Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 06, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CIZN | |
Entity Registrant Name | CITIZENS HOLDING CO /MS/ | |
Entity Central Index Key | 0001075706 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Address, State or Province | MS | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 5,578,131 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 21,106,679 | $ 12,592,130 |
Interest bearing deposits with other banks | 61,234,815 | 8,079,742 |
Investment securities available for sale, at fair value | 434,145,569 | 444,746,454 |
Loans, net of allowance for loan losses of $3,805,579 in 2019 and $3,371,695 in 2018 | 469,692,103 | 425,905,093 |
Premises and equipment, net | 20,029,997 | 19,717,305 |
Other real estate owned, net | 3,383,444 | 3,440,148 |
Accrued interest receivable | 3,596,005 | 4,165,783 |
Cash surrender value of life insurance | 25,866,655 | 25,383,931 |
Deferred tax assets, net | 1,899,036 | 6,633,539 |
Other assets | 8,649,342 | 7,965,952 |
TOTAL ASSETS | 1,049,603,645 | 958,630,077 |
Deposits: | ||
Noninterest-bearing demand | 168,317,216 | 170,029,729 |
Interest-bearing NOW and money market accounts | 326,982,928 | 298,220,430 |
Savings deposits | 78,474,191 | 76,735,710 |
Certificates of deposit | 220,539,672 | 211,235,641 |
Total deposits | 794,314,007 | 756,221,510 |
Securities sold under agreement to repurchase | 144,502,629 | 107,965,505 |
Accrued interest payable | 685,777 | 470,710 |
Deferred compensation payable | 9,336,912 | 9,052,972 |
Other liabilities | 1,765,255 | 1,053,063 |
Total liabilities | 950,604,580 | 874,763,760 |
SHAREHOLDERS' EQUITY | ||
Common stock, $0.20 par value, 22,500,000 shares authorized, 4,912,030 shares issued and outstanding at September 30, 2019 and 4,904,530 at December 31, 2018 | 982,406 | 980,906 |
Additional paid-in capital | 4,419,406 | 4,298,499 |
Retained earnings | 93,957,055 | 93,561,515 |
Accumulated other comprehensive loss, net of tax benefit of $119,614 at September 30, 2019 and $4,978,232 at December 31, 2018 | (359,802) | (14,974,603) |
Total shareholders' equity | 98,999,065 | 83,866,317 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,049,603,645 | $ 958,630,077 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Loans, allowance for loan losses | $ 3,805,579 | $ 3,371,695 |
Common stock, par value | $ 0.20 | $ 0.20 |
Common stock, shares authorized | 22,500,000 | 22,500,000 |
Common stock, shares issued | 4,912,030 | 4,904,530 |
Common stock, shares outstanding | 4,912,030 | 4,904,530 |
Accumulated other comprehensive loss, tax benefits | $ 119,614 | $ 4,978,232 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 5,940,805 | $ 5,166,554 | $ 17,220,751 | $ 14,867,465 |
Interest on securities | ||||
Taxable | 1,945,053 | 2,074,424 | 6,252,649 | 6,320,482 |
Nontaxable | 345,238 | 622,050 | 1,474,886 | 1,933,104 |
Other interest | 212,319 | 24,291 | 529,098 | 144,635 |
Total interest income | 8,443,415 | 7,887,319 | 25,477,384 | 23,265,686 |
INTEREST EXPENSE | ||||
Deposits | 1,922,396 | 709,985 | 5,567,837 | 1,726,700 |
Other borrowed funds | 602,730 | 458,039 | 1,575,580 | 1,062,505 |
Total interest expense | 2,525,126 | 1,168,024 | 7,143,417 | 2,789,205 |
NET INTEREST INCOME | 5,918,289 | 6,719,295 | 18,333,967 | 20,476,481 |
PROVISION FOR LOAN LOSSES | 11,738 | 288,576 | 472,036 | 140,765 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 5,906,551 | 6,430,719 | 17,861,931 | 20,335,716 |
OTHER INCOME | ||||
Other operating income | 516,862 | 287,683 | 1,039,696 | 870,153 |
Total other income | 2,505,900 | 2,220,574 | 6,624,989 | 6,399,414 |
OTHER EXPENSES | ||||
Salaries and employee benefits | 3,508,723 | 3,668,012 | 10,525,116 | 11,011,291 |
Occupancy expense | 1,287,320 | 1,486,232 | 4,119,609 | 4,373,233 |
Other expense | 2,071,595 | 1,739,780 | 5,185,179 | 5,505,070 |
Total other expenses | 6,867,638 | 6,894,024 | 19,829,904 | 20,889,594 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 1,544,813 | 1,757,269 | 4,657,016 | 5,845,536 |
PROVISION FOR INCOME TAXES | 211,925 | 260,475 | 726,615 | 888,215 |
NET INCOME | $ 1,332,888 | $ 1,496,794 | $ 3,930,401 | $ 4,957,321 |
NET INCOME PER SHARE -Basic | $ 0.27 | $ 0.31 | $ 0.80 | $ 1.01 |
NET INCOME PER SHARE -Diluted | 0.27 | 0.31 | 0.80 | 1.01 |
DIVIDENDS PAID PER SHARE | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 |
Deposit Account [Member] | ||||
OTHER INCOME | ||||
Other income | $ 1,125,631 | $ 1,170,956 | $ 3,268,578 | $ 3,381,809 |
Financial Service, Other [Member] | ||||
OTHER INCOME | ||||
Other income | $ 863,407 | $ 761,935 | $ 2,316,715 | $ 2,147,452 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,332,888 | $ 1,496,794 | $ 3,930,401 | $ 4,957,321 |
Securities available-for-sale | ||||
Unrealized holding gains (losses) | 3,311,002 | (3,006,277) | 19,283,111 | (13,656,532) |
Income tax effect | (826,095) | 750,067 | (4,811,136) | 3,407,305 |
Net unrealized (losses) gains | 2,484,907 | (2,256,210) | 14,471,975 | (10,249,227) |
Reclassification adjustment for gains included in net income | 244,457 | 11,047 | 190,308 | 11,047 |
Income tax effect | (60,992) | (2,756) | (47,482) | (2,756) |
Net gains included in net income | 183,465 | 8,291 | 142,826 | 8,291 |
Total other comprehensive income (loss) | 2,668,372 | (2,247,919) | 14,614,801 | (10,240,936) |
Comprehensive income (loss) | $ 4,001,260 | $ (751,125) | $ 18,545,202 | $ (5,283,615) |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net cash provided by operating activities | $ 8,867,757 | $ 8,832,306 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturities and calls of securities available for sale | 39,516,994 | 32,579,774 |
Proceeds from sale of investment securities | 96,171,622 | 17,609,890 |
Purchases of investment securities available for sale | (108,814,987) | (10,550,000) |
Purchases of bank premises and equipment | (955,550) | (268,708) |
Proceeds from sales of bank premises and equipment | 264,000 | |
(Increase) decrease in interest bearing deposits with other banks | (53,155,073) | 180,675 |
Proceeds from sale of other real estate | 170,356 | 802,372 |
Net increase in loans | (44,381,330) | (29,407,770) |
Net cash (used in) provided by investing activities | (71,447,968) | 11,210,233 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 38,092,497 | 36,694,834 |
Increase (decrease) in securities sold under agreement to repurchase | 36,537,124 | (53,589,022) |
Increase in federal funds purchased | 5,000,000 | |
Repayment of Federal Home Loan Bank advances | (10,000,000) | |
Proceeds from exercise of stock options | 27,000 | |
Payment of dividends | (3,534,861) | (3,528,904) |
Net cash provided by (used in) financing activities | 71,094,760 | (25,396,092) |
Net increase (decrease) in cash and due from banks | 8,514,549 | (5,353,553) |
Cash and due from banks, beginning of period | 12,592,130 | 17,962,990 |
Cash and due from banks, end of period | $ 21,106,679 | $ 12,609,437 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim consolidated financial statements are unaudited and reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition as of and for the interim periods presented. All adjustments and reclassifications are of a normal and recurring nature. Results for the period ended September 30, 2019 are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole. The interim consolidated financial statements of Citizens Holding Company (the “Company”) include the accounts of its wholly-owned subsidiary, The Citizens Bank of Philadelphia (the “Bank” and collectively with the Company, the “Corporation”). In addition to full service commercial banking, the Bank offers title insurance services through its subsidiary, Title Services LLC. All significant intercompany transactions have been eliminated in consolidation. For further information and significant accounting policies of the Corporation, see the Notes to Consolidated Financial Statements of Citizens Holding Company included in the Corporation’s Annual Report on Form 10-K Nature of Business The Bank operates under a state bank charter and provides general banking services. As a state bank, the Bank is subject to regulations of the Mississippi Department of Banking and Consumer Finance and the Federal Deposit Insurance Corporation. The Company is also subject to the regulations of the Federal Reserve. The area served by the Bank is east central and southern counties of Mississippi and the surrounding areas. Services are provided at several branch offices. Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and valuation of foreclosed real estate, management obtains independent appraisals for significant properties. While management uses available information to recognize losses on loans and to value foreclosed real estate, future additions to the allowance or adjustments to the valuation may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and valuations of foreclosed real estate. Such agencies may require the Company to recognize additions to the allowance or to make adjustments to the valuation based on their judgments about information available to them at the time of their examination. Due to these factors, it is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. Adoption of New Accounting Standards ASU 2016-02 2016-02”) 2016-02 2016-02 2016-02 2016-02, The Company’s operating leases relate primarily to branch properties and related equipment. As a result of implementing ASU 2016-02, right-of-use Newly Issued, But Not Yet Effective Accounting Standards In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13 2016-13 2016-13 2016-13 ASU 2018-13 Fair Value Measurement (Topic 820) – Changes in the Disclosure Requirements for Fair Value Measurement 2018-13”) 2018-13 |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Note 2. Mergers and Acquisitions Merger with Charter Bank Effective October 1, 2019, the Company completed its acquisition by merger of Charter Bank (“Charter”), in a transaction valued at approximately $19.7 million. The Company issued 666,099 shares of common stock and paid approximately $6.1 million in cash to Charter shareholders, excluding cash paid for fractional shares. At closing, Charter merged with and into the Bank, with the Bank the surviving corporation in the merger. Operations of Charter will be included in the consolidated financial statements of the Corporation for periods subsequent to the acquisition date. Prior to any determination of purchase accounting adjustments, as a result of the acquisition, the Company acquired total assets of approximately $149 million, which include total loans of approximately $104 million, total deposits of approximately $126 million, and 4 banking locations on the Mississippi Gulf Coast. The Company is finalizing the fair value of assets acquired and liabilities assumed as part of the acquisition. