Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 10, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Colony Bankcorp Inc | ||
Entity Central Index Key | 711,669 | ||
Trading Symbol | cban | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,439,258 | ||
Entity Public Float | $ 58,532,814 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents | ||
Cash and Due from Banks | $ 28,822,104 | $ 22,256,646 |
Interest-Bearing Deposits | 46,344,859 | 38,615,299 |
Investment Securities | ||
Available for Sale, at Fair Value | 323,657,870 | 296,149,299 |
Federal Home Loan Bank Stock, at Cost | 3,010,000 | 2,730,500 |
Loans | 754,283,563 | 758,635,595 |
Allowance for Loan Losses | (8,923,293) | (8,603,905) |
Unearned Interest and Fees | (361,042) | (356,798) |
744,999,228 | 749,674,892 | |
Premises and Equipment, Net | 27,969,260 | 26,453,530 |
Other Real Estate (Net of Allowance of $1,878,127 and $1,582,101 in 2016 and 2015, Respectively) | 6,439,226 | 8,839,103 |
Other Intangible Assets | 80,515 | 116,264 |
Other Assets | 29,118,555 | 29,313,894 |
Total Assets | 1,210,441,617 | 1,174,149,427 |
Deposits | ||
Noninterest-Bearing | 159,058,633 | 133,886,271 |
Interest-Bearing | 885,297,895 | 877,667,965 |
1,044,356,528 | 1,011,554,236 | |
Borrowed Money | ||
Subordinated Debt | 24,229,000 | 24,229,000 |
Other Borrowed Money | 46,000,000 | 40,000,000 |
70,229,000 | 64,229,000 | |
Other Liabilities | 2,468,356 | 2,909,569 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Preferred Stock, Stated Value $1,000; 10,000,000 Shares Authorized, 9,360 and 18,021 Shares Issued and Outstanding as of December 31, 2016 and 2015 | 9,360,000 | 18,021,000 |
Common Stock, Par Value $1; 20,000,000 Shares Authorized, 8,439,258 Shares Issued and Outstanding as of December 31, 2016 and 2015 | 8,439,258 | 8,439,258 |
Paid-In Capital | 29,145,094 | 29,145,094 |
Retained Earnings | 51,465,521 | 44,285,621 |
Accumulated Other Comprehensive Loss, Net of Tax | (5,022,140) | (4,434,351) |
93,387,733 | 95,456,622 | |
Total Liabilities and Stockholders’ Equity | $ 1,210,441,617 | $ 1,174,149,427 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred Stock, Par Value (in dollars per share) | $ 1,000 | $ 1,000 |
Common Stock, Par Value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued (in shares) | 9,360 | 18,021 |
Preferred Stock, Shares Outstanding (in shares) | 9,360 | 18,021 |
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 |
Common Stock, Shares Issued (in shares) | 8,439,258 | 8,439,258 |
Common Stock, Shares Outstanding (in shares) | 8,439,258 | 8,439,258 |
Other Real Estate, Allowance | $ 1,878,127 | $ 1,582,101 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income | |||
Loans, Including Fees | $ 38,942,503 | $ 39,716,269 | $ 39,735,615 |
Federal Funds Sold | 14,561 | 32,100 | |
Deposits with Other Banks | 124,459 | 79,735 | 41,639 |
U.S. Government Agencies | 5,263,741 | 4,235,207 | 4,737,878 |
State, County and Municipal | 127,379 | 107,638 | 99,736 |
Dividends on Other Investments | 131,007 | 122,070 | 115,134 |
44,589,089 | 44,275,480 | 44,762,102 | |
Interest Expense | |||
Deposits | 4,781,228 | 4,856,673 | 5,113,024 |
Federal Funds Purchased | 581 | 26 | 19 |
Borrowed Money | 1,701,522 | 1,712,548 | 1,685,744 |
6,483,331 | 6,569,247 | 6,798,787 | |
Net Interest Income | 38,105,758 | 37,706,233 | 37,963,315 |
Provision for Loan Losses | 1,062,000 | 865,500 | 1,308,000 |
Net Interest Income After Provision for Loan Losses | 37,043,758 | 36,840,733 | 36,655,315 |
Noninterest Income | |||
Service Charges on Deposits | 4,307,214 | 4,268,438 | 4,649,008 |
Other Service Charges, Commissions and Fees | 2,802,651 | 2,627,157 | 2,387,589 |
Mortgage Fee Income | 681,806 | 527,187 | 419,963 |
Securities Gains (Losses) | 385,223 | (11,466) | 23,735 |
Other | 1,376,860 | 1,633,205 | 1,644,294 |
9,553,754 | 9,044,521 | 9,124,589 | |
Noninterest Expenses | |||
Salaries and Employee Benefits | 18,482,693 | 17,589,631 | 17,507,926 |
Occupancy and Equipment | 3,970,244 | 3,989,347 | 4,062,844 |
Directors’ Fees | 348,755 | 358,291 | 392,132 |
Legal and Professional Fees | 791,563 | 737,731 | 785,683 |
Foreclosed Property | 1,143,518 | 1,682,783 | 2,701,436 |
FDIC Assessment | 603,654 | 899,302 | 965,898 |
Advertising | 609,892 | 624,844 | 652,374 |
Software | 1,112,065 | 992,593 | 925,489 |
Telephone | 737,063 | 710,038 | 735,735 |
ATM/Card Processing | 1,136,122 | 1,061,262 | 905,732 |
Other | 5,137,400 | 5,078,932 | 5,344,743 |
34,072,969 | 33,724,754 | 34,979,992 | |
Income Before Income Taxes | 12,524,543 | 12,160,500 | 10,799,912 |
Income Taxes | 3,851,333 | 3,787,803 | 3,268,287 |
Net Income | 8,673,210 | 8,372,697 | 7,531,625 |
Preferred Stock Dividends | 1,493,310 | 2,375,010 | 2,688,604 |
Net Income Available to Common Stockholders | $ 7,179,900 | $ 5,997,687 | $ 4,843,021 |
Net Income Per Share of Common Stock | |||
Basic (in dollars per share) | $ 0.85 | $ 0.71 | $ 0.57 |
Diluted (in dollars per share) | 0.84 | 0.71 | 0.57 |
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) | 8,513,295 | 8,458,461 | 8,439,258 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income | $ 8,673,210 | $ 8,372,697 | $ 7,531,625 |
Other Comprehensive Income (Loss) | |||
Gains (Losses) on Securities Arising During the Year | (505,367) | 610,689 | 6,432,906 |
Tax Effect | 171,825 | (207,634) | (2,187,189) |
Realized (Gains) Losses on Sale of AFS Securities | (385,223) | 11,466 | (23,735) |
Tax Effect | 130,976 | (3,898) | 8,070 |
Impairment Loss on Securities | |||
Tax Effect | |||
Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | (587,789) | 410,623 | 4,230,052 |
Comprehensive Income | $ 8,085,421 | $ 8,783,320 | $ 11,761,677 |
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 (in shares) at Dec. 31, 2013 | 28,000 | 8,439,258 | ||||
Balance at Dec. 31, 2013 | $ 28,000,000 | $ 8,439,258 | $ 29,145,094 | $ 33,444,913 | $ (9,075,026) | $ 89,954,239 |
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 (in shares) at Dec. 31, 2014 | 28,000 | 8,439,258 | ||||
Balance at Dec. 31, 2014 | $ 28,000,000 | $ 8,439,258 | 29,145,094 | 38,287,934 | (4,844,974) | 99,027,312 |
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) | ||||
Net Income | 8,372,697 | 8,372,697 | ||||
Balance (in shares) at Dec. 31, 2015 | 18,021 | 8,439,258 | ||||
Balance at Dec. 31, 2015 | $ 18,021,000 | $ 8,439,258 | 29,145,094 | 44,285,621 | (4,434,351) | 95,456,622 |
Redemption of Preferred Stock (in shares) | (9,979) | |||||
Redemption of Preferred Stock | $ (9,979,000) | (9,979,000) | ||||
Change in Net Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | (587,789) | (587,789) | ||||
Dividends on Preferred Shares | (1,493,130) | (1,493,130) | ||||
Net Income | 8,673,210 | 8,673,210 | ||||
Balance (in shares) at Dec. 31, 2016 | 9,360 | 8,439,258 | ||||
Balance at Dec. 31, 2016 | $ 9,360,000 | $ 8,439,258 | 29,145,094 | 51,465,521 | (5,022,140) | 93,387,733 |
Redemption of Preferred Stock (in shares) | (8,661) | |||||
Redemption of Preferred Stock | $ (8,661,000) | $ (8,661,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | |||
Net Income | $ 8,673,210 | $ 8,372,697 | $ 7,531,625 |
Adjustments to Reconcile Net Income to Net Cash Provided from Operating Activities | |||
Depreciation | 1,574,249 | 1,657,229 | 1,595,253 |
Amortization and Accretion | 1,609,339 | 1,797,152 | 1,312,857 |
Provision for Loan Losses | 1,062,000 | 865,500 | 1,308,000 |
Deferred Income Taxes | 222,120 | 625,436 | 1,932,950 |
Securities (Gains) Losses | (385,223) | 11,466 | (23,735) |
(Gain) Loss on Sale of Premises and Equipment | 80,329 | 11,047 | (12,489) |
Loss on Sale of Other Real Estate and Repossessions | 160,682 | 600,663 | 828,411 |
Provision for Losses on Other Real Estate | 501,736 | 453,148 | 1,006,827 |
Increase in Cash Surrender Value of Life Insurance | (589,408) | (299,010) | (590,674) |
Change In | |||
Interest Receivable | 176,766 | (354,274) | 55,786 |
Prepaid Expenses | (372,380) | 278,637 | (64,633) |
Interest Payable | (46,284) | 32,253 | (1,099,756) |
Accrued Expenses and Accounts Payable | (252,617) | (202,343) | 197,195 |
Other | 973,972 | 217,686 | 788,958 |
13,388,491 | 14,067,287 | 14,766,575 | |
Cash Flows from Investing Activities | |||
Interest-Bearing Deposits in Other Banks | (7,729,560) | (17,409,260) | 754,252 |
Purchase of Investment Securities Available for Sale | (109,634,793) | (102,336,227) | (56,201,891) |
Proceeds from Sale of Investment Securities Available for Sale | 25,209,851 | 28,273,634 | 13,620,956 |
Proceeds from Maturities, Calls and Paydowns of Investment Securities | |||
Proceeds from Maturities, Calls, and Paydowns of Investment Securities: Available for Sale | 54,868,726 | 51,423,541 | 36,440,646 |
Proceeds from Maturities, Calls, and Paydowns of Investment Securities: Held for Maturity | 9,734 | 12,968 | |
Proceeds from Sale of Premises and Equipment | 89,551 | 28,608 | 14,376 |
Net Loans to Customers | (2,167,126) | (21,255,018) | (3,156,342) |
Purchase of Premises and Equipment | (3,259,859) | (3,189,969) | (1,681,115) |
Proceeds from Sale of Other Real Estate and Repossessions | 7,529,131 | 8,154,596 | 7,233,497 |
Proceeds from Sale of Federal Home Loan Bank Stock | 100,300 | 333,100 | |
Purchase of Federal Home Loan Bank Stock | (279,500) | ||
(35,373,579) | (56,200,061) | (2,629,553) | |
Cash Flows from Financing Activities | |||
Interest-Bearing Customer Deposits | 7,629,930 | 26,704,254 | (21,305,068) |
Noninterest-Bearing Customer Deposits | 25,172,362 | 5,546,508 | 13,079,062 |
Proceeds from Other Borrowed Money | 10,000,000 | 27,000,000 | |
Principal Payments on Other Borrowed Money | (4,000,000) | (27,000,000) | |
Dividends Paid on Preferred Stock | (1,590,746) | (2,487,274) | (5,492,749) |
Redemption of Preferred Stock | (8,661,000) | (9,979,000) | |
28,550,546 | 19,784,488 | (13,718,755) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 6,565,458 | (22,348,286) | (1,581,733) |
Cash and Cash Equivalents, Beginning | 22,256,646 | 44,604,932 | 46,186,665 |
Cash and Cash Equivalents, Ending | $ 28,822,104 | $ 22,256,646 | $ 44,604,932 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (1) 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, Columbus, Cordele, Douglas, Eastman, Fitzgerald, Leesburg, Moultrie, Quitman, Rochelle, Savannah, Soperton, Statesboro, 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 2016. 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, 2016, 87 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 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 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 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 six may 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 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) (2) (3) (4) (5) (6) (7) (8) (9) 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 may third may 10 may may 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 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. Other 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) (2) (3) 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. 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 2016, 2015, 2014 2013 three Positions taken in the Company’s tax returns may 50 may first 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 $15,419,269 $14,829,861 December 31, 2016 2015, 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 ASU 2014 09, Revenue from Contracts with Customers (Topic 606). 2014 09 2014 09 five may 2014 09, one 2015 14, first 2018. 2014 09 ASU 2016 01, Financial Instruments – Overall (Subtopic 825 10): 2016 01, 2016 01 January 1, 2018. 2016 01 ASU 2016 02, Leases (Topic 842) . December 15, 2018, ASU 2016 09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. December 15, 2016, ASU 2016 13, Financial Instruments – Credit Losses (Topic 326). December 15, 2019, ASU 2016 15, Statement of Cash Flows (Topic 230) 2016 15 2016 15 January 1, 2018 |
Note 2 - Cash and Balances Due
Note 2 - Cash and Balances Due From Banks | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 16 2015 Cash on Hand and Cash Items $ 8,509,530 $ 9,061,678 Noninterest-Bearing Deposits with Other Banks 20,312,574 13,194,968 $ 28,822,104 $ 22,256,646 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 $1,417,000 $1,275,000 December 31, 2016 2015, |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | (3) Investment Securities Investment securities as of December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Available for Sale U.S. Government Agencies Mortgage-Backed $ 326,694,417 $ 75,743 $ (7,672,786 ) $ 319,097,374 State, County and Municipal 4,572,756 18,350 (30,610 ) 4,560,496 $ 331,267,173 $ 94,093 $ (7,703,396 ) $ 323,657,870 The amortized cost and fair value of investment securities as of December 31, 2016, may may Securities Available for Sale Amortized Cost Fair Value Due in One Year or Less $ 360,471 $ 362,760 Due After One Year Through Five Years 1,618,395 1,610,940 Due After Five Years Through Ten Years 1,106,315 1,107,718 Due After Ten Years 1,487,575 1,479,078 4,572,756 4,560,496 Mortgage-Backed Securities 326,694,417 319,097,374 $ 331,267,173 $ 323,657,870 Investment securities as of December 31, 2015 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 Proceeds from sales of investments available for sale were $25,209,851 2016, $28,273,634 2015, 13,620,956 2014. $391,976 2016, $207,896 2015, $67,601 2014. $6,753 2016, $196,316 2015, $45,666 2014. $23,046 2015 $1,800 2014 Investment securities having a carrying value totaling $144,853,885 $133,754,087 December 31, 2016 2015, Information pertaining to securities with gross unrealized losses at December 31, 2016 2015 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, 2016 U.S. Government Agencies Mortgage-Backed $ 174,200,881 $ (3,459,564 ) $ 107,481,698 $ (4,213,222 ) $ 281,682,579 $ (7,672,786 ) State, County and Municipal 3,487,647 (30,610 ) - - 3,487,647 (30,610 ) $ 177,688,528 $ (3,490,174 ) $ 107,481,698 $ (4,213,222 ) $ 285,170,226 $ (7,703,396 ) 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 ) 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) (2) (3) At December 31, 2016, 108 2.63 one December 31, 2016 one |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 16 2015 Commercial and Agricultural Commercial $ 47,024,878 $ 47,781,689 Agricultural 17,079,579 19,193,497 Real Estate Commercial Construction 30,358,362 40,106,633 Residential Construction 11,830,447 9,413,263 Commercial 349,090,031 346,262,033 Residential 195,579,967 197,002,419 Farmland 66,877,197 61,779,859 Consumer and Other Consumer 19,695,241 20,605,465 Other 16,747,861 16,490,737 Total Loans $ 754,283,563 $ 758,635,595 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. (1) (2) (3) (4) (5) 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 8. ● Grades 1 2 may ● Grades 3 4 one ● Grade 5 ● Grade 6 ● Grades 7 8 6. The following tables present the loan portfolio by credit quality indicator (risk grade) as of December 31. 1, 2, 3 4 2016 Pass Special Mention Substandard Total Loans Commercial and Agricultural Commercial $ 44,249,874 $ 1,861,757 $ 913,247 $ 47,024,878 Agricultural 16,585,646 192,445 301,488 17,079,579 Real Estate Commercial Construction 28,425,373 1,349,447 583,542 30,358,362 Residential Construction 11,630,165 - 200,282 11,830,447 Commercial 327,561,169 9,403,077 12,125,785 349,090,031 Residential 178,618,510 5,658,526 11,302,931 195,579,967 Farmland 65,074,715 839,362 963,120 66,877,197 Consumer and Other Consumer 19,071,739 225,959 397,543 19,695,241 Other 16,747,861 - - 16,747,861 Total Loans $ 707,965,052 $ 19,530,573 $ 26,787,938 $ 754,283,563 2015 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 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 $250,000 may 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 may may 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 2016 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 $ 419,969 $ - $ 419,969 $ 634,955 $ 45,969,954 $ 47,024,878 Agricultural 33,046 - 33,046 208,522 16,838,011 17,079,579 Real Estate Commercial Construction 54,001 - 54,001 190,494 30,113,867 30,358,362 Residential Construction - - - - 11,830,447 11,830,447 Commercial 491,468 - 491,468 6,360,176 342,238,387 349,090,031 Residential 3,178,833 - 3,178,833 3,944,337 188,456,797 195,579,967 Farmland 95,309 - 95,309 799,556 65,982,332 66,877,197 Consumer and Other Consumer 196,242 122 196,364 212,026 19,286,851 19,695,241 Other - - - - 16,747,861 16,747,861 Total Loans $ 4,468,868 $ 122 $ 4,468,990 $ 12,350,066 $ 737,464,507 $ 754,283,563 2015 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 Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $387,300, $418,400, $591,900 December 31, 2016, 2015 2014, The following table details impaired loan data as of December 31, 2016: Unpaid Contractual Principal Balance Impaired Balance Related Allowance Average Recorded Investment Interest Income Recognized Interest Income Collected With No Related Allowance Recorded Commercial $ 634,955 $ 634,955 $ - $ 539,099 $ 24,563 $ 27,142 Agricultural 229,182 208,522 - 210,372 8,794 12,412 Commercial Construction 190,494 190,494 - 697,893 6,630 7,127 Commercial Real Estate 14,357,601 14,276,688 - 14,274,719 567,349 560,354 Residential Real Estate 4,261,558 3,952,139 - 4,553,322 73,099 190,373 Farmland 920,666 799,556 - 1,016,395 21,526 26,012 Consumer 212,376 212,026 - 213,309 9,599 12,036 $ 20,806,832 $ 20,274,380 $ - $ 21,505,109 $ 711,560 $ 835,456 With An Allowance Recorded Commercial - - - 30,270 - - Agricultural - - - - - - Commercial Construction 72,296 72,296 21,135 74,098 1,532 1,416 Commercial Real Estate 8,557,582 8,467,135 3,021,943 8,339,666 238,684 235,749 Residential Real Estate 1,475,594 1,467,833 362,521 1,042,750 27,759 32,260 Farmland 379,851 379,851 29,173 384,056 21,098 21,310 Consumer - - - - - - $ 10,485,323 $ 10,387,115 $ 3,434,772 $ 9,870,840 $ 289,073 $ 290,735 Total Commercial $ 634,955 $ 634,955 $ - $ 569,369 $ 24,563 $ 27,142 Agricultural 229,182 208,522 - 210,372 8,794 12,412 Commercial Construction 262,790 262,790 21,135 771,991 8,162 8,543 Commercial Real Estate 22,915,183 22,743,823 3,021,943 22,614,385 806,033 796,103 Residential Real Estate 5,737,152 5,419,972 362,521 5,596,072 100,858 222,633 Farmland 1,300,517 1,179,407 29,173 1,400,451 42,624 47,322 Consumer 212,376 212,026 - 213,309 9,599 12,036 $ 31,292,155 $ 30,661,495 $ 3,434,772 $ 31,375,949 $ 1,000,633 $ 1,126,191 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 Interest 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 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 secondary As discussed in Note 1, no December 31, 2016. 