due after ten years | 74,572,704 | 80,184,001 |
Total Fair Value | 449,254,631 | 505,046,377 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale, Amortized Cost | ||
Total Amortized Cost | 194,336,400 | 213,707,125 |
Available-for-sale, Estimated Fair Value | ||
Total Fair Value | 183,779,806 | 208,423,057 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale, Amortized Cost | ||
Total Amortized Cost | 74,132,352 | 90,852,310 |
Available-for-sale, Estimated Fair Value | ||
Total Fair Value | $ 70,333,434 | $ 88,683,674 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Loss Information for Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | $ 42,931,635 | $ 111,299,318 |
Less than 12 months Unrealized Losses | 1,516,974 | 1,895,666 |
12 months or more Fair Value | 395,684,305 | 344,493,101 |
12 months or more Unrealized Losses | 23,146,632 | 10,165,747 |
Total Fair Value | 438,615,940 | 455,792,419 |
Total Unrealized Losses | 24,663,606 | 12,061,413 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 15,681,866 | |
Less than 12 months Unrealized Losses | 223,534 | |
12 months or more Fair Value | 94,852,328 | 160,766,691 |
12 months or more Unrealized Losses | 4,515,549 | 3,975,488 |
Total Fair Value | 94,852,328 | 176,448,557 |
Total Unrealized Losses | 4,515,549 | 4,199,022 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 17,492,984 | 88,499,852 |
Less than 12 months Unrealized Losses | 367,341 | 1,613,091 |
12 months or more Fair Value | 236,430,049 | 116,753,236 |
12 months or more Unrealized Losses | 13,994,287 | 3,714,174 |
Total Fair Value | 253,923,033 | 205,253,088 |
Total Unrealized Losses | 14,361,628 | 5,327,265 |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 25,438,651 | 7,117,600 |
Less than 12 months Unrealized Losses | 1,149,633 | 59,041 |
12 months or more Fair Value | 64,401,928 | 66,973,174 |
12 months or more Unrealized Losses | 4,636,796 | 2,476,085 |
Total Fair Value | 89,840,579 | 74,090,774 |
Total Unrealized Losses | $ 5,786,429 | $ 2,535,126 |
Loans - Composition of Net Loan
Loans - Composition of Net Loans (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | $ 434,675,000 | $ 405,605,000 | ||
Unearned Income | (69,000) | (195,000) | ||
Allowance for Loan Losses | (3,172,943) | (3,019,228) | $ (3,403,933) | $ (3,902,796) |
Loans, net | 431,433,287 | 402,390,574 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 343,161,000 | 330,489,000 | ||
Total Gross Loans | 343,161,000 | 330,489,000 | ||
Allowance for Loan Losses | (2,656,361) | (2,151,715) | (2,533,585) | (3,117,134) |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 41,937,000 | 25,923,000 | ||
Total Gross Loans | 41,937,000 | 25,923,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 15,541,000 | 16,905,000 | ||
Total Gross Loans | 15,541,000 | 16,905,000 | ||
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 88,448,000 | 95,925,000 | ||
Total Gross Loans | 88,448,000 | 95,925,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 197,235,000 | 191,736,000 | ||
Total Gross Loans | 197,235,000 | 191,736,000 | ||
Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 76,808,000 | 59,126,000 | ||
Total Gross Loans | 76,808,000 | 59,126,000 | ||
Allowance for Loan Losses | (229,428) | (346,781) | (311,524) | (257,554) |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 75,842,000 | 58,204,000 | ||
Total Gross Loans | 75,842,000 | 58,204,000 | ||
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 966,000 | 922,000 | ||
Total Gross Loans | 966,000 | 922,000 | ||
Consumer Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 14,706,000 | 15,990,000 | ||
Total Gross Loans | 14,706,000 | 15,990,000 | ||
Allowance for Loan Losses | (287,154) | (520,732) | $ (558,824) | $ (528,108) |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 1,492,000 | 1,310,000 | ||
Total Gross Loans | 1,492,000 | 1,310,000 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 13,214,000 | 14,680,000 | ||
Total Gross Loans | $ 13,214,000 | $ 14,680,000 |
Loans - Period-End Non-Accrual
Loans - Period-End Non-Accrual Loans, Segregated by Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 10,101 | $ 7,582 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 9,912 | 7,388 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 264 | 366 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 1,929 | 2,131 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 7,719 | 4,891 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 91 | 110 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 31 | 32 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 60 | 78 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 98 | 84 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 98 | $ 84 |
Loans - Aging Analysis of Past
Loans - Aging Analysis of Past Due Loans, Segregated by Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | $ 5,841 | $ 6,114 |
Total Past Due Loans | 8,206 | 6,982 |
Current Loans | 426,469 | 398,623 |
Total Gross Loans | 434,675 | 405,605 |
Accruing Loans 90 or more Days Past Due | 813 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 5,251 | 5,616 |
Total Past Due Loans | 7,528 | 6,478 |
Current Loans | 335,633 | 324,011 |
Total Gross Loans | 343,161 | 330,489 |
Accruing Loans 90 or more Days Past Due | 807 | |
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 | 1,383 | 281 |
Total Past Due Loans | 1,383 | 281 |
Current Loans | 40,554 | 25,642 |
Total Gross Loans | 41,937 | 25,923 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 327 | 93 |