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 3. Commitments and Contingent Liabilities In the ordinary course of business, the Corporation enters into commitments to extend credit to its customers. The unused portion of these commitments is not reflected in the accompanying financial statements. As of September 30, 2019, the Corporation had entered into loan commitments with certain customers with an aggregate unused balance of $70,933,230 compared to an aggregate unused balance of $58,835,208 at December 31, 2018. There were $2,435,810 of letters of credit outstanding at September 30, 2019 and $2,516,810 at December 31, 2018. The fair value of such commitments is not considered material because letters of credit and loan commitments often are not used in their entirety, if at all, before they expire. The balances of such letters and commitments should not be used to project actual future liquidity requirements. However, the Corporation does incorporate expectations about the utilization under its credit-related commitments into its asset and liability management program. The Corporation is a party to lawsuits and other claims that arise in the ordinary course of business, all of which are being vigorously contested. In the regular course of business, management evaluates estimated losses or costs related to litigation, and provisions are made for anticipated losses whenever management believes that such losses are probable and can be reasonably estimated. At the present time, management believes, based on the advice of legal counsel, that the final resolution of pending legal proceedings will not likely have a material impact on the Corporation’s consolidated financial condition or results of operations. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Note 4. Net Income per Share Net income per share - basic has been computed based on the weighted average number of shares outstanding during each period. Net income per share - diluted has been computed based on the weighted average number of shares outstanding during each period plus the dilutive effect of outstanding stock options and restricted stock using the treasury stock method. Net income per share was computed as follows: For the Three Months For the Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Basic weighted average shares outstanding 4,900,030 4,899,520 4,896,871 4,888,372 Dilutive effect of granted options 1,465 5,093 2,321 9,586 Diluted weighted average shares outstanding 4,901,495 4,904,613 4,899,192 4,897,958 Net income $ 1,332,888 $ 1,496,794 $ 3,930,401 $ 4,957,321 Net income per share-basic $ 0.27 $ 0.31 $ 0.80 $ 1.01 Net income per share-diluted $ 0.27 $ 0.31 $ 0.80 $ 1.01 |
Equity Compensation Plans
Equity Compensation Plans | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation Plans | Note 5. Equity Compensation Plans The Corporation has adopted the 2013 Incentive Compensation Plan (the “2013 Plan”), which the Corporation intends to use for future equity grants to employees, directors or consultants until the termination or expiration of the 2013 Plan. Prior to the adoption of the 2013 Plan, the Corporation issued awards to directors from the 1999 Directors’ Stock Compensation Plan (the “Directors’ Plan”), which has expired. The following table is a summary of the stock option activity for the nine months ended September 30, 2019: Directors’ Plan 2013 Plan Weighted Weighted Number Average Number Average of Exercise of Exercise Shares Price Shares Price Outstanding at December 31, 2018 52,500 $ 21.55 — $ — Granted — — — — Exercised — — — — Expired (12,000 ) 21.75 — — Outstanding at September 30, 2019 40,500 $ 21.49 — $ — The intrinsic value of options outstanding under the Directors’ Plan at September 30, 2019, was $25,920. No options were outstanding under the 2013 Plan as of September 30, 2019. During 2019, the Corporation’s directors received restricted stock grants totaling 7,500 shares of common stock under the 2013 Plan. These grants vest over a one-year one-year |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6. Income Taxes For the three months ended September 30, 2019 and 2018, the Company recorded a provision for income taxes totaling $212 thousand and $260 thousand, respectively. The effective tax rate was 13.7% and 14.8% for the three months ending September 30, 2019 and 2018, respectively. For the nine months ended September 30, 2019 and 2018, the Company recorded a provision for income taxes totaling $727 thousand and $888 thousand, respectively. The effective tax rate was 15.6% and 15.2% for the nine months ending September 30, 2019 and 2018, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences primarily related to tax free municipal investments. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 7. Securities The amortized cost and estimated fair value of securities available-for-sale Gross Gross Amortized Unrealized Unrealized Estimated September 30, 2019 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 98,400,709 $ 22,134 $ 441,703 $ 97,981,140 Mortgage backed securities 276,342,668 839,052 1,583,407 275,598,313 State, County, Municipals 59,881,608 744,167 59,659 60,566,116 Total $ 434,624,985 $ 1,605,353 $ 2,084,769 $ 434,145,569 Gross Gross Amortized Unrealized Unrealized Estimated December 31, 2018 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 99,365,930 $ — $ 3,388,147 $ 95,977,783 Mortgage backed securities 259,742,501 4,921 12,373,269 247,374,153 State, County, Municipals 105,590,858 67,888 4,264,228 101,394,518 Total $ 464,699,289 $ 72,809 $ 20,025,644 $ 444,746,454 At September 30, 2019 and December 31, 2018, securities with a carrying value of $376,127,226 and $357,231,440, respectively, were pledged to secure government and public deposits and securities sold under agreement to repurchase. The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2019 and December 31, 2018 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations. September 30, 2019 December 31, 2018 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Available-for-sale Due in one year or less $ 345,000 $ 344,200 $ 1,875,288 $ 1,877,665 Due after one year through five years 95,296,476 94,888,785 91,948,838 89,121,194 Due after five years through ten years 12,338,444 12,457,030 32,801,788 31,718,293 Due after ten years 50,302,397 50,857,242 78,330,873 74,655,149 Residential mortgage backed securities 217,007,709 216,247,964 187,776,954 179,235,806 Commercial mortgage backed securities 59,334,959 59,350,348 71,965,548 68,138,347 Total $ 434,624,985 $ 434,145,569 $ 464,699,289 $ 444,746,454 The tables below show the Corporation’s gross unrealized losses and fair value of available-for-sale A summary of unrealized loss information for securities available-for-sale, September 30, 2019 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ 38,652,471 $ 308,973 $ 20,367,270 $ 132,730 $ 59,019,741 $ 441,703 Mortgage backed securities 32,441,833 187,039 108,373,816 1,396,368 140,815,649 1,583,407 State, County, Municipal 7,174,822 24,415 3,732,036 35,244 10,906,858 59,659 Total $ 78,269,126 $ 520,427 $ 132,473,122 $ 1,564,342 $ 210,742,248 $ 2,084,769 December 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ — $ — $ 95,977,783 $ 3,388,147 $ 95,977,783 $ 3,388,147 Mortgage backed securities 12,257,636 179,281 234,928,705 12,193,988 247,186,341 12,373,269 State, County, Municipal 12,623,964 285,275 76,535,741 3,978,953 89,159,705 4,264,228 Total $ 24,881,600 $ 464,556 $ 407,442,229 $ 19,561,088 $ 432,323,829 $ 20,025,644 The Corporation’s unrealized losses on its obligations of United States government agencies, mortgage backed securities and state, county and municipal bonds are the result of an upward trend in interest rates since purchase, mainly in the mid-term |
Loans
