Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COLONY BANKCORP INC | ||
Trading Symbol | cban | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 8,439,528 | ||
Entity Public Float | $ 52,779,385 | ||
Amendment Flag | false | ||
Entity Central Index Key | 711,669 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents | ||
Cash and Due from Banks | $ 22,256,646 | $ 24,472,870 |
Federal Funds Sold | 20,132,062 | |
22,256,646 | 44,604,932 | |
Interest-Bearing Deposits | 38,615,299 | 21,206,039 |
Investment Securities | ||
Available for Sale, at Fair Value | 296,149,299 | 274,594,586 |
Held to Maturity, at Cost (Fair Value of $29,923 as of December 31, 2014) | 29,796 | |
296,149,299 | 274,624,382 | |
Federal Home Loan Bank Stock, at Cost | 2,730,500 | 2,830,800 |
Loans | 758,635,595 | 746,093,809 |
Allowance for Loan Losses | (8,603,905) | (8,802,316) |
Unearned Interest and Fees | (356,798) | (361,374) |
749,674,892 | 736,930,119 | |
Premises and Equipment | 26,453,530 | 24,960,445 |
Other Real Estate (Net of Allowance of $1,582,101 and $3,319,644 in 2015 and 2014, Respectively) | 8,839,103 | 10,401,832 |
Other Intangible Assets | 116,264 | 152,012 |
Other Assets | 29,313,894 | 31,187,420 |
Total Assets | 1,174,149,427 | 1,146,897,981 |
Deposits | ||
Noninterest-Bearing | 133,886,271 | 128,339,763 |
Interest-Bearing | 877,667,965 | 850,963,711 |
1,011,554,236 | 979,303,474 | |
Borrowed Money | ||
Subordinated Debentures | 24,229,000 | 24,229,000 |
Other Borrowed Money | 40,000,000 | 40,000,000 |
64,229,000 | 64,229,000 | |
Other Liabilities | $ 2,909,569 | $ 4,338,195 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Preferred Stock, Stated Value $1,000; Authorized 10,000,000 Shares, Issued 18,021 and 28,000 Shares as of December 31, 2015 and 2014 | $ 18,021,000 | $ 28,000,000 |
Common Stock, Par Value $1; Authorized 20,000,000 Shares, Issued 8,439,258 Shares as of December 31, 2015 and 2014 | 8,439,258 | 8,439,258 |
Paid-In Capital | 29,145,094 | 29,145,094 |
Retained Earnings | 44,285,621 | 38,287,934 |
Accumulated Other Comprehensive Loss, Net of Tax | (4,434,351) | (4,844,974) |
95,456,622 | 99,027,312 | |
Total Liabilities and Stockholders’ Equity | $ 1,174,149,427 | $ 1,146,897,981 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Held to Maturity, Fair Value (in Dollars) | $ 29,923 | |
Other Real Estate, Allowance (in Dollars) | $ 1,582,101 | $ 3,319,644 |
Preferred Stock, Stated Value (in Dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 18,021 | 28,000 |
Common Stock, Par Value (in Dollars per share) | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares Issued | 8,439,258 | 8,439,258 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Loans, Including Fees | $ 39,716,269 | $ 39,735,615 | $ 41,350,195 |
Federal Funds Sold | 14,561 | 32,100 | 39,199 |
Deposits with Other Banks | 79,735 | 41,639 | 26,704 |
Investment Securities | |||
U.S. Government Agencies | 4,235,207 | 4,737,878 | 3,516,978 |
State, County and Municipal | 107,638 | 99,736 | 123,972 |
Corporate Obligations | 47,275 | ||
Dividends on Other Investments | 122,070 | 115,134 | 81,398 |
44,275,480 | 44,762,102 | 45,185,721 | |
Interest Expense | |||
Deposits | 4,856,673 | 5,113,024 | 5,821,366 |
Federal Funds Purchased | 26 | 19 | 116 |
Borrowed Money | 1,712,548 | 1,685,744 | 1,675,164 |
6,569,247 | 6,798,787 | 7,496,646 | |
Net Interest Income | 37,706,233 | 37,963,315 | 37,689,075 |
Provision for Loan Losses | 865,500 | 1,308,000 | 4,485,000 |
Net Interest Income After Provision for Loan Losses | 36,840,733 | 36,655,315 | 33,204,075 |
Noninterest Income | |||
Service Charges on Deposits | 4,268,438 | 4,649,008 | 4,690,599 |
Other Service Charges, Commissions and Fees | 2,627,157 | 2,387,589 | 1,725,271 |
Mortgage Fee Income | 527,187 | 419,963 | 484,396 |
Securities Gains (Losses) | (11,466) | 23,735 | (363,804) |
Gain on Sale of SBA Loans | 635,190 | ||
Other | 1,633,205 | 1,644,294 | 1,205,631 |
9,044,521 | 9,124,589 | 8,377,283 | |
Noninterest Expenses | |||
Salaries and Employee Benefits | 17,589,631 | 17,507,926 | 16,691,972 |
Occupancy and Equipment | 3,989,347 | 4,062,844 | 3,794,524 |
Directors’ Fees | 358,291 | 392,132 | 416,972 |
Legal and Professional Fees | 737,731 | 785,683 | 721,322 |
Foreclosed Property | 1,682,783 | 2,701,436 | 3,918,128 |
FDIC Assessment | 899,302 | 965,898 | 1,321,981 |
Advertising | 624,844 | 652,374 | 508,292 |
Software | 992,593 | 925,489 | 852,475 |
Telephone | 710,038 | 735,735 | 778,151 |
ATM/Card Processing | 1,061,262 | 905,732 | 685,497 |
Other | 5,078,932 | 5,344,743 | 4,928,135 |
33,724,754 | 34,979,992 | 34,617,449 | |
Income Before Income Taxes | 12,160,500 | 10,799,912 | 6,963,909 |
Income Taxes | 3,787,803 | 3,268,287 | 2,334,864 |
Net Income | 8,372,697 | 7,531,625 | 4,629,045 |
Preferred Stock Dividends | 2,375,010 | 2,688,604 | 1,508,761 |
Net Income Available to Common Stockholders | $ 5,997,687 | $ 4,843,021 | $ 3,120,284 |
Net Income Per Share of Common Stock (in Dollars per share) | $ 0.71 | $ 0.57 | $ 0.37 |
Basic (in Dollars per share) | 0.71 | 0.57 | 0.37 |
Diluted (in Dollars per share) | 0.71 | 0.57 | 0.37 |
Cash Dividends Declared Per Share of Common Stock (in Dollars per share) | $ 0 | $ 0 | $ 0 |
Weighted Average Shares Outstanding, Basic (in Shares) | 8,439,258 | 8,439,258 | 8,439,258 |
Weighted Average Shares Outstanding, Diluted (in Shares) | 8,458,461 | 8,439,258 | 8,439,258 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income | $ 8,372,697 | $ 7,531,625 | $ 4,629,045 |
Other Comprehensive Income (Loss) | |||
Gains (Losses) on Securities Arising During the Year | 610,689 | 6,432,906 | (13,886,854) |
Tax Effect | (207,634) | (2,187,189) | 4,721,531 |
Realized Gains (Losses) on Sale of AFS Securities | 11,466 | (23,735) | (2,819) |
Tax Effect | (3,898) | 8,070 | 959 |
Impairment Loss on Securities | 366,623 | ||
Tax Effect | (124,652) | ||
Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | 410,623 | 4,230,052 | (8,925,212) |
Comprehensive Income (Loss) | $ 8,783,320 | $ 11,761,677 | $ (4,296,167) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2012 | $ 27,827,053 | $ 8,439,258 | $ 29,145,094 | $ 30,497,576 | $ (149,814) | $ 95,759,167 |
Balance (in Shares) at Dec. 31, 2012 | 28,000 | 8,439,258 | ||||
Change in Net Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | (8,925,212) | (8,925,212) | ||||
Accretion of Fair Value of Warrant | $ 172,947 | (172,947) | ||||
Dividends on Preferred Shares | (1,508,761) | (1,508,761) | ||||
Net Income | 4,629,045 | 4,629,045 | ||||
Balance at Dec. 31, 2013 | $ 28,000,000 | $ 8,439,258 | 29,145,094 | 33,444,913 | (9,075,026) | 89,954,239 |
Balance (in Shares) at Dec. 31, 2013 | 28,000 | 8,439,258 | ||||
Change in Net Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | 4,230,052 | 4,230,052 | ||||
Dividends on Preferred Shares | (2,688,604) | (2,688,604) | ||||
Net Income | 7,531,625 | 7,531,625 | ||||
Balance at Dec. 31, 2014 | $ 28,000,000 | $ 8,439,258 | 29,145,094 | 38,287,934 | (4,844,974) | 99,027,312 |
Balance (in Shares) at Dec. 31, 2014 | 28,000 | 8,439,258 | ||||
Change in Net Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | 410,623 | 410,623 | ||||
Dividends on Preferred Shares | (2,375,010) | (2,375,010) | ||||
Redemption of Preferred Stock | $ (9,979,000) | (9,979,000) | ||||
Redemption of Preferred Stock (in Shares) | (9,979) | |||||
Net Income | 8,372,697 | 8,372,697 | ||||
Balance at Dec. 31, 2015 | $ 18,021,000 | $ 8,439,258 | $ 29,145,094 | $ 44,285,621 | $ (4,434,351) | $ 95,456,622 |
Balance (in Shares) at Dec. 31, 2015 | 18,021 | 8,439,258 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net Income | $ 8,372,697 | $ 7,531,625 | $ 4,629,045 |
Adjustments to Reconcile Net Income to Net Cash Provided from Operating Activities | |||
Depreciation | 1,657,229 | 1,595,253 | 1,527,392 |
Amortization and Accretion | 1,797,152 | 1,312,857 | 2,667,404 |
Provision for Loan Losses | 865,500 | 1,308,000 | 4,485,000 |
Deferred Income Taxes | 625,436 | 1,932,950 | 2,178,222 |
Securities (Gains) Losses | 11,466 | (23,735) | 363,804 |
(Gain) Loss on Sale of Premises and Equipment | 11,047 | (12,489) | (677) |
Loss on Sale of Other Real Estate and Repossessions | 600,663 | 828,411 | 1,565,091 |
Provision for Losses on Other Real Estate | 453,148 | 1,006,827 | 1,321,418 |
Increase in Cash Surrender Value of Life Insurance | (299,010) | (590,674) | (338,712) |
Change In | |||
Interest Receivable | (354,274) | 55,786 | 285,033 |
Prepaid Expenses | 278,637 | (64,633) | (168,060) |
Interest Payable | 32,253 | (1,099,756) | 385,285 |
Accrued Expenses and Accounts Payable | (202,343) | 197,195 | 213,753 |
Other | 217,686 | 788,958 | (243,543) |
14,067,287 | 14,766,575 | 18,870,455 | |
Cash Flows from Investing Activities | |||
Interest-Bearing Deposits in Other Banks | (17,409,260) | 754,252 | (164,950) |
Purchase of Investment Securities | |||
Available for Sale | (102,336,227) | (56,201,891) | (132,419,073) |
Proceeds from Sale of Investment Securities | |||
Available for Sale | 28,273,634 | 13,620,956 | 72,672,795 |
Proceeds from Maturities, Calls and Paydowns of Investment Securities | |||
Available for Sale | 51,423,541 | 36,440,646 | 48,330,382 |
Held to Maturity | 9,734 | 12,968 | 11,623 |
Proceeds from Sale of Premises and Equipment | 28,608 | 14,376 | 2,500 |
Net Loans to Customers | (21,255,018) | (3,156,342) | (19,959,948) |
Purchase of Premises and Equipment | (3,189,969) | (1,681,115) | (1,489,579) |
Proceeds from Sale of Other Real Estate and Repossessions | 8,154,596 | 7,233,497 | 8,041,638 |
Proceeds from Sale of Federal Home Loan Bank Stock | 100,300 | 333,100 | 200,400 |
Purchase of Bank-Owned Life Insurance | (10,000,000) | ||
(56,200,061) | (2,629,553) | (34,774,212) | |
Cash Flows from Financing Activities | |||
Interest-Bearing Customer Deposits | 26,704,254 | (21,305,068) | 16,550,430 |
Noninterest-Bearing Customer Deposits | 5,546,508 | 13,079,062 | (8,705,841) |
Proceeds from Other Borrowed Money | 27,000,000 | 21,500,000 | |
Principal Payments on Other Borrowed Money | (27,000,000) | (16,500,000) | |
Dividends Paid on Preferred Stock | (2,487,274) | (5,492,749) | |
Redemption of Preferred Stock | (9,979,000) | ||
19,784,488 | (13,718,755) | 12,844,589 | |
Net Increase (Decrease) in Cash and Cash Equivalents | (22,348,286) | (1,581,733) | (3,059,168) |
Cash and Cash Equivalents, Beginning | 44,604,932 | 46,186,665 | 49,245,833 |
Cash and Cash Equivalents, Ending | $ 22,256,646 | $ 44,604,932 | $ 46,186,665 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (1) Summary of Significant Accounting Policies Principles of Consolidation Colony Bankcorp, Inc. (the Company) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of Colony Bankcorp, Inc. and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia. All significant intercompany accounts have been eliminated in consolidation. The accounting and reporting policies of Colony Bankcorp, Inc. conform to generally accepted accounting principles and practices utilized in the commercial banking industry. Nature of Operations The Company provides a full range of retail and commercial banking services for consumers and small- to medium-size businesses located primarily in central, south and coastal Georgia. Colony Bank is headquartered in Fitzgerald, Georgia with banking offices in Albany, Ashburn, Broxton, Centerville, Chester, Columbus, Cordele, Douglas, Eastman, Fitzgerald, Leesburg, Moultrie, Pitts, Quitman, Rochelle, Savannah, Soperton, Sylvester, Thomaston, Tifton, Valdosta and Warner Robins. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network. Use of Estimates In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term 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. Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements and note disclosures have been reclassified to conform to statement presentations selected for 2015. Such reclassifications had no effect on previously reported stockholders’ equity or net income. Concentrations of Credit Risk Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk, particularly with the current economic downturn in the real estate market. At December 31, 2015, approximately 86 percent of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to honor their contractual obligations is dependent upon the viability of the real estate economic sector. Declining collateral real estate values that secure land development, construction and speculative real estate loans in the Company’s larger MSA markets have resulted in high loan loss provisions in recent years. In addition, a large portion of the Company’s foreclosed assets are also located in these same geographic markets, making the recovery of the carrying amount of foreclosed assets susceptible to changes in market conditions. Management continues to monitor these concentrations and has considered these concentrations in its allowance for loan loss analysis. The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of the Company depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment. At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit rating is monitored by management to minimize credit risk. Investment Securities The Company classifies its investment securities as trading, available for sale or held to maturity. Securities that are held principally for resale in the near term are classified as trading. Trading securities are carried at fair value, with realized and unrealized gains and losses included in noninterest income. Currently, no securities are classified as trading. Securities acquired with both the intent and ability to be held to maturity are classified as held to maturity and reported at amortized cost. All securities not classified as trading or held to maturity are considered available for sale. Securities available for sale are reported at estimated fair value. Unrealized gains and losses on securities available for sale are excluded from earnings and are reported, net of deferred taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity. Gains and losses from sales of securities available for sale are computed using the specific identification method. Securities available for sale includes securities, which may be sold to meet liquidity needs arising from unanticipated deposit and loan fluctuations, changes in regulatory capital requirements, or unforeseen changes in market conditions. The Company evaluates each held to maturity and available for sale security in a loss position for other-than-temporary impairment (OTTI). In estimating other-than-temporary impairment losses, management considers such factors as the length of time and the extent to which the market value has been below cost, the financial condition of the issuer and the Company’s intent to sell and whether it is more likely than not that the Company will be required to sell the security before anticipated recovery of the amortized cost basis. If the Company intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery, the OTTI write-down is recognized in earnings. If the Company does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income (loss). Federal Home Loan Bank Stock Investment in stock of a Federal Home Loan Bank (FHLB) is required for every federally insured institution that utilizes its services. FHLB stock is considered restricted, as defined in the accounting standards. The FHLB stock is reported in the consolidated financial statements at cost. Dividend income is recognized when earned. Loans Loans that the Company has the ability and intent to hold for the foreseeable future or until maturity are recorded at their principal amount outstanding, net of unearned interest and fees. Loan origination fees, net of certain direct origination costs, are deferred and amortized over the estimated terms of the loans using the straight-line method. Interest income on loans is recognized using the effective interest method. A loan is considered to be delinquent when payments have not been made according to contractual terms, typically evidenced by nonpayment of a monthly installment by the due date. When management believes there is sufficient doubt as to the collectibility of principal or interest on any loan or generally when loans are 90 days or more past due, the accrual of applicable interest is discontinued and the loan is designated as nonaccrual, unless the loan is well secured and in the process of collection. Interest payments received on nonaccrual loans are either applied against principal or reported as income, according to management’s judgment as to the collectibility of principal. Loans are returned to an accrual status when factors indicating doubtful collectibility on a timely basis no longer exist. Loans Modified in a Troubled Debt Restructuring (TDR) Loans are considered to have been modified in a TDR when, due to a borrower’s financial difficulty, the Company makes certain concessions to the borrower that it would not otherwise consider for new debt with similar risk characteristics. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of the collateral. Generally, a nonaccrual loan that has been modified in a TDR remains on nonaccrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual status. Once a loan is modified in a troubled debt restructuring, it is accounted for as an impaired loan, regardless of its accrual status, until the loan is paid in full, sold or charged off. A llowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. The allowance consists of specific, historical and general components. The specific component relates to loans that are classified as either doubtful, substandard or special mention. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. The historical component covers nonclassified loans and is based on historical loss experience adjusted for qualitative factors. A general component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The general component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and historical losses in the portfolio. General valuation allowances are based on internal and external qualitative risk factors such as (1) changes in lending policies and procedures, including changes in underwriting standards and collections, charge offs, and recovery practices, (2) changes in international, national, regional, and local conditions, (3) changes in the nature and volume of the portfolio and terms of loans, (4) changes in the experience, depth, and ability of lending management, (5) changes in the volume and severity of past due loans and other similar conditions, (6) changes in the quality of the organization's loan review system, (7) changes in the value of underlying collateral for collateral dependent loans, (8) the existence and effect of any concentrations of credit and changes in the levels of such concentrations, and (9) the effect of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses. Loans identified as losses by management, internal loan review and/or Bank examiners are charged off. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. A significant portion of the Company’s impaired loans are deemed to be collateral dependent. Management therefore measures impairment on these loans based on the fair value of the collateral. Collateral values are determined based on appraisals performed by qualified licensed appraisers hired by the Company or by senior members of the Company’s credit administration staff. The decision whether to obtain an external third-party appraisal usually depends on the type of property being evaluated. External appraisals are usually obtained on more complex, income producing properties such as hotels, shopping centers and businesses. Less complex properties such as residential lots, farm land and single family houses may be evaluated internally by senior credit administration staff. When the Company does obtain appraisals from external third-parties, the values utilized in the impairment calculation are “as is” or current market values. The appraisals, whether prepared internally or externally, may utilize a single valuation approach or a combination of approaches including the comparable sales, income and cost approach. Appraised amounts used in the impairment calculation are typically discounted 10 percent to account for selling and marketing costs, if the repayment of the loan is to come from the sale of the collateral. Although appraisals may not be obtained each year on all impaired loans, the collateral values used in the impairment calculations are evaluated quarterly by management. Based on management’s knowledge of the collateral and the current real estate market conditions, appraised values may be further discounted to reflect facts and circumstances known to management since the initial appraisal was performed. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a level 3 classification of the inputs for determining fair value. Because of the high degree of judgment required in estimating the fair value of collateral underlying impaired loans and because of the relationship between fair value and general economic conditions, we consider the fair value of impaired loans to be highly sensitive to changes in market conditions. Premises and Equipment Premises and equipment are recorded at acquisition cost net of accumulated depreciation. Depreciation is charged to operations over the estimated useful lives of the assets. The estimated useful lives and methods of depreciation are as follows: Description Life in Years Method Banking Premises 15-40 Straight-Line and Accelerated Furniture and Equipment 5-10 Straight-Line and Accelerated Expenditures for major renewals and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. When property and equipment are retired or sold, the cost and accumulated depreciation are removed from the respective accounts and any gain or loss is reflected in other income or expense. Intangible Assets Intangible assets consist of core deposit intangibles acquired in connection with a business combination. The core deposit intangible is initially recognized based on an independent valuation performed as of the consummation date. The core deposit intangible is amortized by the straight-line method over the average remaining life of the acquired customer deposits. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Statement of Cash Flows For reporting cash flows, cash and cash equivalents include cash on hand, noninterest-bearing amounts due from banks, federal funds sold and securities purchased under agreement to resell. Cash flows from demand deposits, interest-bearing checking accounts, savings accounts, loans and certificates of deposit are reported net. Securities Purchased Under Agreement to Resell and Securities Sold Under Agreements to Repurchase The Company purchases certain securities under agreements to resell. The amounts advanced under these agreements represent short-term loans and are reflected as assets in the consolidated balance sheets. The Company sells securities under agreements to repurchase. These repurchase agreements are treated as borrowings. The obligations to repurchase securities sold are reflected as a liability and the securities underlying the agreements are reflected as assets in the consolidated balance sheets. Advertising Costs The Company expenses the cost of advertising in the periods in which those costs are incurred. Income Taxes The provision for income taxes is based upon income for financial statement purposes, adjusted for nontaxable income and nondeductible expenses. Deferred income taxes have been provided when different accounting methods have been used in determining income for income tax purposes and for financial reporting purposes. Deferred tax assets and liabilities are recognized based on future tax consequences attributable to differences arising from the financial statement carrying values of assets and liabilities and their tax basis. The differences relate primarily to depreciable assets (use of different depreciation methods for financial statement and income tax purposes) and allowance for loan losses (use of the allowance method for financial statement purposes and the direct write-off method for tax purposes). In the event of changes in the tax laws, deferred tax assets and liabilities are adjusted in the period of the enactment of those changes, with effects included in the income tax provision. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company and its subsidiary file a consolidated federal income tax return. The subsidiary pays its proportional share of federal income taxes to the Company based on its taxable income. The Company’s federal and state income tax returns for tax years 2015, 2014, 2013 and 2012 are subject to examination by the Internal Revenue Service (IRS) and the Georgia Department of Revenue, generally for three years after filing. Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. Uncertain tax positions are initially recognized in the consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company provides for interest and, in some cases, penalties on tax positions that may be challenged by the taxing authorities. Interest expense is recognized beginning in the first period that such interest would begin accruing. Penalties are recognized in the period that the Company claims the position in the tax return. Interest and penalties on income tax uncertainties are classified within income tax expense in the consolidated statements of operations. Other Real Estate Other real estate generally represents real estate acquired through foreclosure and is initially recorded at estimated fair value at the date of acquisition less the cost of disposal. Losses from the acquisition of property in full or partial satisfaction of debt are recorded as loan losses. Properties are evaluated regularly to ensure the recorded amounts are supported by current fair values, and valuation allowances are recorded as necessary to reduce the carrying amount to fair value less estimated cost of disposal. Routine holding costs and gains or losses upon disposition are included in foreclosed property expense. Bank-Owned Life Insurance The Company has purchased life insurance on the lives of certain key members of management and directors. The life insurance policies are recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement, if applicable. Increases in the cash surrender value are recorded as other income in the consolidated statements of income. The cash surrender value of the insurance contracts is recorded in other assets on the consolidated balance sheets in the amount of $14,829,861 and $14,530,851 as of December 31, 2015 and 2014, respectively. Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities available for sale, represent equity changes from economic events of the period other than transactions with owners. Such items are considered components of other comprehensive income (loss). Accounting standards codification requires the presentation in the consolidated financial statements of net income and all items of other comprehensive income (loss) as total comprehensive income (loss). Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, commercial letters of credit and standby letters of credit. Such financial instruments are recorded on the consolidated balance sheets when they are funded. Changes in Accounting Principles and Effects of New Accounting Pronouncements Accounting Standards Update (ASU) 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . ASU 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items . ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2016-1, “No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. available-for-sale. ASU 2016-1 will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of the pending adoption of ASU 2016-1 on the consolidated financial statements. |
Note 2 - Cash and Balances Due