Total Past Due Loans | 364 | 93 |
Current Loans | 15,177 | 16,812 |
Total Gross Loans | 15,541 | 16,905 |
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 | 1,756 | 2,657 |
Total Past Due Loans | 1,922 | 2,657 |
Current Loans | 86,526 | 93,268 |
Total Gross Loans | 88,448 | 95,925 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 1,785 | 2,585 |
Total Past Due Loans | 3,859 | 3,447 |
Current Loans | 193,376 | 188,289 |
Total Gross Loans | 197,235 | 191,736 |
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 | 338 | 51 |
Total Past Due Loans | 338 | 51 |
Current Loans | 76,470 | 59,075 |
Total Gross Loans | 76,808 | 59,126 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 338 | 32 |
Total Past Due Loans | 338 | 32 |
Current Loans | 75,504 | 58,172 |
Total Gross Loans | 75,842 | 58,204 |
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 | 966 | 903 |
Total Gross Loans | 966 | 922 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 252 | 447 |
Total Past Due Loans | 340 | 453 |
Current Loans | 14,366 | 15,537 |
Total Gross Loans | 14,706 | 15,990 |
Accruing Loans 90 or more Days Past Due | 6 | |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 47 | 25 |
Total Past Due Loans | 47 | 31 |
Current Loans | 1,445 | 1,279 |
Total Gross Loans | 1,492 | 1,310 |
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 | 205 | 422 |
Total Past Due Loans | 293 | 422 |
Current Loans | 12,921 | 14,258 |
Total Gross Loans | 13,214 | 14,680 |
Loans 90 or more Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,365 | 868 |
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 | 2,277 | 862 |
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 | 37 | |
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 | 166 | |
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 | 2,074 | 862 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 88 | 6 |
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 | |
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 | $ 88 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
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 |
Loans - Impaired Loans, Segrega
Loans - Impaired Loans, Segregated by Class of Loans (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 10,505,000 | $ 7,669,000 |
Recorded Investment With No Allowance | 6,467,000 | 3,206,000 |
Recorded Investment With Allowance | 4,038,000 | 4,463,000 |
Total Recorded Investment | 10,504,831 | 7,668,908 |
Related Allowance | 409,496 | 442,589 |
Average Recorded Investment | 9,087,000 | 6,162,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 10,505,000 | 7,619,000 |
Recorded Investment With No Allowance | 6,467,000 | 3,156,000 |
Recorded Investment With Allowance | 4,038,000 | 4,463,000 |
Total Recorded Investment | 10,505,000 | 7,619,000 |
Related Allowance | 409,000 | 443,000 |
Average Recorded Investment | 9,062,000 | 6,137,000 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 222,000 | |
Recorded Investment With Allowance | 222,000 | |
Total Recorded Investment | 222,000 | |
Average Recorded Investment | 111,000 | 111,000 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 269,000 | 252,000 |
Recorded Investment With No Allowance | 269,000 | 252,000 |
Total Recorded Investment | 269,000 | 252,000 |
Average Recorded Investment | 261,000 | 126,000 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,215,000 | 1,344,000 |
Recorded Investment With No Allowance | 1,019,000 | 1,141,000 |
Recorded Investment With Allowance | 196,000 | 203,000 |
Total Recorded Investment | 1,215,000 | 1,344,000 |
Related Allowance | 29,000 | 46,000 |
Average Recorded Investment | 1,280,000 | 906,000 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 9,021,000 | 5,801,000 |
Recorded Investment With No Allowance | 5,179,000 | 1,763,000 |
Recorded Investment With Allowance | 3,842,000 | 4,038,000 |
Total Recorded Investment | 9,021,000 | 5,801,000 |
Related Allowance | 380,000 | 397,000 |
Average Recorded Investment | 7,411,000 | 4,994,000 |
Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 50,000 | |
Recorded Investment With No Allowance | 50,000 | |
Total Recorded Investment | 50,000 | |
Average Recorded Investment | 25,000 | 25,000 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 50,000 | |
Recorded Investment With No Allowance | 50,000 | |
Total Recorded Investment | 50,000 | |
Average Recorded Investment | $ 25,000 | $ 25,000 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings Segregated by Class (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)Loan | Dec. 31, 2017USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 3 | 3 |
Post-Modification Outstanding Recorded Investment | $ 2,963 | $ 3,047 |
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 | $ 2,963 | $ 3,047 |
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 | $ 2,963 | $ 3,047 |
Loans - Changes in Troubled Deb
Loans - Changes in Troubled Debt Restructurings (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)Loan | Dec. 31, 2017USD ($)Loan | |
Receivables [Abstract] | ||
Number of Loans | Loan | 3 | 3 |
Principal paydowns, Recorded Investment | $ (84) | |
Post-Modification Outstanding Recorded Investment | $ 2,963 | $ 3,047 |
Loans - Detailed Amount of Gros