Loans | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans | Note 8. Loans The composition of net loans (in thousands) at September 30, 2019 and December 31, 2018 was as follows: September 30, 2019 December 31, 2018 Real Estate: Land Development and Construction $ 63,491 $ 41,134 Farmland 15,985 14,498 1-4 86,516 88,747 Commercial Real Estate 205,968 203,595 Total Real Estate Loans 371,960 347,974 Business Loans: Commercial and Industrial Loans 87,480 66,421 Farm Production and Other Farm Loans 742 907 Total Business Loans 88,222 67,328 Consumer Loans: Credit Cards 1,744 1,648 Other Consumer Loans 11,584 12,372 Total Consumer Loans 13,328 14,020 Total Gross Loans 473,510 429,322 Unearned Income (12 ) (45 ) Allowance for Loan Losses (3,806 ) (3,372 ) Loans, net $ 469,692 $ 425,905 Loans are considered to be past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on non-accrual non-accrual Period-end, non-accrual September 30, 2019 December 31, 2018 Real Estate: Land Development and Construction $ 113 $ — Farmland 246 200 1-4 2,057 1,831 Commercial Real Estate 9,484 7,612 Total Real Estate Loans 11,900 9,643 Business Loans: Commercial and Industrial Loans 363 76 Farm Production and Other Farm Loans 31 31 Total Business Loans 394 107 Consumer Loans: Other Consumer Loans 65 89 Total Consumer Loans 65 89 Total Nonaccrual Loans $ 12,359 $ 9,839 An aging analysis of past due loans (in thousands), segregated by class, as of September 30, 2019, was as follows: Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Past Due Past Due Due Loans Loans Loans Past Due Real Estate: Land Development and Construction $ 2,218 $ — $ 2,218 $ 61,273 $ 63,491 $ — Farmland 339 — 339 15,646 15,985 — 1-4 1,832 912 2,744 83,772 86,516 220 Commercial Real Estate 1,688 2,335 4,023 201,945 205,968 — Total Real Estate Loans 6,077 3,247 9,324 362,636 371,960 220 Business Loans: Commercial and Industrial Loans 648 262 910 86,570 87,480 — Farm Production and Other Farm Loans — 31 31 711 742 — Total Business Loans 648 293 941 87,281 88,222 — Consumer Loans: Credit Cards 18 47 65 1,679 1,744 47 Other Consumer Loans 141 5 146 11,438 11,584 — Total Consumer Loans 159 52 211 13,117 13,328 47 Total Loans $ 6,884 $ 3,592 $ 10,476 $ 463,034 $ 473,510 $ 267 An aging analysis of past due loans (in thousands), segregated by class, as of December 31, 2018 was as follows: Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Past Due Past Due Due Loans Loans Loans Past Due Real Estate: Land Development and Construction $ 1,494 $ 54 $ 1,548 $ 39,586 $ 41,134 $ 54 Farmland 779 29 808 13,690 14,498 — 1-4 3,456 330 3,786 84,961 88,747 — Commercial Real Estate 1,059 2,981 4,040 199,555 203,595 — Total Real Estate Loans 6,788 3,394 10,182 337,792 347,974 54 Business Loans: Commercial and Industrial Loans 1,672 21 1,693 64,728 66,421 — Farm Production and Other Farm Loans 9 — 9 898 907 — Total Business Loans 1,681 21 1,702 65,626 67,328 — Consumer Loans: Credit Cards 16 4 20 1,628 1,648 4 Other Consumer Loans 212 33 245 12,127 12,372 15 Total Consumer Loans 228 37 265 13,755 14,020 19 Total Loans $ 8,697 $ 3,452 $ 12,149 $ 417,173 $ 429,322 $ 73 Loans are considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect all amounts due in accordance with the original contractual terms of the loan agreement, including scheduled principal and interest payments. In determining which loans to evaluate for impairment, management looks at all loans over $100,000 that are past due loans, bankruptcy filings and any situation that might lend itself to cause a borrower to be unable to repay the loan according to the original agreement terms. If a loan is determined to be impaired and the collateral is deemed to be insufficient to fully repay the loan, a specific reserve will be established. Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is reasonably assured, in which case interest is recognized on a cash basis. Impaired loans or portions thereof, are charged-off Impaired loans (in thousands) as of September 30, 2019, segregated by class, were as follows: Recorded Recorded Unpaid Investment Investment Total Average Principal With No With Recorded Related Recorded Balance Allowance Allowance Investment Allowance Investment Real Estate: Land Development and Construction $ 113 $ 59 $ 54 $ 113 $ 17 $ 57 Farmland 253 253 — 253 — $ 261 1-4 863 761 102 863 30 $ 1,008 Commercial Real Estate 11,919 6,104 4,099 10,203 459 $ 9,544 Total Real Estate Loans 13,148 7,177 4,255 11,432 506 $ 10,869 Business Loans: Commercial and Industrial Loans 144 — 144 144 72 $ 72 Total Business Loans 144 — 144 144 72 $ 72 Total Loans $ 13,292 $ 7,177 $ 4,399 $ 11,576 $ 578 $ 10,941 Impaired loans (in thousands) as of December 31, 2018, segregated by class, were as follows: Recorded Recorded Unpaid Investment Investment Total Average Principal With No With Recorded Related Recorded Balance Allowance Allowance Investment Allowance Investment Real Estate: Land Development and Construction $ — $ — $ — $ — $ — $ — Farmland 269 269 — 269 — $ 135 1-4 1,153 1,062 91 1,153 27 $ 728 Commercial Real Estate 10,601 5,209 3,675 8,884 374 $ 6,489 Total Real Estate Loans 12,023 6,540 3,766 10,306 401 $ 7,352 Total Loans $ 12,023 $ 6,540 $ 3,766 $ 10,306 $ 401 $ 7,352 The following table presents troubled debt restructurings (in thousands, except for number of loans), segregated by class: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded September 30, 2019 Loans Investment Investment Commercial real estate 3 $ 4,871 $ 2,607 Total 3 $ 4,871 $ 2,607 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded December 31, 2018 Loans Investment Investment Commercial real estate 3 $ 4,871 $ 2,782 Total 3 $ 4,871 $ 2,782 Changes in the Corporation’s troubled debt restructurings (in thousands, except for number of loans) are set forth in the table below: Number of Recorded Totals at January 1, 2018 3 $ 3,047 Reductions due to: Principal paydowns (265 ) Totals at January 1, 2019 3 $ 2,782 Reductions due to: Principal paydowns (175 ) Total at September 30, 2019 3 $ 2,607 The allocated allowance for loan losses attributable to restructured loans was $174,274 at September 30, 2019 and December 31, 2018. The Corporation had no commitments to lend additional funds on these troubled debt restructurings as of September 30, 2019. The Corporation utilizes a risk grading matrix to assign a risk grade to each of its loans when originated and is updated as factors related to the strength of the loan changes. Loans are graded on a scale of 1 to 9. A description of the general characteristics of the 9 risk grades follows. Grade 1. MINIMAL RISK - These loans are without loss exposure to the Corporation. This classification is reserved for only the best, well secured loans to borrowers with significant capital strength, low leverage, stable earnings and growth and other readily available financing alternatives. This type of loan would also include loans secured by a program of the government. Grade 2. MODEST RISK - These loans include borrowers with solid credit quality and moderate risk of loss. These loans may be fully secured by certificates of deposit with another reputable financial institution, or secured by readily marketable securities with acceptable margins. Grade 3. AVERAGE RISK - This is the rating assigned to the majority of the loans held by the Corporation. This includes loans with average loss exposure and average overall quality. These loans should liquidate through possessing adequate collateral and adequate earnings of the borrower. In addition, these loans are properly documented and are in accordance with all aspects of the current loan policy. Grade 4. ACCEPTABLE RISK - Borrower generates sufficient cash flow to fund debt service but most working asset and capital expansion needs are provided from external sources. Profitability and key balance sheet ratios are usually close to peers but one or more may be higher than peers. Grade 5. MANAGEMENT ATTENTION - Borrower has significant weaknesses resulting from performance trends or management concerns. The financial condition of the borrower has taken a negative turn and may be temporarily strained. Cash flow is weak but cash reserves remain adequate to meet debt service. Management weakness is evident. Grade 6. OTHER LOANS ESPECIALLY MENTIONED (“OLEM”) - Loans in this category are fundamentally sound but possess some weaknesses. OLEM loans have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the bank’s credit position at some future date. These loans have an identifiable weakness in credit, collateral, or repayment ability but there is no expectation of loss. Grade 7. SUBSTANDARD ASSETS - Assets classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets classified as substandard must have a well-defined weakness based upon objective evidence. Assets classified as substandard are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. The possibility that liquidation would not be timely requires a substandard classification even if there is little likelihood of total loss. This classification does not mean that the loan will incur a total or partial loss. Substandard loans may or may not be impaired. Grade 8. DOUBTFUL - A loan classified as doubtful has all the weaknesses of a substandard classification and the added characteristic that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable or improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. A doubtful classification could reflect the fact that the primary source of repayment is gone and serious doubt exists as to the quality of a secondary source of repayment. Grade 9. LOSS - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may occur in the future. Also included in this classification is the defined loss portion of loans rated substandard assets and doubtful assets. These internally assigned grades are updated on a continual basis throughout the course of the year and represent management’s most updated judgment regarding grades at September 30, 2019. The following table details the amount of gross loans (in thousands), segregated by loan grade and class, as of September 30, 2019: Special Satisfactory Mention Substandard Doubtful Loss Total 1,2,3,4 5,6 7 8 9 Loans Real Estate: Land Development and Construction $ 59,807 $ 1,716 $ 1,968 $ — $ — $ 63,491 Farmland 14,747 379 859 — — 15,985 1-4 77,590 1,924 7,002 — — 86,516 Commercial Real Estate 165,914 22,631 17,423 — — 205,968 Total Real Estate Loans 318,058 26,650 27,252 — — 371,960 Business Loans: Commercial and Industrial Loans 83,337 144 3,999 — — 87,480 Farm Production and Other Farm Loans 707 — 4 — 31 742 Total Business Loans 84,044 144 4,003 — 31 88,222 Consumer Loans: Credit Cards 1,679 — 65 — — 1,744 Other Consumer Loans 11,380 50 113 41 — 11,584 Total Consumer Loans 13,059 50 178 41 — 13,328 Total Loans $ 415,161 $ 26,844 $ 31,433 $ 41 $ 31 $ 473,510 The following table details the amount of gross loans (in thousands) segregated by loan grade and class, as of December 31, 2018: Special Satisfactory Mention Substandard Doubtful Loss Total 1,2,3,4 5,6 7 8 9 Loans Real Estate: Land Development and Construction $ 39,726 $ 840 $ 568 $ — $ — $ 41,134 Farmland 13,248 339 911 — — 14,498 1-4 79,659 1,751 7,337 — — 88,747 Commercial Real Estate 172,217 17,938 13,440 — — 203,595 Total