12 December 31, 2016, 2015 2014. 12 90 may six Troubled Debt Restructurings 201 6 # of Contracts Pre-Modification Post-Modification Commercial Real Estate 1 $ 91,280 $ 91,097 Residential Real Estate 1 354,784 354,784 Total Loans 2 $ 446,064 $ 445,881 2015 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 Troubled debt restructurings that subsequently defaulted as of December 31 201 6 2015 2014 # of Contracts Recorded Investment # of Contracts Recorded Investment # of Contracts Recorded Investment Residential Real Estate 1 $ 89,297 - $ - - $ - Total Loans 1 $ 89,297 - $ - - $ - During December 2016, $89,297 June 2016. December 31, 2015 2014, |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | (5 ) Allowance for Loan Losses Changes in the allowance for loan losses for the years ended December 31 201 6 2015 2014 Balance, Beginning of Year $ 8,603,905 $ 8,802,316 $ 11,805,986 Provision for Loan Losses 1,062,000 865,500 1,308,000 Loans Charged Off (2,087,850 ) (2,083,347 ) (5,104,491 ) Recoveries of Loans Previously Charged Off 1,345,238 1,019,436 792,821 Balance, End of Year $ 8,923,293 $ 8,603,905 $ 8,802,316 The following tables detail activity in the allowance for loan losses, segregated by class of loan, for the years ended December 31. one may 2016 Beginning Balance Charge- O ffs Recoveries Provision Ending Balance Commercial and Agricultur al Commercial $ 855,364 $ (304,918 ) $ 66,738 $ (160,987 ) $ 456,197 Agricultural 203,091 (19,258 ) 4,150 (20,291 ) 167,692 Real Estate Commercial Construction 690,766 (25,318 ) 814,586 (1,157,309 ) 322,725 Residential Construction 19,890 - - (6,399 ) 13,491 Commercial 3,850,527 (992,067 ) 206,154 2,686,384 5,750,998 Residential 1,990,355 (361,630 ) 49,660 (282,286 ) 1,396,099 Farmland 911,692 (119,576 ) 145,000 (214,785 ) 722,331 Consumer and Other Consumer 63,377 (265,083 ) 52,629 229,342 80,265 Other 18,843 - 6,321 (11,669 ) 13,495 $ 8,603,905 $ (2,087,850 ) $ 1,345,238 $ 1,062,000 $ 8,923,293 2015 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 Beginning Balance Charge -O ffs Recoveries Provision Ending Balance 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 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. During the first 2016 8 16 16 first 2017. December 31, 2016, $804,000. December 31, 2015 2014 eight September 30, 2015 2014, Effective with the quarter ended June 30, 2015, 450 20 450 20 450 20 June 30, 2015, $1,621,424. During 2014, ● 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, 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. 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 $250,000 Since not all loans in the substandard category are considered impaired, this quarterly review process may $10,786,699 $11,155,813 December 31, 2016 2015, $632,706 $276,731 December 31, 2016 2015, At December 31, 2016, 160 $4,204,156 $250,000 December 31, 2015 2014, $3,744,733 $3,885,411, $250,000 Ending Allowance Balance Ending Loan Balance 201 6 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for I mpairment Total Commercial and Agricultural Commercial $ - $ 456,197 $ 456,197 $ 6,671 $ 47,018,207 $ 47,024,878 Agricultural - 167,692 167,692 - 17,079,579 17,079,579 Real Estate Commercial Construction 21,135 301,590 322,725 72,296 30,286,066 30,358,362 Residential Construction - 13,491 13,491 - 11,830,447 11,830,447 Commercial 3,021,943 2,729,055 5,750,998 22,422,451 326,667,580 349,090,031 Residential 362,522 1,033,577 1,396,099 2,911,874 192,668,093 195,579,967 Farmland 29,172 693,159 722,331 1,044,047 65,833,150 66,877,197 Consumer and Other Consumer - 80,265 80,265 - 19,695,241 19,695,241 Other - 13,495 13,495 - 16,747,861 16,747,861 Total End of Year Balance $ 3,434,772 $ 5,488,521 $ 8,923,293 $ 26,457,339 $ 727,826,224 $ 754,283,563 Ending Allowance Balance Ending Loan Balance 2015 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 2014 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 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (6) Premises and Equipment Premises and equipment are comprised of the following as of December 31: 20 16 2015 Land $ 9,668,722 $ 9,696,723 Building 25,239,165 23,927,467 Furniture, Fixtures and Equipment 12,461,043 12,154,375 Leasehold Improvements 653,939 993,618 Construction in Progress 1,530,359 1,170,050 49,553,228 47,942,233 Accumulated Depreciation (21,583,968 ) (21,488,703 ) $ 27,969,260 $ 26,453,530 Depreciation charged to operations totaled $1,574,249 2016, $1,657,229 2015, $1,595,253 2014. Certain Company facilities and equipment are leased under various operating leases. Rental expense approximated $437,000 2016, $560,000 2015, $613,000 2014. Future minimum rental payments as of December 31, 2016 Year Ending December 31 Amount 2017 $ 39,820 $ 39,820 |
Note 7 - Other Real Estate Owne
Note 7 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | (7) Other Real Estate Owned The aggregate carrying amount of Other Real Estate Owned (OREO) at December 31, 2016, 2015 2014 $6,439,226, $8,839,103, $10,401,832, 2016, 2015 2014 December 31: 201 6 2015 2014 Balance, Beginning of Year $ 8,839,103 $ 10,401,832 $ 15,502,462 Additions 5,664,554 7,536,165 3,852,848 Sales of OREO (7,416,293 ) (8,054,675 ) (7,102,136 ) Loss on Sale (146,402 ) (591,071 ) (844,515 ) Provision for Losses (501,736 ) (453,148 ) (1,006,827 ) Balance, End of Year $ 6,439,226 $ 8,839,103 $ 10,401,832 At December 31, 2016, $431,194 December 31, 2016, $204,403 |
Note 8 - Other Intangible Asset
Note 8 - Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2014 $ 1,056,693 (904,681 ) 152,012 Amortization Expense - (35,748 ) (35,748 ) Balance, December 31, 2015 $ 1,056,693 $ (940,429 ) $ 116,264 Amortization Expense - (35,749 ) (35,749 ) Balance, December 31, 201 6 $ 1,056,693 $ (976,178 ) $ 80,515 Amortization expense related to the core deposit intangible was $35,749, $35,748, $35,749 December 31, 2016, 2015 2014. $35,749 first 2019, |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 9 ) Income Taxes The components of income tax expense for the years ended December 31 20 16 2015 2014 Current Federal Expense $ 3,629,213 $ 3,162,367 $ 1,335,337 Deferred Federal Expense 222,120 625,436 1,932,950 Federal Income Tax Expense 3,851,333 3,787,803 3,268,287 Current State Income Tax Expense - - - Federal and State Income Tax Expense $ 3,851,333 $ 3,787,803 $ 3,268,287 The federal income tax expense of $3,851,333 2016, $3,787,803 2015, $3,268,287 2014 20 16 2015 2014 Statutory Federal Income Taxes $ 4,283,394 $ 4,134,570 $ 3,671,971 Tax-Exempt Interest (109,759 ) (83,903 ) (74,138 ) Premiums on Officers’ Life Insurance (182,532 ) (232,988 ) (186,712 ) Meal and Entertainment Disallowance 16,813 21,600 14,044 Other (156,583 ) (51,476 ) (156,878 ) Actual Federal Income Taxes $ 3,851,333 $ 3,787,803 $ 3,268,287 20 16 2015 Deferred Tax Assets Allowance for Loan Losses $ 3,033,920 $ 2,925,328 Other Real Estate 688,162 537,914 Deferred Compensation 280,704 308,128 Investments 340,000 340,000 Goodwill 167,666 212,190 Other 379,304 418,165 4,889,756 4,741,725 Deferred Tax Liabilities Premises and Equipment (1,553,460 ) (1,183,309 ) Other (4,185 ) (4,185 ) (1,557,645 ) (1,187,494 ) Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses) 2,587,163 2,284,362 Net Deferred Tax Assets $ 5,919,274 $ 5,838,593 The deferred tax assets are included in Other Assets in the consolidated balance sheets. As discussed in Note 1, may December 31 201 6 2015 2014 Balance, Beginning $ - $ - $ 42,327 Positions Taken During the Current Year - - - Reductions Resulting from Lapse of Statutes of Limitation - - 42,327 Balance, Ending $ - $ - $ - The net decrease of $42,327 December 31, 2014. |
Note 10 - Deposits
Note 10 - Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | (1 0 ) Deposits The aggregate amount of overdrawn deposit accounts reclassified as loan balances totaled $413,563 $272,110 December 31, 2016 2015, Components of interest-bearing deposits as of December 31 20 16 2015 Interest-Bearing Demand $ 448,003,985 $ 412,959,430 Savings 70,066,140 64,976,174 Time, $100,000 and Over 183,610,778 202,800,899 Other Time 183,616,992 196,931,462 $ 885,297,895 $ 877,667,965 At December 31, 2016 December 31, 2015, $49,303,139 $25,576,524, ones $100,000 $123,612,962 $141,900,102 December 31, 2016 December 31, 2015, $250,000 $32,168,191 $31,755,483 December 31, 2016 December 31, 2015, As of December 31, 2016, Year Amount 2017 $ 256,886,186 2018 63,055,100 2019 22,738,969 2020 15,858,433 2021 and Thereafter 8,689,082 $ 367,227,770 |
Note 11 - Other Borrowed Money
Note 11 - Other Borrowed Money | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (1 1 ) Other Borrowed Money Other borrowed money at December 31 201 6 2015 Federal Home Loan Bank Advances $ 46,000,000 $ 40,000,000 Advances from the Federal Home Loan Bank (FHLB) have maturities ranging from 2018 2026 0.98 3.51 first December 31, 2016, $104,769,821. December 31, 2016, $241,746,000. may The aggregate stated maturities of other borrowed money at December 31, 2016 Year Amount 2018 $ 2,500,000 2019 5,000,000 2020 2,500,000 2021 - 2022 and Thereafter 36,000,000 $ 46,000,000 At December 31, 2016, $13,000,000 $33,000,000 The Company also has available federal funds lines of credit with various financial institutions totaling $43,500,000, December 31, 2016. 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, 2016, no |
Note 12 - Subordinated Debentur
Note 12 - Subordinated Debentures (Trust Preferred Securities) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | (12) Subordinated Debentures (Trust Preferred Securities) Total 3-M onth Added Interest 5 - Year Description Date Amount Libor Rate Points Rate Maturity Call Option (In Thousands) Colony Bankcorp Statutory Trust III 6/17/2004 $ 4,640 0.99317 2.68 3.67317 6/14/2034 6/17/2009 Colony Bankcorp Capital Trust I 4/13/2006 5,155 0.99789 1.50 2.49789 4/13/2036 4/13/2011 Colony Bankcorp Capital Trust II 3/12/2007 9,279 0.99817 1.65 2.64817 3/12/2037 3/12/2012 Colony Bankcorp Capital Trust III 9/14/2007 5,155 0.88733 1.40 2.28733 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 The Trust Preferred Securities pay interest quarterly. Quarterly interest payments on the Trust Preferred Securities were suspended from February 13, 2012 November 17, 2014, $1,069,695 |
Note 13 - Preferred Stock
Note 13 - Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Preferred Stock And Warrants [Text Block] | ( 13) The Company had 9,360 18,021 December 31, 2016 2015, 8,661 $1,000 2016. 500,000 2009 2013. The Preferred Stock qualifies as Tier 1 may $1,000 may January 9, 2019 $8.40 may The Preferred Stock requires a cumulative cash dividend be paid quarterly at a rate of 9 January 9, 2014, 5 may February 13, 2012, November 17, 2014, $5,492,749 |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | (14) The Company offers a defined contribution 401(k) may six 2016, 2015 2014, $408,303, $385,453 $401,497 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 2015, Contract Amount 201 6 2015 Commitments to Extend Credit $ 71,359,000 $ 67,889,000 Standby Letters of Credit 1,551,000 1,588,212 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 may 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 Standby and performance letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third one Legal Contingencies. |
Note 16 - Deferred Compensation
Note 16 - Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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. 65, first Liabilities accrued under the plans totaled $825,599 $906,259 December 31, 2016 2015, $135,885 2016 $131,652 2015. Provisions charged to operations totaled $57,125 2016, $196,869 2015 $69,653 2014. 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 $165,128 2016, $174,675 2015 $167,911 2014. $137,058 2015. |
Note 17 - Supplemental Cash Flo
Note 17 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 6 2015 2014 Interest Expense $ 6,529,615 $ 6,536,994 $ 7,898,543 Income Taxes $ 3,365,000 $ 4,738,000 $ 113,000 Noncash financing and investing activities for the years ended December 31 201 6 2015 2014 Acquisitions of Real Estate Through Loan Foreclosures $ 5,664,554 $ 7,536,165 $ 3,852,848 Change in Unrealized Gain (Loss) on AFS Investment Securities $ (890,590 ) $ 622,155 $ 6,409,171 |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 16 2015 Balance, Beginning $ 1,816,609 $ 3,233,949 New Loans 2,379,026 4,900,932 Repayments (3,170,092 ) (6,065,098 ) Transactions Due to Changes in Directors - (253,174 ) Balance, Ending $ 1,025,543 $ 1,816,609 |
Note 19 - Fair Value of Financi
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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. Generally accepted accounting principles related to Fair Value Measurements define fair value, establish a framework for measuring fair value, establish a three three • Level 1 • Level 2 • Level 3 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 1. Investment Securities 1. 2. 3. Federal Home Loan Bank Stock 1. Loans 2, 3. Bank-Owned Life Insurance 1. Deposit Liabilities 1. 2. Subordinated Debentures – 2. Other Borrowed Money 2 The carrying amount and estimated fair values of the Company’s financial instruments as of December 31 Carrying Estimated Level 2016 Amount Fair Value 1 2 3 (in Thousands) Assets Cash and Short-Term Investments $ 75,167 $ 75,167 $ 75,167 $ - $ - Investment Securities Available for Sale 323,658 323,658 - 323,082 576 Federal Home Loan Bank Stock 3,010 3,010 3,010 - - Loans, Net 744,999 745,240 - 738,288 6,952 Bank-Owned Life Insurance 15,419 15,419 15,419 - - Liabilities Deposits 1,044,357 1,045,726 677,129 368,597 - Subordinated Debentures 24,229 24,229 - 24,229 - Other Borrowed Money 46,000 46,232 - 46,232 - 2015 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 - 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 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. 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 1 1 2 3 Impaired L oans third 3 Other Real Estate third may third 10 3 Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis - December 31, 2016 2015, December 31, 2016 2015. Fair Value Measurements at Reporting Date Using 201 6 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 $ 319,097,374 $ - $ 319,097,374 $ - State, County and Municipal 4,560,496 - 3,984,112 576,384 $ 323,657,870 $ - $ 323,081,486 $ 576,384 Nonrecurring Impaired Loans $ 6,952,343 $ - $ - $ 6,952,343 Other Real Estate $ 2,505,188 $ - $ - $ 2,505,188 2015 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 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 December 31, 2016 2015. December 31, 201 6 Valuation Techniques Unobservable Inputs Range Weighted Avg Real Estate Commercial Construction $ 51,161 Sales Comparison Adjustment for Differences (5.00)% - 99.00% Between the Comparable Sales 47.00% Management Adjustments for Age 0.00% - 10.00% of Appraisals and/or Current Market Conditions 5.00% Residential Real Estate 1,105,312 Sales Comparison Adjustment for Differences (22.00)% - 0.00% Between the Comparable Sales (11.00)% Management Adjustments for Age 0.00% - 40.00% of Appraisals and/or Current Market Conditions 20.00% Commercial Real Estate 5,445,192 Sales Comparison Adjustment for Differences (14.08)% - 24.62% Between the Comparable Sales 5.27% Management Adjustments for Age 0.00% - 100.00% of Appraisals and/or Current Market Conditions 50.00% Income Approach Capitalization Rate 10.67 Farmland 350,678 Sales Comparison Adjustment for Differences (27.00)% - 15.00% Between the Comparable Sales (6.00)% Management Adjustments for Age 10.00% - 75.00% of Appraisals and/or Current Market Conditions 42.50% Other Real Estate Owned 2,505,188 Sales Comparison Adjustment for Differences (50.80)% - 316.00% Between the Comparable Sales 132.60% Management Adjustments for Age 6.25% - 76.92% of Appraisals and/or Current Market Conditions 36.31% Income Approach Discount Rate 12.50 December 31, 201 5 Valuation Techniques Unobservable Inputs Range Weighted Avg Commercial $ 28,390 Sales Comparison Adjustment for Differences (31.77)% - 34.00% Between the Comparable Sales 1.12% Management Adjustments for Age 0.00% - 10.00% of Appraisals and/or Current Market Conditions 5.00% Income Approach Capitalization Rate 11.00% Real Estate Commercial Construction 51,300 Sales Comparison Adjustment for Differences (5.00)% - 99.00% Between the Comparable Sales 47.00% Management Adjustments for Age 0.00% - 10.00% of Appraisals and/or Current Market Conditions 5.00% Residential Real Estate 767,179 Sales Comparison Adjustment for Differences (22.00)% - 10.80% Between the Comparable Sales (5.60%) Management Adjustments for Age 0.00% - 25.00% of Appraisals and/or Current Market Conditions 12.50% Commercial Real Estate 7,347,541 Sales Comparison Adjustment for Differences (31.77)% - 34.00% Between the Comparable Sales 1.12% Management Adjustments for 0.00% - 10.00% Age of Appraisals and/or Current Market Conditions 5.00% Income Approach Capitalization Rate 10.25% Farmland 350,583 Sales Comparison Adjustment for Differences (27.00)% - 15.00% Between the Comparable Sales (6.00%) Management Adjustments for 10.00% - 75.00% Age of Appraisals and/or Current Market Conditions 42.50% Other Real Estate Owned 2,535,884 Sales Comparison Adjustment for Differences (50.80)% - 142.90% Between the Comparable Sales 46.05% Management Adjustments for 15.53% - 72.75% Age of Appraisals and/or Current Market Conditions 43.37% Income Approach Discount Rate 12.50% 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) December 31, 2016, 2015 2014: Available for Sale Securities 201 6 2015 2014 Balance, Beginning $ 930,311 $ 948,390 $ 941,265 Transfers into Level 3 - - Transfers out of Level 3 - - Securities Purchased During the Year - - Securities Matured During the Year (330,000 ) - - Loss on OTTI Impairment Included in Noninterest Income - - Unrealized Gains(Losses) Included in Other Comprehensive Income (23,927 ) (18,079 ) 7,125 Balance, Ending $ 576,384 $ 930,311 $ 948,390 The Company’s policy is to recognize transfers in and transfers out of levels 1, 2 3 1 2 3 December 31, 2016, 2015 2014. The following table presents quantitative information about recurring level 3 December 31, 2016 2015: December 31, 2016 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Avg) State, County and Municipal $ 576,384 Discounted Cash Flow Discount Rate N/A* December 31, 2015 State, County and Municipal $ 930,311 Discounted Cash Flow Discount Rate N/A* * The Company relies on a third third |