Note 2 - Cash and Balances Due from Banks | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | (2) Cash and Balances Due from Banks Components of cash and balances due from banks are as follows as of December 31: 20 15 2014 Cash on Hand and Cash Items $ 9,061,678 $ 9,974,663 Noninterest-Bearing Deposits with Other Banks 13,194,968 14,498,207 $ 22,256,646 $ 24,472,870 The Company is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank based on a percentage of deposits. Reserve balances totaled approximately $1,275,000 and $1,278,000 at December 31, 2015 and 2014, respectively. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | (3) Investment Securities Investment securities as of December 31, 2015 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale U.S. Government Agencies Mortgage-Backed $ 297,778,875 $ 62,815 $ (6,791,837 ) $ 291,049,853 State, County and Municipal 5,089,137 30,542 (20,233 ) 5,099,446 $ 302,868,012 $ 93,357 $ (6,812,070 ) $ 296,149,299 The amortized cost and fair value of investment securities as of December 31, 2015, by contractual maturity, are shown hereafter. Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. This is often the case with mortgage-backed securities, which are disclosed separately in the table below. Securities for Sale Amortized Cost Fair Value Due in One Year or Less $ 330,531 $ 331,818 Due After One Year Through Five Years 770,079 773,706 Due After Five Years Through Ten Years 2,492,993 2,517,901 Due After Ten Years 1,495,534 1,476,021 5,089,137 5,099,446 Mortgage-Backed Securities 297,778,875 291,049,853 $ 302,868,012 $ 296,149,299 Investment securities as of December 31, 2014 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale U.S. Government Agencies Mortgage-Backed $ 278,419,055 $ 155,902 $ (7,511,288 ) $ 271,063,669 State, County and Municipal 3,516,400 27,181 (12,664 ) 3,530,917 $ 281,935,455 $ 183,083 $ (7,523,952 ) $ 274,594,586 Securities Held to Maturity State, County and Municipal $ 29,796 $ 127 $ - $ 29,923 Proceeds from sales of investments available for sale were $28,273,634 in 2015, $13,620,956 in 2014, and $72,672,795 in 2013. Gross realized gains totaled $207,896 in 2015, $67,601 in 2014, and $442,124 in 2013. Gross realized losses totaled $196,316 in 2015, $45,666 in 2014, and $805,928 in 2013. In addition, gross realized losses of $23,046 in 2015 was due to a loss on a maturity for a held-to-maturity investment and gross realized gains of $1,800 in 2014 was due to a gain on a call for a held-to-maturity investment. Investment securities having a carrying value totaling $133,754,087 and $135,531,563 as of December 31, 2015 and 2014, respectively, were pledged to secure public deposits and for other purposes. Information pertaining to securities with gross unrealized losses at December 31, 2015 and 2014 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2015 U.S. Government Agencies Mortgage-Backed $ 139,765,025 $ (1,270,011 ) $ 139,720,125 $ (5,521,826 ) $ 279,485,150 $ (6,791,837 ) State, County and Municipal 1,034,613 (20,233 ) - - 1,034,613 (20,233 ) $ 140,799,638 $ (1,290,244 ) $ 139,720,125 $ (5,521,826 ) $ 280,519,763 $ (6,812,070 ) December 31, 2014 U.S. Government Agencies Mortgage-Backed $ 66,609,319 $ (396,896 ) $ 183,645,552 $ (7,114,392 ) $ 250,254,871 $ (7,511,288 ) State, County and Municipal - - 1,379,547 (12,664 ) 1,379,547 (12,664 ) $ 66,609,319 $ (396,896 ) $ 185,025,099 $ (7,127,056 ) $ 251,634,418 $ (7,523,952 ) Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At December 31, 2015, the debt securities with unrealized losses have depreciated 2.37 percent from the Company’s amortized cost basis. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other than temporary. However, the Company did own one asset-backed security at December 31, 2015 which was completely written off during prior years. This investment is comprised of one issuance of a trust preferred security and has no book value. Management evaluates this investment on a quarterly basis utilizing a third-party valuation model. The results of this model revealed other-than-temporary impairment and as a result, $366,623 was written off during the year ended December 31, 2013. |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | (4) Loans The following table presents the composition of loans, segregated by class of loans, as of December 31: 20 15 2014 Commercial and Agricultural Commercial $ 47,781,689 $ 50,960,265 Agricultural 19,193,497 16,689,444 Real Estate Commercial Construction 40,106,633 51,258,970 Residential Construction 9,413,263 11,220,683 Commercial 346,262,033 332,230,847 Residential 197,002,419 203,752,620 Farmland 61,779,859 49,950,984 Consumer and Other Consumer 20,605,465 22,820,314 Other 16,490,737 7,209,682 Total Loans $ 758,635,595 $ 746,093,809 Commercial and agricultural loans are extended to a diverse group of businesses within the Company’s market area. These loans are often underwritten based on the borrower’s ability to service the debt from income from the business. Real estate construction loans often require loan funds to be advanced prior to completion of the project. Due to uncertainties inherent in estimating construction costs, changes in interest rates and other economic conditions, these loans often pose a higher risk than other types of loans. Consumer loans are originated at the bank level. These loans are generally smaller loan amounts spread across many individual borrowers to help minimize risk. Credit Quality Indicators. The Company uses a risk grading matrix to assign a risk grade to each of its loans. Loans are graded on a scale of 1 to 8. A description of the general characteristics of the grades is as follows: ● Grades 1 and 2 - Borrowers with these assigned grades range in risk from virtual absence of risk to minimal risk. Such loans may be secured by Company-issued and controlled certificates of deposit or properly margined equity securities or bonds. Other loans comprising these grades are made to companies that have been in existence for a long period of time with many years of consecutive profits and strong equity, good liquidity, excellent debt service ability and unblemished past performance, or to exceptionally strong individuals with collateral of unquestioned value that fully secures the loans. Loans in this category fall into the “pass” classification. ● Grades 3 and 4 - Loans assigned these “pass” risk grades are made to borrowers with acceptable credit quality and risk. The risk ranges from loans with no significant weaknesses in repayment capacity and collateral protection to acceptable loans with one or more risk factors considered to be more than average. ● Grade 5 - This grade includes “special mention” loans on management’s watch list and is intended to be used on a temporary basis for pass grade loans where risk-modifying action is intended in the short-term. ● Grade 6 - This grade includes “substandard” loans in accordance with regulatory guidelines. This category includes borrowers with well-defined weaknesses that jeopardize the payment of the debt in accordance with the agreed terms. Loans considered to be impaired are assigned this grade, and these loans often have assigned loss allocations as part of the allowance for loan and lease losses. Generally, loans on which interest accrual has been stopped would be included in this grade. ● Grades 7 and 8 - These grades correspond to regulatory classification definitions of “doubtful” and “loss,” respectively. In practice, any loan with these grades would be for a very short period of time, and generally the Company has no loans with these assigned grades. Management manages the Company’s problem loans in such a way that uncollectible loans or uncollectible portions of loans are charged off immediately with any residual, collectible amounts assigned a risk grade of 6. The following tables present the loan portfolio by credit quality indicator (risk grade) as of December 31. Those loans with a risk grade of 1, 2, 3 or 4 have been combined in the pass column for presentation purposes. 2015 Pass Special Mention Substandard Total Loans Commercial and Agricultural Commercial $ 44,273,407 $ 1,927,198 $ 1,581,084 $ 47,781,689 Agricultural 18,970,328 17,843 205,326 19,193,497 Real Estate Commercial Construction 36,516,165 912,295 2,678,173 40,106,633 Residential Construction 9,413,263 - - 9,413,263 Commercial 320,566,237 13,652,416 12,043,380 346,262,033 Residential 177,054,188 8,545,942 11,402,289 197,002,419 Farmland 56,798,365 929,814 4,051,680 61,779,859 Consumer and Other Consumer 20,037,996 156,739 410,730 20,605,465 Other 16,465,593 636 24,508 16,490,737 Total Loans $ 700,095,542 $ 26,142,883 $ 32,397,170 $ 758,635,595 2014 Commercial and Agricultural Commercial $ 46,230,110 $ 2,905,361 $ 1,824,794 $ 50,960,265 Agricultural 16,504,404 27,101 157,939 16,689,444 Real Estate Commercial Construction 45,063,306 1,740,488 4,455,176 51,258,970 Residential Construction 11,220,683 - - 11,220,683 Commercial 309,828,039 11,220,166 11,182,642 332,230,847 Residential 180,549,640 10,582,704 12,620,276 203,752,620 Farmland 47,548,106 414,521 1,988,357 49,950,984 Consumer and Other Consumer 22,114,932 248,997 456,385 22,820,314 Other 7,012,405 - 197,277 7,209,682 Total Loans $ 686,071,625 $ 27,139,338 $ 32,882,846 $ 746,093,809 A loan’s risk grade is assigned at the inception of the loan and is based on the financial strength of the borrower and the type of collateral. Loan risk grades are subject to reassessment at various times throughout the year as part of the Company’s ongoing loan review process. Loans with an assigned risk grade of 6 or below and an outstanding balance of $250,000 or more are reassessed on a quarterly basis. During this reassessment process individual reserves may be identified and placed against certain loans which are not considered impaired. In assessing the overall economic condition of the markets in which it operates, the Company monitors the unemployment rates for its major service areas. The unemployment rates are reviewed on a quarterly basis as part of the allowance for loan loss determination. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, loans are placed on nonaccrual status if principal or interest payments become 90 days past due or when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provision. Loans may be placed on nonaccrual status regardless of whether such loans are considered past due. The following table represents an age analysis of past due loans and nonaccrual loans, segregated by class of loans, as of December 31: Accruing Loans 2015 30-89 Days Past Due 90 Days or More Past Due Total Accruing Loans Past Due Nonaccrual Loans Current Loan s Total Loans Commercial and Agricultural Commercial $ 490,727 $ - $ 490,727 $ 576,940 $ 46,714,022 $ 47,781,689 Agricultural 71,416 - 71,416 178,021 18,944,060 19,193,497 Real Estate Commercial Construction 90,163 - 90,163 1,642,666 38,373,804 40,106,633 Residential Construction - - - - 9,413,263 9,413,263 Commercial 6,031,257 - 6,031,257 7,564,691 332,666,085 346,262,033 Residential 3,682,509 - 3,682,509 3,163,571 190,156,339 197,002,419 Farmland 122,696 - 122,696 1,103,354 60,553,809 61,779,859 Consumer and Other Consumer 469,839 7,799 477,638 178,336 19,949,491 20,605,465 Other 636 - 636 100 16,490,001 16,490,737 Total Loans $ 10,959,243 $ 7,799 $ 10,967,042 $ 14,407,679 $ 733,260,874 $ 758,635,595 2014 Commercial and Agricultural Commercial $ 872,321 $ - $ 872,321 $ 405,398 $ 49,682,546 $ 50,960,265 Agricultural - - - 44,605 16,644,839 16,689,444 Real Estate Commercial Construction 141,850 - 141,850 3,251,290 47,865,830 51,258,970 Residential Construction - - - - 11,220,683 11,220,683 Commercial 2,309,114 - 2,309,114 5,325,047 324,596,686 332,230,847 Residential 5,782,701 - 5,782,701 7,461,507 190,508,412 203,752,620 Farmland 281,967 - 281,967 1,449,226 48,219,791 49,950,984 Consumer and Other Consumer 313,424 6,642 320,066 201,695 22,298,553 22,820,314 Other - - - 195,497 7,014,185 7,209,682 Total Loans $ 9,701,377 $ 6,642 $ 9,708,019 $ 18,334,265 $ 718,051,525 $ 746,093,809 Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $418,400, $591,900, and $968,700 for the years ended December 31, 2015, 2014 and 2013, respectively. The following table details impaired loan data as of December 31, 2015: Unpaid Contractual Principal Balance Impaired Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Collected With No Related Allowance Recorded Commercial $ 454,423 $ 454,013 - $ 534,814 $ 17,259 $ 21,253 Agricultural 195,654 178,021 - 163,078 (9,957 ) 10,334 Commercial Construction 6,887,522 1,896,938 - 2,867,061 25,788 27,007 Commercial Real Estate 15,569,340 15,122,486 - 15,430,252 529,376 530,699 Residential Real Estate 5,429,121 4,575,547 - 4,715,162 175,484 159,148 Farmland 1,104,887 1,103,353 - 1,339,863 583 2,076 Consumer 179,908 178,435 - 190,566 13,745 14,907 Other - - - 48,438 - - $ 29,820,855 $ 23,508,793 - $ 25,289,234 $ 752,278 $ 765,424 With An Allowance Recorded Commercial $ 122,928 $ 122,928 $ 94,538 $ 99,749 $ 2,275 $ 2,438 Agricultural - - - - - - Commercial Construction 76,644 76,644 25,344 92,200 375 375 Commercial Real Estate 8,969,329 8,955,503 1,607,962 6,673,087 213,693 208,657 Residential Real Estate 1,083,127 1,075,367 308,188 1,088,380 16,380 15,873 Farmland 387,968 387,969 37,386 391,060 20,880 20,954 Consumer - - - - - - Other - - - - - - $ 10,639,996 $ 10,618,411 $ 2,073,418 $ 8,344,476 $ 253,603 $ 248,297 Total Commercial $ 577,351 $ 576,941 $ 94,538 $ 634,563 $ 19,534 $ 23,691 Agricultural 195,654 178,021 - 163,078 (9,957 ) 10,334 Commercial Construction 6,964,166 1,973,582 25,344 2,959,261 26,163 27,382 Commercial Real Estate 24,538,669 24,077,989 1,607,962 22,103,339 743,069 739,356 Residential Real Estate 6,512,248 5,650,914 308,188 5,803,542 191,864 175,021 Farmland 1,492,855 1,491,322 37,386 1,730,923 21,463 23,030 Consumer 179,908 178,435 - 190,566 13,745 14,907 Other - - - 48,438 - - $ 40,460,851 $ 34,127,204 $ 2,073,418 $ 33,633,710 $ 1,005,881 $ 1,013,721 The following table details impaired loan data as of December 31, 2014: Unpaid Contractual Principal Balance Impaired Balance Related Allowance Average Recorded Investment I nterest Income Recognized Interest Income Collected With No Related Allowance Recorded Commercial $ 310,447 $ 308,817 $ - $ 679,267 $ 9,248 $ 17,973 Agricultural 50,163 44,605 - 50,959 (6,029 ) 3,000 Commercial Construction 9,573,141 3,463,502 - 3,376,033 13,111 12,833 Commercial Real Estate 17,129,876 16,227,379 - 18,350,015 462,355 474,936 Residential Real Estate 9,136,987 7,600,073 - 5,690,573 312,024 306,859 Farmland 1,450,759 1,449,226 - 949,003 (8,518 ) 17,273 Consumer 201,695 201,695 - 211,775 14,455 15,495 Other 206,894 195,497 - 197,519 5,874 10,677 38,059,962 29,490,794 - 29,505,144 802,520 859,046 With An Allowance Recorded Commercial 96,580 96,580 96,580 419,464 (299 ) - Agricultural - - - - - - Commercial Construction 207,308 136,369 53,947 1,528,817 375 375 Commercial Real Estate 6,135,238 6,135,238 456,941 6,415,086 60,629 50,468 Residential Real Estate 2,072,919 2,065,158 414,684 1,829,102 84,177 86,472 Farmland 396,048 396,048 28,962 529,555 13,077 12,210 Consumer - - - - - - Other - - - - - - 8,908,093 8,829,393 1,051,114 10,722,024 157,959 149,525 Total Commercial 407,027 405,397 96,580 1,098,731 8,949 17,973 Agricultural 50,163 44,605 - 50,959 (6,029 ) 3,000 Commercial Construction 9,780,449 3,599,871 53,947 4,904,850 13,486 13,208 Commercial Real Estate 23,265,114 22,362,617 456,941 24,765,101 522,984 525,404 Residential Real Estate 11,209,906 9,665,231 414,684 7,519,675 396,201 393,331 Farmland 1,846,807 1,845,274 28,962 1,478,558 4,559 29,483 Consumer 201,695 201,695 - 211,775 14,455 15,495 Other 206,894 195,497 - 197,519 5,874 10,677 $ 46,968,055 $ 38,320,187 $ 1,051,114 $ 40,227,168 $ 960,479 $ 1,008,571 The following table details impaired loan data as of December 31, 2013: Unpaid Contractual Principal Balance Impaired Balance Related Allowance Average Recorded Investment Interest Income Recognized I nterest Income Collected With No Related Allowance Recorded Commercial $ 305,272 $ 305,272 $ - $ 216,057 $ 24,494 $ 25,193 Agricultural - - - 9,803 - - Commercial Construction 7,856,411 4,750,157 - 4,105,370 34,908 41,164 Commercial Real Estate 20,120,403 19,252,946 - 13,198,988 493,940 503,392 Residential Real Estate 7,836,718 6,361,592 - 4,564,666 224,439 209,330 Farmland 302,629 302,629 - 1,858,654 803 869 Consumer 313,194 307,456 - 252,944 18,469 21,109 Other 9,146 9,146 - 2,287 556 575 36,743,773 31,289,198 - 24,208,769 797,609 801,632 With An Allowance Recorded Commercial 1,452,798 1,452,798 433,714 1,689,125 14,845 20,748 Agricultural - - - - - - Commercial Construction 5,922,674 3,471,587 830,546 5,025,176 (159 ) - Commercial Real Estate 5,874,473 5,874,473 423,685 11,072,314 157,536 148,495 Residential Real Estate 1,949,301 1,849,301 526,005 3,661,706 25,739 24,414 Farmland 1,326,982 1,326,982 85,500 663,903 44,638 46,930 Consumer - - - - - - Other - - - - - - 16,526,228 13,975,141 2,299,450 22,112,224 242,599 240,587 Total Commercial 1,758,070 1,758,070 433,714 1,905,182 39,339 45,941 Agricultural - - - 9,803 - - Commercial Construction 13,779,085 8,221,744 830,546 9,130,546 34,749 41,164 Commercial Real Estate 25,994,876 25,127,419 423,685 24,271,302 651,476 651,887 Residential Real Estate 9,786,019 8,210,893 526,005 8,226,372 250,178 233,744 Farmland 1,629,611 1,629,611 85,500 2,522,557 45,441 47,799 Consumer 313,194 307,456 - 252,944 18,469 21,109 Other 9,146 9,146 - 2,287 556 575 $ 53,270,001 $ 45,264,339 $ 2,299,450 $ 46,320,993 $ 1,040,208 $ 1,042,219 Troubled Debt Restructurings (TDRs) are troubled loans on which the original terms of the loan have been modified in favor of the borrower due to deterioration in the borrower’s financial condition. Each potential loan modification is reviewed individually and the terms of the loan are modified to meet the borrower’s specific circumstances at a point in time. Not all loan modifications are TDRs. Loan modifications are reviewed and approved by the Company’s senior lending staff, who then determine whether the loan meets the criteria for a TDR. Generally, the types of concessions granted to borrowers that are evaluated in determining whether a loan is classified as a TDR include: ● Interest rate reductions - Occur when the stated interest rate is reduced to a nonmarket rate or a rate the borrower would not be able to obtain elsewhere under similar circumstances. ● Amortization or maturity date changes - Result when the amortization period of the loan is extended beyond what is considered a normal amortization period for loans of similar type with similar collateral. ● Principal reductions - These are often the result of commercial real estate loan workouts where two new notes are created. The primary note is underwritten based upon the Company’s normal underwriting standards and is structured so that the projected cash flows are sufficient to repay the contractual principal and interest of the newly restructured note. The terms of the secondary note vary by situation and often involve that note being charged off, or the principal and interest payments being deferred until after the primary note has been repaid. In situations where a portion of the note is charged off during modification, there is often no specific reserve allocated to those loans. This is due to the fact that the amount of the charge-off usually represents the excess of the original loan balance over the collateral value and the Company has determined there is no additional exposure on those loans. As discussed in Note 1, Summary of Significant Accounting Policies, once a loan is identified as a TDR, it is accounted for as an impaired loan. The Company had no unfunded commitments to lend to a customer that has a troubled debt restructured loan as of December 31, 2015. The following tables present the number of loan contracts restructured during the 12 months ended December 31, 2015, 2014 and 2013. It shows the pre- and post-modification recorded investment as well as the number of contracts and the recorded investment for those TDRs modified during the previous 12 months which subsequently defaulted during the period. Loans modified in a troubled debt restructuring are considered to be in default once the loan becomes 90 days past due. A TDR may cease being classified as impaired if the loan is subsequently modified at market terms, has performed according to the modified terms for at least six months, and has not had any prior principal forgiveness on a cumulative basis. Troubled Debt Restructurings 201 5 # of Contracts Pre-Modification Post-Modification Commercial Real Estate 1 $ 513,868 $ 505,978 Residential Real Estate 2 1,106,345 1,035,590 Total Loans 3 $ 1,620,213 $ 1,541,568 2014 Farmland 1 $ 400,778 $ 400,778 Commercial Construction 1 349,976 349,976 Commercial Real Estate 1 1,771,395 1,775,407 Residential Real Estate 1 49,194 49,194 Total Loans 4 $ 2,571,343 $ 2,575,355 2013 Commercial 1 $ 83,748 $ 81,277 Commercial Construction 2 228,633 225,959 Commercial Real Estate 1 225,852 225,852 Residential Real Estate 4 1,885,700 1,764,399 Total Loans 8 $ 2,423,933 $ 2,297,487 Troubled debt restructurings that subsequently defaulted as of December 31 are as follows: 201 5 2014 2013 # of Contracts Recorded Investment # of Contracts Recorded Investment # of Contracts Recorded Investment Commercial - $ - - $ - 1 $ 81,277 Total Loans - $ - - $ - 1 $ 81,277 At December 31, 2015 and 2014, all restructured loans were performing as agreed. During 2013, restructured loans totaling $81,277 failed to continue to perform as agreed and were charged off in August 2013. |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | (5 ) Allowance for Loan Losses Changes in the allowance for loan losses for the years ended December 31 are as follows: 201 5 2014 2013 Balance, Beginning of Year $ 8,802,316 $ 11,805,986 $ 12,736,921 Provision for Loan Losses 865,500 1,308,000 4,485,000 Loans Charged Off (2,083,347 ) (5,104,491 ) (6,227,716 ) Recoveries of Loans Previously Charged Off 1,019,436 792,821 811,781 Balance, End of Year $ 8,603,905 $ 8,802,316 $ 11,805,986 The following tables detail activity in the allowance for loan losses, segregated by class of loan, for the years ended December 31. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other loan categories and periodically may result in reallocation within the provision categories. 2015 Beginning Balance Charge- O ffs Recoveries Provision Ending Balance Commercial and Agricultur al Commercial $ 497,561 $ (454,971 ) $ 52,111 $ 760,663 $ 855,364 Agricultural 304,172 (5,000 ) 3,600 (99,681 ) 203,091 Real Estate Commercial Construction 1,222,695 (97,698 ) 485,834 (920,065 ) 690,766 Residential Construction 138,092 - - (118,202 ) 19,890 Commercial 3,664,777 (275,297 ) 270,003 191,044 3,850,527 Residential 2,425,327 (929,668 ) 109,626 385,070 1,990,355 Farmland 103,800 (40,000 ) 20,000 827,892 911,692 Consumer and Other Consumer 66,914 (255,062 ) 61,976 189,549 63,377 Other 378,978 (25,651 ) 16,286 (350,770 ) 18,843 $ 8,802,316 $ (2,083,347 ) $ 1,019,436 $ 865,500 $ 8,603,905 2014 Commercial and Agricultur al Commercial $ 1,017,073 $ (624,944 ) $ 76,002 $ 29,430 $ 497,561 Agricultural 293,886 - 2,700 7,586 304,172 Real Estate Commercial Construction 1,782,179 (1,543,099 ) 485,005 498,610 1,222,695 Residential Construction 138,092 - - - 138,092 Commercial 4,379,276 (1,326,825 ) 90,042 522,284 3,664,777 Residential 3,278,269 (1,033,966 ) 31,127 149,897 2,425,327 Farmland 311,494 (233,580 ) 20,000 5,886 103,800 Consumer and Other Consumer 243,253 (342,077 ) 72,477 93,261 66,914 Other 362,464 - 15,468 1,046 378,978 $ 11,805,986 $ (5,104,491 ) $ 792,821 $ 1,308,000 $ 8,802,316 2013 Beginning Balance Charge -O ffs Recoveries Provision Ending Balance Commercial and Agricultur al Commercial $ 981,021 $ (120,690 ) $ 55,829 $ 100,913 $ 1,017,073 Agricultural 296,175 (34,502 ) 6,200 26,013 293,886 Real Estate Commercial Construction 1,890,200 (2,071,162 ) 253,459 1,709,682 1,782,179 Residential Construction 138,092 - - - 138,092 Commercial 5,162,839 (2,872,408 ) 297,984 1,790,861 4,379,276 Residential 3,405,947 (706,242 ) 64,583 513,981 3,278,269 Farmland 290,526 (20,977 ) 21,762 20,183 311,494 Consumer and Other Consumer 227,774 (397,822 ) 93,520 319,781 243,253 Other 344,347 (3,913 ) 18,444 3,586 362,464 $ 12,736,921 $ (6,227,716 ) $ 811,781 $ 4,485,000 $ 11,805,986 The loss history period used at December 31, 2015, 2014 and 2013 was based on the loss rate from the eight quarters ended September 30, 2015, 2014 and 2013, respectively. The Company’s allowance for loan losses consists of specific valuation allowances established for probable losses on specific loans and historical valuation allowances for other loans with similar risk characteristics. Effective with the quarter ended June 30, 2015, the calculation of the amount needed in the Allowance for Loan Losses changed. Management determined that the segmentation method for the ASC 450-20 portion of the loan portfolio should be changed to bank call report categories. Prior to this change, the ASC 450-20 segmentation categorized loans by various non-owner occupied commercial real estate loan types and risk grades for the remainder of the ASC 450-20 portion of the portfolio. On the date of change, June 30, 2015, the change in methodology resulted in an increase to the calculated allowance for loan loss reserve of $1,621,424; however, no additional provisions were required to be recorded as a result of the change. During 2014, management changed its methodology for calculating the allowance for loan losses to better reflect the estimated losses inherent in the portfolio. Specific changes included: ● Reducing the historical loss ratios by including loan loss recoveries in the calculation. Previously, management included only the loan charge-off amount and did not consider the effect of subsequent recoveries. ● Reducing the balance of those loans which are guaranteed by government agencies, such as SBA loans. Previously, the entire balance of such loans was considered in the calculation of the general reserves; however, beginning in 2014, only the nonguaranteed portion of these loans is subject to the loss calculation. Management feels these changes better align the calculation of the allowance for loan losses with the direction of the loan portfolio. These changes did not result in a significant change to the recorded allowance for loan loss balance. During the third quarter of 2013, management implemented a change to its methodology for calculating the allowance for loan losses. This change was intended to better reflect the current position of the loan portfolio. Prior to the third quarter, the allowance for loan loss calculation incorporated a qualitative factor related to improvements in credit administration. These improvements, which began in 2008, included organizational changes to credit administration, specifically related to managing past due loans, grading of loans, recognition of losses and underwriting of new loans. Primary among the organizational changes was the appointment of experienced lending officers to oversee the lending function, as well as the appointment of a chief credit officer. Management feels these organizational changes are now fully implemented, as evidenced by a lower charge-off rate and, therefore, the qualitative factor is no longer relevant. The removal of this qualitative factor did not result in a significant adjustment to the recorded allowance for loan loss balance. The Company determines its individual reserves during its quarterly review of substandard loans. This process involves reviewing all loans with a risk grade of 6 or greater and an outstanding balance of $250,000 or more, regardless of the loans impairment classification. Effective March 31, 2013, management increased the dollar threshold of this review process from $50,000 to $250,000. The threshold change resulted in loans totaling $4.1 million at December 31, 2013 being removed from the individual impairment review process and being placed in the collective review process. Since not all loans in the substandard category are considered impaired, this quarterly review process may result in the identification of specific reserves on nonimpaired loans. Management considers those loans graded substandard, but not classified as impaired, to be higher risk loans and, therefore, makes specific allocations to the allowance for those loans if warranted. The total of such loans is $11,155,813 and $9,356,253 as of December 31, 2015 and 2014, respectively. Specific allowance allocations were made for these loans totaling $276,731 and $747,982 as of December 31, 2015 and 2014, respectively. Since these loans are not considered impaired, both the loan balance and related specific allocation are included in the “Collectively Evaluated for Impairment” column of the following tables. At December 31, 2015, impaired loans totaling $3,744,733 were below the $250,000 review threshold and were not individually reviewed for impairment. Those