Real Estate Loans 304,850 20,868 22,256 — — 347,974 Business Loans: Commercial and Industrial Loans 63,994 81 2,346 — — 66,421 Farm Production and Other Farm Loans 876 — 31 — — 907 Total Business Loans 64,870 81 2,377 — — 67,328 Consumer Loans: Credit Cards 1,628 — 20 — — 1,648 Other Consumer Loans 12,181 65 71 55 — 12,372 Total Consumer Loans 13,809 65 91 55 — 14,020 Total Loans $ 383,529 $ 21,014 $ 24,724 $ 55 $ — $ 429,322 The allowance for loan losses is established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The allowance on the majority of the loan portfolio is calculated using a historical chargeoff percentage applied to the current loan balances by loan segment. This historical period is the average of the previous twenty quarters with the most current quarters weighted more heavily to show the effect of the most recent chargeoff activity. This percentage is also adjusted for economic factors such as local unemployment and general business conditions, both local and nationwide. The group of loans that are considered to be impaired are individually evaluated for possible loss and a specific reserve is established to cover any loss contingency. Loans that are determined to be a loss with no benefit of remaining in the portfolio are charged off to the allowance. These specific reserves are reviewed periodically for continued impairment and adequacy of the specific reserve and are adjusted when necessary. The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2019: Real Business September 30, 2019 Estate Loans Consumer Total Beginning Balance, January 1, 2019 $ 2,844,681 $ 221,841 $ 305,173 $ 3,371,695 Provision for loan losses (883 ) 269,917 203,002 472,036 Chargeoffs 15,073 91,291 76,972 183,336 Recoveries 101,119 8,858 35,207 145,184 Net (recoveries) chargeoffs (86,046 ) 82,433 41,765 38,152 Ending Balance $ 2,929,844 $ 409,325 $ 466,410 $ 3,805,579 Period end allowance allocated to: Loans individually evaluated for impairment $ 506,560 $ 71,962 $ — $ 578,522 Loans collectively evaluated for impairment 2,423,284 337,363 466,410 3,227,057 Ending Balance, September 30, 2019 $ 2,929,844 $ 409,325 $ 466,410 $ 3,805,579 The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2018: Real Business September 30, 2018 Estate Loans Consumer Total Beginning Balance, January 1, 2018 $ 2,151,715 $ 346,781 $ 520,732 $ 3,019,228 Provision for (reversal of) loan losses 615,927 (289,894 ) (185,268 ) 140,765 Chargeoffs 202,352 31,236 117,401 350,989 Recoveries 91,071 203,777 69,091 363,939 Net chargeoffs (recoveries) 111,281 (172,541 ) 48,310 (12,950 ) Ending Balance $ 2,656,361 $ 229,428 $ 287,154 $ 3,172,943 Period end allowance allocated to: Loans individually evaluated for impairment $ 409,496 $ — $ — $ 409,496 Loans collectively evaluated for impairment 2,246,865 229,428 287,154 2,763,447 Ending Balance, September 30, 2018 $ 2,656,361 $ 229,428 $ 287,154 $ 3,172,943 The Corporation’s recorded investment in loans as of September 30, 2019 and December 31, 2018 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Corporation’s impairment methodology was as follows (in thousands): Real Business September 30, 2019 Estate Loans Consumer Total Loans individually evaluated for specific impairment $ 11,432 $ 144 $ — $ 11,576 Loans collectively evaluated for general impairment 360,528 88,078 13,328 461,934 $ 371,960 $ 88,222 $ 13,328 $ 473,510 Real Business December 31, 2018 Estate Loans Consumer Total Loans individually evaluated for specific impairment $ 10,306 $ — $ — $ 10,306 Loans collectively evaluated for general impairment 337,668 67,328 14,020 419,016 $ 347,974 $ 67,328 $ 14,020 $ 429,322 |
Premises and Equipment
Premises and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Premises and Equipment | Note 9. Premises and Equipment The Company leases certain premises and equipment under operating leases. At September 30, 2019, the Company had lease liabilities and ROU assets totaling $851 thousand related to these leases. Lease liabilities and ROU assets are reflected in other liabilities and other assets, respectively. For the nine months ended September 30, 2019, the weighted average remaining lease term for operating leases was 1.4 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.3%. Lease costs were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 (in thousands) Operating lease cost $ 92 $ 277 Short-term lease cost 6 17 Variable lease cost — — $ 98 $ 294 There were no sale and leaseback transactions, leverage leases or lease transactions with related parties during the nine months ended September 30, 2019. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows: Nine Months Ended September 30, 2019 (in thousands) Lease payments due: Within one year $ 348 After one year but within two years 324 After two years but within three years 194 After three year but within four years 21 After four years but within five years — After five years — Total undiscounted cash flows 887 Discount on cash flows (36 ) Total lease liability $ 851 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Note 10. Shareholders’ Equity The following summarizes the activity in the capital structure of the Company: Accumulated Number Additional Other of Shares Common Paid-In Comprehensive Retained Issued Stock Capital Income (Loss) Earnings Total Balance, January 1, 2019 4,904,530 $ 980,906 $ 4,298,499 $ (14,974,603 ) $ 93,561,515 $ 83,866,317 Net income — — — — 1,226,771 1,226,771 Dividends paid ($0.24 per share) — — — — (1,177,087 ) (1,177,087 ) Options exercised — — — — — — Restricted stock granted — — — — — — Stock compensation expense — — 41,344 — — 41,344 Other comprehensive income, net — — — 6,621,712 — 6,621,712 Balance, March 31, 2019 4,904,530 $ 980,906 $ 4,339,843 $ (8,352,891 ) $ 93,611,199 $ 90,579,057 Net income — — — — 1,370,742 1,370,742 Dividends paid ($0.24 per share) — — — — (1,178,887 ) (1,178,887 ) Options exercised — — — — — — Restricted stock granted 7,500 1,500 (1,500 ) — — — Stock compensation expense — — 40,694 — — 40,694 Other comprehensive income, net — — — 5,324,717 — 5,324,717 Balance, June 30, 2019 4,912,030 $ 982,406 $ 4,379,037 $ (3,028,174 ) $ 93,803,054 $ 96,136,323 Net income — — — — 1,332,888 1,332,888 Dividends paid ($0.24 per share) — — — — (1,178,887 ) (1,178,887 ) Options exercised — — — — — — Restricted stock granted — — — — — — Stock compensation expense — — 40,369 — — 40,369 Other comprehensive income, net — — — 2,668,372 — 2,668,372 Balance, September 30, 2019 4,912,030 $ 982,406 $ 4,419,406 $ (359,802 ) $ 93,957,055 $ 98,999,065 Accumulated Number Additional Other of Shares Common Paid-In Comprehensive Retained Issued Stock Capital Income (Loss) Earnings Total Balance, January 1, 2018 4,894,705 $ 978,941 $ 4,103,139 $ (8,225,419 ) $ 91,594,379 $ 88,451,040 Net income — — — — 1,772,387 1,772,387 Dividends paid ($0.24 per share) — — — — (1,174,729 ) (1,174,729 ) Options exercised — — — — — — Restricted stock granted — — — — — — Stock compensation expense — — 45,056 — — 45,056 Other comprehensive income, net — — — (7,068,858 ) — (7,068,858 ) Balance, March 31, 2018 4,894,705 $ 978,941 $ 4,148,195 $ (15,294,277 ) $ 92,192,037 $ 82,024,896 Net income — — — — 1,688,140 1,688,140 Dividends paid ($0.24 per share) — — — — (1,177,087 ) (1,177,087 ) Options exercised 2,325 465 26,535 — — 27,000 Restricted stock granted 7,500 1,500 (1,500 ) — — — Stock compensation expense — — 42,581 — — 42,581 Other comprehensive income, net — — — (924,159 ) — (924,159 ) Balance, June 30, 2018 4,904,530 $ 980,906 $ 4,215,811 $ (16,218,436 ) $ 92,703,090 $ 81,681,371 Net income — — — — 1,496,794 1,496,794 Dividends paid ($0.24 per share) — — — — (1,177,088 ) (1,177,088 ) Options exercised — — — — — — Restricted stock granted — — — — — — Stock compensation expense — — 41,344 — — 41,344 Other comprehensive income, net — — — (2,247,919 ) — (2,247,919 ) Balance, September 30, 2018 4,904,530 980,906 4,257,155 (18,466,355 ) 93,022,796 79,794,502 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 11. Fair Value of Financial Instruments The fair value topic of the ASC establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. This topic clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. This topic also requires disclosure about how fair value was determined for assets and liabilities and establishes a hierarchy for which these assets and liabilities must be grouped, based on significant levels of inputs as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices in active markets for identical assets and liabilities included in Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active; or Level 3 Unobservable inputs for an asset or liability, such as discounted cash flow models or valuations. The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table presents assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2019: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government Agencies $ — $ 97,981,140 $ — $ 97,981,140 Mortgage-backed securities — 275,598,313 — 275,598,313 State, county and municipal obligations — 60,566,116 — 60,566,116 Total $ — $ 434,145,569 $ — $ 434,145,569 The following table presents assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2018: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government Agencies $ — $ 95,977,783 $ — $ 95,977,783 Mortgage-backed securities — 247,374,153 — 247,374,153 State, county and municipal obligations — 101,394,518 — 101,394,518 Total $ — $ 444,746,454 $ — $ 444,746,454 The Corporation recorded no gains or losses in earnings for the period ended September 30, 2019 or December 31, 2018 that were attributable to the change in unrealized gains or losses relating to assets still held at the reporting date. Impaired Loans Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to, equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on management’s historical knowledge, changes in market conditions from the time of valuation and management knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified Level 3. The unobservable inputs may vary depending on the individual assets with the fair value of real estate based on appraised value being the predominant approach. The Company reviews the certified appraisals for appropriateness and adjusts the value downward to consider selling, closing and liquidation costs, which typically approximates 25% of the appraised value. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Other real estate owned OREO is primarily comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The Company outsources the valuation of OREO with material balances to third party appraisers. The Company reviews the third-party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically approximate 25% of the appraised value. For assets measured at fair value on a nonrecurring basis during 2019 that were still held on the Corporation’s balance sheet at September 30, 2019, the following table provides the hierarchy level and the fair value of the related assets: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 3,819,908 $ 3,819,908 Total $ — $ — $ 3,819,908 $ 3,819,908 The following table presents information as of September 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis: Significant Unobservable Inputs Range of Financial instrument Fair Value Valuation Technique Impaired loans $ 3,819,908 Appraised value of collateral less estimated costs to sell Estimated costs to sell 25% For assets measured at fair value on a nonrecurring basis during 2018 that were still held on the Corporation’s balance sheet at December 31, 2018, the following table provides the hierarchy level and the fair value of the related assets: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 3,364,538 $ 3,364,538 Other real estate owned — — 188,609 188,609 Total $ — $ — $ 3,553,147 $ 3,553,147 Impaired loans with a carrying value of $4,398,430 and $3,364,538 had an allocated allowance for loan losses of $578,522 and $401,347 at September 30, 2019 and December 31, 2018, respectively. The allocated allowance is based on the carrying value of the impaired loan and the fair value of the underlying collateral less estimated costs to sell. After monitoring the carrying amounts for subsequent declines or impairments after foreclosure, management determined that a fair value adjustment to OREO in the amount of $-0- The financial instruments topic of the ASC requires disclosure of financial instruments’ fair values, as well as the methodology and significant assumptions used in estimating fair values. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The financial instruments topic of the ASC excludes certain financial instruments from its disclosure requirements. The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at September 30, 2019: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Total Carrying Identical Observable Unobservable Fair September 30, 2019 Value Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 21,106,679 $ 21,106,679 $ — $ — $ 21,106,679 Interest bearing deposits with banks 61,234,815 61,234,815 — — 61,234,815 Securities available-for-sale 434,145,569 — 434,145,569 — 434,145,569 Net loans 469,692,103 — — 466,369,797 466,369,797 Financial liabilities Deposits $ 794,314,007 $ 573,774,335 $ 222,487,675 $ — $ 796,262,010 Securities sold under agreement to repurchase 144,502,629 144,502,629 — — 144,502,629 The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at December 31, 2018: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Total Carrying Identical Observable Unobservable Fair December 31, 2018 Value Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 12,592,130 $ 12,592,130 $ — $ — $ 12,592,130 Interest bearing deposits with banks 8,079,742 8,079,742 — — 8,079,742 Securities available-for-sale 444,746,454 — 444,746,454 — 444,746,454 Net loans 425,905,093 — — 420,992,074 420,992,074 Financial liabilities Deposits $ 756,221,510 $ 544,985,869 $ 210,477,092 $ — $ 755,462,961 Securities sold under agreement to repurchase 107,965,505 107,965,505 — — 107,965,505 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, these interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The interim consolidated financial statements are unaudited and reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition as of and for the interim periods presented. All adjustments and reclassifications are of a normal and recurring nature. Results for the period ended September 30, 2019 are not necessarily indicative of the results that may be expected for any other interim period or for the year as a whole. The interim consolidated financial statements of Citizens Holding Company (the “Company”) include the accounts of its wholly-owned subsidiary, The Citizens Bank of Philadelphia (the “Bank” and collectively with the Company, the “Corporation”). In addition to full service commercial banking, the Bank offers title insurance services through its subsidiary, Title Services LLC. All significant intercompany transactions have been eliminated in consolidation. For further information and significant accounting policies of the Corporation, see the Notes to Consolidated Financial Statements of Citizens Holding Company included in the Corporation’s Annual Report on Form 10-K |
Nature of Business | Nature of Business The Bank operates under a state bank charter and provides general banking services. As a state bank, the Bank is subject to regulations of the Mississippi Department of Banking and Consumer Finance and the Federal Deposit Insurance Corporation. The Company is also subject to the regulations of the Federal Reserve. The area served by the Bank is east central and southern counties of Mississippi and the surrounding areas. Services are provided at several branch offices. |
Estimates | Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and valuation of foreclosed real estate, management obtains independent appraisals for significant properties. While management uses available information to recognize losses on loans and to value foreclosed real estate, future additions to the allowance or adjustments to the valuation may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and valuations of foreclosed real estate. Such agencies may require the Company to recognize additions to the allowance or to make adjustments to the valuation based on their judgments about information available to them at the time of their examination. Due to these factors, it is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term. |
Recently Issued Accounting Pronouncements | Adoption of New Accounting Standards ASU 2016-02 2016-02”) 2016-02 2016-02 2016-02 2016-02, The Company’s operating leases relate primarily to branch properties and related equipment. As a result of implementing ASU 2016-02, right-of-use Newly Issued, But Not Yet Effective Accounting Standards In June 2016, the FASB issued ASU 2016-13, 2016-13”). 2016-13 2016-13 2016-13 2016-13 2016-13 ASU 2018-13 Fair Value Measurement (Topic 820) – Changes in the Disclosure Requirements for Fair Value Measurement 2018-13”) 2018-13 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Net income per share was computed as follows: For the Three Months For the Nine Months Ended September 30, Ended September 30, 2019 2018 2019 2018 Basic weighted average shares outstanding 4,900,030 4,899,520 4,896,871 4,888,372 Dilutive effect of granted options 1,465 5,093 2,321 9,586 Diluted weighted average shares outstanding 4,901,495 4,904,613 4,899,192 4,897,958 Net income $ 1,332,888 $ 1,496,794 $ 3,930,401 $ 4,957,321 Net income per share-basic $ 0.27 $ 0.31 $ 0.80 $ 1.01 Net income per share-diluted $ 0.27 $ 0.31 $ 0.80 $ 1.01 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table is a summary of the stock option activity for the nine months ended September 30, 2019: Directors’ Plan 2013 Plan Weighted Weighted Number Average Number Average of Exercise of Exercise Shares Price Shares Price Outstanding at December 31, 2018 52,500 $ 21.55 — $ — Granted — — — — Exercised — — — — Expired (12,000 ) 21.75 — — Outstanding at September 30, 2019 40,500 $ 21.49 — $ — |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale | The amortized cost and estimated fair value of securities available-for-sale Gross Gross Amortized Unrealized Unrealized Estimated September 30, 2019 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 98,400,709 $ 22,134 $ 441,703 $ 97,981,140 Mortgage backed securities 276,342,668 839,052 1,583,407 275,598,313 State, County, Municipals 59,881,608 744,167 59,659 60,566,116 Total $ 434,624,985 $ 1,605,353 $ 2,084,769 $ 434,145,569 Gross Gross Amortized Unrealized Unrealized Estimated December 31, 2018 Cost Gains Losses Fair Value Securities available-for-sale Obligations of U.S. Government agencies $ 99,365,930 $ — $ 3,388,147 $ 95,977,783 Mortgage backed securities 259,742,501 4,921 12,373,269 247,374,153 State, County, Municipals 105,590,858 67,888 4,264,228 101,394,518 Total $ 464,699,289 $ 72,809 $ 20,025,644 $ 444,746,454 |
Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities by contractual maturity at September 30, 2019 and December 31, 2018 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay certain obligations. September 30, 2019 December 31, 2018 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Available-for-sale Due in one year or less $ 345,000 $ 344,200 $ 1,875,288 $ 1,877,665 Due after one year through five years 95,296,476 94,888,785 91,948,838 89,121,194 Due after five years through ten years 12,338,444 12,457,030 32,801,788 31,718,293 Due after ten years 50,302,397 50,857,242 78,330,873 74,655,149 Residential mortgage backed securities 217,007,709 216,247,964 187,776,954 179,235,806 Commercial mortgage backed securities 59,334,959 59,350,348 71,965,548 68,138,347 Total $ 434,624,985 $ 434,145,569 $ 464,699,289 $ 444,746,454 |