Note 20 - Regulatory Capital Ma
Note 20 - Regulatory Capital Matters | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 third 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, 2016, 1 December 31, 2016, The Basel III rules also require the implementation of a new capital conservation buffer comprised of common equity Tier 1 January 1, 2016 0.625% 0.625% 2.5% January 1, 2019. The following table summarizes regulatory capital information as of December 31, 2016 December 31, 2015 December 31, 2016 2015 The following table summarizes regulatory capital information as of December 31, 2016 2015 To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 (In Thousands) Total Capital to Risk-Weighted Assets Consolidated $ 130,785 16.64 % $ 62,880 8.00 % N/A N/A Colony Bank 127,646 16.26 62,796 8.00 $ 78,495 10.00 % Tier I Capital to Risk-Weighted Assets Consolidated 121,862 15.50 47,160 6.00 N/A N/A Colony Bank 118,723 15.12 47,097 6.00 62,796 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 89,002 11.32 35,370 4.50 N/A N/A Colony Bank 118,723 15.12 35,323 4.50 51,022 6.50 Tier I Capital to Average Assets Consolidated 121,862 10.29 47,368 4.00 N/A N/A Colony Bank 118,723 10.04 47,290 4.00 59,113 5.00 As of December 31, 2015 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 In 2016, $9,100,000 8,661 2015, $10,000,000 9,979 Effective October 22, 2014, November 2014, $12,000,000 |
Note 21 - Financial Information
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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, 2016 2015 three COLONY BANKCORP, INC. (PARENT ONLY) BALANCE SHEETS DECEMBER 31 20 16 2015 ASSETS Cash $ 2,307,008 $ 4,100,860 Premises and Equipment, Net 1,074,884 1,134,524 Investment in Subsidiary, at Equity 114,478,277 114,677,455 Other 20,990 170,801 Total Assets $ 117,881,159 $ 120,083,640 LIABILITIES AND STOCKHOLDERS ’ EQUITY Liabilities Dividends Payable $ 105,300 $ 202,736 Other 159,126 195,282 $ 264,426 398,018 Subordinated Debt 24,229,000 24,229,000 Stockholders ’ Equity Preferred Stock, Stated Value $1,000; 10,000,000 Shares Authorized, 9,360 and 18,021 Shares Issued and Outstanding as of December 31, 2016 and 2015 9,360,000 18,021,000 Common Stock, Par Value $1; 20,000,000 Shares Authorized, 8,439,258 Shares Issued and Outstanding as of December 31, 2016 and 2015 8,439,258 8,439,258 Paid-In Capital 29,145,094 29,145,094 Retained Earnings 51,465,521 44,285,621 Accumulated Other Comprehensive Loss, Net of Tax (5,022,140 ) (4,434,351 ) 93,387,733 95,456,622 Total Liabilities and Stockholders ’ Equity $ 117,881,159 $ 120,083,640 COLONY BANKCORP, INC. (PARENT ONLY) STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31 20 16 2015 2014 Income Dividends from Subsidiary $ 9,118,104 $ 10,015,147 $ 12,015,572 Management Fees 601,080 581,334 581,334 Other 103,612 112,876 100,269 $ 9,822,796 $ 10,709,357 $ 12,697,175 Expenses Interest 601,567 503,286 517,381 Amortization - - 938 Salaries and Employee Benefits 840,130 811,150 782,152 Other 554,434 666,872 538,847 1,996,131 1,981,308 1,839,318 Income Before Taxes and Equity in Undistributed Earnings of Subsidiary 7,826,665 8,728,049 10,857,857 Income Tax Benefits 457,934 444,764 396,738 Income Before Equity in Undistributed Earnings of Subsidiary 8,284,599 9,172,813 11,254,595 Dividends Received in Excess of Earnings of Subsidiary - (800,116 ) (3,722,970 ) Equity in Undistributed Earnings of Subsidiary 388,611 - - Net Income 8,673,210 8,372,697 7,531,625 Preferred Stock Dividends 1,493,310 2,375,010 2,688,604 Net Income Available to Common Stockholders $ 7,179,900 $ 5,997,687 $ 4,843,021 COLONY BANKCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31 20 16 2015 2014 Net Income $ 8,673,210 $ 8,372,697 $ 7,531,625 Other Comprehensive Income (Loss) Gains (Losses) on Securities Arising During the Year (505,367 ) 610,689 6,432,906 Tax Effect 171,825 (207,634 ) (2,187,189 ) Realized (Gains) Losses on Sale of AFS Securities (385,223 ) 11,466 (23,735 ) Tax Effect 130,976 (3,898 ) 8,070 Impairment Loss on Securities - - - Tax Effect - - - Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects (587,789 ) 410,623 4,230,052 Comprehensive Income $ 8,085,421 $ 8,783,320 $ 11,761,677 COLONY BANKCORP, INC. (PARENT ONLY) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 20 16 2015 2014 Cash Flows from Operating Activities Net Income $ 8,673,210 $ 8,372,697 $ 7,531,625 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation and Amortization 66,476 73,999 75,347 Equity in Undistributed Earnings of Subsidiary (388,611 ) - - Dividends Received in Excess of Earnings of Subsidiary - 800,116 3,722,970 Change in Interest Payable 5,367 23,072 (1,069,695 ) Other 108,288 1,555,482 (437,115 ) 8,464,730 10,825,366 9,823,132 Cash Flows from Investing Activities Purchases of Premises and Equipment (6,836 ) (8,884 ) (2,020 ) Cash Flows from Financing Activities Dividends Paid on Preferred Stock (1,590,746 ) (2,487,274 ) (5,492,749 ) Redemption of Preferred Stock (8,661,000 ) (9,979,000 ) - (10,251,746 ) (12,466,274 ) (5,492,749 ) Increase (Decrease) in Cash (1,793,852 ) (1,649,792 ) 4,328,363 Cash, Beginning 4,100,860 5,750,652 1,422,289 Cash, Ending $ 2,307,008 $ 4,100,860 $ 5,750,652 |
Note 22 - Earnings Per Share
Note 22 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
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 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, 2016, 2015 2014 : 2016 2015 2014 Numerator Net Income Available to Common Stockholders $ 7,179,900 $ 5,997,687 $ 4,843,021 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 74,037 19,203 - Weighted-Average Number of Shares Outstanding for Diluted Earnings Per Common Share 8,513,295 8,458,461 8,439,258 Earnings Per Share - Basic $ 0.85 $ 0.71 $ 0.57 Earnings Per Share - Diluted $ 0.84 $ 0.71 $ 0.57 For the year ended December 31, 2014, 500,000 |
Note 23 - Accumulated Other Com
Note 23 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | (23 ) Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) for unrealized gains and losses securities available for sale for the years ended December 31, 2016, 2015 2014 Years Ended December 31, 2016 2015 2014 Beginning Balance $ (4,434,351 ) $ (4,844,974 ) $ (9,075,026 ) Other Comprehensive Income Before Reclassification (333,542 ) 403,055 4,245,717 Amounts Reclassified from Accumulated Other Comprehensive Income (254,247 ) 7,568 (15,665 ) Net Current Period Other Comprehensive Income (587,789 ) 410,623 4,230,052 Ending Balance $ (5,022,140 ) $ (4,434,351 ) $ (4,844,974 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 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, Columbus, Cordele, Douglas, Eastman, Fitzgerald, Leesburg, Moultrie, Quitman, Rochelle, Savannah, Soperton, Statesboro, 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 2016. |
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, 2016, 87 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 |
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 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 |
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 six may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | 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 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) (2) (3) (4) (5) (6) (7) (8) (9) 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 may third may 10 may may 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 |
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] | Other 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) (2) (3) |
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. |
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 2016, 2015, 2014 2013 three Positions taken in the Company’s tax returns may 50 may first |
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 $15,419,269 $14,829,861 December 31, 2016 2015, |
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 ASU 2014 09, Revenue from Contracts with Customers (Topic 606). 2014 09 2014 09 five may 2014 09, one 2015 14, first 2018. 2014 09 ASU 2016 01, Financial Instruments – Overall (Subtopic 825 10): 2016 01, 2016 01 January 1, 2018. 2016 01 ASU 2016 02, Leases (Topic 842) . December 15, 2018, ASU 2016 09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. December 15, 2016, ASU 2016 13, Financial Instruments – Credit Losses (Topic 326). December 15, 2019, ASU 2016 15, Statement of Cash Flows (Topic 230) 2016 15 2016 15 January 1, 2018 |
Note 1 - Summary of Significa32
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
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 Du33
Note 2 - Cash and Balances Due From Banks (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | 20 16 2015 Cash on Hand and Cash Items $ 8,509,530 $ 9,061,678 Noninterest-Bearing Deposits with Other Banks 20,312,574 13,194,968 $ 28,822,104 $ 22,256,646 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
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 $ 326,694,417 $ 75,743 $ (7,672,786 ) $ 319,097,374 State, County and Municipal 4,572,756 18,350 (30,610 ) 4,560,496 $ 331,267,173 $ 94,093 $ (7,703,396 ) $ 323,657,870 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 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available for Sale Amortized Cost Fair Value Due in One Year or Less $ 360,471 $ 362,760 Due After One Year Through Five Years 1,618,395 1,610,940 Due After Five Years Through Ten Years 1,106,315 1,107,718 Due After Ten Years 1,487,575 1,479,078 4,572,756 4,560,496 Mortgage-Backed Securities 326,694,417 319,097,374 $ 331,267,173 $ 323,657,870 |
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, 2016 U.S. Government Agencies Mortgage-Backed $ 174,200,881 $ (3,459,564 ) $ 107,481,698 $ (4,213,222 ) $ 281,682,579 $ (7,672,786 ) State, County and Municipal 3,487,647 (30,610 ) - - 3,487,647 (30,610 ) $ 177,688,528 $ (3,490,174 ) $ 107,481,698 $ (4,213,222 ) $ 285,170,226 $ (7,703,396 ) 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 ) |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 20 16 2015 Commercial and Agricultural Commercial $ 47,024,878 $ 47,781,689 Agricultural 17,079,579 19,193,497 Real Estate Commercial Construction 30,358,362 40,106,633 Residential Construction 11,830,447 9,413,263 Commercial 349,090,031 346,262,033 Residential 195,579,967 197,002,419 Farmland 66,877,197 61,779,859 Consumer and Other Consumer 19,695,241 20,605,465 Other 16,747,861 16,490,737 Total Loans $ 754,283,563 $ 758,635,595 |
Financing Receivable Credit Quality Indicators [Table Text Block] | 2016 Pass Special Mention Substandard Total Loans Commercial and Agricultural Commercial $ 44,249,874 $ 1,861,757 $ 913,247 $ 47,024,878 Agricultural 16,585,646 192,445 301,488 17,079,579 Real Estate Commercial Construction 28,425,373 1,349,447 583,542 30,358,362 Residential Construction 11,630,165 - 200,282 11,830,447 Commercial 327,561,169 9,403,077 12,125,785 349,090,031 Residential 178,618,510 5,658,526 11,302,931 195,579,967 Farmland 65,074,715 839,362 963,120 66,877,197 Consumer and Other Consumer 19,071,739 225,959 397,543 19,695,241 Other 16,747,861 - - 16,747,861 Total Loans $ 707,965,052 $ 19,530,573 $ 26,787,938 $ 754,283,563 2015 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 |
Past Due Financing Receivables [Table Text Block] | Accruing Loans 2016 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 $ 419,969 $ - $ 419,969 $ 634,955 $ 45,969,954 $ 47,024,878 Agricultural 33,046 - 33,046 208,522 16,838,011 17,079,579 Real Estate Commercial Construction 54,001 - 54,001 190,494 30,113,867 30,358,362 Residential Construction - - - - 11,830,447 11,830,447 Commercial 491,468 - 491,468 6,360,176 342,238,387 349,090,031 Residential 3,178,833 - 3,178,833 3,944,337 188,456,797 195,579,967 Farmland 95,309 - 95,309 799,556 65,982,332 66,877,197 Consumer and Other Consumer 196,242 122 196,364 212,026 19,286,851 19,695,241 Other - - - - 16,747,861 16,747,861 Total Loans $ 4,468,868 $ 122 $ 4,468,990 $ 12,350,066 $ 737,464,507 $ 754,283,563 2015 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 |
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 $ 634,955 $ 634,955 $ - $ 539,099 $ 24,563 $ 27,142 Agricultural 229,182 208,522 - 210,372 8,794 12,412 Commercial Construction 190,494 190,494 - 697,893 6,630 7,127 Commercial Real Estate 14,357,601 14,276,688 - 14,274,719 567,349 560,354 Residential Real Estate 4,261,558 3,952,139 - 4,553,322 73,099 190,373 Farmland 920,666 799,556 - 1,016,395 21,526 26,012 Consumer 212,376 212,026 - 213,309 9,599 12,036 $ 20,806,832 $ 20,274,380 $ - $ 21,505,109 $ 711,560 $ 835,456 With An Allowance Recorded Commercial - - - 30,270 - - Agricultural - - - - - - Commercial Construction 72,296 72,296 21,135 74,098 1,532 1,416 Commercial Real Estate 8,557,582 8,467,135 3,021,943 8,339,666 238,684 235,749 Residential Real Estate 1,475,594 1,467,833 362,521 1,042,750 27,759 32,260 Farmland 379,851 379,851 29,173 384,056 21,098 21,310 Consumer - - - - - - $ 10,485,323 $ 10,387,115 $ 3,434,772 $ 9,870,840 $ 289,073 $ 290,735 Total Commercial $ 634,955 $ 634,955 $ - $ 569,369 $ 24,563 $ 27,142 Agricultural 229,182 208,522 - 210,372 8,794 12,412 Commercial Construction 262,790 262,790 21,135 771,991 8,162 8,543 Commercial Real Estate 22,915,183 22,743,823 3,021,943 22,614,385 806,033 796,103 Residential Real Estate 5,737,152 5,419,972 362,521 5,596,072 100,858 222,633 Farmland 1,300,517 1,179,407 29,173 1,400,451 42,624 47,322 Consumer 212,376 212,026 - 213,309 9,599 12,036 $ 31,292,155 $ 30,661,495 $ 3,434,772 $ 31,375,949 $ 1,000,633 $ 1,126,191 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 Interest 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 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | 201 6 # of Contracts Pre-Modification Post-Modification Commercial Real Estate 1 $ 91,280 $ 91,097 Residential Real Estate 1 354,784 354,784 Total Loans 2 $ 446,064 $ 445,881 2015 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 |
Troubled Debt Restructurings That Subsequently Default [Table Text Block] | 201 6 2015 2014 # of Contracts Recorded Investment # of Contracts Recorded Investment # of Contracts Recorded Investment Residential Real Estate 1 $ 89,297 - $ - - $ - Total Loans 1 $ 89,297 - $ - - $ - |
Note 5 - Allowance for Loan L36
Note 5 - Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Changes in the Allowance for Loan Losses [Table Text Block] | 201 6 2015 2014 Balance, Beginning of Year $ 8,603,905 $ 8,802,316 $ 11,805,986 Provision for Loan Losses 1,062,000 865,500 1,308,000 Loans Charged Off (2,087,850 ) (2,083,347 ) (5,104,491 ) Recoveries of Loans Previously Charged Off 1,345,238 1,019,436 792,821 Balance, End of Year $ 8,923,293 $ 8,603,905 $ 8,802,316 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | 2016 Beginning Balance Charge- O ffs Recoveries Provision Ending Balance Commercial and Agricultur al Commercial $ 855,364 $ (304,918 ) $ 66,738 $ (160,987 ) $ 456,197 Agricultural 203,091 (19,258 ) 4,150 (20,291 ) 167,692 Real Estate Commercial Construction 690,766 (25,318 ) 814,586 (1,157,309 ) 322,725 Residential Construction 19,890 - - (6,399 ) 13,491 Commercial 3,850,527 (992,067 ) 206,154 2,686,384 5,750,998 Residential 1,990,355 (361,630 ) 49,660 (282,286 ) 1,396,099 Farmland 911,692 (119,576 ) 145,000 (214,785 ) 722,331 Consumer and Other Consumer 63,377 (265,083 ) 52,629 229,342 80,265 Other 18,843 - 6,321 (11,669 ) 13,495 $ 8,603,905 $ (2,087,850 ) $ 1,345,238 $ 1,062,000 $ 8,923,293 2015 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 Beginning Balance Charge -O ffs Recoveries Provision Ending Balance 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 |
Schedule of Allowance for Loan Losses by Portfolio Segment [Table Text Block] | Ending Allowance Balance Ending Loan Balance 201 6 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for I mpairment Total Commercial and Agricultural Commercial $ - $ 456,197 $ 456,197 $ 6,671 $ 47,018,207 $ 47,024,878 Agricultural - 167,692 167,692 - 17,079,579 17,079,579 Real Estate Commercial Construction 21,135 301,590 322,725 72,296 30,286,066 30,358,362 Residential Construction - 13,491 13,491 - 11,830,447 11,830,447 Commercial 3,021,943 2,729,055 5,750,998 22,422,451 326,667,580 349,090,031 Residential 362,522 1,033,577 1,396,099 2,911,874 192,668,093 195,579,967 Farmland 29,172 693,159 722,331 1,044,047 65,833,150 66,877,197 Consumer and Other Consumer - 80,265 80,265 - 19,695,241 19,695,241 Other - 13,495 13,495 - 16,747,861 16,747,861 Total End of Year Balance $ 3,434,772 $ 5,488,521 $ 8,923,293 $ 26,457,339 $ 727,826,224 $ 754,283,563 Ending Allowance Balance Ending Loan Balance 2015 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 2014 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 |
Note 6 - Premises and Equipme37