Loans - Detailed Amount of Gross Loans Segregated by Loan Grade and Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 434,675 | $ 405,605 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 343,161 | 330,489 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 41,937 | 25,923 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 15,541 | 16,905 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 88,448 | 95,925 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 197,235 | 191,736 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 76,808 | 59,126 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 75,842 | 58,204 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 966 | 922 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 14,706 | 15,990 |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,492 | 1,310 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 13,214 | 14,680 |
Satisfactory 1, 2, 3, 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 377,741 | 336,366 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 288,858 | 264,714 |
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 | 40,644 | 23,720 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 14,170 | 15,496 |
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 | 79,176 | 82,227 |
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 | 154,868 | 143,271 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 74,391 | 55,934 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 73,460 | 55,081 |
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 | 931 | 853 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 14,492 | 15,718 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,492 | 1,304 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 13,000 | 14,414 |
Special Mention 5,6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 20,926 | 53,011 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 20,737 | 49,941 |
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 | 720 | 2,116 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 356 | 377 |
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 | 1,770 | 5,615 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 17,891 | 41,833 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 124 | 2,999 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 122 | 2,990 |
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 | 2 | 9 |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 65 | 71 |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 65 | 71 |
Substandard 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 35,950 | 16,170 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 33,566 | 15,834 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 573 | 87 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,015 | 1,032 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 7,502 | 8,083 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 24,476 | 6,632 |
Substandard 7 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,293 | 193 |
Substandard 7 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 2,260 | 133 |
Substandard 7 [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 33 | 60 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 91 | 143 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 6 | |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 91 | 137 |
Doubtful 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 58 | 58 |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 58 | 58 |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 58 | $ 58 |
Loans - Detailed Activity in Al
Loans - Detailed Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | $ 3,019,228 | $ 3,902,796 | ||||
(Reversal of) provision for loan losses | $ 288,576 | $ (73,808) | 140,765 | (254,614) | ||
Chargeoffs | 350,989 | 314,684 | ||||
Recoveries | 363,939 | 70,435 | ||||
Net chargeoffs (recoveries) | (12,950) | 244,249 | ||||
Ending Balance | 3,172,943 | 3,403,933 | 3,172,943 | 3,403,933 | ||
Loans individually evaluated for impairment | $ 409,496 | $ 537,897 | ||||
Loans collectively evaluated for impairment | 2,763,447 | 2,866,036 | ||||
Ending Balance | 3,172,943 | 3,403,933 | 3,172,943 | 3,403,933 | 3,172,943 | 3,403,933 |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 2,151,715 | 3,117,134 | ||||
(Reversal of) provision for loan losses | 615,927 | (482,980) | ||||
Chargeoffs | 202,352 | 126,757 | ||||
Recoveries | 91,071 | 26,188 | ||||
Net chargeoffs (recoveries) | 111,281 | 100,569 | ||||
Ending Balance | 2,656,361 | 2,533,585 | 2,656,361 | 2,533,585 | ||
Loans individually evaluated for impairment | 409,496 | 537,897 | ||||
Loans collectively evaluated for impairment | 2,246,865 | 1,995,688 | ||||
Ending Balance | 2,656,361 | 2,533,585 | 2,656,361 | 2,533,585 | 2,656,361 | 2,533,585 |
Real Estate Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 346,781 | 257,554 | ||||
(Reversal of) provision for loan losses | (289,894) | 199,355 | ||||
Chargeoffs | 31,236 | 146,139 | ||||
Recoveries | 203,777 | 754 | ||||
Net chargeoffs (recoveries) | (172,541) | 145,385 | ||||
Ending Balance | 229,428 | 311,524 | 229,428 | 311,524 | ||
Loans collectively evaluated for impairment | 229,428 | 311,524 | ||||
Ending Balance | 229,428 | 311,524 | 229,428 | 311,524 | 229,428 | 311,524 |
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 520,732 | 528,108 | ||||
(Reversal of) provision for loan losses | (185,268) | 29,011 | ||||
Chargeoffs | 117,401 | 41,788 | ||||
Recoveries | 69,091 | 43,493 | ||||
Net chargeoffs (recoveries) | 48,310 | (1,705) | ||||
Ending Balance | 287,154 | 558,824 | 287,154 | 558,824 | ||
Loans collectively evaluated for impairment | 287,154 | 558,824 | ||||
Ending Balance | $ 287,154 | $ 558,824 | $ 287,154 | $ 558,824 | $ 287,154 | $ 558,824 |
Loans - Recorded Investment in