loans were subject to the Bank’s general loan loss reserve methodology and are included in the “Collectively Evaluated for Impairment” column of the following tables. Likewise, at December 31, 2014 and 2013, impaired loans totaling $3,885,411 and $2,821,199, respectively, were below the $250,000 review threshold and were subject to the Bank’s general loan loss reserve methodology and are included in the “Collectively Evaluated for Impairment” column of the following tables. Ending Allowance Balance Ending Loan Balance 201 5 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and Agricultural Commercial $ 94,538 $ 760,826 $ 855,364 $ 122,928 $ 47,658,761 $ 47,781,689 Agricultural - 203,091 203,091 8,445 19,185,052 19,193,497 Real Estate Commercial Construction 25,344 665,422 690,766 1,622,560 38,484,073 40,106,633 Residential Construction - 19,890 19,890 - 9,413,263 9,413,263 Commercial 1,607,962 2,242,565 3,850,527 23,628,213 322,633,820 346,262,033 Residential 308,188 1,682,167 1,990,355 3,597,386 193,405,033 197,002,419 Farmland 37,386 874,306 911,692 1,402,939 60,376,920 61,779,859 Consumer and Other Consumer - 63,377 63,377 - 20,605,465 20,605,465 Other - 18,843 18,843 - 16,490,737 16,490,737 Total End of Year Balance $ 2,073,418 $ 6,530,487 $ 8,603,905 $ 30,382,471 $ 728,253,124 $ 758,635,595 Ending Allowance Balance Ending Loan Balance 2014 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and Agricultural Commercial $ 96,580 $ 400,981 $ 497,561 $ 96,580 $ 50,863,685 $ 50,960,265 Agricultural - 304,172 304,172 - 16,689,444 16,689,444 Real Estate Commercial Construction 53,947 1,168,748 1,222,695 3,384,377 47,874,593 51,258,970 Residential Construction - 138,092 138,092 - 11,220,683 11,220,683 Commercial 456,941 3,207,836 3,664,777 21,693,061 310,537,786 332,230,847 Residential 414,684 2,010,643 2,425,327 7,559,965 196,192,655 203,752,620 Farmland 28,962 74,838 103,800 1,700,793 48,250,191 49,950,984 Consumer and Other Consumer - 66,914 66,914 - 22,820,314 22,820,314 Other - 378,978 378,978 - 7,209,682 7,209,682 Total End of Year Balance $ 1,051,114 $ 7,751,202 $ 8,802,316 $ 34,434,776 $ 711,659,033 $ 746,093,809 2013 Commercial and Agricultural Commercial $ 433,714 $ 583,359 $ 1,017,073 $ 1,542,058 $ 46,565,390 $ 48,107,448 Agricultural - 293,886 293,886 - 10,665,938 10,665,938 Real Estate Commercial Construction 830,546 951,633 1,782,179 7,971,298 44,767,485 52,738,783 Residential Construction - 138,092 138,092 - 6,549,260 6,549,260 Commercial 423,685 3,955,591 4,379,276 24,757,942 317,025,596 341,783,538 Residential 526,005 2,752,264 3,278,269 6,545,490 199,712,437 206,257,927 Farmland 85,500 225,994 311,494 1,617,206 45,417,220 47,034,426 Consumer and Other Consumer - 243,253 243,253 - 25,675,560 25,675,560 Other - 362,464 362,464 9,146 12,396,436 12,405,582 Total End of Year Balance $ 2,299,450 $ 9,506,536 $ 11,805,986 $ 42,443,140 $ 708,775,322 $ 751,218,462 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | (6) Premises and Equipment Premises and equipment are comprised of the following as of December 31: 20 15 2014 Land $ 9,696,723 $ 8,270,678 Building 23,927,467 23,894,943 Furniture, Fixtures and Equipment 12,154,375 12,243,988 Leasehold Improvements 993,618 990,626 Construction in Progress 1,170,050 14,090 47,942,233 45,414,325 Accumulated Depreciation (21,488,703 ) (20,453,880 ) $ 26,453,530 $ 24,960,445 Depreciation charged to operations totaled $1,657,229 in 2015, $1,595,253 in 2014 and $1,527,392 in 2013. Certain Company facilities and equipment are leased under various operating leases. Rental expense approximated $560,000 for 2015, $613,000 for 2014 and $490,000 for 2013. Future minimum rental payments as of December 31, 2015 are as follows: Year Ending December 31 Amount 2016 $ 91,703 2017 38,500 $ 130,203 |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Real Estate Owned [Text Block] | (7) Other Real Estate Owned The aggregate carrying amount of Other Real Estate Owned (OREO) at December 31, 2015, 2014 and 2013 was $8,839,103, $10,401,832 and $15,502,462, respectively. All of the Company’s other real estate owned represents properties acquired through foreclosure or deed in lieu of foreclosure. The following table details the change in OREO during 2015, 2014 and 2013 as of December 31: 201 5 2014 2013 Balance, Beginning of Year $ 10,401,832 $ 15,502,462 $ 15,940,693 Additions 7,536,165 3,852,848 10,251,006 Sales of OREO (8,054,675 ) (7,102,136 ) (7,804,080 ) Loss on Sale (591,071 ) (844,515 ) (1,563,739 ) Provision for Losses (453,148 ) (1,006,827 ) (1,321,418 ) Balance, End of Year $ 8,839,103 $ 10,401,832 $ 15,502,462 At December 31, 2015, the Company held $1,033,000 of residential real estate property as foreclosed property. Also at December 31, 2015, $159,372 of consumer mortgage loans collateralized by residential real estate property was in the process of foreclosure according to local requirements of the applicable jurisdictions. |
Note 8 - Other Intangible Asset
Note 8 - Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | ( 8 ) Other Intangible Assets The following is an analysis of the core deposit intangible activity for the years ended December 31: Core Deposit Intangible Accumulated Amortization Net Core Deposit Intangible Core Deposit Intangible Balance, December 31, 2013 $ 1,056,693 $ (868,932 ) $ 187,761 Amortization Expense - (35,749 ) (35,749 ) Balance, December 31, 2014 1,056,693 (904,681 ) 152,012 Amortization Expense - (35,748 ) (35,748 ) Balance, December 31, 201 5 $ 1,056,693 $ (940,429 ) $ 116,264 Amortization expense related to the core deposit intangible was $35,748, $35,749 and $35,749 for the years ended December 31, 2015, 2014 and 2013. Amortizations expense will continue at an annual rate of approximately $35,749 through the first quarter of 2019, at which point the core deposit will be fully amortized. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | ( 9 ) Income Taxes The components of income tax expense for the years ended December 31 are as follows: 20 15 2014 2013 Current Federal Expense $ 3,162,367 $ 1,335,337 $ 156,642 Deferred Federal Expense 625,436 1,932,950 2,178,222 Federal Income Tax Expense 3,787,803 3,268,287 2,334,864 Current State Income Tax Expense - - - Federal and State Income Tax Expense $ 3,787,803 $ 3,268,287 $ 2,334,864 The federal income tax expense of $3,787,803 in 2015, $3,268,287 in 2014 and $2,334,864 in 2013 is different than the income taxes computed by applying the federal statutory rates to income before income taxes. The reasons for the differences are as follows: 20 15 2014 2013 Statutory Federal Income Taxes $ 4,134,570 $ 3,671,971 $ 2,367,729 Tax-Exempt Interest (83,903 ) (74,138 ) (104,307 ) Premiums on Officers’ Life Insurance (232,988 ) (186,712 ) (111,749 ) Meal and Entertainment Disallowance 21,600 14,044 15,319 Other (51,476 ) (156,878 ) 167,872 Actual Federal Income Taxes $ 3,787,803 $ 3,268,287 $ 2,334,864 Deferred taxes in the accompanying consolidated balance sheets as of December 31 include the following: 20 15 2014 Deferred Tax Assets Allowance for Loan Losses $ 2,925,328 $ 2,992,787 Other Real Estate 537,914 1,178,278 Deferred Compensation 308,128 287,365 Investments 340,000 340,000 Goodwill 212,190 256,714 Other 418,165 427,924 4,741,725 5,483,068 Deferred Tax Liabilities Premises and Equipment (1,183,309 ) (1,299,216 ) Other (4,185 ) (4,185 ) (1,187,494 ) (1,303,401 ) Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses) 2,284,362 2,495,896 Net Deferred Tax Assets $ 5,838,593 $ 6,675,563 The deferred tax assets are included in Other Assets in the consolidated balance sheets. As discussed in Note 1, certain positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities. An analysis of activity related to unrecognized taxes as of December 31 follows. 201 5 2014 2013 Balance, Beginning $ - $ 42,327 $ 38,676 Positions Taken During the Current Year - - 7,247 Reductions Resulting from Lapse of Statutes of Limitation - 42,327 (3,596 ) Balance, Ending $ - $ - $ 42,327 The net decrease of $42,327 is included in income tax expense for the year ended December 31, 2014. |
Note 10 - Deposits
Note 10 - Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | (1 0 ) Deposits The aggregate amount of overdrawn deposit accounts reclassified as loan balances totaled $272,110 and $511,387 as of December 31, 2015 and 2014, respectively. Components of interest-bearing deposits as of December 31 are as follows: 20 15 2014 Interest-Bearing Demand $ 412,959,430 $ 363,501,727 Savings 64,976,174 59,215,257 Time, $100,000 and Over 202,800,899 210,502,901 Other Time 196,931,462 217,743,826 $ 877,667,965 $ 850,963,711 At December 31, 2015 and December 31, 2014, the Company had brokered deposits of $25,576,524 and $26,298,267, respectively. All of these brokered deposits represent Certificate of Deposit Account Registry Service (CDARS) reciprocal deposits. The CDARS deposits are ones in which customers placed core deposits into the CDARS program for FDIC insurance coverage and the Company receives reciprocal brokered deposits in a like amount. The aggregate amount of short-term jumbo certificates of deposit, each with a minimum denomination of $100,000 was $141,900,102 and $140,832,026 as of December 31, 2015 and December 31, 2014, respectively. The aggregate amount of jumbo certificates of deposit, each with a minimum denomination of $250,000 was $31,755,483 and $35,750,272 as of December 31, 2015 and December 31, 2014, respectively. As of December 31, 2015, the scheduled maturities of certificates of deposit are as follows: Year Amount 2016 $ 287,422,547 2017 55,668,788 2018 32,350,483 2019 10,102,321 2020 and Thereafter 14,188,222 $ 399,732,361 |
Note 11 - Other Borrowed Money
Note 11 - Other Borrowed Money | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | (1 1 ) Other Borrowed Money Other borrowed money at December 31 is summarized as follows: 201 5 2014 Federal Home Loan Bank Advances $ 40,000,000 $ 40,000,000 Advances from the Federal Home Loan Bank (FHLB) have maturities ranging from 2018 to 2022 and interest rates ranging from 1.47 percent to 4.75 percent. As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans and commercial loans. At December 31, 2015, the book value of those loans pledged is $100,412,458. At December 31, 2015, the Company had remaining credit availability from the FHLB of $128,817,500. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. The aggregate stated maturities of other borrowed money at December 31, 2015 are as follows: Year Amount 2018 $ 2,500,000 2019 8,000,000 2020 - 2021 and Thereafter 29,500,000 $ 40,000,000 At December 31, 2015, $13,000,000 of FHLB advances are subject to fixed rates of interest, while the remaining $27,000,000 is subject to floating interest rates which will convert to fixed rates of interests in the next few years. The Company also has available federal funds lines of credit with various financial institutions totaling $43,500,000, of which there were none outstanding at December 31, 2015. The Company has the ability to borrow funds from the Federal Reserve Bank (FRB) of Atlanta utilizing the discount window. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the FRB on a short-term basis to meet temporary liquidity shortages caused by internal or external disruptions. At December 31, 2015, the Company had borrowing capacity available under this arrangement, with no outstanding balances. The Company would be required to pledge certain available-for-sale investment securities as collateral under this agreement. |
Note 12 - Subordinated Debentur
Note 12 - Subordinated Debentures (Trust Preferred Securities) | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | (12) Subordinated Debentures (Trust Preferred Securities) Description Date Amount 3-M onth Rate Added Total Maturity 5 - Year Option (In Thousands) Colony Bankcorp Statutory Trust III 6/17/2004 $ 4,640 0.52575 2.68 3.20575 6/14/2034 6/17/2009 Colony Bankcorp Capital Trust I 4/13/2006 5,155 0.60670 1.50 2.10670 4/13/2036 4/13/2011 Colony Bankcorp Capital Trust II 3/12/2007 9,279 0.60310 1.65 2.25310 3/12/2037 3/12/2012 Colony Bankcorp Capital Trust III 9/14/2007 5,155 0.32190 1.40 1.72190 9/14/2037 9/14/2012 The Trust Preferred Securities are recorded as subordinated debentures on the consolidated balance sheets, and subject to certain limitations, qualify as Tier 1 Capital for regulatory capital purposes. The proceeds from these offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the Bank subsidiary. The Trust Preferred Securities pay interest quarterly. Quarterly interest payments on the Trust Preferred Securities were suspended from February 13, 2012 until November 17, 2014, at which time the Company reinstated the interest payments and paid $1,069,695 of interest payments in arrears. |
Note 13 - Preferred Stock
Note 13 - Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Stock And Warrants [Abstract] | |
Preferred Stock And Warrants [Text Block] | ( 13) Preferred Stock The Company had 18,021 shares and 28,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the Preferred Stock) issued and outstanding with private investors as of December 31, 2015 and 2014, respectively. The Company redeemed 9,979 shares of Preferred Stock at $1,000 per share during 2015. The Company also had a warrant (the Warrant) to purchase up to 500,000 shares of the Company’s common stock outstanding with private investors. Both the Preferred Stock and the Warrant originated in 2009 through transactions with the United States Department of the Treasury and were subsequently sold to the public through an auction process during 2013. The Preferred Stock qualifies as Tier 1 capital and is nonvoting, other than class voting rights on certain matters that could adversely affect the Preferred Stock. The Preferred Stock may be redeemed by the Company at the liquidation preference of $1,000 per share, plus any accrued and unpaid dividends. The Warrant may be exercised on or before January 9, 2019 at an exercise price of $8.40 per share. No voting rights may be exercised with respect to the shares of the Warrant until the Warrant has been exercised. The Preferred Stock requires a cumulative cash dividend be paid quarterly at a rate of 9 percent per annum. Prior to January 9, 2014, the annual dividend rate for the Preferred Stock was 5 percent. Unpaid dividends on the Preferred Stock must be declared and set aside for the benefit of the holders of the Preferred Stock before any dividend may be declared on common stock. On February 13, 2012, the Company announced the suspension of dividends on Preferred Stock. On November 17, 2014, the Company reinstated dividend payments on the Preferred Stock and paid $5,492,749 of accumulated dividends in arrears to the holders of the Preferred Stock. |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | (14) Employee Benefit Plan The Company offers a defined contribution 401(k) Profit Sharing Plan (the Plan) which covers substantially all employees who meet certain age and service requirements. The Plan allows employees to make voluntary pre-tax salary deferrals to the Plan. The Company, at its discretion, may elect to make an annual contribution to the Plan equal to a percentage of each participating employee’s salary. Such discretionary contributions must be approved by the Company’s board of directors. Employees are fully vested in the Company contributions after six years of service. In 2015 and 2014, the Company made total contributions of $385,453 and $401,497 to the Plan. The Company made no discretionary contributions in 2013. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | (1 5 ) Commitments and Contingencies Credit-Related Financial Instruments. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. At December 31, 2015 and 2014, the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount 201 5 2014 Commitments to Extend Credit $ 67,889,000 $ 68,742,000 Standby Letters of Credit 1,588,212 1,762,000 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Standby and performance letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Essentially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Legal Contingencies. |
Note 16 - Deferred Compensation
Note 16 - Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Compensation Plan [Abstract] | |
Deferred Compensation Plan [Text Block] | ( 1 6 ) Deferred Compensation Plan Colony Bank, the wholly-owned subsidiary, has deferred compensation plans covering certain former directors and certain officers choosing to participate through individual deferred compensation contracts. In accordance with terms of the contracts, the Bank is committed to pay the participant’s deferred compensation over a specified number of years, beginning at age 65. In the event of a participant’s death before age 65, payments are made to the participant’s named beneficiary over a specified number of years, beginning on the first day of the month following the death of the participant. Liabilities accrued under the plans totaled $906,259 and $845,192 as of December 31, 2015 and 2014, respectively. Benefit payments under the contracts were $131,652 in 2015 and $112,605 in 2014. Provisions charged to operations totaled $196,869 in 2015, $69,653 in 2014 and $75,777 in 2013. The Company has purchased life insurance policies on the plans’ participants and uses the cash flow from these policies to partially fund the plan. Fee income recognized with these plans totaled $174,675 in 2015, $167,911 in 2014 and $164,073 in 2013. In addition death benefits recognized as income totaled $137,058 in 2015. |
Note 17 - Supplemental Cash Flo
Note 17 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | (17 ) Supplemental Cash Flow Information Cash payments for the following were made during the years ended December 31: 201 5 2014 2013 Interest Expense $ 6,536,994 $ 7,898,543 $ 7,111,361 Income Taxes $ 4,738,000 $ 113,000 $ 173,883 Noncash financing and investing activities for the years ended December 31 are as follows: 201 5 2014 2013 Acquisitions of Real Estate Through Loan Foreclosures $ 7,536,165 $ 3,852,848 $ 10,251,006 Change in Unrealized Gain (Loss) on AFS Investment Securities $ 622,155 $ 6,409,171 $ (13,523,050 ) |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | ( 18 ) Related Party Transactions The following table reflects the activity and aggregate balance of direct and indirect loans to directors, executive officers or principal holders of equity securities of the Company. All such loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and do not involve more than a normal risk of collectibility. A summary of activity of related party loans is shown below: 20 15 2014 Balance, Beginning $ 3,233,949 $ 4,064,588 New Loans 4,900,932 6,406,713 Repayments (6,065,098 ) (7,237,352 ) Transactions Due to Changes in Directors (253,174 ) - Balance, Ending $ 1,816,609 $ 3,233,949 |
Note 19 - Fair Value of Financi
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | ( 19 ) Fair Value of Financial Instruments and Fair Value Measurements Generally accepted accounting standards in the U.S. require disclosure of fair value information about financial instruments, whether or not recognized on the face of the balance sheet, for which it is practicable to estimate that value. The assumptions used in the estimation of the fair value of Colony Bankcorp, Inc. and Subsidiary’s financial instruments are detailed hereafter. Where quoted prices are not available, fair values are based on estimates using discounted cash flows and other valuation techniques. The use of discounted cash flows can be significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. The following disclosures should not be considered a surrogate of the liquidation value of the Company, but rather a good-faith estimate of the increase or decrease in value of financial instruments held by the Company since purchase, origination or issuance. Cash and Short-Term Investments Investment Securities Federal Home Loan Bank Stock Loans Bank-Owned Life Insurance Deposit Liabilities Subordinated Debentures – Other Borrowed Money The carrying amount and estimated fair values of the Company’s financial instruments as of December 31 are as follows: Carrying Estimated Level 2015 Amount Fair Value 1 2 3 (in Thousands) Assets Cash and Short-Term Investments $ 60,872 $ 60,872 $ 60,872 $ - $ - Investment Securities Available for Sale 296,149 296,149 - 295,219 930 Federal Home Loan Bank Stock 2,731 2,731 2,731 - - Loans, Net 749,675 750,412 - 741,867 8,545 Bank-Owned Life Insurance 14,830 14,830 14,830 - - Liabilities Deposits 1,011,554 1,013,111 611,822 401,289 - Subordinated Debentures 24,229 24,229 - 24,229 - Other Borrowed Money 40,000 40,421 - 40,421 - 2014 Assets Cash and Short-Term Investments $ 65,811 $ 65,811 $ 65,811 $ - $ - Investment Securities Available for Sale 274,595 274,595 - 273,647 948 Investment Securities Held to Maturity 30 30 - 30 - Federal Home Loan Bank Stock 2,831 2,831 2,831 - - Loans, Net 736,930 738,948 - 731,170 7,778 Bank-Owned Life Insurance 14,531 14,531 14,531 - - Liabilities Deposits 979,303 980,874 551,057 429,817 - Subordinated Debentures 24,229 24,229 - 24,229 - Other Borrowed Money 40,000 41,962 - 41,962 - Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include deferred income taxes and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Fair Value Measurements Generally accepted accounting principles related to Fair Value Measurements ● Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and represent the Company’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring and nonrecurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy: Assets Securities Impaired L oans Other Real Estate Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis Fair Value Measurements at Reporting Date Using 201 5 Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Securities Available for Sale U.S. Government Agencies Mortgage-Backed $ 291,049,853 $ - $ 291,049,853 $ - State, County and Municipal 5,099,446 - 4,169,135 930,311 $ 296,149,299 $ - $ 295,218,988 $ 930,311 Nonrecurring Impaired Loans $ 8,544,993 $ - $ - $ 8,544,993 Other Real Estate $ 2,535,884 $ - $ - $ 2,535,884 2014 Recurring Securities Available for Sale U.S. Government Agencies Mortgage-Backed $ 271,063,669 $ - $ 271,063,669 $ - State, County and Municipal 3,530,917 - 2,582,527 948,390 $ 274,594,586 $ - $ 273,646,196 $ 948,390 Nonrecurring Impaired Loans $ 7,778,279 $ - $ - $ 7,778,279 Other Real Estate $ 6,128,365 $ - $ - $ 6,128,365 Liabilities The Company did not identify any liabilities that are required to be presented at fair value. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements for assets in level 3 of the fair value hierarchy measured on a nonrecurring basis at December 31, 2015 and 2014. These tables are comprised primarily of collateral dependent impaired loans and other real estate owned: December 31, 201 5 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Commercial $ 2 8 , 390 Sales Comparison Adjustment for Differences Between the Comparable Sales ( 31 . 77 )% - 3 4 . 0 0% ( 1 . 12 %) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 10.00% (5.00%) Income Approach Capitalization Rate 11 . 00 % Real Estate Commercial Construction 5 1 , 300 Sales Comparison Adjustment for Differences Between the Comparable Sales (5 .00 ) % - 99 .00% ( 47 .00%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 1 0.00% ( 5 .00%) Residential Real Estate 7 67 , 1 7 9 Sales Comparison Adjustment for Differences Between the Comparable Sales (22.00)% - 10.80% ( 5. 6 0) % Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 25 .00% (12.50%) Commercial Real Estate 7, 3 4 7, 541 Sales Comparison Adjustment for Differences Between the Comparable Sales ( 31 . 77 )% - 34 . 0 0% (1.1 2 %) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 1 0.00% ( 5 .00%) Income Approach Capitalization Rate 10 . 25 % Farmland 350 , 583 Sales Comparison Adjustment for Differences Between the Comparable Sales ( 27 .00)% - 1 5.00% ( 6 . 0 0) % Management Adjustments for Age of Appraisals and/or Current Market Conditions 1 0 .00 % - 75 . 00 % ( 42 . 50 %) Other Real Estate Owned 2 , 535 , 88 4 Sales Comparison Adjustment for Differences Between the Comparable Sales ( 50 . 8 0)% - 142 . 9 0% ( 46 .05%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 15 . 53 % - 72 . 75 % ( 43 . 37 %) Income Approach Discount Rate 12.50% December 31, 2014 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired Loans Commercial Construction $ 82,422 Sales Comparison Adjustment for Differences Between the Comparable Sales (22.00)% - 38.10% (8.05%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 10.00% (5.00%) Residential Real Estate 1,650,474 Sales Comparison Adjustment for Differences Between the Comparable Sales (2.30)% - 191.70% (94.70%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 10.00% (5.00%) Income Approach Capitalization Rate 13.75% Commercial Real Estate 5,678,297 Sales Comparison Adjustment for Differences Between the Comparable Sales 0.00% - 0.00% (0.00%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 90.00% (45.00%) Income Approach Capitalization Rate 11.00% Farmland 367,086 Sales Comparison Adjustment for Differences Between the Comparable Sales (8.30)% - 252.50% (122.10%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 10.00% - 50.00% (30.00%) Other Real Estate Owned 6,128,365 Sales Comparison Adjustment for Differences Between the Comparable Sales (40.00)% - 45.00% (2.50%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.33% - 69.36% (31.88%) Income Approach Discount Rate 9.00% Capitalization Rate 10.00% The following table presents a reconciliation and statement of income classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the years ended December 31, 2015, 2014 and 2013: Available for Sale Securities 201 5 2014 2013 Balance, Beginning $ 948,390 $ 941,265 $ 1,138,238 Transfers into Level 3 - - - Transfers out of Level 3 - - (41,908 ) Securities Purchased During the Year - - - Securities Called During the Year - - - Loss on OTTI Impairment Included in Noninterest Income - - (366,623 ) Unrealized Gains(Losses) Included in Other Comprehensive Income (18,079 ) 7,125 211,558 Balance, Ending $ 930,311 $ 948,390 $ 941,265 The Company’s policy is to recognize transfers in and transfers out of levels 1, 2 and 3 as of the end of a reporting period. During the year ended December 31, 2013, the Company had transfers out of level 3 and into level 2. The transfers out of level 3 were the result of increased market activity for these types of securities, as well as more current credit ratings on these securities. There were no transfers of securities between level 1 and level 2 for the years ended December 31, 2015, 2014 or 2013. The following table presents quantitative information about recurring level 3 fair value measurements as of December 31, 2015 and 2014: December 31, 2015 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Avg) State, County and Municipal $ 930,311 Discounted Cash Flow Discount Rate N/A* December 31, 2014 State, County and Municipal $ 948,390 Discounted Cash Flow Discount Rate or Yield N/A* * The Company relies on a third-party pricing service to value its municipal securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company. |
Note 20 - Regulatory Capital Ma