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 20 16 2015 Land $ 9,668,722 $ 9,696,723 Building 25,239,165 23,927,467 Furniture, Fixtures and Equipment 12,461,043 12,154,375 Leasehold Improvements 653,939 993,618 Construction in Progress 1,530,359 1,170,050 49,553,228 47,942,233 Accumulated Depreciation (21,583,968 ) (21,488,703 ) $ 27,969,260 $ 26,453,530 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending December 31 Amount 2017 $ 39,820 $ 39,820 |
Note 7 - Other Real Estate Ow38
Note 7 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | 201 6 2015 2014 Balance, Beginning of Year $ 8,839,103 $ 10,401,832 $ 15,502,462 Additions 5,664,554 7,536,165 3,852,848 Sales of OREO (7,416,293 ) (8,054,675 ) (7,102,136 ) Loss on Sale (146,402 ) (591,071 ) (844,515 ) Provision for Losses (501,736 ) (453,148 ) (1,006,827 ) Balance, End of Year $ 6,439,226 $ 8,839,103 $ 10,401,832 |
Note 8 - Other Intangible Ass39
Note 8 - Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Core Deposit Intangible Accumulated Amortization Net Core Deposit Intangible Core Deposit Intangible Balance, December 31, 2014 $ 1,056,693 (904,681 ) 152,012 Amortization Expense - (35,748 ) (35,748 ) Balance, December 31, 2015 $ 1,056,693 $ (940,429 ) $ 116,264 Amortization Expense - (35,749 ) (35,749 ) Balance, December 31, 201 6 $ 1,056,693 $ (976,178 ) $ 80,515 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 20 16 2015 2014 Current Federal Expense $ 3,629,213 $ 3,162,367 $ 1,335,337 Deferred Federal Expense 222,120 625,436 1,932,950 Federal Income Tax Expense 3,851,333 3,787,803 3,268,287 Current State Income Tax Expense - - - Federal and State Income Tax Expense $ 3,851,333 $ 3,787,803 $ 3,268,287 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 20 16 2015 2014 Statutory Federal Income Taxes $ 4,283,394 $ 4,134,570 $ 3,671,971 Tax-Exempt Interest (109,759 ) (83,903 ) (74,138 ) Premiums on Officers’ Life Insurance (182,532 ) (232,988 ) (186,712 ) Meal and Entertainment Disallowance 16,813 21,600 14,044 Other (156,583 ) (51,476 ) (156,878 ) Actual Federal Income Taxes $ 3,851,333 $ 3,787,803 $ 3,268,287 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 20 16 2015 Deferred Tax Assets Allowance for Loan Losses $ 3,033,920 $ 2,925,328 Other Real Estate 688,162 537,914 Deferred Compensation 280,704 308,128 Investments 340,000 340,000 Goodwill 167,666 212,190 Other 379,304 418,165 4,889,756 4,741,725 Deferred Tax Liabilities Premises and Equipment (1,553,460 ) (1,183,309 ) Other (4,185 ) (4,185 ) (1,557,645 ) (1,187,494 ) Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses) 2,587,163 2,284,362 Net Deferred Tax Assets $ 5,919,274 $ 5,838,593 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 201 6 2015 2014 Balance, Beginning $ - $ - $ 42,327 Positions Taken During the Current Year - - - Reductions Resulting from Lapse of Statutes of Limitation - - 42,327 Balance, Ending $ - $ - $ - |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Components Of Interest Bearing Deposits [Table Text Block] | 20 16 2015 Interest-Bearing Demand $ 448,003,985 $ 412,959,430 Savings 70,066,140 64,976,174 Time, $100,000 and Over 183,610,778 202,800,899 Other Time 183,616,992 196,931,462 $ 885,297,895 $ 877,667,965 |
Scheduled Maturities Of Certificates Of Deposits [Table Text Block] | Year Amount 2017 $ 256,886,186 2018 63,055,100 2019 22,738,969 2020 15,858,433 2021 and Thereafter 8,689,082 $ 367,227,770 |
Note 11 - Other Borrowed Money
Note 11 - Other Borrowed Money (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 201 6 2015 Federal Home Loan Bank Advances $ 46,000,000 $ 40,000,000 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Amount 2018 $ 2,500,000 2019 5,000,000 2020 2,500,000 2021 - 2022 and Thereafter 36,000,000 $ 46,000,000 |
Note 12 - Subordinated Debent43
Note 12 - Subordinated Debentures (Trust Preferred Securities) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | Total 3-M onth Added Interest 5 - Year Description Date Amount Libor Rate Points Rate Maturity Call Option (In Thousands) Colony Bankcorp Statutory Trust III 6/17/2004 $ 4,640 0.99317 2.68 3.67317 6/14/2034 6/17/2009 Colony Bankcorp Capital Trust I 4/13/2006 5,155 0.99789 1.50 2.49789 4/13/2036 4/13/2011 Colony Bankcorp Capital Trust II 3/12/2007 9,279 0.99817 1.65 2.64817 3/12/2037 3/12/2012 Colony Bankcorp Capital Trust III 9/14/2007 5,155 0.88733 1.40 2.28733 9/14/2037 9/14/2012 |
Note 15 - Commitments and Con44
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Summary Of Financial Instrument Outstanding [Table Text Block] | Contract Amount 201 6 2015 Commitments to Extend Credit $ 71,359,000 $ 67,889,000 Standby Letters of Credit 1,551,000 1,588,212 |
Note 17 - Supplemental Cash F45
Note 17 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 201 6 2015 2014 Interest Expense $ 6,529,615 $ 6,536,994 $ 7,898,543 Income Taxes $ 3,365,000 $ 4,738,000 $ 113,000 |
Schedule of Other Significant Noncash Transactions [Table Text Block] | 201 6 2015 2014 Acquisitions of Real Estate Through Loan Foreclosures $ 5,664,554 $ 7,536,165 $ 3,852,848 Change in Unrealized Gain (Loss) on AFS Investment Securities $ (890,590 ) $ 622,155 $ 6,409,171 |
Note 18 - Related Party Trans46
Note 18 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | 20 16 2015 Balance, Beginning $ 1,816,609 $ 3,233,949 New Loans 2,379,026 4,900,932 Repayments (3,170,092 ) (6,065,098 ) Transactions Due to Changes in Directors - (253,174 ) Balance, Ending $ 1,025,543 $ 1,816,609 |
Note 19 - Fair Value of Finan47
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Estimated Level 2016 Amount Fair Value 1 2 3 (in Thousands) Assets Cash and Short-Term Investments $ 75,167 $ 75,167 $ 75,167 $ - $ - Investment Securities Available for Sale 323,658 323,658 - 323,082 576 Federal Home Loan Bank Stock 3,010 3,010 3,010 - - Loans, Net 744,999 745,240 - 738,288 6,952 Bank-Owned Life Insurance 15,419 15,419 15,419 - - Liabilities Deposits 1,044,357 1,045,726 677,129 368,597 - Subordinated Debentures 24,229 24,229 - 24,229 - Other Borrowed Money 46,000 46,232 - 46,232 - 2015 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 - |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at Reporting Date Using 201 6 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 $ 319,097,374 $ - $ 319,097,374 $ - State, County and Municipal 4,560,496 - 3,984,112 576,384 $ 323,657,870 $ - $ 323,081,486 $ 576,384 Nonrecurring Impaired Loans $ 6,952,343 $ - $ - $ 6,952,343 Other Real Estate $ 2,505,188 $ - $ - $ 2,505,188 2015 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 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | December 31, 201 6 Valuation Techniques Unobservable Inputs Range Weighted Avg Real Estate Commercial Construction $ 51,161 Sales Comparison Adjustment for Differences (5.00)% - 99.00% Between the Comparable Sales 47.00% Management Adjustments for Age 0.00% - 10.00% of Appraisals and/or Current Market Conditions 5.00% Residential Real Estate 1,105,312 Sales Comparison Adjustment for Differences (22.00)% - 0.00% Between the Comparable Sales (11.00)% Management Adjustments for Age 0.00% - 40.00% of Appraisals and/or Current Market Conditions 20.00% Commercial Real Estate 5,445,192 Sales Comparison Adjustment for Differences (14.08)% - 24.62% Between the Comparable Sales 5.27% Management Adjustments for Age 0.00% - 100.00% of Appraisals and/or Current Market Conditions 50.00% Income Approach Capitalization Rate 10.67 Farmland 350,678 Sales Comparison Adjustment for Differences (27.00)% - 15.00% Between the Comparable Sales (6.00)% Management Adjustments for Age 10.00% - 75.00% of Appraisals and/or Current Market Conditions 42.50% Other Real Estate Owned 2,505,188 Sales Comparison Adjustment for Differences (50.80)% - 316.00% Between the Comparable Sales 132.60% Management Adjustments for Age 6.25% - 76.92% of Appraisals and/or Current Market Conditions 36.31% Income Approach Discount Rate 12.50 December 31, 201 5 Valuation Techniques Unobservable Inputs Range Weighted Avg Commercial $ 28,390 Sales Comparison Adjustment for Differences (31.77)% - 34.00% Between the Comparable Sales 1.12% Management Adjustments for Age 0.00% - 10.00% of Appraisals and/or Current Market Conditions 5.00% Income Approach Capitalization Rate 11.00% Real Estate Commercial Construction 51,300 Sales Comparison Adjustment for Differences (5.00)% - 99.00% Between the Comparable Sales 47.00% Management Adjustments for Age 0.00% - 10.00% of Appraisals and/or Current Market Conditions 5.00% Residential Real Estate 767,179 Sales Comparison Adjustment for Differences (22.00)% - 10.80% Between the Comparable Sales (5.60%) Management Adjustments for Age 0.00% - 25.00% of Appraisals and/or Current Market Conditions 12.50% Commercial Real Estate 7,347,541 Sales Comparison Adjustment for Differences (31.77)% - 34.00% Between the Comparable Sales 1.12% Management Adjustments for 0.00% - 10.00% Age of Appraisals and/or Current Market Conditions 5.00% Income Approach Capitalization Rate 10.25% Farmland 350,583 Sales Comparison Adjustment for Differences (27.00)% - 15.00% Between the Comparable Sales (6.00%) Management Adjustments for 10.00% - 75.00% Age of Appraisals and/or Current Market Conditions 42.50% Other Real Estate Owned 2,535,884 Sales Comparison Adjustment for Differences (50.80)% - 142.90% Between the Comparable Sales 46.05% Management Adjustments for 15.53% - 72.75% Age of Appraisals and/or Current Market Conditions 43.37% Income Approach Discount Rate 12.50% |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Available for Sale Securities 201 6 2015 2014 Balance, Beginning $ 930,311 $ 948,390 $ 941,265 Transfers into Level 3 - - Transfers out of Level 3 - - Securities Purchased During the Year - - Securities Matured During the Year (330,000 ) - - Loss on OTTI Impairment Included in Noninterest Income - - Unrealized Gains(Losses) Included in Other Comprehensive Income (23,927 ) (18,079 ) 7,125 Balance, Ending $ 576,384 $ 930,311 $ 948,390 |
Fair Value, Inputs, Level 3 [Member] | |
Notes Tables | |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | December 31, 2016 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Avg) State, County and Municipal $ 576,384 Discounted Cash Flow Discount Rate N/A* December 31, 2015 State, County and Municipal $ 930,311 Discounted Cash Flow Discount Rate N/A* |
Note 20 - Regulatory Capital 48
Note 20 - Regulatory Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 (In Thousands) Total Capital to Risk-Weighted Assets Consolidated $ 130,785 16.64 % $ 62,880 8.00 % N/A N/A Colony Bank 127,646 16.26 62,796 8.00 $ 78,495 10.00 % Tier I Capital to Risk-Weighted Assets Consolidated 121,862 15.50 47,160 6.00 N/A N/A Colony Bank 118,723 15.12 47,097 6.00 62,796 8.00 Common Equity Tier 1 Capital to Risk-Weighted Assets Consolidated 89,002 11.32 35,370 4.50 N/A N/A Colony Bank 118,723 15.12 35,323 4.50 51,022 6.50 Tier I Capital to Average Assets Consolidated 121,862 10.29 47,368 4.00 N/A N/A Colony Bank 118,723 10.04 47,290 4.00 59,113 5.00 As of December 31, 2015 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 |
Note 21 - Financial Informati49
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 20 16 2015 ASSETS Cash $ 2,307,008 $ 4,100,860 Premises and Equipment, Net 1,074,884 1,134,524 Investment in Subsidiary, at Equity 114,478,277 114,677,455 Other 20,990 170,801 Total Assets $ 117,881,159 $ 120,083,640 LIABILITIES AND STOCKHOLDERS ’ EQUITY Liabilities Dividends Payable $ 105,300 $ 202,736 Other 159,126 195,282 $ 264,426 398,018 Subordinated Debt 24,229,000 24,229,000 Stockholders ’ Equity Preferred Stock, Stated Value $1,000; 10,000,000 Shares Authorized, 9,360 and 18,021 Shares Issued and Outstanding as of December 31, 2016 and 2015 9,360,000 18,021,000 Common Stock, Par Value $1; 20,000,000 Shares Authorized, 8,439,258 Shares Issued and Outstanding as of December 31, 2016 and 2015 8,439,258 8,439,258 Paid-In Capital 29,145,094 29,145,094 Retained Earnings 51,465,521 44,285,621 Accumulated Other Comprehensive Loss, Net of Tax (5,022,140 ) (4,434,351 ) 93,387,733 95,456,622 Total Liabilities and Stockholders ’ Equity $ 117,881,159 $ 120,083,640 |
Condensed Income Statement [Table Text Block] | 20 16 2015 2014 Income Dividends from Subsidiary $ 9,118,104 $ 10,015,147 $ 12,015,572 Management Fees 601,080 581,334 581,334 Other 103,612 112,876 100,269 $ 9,822,796 $ 10,709,357 $ 12,697,175 Expenses Interest 601,567 503,286 517,381 Amortization - - 938 Salaries and Employee Benefits 840,130 811,150 782,152 Other 554,434 666,872 538,847 1,996,131 1,981,308 1,839,318 Income Before Taxes and Equity in Undistributed Earnings of Subsidiary 7,826,665 8,728,049 10,857,857 Income Tax Benefits 457,934 444,764 396,738 Income Before Equity in Undistributed Earnings of Subsidiary 8,284,599 9,172,813 11,254,595 Dividends Received in Excess of Earnings of Subsidiary - (800,116 ) (3,722,970 ) Equity in Undistributed Earnings of Subsidiary 388,611 - - Net Income 8,673,210 8,372,697 7,531,625 Preferred Stock Dividends 1,493,310 2,375,010 2,688,604 Net Income Available to Common Stockholders $ 7,179,900 $ 5,997,687 $ 4,843,021 |
Condensed Statement of Comprehensive Income [Table Text Block] | 20 16 2015 2014 Net Income $ 8,673,210 $ 8,372,697 $ 7,531,625 Other Comprehensive Income (Loss) Gains (Losses) on Securities Arising During the Year (505,367 ) 610,689 6,432,906 Tax Effect 171,825 (207,634 ) (2,187,189 ) Realized (Gains) Losses on Sale of AFS Securities (385,223 ) 11,466 (23,735 ) Tax Effect 130,976 (3,898 ) 8,070 Impairment Loss on Securities - - - Tax Effect - - - Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects (587,789 ) 410,623 4,230,052 Comprehensive Income $ 8,085,421 $ 8,783,320 $ 11,761,677 |
Condensed Cash Flow Statement [Table Text Block] | 20 16 2015 2014 Cash Flows from Operating Activities Net Income $ 8,673,210 $ 8,372,697 $ 7,531,625 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation and Amortization 66,476 73,999 75,347 Equity in Undistributed Earnings of Subsidiary (388,611 ) - - Dividends Received in Excess of Earnings of Subsidiary - 800,116 3,722,970 Change in Interest Payable 5,367 23,072 (1,069,695 ) Other 108,288 1,555,482 (437,115 ) 8,464,730 10,825,366 9,823,132 Cash Flows from Investing Activities Purchases of Premises and Equipment (6,836 ) (8,884 ) (2,020 ) Cash Flows from Financing Activities Dividends Paid on Preferred Stock (1,590,746 ) (2,487,274 ) (5,492,749 ) Redemption of Preferred Stock (8,661,000 ) (9,979,000 ) - (10,251,746 ) (12,466,274 ) (5,492,749 ) Increase (Decrease) in Cash (1,793,852 ) (1,649,792 ) 4,328,363 Cash, Beginning 4,100,860 5,750,652 1,422,289 Cash, Ending $ 2,307,008 $ 4,100,860 $ 5,750,652 |
Note 22 - Earnings Per Share (T
Note 22 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Numerator Net Income Available to Common Stockholders $ 7,179,900 $ 5,997,687 $ 4,843,021 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 74,037 19,203 - Weighted-Average Number of Shares Outstanding for Diluted Earnings Per Common Share 8,513,295 8,458,461 8,439,258 Earnings Per Share - Basic $ 0.85 $ 0.71 $ 0.57 Earnings Per Share - Diluted $ 0.84 $ 0.71 $ 0.57 |
Note 23 - Accumulated Other C51
Note 23 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Years Ended December 31, 2016 2015 2014 Beginning Balance $ (4,434,351 ) $ (4,844,974 ) $ (9,075,026 ) Other Comprehensive Income Before Reclassification (333,542 ) 403,055 4,245,717 Amounts Reclassified from Accumulated Other Comprehensive Income (254,247 ) 7,568 (15,665 ) Net Current Period Other Comprehensive Income (587,789 ) 410,623 4,230,052 Ending Balance $ (5,022,140 ) $ (4,434,351 ) $ (4,844,974 ) |
Note 1 - Summary of Significa52
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Percentage of Loan Portfolio Concentrated in Loans Secured by Real Estate. | 87.00% | |
Discounted Percentage to Account for Selling and Marketing Costs | 10.00% | |
Probability of Uncertain Tax Positions of Being Realized upon Settlement, Minimum | 50.00% | |
Other Assets [Member] | ||
Cash Surrender Value of Life Insurance | $ 15,419,269 | $ 14,829,861 |
Note 1 - Summary of Significa53
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives and Methods of Depreciation (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Banking Premises [Member] | |
Property, plant and equipment, depreciation method | Straight-Line and Accelerated |
Banking Premises [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 15 years |
Banking Premises [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Furniture and Equipment [Member] | |
Property, plant and equipment, depreciation method | Straight-Line and Accelerated |
Furniture and Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Note 2 - Cash and Balances Du54
Note 2 - Cash and Balances Due From Banks (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Cash Reserve Deposit Required and Made | $ 1,417,000 | $ 1,275,000 |
Note 2 - Cash and Balances Du55
Note 2 - Cash and Balances Due from Banks - Cash and Balances Due From Banks (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Cash on Hand and Cash Items | $ 8,509,530 | $ 9,061,678 |
Noninterest-Bearing Deposits with Other Banks | 20,312,574 | 13,194,968 |
$ 28,822,104 | $ 22,256,646 |
Note 3 - Investment Securitie56
Note 3 - Investment Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Proceeds from Sale of Available-for-sale Securities | $ 25,209,851 | $ 28,273,634 | $ 13,620,956 |
Available-for-sale Securities, Gross Realized Gains | 391,976 | 207,896 | 67,601 |
Available-for-sale Securities, Gross Realized Losses | 6,753 | 196,316 | 45,666 |
Held-to-maturity Securities, Sold Security, Realized Gain (Loss) | (23,046) | $ 1,800 | |
Security Owned and Pledged as Collateral, Fair Value | $ 144,853,885 | $ 133,754,087 | |
Number of Investment Securities with Unrealized Losses | 108 | ||
Depreciated Debt Securities with Unrealized Losses | 2.63% | ||
Number of Asset Backed Securities Owned | 1 | ||
Number of Issuances of Trust Preferred Securities | 1 |
Note 3 - Investment Securitie57
Note 3 - Investment Securities - Schedule of Investment Securities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Available for sale securities, amortized cost | $ 331,267,173 | $ 302,868,012 |