Loans - Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | $ 10,505 | $ 7,669 |
Loans collectively evaluated for general impairment | 424,170 | 397,936 |
Total Gross Loans | 434,675 | 405,605 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | 10,505 | 7,669 |
Loans collectively evaluated for general impairment | 332,656 | 322,820 |
Total Gross Loans | 343,161 | 330,489 |
Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for general impairment | 76,808 | 59,126 |
Total Gross Loans | 76,808 | 59,126 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for general impairment | 14,706 | 15,990 |
Total Gross Loans | $ 14,706 | $ 15,990 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 449,254,631 | $ 505,046,377 |
Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 94,852,328 | 176,448,558 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 254,113,240 | 208,423,057 |
State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 100,289,063 | 117,100,535 |
Other Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,074,227 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 449,254,631 | 501,972,150 |
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 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 449,254,631 | 505,046,377 |
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 | 94,852,328 | 176,448,558 |
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 | 254,113,240 | 208,423,057 |
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 | 100,289,063 | 117,100,535 |
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 | |
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 | 449,254,631 | 501,972,150 |
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 | 94,852,328 | 176,448,558 |
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 | 254,113,240 | 208,423,057 |
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 | $ 100,289,063 | 117,100,535 |
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 | |
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 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | ||
Beginning Balance | $ 3,074,227 | $ 2,971,106 |
Sales | (2,865,294) | |
Principal payments received | (5,067) | |
Unrealized (loss) gains included in other comprehensive income | $ (208,933) | 39,303 |
Ending Balance | $ 3,005,342 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gains or losses in earnings attributable to the change in unrealized gains or losses | $ 0 | $ 0 |
Carrying value of an impaired loan | 10,504,831 | 7,668,908 |
Impaired loans, allowance for loan losses | 409,496 | 442,589 |
Other Real Estate Owned [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other real estate owned acquired | 223,859 | 88,579 |
Additional write downs on OREO previously acquired | $ 0 | $ 413,740 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Asset Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | $ 3,254,784 | $ 1,851,752 |
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 | 3,254,784 | 544,502 |
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 | |
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 | 3,254,784 | 1,851,752 |
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 | $ 3,254,784 | 544,502 |
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 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fair Value | $ 3,254,784 | $ 1,851,752 |
Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fair Value | $ 3,254,784 | $ 544,502 |
Valuation Technique | Appraised value of collateral less estimated costs to sell | |
Measurement Input, Loss Severity [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Estimated costs to sell | 25.00% |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Financial assets | ||
Cash and due from banks | $ 12,609,437 | $ 17,962,990 |
Interest bearing deposits with banks | 1,351,745 | 1,532,420 |
Securities available-for-sale | 449,254,631 | 505,046,377 |
Net loans | 425,805,759 | 401,706,081 |
Financial liabilities | ||
Deposits | 757,335,191 | 720,821,564 |
Federal Funds Purchase | 6,500,000 | 1,500,000 |
Federal Home Loan Bank advances | 20,000,000 | 30,005,541 |
Securities Sold under Agreement to Repurchase | 88,908,916 | 142,497,938 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and due from banks | 12,609,437 | 17,962,990 |
Interest bearing deposits with banks | 1,351,745 | 1,532,420 |
Financial liabilities | ||
Deposits | 543,123,284 | |
Federal Funds Purchase | 6,500,000 | |
Securities Sold under Agreement to Repurchase | 142,497,938 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets | ||
Securities available-for-sale | 449,254,631 | 501,972,150 |
Financial liabilities | ||
Deposits | 757,335,191 | |
Federal Home Loan Bank advances | 20,000,000 | |
Securities Sold under Agreement to Repurchase | 88,908,916 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Securities available-for-sale | 3,074,227 | |
Net loans | 425,805,759 | 401,706,081 |
Financial liabilities | ||
Deposits | 177,698,280 | |
Federal Home Loan Bank advances | 30,005,541 | |
Carrying Value [Member] | ||
Financial assets | ||
Cash and due from banks | 12,609,437 | 17,962,990 |
Interest bearing deposits with banks | 1,351,745 | 1,532,420 |
Securities available-for-sale | 449,254,631 | 505,046,377 |
Net loans | 431,433,287 | 402,390,574 |
Financial liabilities | ||
Deposits | 757,380,333 | 720,685,499 |
Federal Funds Purchase | 6,500,000 | |
Federal Home Loan Bank advances | 20,000,000 | 30,000,000 |
Securities Sold under Agreement to Repurchase | $ 88,908,916 | $ 142,497,938 |