Note 20 - Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | (2 0 ) Regulatory Capital Matters The amount of dividends payable to the parent company from the subsidiary bank is limited by various banking regulatory agencies. Upon approval by regulatory authorities, the Bank may pay cash dividends to the parent company in excess of regulatory limitations. Additionally, the Company suspended the payment of dividends to its stockholders in the third quarter of 2009. The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and, possibly, additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total and Tier I capital to risk-weighted assets, and of Tier I capital to average assets. As of December 31, 2015, the interim final Basel III rules (Basel III) require the Company to also maintain minimum amounts and ratios of common equity Tier 1 capital to risk weighted assets. These amounts and ratios as defined in regulations are presented hereafter. Management believes, as of December 31, 2015, the Company meets all capital adequacy requirements to which it is subject under the regulatory framework for prompt corrective action. In the opinion of management, there are no conditions or events since prior notification of capital adequacy from the regulators that have changed the institution’s category. The Basel III rules also require the implementation of a new capital conservation buffer comprised of common equity Tier 1 capital. The capital conservation buffer will be phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and increase each subsequent year by 0.625% until reaching its final level of 2.5% on January 1, 2019. The following table summarizes regulatory capital information as of December 31, 2015 and December 31, 2014 on a consolidated basis and for the subsidiary, as defined. Regulatory capital ratios for December 31, 2015 were calculated in accordance with the Basel III rules, whereas the December 31, 2014 regulatory ratios were calculated in accordance with the Basel I rules. The following table summarizes regulatory capital information as of December 31, 2015 and 2014 on a consolidated basis and for its wholly-owned subsidiary, as defined: Actual For Capital Purposes To Be Well Under Corrective Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 (In Thousands) Total Capital to Risk-Weighted Assets Consolidated $ 131,948 16.60 % $ 63,602 8.00 % N/A N/A Colony Bank 126,939 15.99 63,500 8.00 $ 79,375 10.00 % Tier I Capital to Risk-Weighted Assets Consolidated 123,344 15.51 47,702 6.00 N/A N/A Colony Bank 118,335 14.91 47,625 6.00 63,500 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 81,823 10.29 35,776 4.50 N/A N/A Colony Bank 118,335 14.91 35,719 4.50 51,594 6.50 Tier I Capital to Average Assets Consolidated 123,344 10.69 46,149 4.00 N/A N/A Colony Bank 118,335 10.27 46,074 4.00 57,592 5.00 As of December 31, 2014 Total Capital to Risk-Weighted Assets Consolidated $ 136,022 17.95 % $ 60,639 8.00 % N/A N/A Colony Bank 127,833 16.89 60,542 8.00 $ 75,678 10.00 % Tier I Capital to Risk-Weighted Assets Consolidated 127,220 16.78 30,320 4.00 N/A N/A Colony Bank 119,031 15.73 30,271 4.00 45,407 6.00 Tier I Capital to Average Assets Consolidated 127,220 11.18 45,509 4.00 N/A N/A Colony Bank 119,031 10.50 45,364 4.00 56,705 5.00 In 2015, the Bank obtained approval of its regulators and paid a $10,000,000 dividend to the Company. The dividend was utilized to redeem 9,979 shares of Preferred Stock. Effective October 22, 2014, the Board Resolution (BR) the Bank had been operating under was lifted. The BR required that, prior to declaring or paying any cash dividend to the Company, the Bank must obtain written consent of its regulators. In November 2014, the Bank paid a $12,000,000 dividend to the Company. This dividend was utilized to bring the interest payments of the Trust Preferred Securities and the dividend payments of the Preferred Stock to a current status and to fund holding company operations for the coming year. |
Note 21 - Financial Information
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | (2 1 ) Financial Information of Colony Bankcorp, Inc. (Parent Only) The parent company’s balance sheets as of December 31, 2015 and 2014 and the related statements of operations and comprehensive income (loss) and cash flows for each of the years in the three-year period then ended are as follows: COLONY BANKCORP, INC. (PARENT ONLY) BALANCE SHEETS DECEMBER 31 ASSETS 20 15 2014 Cash $ 4,100,860 $ 5,750,652 Premises and Equipment, Net 1,134,524 1,199,639 Investment in Subsidiary, at Equity 114,677,455 115,066,948 Other 170,801 1,708,380 Total Assets $ 120,083,640 $ 123,725,619 LIABILITIES AND STOCKHOLDERS ’ EQUITY Liabilities Dividends Payable $ 202,736 $ 315,000 Other 195,282 154,307 398,018 469,307 Subordinated Debt 24,229,000 24,229,000 Stockholders ’ Equity Preferred Stock, Stated Value $1,000; Authorized 10,000,000 Shares, Issued 18,021 and 28,000 Shares as of December 31, 2015 and 2014 18,021,000 28,000,000 Common Stock, Par Value $1; Authorized 20,000,000 Shares, Issued 8,439,258 8,439,258 8,439,258 Paid-In Capital 29,145,094 29,145,094 Retained Earnings 44,285,621 38,287,934 Accumulated Other Comprehensive Loss, Net of Tax (4,434,351 ) (4,844,974 ) 95,456,622 99,027,312 Total Liabilities and Stockholders ’ Equity $ 120,083,640 $ 123,725,619 COLONY BANKCORP, INC. (PARENT ONLY) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 20 15 2014 2013 Income Dividends from Subsidiary $ 10,015,147 $ 12,015,572 $ 1,515,549 Management Fees 581,334 581,334 581,334 Other 112,876 100,269 96,953 $ 10,709,357 $ 12,697,175 2,193,836 Expenses Interest 503,286 517,381 516,641 Amortization - 938 2,250 Salaries and Employee Benefits 811,150 782,152 748,149 Other 666,872 538,847 543,139 1,981,308 1,839,318 1,810,179 Income Before Taxes and Equity in Undistributed Earnings of Subsidiary 8,728,049 10,857,857 383,657 Income Tax Benefits 444,764 396,738 406,518 Income Before Equity in Undistributed Earnings of Subsidiary 9,172,813 11,254,595 790,175 Dividends Received in Excess of Earnings of Subsidiary (800,116 ) (3,722,970 ) - Equity in Undistributed Earnings of Subsidiary - - 3,838,870 Net Income 8,372,697 7,531,625 4,629,045 Preferred Stock Dividends 2,375,010 2,688,604 1,508,761 Net Income Available to Common Stockholders $ 5,997,687 $ 4,843,021 $ 3,120,284 COLONY BANKCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31 20 15 2014 2013 Net Income $ 8,372,697 $ 7,531,625 $ 4,629,045 Other Comprehensive Income (Loss) Gains (Losses) on Securities Arising During the Year 610,689 6,432,906 (13,886,854 ) Tax Effect (207,634 ) (2,187,189 ) 4,721,531 Realized Gains (Losses) on Sale of AFS Securities 11,466 (23,735 ) (2,819 ) Tax Effect (3,898 ) 8,070 959 Impairment Loss on Securities - - 366,623 Tax Effect - - (124,652 ) Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects 410,623 4,230,052 (8,925,212 ) Comprehensive Income (Loss) $ 8,783,320 $ 11,761,677 $ (4,296,167 ) COLONY BANKCORP, INC. (PARENT ONLY) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 20 15 2014 2013 Cash Flows from Operating Activities Net Income $ 8,372,697 $ 7,531,625 $ 4,629,045 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation and Amortization 73,999 75,347 80,711 Equity in Undistributed Earnings of Subsidiary 800,116 3,722,970 (3,838,870 ) Change in Interest Payable 23,072 (1,069,695 ) 516,641 Other 1,555,482 (437,115 ) (390,962 ) 10,825,366 9,823,132 996,565 Cash Flows from Investing Activities Purchases of Premises and Equipment (8,884 ) (2,020 ) (68,708 ) Cash Flows from Financing Activities Dividends Paid on Preferred Stock (2,487,274 ) (5,492,749 ) - Redemption of Preferred Stock (9,979,000 ) - - (12,466,274 ) (5,492,749 ) - Increase (Decrease) in Cash (1,649,792 ) 4,328,363 927,857 Cash and Cash Equivalents, Beginning 5,750,652 1,422,289 494,432 Cash and Cash Equivalents, Ending $ 4,100,860 $ 5,750,652 $ 1,422,289 |
Note 22 - Earnings Per Share
Note 22 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | (2 2 ) Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share reflects the potential dilution of restricted stock and common stock warrants. Net income available to common stockholders represents net income after preferred stock dividends. The following table presents earnings per share for the years ended December 31, 2015, 2014 and 2013 : 2015 2014 2013 Numerator Net Income Available to Common Stockholders $ 5,997,687 $ 4,843,021 $ 3,120,284 Denominator Weighted Average Number of Common Shares Outstanding for Basic Earnings Per Common Share 8,439,258 8,439,258 8,439,258 Dilutive Effect of Potential Common Stock Restricted Stock - - - Stock Warrants 19,203 - - Weighted-Average Number of Shares Outstanding for Diluted Earnings Per Common Share 8,458,461 8,439,258 8,439,258 Earnings Per Share - Basic $ 0.71 $ 0.57 $ 0.37 Earnings Per Share - Diluted $ 0.71 $ 0.57 $ 0.37 For the years ended December 31, 2014 and 2013, respectively, the Company has excluded 500,000 shares of common stock equivalents because the strike price of the common stock equivalents would cause them to have an anti-dilutive effect. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation Colony Bankcorp, Inc. (the Company) is a bank holding company located in Fitzgerald, Georgia. The consolidated financial statements include the accounts of Colony Bankcorp, Inc. and its wholly-owned subsidiary, Colony Bank, Fitzgerald, Georgia. All significant intercompany accounts have been eliminated in consolidation. The accounting and reporting policies of Colony Bankcorp, Inc. conform to generally accepted accounting principles and practices utilized in the commercial banking industry. |
Nature of Operations, Policy [Policy Text Block] | Nature of Operations The Company provides a full range of retail and commercial banking services for consumers and small- to medium-size businesses located primarily in central, south and coastal Georgia. Colony Bank is headquartered in Fitzgerald, Georgia with banking offices in Albany, Ashburn, Broxton, Centerville, Chester, Columbus, Cordele, Douglas, Eastman, Fitzgerald, Leesburg, Moultrie, Pitts, Quitman, Rochelle, Savannah, Soperton, Sylvester, Thomaston, Tifton, Valdosta and Warner Robins. Lending and investing activities are funded primarily by deposits gathered through its retail banking office network. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term 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. |
Reclassification, Policy [Policy Text Block] | Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements and note disclosures have been reclassified to conform to statement presentations selected for 2015. Such reclassifications had no effect on previously reported stockholders’ equity or net income. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Concentrations of credit risk can exist in relation to individual borrowers or groups of borrowers, certain types of collateral, certain types of industries or certain geographic regions. The Company has a concentration in real estate loans as well as a geographic concentration that could pose an adverse credit risk, particularly with the current economic downturn in the real estate market. At December 31, 2015, approximately 86 percent of the Company’s loan portfolio was concentrated in loans secured by real estate. A substantial portion of borrowers’ ability to honor their contractual obligations is dependent upon the viability of the real estate economic sector. Declining collateral real estate values that secure land development, construction and speculative real estate loans in the Company’s larger MSA markets have resulted in high loan loss provisions in recent years. In addition, a large portion of the Company’s foreclosed assets are also located in these same geographic markets, making the recovery of the carrying amount of foreclosed assets susceptible to changes in market conditions. Management continues to monitor these concentrations and has considered these concentrations in its allowance for loan loss analysis. The success of the Company is dependent, to a certain extent, upon the economic conditions in the geographic markets it serves. Adverse changes in the economic conditions in these geographic markets would likely have a material adverse effect on the Company’s results of operations and financial condition. The operating results of the Company depend primarily on its net interest income. Accordingly, operations are subject to risks and uncertainties surrounding the exposure to changes in the interest rate environment. At times, the Company may have cash and cash equivalents at financial institutions in excess of federal deposit insurance limits. The Company places its cash and cash equivalents with high credit quality financial institutions whose credit rating is monitored by management to minimize credit risk. |
Investment, Policy [Policy Text Block] | Investment Securities The Company classifies its investment securities as trading, available for sale or held to maturity. Securities that are held principally for resale in the near term are classified as trading. Trading securities are carried at fair value, with realized and unrealized gains and losses included in noninterest income. Currently, no securities are classified as trading. Securities acquired with both the intent and ability to be held to maturity are classified as held to maturity and reported at amortized cost. All securities not classified as trading or held to maturity are considered available for sale. Securities available for sale are reported at estimated fair value. Unrealized gains and losses on securities available for sale are excluded from earnings and are reported, net of deferred taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity. Gains and losses from sales of securities available for sale are computed using the specific identification method. Securities available for sale includes securities, which may be sold to meet liquidity needs arising from unanticipated deposit and loan fluctuations, changes in regulatory capital requirements, or unforeseen changes in market conditions. The Company evaluates each held to maturity and available for sale security in a loss position for other-than-temporary impairment (OTTI). In estimating other-than-temporary impairment losses, management considers such factors as the length of time and the extent to which the market value has been below cost, the financial condition of the issuer and the Company’s intent to sell and whether it is more likely than not that the Company will be required to sell the security before anticipated recovery of the amortized cost basis. If the Company intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery, the OTTI write-down is recognized in earnings. If the Company does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income (loss). |
Investment in Federal Home Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock Investment in stock of a Federal Home Loan Bank (FHLB) is required for every federally insured institution that utilizes its services. FHLB stock is considered restricted, as defined in the accounting standards. The FHLB stock is reported in the consolidated financial statements at cost. Dividend income is recognized when earned. |
Policy Loans Receivable, Policy [Policy Text Block] | Loans Loans that the Company has the ability and intent to hold for the foreseeable future or until maturity are recorded at their principal amount outstanding, net of unearned interest and fees. Loan origination fees, net of certain direct origination costs, are deferred and amortized over the estimated terms of the loans using the straight-line method. Interest income on loans is recognized using the effective interest method. A loan is considered to be delinquent when payments have not been made according to contractual terms, typically evidenced by nonpayment of a monthly installment by the due date. When management believes there is sufficient doubt as to the collectibility of principal or interest on any loan or generally when loans are 90 days or more past due, the accrual of applicable interest is discontinued and the loan is designated as nonaccrual, unless the loan is well secured and in the process of collection. Interest payments received on nonaccrual loans are either applied against principal or reported as income, according to management’s judgment as to the collectibility of principal. Loans are returned to an accrual status when factors indicating doubtful collectibility on a timely basis no longer exist. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Loans Modified in a Troubled Debt Restructuring (TDR) Loans are considered to have been modified in a TDR when, due to a borrower’s financial difficulty, the Company makes certain concessions to the borrower that it would not otherwise consider for new debt with similar risk characteristics. Modifications may include interest rate reductions, principal or interest forgiveness, forbearance, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of the collateral. Generally, a nonaccrual loan that has been modified in a TDR remains on nonaccrual status for a period of six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual status. Once a loan is modified in a troubled debt restructuring, it is accounted for as an impaired loan, regardless of its accrual status, until the loan is paid in full, sold or charged off. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | llowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. The allowance consists of specific, historical and general components. The specific component relates to loans that are classified as either doubtful, substandard or special mention. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. The historical component covers nonclassified loans and is based on historical loss experience adjusted for qualitative factors. A general component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The general component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and historical losses in the portfolio. General valuation allowances are based on internal and external qualitative risk factors such as (1) changes in lending policies and procedures, including changes in underwriting standards and collections, charge offs, and recovery practices, (2) changes in international, national, regional, and local conditions, (3) changes in the nature and volume of the portfolio and terms of loans, (4) changes in the experience, depth, and ability of lending management, (5) changes in the volume and severity of past due loans and other similar conditions, (6) changes in the quality of the organization's loan review system, (7) changes in the value of underlying collateral for collateral dependent loans, (8) the existence and effect of any concentrations of credit and changes in the levels of such concentrations, and (9) the effect of other external factors (i.e. competition, legal and regulatory requirements) on the level of estimated credit losses. Loans identified as losses by management, internal loan review and/or Bank examiners are charged off. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. A significant portion of the Company’s impaired loans are deemed to be collateral dependent. Management therefore measures impairment on these loans based on the fair value of the collateral. Collateral values are determined based on appraisals performed by qualified licensed appraisers hired by the Company or by senior members of the Company’s credit administration staff. The decision whether to obtain an external third-party appraisal usually depends on the type of property being evaluated. External appraisals are usually obtained on more complex, income producing properties such as hotels, shopping centers and businesses. Less complex properties such as residential lots, farm land and single family houses may be evaluated internally by senior credit administration staff. When the Company does obtain appraisals from external third-parties, the values utilized in the impairment calculation are “as is” or current market values. The appraisals, whether prepared internally or externally, may utilize a single valuation approach or a combination of approaches including the comparable sales, income and cost approach. Appraised amounts used in the impairment calculation are typically discounted 10 percent to account for selling and marketing costs, if the repayment of the loan is to come from the sale of the collateral. Although appraisals may not be obtained each year on all impaired loans, the collateral values used in the impairment calculations are evaluated quarterly by management. Based on management’s knowledge of the collateral and the current real estate market conditions, appraised values may be further discounted to reflect facts and circumstances known to management since the initial appraisal was performed. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a level 3 classification of the inputs for determining fair value. Because of the high degree of judgment required in estimating the fair value of collateral underlying impaired loans and because of the relationship between fair value and general economic conditions, we consider the fair value of impaired loans to be highly sensitive to changes in market conditions. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment are recorded at acquisition cost net of accumulated depreciation. Depreciation is charged to operations over the estimated useful lives of the assets. The estimated useful lives and methods of depreciation are as follows: Description Life in Years Method Banking Premises 15-40 Straight-Line and Accelerated Furniture and Equipment 5-10 Straight-Line and Accelerated Expenditures for major renewals and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. When property and equipment are retired or sold, the cost and accumulated depreciation are removed from the respective accounts and any gain or loss is reflected in other income or expense. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets consist of core deposit intangibles acquired in connection with a business combination. The core deposit intangible is initially recognized based on an independent valuation performed as of the consummation date. The core deposit intangible is amortized by the straight-line method over the average remaining life of the acquired customer deposits. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Statement of Cash Flows For reporting cash flows, cash and cash equivalents include cash on hand, noninterest-bearing amounts due from banks, federal funds sold and securities purchased under agreement to resell. Cash flows from demand deposits, interest-bearing checking accounts, savings accounts, loans and certificates of deposit are reported net. |
Marketable Securities, Trading Securities, Policy [Policy Text Block] | Securities Purchased Under Agreement to Resell and Securities Sold Under Agreements to Repurchase The Company purchases certain securities under agreements to resell. The amounts advanced under these agreements represent short-term loans and are reflected as assets in the consolidated balance sheets. The Company sells securities under agreements to repurchase. These repurchase agreements are treated as borrowings. The obligations to repurchase securities sold are reflected as a liability and the securities underlying the agreements are reflected as assets in the consolidated balance sheets. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs The Company expenses the cost of advertising in the periods in which those costs are incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes is based upon income for financial statement purposes, adjusted for nontaxable income and nondeductible expenses. Deferred income taxes have been provided when different accounting methods have been used in determining income for income tax purposes and for financial reporting purposes. Deferred tax assets and liabilities are recognized based on future tax consequences attributable to differences arising from the financial statement carrying values of assets and liabilities and their tax basis. The differences relate primarily to depreciable assets (use of different depreciation methods for financial statement and income tax purposes) and allowance for loan losses (use of the allowance method for financial statement purposes and the direct write-off method for tax purposes). In the event of changes in the tax laws, deferred tax assets and liabilities are adjusted in the period of the enactment of those changes, with effects included in the income tax provision. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company and its subsidiary file a consolidated federal income tax return. The subsidiary pays its proportional share of federal income taxes to the Company based on its taxable income. The Company’s federal and state income tax returns for tax years 2015, 2014, 2013 and 2012 are subject to examination by the Internal Revenue Service (IRS) and the Georgia Department of Revenue, generally for three years after filing. Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. Uncertain tax positions are initially recognized in the consolidated financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company provides for interest and, in some cases, penalties on tax positions that may be challenged by the taxing authorities. Interest expense is recognized beginning in the first period that such interest would begin accruing. Penalties are recognized in the period that the Company claims the position in the tax return. Interest and penalties on income tax uncertainties are classified within income tax expense in the consolidated statements of operations. |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Other real estate generally represents real estate acquired through foreclosure and is initially recorded at estimated fair value at the date of acquisition less the cost of disposal. Losses from the acquisition of property in full or partial satisfaction of debt are recorded as loan losses. Properties are evaluated regularly to ensure the recorded amounts are supported by current fair values, and valuation allowances are recorded as necessary to reduce the carrying amount to fair value less estimated cost of disposal. Routine holding costs and gains or losses upon disposition are included in foreclosed property expense. |
Bank Owned Life Insurance [Policy Text Block] | Bank-Owned Life Insurance The Company has purchased life insurance on the lives of certain key members of management and directors. The life insurance policies are recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement, if applicable. Increases in the cash surrender value are recorded as other income in the consolidated statements of income. The cash surrender value of the insurance contracts is recorded in other assets on the consolidated balance sheets in the amount of $14,829,861 and $14,530,851 as of December 31, 2015 and 2014, respectively. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Certain changes in assets and liabilities, such as unrealized gains and losses on securities available for sale, represent equity changes from economic events of the period other than transactions with owners. Such items are considered components of other comprehensive income (loss). Accounting standards codification requires the presentation in the consolidated financial statements of net income and all items of other comprehensive income (loss) as total comprehensive income (loss). |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, commercial letters of credit and standby letters of credit. Such financial instruments are recorded on the consolidated balance sheets when they are funded. |
New Accounting Pronouncements, Policy [Policy Text Block] | Changes in Accounting Principles and Effects of New Accounting Pronouncements Accounting Standards Update (ASU) 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . ASU 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items . ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2016-1, “No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. available-for-sale. ASU 2016-1 will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of the pending adoption of ASU 2016-1 on the consolidated financial statements. |
Note 1 - Summary of Significa31
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives and Methods of Depreciation [Table Text Block] | Description Life in Years Method Banking Premises 15-40 Straight-Line and Accelerated Furniture and Equipment 5-10 Straight-Line and Accelerated |
Note 2 - Cash and Balances Du32