Available for sale securities, gross unrealized gains | 94,093 | 93,357 |
Available for sale securities, gross unrealized losses | (7,703,396) | (6,812,070) |
Available for Sale, at Fair Value | 323,657,870 | 296,149,299 |
US Government Agencies Debt Securities [Member] | ||
Available for sale securities, amortized cost | 326,694,417 | 297,778,875 |
Available for sale securities, gross unrealized gains | 75,743 | 62,815 |
Available for sale securities, gross unrealized losses | (7,672,786) | (6,791,837) |
Available for Sale, at Fair Value | 319,097,374 | 291,049,853 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available for sale securities, amortized cost | 4,572,756 | 5,089,137 |
Available for sale securities, gross unrealized gains | 18,350 | 30,542 |
Available for sale securities, gross unrealized losses | (30,610) | (20,233) |
Available for Sale, at Fair Value | $ 4,560,496 | $ 5,099,446 |
Note 3 - Investment Securitie58
Note 3 - Investment Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturity (Details) | Dec. 31, 2016USD ($) |
Due in One Year or Less, Amortized Cost | $ 360,471 |
Due in One Year or Less, Fair Value | 362,760 |
Due After One Year Through Five Years,available for sale, amortized cost | 1,618,395 |
Due After One Year Through Five Years, available for sale, fair value | 1,610,940 |
Due After Five Years Through Ten Years,available for sale, amortized cost | 1,106,315 |
Due After Five Years Through Ten Years, available for sale, fair value | 1,107,718 |
Due After Ten Years,available for sale, amortized cost | 1,487,575 |
Due After Ten Years, available for sale, fair value | 1,479,078 |
4,572,756 | |
4,560,496 | |
Mortgage-Backed Securities,available for sale, amortized cost | 326,694,417 |
Mortgage-Backed Securities, available for sale, fair value | 319,097,374 |
331,267,173 | |
$ 323,657,870 |
Note 3 - Investment Securitie59
Note 3 - Investment Securities - Continuous Unrealized Loss Position (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Continuous unrealized loss, less than 12 months, fair value | $ 177,688,528 | $ 140,799,638 |
Continuous unrealized loss, less than 12 months, gross unrealized losses | (3,490,174) | (1,290,244) |
Continuous unrealized loss, greater than 12 months, fair value | 107,481,698 | 139,720,125 |
Continuous unrealized loss, greater than 12 months, gross unrealized losses | (4,213,222) | (5,521,826) |
Continuous unrealized loss, fair value | 285,170,226 | 280,519,763 |
Continuous unrealized loss, gross unrealized losses | (7,703,396) | (6,812,070) |
US Government Agencies Debt Securities [Member] | ||
Continuous unrealized loss, less than 12 months, fair value | 174,200,881 | 139,765,025 |
Continuous unrealized loss, less than 12 months, gross unrealized losses | (3,459,564) | (1,270,011) |
Continuous unrealized loss, greater than 12 months, fair value | 107,481,698 | 139,720,125 |
Continuous unrealized loss, greater than 12 months, gross unrealized losses | (4,213,222) | (5,521,826) |
Continuous unrealized loss, fair value | 281,682,579 | 279,485,150 |
Continuous unrealized loss, gross unrealized losses | (7,672,786) | (6,791,837) |
US States and Political Subdivisions Debt Securities [Member] | ||
Continuous unrealized loss, less than 12 months, fair value | 3,487,647 | 1,034,613 |
Continuous unrealized loss, less than 12 months, gross unrealized losses | (30,610) | (20,233) |
Continuous unrealized loss, greater than 12 months, fair value | ||
Continuous unrealized loss, greater than 12 months, gross unrealized losses | ||
Continuous unrealized loss, fair value | 3,487,647 | 1,034,613 |
Continuous unrealized loss, gross unrealized losses | $ (30,610) | $ (20,233) |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 387,300 | $ 418,400 | $ 591,900 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 89,297 | |||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | $ 0 |
Note 4 - Loans - Segregated by
Note 4 - Loans - Segregated by Class of Loans (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans | $ 754,283,563 | $ 758,635,595 | $ 746,093,809 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
Loans | 47,024,878 | 47,781,689 | 50,960,265 |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | |||
Loans | 17,079,579 | 19,193,497 | 16,689,444 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Loans | 349,090,031 | 346,262,033 | 332,230,847 |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Loans | 30,358,362 | 40,106,633 | 51,258,970 |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | |||
Loans | 11,830,447 | 9,413,263 | 11,220,683 |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Loans | 195,579,967 | 197,002,419 | 203,752,620 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Loans | 66,877,197 | 61,779,859 | 49,950,984 |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | |||
Loans | 19,695,241 | 20,605,465 | 22,820,314 |
Consumer and Other Portfolio Segment [Member] | Other [Member] | |||
Loans | $ 16,747,861 | $ 16,490,737 | $ 7,209,682 |
Note 4 - Loans - Loan Portfolio
Note 4 - Loans - Loan Portfolio by Credit Quality Indicator (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans | $ 754,283,563 | $ 758,635,595 | $ 746,093,809 |
Pass [Member] | |||
Loans | 707,965,052 | 700,095,542 | |
Special Mention [Member] | |||
Loans | 19,530,573 | 26,142,883 | |
Substandard [Member] | |||
Loans | 26,787,938 | 32,397,170 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
Loans | 47,024,878 | 47,781,689 | 50,960,265 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | Pass [Member] | |||
Loans | 44,249,874 | 44,273,407 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | Special Mention [Member] | |||
Loans | 1,861,757 | 1,927,198 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | Substandard [Member] | |||
Loans | 913,247 | 1,581,084 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | |||
Loans | 17,079,579 | 19,193,497 | 16,689,444 |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | Pass [Member] | |||
Loans | 16,585,646 | 18,970,328 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | Special Mention [Member] | |||
Loans | 192,445 | 17,843 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | Substandard [Member] | |||
Loans | 301,488 | 205,326 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Loans | 349,090,031 | 346,262,033 | 332,230,847 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | Pass [Member] | |||
Loans | 327,561,169 | 320,566,237 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | Special Mention [Member] | |||
Loans | 9,403,077 | 13,652,416 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | Substandard [Member] | |||
Loans | 12,125,785 | 12,043,380 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Loans | 30,358,362 | 40,106,633 | 51,258,970 |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | Pass [Member] | |||
Loans | 28,425,373 | 36,516,165 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | Special Mention [Member] | |||
Loans | 1,349,447 | 912,295 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | Substandard [Member] | |||
Loans | 583,542 | 2,678,173 | |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | |||
Loans | 11,830,447 | 9,413,263 | 11,220,683 |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | Pass [Member] | |||
Loans | 11,630,165 | 9,413,263 | |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | Special Mention [Member] | |||
Loans | 0 | ||
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | Substandard [Member] | |||
Loans | 200,282 | ||
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Loans | 195,579,967 | 197,002,419 | 203,752,620 |
Real Estate Portfolio Segment [Member] | Residential [Member] | Pass [Member] | |||
Loans | 178,618,510 | 177,054,188 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | Special Mention [Member] | |||
Loans | 5,658,526 | 8,545,942 | |
Real Estate Portfolio Segment [Member] | Residential [Member] | Substandard [Member] | |||
Loans | 11,302,931 | 11,402,289 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Loans | 66,877,197 | 61,779,859 | 49,950,984 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | |||
Loans | 65,074,715 | 56,798,365 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Special Mention [Member] | |||
Loans | 839,362 | 929,814 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Substandard [Member] | |||
Loans | 963,120 | 4,051,680 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | |||
Loans | 19,695,241 | 20,605,465 | 22,820,314 |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Pass [Member] | |||
Loans | 19,071,739 | 20,037,996 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Special Mention [Member] | |||
Loans | 225,959 | 156,739 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Substandard [Member] | |||
Loans | 397,543 | 410,730 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | |||
Loans | 16,747,861 | 16,490,737 | $ 7,209,682 |
Consumer and Other Portfolio Segment [Member] | Other [Member] | Pass [Member] | |||
Loans | 16,747,861 | 16,465,593 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | Special Mention [Member] | |||
Loans | 0 | 636 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | Substandard [Member] | |||
Loans | $ 24,508 |
Note 4 - Loans - Age Analysis o
Note 4 - Loans - Age Analysis of Past Due Loans and Nonaccrual Loans (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accruing loans past due | $ 4,468,990 | $ 10,967,042 | |
Nonaccrual loans | 12,350,066 | 14,407,679 | |
Current loans | 737,464,507 | 733,260,874 | |
Loans | 754,283,563 | 758,635,595 | $ 746,093,809 |
Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | 4,468,868 | 10,959,243 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accruing loans past due | 122 | 7,799 | |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
Accruing loans past due | 419,969 | 490,727 | |
Nonaccrual loans | 634,955 | 576,940 | |
Current loans | 45,969,954 | 46,714,022 | |
Loans | 47,024,878 | 47,781,689 | 50,960,265 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | 419,969 | 490,727 | |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | |||
Accruing loans past due | 33,046 | 71,416 | |
Nonaccrual loans | 208,522 | 178,021 | |
Current loans | 16,838,011 | 18,944,060 | |
Loans | 17,079,579 | 19,193,497 | 16,689,444 |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | 33,046 | 71,416 | |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Accruing loans past due | 491,468 | 6,031,257 | |
Nonaccrual loans | 6,360,176 | 7,564,691 | |
Current loans | 342,238,387 | 332,666,085 | |
Loans | 349,090,031 | 346,262,033 | 332,230,847 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | 491,468 | 6,031,257 | |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Accruing loans past due | 54,001 | 90,163 | |
Nonaccrual loans | 190,494 | 1,642,666 | |
Current loans | 30,113,867 | 38,373,804 | |
Loans | 30,358,362 | 40,106,633 | 51,258,970 |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | 54,001 | 90,163 | |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | |||
Accruing loans past due | |||
Nonaccrual loans | |||
Current loans | 11,830,447 | 9,413,263 | |
Loans | 11,830,447 | 9,413,263 | 11,220,683 |
Real Estate Portfolio Segment [Member] | Residential Construction [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | |||
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Accruing loans past due | 3,178,833 | 3,682,509 | |
Nonaccrual loans | 3,944,337 | 3,163,571 | |
Current loans | 188,456,797 | 190,156,339 | |
Loans | 195,579,967 | 197,002,419 | 203,752,620 |
Real Estate Portfolio Segment [Member] | Residential [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | 3,178,833 | 3,682,509 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Accruing loans past due | 95,309 | 122,696 | |
Nonaccrual loans | 799,556 | 1,103,354 | |
Current loans | 65,982,332 | 60,553,809 | |
Loans | 66,877,197 | 61,779,859 | 49,950,984 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | 95,309 | 122,696 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | |||
Accruing loans past due | 196,364 | 477,638 | |
Nonaccrual loans | 212,026 | 178,336 | |
Current loans | 19,286,851 | 19,949,491 | |
Loans | 19,695,241 | 20,605,465 | 22,820,314 |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | 196,242 | 469,839 | |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accruing loans past due | 122 | 7,799 | |
Consumer and Other Portfolio Segment [Member] | Other [Member] | |||
Accruing loans past due | 636 | ||
Nonaccrual loans | 100 | ||
Current loans | 16,747,861 | 16,490,001 | |
Loans | $ 16,747,861 | 16,490,737 | $ 7,209,682 |
Consumer and Other Portfolio Segment [Member] | Other [Member] | Financing Receivables, 30-89 Days Past Due [Member] | |||
Accruing loans past due | $ 636 |
Note 4 - Loans - Impaired Loan
Note 4 - Loans - Impaired Loan Data (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unpaid contractual principal balance with no related allowance | $ 20,806,832 | $ 29,820,855 | $ 38,059,962 |
Impaired balance with no related allowance | 20,274,380 | 23,508,793 | 29,490,794 |
Average recorded investment with no related allowance | 21,505,109 | 25,289,234 | 29,505,144 |
Interest income recognized with no related allowance | 711,560 | 752,278 | 802,520 |
Interest income collected with no related allowance | 835,456 | 765,424 | 859,046 |
Related allowance | 3,434,772 | 2,073,418 | 1,051,114 |
Average recorded investment with an allowance | 9,870,840 | 8,344,476 | 10,722,024 |
Interest income collected with an allowance | 290,735 | 248,297 | 149,525 |
Unpaid contractual principal balance with an allowance | 10,485,323 | 10,639,996 | 8,908,093 |
Impaired balance with an allowance | 10,387,115 | 10,618,411 | 8,829,393 |
Interest income recognized with an allowance | 289,073 | 253,603 | 157,959 |
Unpaid contractual principal balance | 31,292,155 | 40,460,851 | 46,968,055 |
Impaired balance | 30,661,495 | 34,127,204 | 38,320,187 |
Average recorded investment | 31,375,949 | 33,633,710 | 40,227,168 |
Interest income recognized | 1,000,633 | 1,005,881 | 960,479 |
Interest income collected | 1,126,191 | 1,013,721 | 1,008,571 |
Commercial and Agricultural Portfolio Segment [Member] | Commercial [Member] | |||
Unpaid contractual principal balance with no related allowance | 634,955 | 454,423 | 310,447 |
Impaired balance with no related allowance | 634,955 | 454,013 | 308,817 |
Average recorded investment with no related allowance | 539,099 | 534,814 | 679,267 |
Interest income recognized with no related allowance | 24,563 | 17,259 | 9,248 |
Interest income collected with no related allowance | 27,142 | 21,253 | 17,973 |
Related allowance | 94,538 | 96,580 | |
Average recorded investment with an allowance | 30,270 | 99,749 | 419,464 |
Interest income collected with an allowance | 2,438 | ||
Unpaid contractual principal balance with an allowance | 122,928 | 96,580 | |
Impaired balance with an allowance | 122,928 | 96,580 | |
Interest income recognized with an allowance | 2,275 | (299) | |
Unpaid contractual principal balance | 634,955 | 577,351 | 407,027 |
Impaired balance | 634,955 | 576,941 | 405,397 |
Average recorded investment | 569,369 | 634,563 | 1,098,731 |
Interest income recognized | 24,563 | 19,534 | 8,949 |
Interest income collected | 27,142 | 23,691 | 17,973 |
Commercial and Agricultural Portfolio Segment [Member] | Agricultural [Member] | |||
Unpaid contractual principal balance with no related allowance | 229,182 | 195,654 | 50,163 |
Impaired balance with no related allowance | 208,522 | 178,021 | 44,605 |
Average recorded investment with no related allowance | 210,372 | 163,078 | 50,959 |
Interest income recognized with no related allowance | 8,794 | (9,957) | (6,029) |
Interest income collected with no related allowance | 12,412 | 10,334 | 3,000 |
Related allowance | 0 | 0 | 0 |
Average recorded investment with an allowance | 0 | 0 | 0 |
Interest income collected with an allowance | 0 | 0 | 0 |
Unpaid contractual principal balance with an allowance | 0 | 0 | 0 |
Impaired balance with an allowance | 0 | 0 | 0 |
Interest income recognized with an allowance | 0 | 0 | 0 |
Unpaid contractual principal balance | 229,182 | 195,654 | 50,163 |
Impaired balance | 208,522 | 178,021 | 44,605 |
Average recorded investment | 210,372 | 163,078 | 50,959 |
Interest income recognized | 8,794 | (9,957) | (6,029) |
Interest income collected | 12,412 | 10,334 | 3,000 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Unpaid contractual principal balance with no related allowance | 14,357,601 | 15,569,340 | 17,129,876 |
Impaired balance with no related allowance | 14,276,688 | 15,122,486 | 16,227,379 |
Average recorded investment with no related allowance | 14,274,719 | 15,430,252 | 18,350,015 |
Interest income recognized with no related allowance | 567,349 | 529,376 | 462,355 |
Interest income collected with no related allowance | 560,354 | 530,699 | 474,936 |
Related allowance | 3,021,943 | 1,607,962 | 456,941 |
Average recorded investment with an allowance | 8,339,666 | 6,673,087 | 6,415,086 |
Interest income collected with an allowance | 235,749 | 208,657 | 50,468 |
Unpaid contractual principal balance with an allowance | 8,557,582 | 8,969,329 | 6,135,238 |
Impaired balance with an allowance | 8,467,135 | 8,955,503 | 6,135,238 |
Interest income recognized with an allowance | 238,684 | 213,693 | 60,629 |
Unpaid contractual principal balance | 22,915,183 | 24,538,669 | 23,265,114 |
Impaired balance | 22,743,823 | 24,077,989 | 22,362,617 |
Average recorded investment | 22,614,385 | 22,103,339 | 24,765,101 |
Interest income recognized | 806,033 | 743,069 | 522,984 |
Interest income collected | 796,103 | 739,356 | 525,404 |
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Unpaid contractual principal balance with no related allowance | 190,494 | 6,887,522 | 9,573,141 |
Impaired balance with no related allowance | 190,494 | 1,896,938 | 3,463,502 |
Average recorded investment with no related allowance | 697,893 | 2,867,061 | 3,376,033 |
Interest income recognized with no related allowance | 6,630 | 25,788 | 13,111 |