Summary of Unrealized Loss Information for Available-for-sale Securities | A summary of unrealized loss information for securities available-for-sale, September 30, 2019 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ 38,652,471 $ 308,973 $ 20,367,270 $ 132,730 $ 59,019,741 $ 441,703 Mortgage backed securities 32,441,833 187,039 108,373,816 1,396,368 140,815,649 1,583,407 State, County, Municipal 7,174,822 24,415 3,732,036 35,244 10,906,858 59,659 Total $ 78,269,126 $ 520,427 $ 132,473,122 $ 1,564,342 $ 210,742,248 $ 2,084,769 December 31, 2018 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Description of Securities Value Losses Value Losses Value Losses Obligations of U.S. government agencies $ — $ — $ 95,977,783 $ 3,388,147 $ 95,977,783 $ 3,388,147 Mortgage backed securities 12,257,636 179,281 234,928,705 12,193,988 247,186,341 12,373,269 State, County, Municipal 12,623,964 285,275 76,535,741 3,978,953 89,159,705 4,264,228 Total $ 24,881,600 $ 464,556 $ 407,442,229 $ 19,561,088 $ 432,323,829 $ 20,025,644 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Composition of Net Loans | The composition of net loans (in thousands) at September 30, 2019 and December 31, 2018 was as follows: September 30, 2019 December 31, 2018 Real Estate: Land Development and Construction $ 63,491 $ 41,134 Farmland 15,985 14,498 1-4 86,516 88,747 Commercial Real Estate 205,968 203,595 Total Real Estate Loans 371,960 347,974 Business Loans: Commercial and Industrial Loans 87,480 66,421 Farm Production and Other Farm Loans 742 907 Total Business Loans 88,222 67,328 Consumer Loans: Credit Cards 1,744 1,648 Other Consumer Loans 11,584 12,372 Total Consumer Loans 13,328 14,020 Total Gross Loans 473,510 429,322 Unearned Income (12 ) (45 ) Allowance for Loan Losses (3,806 ) (3,372 ) Loans, net $ 469,692 $ 425,905 |
Period-End, Non-Accrual Loans, Segregated by Class | Period-end, non-accrual September 30, 2019 December 31, 2018 Real Estate: Land Development and Construction $ 113 $ — Farmland 246 200 1-4 2,057 1,831 Commercial Real Estate 9,484 7,612 Total Real Estate Loans 11,900 9,643 Business Loans: Commercial and Industrial Loans 363 76 Farm Production and Other Farm Loans 31 31 Total Business Loans 394 107 Consumer Loans: Other Consumer Loans 65 89 Total Consumer Loans 65 89 Total Nonaccrual Loans $ 12,359 $ 9,839 |
Aging Analysis of Past Due Loans, Segregated by Class | An aging analysis of past due loans (in thousands), segregated by class, as of September 30, 2019, was as follows: Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Past Due Past Due Due Loans Loans Loans Past Due Real Estate: Land Development and Construction $ 2,218 $ — $ 2,218 $ 61,273 $ 63,491 $ — Farmland 339 — 339 15,646 15,985 — 1-4 1,832 912 2,744 83,772 86,516 220 Commercial Real Estate 1,688 2,335 4,023 201,945 205,968 — Total Real Estate Loans 6,077 3,247 9,324 362,636 371,960 220 Business Loans: Commercial and Industrial Loans 648 262 910 86,570 87,480 — Farm Production and Other Farm Loans — 31 31 711 742 — Total Business Loans 648 293 941 87,281 88,222 — Consumer Loans: Credit Cards 18 47 65 1,679 1,744 47 Other Consumer Loans 141 5 146 11,438 11,584 — Total Consumer Loans 159 52 211 13,117 13,328 47 Total Loans $ 6,884 $ 3,592 $ 10,476 $ 463,034 $ 473,510 $ 267 An aging analysis of past due loans (in thousands), segregated by class, as of December 31, 2018 was as follows: Accruing Loans Loans Loans 90 or more 90 or more 30-89 Days Days Total Past Current Total Days Past Due Past Due Due Loans Loans Loans Past Due Real Estate: Land Development and Construction $ 1,494 $ 54 $ 1,548 $ 39,586 $ 41,134 $ 54 Farmland 779 29 808 13,690 14,498 — 1-4 3,456 330 3,786 84,961 88,747 — Commercial Real Estate 1,059 2,981 4,040 199,555 203,595 — Total Real Estate Loans 6,788 3,394 10,182 337,792 347,974 54 Business Loans: Commercial and Industrial Loans 1,672 21 1,693 64,728 66,421 — Farm Production and Other Farm Loans 9 — 9 898 907 — Total Business Loans 1,681 21 1,702 65,626 67,328 — Consumer Loans: Credit Cards 16 4 20 1,628 1,648 4 Other Consumer Loans 212 33 245 12,127 12,372 15 Total Consumer Loans 228 37 265 13,755 14,020 19 Total Loans $ 8,697 $ 3,452 $ 12,149 $ 417,173 $ 429,322 $ 73 |
Troubled Debt Restructurings Segregated by Class | The following table presents troubled debt restructurings (in thousands, except for number of loans), segregated by class: Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded September 30, 2019 Loans Investment Investment Commercial real estate 3 $ 4,871 $ 2,607 Total 3 $ 4,871 $ 2,607 Pre-Modification Post-Modification Outstanding Outstanding Number of Recorded Recorded December 31, 2018 Loans Investment Investment Commercial real estate 3 $ 4,871 $ 2,782 Total 3 $ 4,871 $ 2,782 |
Changes in Troubled Debt Restructurings | Changes in the Corporation’s troubled debt restructurings (in thousands, except for number of loans) are set forth in the table below: Number of Recorded Totals at January 1, 2018 3 $ 3,047 Reductions due to: Principal paydowns (265 ) Totals at January 1, 2019 3 $ 2,782 Reductions due to: Principal paydowns (175 ) Total at September 30, 2019 3 $ 2,607 |
Detailed Amount of Gross Loans Segregated by Loan Grade and Class | The following table details the amount of gross loans (in thousands), segregated by loan grade and class, as of September 30, 2019: Special Satisfactory Mention Substandard Doubtful Loss Total 1,2,3,4 5,6 7 8 9 Loans Real Estate: Land Development and Construction $ 59,807 $ 1,716 $ 1,968 $ — $ — $ 63,491 Farmland 14,747 379 859 — — 15,985 1-4 77,590 1,924 7,002 — — 86,516 Commercial Real Estate 165,914 22,631 17,423 — — 205,968 Total Real Estate Loans 318,058 26,650 27,252 — — 371,960 Business Loans: Commercial and Industrial Loans 83,337 144 3,999 — — 87,480 Farm Production and Other Farm Loans 707 — 4 — 31 742 Total Business Loans 84,044 144 4,003 — 31 88,222 Consumer Loans: Credit Cards 1,679 — 65 — — 1,744 Other Consumer Loans 11,380 50 113 41 — 11,584 Total Consumer Loans 13,059 50 178 41 — 13,328 Total Loans $ 415,161 $ 26,844 $ 31,433 $ 41 $ 31 $ 473,510 The following table details the amount of gross loans (in thousands) segregated by loan grade and class, as of December 31, 2018: Special Satisfactory Mention Substandard Doubtful Loss Total 1,2,3,4 5,6 7 8 9 Loans Real Estate: Land Development and Construction $ 39,726 $ 840 $ 568 $ — $ — $ 41,134 Farmland 13,248 339 911 — — 14,498 1-4 79,659 1,751 7,337 — — 88,747 Commercial Real Estate 172,217 17,938 13,440 — — 203,595 Total Real Estate Loans 304,850 20,868 22,256 — — 347,974 Business Loans: Commercial and Industrial Loans 63,994 81 2,346 — — 66,421 Farm Production and Other Farm Loans 876 — 31 — — 907 Total Business Loans 64,870 81 2,377 — — 67,328 Consumer Loans: Credit Cards 1,628 — 20 — — 1,648 Other Consumer Loans 12,181 65 71 55 — 12,372 Total Consumer Loans 13,809 65 91 55 — 14,020 Total Loans $ 383,529 $ 21,014 $ 24,724 $ 55 $ — $ 429,322 |
Detailed Activity in Allowance for Possible Loan Losses by Portfolio Segment | The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2019: Real Business September 30, 2019 Estate Loans Consumer Total Beginning Balance, January 1, 2019 $ 2,844,681 $ 221,841 $ 305,173 $ 3,371,695 Provision for loan losses (883 ) 269,917 203,002 472,036 Chargeoffs 15,073 91,291 76,972 183,336 Recoveries 101,119 8,858 35,207 145,184 Net (recoveries) chargeoffs (86,046 ) 82,433 41,765 38,152 Ending Balance $ 2,929,844 $ 409,325 $ 466,410 $ 3,805,579 Period end allowance allocated to: Loans individually evaluated for impairment $ 506,560 $ 71,962 $ — $ 578,522 Loans collectively evaluated for impairment 2,423,284 337,363 466,410 3,227,057 Ending Balance, September 30, 2019 $ 2,929,844 $ 409,325 $ 466,410 $ 3,805,579 The following table details activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2018: Real Business September 30, 2018 Estate Loans Consumer Total Beginning Balance, January 1, 2018 $ 2,151,715 $ 346,781 $ 520,732 $ 3,019,228 Provision for (reversal of) loan losses 615,927 (289,894 ) (185,268 ) 140,765 Chargeoffs 202,352 31,236 117,401 350,989 Recoveries 91,071 203,777 69,091 363,939 Net chargeoffs (recoveries) 111,281 (172,541 ) 48,310 (12,950 ) Ending Balance $ 2,656,361 $ 229,428 $ 287,154 $ 3,172,943 Period end allowance allocated to: Loans individually evaluated for impairment $ 409,496 $ — $ — $ 409,496 Loans collectively evaluated for impairment 2,246,865 229,428 287,154 2,763,447 Ending Balance, September 30, 2018 $ 2,656,361 $ 229,428 $ 287,154 $ 3,172,943 |
Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment | The Corporation’s recorded investment in loans as of September 30, 2019 and December 31, 2018 related to each balance in the allowance for possible loan losses by portfolio segment and disaggregated on the basis of the Corporation’s impairment methodology was as follows (in thousands): Real Business September 30, 2019 Estate Loans Consumer Total Loans individually evaluated for specific impairment $ 11,432 $ 144 $ — $ 11,576 Loans collectively evaluated for general impairment 360,528 88,078 13,328 461,934 $ 371,960 $ 88,222 $ 13,328 $ 473,510 Real Business December 31, 2018 Estate Loans Consumer Total Loans individually evaluated for specific impairment $ 10,306 $ — $ — $ 10,306 Loans collectively evaluated for general impairment 337,668 67,328 14,020 419,016 $ 347,974 $ 67,328 $ 14,020 $ 429,322 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary Of Lease Costs | Lease costs were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 (in thousands) Operating lease cost $ 92 $ 277 Short-term lease cost 6 17 Variable lease cost — — $ 98 $ 294 |