Note 2 - Cash and Balances Due from Banks (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Investments [Table Text Block] | 20 15 2014 Cash on Hand and Cash Items $ 9,061,678 $ 9,974,663 Noninterest-Bearing Deposits with Other Banks 13,194,968 14,498,207 $ 22,256,646 $ 24,472,870 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale U.S. Government Agencies Mortgage-Backed $ 297,778,875 $ 62,815 $ (6,791,837 ) $ 291,049,853 State, County and Municipal 5,089,137 30,542 (20,233 ) 5,099,446 $ 302,868,012 $ 93,357 $ (6,812,070 ) $ 296,149,299 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale U.S. Government Agencies Mortgage-Backed $ 278,419,055 $ 155,902 $ (7,511,288 ) $ 271,063,669 State, County and Municipal 3,516,400 27,181 (12,664 ) 3,530,917 $ 281,935,455 $ 183,083 $ (7,523,952 ) $ 274,594,586 Securities Held to Maturity State, County and Municipal $ 29,796 $ 127 $ - $ 29,923 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities for Sale Amortized Cost Fair Value Due in One Year or Less $ 330,531 $ 331,818 Due After One Year Through Five Years 770,079 773,706 Due After Five Years Through Ten Years 2,492,993 2,517,901 Due After Ten Years 1,495,534 1,476,021 5,089,137 5,099,446 Mortgage-Backed Securities 297,778,875 291,049,853 $ 302,868,012 $ 296,149,299 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses December 31, 2015 U.S. Government Agencies Mortgage-Backed $ 139,765,025 $ (1,270,011 ) $ 139,720,125 $ (5,521,826 ) $ 279,485,150 $ (6,791,837 ) State, County and Municipal 1,034,613 (20,233 ) - - 1,034,613 (20,233 ) $ 140,799,638 $ (1,290,244 ) $ 139,720,125 $ (5,521,826 ) $ 280,519,763 $ (6,812,070 ) December 31, 2014 U.S. Government Agencies Mortgage-Backed $ 66,609,319 $ (396,896 ) $ 183,645,552 $ (7,114,392 ) $ 250,254,871 $ (7,511,288 ) State, County and Municipal - - 1,379,547 (12,664 ) 1,379,547 (12,664 ) $ 66,609,319 $ (396,896 ) $ 185,025,099 $ (7,127,056 ) $ 251,634,418 $ (7,523,952 ) |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 20 15 2014 Commercial and Agricultural Commercial $ 47,781,689 $ 50,960,265 Agricultural 19,193,497 16,689,444 Real Estate Commercial Construction 40,106,633 51,258,970 Residential Construction 9,413,263 11,220,683 Commercial 346,262,033 332,230,847 Residential 197,002,419 203,752,620 Farmland 61,779,859 49,950,984 Consumer and Other Consumer 20,605,465 22,820,314 Other 16,490,737 7,209,682 Total Loans $ 758,635,595 $ 746,093,809 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 2015 Pass Special Mention Substandard Total Loans Commercial and Agricultural Commercial $ 44,273,407 $ 1,927,198 $ 1,581,084 $ 47,781,689 Agricultural 18,970,328 17,843 205,326 19,193,497 Real Estate Commercial Construction 36,516,165 912,295 2,678,173 40,106,633 Residential Construction 9,413,263 - - 9,413,263 Commercial 320,566,237 13,652,416 12,043,380 346,262,033 Residential 177,054,188 8,545,942 11,402,289 197,002,419 Farmland 56,798,365 929,814 4,051,680 61,779,859 Consumer and Other Consumer 20,037,996 156,739 410,730 20,605,465 Other 16,465,593 636 24,508 16,490,737 Total Loans $ 700,095,542 $ 26,142,883 $ 32,397,170 $ 758,635,595 2014 Commercial and Agricultural Commercial $ 46,230,110 $ 2,905,361 $ 1,824,794 $ 50,960,265 Agricultural 16,504,404 27,101 157,939 16,689,444 Real Estate Commercial Construction 45,063,306 1,740,488 4,455,176 51,258,970 Residential Construction 11,220,683 - - 11,220,683 Commercial 309,828,039 11,220,166 11,182,642 332,230,847 Residential 180,549,640 10,582,704 12,620,276 203,752,620 Farmland 47,548,106 414,521 1,988,357 49,950,984 Consumer and Other Consumer 22,114,932 248,997 456,385 22,820,314 Other 7,012,405 - 197,277 7,209,682 Total Loans $ 686,071,625 $ 27,139,338 $ 32,882,846 $ 746,093,809 |
Past Due Financing Receivables [Table Text Block] | Accruing Loans 2015 30-89 Days Past Due 90 Days or More Past Due Total Accruing Loans Past Due Nonaccrual Loans Current Loan s Total Loans Commercial and Agricultural Commercial $ 490,727 $ - $ 490,727 $ 576,940 $ 46,714,022 $ 47,781,689 Agricultural 71,416 - 71,416 178,021 18,944,060 19,193,497 Real Estate Commercial Construction 90,163 - 90,163 1,642,666 38,373,804 40,106,633 Residential Construction - - - - 9,413,263 9,413,263 Commercial 6,031,257 - 6,031,257 7,564,691 332,666,085 346,262,033 Residential 3,682,509 - 3,682,509 3,163,571 190,156,339 197,002,419 Farmland 122,696 - 122,696 1,103,354 60,553,809 61,779,859 Consumer and Other Consumer 469,839 7,799 477,638 178,336 19,949,491 20,605,465 Other 636 - 636 100 16,490,001 16,490,737 Total Loans $ 10,959,243 $ 7,799 $ 10,967,042 $ 14,407,679 $ 733,260,874 $ 758,635,595 2014 Commercial and Agricultural Commercial $ 872,321 $ - $ 872,321 $ 405,398 $ 49,682,546 $ 50,960,265 Agricultural - - - 44,605 16,644,839 16,689,444 Real Estate Commercial Construction 141,850 - 141,850 3,251,290 47,865,830 51,258,970 Residential Construction - - - - 11,220,683 11,220,683 Commercial 2,309,114 - 2,309,114 5,325,047 324,596,686 332,230,847 Residential 5,782,701 - 5,782,701 7,461,507 190,508,412 203,752,620 Farmland 281,967 - 281,967 1,449,226 48,219,791 49,950,984 Consumer and Other Consumer 313,424 6,642 320,066 201,695 22,298,553 22,820,314 Other - - - 195,497 7,014,185 7,209,682 Total Loans $ 9,701,377 $ 6,642 $ 9,708,019 $ 18,334,265 $ 718,051,525 $ 746,093,809 |
Impaired Financing Receivables [Table Text Block] | Unpaid Contractual Principal Balance Impaired Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Collected With No Related Allowance Recorded Commercial $ 454,423 $ 454,013 - $ 534,814 $ 17,259 $ 21,253 Agricultural 195,654 178,021 - 163,078 (9,957 ) 10,334 Commercial Construction 6,887,522 1,896,938 - 2,867,061 25,788 27,007 Commercial Real Estate 15,569,340 15,122,486 - 15,430,252 529,376 530,699 Residential Real Estate 5,429,121 4,575,547 - 4,715,162 175,484 159,148 Farmland 1,104,887 1,103,353 - 1,339,863 583 2,076 Consumer 179,908 178,435 - 190,566 13,745 14,907 Other - - - 48,438 - - $ 29,820,855 $ 23,508,793 - $ 25,289,234 $ 752,278 $ 765,424 With An Allowance Recorded Commercial $ 122,928 $ 122,928 $ 94,538 $ 99,749 $ 2,275 $ 2,438 Agricultural - - - - - - Commercial Construction 76,644 76,644 25,344 92,200 375 375 Commercial Real Estate 8,969,329 8,955,503 1,607,962 6,673,087 213,693 208,657 Residential Real Estate 1,083,127 1,075,367 308,188 1,088,380 16,380 15,873 Farmland 387,968 387,969 37,386 391,060 20,880 20,954 Consumer - - - - - - Other - - - - - - $ 10,639,996 $ 10,618,411 $ 2,073,418 $ 8,344,476 $ 253,603 $ 248,297 Total Commercial $ 577,351 $ 576,941 $ 94,538 $ 634,563 $ 19,534 $ 23,691 Agricultural 195,654 178,021 - 163,078 (9,957 ) 10,334 Commercial Construction 6,964,166 1,973,582 25,344 2,959,261 26,163 27,382 Commercial Real Estate 24,538,669 24,077,989 1,607,962 22,103,339 743,069 739,356 Residential Real Estate 6,512,248 5,650,914 308,188 5,803,542 191,864 175,021 Farmland 1,492,855 1,491,322 37,386 1,730,923 21,463 23,030 Consumer 179,908 178,435 - 190,566 13,745 14,907 Other - - - 48,438 - - $ 40,460,851 $ 34,127,204 $ 2,073,418 $ 33,633,710 $ 1,005,881 $ 1,013,721 Unpaid Contractual Principal Balance Impaired Balance Related Allowance Average Recorded Investment I nterest Income Recognized Interest Income Collected With No Related Allowance Recorded Commercial $ 310,447 $ 308,817 $ - $ 679,267 $ 9,248 $ 17,973 Agricultural 50,163 44,605 - 50,959 (6,029 ) 3,000 Commercial Construction 9,573,141 3,463,502 - 3,376,033 13,111 12,833 Commercial Real Estate 17,129,876 16,227,379 - 18,350,015 462,355 474,936 Residential Real Estate 9,136,987 7,600,073 - 5,690,573 312,024 306,859 Farmland 1,450,759 1,449,226 - 949,003 (8,518 ) 17,273 Consumer 201,695 201,695 - 211,775 14,455 15,495 Other 206,894 195,497 - 197,519 5,874 10,677 38,059,962 29,490,794 - 29,505,144 802,520 859,046 With An Allowance Recorded Commercial 96,580 96,580 96,580 419,464 (299 ) - Agricultural - - - - - - Commercial Construction 207,308 136,369 53,947 1,528,817 375 375 Commercial Real Estate 6,135,238 6,135,238 456,941 6,415,086 60,629 50,468 Residential Real Estate 2,072,919 2,065,158 414,684 1,829,102 84,177 86,472 Farmland 396,048 396,048 28,962 529,555 13,077 12,210 Consumer - - - - - - Other - - - - - - 8,908,093 8,829,393 1,051,114 10,722,024 157,959 149,525 Total Commercial 407,027 405,397 96,580 1,098,731 8,949 17,973 Agricultural 50,163 44,605 - 50,959 (6,029 ) 3,000 Commercial Construction 9,780,449 3,599,871 53,947 4,904,850 13,486 13,208 Commercial Real Estate 23,265,114 22,362,617 456,941 24,765,101 522,984 525,404 Residential Real Estate 11,209,906 9,665,231 414,684 7,519,675 396,201 393,331 Farmland 1,846,807 1,845,274 28,962 1,478,558 4,559 29,483 Consumer 201,695 201,695 - 211,775 14,455 15,495 Other 206,894 195,497 - 197,519 5,874 10,677 $ 46,968,055 $ 38,320,187 $ 1,051,114 $ 40,227,168 $ 960,479 $ 1,008,571 Unpaid Contractual Principal Balance Impaired Balance Related Allowance Average Recorded Investment Interest Income Recognized I nterest Income Collected With No Related Allowance Recorded Commercial $ 305,272 $ 305,272 $ - $ 216,057 $ 24,494 $ 25,193 Agricultural - - - 9,803 - - Commercial Construction 7,856,411 4,750,157 - 4,105,370 34,908 41,164 Commercial Real Estate 20,120,403 19,252,946 - 13,198,988 493,940 503,392 Residential Real Estate 7,836,718 6,361,592 - 4,564,666 224,439 209,330 Farmland 302,629 302,629 - 1,858,654 803 869 Consumer 313,194 307,456 - 252,944 18,469 21,109 Other 9,146 9,146 - 2,287 556 575 36,743,773 31,289,198 - 24,208,769 797,609 801,632 With An Allowance Recorded Commercial 1,452,798 1,452,798 433,714 1,689,125 14,845 20,748 Agricultural - - - - - - Commercial Construction 5,922,674 3,471,587 830,546 5,025,176 (159 ) - Commercial Real Estate 5,874,473 5,874,473 423,685 11,072,314 157,536 148,495 Residential Real Estate 1,949,301 1,849,301 526,005 3,661,706 25,739 24,414 Farmland 1,326,982 1,326,982 85,500 663,903 44,638 46,930 Consumer - - - - - - Other - - - - - - 16,526,228 13,975,141 2,299,450 22,112,224 242,599 240,587 Total Commercial 1,758,070 1,758,070 433,714 1,905,182 39,339 45,941 Agricultural - - - 9,803 - - Commercial Construction 13,779,085 8,221,744 830,546 9,130,546 34,749 41,164 Commercial Real Estate 25,994,876 25,127,419 423,685 24,271,302 651,476 651,887 Residential Real Estate 9,786,019 8,210,893 526,005 8,226,372 250,178 233,744 Farmland 1,629,611 1,629,611 85,500 2,522,557 45,441 47,799 Consumer 313,194 307,456 - 252,944 18,469 21,109 Other 9,146 9,146 - 2,287 556 575 $ 53,270,001 $ 45,264,339 $ 2,299,450 $ 46,320,993 $ 1,040,208 $ 1,042,219 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Troubled Debt Restructurings 201 5 # of Contracts Pre-Modification Post-Modification Commercial Real Estate 1 $ 513,868 $ 505,978 Residential Real Estate 2 1,106,345 1,035,590 Total Loans 3 $ 1,620,213 $ 1,541,568 2014 Farmland 1 $ 400,778 $ 400,778 Commercial Construction 1 349,976 349,976 Commercial Real Estate 1 1,771,395 1,775,407 Residential Real Estate 1 49,194 49,194 Total Loans 4 $ 2,571,343 $ 2,575,355 2013 Commercial 1 $ 83,748 $ 81,277 Commercial Construction 2 228,633 225,959 Commercial Real Estate 1 225,852 225,852 Residential Real Estate 4 1,885,700 1,764,399 Total Loans 8 $ 2,423,933 $ 2,297,487 |
Troubled Debt Restructurings That Subsequently Defaulted [Table Text Block] | 201 5 2014 2013 # of Contracts Recorded Investment # of Contracts Recorded Investment # of Contracts Recorded Investment Commercial - $ - - $ - 1 $ 81,277 Total Loans - $ - - $ - 1 $ 81,277 |
Note 5 - Allowance for Loan L35
Note 5 - Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Changes in the Allowance for Loan Losses [Table Text Block] | 201 5 2014 2013 Balance, Beginning of Year $ 8,802,316 $ 11,805,986 $ 12,736,921 Provision for Loan Losses 865,500 1,308,000 4,485,000 Loans Charged Off (2,083,347 ) (5,104,491 ) (6,227,716 ) Recoveries of Loans Previously Charged Off 1,019,436 792,821 811,781 Balance, End of Year $ 8,603,905 $ 8,802,316 $ 11,805,986 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 2015 Beginning Balance Charge- O ffs Recoveries Provision Ending Balance Commercial and Agricultur al Commercial $ 497,561 $ (454,971 ) $ 52,111 $ 760,663 $ 855,364 Agricultural 304,172 (5,000 ) 3,600 (99,681 ) 203,091 Real Estate Commercial Construction 1,222,695 (97,698 ) 485,834 (920,065 ) 690,766 Residential Construction 138,092 - - (118,202 ) 19,890 Commercial 3,664,777 (275,297 ) 270,003 191,044 3,850,527 Residential 2,425,327 (929,668 ) 109,626 385,070 1,990,355 Farmland 103,800 (40,000 ) 20,000 827,892 911,692 Consumer and Other Consumer 66,914 (255,062 ) 61,976 189,549 63,377 Other 378,978 (25,651 ) 16,286 (350,770 ) 18,843 $ 8,802,316 $ (2,083,347 ) $ 1,019,436 $ 865,500 $ 8,603,905 2014 Commercial and Agricultur al Commercial $ 1,017,073 $ (624,944 ) $ 76,002 $ 29,430 $ 497,561 Agricultural 293,886 - 2,700 7,586 304,172 Real Estate Commercial Construction 1,782,179 (1,543,099 ) 485,005 498,610 1,222,695 Residential Construction 138,092 - - - 138,092 Commercial 4,379,276 (1,326,825 ) 90,042 522,284 3,664,777 Residential 3,278,269 (1,033,966 ) 31,127 149,897 2,425,327 Farmland 311,494 (233,580 ) 20,000 5,886 103,800 Consumer and Other Consumer 243,253 (342,077 ) 72,477 93,261 66,914 Other 362,464 - 15,468 1,046 378,978 $ 11,805,986 $ (5,104,491 ) $ 792,821 $ 1,308,000 $ 8,802,316 2013 Beginning Balance Charge -O ffs Recoveries Provision Ending Balance Commercial and Agricultur al Commercial $ 981,021 $ (120,690 ) $ 55,829 $ 100,913 $ 1,017,073 Agricultural 296,175 (34,502 ) 6,200 26,013 293,886 Real Estate Commercial Construction 1,890,200 (2,071,162 ) 253,459 1,709,682 1,782,179 Residential Construction 138,092 - - - 138,092 Commercial 5,162,839 (2,872,408 ) 297,984 1,790,861 4,379,276 Residential 3,405,947 (706,242 ) 64,583 513,981 3,278,269 Farmland 290,526 (20,977 ) 21,762 20,183 311,494 Consumer and Other Consumer 227,774 (397,822 ) 93,520 319,781 243,253 Other 344,347 (3,913 ) 18,444 3,586 362,464 $ 12,736,921 $ (6,227,716 ) $ 811,781 $ 4,485,000 $ 11,805,986 |
Loan Allowance by Impairment Methodology [Table Text Block] | Ending Allowance Balance Ending Loan Balance 201 5 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and Agricultural Commercial $ 94,538 $ 760,826 $ 855,364 $ 122,928 $ 47,658,761 $ 47,781,689 Agricultural - 203,091 203,091 8,445 19,185,052 19,193,497 Real Estate Commercial Construction 25,344 665,422 690,766 1,622,560 38,484,073 40,106,633 Residential Construction - 19,890 19,890 - 9,413,263 9,413,263 Commercial 1,607,962 2,242,565 3,850,527 23,628,213 322,633,820 346,262,033 Residential 308,188 1,682,167 1,990,355 3,597,386 193,405,033 197,002,419 Farmland 37,386 874,306 911,692 1,402,939 60,376,920 61,779,859 Consumer and Other Consumer - 63,377 63,377 - 20,605,465 20,605,465 Other - 18,843 18,843 - 16,490,737 16,490,737 Total End of Year Balance $ 2,073,418 $ 6,530,487 $ 8,603,905 $ 30,382,471 $ 728,253,124 $ 758,635,595 Ending Allowance Balance Ending Loan Balance 2014 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Commercial and Agricultural Commercial $ 96,580 $ 400,981 $ 497,561 $ 96,580 $ 50,863,685 $ 50,960,265 Agricultural - 304,172 304,172 - 16,689,444 16,689,444 Real Estate Commercial Construction 53,947 1,168,748 1,222,695 3,384,377 47,874,593 51,258,970 Residential Construction - 138,092 138,092 - 11,220,683 11,220,683 Commercial 456,941 3,207,836 3,664,777 21,693,061 310,537,786 332,230,847 Residential 414,684 2,010,643 2,425,327 7,559,965 196,192,655 203,752,620 Farmland 28,962 74,838 103,800 1,700,793 48,250,191 49,950,984 Consumer and Other Consumer - 66,914 66,914 - 22,820,314 22,820,314 Other - 378,978 378,978 - 7,209,682 7,209,682 Total End of Year Balance $ 1,051,114 $ 7,751,202 $ 8,802,316 $ 34,434,776 $ 711,659,033 $ 746,093,809 2013 Commercial and Agricultural Commercial $ 433,714 $ 583,359 $ 1,017,073 $ 1,542,058 $ 46,565,390 $ 48,107,448 Agricultural - 293,886 293,886 - 10,665,938 10,665,938 Real Estate Commercial Construction 830,546 951,633 1,782,179 7,971,298 44,767,485 52,738,783 Residential Construction - 138,092 138,092 - 6,549,260 6,549,260 Commercial 423,685 3,955,591 4,379,276 24,757,942 317,025,596 341,783,538 Residential 526,005 2,752,264 3,278,269 6,545,490 199,712,437 206,257,927 Farmland 85,500 225,994 311,494 1,617,206 45,417,220 47,034,426 Consumer and Other Consumer - 243,253 243,253 - 25,675,560 25,675,560 Other - 362,464 362,464 9,146 12,396,436 12,405,582 Total End of Year Balance $ 2,299,450 $ 9,506,536 $ 11,805,986 $ 42,443,140 $ 708,775,322 $ 751,218,462 |
Note 6 - Premises and Equipme36
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 20 15 2014 Land $ 9,696,723 $ 8,270,678 Building 23,927,467 23,894,943 Furniture, Fixtures and Equipment 12,154,375 12,243,988 Leasehold Improvements 993,618 990,626 Construction in Progress 1,170,050 14,090 47,942,233 45,414,325 Accumulated Depreciation (21,488,703 ) (20,453,880 ) $ 26,453,530 $ 24,960,445 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending December 31 Amount 2016 $ 91,703 2017 38,500 $ 130,203 |
Note 7 - Other Real Estate Ow37
Note 7 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Other Real Estate, Roll Forward [Table Text Block] | 201 5 2014 2013 Balance, Beginning of Year $ 10,401,832 $ 15,502,462 $ 15,940,693 Additions 7,536,165 3,852,848 10,251,006 Sales of OREO (8,054,675 ) (7,102,136 ) (7,804,080 ) Loss on Sale (591,071 ) (844,515 ) (1,563,739 ) Provision for Losses (453,148 ) (1,006,827 ) (1,321,418 ) Balance, End of Year $ 8,839,103 $ 10,401,832 $ 15,502,462 |
Note 8 - Other Intangible Ass38
Note 8 - Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Core Deposit Intangible Accumulated Amortization Net Core Deposit Intangible Core Deposit Intangible Balance, December 31, 2013 $ 1,056,693 $ (868,932 ) $ 187,761 Amortization Expense - (35,749 ) (35,749 ) Balance, December 31, 2014 1,056,693 (904,681 ) 152,012 Amortization Expense - (35,748 ) (35,748 ) Balance, December 31, 201 5 $ 1,056,693 $ (940,429 ) $ 116,264 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 20 15 2014 2013 Current Federal Expense $ 3,162,367 $ 1,335,337 $ 156,642 Deferred Federal Expense 625,436 1,932,950 2,178,222 Federal Income Tax Expense 3,787,803 3,268,287 2,334,864 Current State Income Tax Expense - - - Federal and State Income Tax Expense $ 3,787,803 $ 3,268,287 $ 2,334,864 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 20 15 2014 2013 Statutory Federal Income Taxes $ 4,134,570 $ 3,671,971 $ 2,367,729 Tax-Exempt Interest (83,903 ) (74,138 ) (104,307 ) Premiums on Officers’ Life Insurance (232,988 ) (186,712 ) (111,749 ) Meal and Entertainment Disallowance 21,600 14,044 15,319 Other (51,476 ) (156,878 ) 167,872 Actual Federal Income Taxes $ 3,787,803 $ 3,268,287 $ 2,334,864 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 20 15 2014 Deferred Tax Assets Allowance for Loan Losses $ 2,925,328 $ 2,992,787 Other Real Estate 537,914 1,178,278 Deferred Compensation 308,128 287,365 Investments 340,000 340,000 Goodwill 212,190 256,714 Other 418,165 427,924 4,741,725 5,483,068 Deferred Tax Liabilities Premises and Equipment (1,183,309 ) (1,299,216 ) Other (4,185 ) (4,185 ) (1,187,494 ) (1,303,401 ) Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses) 2,284,362 2,495,896 Net Deferred Tax Assets $ 5,838,593 $ 6,675,563 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 201 5 2014 2013 Balance, Beginning $ - $ 42,327 $ 38,676 Positions Taken During the Current Year - - 7,247 Reductions Resulting from Lapse of Statutes of Limitation - 42,327 (3,596 ) Balance, Ending $ - $ - $ 42,327 |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Components of Interest Bearing Deposits [Table Text Block] | 20 15 2014 Interest-Bearing Demand $ 412,959,430 $ 363,501,727 Savings 64,976,174 59,215,257 Time, $100,000 and Over 202,800,899 210,502,901 Other Time 196,931,462 217,743,826 $ 877,667,965 $ 850,963,711 |
Scheduled Maturities of Certificates of Deposits [Table Text Block] | Year Amount 2016 $ 287,422,547 2017 55,668,788 2018 32,350,483 2019 10,102,321 2020 and Thereafter 14,188,222 $ 399,732,361 |
Note 11 - Other Borrowed Money
Note 11 - Other Borrowed Money (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | 201 5 2014 Federal Home Loan Bank Advances $ 40,000,000 $ 40,000,000 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Amount 2018 $ 2,500,000 2019 8,000,000 2020 - 2021 and Thereafter 29,500,000 $ 40,000,000 |
Note 12 - Subordinated Debent42
Note 12 - Subordinated Debentures (Trust Preferred Securities) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Borrowing [Table Text Block] | Description Date Amount 3-M onth Rate Added Total Maturity 5 - Year Option (In Thousands) Colony Bankcorp Statutory Trust III 6/17/2004 $ 4,640 0.52575 2.68 3.20575 6/14/2034 6/17/2009 Colony Bankcorp Capital Trust I 4/13/2006 5,155 0.60670 1.50 2.10670 4/13/2036 4/13/2011 Colony Bankcorp Capital Trust II 3/12/2007 9,279 0.60310 1.65 2.25310 3/12/2037 3/12/2012 Colony Bankcorp Capital Trust III 9/14/2007 5,155 0.32190 1.40 1.72190 9/14/2037 9/14/2012 |
Note 15 - Commitments and Con43
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instrument Outstanding [Table Text Block] | Contract Amount 201 5 2014 Commitments to Extend Credit $ 67,889,000 $ 68,742,000 Standby Letters of Credit 1,588,212 1,762,000 |
Note 17 - Supplemental Cash F44
Note 17 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 201 5 2014 2013 Interest Expense $ 6,536,994 $ 7,898,543 $ 7,111,361 Income Taxes $ 4,738,000 $ 113,000 $ 173,883 |
Schedule of Other Significant Noncash Transactions [Table Text Block] | 201 5 2014 2013 Acquisitions of Real Estate Through Loan Foreclosures $ 7,536,165 $ 3,852,848 $ 10,251,006 Change in Unrealized Gain (Loss) on AFS Investment Securities $ 622,155 $ 6,409,171 $ (13,523,050 ) |
Note 18 - Related Party Trans45
Note 18 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | 20 15 2014 Balance, Beginning $ 3,233,949 $ 4,064,588 New Loans 4,900,932 6,406,713 Repayments (6,065,098 ) (7,237,352 ) Transactions Due to Changes in Directors (253,174 ) - Balance, Ending $ 1,816,609 $ 3,233,949 |
Note 19 - Fair Value of Finan46
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Tables) [Line Items] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Estimated Level 2015 Amount Fair Value 1 2 3 (in Thousands) Assets Cash and Short-Term Investments $ 60,872 $ 60,872 $ 60,872 $ - $ - Investment Securities Available for Sale 296,149 296,149 - 295,219 930 Federal Home Loan Bank Stock 2,731 2,731 2,731 - - Loans, Net 749,675 750,412 - 741,867 8,545 Bank-Owned Life Insurance 14,830 14,830 14,830 - - Liabilities Deposits 1,011,554 1,013,111 611,822 401,289 - Subordinated Debentures 24,229 24,229 - 24,229 - Other Borrowed Money 40,000 40,421 - 40,421 - 2014 Assets Cash and Short-Term Investments $ 65,811 $ 65,811 $ 65,811 $ - $ - Investment Securities Available for Sale 274,595 274,595 - 273,647 948 Investment Securities Held to Maturity 30 30 - 30 - Federal Home Loan Bank Stock 2,831 2,831 2,831 - - Loans, Net 736,930 738,948 - 731,170 7,778 Bank-Owned Life Insurance 14,531 14,531 14,531 - - Liabilities Deposits 979,303 980,874 551,057 429,817 - Subordinated Debentures 24,229 24,229 - 24,229 - Other Borrowed Money 40,000 41,962 - 41,962 - |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using 201 5 Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Securities Available for Sale U.S. Government Agencies Mortgage-Backed $ 291,049,853 $ - $ 291,049,853 $ - State, County and Municipal 5,099,446 - 4,169,135 930,311 $ 296,149,299 $ - $ 295,218,988 $ 930,311 Nonrecurring Impaired Loans $ 8,544,993 $ - $ - $ 8,544,993 Other Real Estate $ 2,535,884 $ - $ - $ 2,535,884 2014 Recurring Securities Available for Sale U.S. Government Agencies Mortgage-Backed $ 271,063,669 $ - $ 271,063,669 $ - State, County and Municipal 3,530,917 - 2,582,527 948,390 $ 274,594,586 $ - $ 273,646,196 $ 948,390 Nonrecurring Impaired Loans $ 7,778,279 $ - $ - $ 7,778,279 Other Real Estate $ 6,128,365 $ - $ - $ 6,128,365 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | December 31, 201 5 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Commercial $ 2 8 , 390 Sales Comparison Adjustment for Differences Between the Comparable Sales ( 31 . 77 )% - 3 4 . 0 0% ( 1 . 12 %) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 10.00% (5.00%) Income Approach Capitalization Rate 11 . 00 % Real Estate Commercial Construction 5 1 , 300 Sales Comparison Adjustment for Differences Between the Comparable Sales (5 .00 ) % - 99 .00% ( 47 .00%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 1 0.00% ( 5 .00%) Residential Real Estate 7 67 , 1 7 9 Sales Comparison Adjustment for Differences Between the Comparable Sales (22.00)% - 10.80% ( 5. 6 0) % Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 25 .00% (12.50%) Commercial Real Estate 7, 3 4 7, 541 Sales Comparison Adjustment for Differences Between the Comparable Sales ( 31 . 77 )% - 34 . 0 0% (1.1 2 %) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 1 0.00% ( 5 .00%) Income Approach Capitalization Rate 10 . 25 % Farmland 350 , 583 Sales Comparison Adjustment for Differences Between the Comparable Sales ( 27 .00)% - 1 5.00% ( 6 . 0 0) % Management Adjustments for Age of Appraisals and/or Current Market Conditions 1 0 .00 % - 75 . 00 % ( 42 . 50 %) Other Real Estate Owned 2 , 535 , 88 4 Sales Comparison Adjustment for Differences Between the Comparable Sales ( 50 . 8 0)% - 142 . 9 0% ( 46 .05%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 15 . 53 % - 72 . 75 % ( 43 . 37 %) Income Approach Discount Rate 12.50% December 31, 2014 Valuation Techniques Unobservable Inputs Range (Weighted Avg) Impaired Loans Commercial Construction $ 82,422 Sales Comparison Adjustment for Differences Between the Comparable Sales (22.00)% - 38.10% (8.05%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 10.00% (5.00%) Residential Real Estate 1,650,474 Sales Comparison Adjustment for Differences Between the Comparable Sales (2.30)% - 191.70% (94.70%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 10.00% (5.00%) Income Approach Capitalization Rate 13.75% Commercial Real Estate 5,678,297 Sales Comparison Adjustment for Differences Between the Comparable Sales 0.00% - 0.00% (0.00%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.00% - 90.00% (45.00%) Income Approach Capitalization Rate 11.00% Farmland 367,086 Sales Comparison Adjustment for Differences Between the Comparable Sales (8.30)% - 252.50% (122.10%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 10.00% - 50.00% (30.00%) Other Real Estate Owned 6,128,365 Sales Comparison Adjustment for Differences Between the Comparable Sales (40.00)% - 45.00% (2.50%) Management Adjustments for Age of Appraisals and/or Current Market Conditions 0.33% - 69.36% (31.88%) Income Approach Discount Rate 9.00% Capitalization Rate 10.00% |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Available for Sale Securities 201 5 2014 2013 Balance, Beginning $ 948,390 $ 941,265 $ 1,138,238 Transfers into Level 3 - - - Transfers out of Level 3 - - (41,908 ) Securities Purchased During the Year - - - Securities Called During the Year - - - Loss on OTTI Impairment Included in Noninterest Income - - (366,623 ) Unrealized Gains(Losses) Included in Other Comprehensive Income (18,079 ) 7,125 211,558 Balance, Ending $ 930,311 $ 948,390 $ 941,265 |
Fair Value, Inputs, Level 3 [Member] | |
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Tables) [Line Items] | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | December 31, 2015 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Avg) State, County and Municipal $ 930,311 Discounted Cash Flow Discount Rate N/A* December 31, 2014 State, County and Municipal $ 948,390 Discounted Cash Flow Discount Rate or Yield N/A* |
Note 20 - Regulatory Capital 47
Note 20 - Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Purposes To Be Well Under Corrective Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 (In Thousands) Total Capital to Risk-Weighted Assets Consolidated $ 131,948 16.60 % $ 63,602 8.00 % N/A N/A Colony Bank 126,939 15.99 63,500 8.00 $ 79,375 10.00 % Tier I Capital to Risk-Weighted Assets Consolidated 123,344 15.51 47,702 6.00 N/A N/A Colony Bank 118,335 14.91 47,625 6.00 63,500 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 81,823 10.29 35,776 4.50 N/A N/A Colony Bank 118,335 14.91 35,719 4.50 51,594 6.50 Tier I Capital to Average Assets Consolidated 123,344 10.69 46,149 4.00 N/A N/A Colony Bank 118,335 10.27 46,074 4.00 57,592 5.00 As of December 31, 2014 Total Capital to Risk-Weighted Assets Consolidated $ 136,022 17.95 % $ 60,639 8.00 % N/A N/A Colony Bank 127,833 16.89 60,542 8.00 $ 75,678 10.00 % Tier I Capital to Risk-Weighted Assets Consolidated 127,220 16.78 30,320 4.00 N/A N/A Colony Bank 119,031 15.73 30,271 4.00 45,407 6.00 Tier I Capital to Average Assets Consolidated 127,220 11.18 45,509 4.00 N/A N/A Colony Bank 119,031 10.50 45,364 4.00 56,705 5.00 |
Note 21 - Financial Informati48
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | ASSETS 20 15 2014 Cash $ 4,100,860 $ 5,750,652 Premises and Equipment, Net 1,134,524 1,199,639 Investment in Subsidiary, at Equity 114,677,455 115,066,948 Other 170,801 1,708,380 Total Assets $ 120,083,640 $ 123,725,619 LIABILITIES AND STOCKHOLDERS ’ EQUITY Liabilities Dividends Payable $ 202,736 $ 315,000 Other 195,282 154,307 398,018 469,307 Subordinated Debt 24,229,000 24,229,000 Stockholders ’ Equity Preferred Stock, Stated Value $1,000; Authorized 10,000,000 Shares, Issued 18,021 and 28,000 Shares as of December 31, 2015 and 2014 18,021,000 28,000,000 Common Stock, Par Value $1; Authorized 20,000,000 Shares, Issued 8,439,258 8,439,258 8,439,258 Paid-In Capital 29,145,094 29,145,094 Retained Earnings 44,285,621 38,287,934 Accumulated Other Comprehensive Loss, Net of Tax (4,434,351 ) (4,844,974 ) 95,456,622 99,027,312 Total Liabilities and Stockholders ’ Equity $ 120,083,640 $ 123,725,619 |