Interest income collected with no related allowance | 7,127 | 27,007 | 12,833 |
Related allowance | 21,135 | 25,344 | 53,947 |
Average recorded investment with an allowance | 74,098 | 92,200 | 1,528,817 |
Interest income collected with an allowance | 1,416 | 375 | 375 |
Unpaid contractual principal balance with an allowance | 72,296 | 76,644 | 207,308 |
Impaired balance with an allowance | 72,296 | 76,644 | 136,369 |
Interest income recognized with an allowance | 1,532 | 375 | 375 |
Unpaid contractual principal balance | 262,790 | 6,964,166 | 9,780,449 |
Impaired balance | 262,790 | 1,973,582 | 3,599,871 |
Average recorded investment | 771,991 | 2,959,261 | 4,904,850 |
Interest income recognized | 8,162 | 26,163 | 13,486 |
Interest income collected | 8,543 | 27,382 | 13,208 |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Unpaid contractual principal balance with no related allowance | 4,261,558 | 5,429,121 | 9,136,987 |
Impaired balance with no related allowance | 3,952,139 | 4,575,547 | 7,600,073 |
Average recorded investment with no related allowance | 4,553,322 | 4,715,162 | 5,690,573 |
Interest income recognized with no related allowance | 73,099 | 175,484 | 312,024 |
Interest income collected with no related allowance | 190,373 | 159,148 | 306,859 |
Related allowance | 362,521 | 308,188 | 414,684 |
Average recorded investment with an allowance | 1,042,750 | 1,088,380 | 1,829,102 |
Interest income collected with an allowance | 32,260 | 15,873 | 86,472 |
Unpaid contractual principal balance with an allowance | 1,475,594 | 1,083,127 | 2,072,919 |
Impaired balance with an allowance | 1,467,833 | 1,075,367 | 2,065,158 |
Interest income recognized with an allowance | 27,759 | 16,380 | 84,177 |
Unpaid contractual principal balance | 5,737,152 | 6,512,248 | 11,209,906 |
Impaired balance | 5,419,972 | 5,650,914 | 9,665,231 |
Average recorded investment | 5,596,072 | 5,803,542 | 7,519,675 |
Interest income recognized | 100,858 | 191,864 | 396,201 |
Interest income collected | 222,633 | 175,021 | 393,331 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Unpaid contractual principal balance with no related allowance | 920,666 | 1,104,887 | 1,450,759 |
Impaired balance with no related allowance | 799,556 | 1,103,353 | 1,449,226 |
Average recorded investment with no related allowance | 1,016,395 | 1,339,863 | 949,003 |
Interest income recognized with no related allowance | 21,526 | 583 | (8,518) |
Interest income collected with no related allowance | 26,012 | 2,076 | 17,273 |
Related allowance | 29,173 | 37,386 | 28,962 |
Average recorded investment with an allowance | 384,056 | 391,060 | 529,555 |
Interest income collected with an allowance | 21,310 | 20,954 | 12,210 |
Unpaid contractual principal balance with an allowance | 379,851 | 387,968 | 396,048 |
Impaired balance with an allowance | 379,851 | 387,969 | 396,048 |
Interest income recognized with an allowance | 21,098 | 20,880 | 13,077 |
Unpaid contractual principal balance | 1,300,517 | 1,492,855 | 1,846,807 |
Impaired balance | 1,179,407 | 1,491,322 | 1,845,274 |
Average recorded investment | 1,400,451 | 1,730,923 | 1,478,558 |
Interest income recognized | 42,624 | 21,463 | 4,559 |
Interest income collected | 47,322 | 23,030 | 29,483 |
Consumer and Other Portfolio Segment [Member] | Consumer [Member] | |||
Unpaid contractual principal balance with no related allowance | 212,376 | 179,908 | 201,695 |
Impaired balance with no related allowance | 212,026 | 178,435 | 201,695 |
Average recorded investment with no related allowance | 213,309 | 190,566 | 211,775 |
Interest income recognized with no related allowance | 9,599 | 13,745 | 14,455 |
Interest income collected with no related allowance | 12,036 | 14,907 | 15,495 |
Related allowance | 0 | 0 | 0 |
Average recorded investment with an allowance | 0 | 0 | 0 |
Interest income collected with an allowance | 0 | 0 | 0 |
Unpaid contractual principal balance with an allowance | 0 | 0 | 0 |
Impaired balance with an allowance | 0 | 0 | 0 |
Interest income recognized with an allowance | 0 | 0 | 0 |
Unpaid contractual principal balance | 212,376 | 179,908 | 201,695 |
Impaired balance | 212,026 | 178,435 | 201,695 |
Average recorded investment | 213,309 | 190,566 | 211,775 |
Interest income recognized | 9,599 | 13,745 | 14,455 |
Interest income collected | $ 12,036 | 14,907 | 15,495 |
Consumer and Other Portfolio Segment [Member] | Other [Member] | |||
Unpaid contractual principal balance with no related allowance | 0 | 206,894 | |
Impaired balance with no related allowance | 0 | 195,497 | |
Average recorded investment with no related allowance | 48,438 | 197,519 | |
Interest income recognized with no related allowance | 0 | 5,874 | |
Interest income collected with no related allowance | 0 | 10,677 | |
Related allowance | 0 | 0 | |
Average recorded investment with an allowance | 0 | 0 | |
Interest income collected with an allowance | 0 | 0 | |
Unpaid contractual principal balance with an allowance | 0 | 0 | |
Impaired balance with an allowance | 0 | 0 | |
Interest income recognized with an allowance | 0 | 0 | |
Unpaid contractual principal balance | 0 | 206,894 | |
Impaired balance | 0 | 195,497 | |
Average recorded investment | 48,438 | 197,519 | |
Interest income recognized | 0 | 5,874 | |
Interest income collected | $ 0 | $ 10,677 |
Note 4 - Loans - Modified in a
Note 4 - Loans - Modified in a Troubled Debt Restructuring (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of contracts | 2 | 3 | 4 |
Pre-modification | $ 446,064 | $ 1,620,213 | $ 2,571,343 |
Post-modification | $ 445,881 | $ 1,541,568 | $ 2,575,355 |
Real Estate Portfolio Segment [Member] | Commercial [Member] | |||
Number of contracts | 1 | 1 | 1 |
Pre-modification | $ 91,280 | $ 513,868 | $ 1,771,395 |
Post-modification | $ 91,097 | $ 505,978 | $ 1,775,407 |
Real Estate Portfolio Segment [Member] | Residential [Member] | |||
Number of contracts | 1 | 2 | 1 |
Pre-modification | $ 354,784 | $ 1,106,345 | $ 49,194 |
Post-modification | $ 354,784 | $ 1,035,590 | $ 49,194 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Number of contracts | 1 | ||
Pre-modification | $ 400,778 | ||
Post-modification | $ 400,778 | ||
Real Estate Portfolio Segment [Member] | Commercial Construction [Member] | |||
Number of contracts | 1 | ||
Pre-modification | $ 349,976 | ||
Post-modification | $ 349,976 |
Note 4 - Loans - Loans Modified
Note 4 - Loans - Loans Modified in a Troubled Debt Restructuring (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Number of Contracts | 1 |
Recorded Investment | $ 89,297 |
Real Estate Portfolio Segment [Member] | Residential [Member] | |
Number of Contracts | 1 |
Recorded Investment | $ 89,297 |
Note 5 - Allowance for Loan L67
Note 5 - Allowance for Loan Losses (Details Textual) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2016 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2013USD ($) | |
Allowance for Loan Losses, Loss History Period, Number of Quarters | 16 | 8 | 8 | ||||
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 804,000 | $ 1,621,424 | |||||
Loan Balance For Reviewing High Risk Loans Minimum | $ 250,000 | ||||||
Loans and Leases Receivable, Gross | $ 758,635,595 | $ 746,093,809 | 754,283,563 | ||||
Loans and Leases Receivable, Allowance | 8,603,905 | 8,802,316 | $ 8,923,293 | $ 11,805,986 | |||
Impaired Financing Receivable, Number of Loans Below Review Threshold | 160 | ||||||
Impaired Financing Receivable Recorded Investment Below Review Threshold | 3,744,733 | $ 3,885,411 | $ 4,204,156 | ||||
Substandard [Member] | |||||||
Loans and Leases Receivable, Gross | 32,397,170 | 26,787,938 | |||||
Loans Not Classified as Impaired [Member] | Substandard [Member] | |||||||
Loans and Leases Receivable, Gross | 11,155,813 | 10,786,699 | |||||
Loans and Leases Receivable, Allowance | $ 276,731 | $ 632,706 |
Note 5 - Allowance for Loan L68
Note 5 - Allowance for Loan Losses - Changes in the Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance, Beginning of Year | $ 8,603,905 | $ 8,802,316 | $ 11,805,986 |
Provision for Loan Losses | 1,062,000 | 865,500 | 1,308,000 |
Loans Charged Off | (2,087,850) | (2,083,347) | (5,104,491) |
Recoveries of Loans Previously Charged Off | 1,345,238 | 1,019,436 | 792,821 |
Balance, End of Year | $ 8,923,293 | $ 8,603,905 | $ 8,802,316 |
Note 5 - Allowance for Loan L69
Note 5 - Allowance for Loan Losses - Segregated by Class of Loan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for loan losses, beginning balance | $ 8,603,905 | $ 8,802,316 | $ 11,805,986 |
Allowance for loan losses, charge-offs | (2,087,850) | (2,083,347) | (5,104,491) |
Allowance for loan losses, recoveries | 1,345,238 | 1,019,436 | 792,821 |
Provision for Loan Losses | 1,062,000 | 865,500 | 1,308,000 |
Allowance for loan losses, ending balance | 8,923,293 | 8,603,905 | 8,802,316 |
Commercial [Member] | Commercial and Agricultural Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 855,364 | 497,561 | 1,017,073 |
Allowance for loan losses, charge-offs | (304,918) | (454,971) | (624,944) |
Allowance for loan losses, recoveries | 66,738 | 52,111 | 76,002 |
Provision for Loan Losses | (160,987) | 760,663 | 29,430 |
Allowance for loan losses, ending balance | 456,197 | 855,364 | 497,561 |
Commercial [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 3,850,527 | 3,664,777 | 4,379,276 |
Allowance for loan losses, charge-offs | (992,067) | (275,297) | (1,326,825) |
Allowance for loan losses, recoveries | 206,154 | 270,003 | 90,042 |
Provision for Loan Losses | 2,686,384 | 191,044 | 522,284 |
Allowance for loan losses, ending balance | 5,750,998 | 3,850,527 | 3,664,777 |
Agricultural [Member] | Commercial and Agricultural Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 203,091 | 304,172 | 293,886 |
Allowance for loan losses, charge-offs | (19,258) | (5,000) | |
Allowance for loan losses, recoveries | 4,150 | 3,600 | 2,700 |
Provision for Loan Losses | (20,291) | (99,681) | 7,586 |
Allowance for loan losses, ending balance | 167,692 | 203,091 | 304,172 |
Commercial Construction [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 690,766 | 1,222,695 | 1,782,179 |
Allowance for loan losses, charge-offs | (25,318) | (97,698) | (1,543,099) |
Allowance for loan losses, recoveries | 814,586 | 485,834 | 485,005 |
Provision for Loan Losses | (1,157,309) | (920,065) | 498,610 |
Allowance for loan losses, ending balance | 322,725 | 690,766 | 1,222,695 |
Residential Construction [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 19,890 | 138,092 | 138,092 |
Allowance for loan losses, charge-offs | |||
Allowance for loan losses, recoveries | |||
Provision for Loan Losses | (6,399) | (118,202) | |
Allowance for loan losses, ending balance | 13,491 | 19,890 | 138,092 |
Residential [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 1,990,355 | 2,425,327 | 3,278,269 |
Allowance for loan losses, charge-offs | (361,630) | (929,668) | (1,033,966) |
Allowance for loan losses, recoveries | 49,660 | 109,626 | 31,127 |
Provision for Loan Losses | (282,286) | 385,070 | 149,897 |
Allowance for loan losses, ending balance | 1,396,099 | 1,990,355 | 2,425,327 |
Farmland [Member] | Real Estate Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 911,692 | 103,800 | 311,494 |
Allowance for loan losses, charge-offs | (119,576) | (40,000) | (233,580) |
Allowance for loan losses, recoveries | 145,000 | 20,000 | 20,000 |
Provision for Loan Losses | (214,785) | 827,892 | 5,886 |
Allowance for loan losses, ending balance | 722,331 | 911,692 | 103,800 |
Consumer [Member] | Consumer and Other Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 63,377 | 66,914 | 243,253 |
Allowance for loan losses, charge-offs | (265,083) | (255,062) | (342,077) |
Allowance for loan losses, recoveries | 52,629 | 61,976 | 72,477 |
Provision for Loan Losses | 229,342 | 189,549 | 93,261 |
Allowance for loan losses, ending balance | 80,265 | 63,377 | 66,914 |
Other [Member] | Consumer and Other Portfolio Segment [Member] | |||
Allowance for loan losses, beginning balance | 18,843 | 378,978 | 362,464 |
Allowance for loan losses, charge-offs | (25,651) | ||
Allowance for loan losses, recoveries | 6,321 | 16,286 | 15,468 |
Provision for Loan Losses | (11,669) | (350,770) | 1,046 |
Allowance for loan losses, ending balance | $ 13,495 | $ 18,843 | $ 378,978 |
Note 5 - Allowance for Loan L70
Note 5 - Allowance for Loan Losses - Segregated by Impairment Methodology (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Ending Allowance Balance Individually Evaluated for Impairment | $ 3,434,772 | $ 2,073,418 | $ 1,051,114 | |
Ending Allowance Balance Collectively Evaluated for Impairment | 5,488,521 | 6,530,487 | 7,751,202 | |
Ending Allowance Balance Total | 8,923,293 | 8,603,905 | 8,802,316 | $ 11,805,986 |
Ending Loan Balance Individually Evaluated for Impairment | 26,457,339 | 30,382,471 | 34,434,776 | |
Ending Loan Balance Collectively Evaluated for Impairment | 727,826,224 | 728,253,124 | 711,659,033 | |
Loans | 754,283,563 | 758,635,595 | 746,093,809 | |
Commercial [Member] | Commercial and Agricultural Portfolio Segment [Member] | ||||
Ending Allowance Balance Individually Evaluated for Impairment | 94,538 | 96,580 | ||
Ending Allowance Balance Collectively Evaluated for Impairment | 456,197 | 760,826 | 400,981 | |
Ending Allowance Balance Total | 456,197 | 855,364 | 497,561 | 1,017,073 |
Ending Loan Balance Individually Evaluated for Impairment | 6,671 | 122,928 | 96,580 | |
Ending Loan Balance Collectively Evaluated for Impairment | 47,018,207 | 47,658,761 | 50,863,685 | |
Loans | 47,024,878 | 47,781,689 | 50,960,265 | |
Commercial [Member] | Real Estate Portfolio Segment [Member] | ||||
Ending Allowance Balance Individually Evaluated for Impairment | 3,021,943 | 1,607,962 | 456,941 | |
Ending Allowance Balance Collectively Evaluated for Impairment | 2,729,055 | 2,242,565 | 3,207,836 | |
Ending Allowance Balance Total | 5,750,998 | 3,850,527 | 3,664,777 | 4,379,276 |
Ending Loan Balance Individually Evaluated for Impairment | 22,422,451 | 23,628,213 | 21,693,061 | |
Ending Loan Balance Collectively Evaluated for Impairment | 326,667,580 | 322,633,820 | 310,537,786 | |
Loans | 349,090,031 | 346,262,033 | 332,230,847 | |
Agricultural [Member] | Commercial and Agricultural Portfolio Segment [Member] | ||||
Ending Allowance Balance Individually Evaluated for Impairment | ||||
Ending Allowance Balance Collectively Evaluated for Impairment | 167,692 | 203,091 | 304,172 | |
Ending Allowance Balance Total | 167,692 | 203,091 | 304,172 | 293,886 |
Ending Loan Balance Individually Evaluated for Impairment | 8,445 | |||
Ending Loan Balance Collectively Evaluated for Impairment | 17,079,579 | 19,185,052 | 16,689,444 | |
Loans | 17,079,579 | 19,193,497 | 16,689,444 | |
Commercial Construction [Member] | Real Estate Portfolio Segment [Member] | ||||
Ending Allowance Balance Individually Evaluated for Impairment | 21,135 | 25,344 | 53,947 | |
Ending Allowance Balance Collectively Evaluated for Impairment | 301,590 | 665,422 | 1,168,748 | |
Ending Allowance Balance Total | 322,725 | 690,766 | 1,222,695 | 1,782,179 |
Ending Loan Balance Individually Evaluated for Impairment | 72,296 | 1,622,560 | 3,384,377 | |
Ending Loan Balance Collectively Evaluated for Impairment | 30,286,066 | 38,484,073 | 47,874,593 | |
Loans | 30,358,362 | 40,106,633 | 51,258,970 | |
Residential Construction [Member] | Real Estate Portfolio Segment [Member] | ||||
Ending Allowance Balance Individually Evaluated for Impairment | ||||
Ending Allowance Balance Collectively Evaluated for Impairment | 13,491 | 19,890 | 138,092 | |
Ending Allowance Balance Total | 13,491 | 19,890 | 138,092 | 138,092 |
Ending Loan Balance Individually Evaluated for Impairment | ||||
Ending Loan Balance Collectively Evaluated for Impairment | 11,830,447 | 9,413,263 | 11,220,683 | |
Loans | 11,830,447 | 9,413,263 | 11,220,683 | |
Residential [Member] | Real Estate Portfolio Segment [Member] | ||||
Ending Allowance Balance Individually Evaluated for Impairment | 362,522 | 308,188 | 414,684 | |
Ending Allowance Balance Collectively Evaluated for Impairment | 1,033,577 | 1,682,167 | 2,010,643 | |
Ending Allowance Balance Total | 1,396,099 | 1,990,355 | 2,425,327 | 3,278,269 |
Ending Loan Balance Individually Evaluated for Impairment | 2,911,874 | 3,597,386 | 7,559,965 | |
Ending Loan Balance Collectively Evaluated for Impairment | 192,668,093 | 193,405,033 | 196,192,655 | |
Loans | 195,579,967 | 197,002,419 | 203,752,620 | |
Farmland [Member] | Real Estate Portfolio Segment [Member] | ||||
Ending Allowance Balance Individually Evaluated for Impairment | 29,172 | 37,386 | 28,962 | |
Ending Allowance Balance Collectively Evaluated for Impairment | 693,159 | 874,306 | 74,838 | |
Ending Allowance Balance Total | 722,331 | 911,692 | 103,800 | 311,494 |
Ending Loan Balance Individually Evaluated for Impairment | 1,044,047 | 1,402,939 | 1,700,793 | |
Ending Loan Balance Collectively Evaluated for Impairment | 65,833,150 | 60,376,920 | 48,250,191 | |
Loans | 66,877,197 | 61,779,859 | 49,950,984 | |
Consumer [Member] | Consumer and Other Portfolio Segment [Member] | ||||
Ending Allowance Balance Individually Evaluated for Impairment | ||||
Ending Allowance Balance Collectively Evaluated for Impairment | 80,265 | 63,377 | 66,914 | |
Ending Allowance Balance Total | 80,265 | 63,377 | 66,914 | 243,253 |
Ending Loan Balance Individually Evaluated for Impairment | ||||
Ending Loan Balance Collectively Evaluated for Impairment | 19,695,241 | 20,605,465 | 22,820,314 | |
Loans | 19,695,241 | 20,605,465 | 22,820,314 | |
Other [Member] | Consumer and Other Portfolio Segment [Member] | ||||
Ending Allowance Balance Individually Evaluated for Impairment | ||||
Ending Allowance Balance Collectively Evaluated for Impairment | 13,495 | 18,843 | 378,978 | |
Ending Allowance Balance Total | 13,495 | 18,843 | 378,978 | $ 362,464 |
Ending Loan Balance Individually Evaluated for Impairment | ||||
Ending Loan Balance Collectively Evaluated for Impairment | 16,747,861 | 16,490,737 | 7,209,682 | |
Loans | $ 16,747,861 | $ 16,490,737 | $ 7,209,682 |