Maturity Analysis Of Operating Lease Liabilities | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows: Nine Months Ended September 30, 2019 (in thousands) Lease payments due: Within one year $ 348 After one year but within two years 324 After two years but within three years 194 After three year but within four years 21 After four years but within five years — After five years — Total undiscounted cash flows 887 Discount on cash flows (36 ) Total lease liability $ 851 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Summary of Capital Structure Activity [Table Text Block] | The following summarizes the activity in the capital structure of the Company: Accumulated Number Additional Other of Shares Common Paid-In Comprehensive Retained Issued Stock Capital Income (Loss) Earnings Total Balance, January 1, 2019 4,904,530 $ 980,906 $ 4,298,499 $ (14,974,603 ) $ 93,561,515 $ 83,866,317 Net income — — — — 1,226,771 1,226,771 Dividends paid ($0.24 per share) — — — — (1,177,087 ) (1,177,087 ) Options exercised — — — — — — Restricted stock granted — — — — — — Stock compensation expense — — 41,344 — — 41,344 Other comprehensive income, net — — — 6,621,712 — 6,621,712 Balance, March 31, 2019 4,904,530 $ 980,906 $ 4,339,843 $ (8,352,891 ) $ 93,611,199 $ 90,579,057 Net income — — — — 1,370,742 1,370,742 Dividends paid ($0.24 per share) — — — — (1,178,887 ) (1,178,887 ) Options exercised — — — — — — Restricted stock granted 7,500 1,500 (1,500 ) — — — Stock compensation expense — — 40,694 — — 40,694 Other comprehensive income, net — — — 5,324,717 — 5,324,717 Balance, June 30, 2019 4,912,030 $ 982,406 $ 4,379,037 $ (3,028,174 ) $ 93,803,054 $ 96,136,323 Net income — — — — 1,332,888 1,332,888 Dividends paid ($0.24 per share) — — — — (1,178,887 ) (1,178,887 ) Options exercised — — — — — — Restricted stock granted — — — — — — Stock compensation expense — — 40,369 — — 40,369 Other comprehensive income, net — — — 2,668,372 — 2,668,372 Balance, September 30, 2019 4,912,030 $ 982,406 $ 4,419,406 $ (359,802 ) $ 93,957,055 $ 98,999,065 Accumulated Number Additional Other of Shares Common Paid-In Comprehensive Retained Issued Stock Capital Income (Loss) Earnings Total Balance, January 1, 2018 4,894,705 $ 978,941 $ 4,103,139 $ (8,225,419 ) $ 91,594,379 $ 88,451,040 Net income — — — — 1,772,387 1,772,387 Dividends paid ($0.24 per share) — — — — (1,174,729 ) (1,174,729 ) Options exercised — — — — — — Restricted stock granted — — — — — — Stock compensation expense — — 45,056 — — 45,056 Other comprehensive income, net — — — (7,068,858 ) — (7,068,858 ) Balance, March 31, 2018 4,894,705 $ 978,941 $ 4,148,195 $ (15,294,277 ) $ 92,192,037 $ 82,024,896 Net income — — — — 1,688,140 1,688,140 Dividends paid ($0.24 per share) — — — — (1,177,087 ) (1,177,087 ) Options exercised 2,325 465 26,535 — — 27,000 Restricted stock granted 7,500 1,500 (1,500 ) — — — Stock compensation expense — — 42,581 — — 42,581 Other comprehensive income, net — — — (924,159 ) — (924,159 ) Balance, June 30, 2018 4,904,530 $ 980,906 $ 4,215,811 $ (16,218,436 ) $ 92,703,090 $ 81,681,371 Net income — — — — 1,496,794 1,496,794 Dividends paid ($0.24 per share) — — — — (1,177,088 ) (1,177,088 ) Options exercised — — — — — — Restricted stock granted — — — — — — Stock compensation expense — — 41,344 — — 41,344 Other comprehensive income, net — — — (2,247,919 ) — (2,247,919 ) Balance, September 30, 2018 4,904,530 980,906 4,257,155 (18,466,355 ) 93,022,796 79,794,502 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2019: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government Agencies $ — $ 97,981,140 $ — $ 97,981,140 Mortgage-backed securities — 275,598,313 — 275,598,313 State, county and municipal obligations — 60,566,116 — 60,566,116 Total $ — $ 434,145,569 $ — $ 434,145,569 The following table presents assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2018: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Securities available for sale Obligations of U.S. Government Agencies $ — $ 95,977,783 $ — $ 95,977,783 Mortgage-backed securities — 247,374,153 — 247,374,153 State, county and municipal obligations — 101,394,518 — 101,394,518 Total $ — $ 444,746,454 $ — $ 444,746,454 |
Asset Measured at Fair Value on Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis during 2019 that were still held on the Corporation’s balance sheet at September 30, 2019, the following table provides the hierarchy level and the fair value of the related assets: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 3,819,908 $ 3,819,908 Total $ — $ — $ 3,819,908 $ 3,819,908 For assets measured at fair value on a nonrecurring basis during 2018 that were still held on the Corporation’s balance sheet at December 31, 2018, the following table provides the hierarchy level and the fair value of the related assets: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Totals Impaired loans $ — $ — $ 3,364,538 $ 3,364,538 Other real estate owned — — 188,609 188,609 Total $ — $ — $ 3,553,147 $ 3,553,147 |
Carrying Value and Estimated Fair Value of Financial Instruments | The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at September 30, 2019: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Total Carrying Identical Observable Unobservable Fair September 30, 2019 Value Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 21,106,679 $ 21,106,679 $ — $ — $ 21,106,679 Interest bearing deposits with banks 61,234,815 61,234,815 — — 61,234,815 Securities available-for-sale 434,145,569 — 434,145,569 — 434,145,569 Net loans 469,692,103 — — 466,369,797 466,369,797 Financial liabilities Deposits $ 794,314,007 $ 573,774,335 $ 222,487,675 $ — $ 796,262,010 Securities sold under agreement to repurchase 144,502,629 144,502,629 — — 144,502,629 The following represents the carrying value and estimated fair value of the Corporation’s financial instruments at December 31, 2018: Fair Value Measurements Using: Quoted Prices in Active Significant Markets for Other Significant Total Carrying Identical Observable Unobservable Fair December 31, 2018 Value Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Financial assets Cash and due from banks $ 12,592,130 $ 12,592,130 $ — $ — $ 12,592,130 Interest bearing deposits with banks 8,079,742 8,079,742 — — 8,079,742 Securities available-for-sale 444,746,454 — 444,746,454 — 444,746,454 Net loans 425,905,093 — — 420,992,074 420,992,074 Financial liabilities Deposits $ 756,221,510 $ 544,985,869 $ 210,477,092 $ — $ 755,462,961 Securities sold under agreement to repurchase 107,965,505 107,965,505 — — 107,965,505 |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value | The following table presents information as of September 30, 2019 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a nonrecurring basis: Significant Unobservable Inputs Range of Financial instrument Fair Value Valuation Technique Impaired loans $ 3,819,908 Appraised value of collateral less estimated costs to sell Estimated costs to sell 25% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease liability | $ 851 | |
Operating lease right-of-use ("ROU") | $ 851,000 | |
ASU 2016-02 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease liability | $ 1,086 | |
Operating lease right-of-use ("ROU") | $ 1,086 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) - Charter Bank [Member] - Subsequent Event [Member] $ in Millions | Oct. 01, 2019USD ($)Locationshares |
Business combination transaction value | $ 19.7 |
common stock issued In business combination | shares | 666,099 |
Cash transferred | $ 6.1 |
Assets and liabilities acquired net | 149 |
loans acquired | 104 |
deposits acquired | $ 126 |
Number of properties acquired | Location | 4 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 70,933,230 | $ 58,835,208 |
Letters of credit outstanding | $ 2,435,810 | $ 2,516,810 |
Net Income per Share - Earnings
Net Income per Share - Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||||
Basic weighted average shares outstanding | 4,900,030 | 4,899,520 | 4,896,871 | 4,888,372 | ||||
Dilutive effect of granted options | 1,465 | 5,093 | 2,321 | 9,586 | ||||
Diluted weighted average shares outstanding | 4,901,495 | 4,904,613 | 4,899,192 | 4,897,958 | ||||
Net income | $ 1,332,888 | $ 1,370,742 | $ 1,226,771 | $ 1,496,794 | $ 1,688,140 | $ 1,772,387 | $ 3,930,401 | $ 4,957,321 |
Net income per share-basic | $ 0.27 | $ 0.31 | $ 0.80 | $ 1.01 | ||||
Net income per share-diluted | $ 0.27 | $ 0.31 | $ 0.80 | $ 1.01 |
Equity Compensation Plans - Add
Equity Compensation Plans - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019USD ($)shares | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock restriction period | 1 year |
Restricted stock grants | shares | 7,500 |
Restricted stock grant date fair value | $ 161,475 |
Directors Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Intrinsic value of options outstanding | 25,920 |
2013 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Intrinsic value of options outstanding | $ 0 |
Equity Compensation Plans -Summ
Equity Compensation Plans -Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
2013 Plan [Member] | |
Number of Options | |
Beginning Balance | shares | 0 |
Granted | shares | 0 |
Exercised | shares | 0 |
Expired | shares | 0 |
Ending Balance | shares | 0 |
Weighted Average Exercise Price | |
Beginning Balance | $ / shares | $ 0 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 0 |
Expired | $ / shares | 0 |
Ending Balance | $ / shares | $ 0 |
Directors Stock Option Plan [Member] | |
Number of Options | |
Beginning Balance | shares | 52,500 |
Granted | shares | 0 |
Exercised | shares | 0 |
Expired | shares | (12,000) |
Ending Balance | shares | 40,500 |
Weighted Average Exercise Price | |
Beginning Balance | $ / shares | $ 21.55 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 0 |
Expired | $ / shares | 21.75 |
Ending Balance | $ / shares | $ 21.49 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 211,925 | $ 260,475 | $ 726,615 | $ 888,215 |
Effective tax rate | 13.70% | 14.80% | 15.60% | 15.20% |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities at carrying value | $ 376,127,226 | $ 357,231,440 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 434,624,985 | $ 464,699,289 |
Gross Unrealized Gains | 1,605,353 | 72,809 |
Gross Unrealized Losses | 2,084,769 | 20,025,644 |
Estimated Fair Value | 434,145,569 | 444,746,454 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 98,400,709 | 99,365,930 |
Gross Unrealized Gains | 22,134 | |