Condensed Income Statement [Table Text Block] | 20 15 2014 2013 Income Dividends from Subsidiary $ 10,015,147 $ 12,015,572 $ 1,515,549 Management Fees 581,334 581,334 581,334 Other 112,876 100,269 96,953 $ 10,709,357 $ 12,697,175 2,193,836 Expenses Interest 503,286 517,381 516,641 Amortization - 938 2,250 Salaries and Employee Benefits 811,150 782,152 748,149 Other 666,872 538,847 543,139 1,981,308 1,839,318 1,810,179 Income Before Taxes and Equity in Undistributed Earnings of Subsidiary 8,728,049 10,857,857 383,657 Income Tax Benefits 444,764 396,738 406,518 Income Before Equity in Undistributed Earnings of Subsidiary 9,172,813 11,254,595 790,175 Dividends Received in Excess of Earnings of Subsidiary (800,116 ) (3,722,970 ) - Equity in Undistributed Earnings of Subsidiary - - 3,838,870 Net Income 8,372,697 7,531,625 4,629,045 Preferred Stock Dividends 2,375,010 2,688,604 1,508,761 Net Income Available to Common Stockholders $ 5,997,687 $ 4,843,021 $ 3,120,284 |
Condensed Statement of Comprehensive Income [Table Text Block] | 20 15 2014 2013 Net Income $ 8,372,697 $ 7,531,625 $ 4,629,045 Other Comprehensive Income (Loss) Gains (Losses) on Securities Arising During the Year 610,689 6,432,906 (13,886,854 ) Tax Effect (207,634 ) (2,187,189 ) 4,721,531 Realized Gains (Losses) on Sale of AFS Securities 11,466 (23,735 ) (2,819 ) Tax Effect (3,898 ) 8,070 959 Impairment Loss on Securities - - 366,623 Tax Effect - - (124,652 ) Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects 410,623 4,230,052 (8,925,212 ) Comprehensive Income (Loss) $ 8,783,320 $ 11,761,677 $ (4,296,167 ) |
Condensed Cash Flow Statement [Table Text Block] | 20 15 2014 2013 Cash Flows from Operating Activities Net Income $ 8,372,697 $ 7,531,625 $ 4,629,045 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation and Amortization 73,999 75,347 80,711 Equity in Undistributed Earnings of Subsidiary 800,116 3,722,970 (3,838,870 ) Change in Interest Payable 23,072 (1,069,695 ) 516,641 Other 1,555,482 (437,115 ) (390,962 ) 10,825,366 9,823,132 996,565 Cash Flows from Investing Activities Purchases of Premises and Equipment (8,884 ) (2,020 ) (68,708 ) Cash Flows from Financing Activities Dividends Paid on Preferred Stock (2,487,274 ) (5,492,749 ) - Redemption of Preferred Stock (9,979,000 ) - - (12,466,274 ) (5,492,749 ) - Increase (Decrease) in Cash (1,649,792 ) 4,328,363 927,857 Cash and Cash Equivalents, Beginning 5,750,652 1,422,289 494,432 Cash and Cash Equivalents, Ending $ 4,100,860 $ 5,750,652 $ 1,422,289 |
Note 22 - Earnings Per Share (T
Note 22 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2015 2014 2013 Numerator Net Income Available to Common Stockholders $ 5,997,687 $ 4,843,021 $ 3,120,284 Denominator Weighted Average Number of Common Shares Outstanding for Basic Earnings Per Common Share 8,439,258 8,439,258 8,439,258 Dilutive Effect of Potential Common Stock Restricted Stock - - - Stock Warrants 19,203 - - Weighted-Average Number of Shares Outstanding for Diluted Earnings Per Common Share 8,458,461 8,439,258 8,439,258 Earnings Per Share - Basic $ 0.71 $ 0.57 $ 0.37 Earnings Per Share - Diluted $ 0.71 $ 0.57 $ 0.37 |
Note 1 - Summary of Significa50
Note 1 - Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Percentage of Loan Portfolio Concentrated in Loans Secured by Real Estate | 86.00% | |
Discounted Percentage for Selling and Marketing Cost | 10.00% | |
Other Assets [Member] | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Cash Surrender Value of Life Insurance | $ 14,829,861 | $ 14,530,851 |
Note 1 - Summary of Significa51
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives and Methods of Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
Banking Premises [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives and Methods of Depreciation [Line Items] | |
Property, plant and equipment, depreciation method | Straight-Line and Accelerated |
Furniture and Equipment [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives and Methods of Depreciation [Line Items] | |
Property, plant and equipment, depreciation method | Straight-Line and Accelerated |
Minimum [Member] | Banking Premises [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives and Methods of Depreciation [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Minimum [Member] | Furniture and Equipment [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives and Methods of Depreciation [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Maximum [Member] | Banking Premises [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives and Methods of Depreciation [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Maximum [Member] | Furniture and Equipment [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives and Methods of Depreciation [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Note 2 - Cash and Balances Du52
Note 2 - Cash and Balances Due from Banks (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||
Cash Reserve Deposit Required and Made | $ 1,275,000 | $ 1,278,000 |
Note 2 - Cash and Balances Du53
Note 2 - Cash and Balances Due from Banks (Details) - Cash and Balances Due from Banks - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Balances Due from Banks [Abstract] | ||
Cash on Hand and Cash Items | $ 9,061,678 | $ 9,974,663 |
Noninterest-Bearing Deposits with Other Banks | 13,194,968 | 14,498,207 |
$ 22,256,646 | $ 24,472,870 |
Note 3 - Investment Securitie54
Note 3 - Investment Securities (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from Sale of Available-for-sale Securities | $ 28,273,634 | $ 13,620,956 | $ 72,672,795 |
Available-for-sale Securities, Gross Realized Gains | 207,896 | 67,601 | 442,124 |
Available-for-sale Securities, Gross Realized Losses | 196,316 | 45,666 | 805,928 |
Held-to-maturity Securities, Sold Security, Realized Gain (Loss) | (23,046) | 1,800 | |
Security Owned and Pledged as Collateral, Fair Value | $ 133,754,087 | $ 135,531,563 | |
Depreciated Debt Securities With Unrealized Losses | 2.37% | ||
Number of Asset-backed Securities Owned | 1 | ||
Number of Issuance of Trust Preferred Security | 1 | ||
Other than Temporary Impairment Losses, Investments | $ 366,623 |
Note 3 - Investment Securitie55
Note 3 - Investment Securities (Details) - Investment Securities - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Government Agencies | ||
Available for sale securities, amortized cost | $ 302,868,012 | $ 281,935,455 |
Available for sale securities, gross unrealized gains | 93,357 | 183,083 |
Available for sale securities, gross unrealized losses | (6,812,070) | (7,523,952) |
Available for sale securities, fair value | 296,149,299 | 274,594,586 |
Securities Held to Maturity | ||
State, County and Municipal | 29,796 | |
State, County and Municipal | 29,923 | |
US Government Agencies Debt Securities [Member] | ||
U.S. Government Agencies | ||
Available for sale securities, amortized cost | 297,778,875 | 278,419,055 |
Available for sale securities, gross unrealized gains | 62,815 | 155,902 |
Available for sale securities, gross unrealized losses | (6,791,837) | (7,511,288) |
Available for sale securities, fair value | 291,049,853 | 271,063,669 |
US States and Political Subdivisions Debt Securities [Member] | ||
U.S. Government Agencies | ||
Available for sale securities, amortized cost | 5,089,137 | 3,516,400 |
Available for sale securities, gross unrealized gains | 30,542 | 27,181 |
Available for sale securities, gross unrealized losses | (20,233) | (12,664) |
Available for sale securities, fair value | $ 5,099,446 | 3,530,917 |
Securities Held to Maturity | ||
State, County and Municipal | 29,796 | |
State, County and Municipal | 127 | |
State, County and Municipal | 0 | |
State, County and Municipal | $ 29,923 |
Note 3 - Investment Securitie56
Note 3 - Investment Securities (Details) - Amortized Cost and Fair Value of Investment Securities by Contractual Maturity | Dec. 31, 2015USD ($) |
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity [Abstract] | |
Due in One Year or Less | $ 330,531 |
Due in One Year or Less | 331,818 |
Due After One Year Through Five Years | 770,079 |
Due After One Year Through Five Years | 773,706 |
Due After Five Years Through Ten Years | 2,492,993 |
Due After Five Years Through Ten Years | 2,517,901 |
Due After Ten Years | 1,495,534 |
Due After Ten Years | 1,476,021 |
5,089,137 | |
5,099,446 | |
Mortgage-Backed Securities | 297,778,875 |
Mortgage-Backed Securities | 291,049,853 |
302,868,012 | |
$ 296,149,299 |
Note 3 - Investment Securitie57
Note 3 - Investment Securities (Details) - Investment Securities in a Continuous Unrealized Loss Position - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Government Agencies | ||
Continous unrealized loss, less than 12 months, fair value | $ 140,799,638 | $ 66,609,319 |
Continous unrealized loss, less than 12 months, gross unrealized losses | (1,290,244) | (396,896) |
Continous unrealized loss, greater than 12 months, fair value | 139,720,125 | 185,025,099 |
Continous unrealized loss, greater than 12 months, gross unrealized losses | (5,521,826) | (7,127,056) |
Continous unrealized loss, fair value | 280,519,763 | 251,634,418 |
Continous unrealized loss, gross unrealized losses | (6,812,070) | (7,523,952) |
US Government Agencies Debt Securities [Member] | ||
U.S. Government Agencies | ||
Continous unrealized loss, less than 12 months, fair value | 139,765,025 | 66,609,319 |
Continous unrealized loss, less than 12 months, gross unrealized losses | (1,270,011) | (396,896) |
Continous unrealized loss, greater than 12 months, fair value | 139,720,125 | 183,645,552 |
Continous unrealized loss, greater than 12 months, gross unrealized losses | (5,521,826) | (7,114,392) |
Continous unrealized loss, fair value | 279,485,150 | 250,254,871 |
Continous unrealized loss, gross unrealized losses | (6,791,837) | (7,511,288) |
US States and Political Subdivisions Debt Securities [Member] | ||
U.S. Government Agencies | ||
Continous unrealized loss, less than 12 months, fair value | 1,034,613 | |
Continous unrealized loss, less than 12 months, gross unrealized losses | (20,233) | |
Continous unrealized loss, greater than 12 months, fair value | 1,379,547 | |
Continous unrealized loss, greater than 12 months, gross unrealized losses | (12,664) | |
Continous unrealized loss, fair value | 1,034,613 | 1,379,547 |
Continous unrealized loss, gross unrealized losses | $ (20,233) | $ (12,664) |
Note 4 - Loans (Details)
Note 4 - Loans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 418,400 | $ 591,900 | $ 968,700 |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 81,277 |
Note 4 - Loans (Details) - Loan
Note 4 - Loans (Details) - Loans Segregated by Class of Loans - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Commercial and Agricultural | |||
Loans receivable | $ 758,635,595 | $ 746,093,809 | $ 751,218,462 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
Commercial and Agricultural | |||
Loans receivable | 47,781,689 | 50,960,265 | 48,107,448 |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | |||
Commercial and Agricultural | |||
Loans receivable | 19,193,497 | 16,689,444 | 10,665,938 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Commercial and Agricultural | |||
Loans receivable | 346,262,033 | 332,230,847 | 341,783,538 |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Commercial and Agricultural | |||
Loans receivable | 40,106,633 | 51,258,970 | 52,738,783 |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | |||
Commercial and Agricultural | |||
Loans receivable | 9,413,263 | 11,220,683 | 6,549,260 |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Commercial and Agricultural | |||
Loans receivable | 197,002,419 | 203,752,620 | 206,257,927 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Commercial and Agricultural | |||
Loans receivable | 61,779,859 | 49,950,984 | 47,034,426 |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | |||
Commercial and Agricultural | |||
Loans receivable | 20,605,465 | 22,820,314 | 25,675,560 |
Consumer and Other Portfolio Segment [Member] | Other [Member] | |||
Commercial and Agricultural | |||
Loans receivable | $ 16,490,737 | $ 7,209,682 | $ 12,405,582 |
Note 4 - Loans (Details) - Lo60
Note 4 - Loans (Details) - Loan Portfolio by Credit Quality Indicator - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Consumer and Other | |||
Loans receivable | $ 758,635,595 | $ 746,093,809 | $ 751,218,462 |
Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 700,095,542 | 686,071,625 | |
Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 26,142,883 | 27,139,338 | |
Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | 32,397,170 | 32,882,846 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
Consumer and Other | |||
Loans receivable | 47,781,689 | 50,960,265 | 48,107,448 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 44,273,407 | 46,230,110 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 1,927,198 | 2,905,361 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | 1,581,084 | 1,824,794 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | |||
Consumer and Other | |||
Loans receivable | 19,193,497 | 16,689,444 | 10,665,938 |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 18,970,328 | 16,504,404 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 17,843 | 27,101 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | 205,326 | 157,939 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Consumer and Other | |||
Loans receivable | 346,262,033 | 332,230,847 | 341,783,538 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 320,566,237 | 309,828,039 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 13,652,416 | 11,220,166 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | 12,043,380 | 11,182,642 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Consumer and Other | |||
Loans receivable | 40,106,633 | 51,258,970 | 52,738,783 |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 36,516,165 | 45,063,306 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 912,295 | 1,740,488 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | 2,678,173 | 4,455,176 | |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | |||
Consumer and Other | |||
Loans receivable | 9,413,263 | 11,220,683 | 6,549,260 |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 9,413,263 | 11,220,683 | |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Consumer and Other | |||
Loans receivable | 197,002,419 | 203,752,620 | 206,257,927 |
Real Estate Portfolio Segment [Member] | Residential [Member] | Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 177,054,188 | 180,549,640 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 8,545,942 | 10,582,704 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | 11,402,289 | 12,620,276 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Consumer and Other | |||
Loans receivable | 61,779,859 | 49,950,984 | 47,034,426 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 56,798,365 | 47,548,106 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 929,814 | 414,521 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | 4,051,680 | 1,988,357 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | |||
Consumer and Other | |||
Loans receivable | 20,605,465 | 22,820,314 | 25,675,560 |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 20,037,996 | 22,114,932 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 156,739 | 248,997 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | 410,730 | 456,385 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | |||
Consumer and Other | |||
Loans receivable | 16,490,737 | 7,209,682 | $ 12,405,582 |
Consumer and Other Portfolio Segment [Member] | Other [Member] | Pass [Member] | |||
Consumer and Other | |||
Loans receivable | 16,465,593 | 7,012,405 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | Special Mention [Member] | |||
Consumer and Other | |||
Loans receivable | 636 | 0 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | Substandard [Member] | |||
Consumer and Other | |||
Loans receivable | $ 24,508 | $ 197,277 |
Note 4 - Loans (Details) - Age
Note 4 - Loans (Details) - Age Analysis of Past Due Loans and Nonaccrual Loans - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Consumer and Other | |||
Accruing loans past due | $ 10,967,042 | $ 9,708,019 | |
Nonaccrual loans | 14,407,679 | 18,334,265 | |
Current loans | 733,260,874 | 718,051,525 | |
Loans receivable | 758,635,595 | 746,093,809 | $ 751,218,462 |
Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 10,959,243 | 9,701,377 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 7,799 | 6,642 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
Consumer and Other | |||
Accruing loans past due | 490,727 | 872,321 | |
Nonaccrual loans | 576,940 | 405,398 | |
Current loans | 46,714,022 | 49,682,546 | |
Loans receivable | 47,781,689 | 50,960,265 | 48,107,448 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 490,727 | 872,321 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 0 | 0 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | |||
Consumer and Other | |||
Accruing loans past due | 71,416 | 0 | |
Nonaccrual loans | 178,021 | 44,605 | |
Current loans | 18,944,060 | 16,644,839 | |
Loans receivable | 19,193,497 | 16,689,444 | 10,665,938 |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 71,416 | 0 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Consumer and Other | |||
Accruing loans past due | 6,031,257 | 2,309,114 | |
Nonaccrual loans | 7,564,691 | 5,325,047 | |
Current loans | 332,666,085 | 324,596,686 | |
Loans receivable | 346,262,033 | 332,230,847 | 341,783,538 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 6,031,257 | 2,309,114 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Consumer and Other | |||
Accruing loans past due | 90,163 | 141,850 | |
Nonaccrual loans | 1,642,666 | 3,251,290 | |
Current loans | 38,373,804 | 47,865,830 | |
Loans receivable | 40,106,633 | 51,258,970 | 52,738,783 |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 90,163 | 141,850 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | |||
Consumer and Other | |||
Accruing loans past due | 0 | 0 | |
Nonaccrual loans | 0 | 0 | |
Current loans | 9,413,263 | 11,220,683 | |
Loans receivable | 9,413,263 | 11,220,683 | 6,549,260 |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Consumer and Other | |||
Accruing loans past due | 3,682,509 | 5,782,701 | |
Nonaccrual loans | 3,163,571 | 7,461,507 | |
Current loans | 190,156,339 | 190,508,412 | |
Loans receivable | 197,002,419 | 203,752,620 | 206,257,927 |
Real Estate Portfolio Segment [Member] | Residential [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 3,682,509 | 5,782,701 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Consumer and Other | |||
Accruing loans past due | 122,696 | 281,967 | |
Nonaccrual loans | 1,103,354 | 1,449,226 | |
Current loans | 60,553,809 | 48,219,791 | |
Loans receivable | 61,779,859 | 49,950,984 | 47,034,426 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 122,696 | 281,967 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 0 | 0 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | |||
Consumer and Other | |||
Accruing loans past due | 477,638 | 320,066 | |
Nonaccrual loans | 178,336 | 201,695 | |
Current loans | 19,949,491 | 22,298,553 | |
Loans receivable | 20,605,465 | 22,820,314 | 25,675,560 |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 469,839 | 313,424 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 7,799 | 6,642 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | |||
Consumer and Other | |||
Accruing loans past due | 636 | 0 | |
Nonaccrual loans | 100 | 195,497 | |
Current loans | 16,490,001 | 7,014,185 | |
Loans receivable | 16,490,737 | 7,209,682 | $ 12,405,582 |
Consumer and Other Portfolio Segment [Member] | Other [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | 636 | 0 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Consumer and Other | |||
Accruing loans past due | $ 0 | $ 0 |
Note 4 - Loans (Details) - Impa
Note 4 - Loans (Details) - Impaired Loan Data - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
With No Related Allowance Recorded | |||
Unpaid Contractual Principal Balance, With No Related Allowance Recorded | $ 29,820,855 | $ 38,059,962 | $ 36,743,773 |
Impaired Balance, With No Related Allowance Recorded | 23,508,793 | 29,490,794 | 31,289,198 |
Average Recorded Investment, With No Related Allowance Recorded | 25,289,234 | 29,505,144 | 24,208,769 |
Interest Income Recognized, With No Related Allowance Recorded | 752,278 | 802,520 | 797,609 |
Interest Income Collected, With No Related Allowance Recorded | 765,424 | 859,046 | 801,632 |
With An Allowance Recorded | |||
Unpaid Contractual Principal Balance, With An Allowance Recorded | 10,639,996 | 8,908,093 | 16,526,228 |
Impaired Balance, With An Allowance Recorded | 10,618,411 | 8,829,393 | 13,975,141 |
Related Allowance, With An Allowance Recorded | 2,073,418 | 1,051,114 | 2,299,450 |
Average Recorded Investment, With An Allowance Recorded | 8,344,476 | 10,722,024 | 22,112,224 |
Interest Income Recognized, With An Allowance Recorded | 253,603 | 157,959 | 242,599 |
Interest Income Collected, With An Allowance Recorded | 248,297 | 149,525 | 240,587 |
Total | |||
Unpaid Contractual Principal Balance, Total | 40,460,851 | 46,968,055 | 53,270,001 |
Impaired Balance, Total | 34,127,204 | 38,320,187 | 45,264,339 |
Related Allowance, Total | 2,073,418 | 1,051,114 | 2,299,450 |
Average Recorded Investment, Total | 33,633,710 | 40,227,168 | 46,320,993 |
Interest Income Recognized, Total | 1,005,881 | 960,479 | 1,040,208 |
Interest Income Collected, Total | 1,013,721 | 1,008,571 | 1,042,219 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
With No Related Allowance Recorded | |||
Unpaid Contractual Principal Balance, With No Related Allowance Recorded | 454,423 | 310,447 | 305,272 |
Impaired Balance, With No Related Allowance Recorded | 454,013 | 308,817 | 305,272 |
Average Recorded Investment, With No Related Allowance Recorded | 534,814 | 679,267 | 216,057 |
Interest Income Recognized, With No Related Allowance Recorded | 17,259 | 9,248 | 24,494 |
Interest Income Collected, With No Related Allowance Recorded | 21,253 | 17,973 | 25,193 |
With An Allowance Recorded | |||
Unpaid Contractual Principal Balance, With An Allowance Recorded | 122,928 | 96,580 | 1,452,798 |
Impaired Balance, With An Allowance Recorded | 122,928 | 96,580 | 1,452,798 |
Related Allowance, With An Allowance Recorded | 94,538 | 96,580 | 433,714 |
Average Recorded Investment, With An Allowance Recorded | 99,749 | 419,464 | 1,689,125 |
Interest Income Recognized, With An Allowance Recorded | 2,275 | (299) | 14,845 |
Interest Income Collected, With An Allowance Recorded | 2,438 | 0 | 20,748 |
Total | |||
Unpaid Contractual Principal Balance, Total | 577,351 | 407,027 | 1,758,070 |
Impaired Balance, Total | 576,941 | 405,397 | 1,758,070 |
Related Allowance, Total | 94,538 | 96,580 | 433,714 |
Average Recorded Investment, Total | 634,563 | 1,098,731 | 1,905,182 |
Interest Income Recognized, Total | 19,534 | 8,949 | 39,339 |
Interest Income Collected, Total | 23,691 | 17,973 | 45,941 |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | |||
With No Related Allowance Recorded | |||
Unpaid Contractual Principal Balance, With No Related Allowance Recorded | 195,654 | 50,163 | 0 |
Impaired Balance, With No Related Allowance Recorded | 178,021 | 44,605 | 0 |
Average Recorded Investment, With No Related Allowance Recorded | 163,078 | 50,959 | 9,803 |
Interest Income Recognized, With No Related Allowance Recorded | (9,957) | (6,029) | 0 |
Interest Income Collected, With No Related Allowance Recorded | 10,334 | 3,000 | 0 |
With An Allowance Recorded | |||
Unpaid Contractual Principal Balance, With An Allowance Recorded | 0 | 0 | |
Impaired Balance, With An Allowance Recorded | 0 | 0 | |
Related Allowance, With An Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment, With An Allowance Recorded | 0 | 0 | |
Interest Income Recognized, With An Allowance Recorded | 0 | 0 | |
Interest Income Collected, With An Allowance Recorded | 0 | 0 | |
Total | |||
Unpaid Contractual Principal Balance, Total | 195,654 | 50,163 | 0 |
Impaired Balance, Total | 178,021 | 44,605 | 0 |
Related Allowance, Total | 0 | 0 | 0 |
Average Recorded Investment, Total | 163,078 | 50,959 | 9,803 |
Interest Income Recognized, Total | (9,957) | (6,029) | 0 |
Interest Income Collected, Total | 10,334 | 3,000 | 0 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
With No Related Allowance Recorded | |||
Unpaid Contractual Principal Balance, With No Related Allowance Recorded | 15,569,340 | 17,129,876 | 20,120,403 |
Impaired Balance, With No Related Allowance Recorded | 15,122,486 | 16,227,379 | 19,252,946 |
Average Recorded Investment, With No Related Allowance Recorded | 15,430,252 | 18,350,015 | 13,198,988 |
Interest Income Recognized, With No Related Allowance Recorded | 529,376 | 462,355 | 493,940 |
Interest Income Collected, With No Related Allowance Recorded | 530,699 | 474,936 | 503,392 |
With An Allowance Recorded | |||
Unpaid Contractual Principal Balance, With An Allowance Recorded | 8,969,329 | 6,135,238 | 5,874,473 |
Impaired Balance, With An Allowance Recorded | 8,955,503 | 6,135,238 | 5,874,473 |
Related Allowance, With An Allowance Recorded | 1,607,962 | 456,941 | 423,685 |
Average Recorded Investment, With An Allowance Recorded | 6,673,087 | 6,415,086 | 11,072,314 |
Interest Income Recognized, With An Allowance Recorded | 213,693 | 60,629 | 157,536 |
Interest Income Collected, With An Allowance Recorded | 208,657 | 50,468 | 148,495 |
Total | |||
Unpaid Contractual Principal Balance, Total | 24,538,669 | 23,265,114 | 25,994,876 |
Impaired Balance, Total | 24,077,989 | 22,362,617 | 25,127,419 |
Related Allowance, Total | 1,607,962 | 456,941 | 423,685 |
Average Recorded Investment, Total | 22,103,339 | 24,765,101 | 24,271,302 |
Interest Income Recognized, Total | 743,069 | 522,984 | 651,476 |
Interest Income Collected, Total | 739,356 | 525,404 | 651,887 |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
With No Related Allowance Recorded | |||
Unpaid Contractual Principal Balance, With No Related Allowance Recorded | 6,887,522 | 9,573,141 | 7,856,411 |
Impaired Balance, With No Related Allowance Recorded | 1,896,938 | 3,463,502 | 4,750,157 |
Average Recorded Investment, With No Related Allowance Recorded | 2,867,061 | 3,376,033 | 4,105,370 |
Interest Income Recognized, With No Related Allowance Recorded | 25,788 | 13,111 | 34,908 |
Interest Income Collected, With No Related Allowance Recorded | 27,007 | 12,833 | 41,164 |
With An Allowance Recorded | |||
Unpaid Contractual Principal Balance, With An Allowance Recorded | 76,644 | 207,308 | 5,922,674 |
Impaired Balance, With An Allowance Recorded | 76,644 | 136,369 | 3,471,587 |
Related Allowance, With An Allowance Recorded | 25,344 | 53,947 | 830,546 |
Average Recorded Investment, With An Allowance Recorded | 92,200 | 1,528,817 | 5,025,176 |
Interest Income Recognized, With An Allowance Recorded | 375 | 375 | (159) |
Interest Income Collected, With An Allowance Recorded | 375 | 375 | 0 |
Total | |||
Unpaid Contractual Principal Balance, Total | 6,964,166 | 9,780,449 | 13,779,085 |
Impaired Balance, Total | 1,973,582 | 3,599,871 | 8,221,744 |
Related Allowance, Total | 25,344 | 53,947 | 830,546 |
Average Recorded Investment, Total | 2,959,261 | 4,904,850 | 9,130,546 |
Interest Income Recognized, Total | 26,163 | 13,486 | 34,749 |
Interest Income Collected, Total | 27,382 | 13,208 | 41,164 |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
With No Related Allowance Recorded | |||
Unpaid Contractual Principal Balance, With No Related Allowance Recorded | 5,429,121 | 9,136,987 | 7,836,718 |
Impaired Balance, With No Related Allowance Recorded | 4,575,547 | 7,600,073 | 6,361,592 |
Average Recorded Investment, With No Related Allowance Recorded | 4,715,162 | 5,690,573 | 4,564,666 |
Interest Income Recognized, With No Related Allowance Recorded | 175,484 | 312,024 | 224,439 |
Interest Income Collected, With No Related Allowance Recorded | 159,148 | 306,859 | 209,330 |