Note 6 - Premises and Equipme71
Note 6 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation | $ 1,574,249 | $ 1,657,229 | $ 1,595,253 |
Operating Leases, Rent Expense, Net | $ 437,000 | $ 560,000 | $ 613,000 |
Note 6 - Premises and Equipme72
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Premise and Equipment, Gross | $ 49,553,228 | $ 47,942,233 |
Accumulated Depreciation | (21,583,968) | (21,488,703) |
27,969,260 | 26,453,530 | |
Land [Member] | ||
Premise and Equipment, Gross | 9,668,722 | 9,696,723 |
Building [Member] | ||
Premise and Equipment, Gross | 25,239,165 | 23,927,467 |
Furniture and Fixtures [Member] | ||
Premise and Equipment, Gross | 12,461,043 | 12,154,375 |
Leasehold Improvements [Member] | ||
Premise and Equipment, Gross | 653,939 | 993,618 |
Construction in Progress [Member] | ||
Premise and Equipment, Gross | $ 1,530,359 | $ 1,170,050 |
Note 6 - Premises and Equipme73
Note 6 - Premises and Equipment - Future Minimum Rental Payments (Details) | Dec. 31, 2016USD ($) |
2,017 | $ 39,820 |
$ 39,820 |
Note 7 - Other Real Estate Ow74
Note 7 - Other Real Estate Owned (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Other Real Estate | $ 6,439,226 | $ 8,839,103 | $ 10,401,832 | $ 15,502,462 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 431,194 | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 204,403 |
Note 7 - Other Real Estate Ow75
Note 7 - Other Real Estate Owned - Change in OREO (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance, Beginning of Year | $ 8,839,103 | $ 10,401,832 | $ 15,502,462 |
Additions | 5,664,554 | 7,536,165 | 3,852,848 |
Sales of OREO | (7,416,293) | (8,054,675) | (7,102,136) |
Loss on Sale | (146,402) | (591,071) | (844,515) |
Provision for Losses | (501,736) | (453,148) | (1,006,827) |
Balance, End of Year | $ 6,439,226 | $ 8,839,103 | $ 10,401,832 |
Note 8 - Other Intangible Ass76
Note 8 - Other Intangible Assets (Details Textual) - Core Deposits [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortization of Intangible Assets | $ 35,749 | $ 35,748 | $ 35,749 |
Annual Rate of Amortization Expense | $ 35,749 |
Note 8 - Other Intangible Ass77
Note 8 - Other Intangible Assets - Analysis of the Core Deposit Intangible Activity (Details) - Core Deposits [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Intangible Assets, Gross, Balance | $ 1,056,693 | $ 1,056,693 | $ 1,056,693 |
Acquired Intangible Assets, Accumulated Amortization | (976,178) | (940,429) | (904,681) |
Acquired Intangible Assets, Net | 80,515 | 116,264 | 152,012 |
Amortization Expense | $ (35,749) | $ (35,748) | $ (35,749) |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal Income Tax Expense (Benefit), Continuing Operations | $ 3,851,333 | $ 3,787,803 | $ 3,268,287 |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 42,327 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Income Tax (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Federal Expense | $ 3,629,213 | $ 3,162,367 | $ 1,335,337 |
Deferred Federal Expense | 222,120 | 625,436 | 1,932,950 |
Federal Income Tax Expense | 3,851,333 | 3,787,803 | 3,268,287 |
Federal and State Income Tax Expense | $ 3,851,333 | $ 3,787,803 | $ 3,268,287 |
Note 9 - Income Taxes - Differe
Note 9 - Income Taxes - Difference Between Financial Statement Tax Expense and Amount Computer by Applying Statutory Federal Tax Rate to Income Before Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory Federal Income Taxes | $ 4,283,394 | $ 4,134,570 | $ 3,671,971 |
Tax-Exempt Interest | (109,759) | (83,903) | (74,138) |
Premiums on Officers’ Life Insurance | (182,532) | (232,988) | (186,712) |
Meal and Entertainment Disallowance | 16,813 | 21,600 | 14,044 |
Other | (156,583) | (51,476) | (156,878) |
Actual Federal Income Taxes | $ 3,851,333 | $ 3,787,803 | $ 3,268,287 |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for Loan Losses | $ 3,033,920 | $ 2,925,328 |
Other Real Estate | 688,162 | 537,914 |
Deferred Compensation | 280,704 | 308,128 |
Investments | 340,000 | 340,000 |
Goodwill | 167,666 | 212,190 |
Other | 379,304 | 418,165 |
4,889,756 | 4,741,725 | |
Deferred Tax Liabilities | ||
Premises and Equipment | (1,553,460) | (1,183,309) |
Other | (4,185) | (4,185) |
(1,557,645) | (1,187,494) | |
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses) | 2,587,163 | 2,284,362 |
Net Deferred Tax Assets | $ 5,919,274 | $ 5,838,593 |
Note 9 - Income Taxes - Unrecog
Note 9 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance, Beginning | $ 42,327 | ||
Positions Taken During the Current Year | |||
Reductions Resulting from Lapse of Statutes of Limitation | 42,327 | ||
Balance, Ending |
Note 10 - Deposits (Details Tex
Note 10 - Deposits (Details Textual) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deposit Liabilities Reclassified as Loans Receivable | $ 413,563 | $ 272,110 |
Interest-bearing Domestic Deposit, Brokered | 49,303,139 | 25,576,524 |
Time Deposits, $100,000 or More | 123,612,962 | 141,900,102 |
Time Deposits $250,000 or More | $ 32,168,191 | $ 31,755,483 |
Note 10 - Deposits - Components
Note 10 - Deposits - Components of Interest-bearing Deposits (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Interest-Bearing Demand | $ 448,003,985 | $ 412,959,430 |
Savings | 70,066,140 | 64,976,174 |
Time, $100,000 and Over | 183,610,778 | 202,800,899 |
Other Time | 183,616,992 | 196,931,462 |
$ 885,297,895 | $ 877,667,965 |
Note 10 - Deposits - Scheduled
Note 10 - Deposits - Scheduled Maturities of Certificates of Deposit (Details) | Dec. 31, 2016USD ($) |
2,017 | $ 256,886,186 |
2,018 | 63,055,100 |
2,019 | 22,738,969 |
2,020 | 15,858,433 |
2021 and Thereafter | 8,689,082 |
$ 367,227,770 |
Note 11 - Other Borrowed Mone86
Note 11 - Other Borrowed Money (Details Textual) | Dec. 31, 2016USD ($) |
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 | 2,026 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 104,769,821 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 241,746,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate | 13,000,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Floating Rate | 33,000,000 |
Line of Credit Facility, Current Borrowing Capacity | 43,500,000 |
Long-term Line of Credit | 0 |
Federal Reserve Bank Advances [Member] | |
Short-term Debt | $ 0 |
Minimum [Member] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 0.98% |
Maximum [Member] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 3.51% |
Note 11 - Other Borrowed Mone87
Note 11 - Other Borrowed Money - Summary of Other Borrowed Money (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Other Borrowed Money | $ 46,000,000 | $ 40,000,000 |
Note 11 - Other Borrowed Mone88
Note 11 - Other Borrowed Money - Aggregate Stated Maturities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
2,018 | $ 2,500,000 | |
2,019 | 5,000,000 | |
2,020 | 2,500,000 | |
2,021 | ||
2022 and Thereafter | 36,000,000 | |
$ 46,000,000 | $ 40,000,000 |
Note 12 - Subordinated Debent89
Note 12 - Subordinated Debentures (Trust Preferred Securities) (Details Textual) - USD ($) | Nov. 17, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Interest Paid | $ 1,069,695 | $ 6,529,615 | $ 6,536,994 | $ 7,898,543 |
Note 12 - Subordinated Debent90
Note 12 - Subordinated Debentures (Trusted Preferred Securities) - Schedule of Subordinated Debentures (Details) - Trust Preferred Securities Subject to Mandatory Redemption [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Colony Bankcorp Statutory Trust III [Member] | |
Issuance date | Jun. 17, 2004 |
Debt amount | $ 4,640 |
Total interest rate | 3.67317% |
Maturity date | Jun. 14, 2034 |
5 year call option | Jun. 17, 2009 |
Colony Bankcorp Statutory Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
3 month LIBOR rate | 0.99317% |
Added points | 2.68% |
Colony Bankcorp Capital Trust I [Member] | |
Issuance date | Apr. 13, 2006 |
Debt amount | $ 5,155 |
Total interest rate | 2.49789% |
Maturity date | Apr. 13, 2036 |
5 year call option | Apr. 13, 2011 |
Colony Bankcorp Capital Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
3 month LIBOR rate | 0.99789% |
Added points | 1.50% |
Colony Bankcorp Capital Trust II [Member] | |
Issuance date | Mar. 12, 2007 |
Debt amount | $ 9,279 |
Total interest rate | 2.64817% |
Maturity date | Mar. 12, 2037 |
5 year call option | Mar. 12, 2012 |
Colony Bankcorp Capital Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
3 month LIBOR rate | 0.99817% |
Added points | 1.65% |
Colony Bankcorp Capital Trust III [Member] | |
Issuance date | Sep. 14, 2007 |
Debt amount | $ 5,155 |
Total interest rate | 2.28733% |
Maturity date | Sep. 14, 2037 |
5 year call option | Sep. 14, 2012 |
Colony Bankcorp Capital Trust III [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
3 month LIBOR rate | 0.88733% |
Added points | 1.40% |
Note 13 - Preferred Stock (Deta
Note 13 - Preferred Stock (Details Textual) - USD ($) | Nov. 17, 2014 | Jan. 08, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Shares Issued | 9,360 | 18,021 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 500,000 | ||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8.40 | ||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | 9.00% | |||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 5,492,749 | $ 1,590,746 | $ 2,487,274 | $ 5,492,749 | |
Series A Preferred Stock [Member] | |||||
Preferred Stock, Shares Issued | 9,360 | 18,021 | |||
Stock Redeemed or Called During Period, Shares | 8,661 | 9,979 | |||
Preferred Stock, Redemption Price Per Share | $ 1,000 |
Note 14 - Employee Benefit Pl92
Note 14 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Period | 6 years | ||
Defined Benefit Plan, Contributions by Employer | $ 408,303 | $ 385,453 | $ 401,497 |
Note 15 - Commitments and Con93
Note 15 - Commitments and Contingencies (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Expiration Period Of Letter Of Credit Issued | 1 year |
Note 15 - Commitments and Con94
Note 15 - Commitments and Contingencies - Financial Instruments Outstanding Whose Contract Amount Represents Credit Risk (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Standby Letters of Credit | $ 1,551,000 | $ 1,588,212 |
Loan Origination Commitments [Member] | ||
Commitments to Extend Credit | $ 71,359,000 | $ 67,889,000 |
Note 16 - Deferred Compensati95
Note 16 - Deferred Compensation Plan (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Minimum Age Requirement for Deferred Compensation | 65 | ||
Deferred Compensation Liability, Current and Noncurrent | $ 825,599 | $ 906,259 | |
Defined Benefit Plan, Benefits Paid | 135,885 | 131,652 | |
Pension and Other Postretirement Benefit Expense | 57,125 | 196,869 | $ 69,653 |
Fee Income Recognized With Deferred Compensation Plans | $ 165,128 | 174,675 | $ 167,911 |
Bank Owned Life Insurance Income | $ 137,058 |
Note 17 - Supplemental Cash F96
Note 17 - Supplemental Cash Flow Information - Cash Payments (Details) - USD ($) | Nov. 17, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Interest Paid | $ 1,069,695 | $ 6,529,615 | $ 6,536,994 | $ 7,898,543 |
Income Taxes | $ 3,365,000 | $ 4,738,000 | $ 113,000 |
Note 17 - Supplemental Cash F97
Note 17 - Supplemental Cash Flow Information - Non-cash Financing and Investing Activities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquisitions of Real Estate Through Loan Foreclosures | $ 5,664,554 | $ 7,536,165 | $ 3,852,848 |
Change in Unrealized Gain (Loss) on AFS Investment Securities | $ (890,590) | $ 622,155 | $ 6,409,171 |
Note 18 - Related Party Trans98
Note 18 - Related Party Transactions - Activity of Related Party Loan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, Beginning | $ 1,816,609 | $ 3,233,949 |
New Loans | 2,379,026 | 4,900,932 |
Repayments | (3,170,092) | (6,065,098) |
Transactions Due to Changes in Directors | (253,174) | |
Balance, Ending | $ 1,025,543 | $ 1,816,609 |
Note 19 - Fair Value of Finan99
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements (Details Textual) | Dec. 31, 2016 |
Discounted Rate To Account For Selling And Marketing Costs | 10.00% |
Note 19 - Fair Value of Fina100
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements - Financial Instruments (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Available for Sale, at Fair Value | $ 323,657,870 | $ 296,149,299 |
Reported Value Measurement [Member] | ||
Cash and Short-Term Investments | 75,167 | 60,872 |
Available for Sale, at Fair Value | 323,658 | 296,149 |
Federal Home Loan Bank Stock | 3,010 | 2,731 |
Loans, Net | 744,999 | 749,675 |
Bank-Owned Life Insurance | 15,419 | 14,830 |
Deposits | 1,044,357 | 1,011,554 |
Subordinated Debentures | 24,229 | 24,229 |
Other Borrowed Money | 46,000 | 40,000 |
Estimate of Fair Value Measurement [Member] | ||
Cash and Short-Term Investments | 75,167 | 60,872 |
Available for Sale, at Fair Value | 323,658 | 296,149 |
Federal Home Loan Bank Stock | 3,010 | 2,731 |
Loans, Net | 745,240 | 750,412 |
Bank-Owned Life Insurance | 15,419 | 14,830 |
Deposits | 1,045,726 | 1,013,111 |
Subordinated Debentures | 24,229 | 24,229 |
Other Borrowed Money | 46,232 | 40,421 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and Short-Term Investments | 75,167 | 60,872 |
Available for Sale, at Fair Value | ||
Federal Home Loan Bank Stock | 3,010 | 2,731 |
Loans, Net | ||
Bank-Owned Life Insurance | 15,419 | 14,830 |
Deposits | 677,129 | 611,822 |
Subordinated Debentures | ||
Other Borrowed Money | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and Short-Term Investments | ||
Available for Sale, at Fair Value | 323,082 | 295,219 |
Federal Home Loan Bank Stock | ||
Loans, Net | 738,288 | 741,867 |
Bank-Owned Life Insurance | ||
Deposits | 368,597 | 401,289 |
Subordinated Debentures | 24,229 | 24,229 |
Other Borrowed Money | 46,232 | 40,421 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and Short-Term Investments | ||
Available for Sale, at Fair Value | 576 | 930 |
Federal Home Loan Bank Stock | ||
Loans, Net | $ 6,952 | 8,545 |
Bank-Owned Life Insurance | ||
Deposits | ||
Subordinated Debentures | ||
Other Borrowed Money |
Note 19 - Fair Value of Fina101
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Assets, fair value, recurring | $ 930,311 | |
Impaired Loans [Member] | ||
Assets, fair value, nonrecurring | $ 6,952,343 | 8,544,993 |
Other Real Estate [Member] | ||
Assets, fair value, nonrecurring | 2,505,188 | 2,535,884 |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | ||
Assets, fair value, nonrecurring | ||
Fair Value, Inputs, Level 2 [Member] | Other Real Estate [Member] | ||
Assets, fair value, nonrecurring | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Assets, fair value, nonrecurring | 6,952,343 | 8,544,993 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate [Member] | ||
Assets, fair value, nonrecurring | 2,505,188 | 2,535,884 |
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | ||
Assets, fair value, nonrecurring | ||
Fair Value, Inputs, Level 1 [Member] | Other Real Estate [Member] | ||
Assets, fair value, nonrecurring | ||
Available-for-sale Securities [Member] | ||
Assets, fair value, recurring | 323,657,870 | 296,149,299 |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value, recurring | 323,081,486 | 295,218,988 |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value, recurring | 576,384 | 930,311 |
Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value, recurring | ||
US Government Agencies Debt Securities [Member] | Available-for-sale Securities [Member] | ||
Assets, fair value, recurring | 319,097,374 | 291,049,853 |
US Government Agencies Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value, recurring | 319,097,374 | 291,049,853 |
US Government Agencies Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value, recurring | ||
US Government Agencies Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value, recurring | ||
US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | ||
Assets, fair value, recurring | 4,560,496 | 5,099,446 |
US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value, recurring | 3,984,112 | 4,169,135 |
US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value, recurring | $ 576,384 | 930,311 |
US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value, recurring |
Note 19 - Fair Value of Fina102
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements - Quantitative Information for Financial Instruments Measured at Fair Value (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair value inputs, discount rate | [1] | ||
Commercial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Assets measured at fair value | $ 28,390 | ||
Commercial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Minimum [Member] | |||
Fair value inputs, comparability adjustments | (31.77%) | ||
Fair value inputs, management adjustments | 0.00% | ||
Commercial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Maximum [Member] | |||
Fair value inputs, comparability adjustments | 34.00% | ||
Fair value inputs, management adjustments | 10.00% | ||
Commercial Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Weighted Average [Member] | |||
Fair value inputs, comparability adjustments | 1.12% | ||
Fair value inputs, management adjustments | 5.00% | ||
Commercial Portfolio Segment [Member] | Income Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Weighted Average [Member] | |||
Fair value inputs, capitalization rate | 11.00% | ||
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Construction [Member] | |||
Assets measured at fair value | $ 51,161 | $ 51,300 | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Construction [Member] | Minimum [Member] | |||
Fair value inputs, comparability adjustments | (5.00%) | (5.00%) | |
Fair value inputs, management adjustments | 0.00% | 0.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Construction [Member] | Maximum [Member] | |||
Fair value inputs, comparability adjustments | 99.00% | 99.00% | |
Fair value inputs, management adjustments | 10.00% | 10.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Construction [Member] | Weighted Average [Member] | |||