With An Allowance Recorded | |||
Unpaid Contractual Principal Balance, With An Allowance Recorded | 1,083,127 | 2,072,919 | 1,949,301 |
Impaired Balance, With An Allowance Recorded | 1,075,367 | 2,065,158 | 1,849,301 |
Related Allowance, With An Allowance Recorded | 308,188 | 414,684 | 526,005 |
Average Recorded Investment, With An Allowance Recorded | 1,088,380 | 1,829,102 | 3,661,706 |
Interest Income Recognized, With An Allowance Recorded | 16,380 | 84,177 | 25,739 |
Interest Income Collected, With An Allowance Recorded | 15,873 | 86,472 | 24,414 |
Total | |||
Unpaid Contractual Principal Balance, Total | 6,512,248 | 11,209,906 | 9,786,019 |
Impaired Balance, Total | 5,650,914 | 9,665,231 | 8,210,893 |
Related Allowance, Total | 308,188 | 414,684 | 526,005 |
Average Recorded Investment, Total | 5,803,542 | 7,519,675 | 8,226,372 |
Interest Income Recognized, Total | 191,864 | 396,201 | 250,178 |
Interest Income Collected, Total | 175,021 | 393,331 | 233,744 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
With No Related Allowance Recorded | |||
Unpaid Contractual Principal Balance, With No Related Allowance Recorded | 1,104,887 | 1,450,759 | 302,629 |
Impaired Balance, With No Related Allowance Recorded | 1,103,353 | 1,449,226 | 302,629 |
Average Recorded Investment, With No Related Allowance Recorded | 1,339,863 | 949,003 | 1,858,654 |
Interest Income Recognized, With No Related Allowance Recorded | 583 | (8,518) | 803 |
Interest Income Collected, With No Related Allowance Recorded | 2,076 | 17,273 | 869 |
With An Allowance Recorded | |||
Unpaid Contractual Principal Balance, With An Allowance Recorded | 387,968 | 396,048 | 1,326,982 |
Impaired Balance, With An Allowance Recorded | 387,969 | 396,048 | 1,326,982 |
Related Allowance, With An Allowance Recorded | 37,386 | 28,962 | 85,500 |
Average Recorded Investment, With An Allowance Recorded | 391,060 | 529,555 | 663,903 |
Interest Income Recognized, With An Allowance Recorded | 20,880 | 13,077 | 44,638 |
Interest Income Collected, With An Allowance Recorded | 20,954 | 12,210 | 46,930 |
Total | |||
Unpaid Contractual Principal Balance, Total | 1,492,855 | 1,846,807 | 1,629,611 |
Impaired Balance, Total | 1,491,322 | 1,845,274 | 1,629,611 |
Related Allowance, Total | 37,386 | 28,962 | 85,500 |
Average Recorded Investment, Total | 1,730,923 | 1,478,558 | 2,522,557 |
Interest Income Recognized, Total | 21,463 | 4,559 | 45,441 |
Interest Income Collected, Total | 23,030 | 29,483 | 47,799 |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | |||
With No Related Allowance Recorded | |||
Unpaid Contractual Principal Balance, With No Related Allowance Recorded | 179,908 | 201,695 | 313,194 |
Impaired Balance, With No Related Allowance Recorded | 178,435 | 201,695 | 307,456 |
Average Recorded Investment, With No Related Allowance Recorded | 190,566 | 211,775 | 252,944 |
Interest Income Recognized, With No Related Allowance Recorded | 13,745 | 14,455 | 18,469 |
Interest Income Collected, With No Related Allowance Recorded | 14,907 | 15,495 | 21,109 |
With An Allowance Recorded | |||
Unpaid Contractual Principal Balance, With An Allowance Recorded | 0 | 0 | |
Impaired Balance, With An Allowance Recorded | 0 | 0 | |
Related Allowance, With An Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment, With An Allowance Recorded | 0 | 0 | |
Interest Income Recognized, With An Allowance Recorded | 0 | 0 | |
Interest Income Collected, With An Allowance Recorded | 0 | 0 | |
Total | |||
Unpaid Contractual Principal Balance, Total | 179,908 | 201,695 | 313,194 |
Impaired Balance, Total | 178,435 | 201,695 | 307,456 |
Related Allowance, Total | 0 | 0 | 0 |
Average Recorded Investment, Total | 190,566 | 211,775 | 252,944 |
Interest Income Recognized, Total | 13,745 | 14,455 | 18,469 |
Interest Income Collected, Total | 14,907 | 15,495 | 21,109 |
Consumer and Other Portfolio Segment [Member] | Other [Member] | |||
With No Related Allowance Recorded | |||
Unpaid Contractual Principal Balance, With No Related Allowance Recorded | 206,894 | 9,146 | |
Impaired Balance, With No Related Allowance Recorded | 195,497 | 9,146 | |
Average Recorded Investment, With No Related Allowance Recorded | 48,438 | 197,519 | 2,287 |
Interest Income Recognized, With No Related Allowance Recorded | 5,874 | 556 | |
Interest Income Collected, With No Related Allowance Recorded | 10,677 | 575 | |
With An Allowance Recorded | |||
Unpaid Contractual Principal Balance, With An Allowance Recorded | 0 | 0 | |
Impaired Balance, With An Allowance Recorded | 0 | 0 | |
Related Allowance, With An Allowance Recorded | 0 | 0 | 0 |
Average Recorded Investment, With An Allowance Recorded | 0 | 0 | |
Interest Income Recognized, With An Allowance Recorded | 0 | 0 | |
Interest Income Collected, With An Allowance Recorded | 0 | 0 | |
Total | |||
Unpaid Contractual Principal Balance, Total | 206,894 | 9,146 | |
Impaired Balance, Total | 195,497 | 9,146 | |
Related Allowance, Total | 0 | 0 | 0 |
Average Recorded Investment, Total | $ 48,438 | 197,519 | 2,287 |
Interest Income Recognized, Total | 5,874 | 556 | |
Interest Income Collected, Total | $ 10,677 | $ 575 |
Note 4 - Loans (Details) - Lo63
Note 4 - Loans (Details) - Loans Modified in Troubled Debt Restructurings | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | 3 | 4 | 8 |
Pre-Modification Recorded Investment | $ 1,620,213 | $ 2,571,343 | $ 2,423,933 |
Post-Modification Recorded Investment | $ 1,541,568 | $ 2,575,355 | $ 2,297,487 |
Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | 2 | ||
Pre-Modification Recorded Investment | $ 228,633 | ||
Post-Modification Recorded Investment | $ 225,959 | ||
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | 1 | 1 | 1 |
Pre-Modification Recorded Investment | $ 513,868 | $ 1,771,395 | $ 225,852 |
Post-Modification Recorded Investment | $ 505,978 | $ 1,775,407 | $ 225,852 |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | 2 | 1 | 4 |
Pre-Modification Recorded Investment | $ 1,106,345 | $ 49,194 | $ 1,885,700 |
Post-Modification Recorded Investment | $ 1,035,590 | $ 49,194 | $ 1,764,399 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | 1 | ||
Pre-Modification Recorded Investment | $ 400,778 | ||
Post-Modification Recorded Investment | $ 400,778 | ||
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | 1 | ||
Pre-Modification Recorded Investment | $ 349,976 | ||
Post-Modification Recorded Investment | $ 349,976 | ||
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | 1 | ||
Pre-Modification Recorded Investment | $ 83,748 | ||
Post-Modification Recorded Investment | $ 81,277 |
Note 4 - Loans (Details) - Trou
Note 4 - Loans (Details) - Troubled Debt Restructurings That Subsequently Defaulted | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | |
Note 4 - Loans (Details) - Troubled Debt Restructurings That Subsequently Defaulted [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment | $ 0 | $ 81,277 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | ||
Note 4 - Loans (Details) - Troubled Debt Restructurings That Subsequently Defaulted [Line Items] | ||
Number of Contracts | 0 | 1 |
Recorded Investment | $ 0 | $ 81,277 |
Note 5 - Allowance for Loan L65
Note 5 - Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | |
Note 5 - Allowance for Loan Losses (Details) [Line Items] | |||||||
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 1,621,424 | ||||||
Loan Balance for Reviewing High Risk Loans Minimum | $ 250,000 | $ 250,000 | $ 250,000 | $ 50,000 | |||
Financing Receivable Transfer from Individual Impairment Review to Collective Impairment Review | 4,100,000 | ||||||
Loans receivable | 751,218,462 | 758,635,595 | $ 746,093,809 | ||||
Loans and Leases Receivable, Allowance | 11,805,986 | 8,603,905 | 8,802,316 | $ 12,736,921 | |||
Impaired Financing Receivable Recorded Investment Below Review Threshold | $ 2,821,199 | 3,744,733 | 3,885,411 | ||||
Substandard [Member] | |||||||
Note 5 - Allowance for Loan Losses (Details) [Line Items] | |||||||
Loans receivable | 32,397,170 | 32,882,846 | |||||
Loans Not Classified as Impaired [Member] | Substandard [Member] | |||||||
Note 5 - Allowance for Loan Losses (Details) [Line Items] | |||||||
Loans receivable | 11,155,813 | 9,356,253 | |||||
Loans and Leases Receivable, Allowance | $ 276,731 | $ 747,982 |
Note 5 - Allowance for Loan L66
Note 5 - Allowance for Loan Losses (Details) - Changes in the Allowance for Loan Losses - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in the Allowance for Loan Losses [Abstract] | |||
Balance, Beginning of Year | $ 8,802,316 | $ 11,805,986 | $ 12,736,921 |
Provision for Loan Losses | 865,500 | 1,308,000 | 4,485,000 |
Loans Charged Off | (2,083,347) | (5,104,491) | (6,227,716) |
Recoveries of Loans Previously Charged Off | 1,019,436 | 792,821 | 811,781 |
Balance, End of Year | $ 8,603,905 | $ 8,802,316 | $ 11,805,986 |
Note 5 - Allowance for Loan L67
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | $ 8,802,316 | $ 11,805,986 | $ 12,736,921 |
Allowance for loan losses, charge-offs | (2,083,347) | (5,104,491) | (6,227,716) |
Allowance for loan losses, recoveries | 1,019,436 | 792,821 | 811,781 |
Allowance for loan losses, provision | 865,500 | 1,308,000 | 4,485,000 |
Allowance for loan losses, ending balance | 8,603,905 | 8,802,316 | 11,805,986 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 497,561 | 1,017,073 | 981,021 |
Allowance for loan losses, charge-offs | (454,971) | (624,944) | (120,690) |
Allowance for loan losses, recoveries | 52,111 | 76,002 | 55,829 |
Allowance for loan losses, provision | 760,663 | 29,430 | 100,913 |
Allowance for loan losses, ending balance | 855,364 | 497,561 | 1,017,073 |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 304,172 | 293,886 | 296,175 |
Allowance for loan losses, charge-offs | (5,000) | 0 | (34,502) |
Allowance for loan losses, recoveries | 3,600 | 2,700 | 6,200 |
Allowance for loan losses, provision | (99,681) | 7,586 | 26,013 |
Allowance for loan losses, ending balance | 203,091 | 304,172 | 293,886 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 3,664,777 | 4,379,276 | 5,162,839 |
Allowance for loan losses, charge-offs | (275,297) | (1,326,825) | (2,872,408) |
Allowance for loan losses, recoveries | 270,003 | 90,042 | 297,984 |
Allowance for loan losses, provision | 191,044 | 522,284 | 1,790,861 |
Allowance for loan losses, ending balance | 3,850,527 | 3,664,777 | 4,379,276 |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 1,222,695 | 1,782,179 | 1,890,200 |
Allowance for loan losses, charge-offs | (97,698) | (1,543,099) | (2,071,162) |
Allowance for loan losses, recoveries | 485,834 | 485,005 | 253,459 |
Allowance for loan losses, provision | (920,065) | 498,610 | 1,709,682 |
Allowance for loan losses, ending balance | 690,766 | 1,222,695 | 1,782,179 |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 138,092 | 138,092 | 138,092 |
Allowance for loan losses, charge-offs | 0 | 0 | 0 |
Allowance for loan losses, recoveries | 0 | 0 | 0 |
Allowance for loan losses, provision | (118,202) | 0 | 0 |
Allowance for loan losses, ending balance | 19,890 | 138,092 | 138,092 |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 2,425,327 | 3,278,269 | 3,405,947 |
Allowance for loan losses, charge-offs | (929,668) | (1,033,966) | (706,242) |
Allowance for loan losses, recoveries | 109,626 | 31,127 | 64,583 |
Allowance for loan losses, provision | 385,070 | 149,897 | 513,981 |
Allowance for loan losses, ending balance | 1,990,355 | 2,425,327 | 3,278,269 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 103,800 | 311,494 | 290,526 |
Allowance for loan losses, charge-offs | (40,000) | (233,580) | (20,977) |
Allowance for loan losses, recoveries | 20,000 | 20,000 | 21,762 |
Allowance for loan losses, provision | 827,892 | 5,886 | 20,183 |
Allowance for loan losses, ending balance | 911,692 | 103,800 | 311,494 |
Consumer and Other Portfolio Segment [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 378,978 | 362,464 | |
Allowance for loan losses, charge-offs | 0 | ||
Allowance for loan losses, recoveries | 15,468 | ||
Allowance for loan losses, provision | 1,046 | ||
Allowance for loan losses, ending balance | 378,978 | 362,464 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 66,914 | 243,253 | 227,774 |
Allowance for loan losses, charge-offs | (255,062) | (342,077) | (397,822) |
Allowance for loan losses, recoveries | 61,976 | 72,477 | 93,520 |
Allowance for loan losses, provision | 189,549 | 93,261 | 319,781 |
Allowance for loan losses, ending balance | 63,377 | 66,914 | 243,253 |
Consumer and Other Portfolio Segment [Member] | Other [Member] | |||
Commercial and Agricultural | |||
Allowance for loan losses, beginning balance | 378,978 | 362,464 | 344,347 |
Allowance for loan losses, charge-offs | (25,651) | (3,913) | |
Allowance for loan losses, recoveries | 16,286 | 18,444 | |
Allowance for loan losses, provision | (350,770) | 3,586 | |
Allowance for loan losses, ending balance | $ 18,843 | $ 378,978 | $ 362,464 |
Note 5 - Allowance for Loan L68
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | $ 2,073,418 | $ 1,051,114 | $ 2,299,450 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 6,530,487 | 7,751,202 | 9,506,536 | |
Ending Allowance Balance, Total | 8,603,905 | 8,802,316 | 11,805,986 | $ 12,736,921 |
Ending Loan Balance, Individually Evaluated for Impairment | 30,382,471 | 34,434,776 | 42,443,140 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 728,253,124 | 711,659,033 | 708,775,322 | |
Ending Loan Balance, Total | 758,635,595 | 746,093,809 | 751,218,462 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | 94,538 | 96,580 | 433,714 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 760,826 | 400,981 | 583,359 | |
Ending Allowance Balance, Total | 855,364 | 497,561 | 1,017,073 | 981,021 |
Ending Loan Balance, Individually Evaluated for Impairment | 122,928 | 96,580 | 1,542,058 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 47,658,761 | 50,863,685 | 46,565,390 | |
Ending Loan Balance, Total | 47,781,689 | 50,960,265 | 48,107,448 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | 0 | 0 | 0 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 203,091 | 304,172 | 293,886 | |
Ending Allowance Balance, Total | 203,091 | 304,172 | 293,886 | 296,175 |
Ending Loan Balance, Individually Evaluated for Impairment | 8,445 | 0 | 0 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 19,185,052 | 16,689,444 | 10,665,938 | |
Ending Loan Balance, Total | 19,193,497 | 16,689,444 | 10,665,938 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | 1,607,962 | 456,941 | 423,685 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 2,242,565 | 3,207,836 | 3,955,591 | |
Ending Allowance Balance, Total | 3,850,527 | 3,664,777 | 4,379,276 | 5,162,839 |
Ending Loan Balance, Individually Evaluated for Impairment | 23,628,213 | 21,693,061 | 24,757,942 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 322,633,820 | 310,537,786 | 317,025,596 | |
Ending Loan Balance, Total | 346,262,033 | 332,230,847 | 341,783,538 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | 25,344 | 53,947 | 830,546 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 665,422 | 1,168,748 | 951,633 | |
Ending Allowance Balance, Total | 690,766 | 1,222,695 | 1,782,179 | 1,890,200 |
Ending Loan Balance, Individually Evaluated for Impairment | 1,622,560 | 3,384,377 | 7,971,298 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 38,484,073 | 47,874,593 | 44,767,485 | |
Ending Loan Balance, Total | 40,106,633 | 51,258,970 | 52,738,783 | |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | 0 | 0 | 0 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 19,890 | 138,092 | 138,092 | |
Ending Allowance Balance, Total | 19,890 | 138,092 | 138,092 | 138,092 |
Ending Loan Balance, Individually Evaluated for Impairment | 0 | 0 | 0 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 9,413,263 | 11,220,683 | 6,549,260 | |
Ending Loan Balance, Total | 9,413,263 | 11,220,683 | 6,549,260 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | 308,188 | 414,684 | 526,005 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 1,682,167 | 2,010,643 | 2,752,264 | |
Ending Allowance Balance, Total | 1,990,355 | 2,425,327 | 3,278,269 | 3,405,947 |
Ending Loan Balance, Individually Evaluated for Impairment | 3,597,386 | 7,559,965 | 6,545,490 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 193,405,033 | 196,192,655 | 199,712,437 | |
Ending Loan Balance, Total | 197,002,419 | 203,752,620 | 206,257,927 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | 37,386 | 28,962 | 85,500 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 874,306 | 74,838 | 225,994 | |
Ending Allowance Balance, Total | 911,692 | 103,800 | 311,494 | 290,526 |
Ending Loan Balance, Individually Evaluated for Impairment | 1,402,939 | 1,700,793 | 1,617,206 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 60,376,920 | 48,250,191 | 45,417,220 | |
Ending Loan Balance, Total | 61,779,859 | 49,950,984 | 47,034,426 | |
Consumer and Other Portfolio Segment [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Total | 378,978 | 362,464 | ||
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | 0 | 0 | 0 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 63,377 | 66,914 | 243,253 | |
Ending Allowance Balance, Total | 63,377 | 66,914 | 243,253 | 227,774 |
Ending Loan Balance, Individually Evaluated for Impairment | 0 | 0 | 0 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 20,605,465 | 22,820,314 | 25,675,560 | |
Ending Loan Balance, Total | 20,605,465 | 22,820,314 | 25,675,560 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | ||||
Note 5 - Allowance for Loan Losses (Details) - Allowance for Loan Losses, Segregated by Impairment Methodology [Line Items] | ||||
Ending Allowance Balance, Individually Evaluated for Impairment | 0 | 0 | 0 | |
Ending Allowance Balance, Collectively Evaluated for Impairment | 18,843 | 378,978 | 362,464 | |
Ending Allowance Balance, Total | 18,843 | 378,978 | 362,464 | $ 344,347 |
Ending Loan Balance, Individually Evaluated for Impairment | 0 | 0 | 9,146 | |
Ending Loan Balance, Collectively Evaluated for Impairment | 16,490,737 | 7,209,682 | 12,396,436 | |
Ending Loan Balance, Total | $ 16,490,737 | $ 7,209,682 | $ 12,405,582 |
Note 6 - Premises and Equipme69
Note 6 - Premises and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 1,657,229 | $ 1,595,253 | $ 1,527,392 |
Operating Leases, Rent Expense, Net | $ 560,000 | $ 613,000 | $ 490,000 |
Note 6 - Premises and Equipme70
Note 6 - Premises and Equipment (Details) - Premises and Equipment - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | $ 47,942,233 | $ 45,414,325 |
Accumulated Depreciation | (21,488,703) | (20,453,880) |
26,453,530 | 24,960,445 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 9,696,723 | 8,270,678 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 23,927,467 | 23,894,943 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 12,154,375 | 12,243,988 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | 993,618 | 990,626 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and Equipment, Gross | $ 1,170,050 | $ 14,090 |
Note 6 - Premises and Equipme71
Note 6 - Premises and Equipment (Details) - Future Minimum Rental Payments | Dec. 31, 2015USD ($) |
Future Minimum Rental Payments [Abstract] | |
2,016 | $ 91,703 |
2,017 | 38,500 |
$ 130,203 |
Note 7 - Other Real Estate Ow72
Note 7 - Other Real Estate Owned (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Text Block [Abstract] | ||||
Other Real Estate | $ 8,839,103 | $ 10,401,832 | $ 15,502,462 | $ 15,940,693 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,033,000 | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 159,372 |
Note 7 - Other Real Estate Ow73
Note 7 - Other Real Estate Owned (Details) - Aggregate Carrying Amount of Other Real Estate Owned (OREO) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Aggregate Carrying Amount of Other Real Estate Owned (OREO) [Abstract] | |||
Balance, Beginning of Year | $ 10,401,832 | $ 15,502,462 | $ 15,940,693 |
Additions | 7,536,165 | 3,852,848 | 10,251,006 |
Sales of OREO | (8,054,675) | (7,102,136) | (7,804,080) |
Loss on Sale | (591,071) | (844,515) | (1,563,739) |
Provision for Losses | (453,148) | (1,006,827) | (1,321,418) |
Balance, End of Year | $ 8,839,103 | $ 10,401,832 | $ 15,502,462 |
Note 8 - Other Intangible Ass74
Note 8 - Other Intangible Assets (Details) - Core Deposits [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 8 - Other Intangible Assets (Details) [Line Items] | |||
Amortization of Intangible Assets | $ 35,748 | $ 35,749 | $ 35,749 |
Annual Rate of Amortization Expense | $ 35,749 |
Note 8 - Other Intangible Ass75
Note 8 - Other Intangible Assets (Details) - Analysis of the Core Deposit Intangible Activity - Core Deposits [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Core Deposit Intangible | |||
Acquired Intangible Asset, Gross, Balance | $ 1,056,693 | $ 1,056,693 | $ 1,056,693 |
Acquired Intangible Asset, Accumulated Amortization | (940,429) | (904,681) | (868,932) |
Acquired Intangible Asset, Net, Balance | 116,264 | 152,012 | 187,761 |
Amortization Expense | $ (35,748) | $ (35,749) | $ (35,749) |
Note 9 - Income Taxes (Details)
Note 9 - Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal Income Tax Expense (Benefit), Continuing Operations | $ 3,787,803 | $ 3,268,287 | $ 2,334,864 |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 42,327 |
Note 9 - Income Taxes (Detail77
Note 9 - Income Taxes (Details) - Components of Income Tax (Benefit) Expense - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Tax (Benefit) Expense [Abstract] | |||
Current Federal Expense | $ 3,162,367 | $ 1,335,337 | $ 156,642 |
Deferred Federal Expense | 625,436 | 1,932,950 | 2,178,222 |
Federal Income Tax Expense | 3,787,803 | 3,268,287 | 2,334,864 |
Federal and State Income Tax Expense | $ 3,787,803 | $ 3,268,287 | $ 2,334,864 |
Note 9 - Income Taxes (Detail78
Note 9 - Income Taxes (Details) - Difference Between Financial Statement Tax Expense and Amount Computer by Applying Statutory Federal Tax Rate to Income Before Income Taxes - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Difference Between Financial Statement Tax Expense and Amount Computer by Applying Statutory Federal Tax Rate to Income Before Income Taxes [Abstract] | |||
Statutory Federal Income Taxes | $ 4,134,570 | $ 3,671,971 | $ 2,367,729 |
Tax-Exempt Interest | (83,903) | (74,138) | (104,307) |
Premiums on Officers’ Life Insurance | (232,988) | (186,712) | (111,749) |
Meal and Entertainment Disallowance | 21,600 | 14,044 | 15,319 |
Other | (51,476) | (156,878) | 167,872 |
Actual Federal Income Taxes | $ 3,787,803 | $ 3,268,287 | $ 2,334,864 |
Note 9 - Income Taxes (Detail79
Note 9 - Income Taxes (Details) - Deferred Tax Assets and Liabilities - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets | ||
Allowance for Loan Losses | $ 2,925,328 | $ 2,992,787 |
Other Real Estate | 537,914 | 1,178,278 |
Deferred Compensation | 308,128 | 287,365 |
Investments | 340,000 | 340,000 |
Goodwill | 212,190 | 256,714 |
Other | 418,165 | 427,924 |
4,741,725 | 5,483,068 | |
Deferred Tax Liabilities | ||
Premises and Equipment | (1,183,309) | (1,299,216) |
Other | (4,185) | (4,185) |
(1,187,494) | (1,303,401) | |
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses) | 2,284,362 | 2,495,896 |
Net Deferred Tax Assets | $ 5,838,593 | $ 6,675,563 |
Note 9 - Income Taxes (Detail80
Note 9 - Income Taxes (Details) - Unrecognized Taxes - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Taxes [Abstract] | ||
Balance, Beginning | $ 42,327 | $ 38,676 |
Positions Taken During the Current Year | 7,247 | |
Reductions Resulting from Lapse of Statutes of Limitation | $ 42,327 | (3,596) |
Balance, Ending | $ 42,327 |
Note 10 - Deposits (Details)
Note 10 - Deposits (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Text Block [Abstract] | ||
Deposit Liabilities Reclassified as Loans Receivable | $ 272,110 | $ 511,387 |
Interest-bearing Domestic Deposit, Brokered | 25,576,524 | 26,298,267 |
Time Deposits, $100,000 or More | 141,900,102 | 140,832,026 |
Time Deposits, $250,000 or More | $ 31,755,483 | $ 35,750,272 |
Note 10 - Deposits (Details) -
Note 10 - Deposits (Details) - Components of Interest-bearing Deposits - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Interest-bearing Deposits [Abstract] | ||
Interest-Bearing Demand | $ 412,959,430 | $ 363,501,727 |
Savings | 64,976,174 | 59,215,257 |
Time, $100,000 and Over | 202,800,899 | 210,502,901 |
Other Time | 196,931,462 | 217,743,826 |
$ 877,667,965 | $ 850,963,711 |
Note 10 - Deposits (Details) 83
Note 10 - Deposits (Details) - Scheduled Maturities of Certificates of Deposit | Dec. 31, 2015USD ($) |
Scheduled Maturities of Certificates of Deposit [Abstract] | |
2,016 | $ 287,422,547 |
2,017 | 55,668,788 |
2,018 | 32,350,483 |
2,019 | 10,102,321 |
2020 and Thereafter | 14,188,222 |
$ 399,732,361 |
Note 11 - Other Borrowed Mone84
Note 11 - Other Borrowed Money (Details) | Dec. 31, 2015USD ($) |
Note 11 - Other Borrowed Money (Details) [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Due Date, Earliest | 2,018 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Due Date, Last | 2,022 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate, Range from | 1.47% |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate, Range to | 4.75% |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 100,412,458 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 128,817,500 |
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate | 13,000,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Floating Rate | 27,000,000 |
Line of Credit Facility, Current Borrowing Capacity | 43,500,000 |
Long-term Line of Credit | 0 |
Federal Reserve Bank Advances [Member] | |
Note 11 - Other Borrowed Money (Details) [Line Items] | |
Short-term Debt | $ 0 |
Note 11 - Other Borrowed Mone85
Note 11 - Other Borrowed Money (Details) - Other Borrowed Money - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Other Borrowed Money [Abstract] | ||
Federal Home Loan Bank Advances | $ 40,000,000 | $ 40,000,000 |
Note 11 - Other Borrowed Mone86
Note 11 - Other Borrowed Money (Details) - Aggregate Stated Maturities of Other Borrowed Money - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Aggregate Stated Maturities of Other Borrowed Money [Abstract] | ||
2,018 | $ 2,500,000 | |
2,019 | 8,000,000 | |
2,020 | 0 | |
2021 and Thereafter | 29,500,000 | |
$ 40,000,000 | $ 40,000,000 |
Note 12 - Subordinated Debent87
Note 12 - Subordinated Debentures (Trust Preferred Securities) (Details) - USD ($) | Nov. 17, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subordinated Borrowings [Abstract] | ||||
Interest Paid | $ 1,069,695 | $ 6,536,994 | $ 7,898,543 | $ 7,111,361 |
Note 12 - Subordinated Debent88
Note 12 - Subordinated Debentures (Trust Preferred Securities) (Details) - Subordinated Debentures (Trust Preferred Securities) - Trust Preferred Securities Subject to Mandatory Redemption [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Colony Bankcorp Statutory Trust III [Member] | |
Subordinated Borrowing [Line Items] | |
Issuance date | Jun. 17, 2004 |
Debt amount | $ 4,640 |
Total interest rate | 3.20575% |
Maturity date | Jun. 14, 2034 |
5-year call option | Jun. 17, 2009 |
Colony Bankcorp Capital Trust I [Member] | |
Subordinated Borrowing [Line Items] | |
Issuance date | Apr. 13, 2006 |
Debt amount | $ 5,155 |
Total interest rate | 2.1067% |
Maturity date | Apr. 13, 2036 |
5-year call option | Apr. 13, 2011 |
Colony Bankcorp Capital Trust II [Member] | |
Subordinated Borrowing [Line Items] | |
Issuance date | Mar. 12, 2007 |
Debt amount | $ 9,279 |
Total interest rate | 2.2531% |
Maturity date | Mar. 12, 2037 |
5-year call option | Mar. 12, 2012 |
Colony Bankcorp Capital Trust III [Member] | |
Subordinated Borrowing [Line Items] | |
Issuance date | Sep. 14, 2007 |
Debt amount | $ 5,155 |
Total interest rate | 1.7219% |
Maturity date | Sep. 14, 2037 |
5-year call option | Sep. 14, 2012 |
London Interbank Offered Rate (LIBOR) [Member] | Colony Bankcorp Statutory Trust III [Member] | |
Subordinated Borrowing [Line Items] | |
3 month LIBOR rate | 0.52575% |
Added points | 2.68% |
London Interbank Offered Rate (LIBOR) [Member] | Colony Bankcorp Capital Trust I [Member] | |
Subordinated Borrowing [Line Items] | |
3 month LIBOR rate | 0.6067% |
Added points | 1.50% |
London Interbank Offered Rate (LIBOR) [Member] | Colony Bankcorp Capital Trust II [Member] | |
Subordinated Borrowing [Line Items] | |
3 month LIBOR rate | 0.6031% |
Added points | 1.65% |
London Interbank Offered Rate (LIBOR) [Member] | Colony Bankcorp Capital Trust III [Member] | |
Subordinated Borrowing [Line Items] | |
3 month LIBOR rate | 0.3219% |
Added points | 1.40% |
Note 13 - Preferred Stock (Deta
Note 13 - Preferred Stock (Details) - USD ($) | Nov. 17, 2014 | Jan. 08, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Note 13 - Preferred Stock (Details) [Line Items] | ||||
Preferred Stock, Shares Issued | 18,021 | 28,000 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 500,000 | |||
Preferred Stock, Liquidation Preference Per Share (in Dollars per share) | $ 1,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 8.40 | |||
Preferred Stock, Dividend Rate, Percentage | 5.00% | 9.00% | ||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock (in Dollars) | $ 5,492,749 | $ 2,487,274 | $ 5,492,749 | |
Series A Preferred Stock [Member] | ||||
Note 13 - Preferred Stock (Details) [Line Items] | ||||
Preferred Stock, Shares Issued | 18,021 | 28,000 | ||
Stock Redeemed or Called During Period, Shares | 9,979 | |||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $ 1,000 |
Note 14 - Employee Benefit Pl90
Note 14 - Employee Benefit Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | |||
Employee Service Period | 6 years | ||
Defined Benefit Plan, Contributions by Employer | $ 385,453 | $ 401,497 | $ 0 |
Note 15 - Commitments and Con91
Note 15 - Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Expiration Period of Letter of Credit Issued | 1 year |
Note 15 - Commitments and Con92
Note 15 - Commitments and Contingencies (Details) - Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Note 15 - Commitments and Contingencies (Details) - Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk [Line Items] | ||
Standby Letters of Credit | $ 1,588,212 | $ 1,762,000 |
Loan Origination Commitments [Member] | ||
Note 15 - Commitments and Contingencies (Details) - Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk [Line Items] | ||
Commitments to Extend Credit | $ 67,889,000 | $ 68,742,000 |
Note 16 - Deferred Compensati93
Note 16 - Deferred Compensation Plan (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Deferred Compensation Plan [Abstract] | |||
Minimum Age Requirement for Deferred Compensation | 65 | ||
Deferred Compensation Liability, Current and Noncurrent | $ 906,259 | $ 845,192 | |
Defined Benefit Plan, Benefits Paid | 131,652 | 112,605 | |
Pension and Other Postretirement Benefit Expense | 196,869 | 69,653 | $ 75,777 |
Fee Income Recognized With Deferred Compensation Plans | 174,675 | $ 167,911 | $ 164,073 |
Bank Owned Life Insurance Income | $ 137,058 |
Note 17 - Supplemental Cash F94
Note 17 - Supplemental Cash Flow Information (Details) - Cash Payments - USD ($) | Nov. 17, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Payments [Abstract] | ||||
Interest Expense | $ 1,069,695 | $ 6,536,994 | $ 7,898,543 | $ 7,111,361 |
Income Taxes | $ 4,738,000 | $ 113,000 | $ 173,883 |
Note 17 - Supplemental Cash F95
Note 17 - Supplemental Cash Flow Information (Details) - Noncash Financing and Investing Activities - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncash Financing and Investing Activities [Abstract] | |||
Acquisitions of Real Estate Through Loan Foreclosures | $ 7,536,165 | $ 3,852,848 | $ 10,251,006 |
Change in Unrealized Gain (Loss) on AFS Investment Securities | $ 622,155 | $ 6,409,171 | $ (13,523,050) |
Note 18 - Related Party Trans96
Note 18 - Related Party Transactions (Details) - Activity of Related Party Loans - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Activity of Related Party Loans [Abstract] | ||
Balance, Beginning | $ 3,233,949 | $ 4,064,588 |
Balance, Ending | 1,816,609 | 3,233,949 |
New Loans | 4,900,932 | 6,406,713 |
Repayments | (6,065,098) | $ (7,237,352) |
Transactions Due to Changes in Directors | $ (253,174) |
Note 19 - Fair Value of Finan97
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Details) - Financial Instruments - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment Securities Held to Maturity | $ 29,796 | |
Investment Securities Available for Sale | $ 296,149,299 | 274,594,586 |
Investment Securities Held to Maturity | 29,923 | |
Federal Home Loan Bank Stock | 2,730,500 | 2,830,800 |
Deposits | 1,011,554,236 | 979,303,474 |
Subordinated Debentures | 24,229,000 | 24,229,000 |
Other Borrowed Money | 40,000,000 | 40,000,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 60,872,000 | 65,811,000 |
Investment Securities Held to Maturity | 30,000 | |
Investment Securities Available for Sale | 296,149,000 | 274,595,000 |
Federal Home Loan Bank Stock | 2,731,000 | 2,831,000 |
Loans, Net | 749,675,000 | 736,930,000 |
Bank-Owned Life Insurance | 14,830,000 | 14,531,000 |
Deposits | 1,011,554,000 | 979,303,000 |
Subordinated Debentures | 24,229,000 | 24,229,000 |
Other Borrowed Money | 40,000,000 | 40,000,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 60,872,000 | 65,811,000 |
Investment Securities Available for Sale | 296,149,000 | 274,595,000 |
Investment Securities Held to Maturity | 30,000 | |
Federal Home Loan Bank Stock | 2,731,000 | 2,831,000 |
Loans, Net | 750,412,000 | 738,948,000 |
Bank-Owned Life Insurance | 14,830,000 | 14,531,000 |
Deposits | 1,013,111,000 | 980,874,000 |
Subordinated Debentures | 24,229,000 | 24,229,000 |
Other Borrowed Money | 40,421,000 | 41,962,000 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 60,872,000 | 65,811,000 |
Investment Securities Available for Sale | 0 | 0 |
Investment Securities Held to Maturity | 0 | |
Federal Home Loan Bank Stock | 2,731,000 | 2,831,000 |
Loans, Net | 0 | 0 |
Bank-Owned Life Insurance | 14,830,000 | 14,531,000 |
Deposits | 611,822,000 | 551,057,000 |
Subordinated Debentures | 0 | 0 |
Other Borrowed Money | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 0 | 0 |
Investment Securities Available for Sale | 295,219,000 | 273,647,000 |
Investment Securities Held to Maturity | 30,000 | |
Federal Home Loan Bank Stock | 0 | 0 |
Loans, Net | 741,867,000 | 731,170,000 |
Bank-Owned Life Insurance | 0 | 0 |
Deposits | 401,289,000 | 429,817,000 |
Subordinated Debentures | 24,229,000 | 24,229,000 |
Other Borrowed Money | 40,421,000 | 41,962,000 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Short-Term Investments | 0 | 0 |
Investment Securities Available for Sale | 930,000 | 948,000 |
Investment Securities Held to Maturity | 0 | |
Federal Home Loan Bank Stock | 0 | 0 |
Loans, Net | 8,545,000 | 7,778,000 |
Bank-Owned Life Insurance | 0 | 0 |
Deposits | 0 | 0 |
Subordinated Debentures | 0 | 0 |
Other Borrowed Money | $ 0 | $ 0 |
Note 19 - Fair Value of Finan98
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Impaired Loans [Member] | ||
Nonrecurring | ||
Assets, fair value, nonrecurring | $ 8,544,993 | $ 7,778,279 |
Other Real Estate [Member] | ||
Nonrecurring | ||
Assets, fair value, nonrecurring | 2,535,884 | 6,128,365 |
Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 296,149,299 | 274,594,586 |
US Government Agencies Debt Securities [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 291,049,853 | 271,063,669 |
US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 5,099,446 | 3,530,917 |
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | ||
Nonrecurring | ||
Assets, fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Real Estate [Member] | ||
Nonrecurring | ||
Assets, fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ||
Nonrecurring | ||
Assets, fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Real Estate [Member] | ||
Nonrecurring | ||
Assets, fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 295,218,988 | 273,646,196 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 291,049,853 | 271,063,669 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 4,169,135 | 2,582,527 |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Nonrecurring | ||
Assets, fair value, nonrecurring | 8,544,993 | 7,778,279 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate [Member] | ||
Nonrecurring | ||
Assets, fair value, nonrecurring | 2,535,884 | 6,128,365 |
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 930,311 | 948,390 |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||
U.S. Government Agencies | ||
Assets, fair value, recurring | $ 930,311 | $ 948,390 |
Note 19 - Fair Value of Finan99
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Details) - Quantitative Information for Financial Instruments Measured at Fair Value - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commercial and Agricultural Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value (in Dollars) | $ 28,390 | |
Commercial and Agricultural Portfolio Segment [Member] | Income Approach Valuation Technique [Member] | Commercial [Member] | ||
Impaired Loans | ||
Fair Value Inputs, Cap Rate | 11.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value (in Dollars) | $ 7,347,541 | $ 5,678,297 |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial Construction [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value (in Dollars) | 51,300 | 82,422 |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Residential [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value (in Dollars) | 767,179 | 1,650,474 |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Farmland [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value (in Dollars) | $ 350,583 | $ 367,086 |
Real Estate Portfolio Segment [Member] | Income Approach Valuation Technique [Member] | Commercial [Member] | ||
Impaired Loans | ||
Fair Value Inputs, Cap Rate | 10.25% | 11.00% |
Real Estate Portfolio Segment [Member] | Income Approach Valuation Technique [Member] | Residential [Member] | ||
Impaired Loans | ||
Fair Value Inputs, Cap Rate | 13.75% | |
Other Real Estate Owned [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets measured at fair value (in Dollars) | $ 2,535,884 | $ 6,128,365 |
Other Real Estate Owned [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 12.50% | 9.00% |
Impaired Loans | ||
Fair Value Inputs, Cap Rate | 10.00% | |
Minimum [Member] | Commercial and Agricultural Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (31.77%) | |
Fair Value Inputs, Management Adjustments | 0.00% | |
Minimum [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (31.77%) | 0.00% |
Fair Value Inputs, Management Adjustments | 0.00% | 0.00% |
Minimum [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial Construction [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (5.00%) | (22.00%) |
Fair Value Inputs, Management Adjustments | 0.00% | 0.00% |
Minimum [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Residential [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (22.00%) | (2.30%) |
Fair Value Inputs, Management Adjustments | 0.00% | 0.00% |
Minimum [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Farmland [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (27.00%) | (8.30%) |
Fair Value Inputs, Management Adjustments | 10.00% | 10.00% |
Minimum [Member] | Other Real Estate Owned [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (50.80%) | (40.00%) |
Fair Value Inputs, Management Adjustments | 15.53% | 0.33% |
Maximum [Member] | Commercial and Agricultural Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 34.00% | |
Fair Value Inputs, Management Adjustments | 10.00% | |
Maximum [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 34.00% | 0.00% |
Fair Value Inputs, Management Adjustments | 10.00% | 90.00% |
Maximum [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial Construction [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 99.00% | 38.10% |
Fair Value Inputs, Management Adjustments | 10.00% | 10.00% |
Maximum [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Residential [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 10.80% | 191.70% |
Fair Value Inputs, Management Adjustments | 25.00% | 10.00% |
Maximum [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Farmland [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 15.00% | 252.50% |
Fair Value Inputs, Management Adjustments | 75.00% | 50.00% |
Maximum [Member] | Other Real Estate Owned [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 142.90% | 45.00% |
Fair Value Inputs, Management Adjustments | 72.75% | 69.36% |
Weighted Average [Member] | Commercial and Agricultural Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (1.12%) | |
Fair Value Inputs, Management Adjustments | (5.00%) | |
Weighted Average [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (1.12%) | 0.00% |
Fair Value Inputs, Management Adjustments | (5.00%) | (45.00%) |
Weighted Average [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Commercial Construction [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (47.00%) | (8.05%) |
Fair Value Inputs, Management Adjustments | (5.00%) | (5.00%) |
Weighted Average [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Residential [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (5.60%) | (94.70%) |
Fair Value Inputs, Management Adjustments | (12.50%) | (5.00%) |
Weighted Average [Member] | Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Farmland [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (6.00%) | (122.10%) |
Fair Value Inputs, Management Adjustments | (42.50%) | (30.00%) |
Weighted Average [Member] | Other Real Estate Owned [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | (46.05%) | (2.50%) |
Fair Value Inputs, Management Adjustments | (43.37%) | (31.88%) |
Note 19 - Fair Value of Fina100
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Details) - Fair Value Measurement Using Significant Unobservable Inputs - Available-for-sale Securities [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance, Beginning | $ 948,390 | $ 941,265 | $ 1,138,238 |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | (41,908) | |
Securities Purchased During the Year | 0 | 0 | 0 |
Securities Called During the Year | 0 | 0 | |
Loss on OTTI Impairment Included in Noninterest Income | 0 | (366,623) | |
Unrealized Gains(Losses) Included in Other Comprehensive Income | (18,079) | 7,125 | 211,558 |
Balance, Ending | $ 930,311 | $ 948,390 | $ 941,265 |
Note 19 - Fair Value of Fina101
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Details) - Quantitative Information About Recurring Level 3 Fair Value Measurement - Fair Value, Inputs, Level 3 [Member] - US States and Political Subdivisions Debt Securities [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
State, County and Municipal | $ 930,311 | $ 948,390 | |
State, County and Municipal | [1] | ||
[1] | The Company relies on a third-party pricing service to value its municipal securities. The details of the unobservable inputs and other adjustments used by the third-party pricing service were not readily available to the Company. |
Note 20 - Regulatory Capital102
Note 20 - Regulatory Capital Matters (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Nov. 30, 2014 | Dec. 31, 2015 | |
Note 20 - Regulatory Capital Matters (Details) [Line Items] | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets Rule 1 | 0.625% | |
Increase in Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.625% | |
Tier 1 Capital Conservation Buffer of Risk Weighted Assets | 2.50% | |
Dividends, Common Stock (in Dollars) | $ 12,000,000 | $ 10,000,000 |
Series A Preferred Stock [Member] | ||
Note 20 - Regulatory Capital Matters (Details) [Line Items] | ||
Stock Redeemed or Called During Period, Shares (in Shares) | 9,979 |
Note 20 - Regulatory Capital103
Note 20 - Regulatory Capital Matters (Details) - Regulatory Capital Information - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total Capital to Risk-Weighted Assets | ||
Capital | $ 131,948 | $ 136,022 |
Capital to Risk-Weighted Assets | 16.60% | 17.95% |
Capital Required for Capital Adequacy | $ 63,602 | $ 60,639 |
Capital Required for Capital Adequacy to Risk-Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | ||
Capital Requited to be Well Capitalized to Risk-Weighted Assets | ||
Tier I Capital to Risk-Weighted Assets | ||
Tier I Risk Based Capital | $ 123,344 | $ 127,220 |
Tier I Risk Based Capital to Risk-Weighted Assets | 15.51% | 16.78% |
Tier I Risk Based Capital Required for Capital Adequacy | $ 47,702 | $ 30,320 |
Tier I Risk Based Capital Required for Capital Adequacy to Risk-Weighted Assets | 6.00% | 4.00% |
Tier I Risk Based Capital Required to be Well Capitalized | ||
Tier I Risk Based Capital Required to be Well Capitalized to Risk-Weighted Assets | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets | ||
Common Equity Tier I Risk Based Capital | $ 81,823 | |
Common Equity Tier I Risk Based Capital to Risk-Weighted Assets | 10.29% | |
Common Equity Tier I Risk Based Capital Required for Capital Adequacy | $ 35,776 | |
Common Equity Tier I Risk Based Capital Required for Capital Adequacy to Risk-Weighted Assets | 4.50% | |
Common Equity Tier I Risk Based Capital Required to Be Well Capitalized | ||
Common Equity Tier I Risk Based Capital Required to Be Well Capitalized to Risk-Weighted Assets | ||
Tier I Capital to Average Assets | ||
Tier One Leverage Capital | $ 123,344 | $ 127,220 |
Tier One Leverage Capital to Average Assets | 10.69% | 11.18% |
Tier One Leverage Capital Required for Capital Adequacy | $ 46,149 | $ 45,509 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | ||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | ||
Colony Bank [Member] | ||
Total Capital to Risk-Weighted Assets | ||
Capital | $ 126,939 | $ 127,833 |
Capital to Risk-Weighted Assets | 15.99% | 16.89% |
Capital Required for Capital Adequacy | $ 63,500 | $ 60,542 |
Capital Required for Capital Adequacy to Risk-Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 79,375 | $ 75,678 |
Capital Requited to be Well Capitalized to Risk-Weighted Assets | 10.00% | 10.00% |
Tier I Capital to Risk-Weighted Assets | ||
Tier I Risk Based Capital | $ 118,335 | $ 119,031 |
Tier I Risk Based Capital to Risk-Weighted Assets | 14.91% | 15.73% |
Tier I Risk Based Capital Required for Capital Adequacy | $ 47,625 | $ 30,271 |
Tier I Risk Based Capital Required for Capital Adequacy to Risk-Weighted Assets | 6.00% | 4.00% |
Tier I Risk Based Capital Required to be Well Capitalized | $ 63,500 | $ 45,407 |
Tier I Risk Based Capital Required to be Well Capitalized to Risk-Weighted Assets | 8.00% | 6.00% |
Common Equity Tier 1 Capital to Risk-Weighted Assets | ||
Common Equity Tier I Risk Based Capital | $ 118,335 | |
Common Equity Tier I Risk Based Capital to Risk-Weighted Assets | 14.91% | |
Common Equity Tier I Risk Based Capital Required for Capital Adequacy | $ 35,719 | |
Common Equity Tier I Risk Based Capital Required for Capital Adequacy to Risk-Weighted Assets | 4.50% | |
Common Equity Tier I Risk Based Capital Required to Be Well Capitalized | $ 51,594 | |
Common Equity Tier I Risk Based Capital Required to Be Well Capitalized to Risk-Weighted Assets | 6.50% | |
Tier I Capital to Average Assets | ||
Tier One Leverage Capital | $ 118,335 | $ 119,031 |
Tier One Leverage Capital to Average Assets | 10.27% | 10.50% |
Tier One Leverage Capital Required for Capital Adequacy | $ 46,074 | $ 45,364 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 57,592 | $ 56,705 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Note 21 - Financial Informat104
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) (Details) - Balance Sheets, Parent Company - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash | $ 9,061,678 | $ 9,974,663 | ||
Premises and Equipment, Net | 26,453,530 | 24,960,445 | ||
Other | 29,313,894 | 31,187,420 | ||
Total Assets | 1,174,149,427 | 1,146,897,981 | ||
Liabilities | ||||
Other | 2,909,569 | 4,338,195 | ||
Subordinated Debt | 24,229,000 | 24,229,000 | ||
Stockholders’ Equity | ||||
Preferred Stock, Stated Value $1,000; Authorized 10,000,000 Shares, Issued 18,021 and 28,000 Shares as of December 31, 2015 and 2014 | 18,021,000 | 28,000,000 | ||
Common Stock, Par Value $1; Authorized 20,000,000 Shares, Issued 8,439,258 Shares as of December 31, 2015 and 2014 | 8,439,258 | 8,439,258 | ||
Paid-In Capital | 29,145,094 | 29,145,094 | ||
Retained Earnings | 44,285,621 | 38,287,934 | ||
Accumulated Other Comprehensive Loss, Net of Tax | (4,434,351) | (4,844,974) | ||
95,456,622 | 99,027,312 | $ 89,954,239 | $ 95,759,167 | |
Total Liabilities and Stockholders’ Equity | 1,174,149,427 | 1,146,897,981 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash | 4,100,860 | 5,750,652 | ||
Premises and Equipment, Net | 1,134,524 | 1,199,639 | ||
Investment in Subsidiary, at Equity | 114,677,455 | 115,066,948 | ||
Other | 170,801 | 1,708,380 | ||
Total Assets | 120,083,640 | 123,725,619 | ||
Liabilities | ||||
Dividends Payable | 202,736 | 315,000 | ||
Other | 195,282 | 154,307 | ||
398,018 | 469,307 | |||
Subordinated Debt | 24,229,000 | 24,229,000 | ||
Stockholders’ Equity | ||||
Preferred Stock, Stated Value $1,000; Authorized 10,000,000 Shares, Issued 18,021 and 28,000 Shares as of December 31, 2015 and 2014 | 18,021,000 | 28,000,000 | ||
Common Stock, Par Value $1; Authorized 20,000,000 Shares, Issued 8,439,258 Shares as of December 31, 2015 and 2014 | 8,439,258 | 8,439,258 | ||
Paid-In Capital | 29,145,094 | 29,145,094 | ||
Retained Earnings | 44,285,621 | 38,287,934 | ||
Accumulated Other Comprehensive Loss, Net of Tax | (4,434,351) | (4,844,974) | ||
95,456,622 | 99,027,312 | |||
Total Liabilities and Stockholders’ Equity | $ 120,083,640 | $ 123,725,619 |
Note 21 - Financial Informat105
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) (Details) - Balance Sheets, Parent Company (Parentheticals) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Preferred Stock, Stated Value (in Dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 18,021 | 28,000 |
Common Stock, Par Value (in Dollars per share) | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares Issued | 8,439,258 | 8,439,258 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Preferred Stock, Stated Value (in Dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 18,021 | 28,000 |
Common Stock, Par Value (in Dollars per share) | $ 1 | $ 1 |
Common Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares Issued | 8,439,258 | 8,439,258 |
Note 21 - Financial Informat106
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) (Details) - Statements of Operations, Parent Company - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expenses | |||
Salaries and Employee Benefits | $ 17,589,631 | $ 17,507,926 | $ 16,691,972 |
Income Before Taxes and Equity in Undistributed Earnings of Subsidiary | 12,160,500 | 10,799,912 | 6,963,909 |
Income Tax Benefits | 3,787,803 | 3,268,287 | 2,334,864 |
Net Income | 8,372,697 | 7,531,625 | 4,629,045 |
Preferred Stock Dividends | 2,375,010 | 2,688,604 | 1,508,761 |
Net Income Available to Common Stockholders | 5,997,687 | 4,843,021 | 3,120,284 |
Parent Company [Member] | |||
Income | |||
Dividends from Subsidiary | 10,015,147 | 12,015,572 | 1,515,549 |
Management Fees | 581,334 | 581,334 | 581,334 |
Other | 112,876 | 100,269 | 96,953 |
10,709,357 | 12,697,175 | 2,193,836 | |
Expenses | |||
Interest | 503,286 | 517,381 | 516,641 |
Amortization | 938 | 2,250 | |
Salaries and Employee Benefits | 811,150 | 782,152 | 748,149 |
Other | 666,872 | 538,847 | 543,139 |
1,981,308 | 1,839,318 | 1,810,179 | |
Income Before Taxes and Equity in Undistributed Earnings of Subsidiary | 8,728,049 | 10,857,857 | 383,657 |
Income Tax Benefits | 444,764 | 396,738 | 406,518 |
Income Before Equity in Undistributed Earnings of Subsidiary | 9,172,813 | 11,254,595 | 790,175 |
Dividends Received in Excess of Earnings of Subsidiary | (800,116) | (3,722,970) | |
Equity in Undistributed Earnings of Subsidiary | 3,838,870 | ||
Net Income | 8,372,697 | 7,531,625 | 4,629,045 |
Preferred Stock Dividends | 2,375,010 | 2,688,604 | 1,508,761 |
Net Income Available to Common Stockholders | $ 5,997,687 | $ 4,843,021 | $ 3,120,284 |
Note 21 - Financial Informat107
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) (Details) - Consolidated Statements of Comprehensive Income (Loss), Parent Company - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statement of Income Captions [Line Items] | |||
Net Income | $ 8,372,697 | $ 7,531,625 | $ 4,629,045 |
Other Comprehensive Income (Loss) | |||
Gains (Losses) on Securities Arising During the Year | 610,689 | 6,432,906 | (13,886,854) |
Tax Effect | (207,634) | (2,187,189) | 4,721,531 |
Realized Gains (Losses) on Sale of AFS Securities | 11,466 | (23,735) | (2,819) |
Tax Effect | (3,898) | 8,070 | 959 |
Impairment Loss on Securities | 366,623 | ||
Tax Effect | 124,652 | ||
Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | 410,623 | 4,230,052 | (8,925,212) |
Comprehensive Income (Loss) | 8,783,320 | 11,761,677 | (4,296,167) |
Parent Company [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net Income | 8,372,697 | 7,531,625 | 4,629,045 |
Other Comprehensive Income (Loss) | |||
Gains (Losses) on Securities Arising During the Year | 610,689 | 6,432,906 | (13,886,854) |
Tax Effect | (207,634) | (2,187,189) | 4,721,531 |
Realized Gains (Losses) on Sale of AFS Securities | 11,466 | (23,735) | (2,819) |
Tax Effect | (3,898) | 8,070 | 959 |
Impairment Loss on Securities | 366,623 | ||
Tax Effect | (124,652) | ||
Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | 410,623 | 4,230,052 | (8,925,212) |
Comprehensive Income (Loss) | $ 8,783,320 | $ 11,761,677 | $ (4,296,167) |
Note 21 - Financial Informat108
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) (Details) - Statements of Cash Flows, Parent Company - USD ($) | Nov. 17, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Flows from Operating Activities | ||||
Net Income | $ 8,372,697 | $ 7,531,625 | $ 4,629,045 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||||
Change in Interest Payable | 32,253 | (1,099,756) | 385,285 | |
14,067,287 | 14,766,575 | 18,870,455 | ||
Cash Flows from Investing Activities | ||||
Purchases of Premises and Equipment | (3,189,969) | (1,681,115) | (1,489,579) | |
Cash Flows from Financing Activities | ||||
Dividends Paid on Preferred Stock | $ (5,492,749) | (2,487,274) | (5,492,749) | |
Redemption of Preferred Stock | (9,979,000) | |||
19,784,488 | (13,718,755) | 12,844,589 | ||
Increase (Decrease) in Cash | (22,348,286) | (1,581,733) | (3,059,168) | |
Cash and Cash Equivalents, Beginning | 44,604,932 | 46,186,665 | 49,245,833 | |
Cash and Cash Equivalents, Ending | 22,256,646 | 44,604,932 | 46,186,665 | |
Parent Company [Member] | ||||
Cash Flows from Operating Activities | ||||
Net Income | 8,372,697 | 7,531,625 | 4,629,045 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||||
Depreciation and Amortization | 73,999 | 75,347 | 80,711 | |
Equity in Undistributed Earnings of Subsidiary | 800,116 | 3,722,970 | (3,838,870) | |
Change in Interest Payable | 23,072 | (1,069,695) | 516,641 | |
Other | 1,555,482 | (437,115) | (390,962) | |
10,825,366 | 9,823,132 | 996,565 | ||
Cash Flows from Investing Activities | ||||
Purchases of Premises and Equipment | (8,884) | (2,020) | (68,708) | |
Cash Flows from Financing Activities | ||||
Dividends Paid on Preferred Stock | (2,487,274) | (5,492,749) | ||
Redemption of Preferred Stock | (9,979,000) | |||
(12,466,274) | (5,492,749) | |||
Increase (Decrease) in Cash | (1,649,792) | 4,328,363 | 927,857 | |
Cash and Cash Equivalents, Beginning | 5,750,652 | 1,422,289 | 494,432 | |
Cash and Cash Equivalents, Ending | $ 4,100,860 | $ 5,750,652 | $ 1,422,289 |
Note 22 - Earnings Per Share (D
Note 22 - Earnings Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500,000 | 500,000 |
Note 22 - Earnings Per Share110
Note 22 - Earnings Per Share (Details) - Summary of Earnings Per Share - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator | |||
Net Income Available to Common Stockholders (in Dollars) | $ 5,997,687 | $ 4,843,021 | $ 3,120,284 |
Denominator | |||
Weighted Average Number of Common Shares Outstanding for Basic Earnings Per Common Share | 8,439,258 | 8,439,258 | 8,439,258 |
Dilutive Effect of Potential Common Stock | |||
Stock Warrants | 19,203 | 0 | 0 |
Weighted-Average Number of Shares Outstanding for Diluted Earnings Per Common Share | 8,458,461 | 8,439,258 | 8,439,258 |
Earnings Per Share - Basic (in Dollars per share) | $ 0.71 | $ 0.57 | $ 0.37 |
Earnings Per Share - Diluted (in Dollars per share) | $ 0.71 | $ 0.57 | $ 0.37 |
Restricted Stock [Member] | |||
Dilutive Effect of Potential Common Stock | |||
Restricted Stock | 0 | 0 | 0 |