Fair value inputs, comparability adjustments | 47.00% | 47.00% | |
Fair value inputs, management adjustments | 5.00% | 5.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential [Member] | |||
Assets measured at fair value | $ 1,105,312 | $ 767,179 | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential [Member] | Minimum [Member] | |||
Fair value inputs, comparability adjustments | (22.00%) | (22.00%) | |
Fair value inputs, management adjustments | 0.00% | 0.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential [Member] | Maximum [Member] | |||
Fair value inputs, comparability adjustments | 0.00% | 10.80% | |
Fair value inputs, management adjustments | 40.00% | 25.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential [Member] | Weighted Average [Member] | |||
Fair value inputs, comparability adjustments | (11.00%) | (5.60%) | |
Fair value inputs, management adjustments | 20.00% | 12.50% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial [Member] | |||
Assets measured at fair value | $ 5,445,192 | $ 7,347,541 | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial [Member] | Minimum [Member] | |||
Fair value inputs, comparability adjustments | (14.08%) | (31.77%) | |
Fair value inputs, management adjustments | 0.00% | 0.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial [Member] | Maximum [Member] | |||
Fair value inputs, comparability adjustments | 24.62% | 34.00% | |
Fair value inputs, management adjustments | 100.00% | 10.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial [Member] | Weighted Average [Member] | |||
Fair value inputs, comparability adjustments | 5.27% | 1.12% | |
Fair value inputs, management adjustments | 50.00% | 5.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Farmland [Member] | |||
Assets measured at fair value | $ 350,678 | $ 350,583 | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Farmland [Member] | Minimum [Member] | |||
Fair value inputs, comparability adjustments | (27.00%) | (27.00%) | |
Fair value inputs, management adjustments | 10.00% | 10.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Farmland [Member] | Maximum [Member] | |||
Fair value inputs, comparability adjustments | 15.00% | 15.00% | |
Fair value inputs, management adjustments | 75.00% | 75.00% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Farmland [Member] | Weighted Average [Member] | |||
Fair value inputs, comparability adjustments | (6.00%) | (6.00%) | |
Fair value inputs, management adjustments | 42.50% | 42.50% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | |||
Assets measured at fair value | $ 2,505,188 | $ 2,535,884 | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Minimum [Member] | |||
Fair value inputs, comparability adjustments | (50.80%) | (50.80%) | |
Fair value inputs, management adjustments | 6.25% | 15.53% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Maximum [Member] | |||
Fair value inputs, comparability adjustments | 316.00% | 142.90% | |
Fair value inputs, management adjustments | 76.92% | 72.75% | |
Real Estate Portfolio Segment [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Fair value inputs, comparability adjustments | 132.60% | 46.05% | |
Fair value inputs, management adjustments | 36.31% | 43.37% | |
Real Estate Portfolio Segment [Member] | Income Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial [Member] | Weighted Average [Member] | |||
Fair value inputs, capitalization rate | 10.67% | 10.25% | |
Real Estate Portfolio Segment [Member] | Income Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Fair value inputs, discount rate | 12.50% | 12.50% | |
[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 19 - Fair Value of Fina103
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements - Fair Value Measurement Using Significant Unobservable Inputs (Details) - Available-for-sale Securities [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance, available for sale securities | $ 930,311 | $ 948,390 | $ 941,265 |
Transfers into Level 3 | |||
Transfers out of Level 3 | |||
Securities Purchased During the Year | |||
Securities Matured During the Year | (330,000) | ||
Loss on OTTI Impairment Included in Noninterest Income | |||
Unrealized Gains(Losses) Included in Other Comprehensive Income | (23,927) | (18,079) | 7,125 |
Balance, available for sale securities | $ 576,384 | $ 930,311 | $ 948,390 |
Note 19 - Fair Value of Fina104
Note 19 - Fair Value of Financial Instruments and Fair Value Measurements - Quantitative Information About Recurring Level 3 Fair Value Measurement (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value | $ 930,311 | ||
Range Weighted Average | [1] | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value | $ 576,384 | ||
Range Weighted Average | [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 Capital105
Note 20 - Regulatory Capital Matters (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 12,000,000 | $ 9,100,000 | $ 10,000,000 |
Series A Preferred Stock [Member] | |||
Stock Redeemed or Called During Period, Shares | 8,661 | 9,979 |
Note 20 - Regulatory Capital106
Note 20 - Regulatory Capital Matters - Summary of Regulatory Capital Information (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Capital | $ 130,785 | $ 131,948 |
Capital to Risk-Weighted Assets | 16.64% | 16.60% |
Capital Required for Capital Adequacy | $ 62,880 | $ 63,602 |
Capital Required for Capital Adequacy to Risk-Weighted Assets | 8.00% | 8.00% |
Tier I Risk Based Capital | $ 121,862 | $ 123,344 |
Tier I Risk Based Capital to Risk-Weighted Assets | 15.50% | 15.51% |
Tier I Risk Based Capital Required for Capital Adequacy | $ 47,160 | $ 47,702 |
Tier I Risk Based Capital Required for Capital Adequacy to Risk-Weighted Assets | 6.00% | 6.00% |
Common Equity Tier I Risk Based Capital | $ 89,002 | $ 81,823 |
Common Equity Tier I Risk Based Capital to Risk-Weighted Assets | 11.32% | 10.29% |
Common Equity Tier I Risk Based Capital Required for Capital Adequacy | $ 35,370 | $ 35,776 |
Common Equity Tier I Risk Based Capital Required for Capital Adequacy to Risk-Weighted Assets | 4.50% | 4.50% |
Tier I Leverage Capital | $ 121,862 | $ 123,344 |
Tier I Leverage Capital to Average Assets | 10.29% | 10.69% |
Tier I Leverage Capital Required for Capital Adequacy | $ 47,368 | $ 46,149 |
Tier I Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Colony Bank [Member] | ||
Capital | $ 127,646 | $ 126,939 |
Capital to Risk-Weighted Assets | 16.26% | 15.99% |
Capital Required for Capital Adequacy | $ 62,796 | $ 63,500 |
Capital Required for Capital Adequacy to Risk-Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 78,495 | $ 79,375 |
Capital Requited to be Well Capitalized to Risk-Weighted Assets | 10.00% | 10.00% |
Tier I Risk Based Capital | $ 118,723 | $ 118,335 |
Tier I Risk Based Capital to Risk-Weighted Assets | 15.12% | 14.91% |
Tier I Risk Based Capital Required for Capital Adequacy | $ 47,097 | $ 47,625 |
Tier I Risk Based Capital Required for Capital Adequacy to Risk-Weighted Assets | 6.00% | 6.00% |
Tier I Risk Based Capital Required to be Well Capitalized | $ 62,796 | $ 63,500 |
Tier I Risk Based Capital Required to be Well Capitalized to Risk-Weighted Assets | 8.00% | 8.00% |
Common Equity Tier I Risk Based Capital | $ 118,723 | $ 118,335 |
Common Equity Tier I Risk Based Capital to Risk-Weighted Assets | 15.12% | 14.91% |
Common Equity Tier I Risk Based Capital Required for Capital Adequacy | $ 35,323 | $ 35,719 |
Common Equity Tier I Risk Based Capital Required for Capital Adequacy to Risk-Weighted Assets | 4.50% | 4.50% |
Common Equity Tier I Risk Based Capital Required to Be Well Capitalized | $ 51,022 | $ 51,594 |
Common Equity Tier I Risk Based Capital Required to Be Well Capitalized to Risk-Weighted Assets | 6.50% | 6.50% |
Tier I Leverage Capital | $ 118,723 | $ 118,335 |
Tier I Leverage Capital to Average Assets | 10.04% | 10.27% |
Tier I Leverage Capital Required for Capital Adequacy | $ 47,290 | $ 46,074 |
Tier I Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier I Leverage Capital Required to Be Well Capitalized | $ 59,113 | $ 57,592 |
Tier I Leverage Capital Required to Be Well Capitalized to Average Assets | 5.00% | 5.00% |
Note 21 - Financial Informat107
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) (Details) - Balance Sheets, Parent Company (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash | $ 8,509,530 | $ 9,061,678 | ||
Premises and Equipment, Net | 27,969,260 | 26,453,530 | ||
Other | 29,118,555 | 29,313,894 | ||
Total Assets | 1,210,441,617 | 1,174,149,427 | ||
Liabilities | ||||
Other | 2,468,356 | 2,909,569 | ||
Subordinated Debt | 24,229,000 | 24,229,000 | ||
Stockholders’ Equity | ||||
Preferred Stock, Stated Value $1,000; 10,000,000 Shares Authorized, 9,360 and 18,021 Shares Issued and Outstanding as of December 31, 2016 and 2015 | 9,360,000 | 18,021,000 | ||
Common Stock, Par Value $1; 20,000,000 Shares Authorized, 8,439,258 Shares Issued and Outstanding as of December 31, 2016 and 2015 | 8,439,258 | 8,439,258 | ||
Paid-In Capital | 29,145,094 | 29,145,094 | ||
Retained Earnings | 51,465,521 | 44,285,621 | ||
Accumulated Other Comprehensive Loss, Net of Tax | (5,022,140) | (4,434,351) | $ (4,844,974) | $ (9,075,026) |
93,387,733 | 95,456,622 | $ 99,027,312 | $ 89,954,239 | |
Total Liabilities and Stockholders’ Equity | 1,210,441,617 | 1,174,149,427 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash | 2,307,008 | 4,100,860 | ||
Premises and Equipment, Net | 1,074,884 | 1,134,524 | ||
Investment in Subsidiary, at Equity | 114,478,277 | 114,677,455 | ||
Other | 20,990 | 170,801 | ||
Total Assets | 117,881,159 | 120,083,640 | ||
Liabilities | ||||
Dividends Payable | 105,300 | 202,736 | ||
Other | 159,126 | 195,282 | ||
264,426 | 398,018 | |||
Subordinated Debt | 24,229,000 | 24,229,000 | ||
Stockholders’ Equity | ||||
Preferred Stock, Stated Value $1,000; 10,000,000 Shares Authorized, 9,360 and 18,021 Shares Issued and Outstanding as of December 31, 2016 and 2015 | 9,360,000 | 18,021,000 | ||
Common Stock, Par Value $1; 20,000,000 Shares Authorized, 8,439,258 Shares Issued and Outstanding as of December 31, 2016 and 2015 | 8,439,258 | 8,439,258 | ||
Paid-In Capital | 29,145,094 | 29,145,094 | ||
Retained Earnings | 51,465,521 | 44,285,621 | ||
Accumulated Other Comprehensive Loss, Net of Tax | (5,022,140) | (4,434,351) | ||
93,387,733 | 95,456,622 | |||
Total Liabilities and Stockholders’ Equity | $ 117,881,159 | $ 120,083,640 |
Note 21 - Financial Informat108
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) (Details) - Balance Sheets, Parent Company (Details) (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred Stock, Par Value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued (in shares) | 9,360 | 18,021 |
Preferred Stock, Shares Outstanding (in shares) | 9,360 | 18,021 |
Common Stock, Par Value (in dollars per share) | $ 1 | $ 1 |
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 |
Common Stock, Shares Issued (in shares) | 8,439,258 | 8,439,258 |
Common Stock, Shares Outstanding (in shares) | 8,439,258 | 8,439,258 |
Parent Company [Member] | ||
Preferred Stock, Par Value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued (in shares) | 9,360 | 18,021 |
Preferred Stock, Shares Outstanding (in shares) | 9,360 | 18,021 |
Common Stock, Par Value (in dollars per share) | $ 1 | $ 1 |
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 |
Common Stock, Shares Issued (in shares) | 8,439,258 | 8,439,258 |
Common Stock, Shares Outstanding (in shares) | 8,439,258 | 8,439,258 |
Note 21 - Financial Informat109
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) Statements of Operations, Parent Company (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Salaries and Employee Benefits | $ 18,482,693 | $ 17,589,631 | $ 17,507,926 |
Income Before Taxes and Equity in Undistributed Earnings of Subsidiary | 12,524,543 | 12,160,500 | 10,799,912 |
Income Tax Benefits | (3,851,333) | (3,787,803) | (3,268,287) |
Net Income | 8,673,210 | 8,372,697 | 7,531,625 |
Preferred Stock Dividends | 1,493,310 | 2,375,010 | 2,688,604 |
Net Income Available to Common Stockholders | 7,179,900 | 5,997,687 | 4,843,021 |
Parent Company [Member] | |||
Dividends from Subsidiary | 9,118,104 | 10,015,147 | 12,015,572 |
Management Fees | 601,080 | 581,334 | 581,334 |
Other | 103,612 | 112,876 | 100,269 |
9,822,796 | 10,709,357 | 12,697,175 | |
Interest | 601,567 | 503,286 | 517,381 |
Amortization | 938 | ||
Salaries and Employee Benefits | 840,130 | 811,150 | 782,152 |
Other | 554,434 | 666,872 | 538,847 |
1,996,131 | 1,981,308 | 1,839,318 | |
Income Before Taxes and Equity in Undistributed Earnings of Subsidiary | 7,826,665 | 8,728,049 | 10,857,857 |
Income Tax Benefits | 457,934 | 444,764 | 396,738 |
Income Before Equity in Undistributed Earnings of Subsidiary | 8,284,599 | 9,172,813 | 11,254,595 |
Dividends Received in Excess of Earnings of Subsidiary | (800,116) | (3,722,970) | |
Equity in Undistributed Earnings of Subsidiary | 388,611 | ||
Net Income | 8,673,210 | 8,372,697 | 7,531,625 |
Preferred Stock Dividends | 1,493,310 | 2,375,010 | 2,688,604 |
Net Income Available to Common Stockholders | $ 7,179,900 | $ 5,997,687 | $ 4,843,021 |
Note 21 - Financial Informat110
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) - Consolidated Statements of Comprehensive Income (Loss), Parent Company (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income | $ 8,673,210 | $ 8,372,697 | $ 7,531,625 |
Gains (Losses) on Securities Arising During the Year | (505,367) | 610,689 | 6,432,906 |
Tax Effect | (171,825) | 207,634 | 2,187,189 |
Impairment Loss on Securities | |||
Tax Effect | |||
Change in Net Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | (587,789) | 410,623 | 4,230,052 |
Comprehensive Income | 8,085,421 | 8,783,320 | 11,761,677 |
Parent Company [Member] | |||
Net Income | 8,673,210 | 8,372,697 | 7,531,625 |
Gains (Losses) on Securities Arising During the Year | (505,367) | 610,689 | 6,432,906 |
Tax Effect | 171,825 | (207,634) | (2,187,189) |
Realized (Gains) Losses on Sale of AFS Securities | (385,223) | 11,466 | (23,735) |
Tax Effect | 130,976 | (3,898) | 8,070 |
Impairment Loss on Securities | |||
Tax Effect | |||
Change in Net Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | (587,789) | 410,623 | 4,230,052 |
Comprehensive Income | $ 8,085,421 | $ 8,783,320 | $ 11,761,677 |
Note 21 - Financial Informat111
Note 21 - Financial Information of Colony Bankcorp, Inc. (Parent Only) - Statements of Cash Flows, Parent Company (Details) - USD ($) | Nov. 17, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash Flows from Operating Activities | ||||
Net Income | $ 8,673,210 | $ 8,372,697 | $ 7,531,625 | |
Adjustments to Reconcile Net Income to Net Cash Provided from Operating Activities | ||||
Interest Payable | (46,284) | 32,253 | (1,099,756) | |
13,388,491 | 14,067,287 | 14,766,575 | ||
Cash Flows from Investing Activities | ||||
Purchase of Premises and Equipment | (3,259,859) | (3,189,969) | (1,681,115) | |
Cash Flows from Financing Activities | ||||
Dividends Paid on Preferred Stock | $ (5,492,749) | (1,590,746) | (2,487,274) | (5,492,749) |
Redemption of Preferred Stock | (8,661,000) | (9,979,000) | ||
28,550,546 | 19,784,488 | (13,718,755) | ||
Increase (Decrease) in Cash | 6,565,458 | (22,348,286) | (1,581,733) | |
Cash and Cash Equivalents, Beginning | 22,256,646 | 44,604,932 | 46,186,665 | |
Cash and Cash Equivalents, Ending | 28,822,104 | 22,256,646 | 44,604,932 | |
Parent Company [Member] | ||||
Cash Flows from Operating Activities | ||||
Net Income | 8,673,210 | 8,372,697 | 7,531,625 | |
Adjustments to Reconcile Net Income to Net Cash Provided from Operating Activities | ||||
Depreciation and Amortization | 66,476 | 73,999 | 75,347 | |
Equity in Undistributed Earnings of Subsidiary | (388,611) | |||
Dividends Received in Excess of Earnings of Subsidiary | 800,116 | 3,722,970 | ||
Interest Payable | 5,367 | 23,072 | (1,069,695) | |
Other | 108,288 | 1,555,482 | (437,115) | |
8,464,730 | 10,825,366 | 9,823,132 | ||
Cash Flows from Investing Activities | ||||
Purchase of Premises and Equipment | (6,836) | (8,884) | (2,020) | |
Cash Flows from Financing Activities | ||||
Dividends Paid on Preferred Stock | (1,590,746) | (2,487,274) | (5,492,749) | |
Redemption of Preferred Stock | (8,661,000) | (9,979,000) | ||
(10,251,746) | (12,466,274) | (5,492,749) | ||
Increase (Decrease) in Cash | (1,793,852) | (1,649,792) | 4,328,363 | |
Cash and Cash Equivalents, Beginning | 4,100,860 | 5,750,652 | 1,422,289 | |
Cash and Cash Equivalents, Ending | $ 2,307,008 | $ 4,100,860 | $ 5,750,652 |
Note 22 - Earnings Per Share (D
Note 22 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2014shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500,000 |
Note 22 - Earnings Per Share -
Note 22 - Earnings Per Share - Summary of Earnings Per Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Income Available to Common Stockholders | $ 7,179,900 | $ 5,997,687 | $ 4,843,021 |
Weighted Average Shares Outstanding, Basic (in shares) | 8,439,258 | 8,439,258 | 8,439,258 |
Stock Warrants (in shares) | 74,037 | 19,203 | |
Weighted-Average Number of Shares Outstanding for Diluted Earnings Per Common Share (in shares) | 8,513,295 | 8,458,461 | 8,439,258 |
Basic (in dollars per share) | $ 0.85 | $ 0.71 | $ 0.57 |
Diluted (in dollars per share) | $ 0.84 | $ 0.71 | $ 0.57 |
Note 23 - Accumulated Other 114
Note 23 - Accumulated Other Comprehensive Income (Loss) - Changes for Unrealized Gains and Losses Securities Available for Sale (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning Balance | $ (4,434,351) | $ (4,844,974) | $ (9,075,026) |
Other Comprehensive Income Before Reclassification | (333,542) | 403,055 | 4,245,717 |
Amounts Reclassified from Accumulated Other Comprehensive Income | (254,247) | 7,568 | (15,665) |
Change in Unrealized Gains (Losses) on Securities Available for Sale, Net of Reclassification Adjustment and Tax Effects | (587,789) | 410,623 | 4,230,052 |
Ending Balance | $ (5,022,140) | $ (4,434,351) | $ (4,844,974) |