Gross Unrealized Losses | 441,703 | 3,388,147 |
Estimated Fair Value | 97,981,140 | 95,977,783 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 276,342,668 | 259,742,501 |
Gross Unrealized Gains | 839,052 | 4,921 |
Gross Unrealized Losses | 1,583,407 | 12,373,269 |
Estimated Fair Value | 275,598,313 | 247,374,153 |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 59,881,608 | 105,590,858 |
Gross Unrealized Gains | 744,167 | 67,888 |
Gross Unrealized Losses | 59,659 | 4,264,228 |
Estimated Fair Value | $ 60,566,116 | $ 101,394,518 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Available-for-sale, Amortized Cost | ||
Due in one year or less | $ 345,000 | $ 1,875,288 |
Due after one year through five years | 95,296,476 | 91,948,838 |
Due after five years through ten years | 12,338,444 | 32,801,788 |
Due after ten years | 50,302,397 | 78,330,873 |
Total Amortized Cost | 434,624,985 | 464,699,289 |
Available-for-sale, Estimated Fair Value | ||
Due in one year or less | 344,200 | 1,877,665 |
Due after one year through five years | 94,888,785 | 89,121,194 |
Due after five years through ten years | 12,457,030 | 31,718,293 |
Due after ten years | 50,857,242 | 74,655,149 |
Total Fair Value | 434,145,569 | 444,746,454 |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale, Amortized Cost | ||
Total Amortized Cost | 217,007,709 | 187,776,954 |
Available-for-sale, Estimated Fair Value | ||
Total Fair Value | 216,247,964 | 179,235,806 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale, Amortized Cost | ||
Total Amortized Cost | 59,334,959 | 71,965,548 |
Available-for-sale, Estimated Fair Value | ||
Total Fair Value | $ 59,350,348 | $ 68,138,347 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Loss Information for Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | $ 78,269,126 | $ 24,881,600 |
Less than 12 months Unrealized Losses | 520,427 | 464,556 |
12 months or more Fair Value | 132,473,122 | 407,442,229 |
12 months or more Unrealized Losses | 1,564,342 | 19,561,088 |
Total Fair Value | 210,742,248 | 432,323,829 |
Total Unrealized Losses | 2,084,769 | 20,025,644 |
Obligations of U.S. Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 38,652,471 | |
Less than 12 months Unrealized Losses | 308,973 | |
12 months or more Fair Value | 20,367,270 | 95,977,783 |
12 months or more Unrealized Losses | 132,730 | 3,388,147 |
Total Fair Value | 59,019,741 | 95,977,783 |
Total Unrealized Losses | 441,703 | 3,388,147 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 32,441,833 | 12,257,636 |
Less than 12 months Unrealized Losses | 187,039 | 179,281 |
12 months or more Fair Value | 108,373,816 | 234,928,705 |
12 months or more Unrealized Losses | 1,396,368 | 12,193,988 |
Total Fair Value | 140,815,649 | 247,186,341 |
Total Unrealized Losses | 1,583,407 | 12,373,269 |
State, County and Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months Fair Value | 7,174,822 | 12,623,964 |
Less than 12 months Unrealized Losses | 24,415 | 285,275 |
12 months or more Fair Value | 3,732,036 | 76,535,741 |
12 months or more Unrealized Losses | 35,244 | 3,978,953 |
Total Fair Value | 10,906,858 | 89,159,705 |
Total Unrealized Losses | $ 59,659 | $ 4,264,228 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum loan limit considered for impairment evaluation by management | $ 100,000 | |
Restructured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses | $ 174,274 | $ 174,274 |
Loans - Composition of Net Loan
Loans - Composition of Net Loans (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | $ 473,510,000 | $ 429,322,000 | ||
Unearned Income | (12,000) | (45,000) | ||
Allowance for Loan Losses | (3,805,579) | (3,371,695) | $ (3,172,943) | $ (3,019,228) |
Loans, net | 469,692,103 | 425,905,093 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 371,960,000 | 347,974,000 | ||
Total Gross Loans | 371,960,000 | 347,974,000 | ||
Allowance for Loan Losses | (2,929,844) | (2,844,681) | (2,656,361) | (2,151,715) |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 63,491,000 | 41,134,000 | ||
Total Gross Loans | 63,491,000 | 41,134,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 15,985,000 | 14,498,000 | ||
Total Gross Loans | 15,985,000 | 14,498,000 | ||
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 86,516,000 | 88,747,000 | ||
Total Gross Loans | 86,516,000 | 88,747,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 205,968,000 | 203,595,000 | ||
Total Gross Loans | 205,968,000 | 203,595,000 | ||
Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 88,222,000 | 67,328,000 | ||
Total Gross Loans | 88,222,000 | 67,328,000 | ||
Allowance for Loan Losses | (409,325) | (221,841) | (229,428) | (346,781) |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 87,480,000 | 66,421,000 | ||
Total Gross Loans | 87,480,000 | 66,421,000 | ||
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Business loans | 742,000 | 907,000 | ||
Total Gross Loans | 742,000 | 907,000 | ||
Consumer Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | 13,328,000 | 14,020,000 | ||
Allowance for Loan Losses | (466,410) | (305,173) | $ (287,154) | $ (520,732) |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | 1,744,000 | 1,648,000 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Gross Loans | $ 11,584,000 | $ 12,372,000 |
Loans - Period-End Non-Accrual
Loans - Period-End Non-Accrual Loans, Segregated by Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 12,359 | $ 9,839 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 11,900 | 9,643 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 113 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 246 | 200 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 2,057 | 1,831 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 9,484 | 7,612 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 394 | 107 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 31 | 31 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 363 | 76 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | 65 | 89 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual Loans | $ 65 | $ 89 |
Loans - Aging Analysis of Past
Loans - Aging Analysis of Past Due Loans, Segregated by Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | $ 6,884 | $ 8,697 |
Total Past Due Loans | 10,476 | 12,149 |
Current Loans | 463,034 | 417,173 |
Total Gross Loans | 473,510 | 429,322 |
Accruing Loans 90 or more Days Past Due | 267 | 73 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 6,077 | 6,788 |
Total Past Due Loans | 9,324 | 10,182 |
Current Loans | 362,636 | 337,792 |
Total Gross Loans | 371,960 | 347,974 |
Accruing Loans 90 or more Days Past Due | 220 | 54 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 2,218 | 1,494 |
Total Past Due Loans | 2,218 | 1,548 |
Current Loans | 61,273 | 39,586 |
Total Gross Loans | 63,491 | 41,134 |
Accruing Loans 90 or more Days Past Due | 54 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 339 | 779 |
Total Past Due Loans | 339 | 808 |
Current Loans | 15,646 | 13,690 |
Total Gross Loans | 15,985 | 14,498 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 1,832 | 3,456 |
Total Past Due Loans | 2,744 | 3,786 |
Current Loans | 83,772 | 84,961 |
Total Gross Loans | 86,516 | 88,747 |
Accruing Loans 90 or more Days Past Due | 220 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 1,688 | 1,059 |
Total Past Due Loans | 4,023 | 4,040 |
Current Loans | 201,945 | 199,555 |
Total Gross Loans | 205,968 | 203,595 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 648 | 1,681 |
Total Past Due Loans | 941 | 1,702 |
Current Loans | 87,281 | 65,626 |
Total Gross Loans | 88,222 | 67,328 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 648 | 1,672 |
Total Past Due Loans | 910 | 1,693 |
Current Loans | 86,570 | 64,728 |
Total Gross Loans | 87,480 | 66,421 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 9 | |
Total Past Due Loans | 31 | 9 |
Current Loans | 711 | 898 |
Total Gross Loans | 742 | 907 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 159 | 228 |
Total Past Due Loans | 211 | 265 |
Current Loans | 13,117 | 13,755 |
Total Gross Loans | 13,328 | 14,020 |
Accruing Loans 90 or more Days Past Due | 47 | 19 |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 18 | 16 |
Total Past Due Loans | 65 | 20 |
Current Loans | 1,679 | 1,628 |
Total Gross Loans | 1,744 | 1,648 |
Accruing Loans 90 or more Days Past Due | 47 | 4 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 Days Past Due | 141 | 212 |
Total Past Due Loans | 146 | 245 |
Current Loans | 11,438 | 12,127 |
Total Gross Loans | 11,584 | 12,372 |
Accruing Loans 90 or more Days Past Due | 15 | |
Loans 90 or more Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,592 | 3,452 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,247 | 3,394 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 54 | |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 29 | |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 912 | 330 |
Loans 90 or more Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,335 | 2,981 |
Loans 90 or more Days Past Due [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 293 | 21 |
Loans 90 or more Days Past Due [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 262 | 21 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 52 | 37 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 31 | |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 47 | 4 |
Loans 90 or more Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 5 | $ 33 |
Loans - Impaired Loans, Segrega
Loans - Impaired Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 13,292 | $ 12,023 |
Recorded Investment With No Allowance | 7,177 | 6,540 |
Recorded Investment With Allowance | 4,399 | 3,766 |
Total Recorded Investment | 11,576 | 10,306 |
Related Allowance | 578 | 401 |
Average Recorded Investment | 10,941 | 7,352 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 13,148 | 10,601 |
Recorded Investment With No Allowance | 7,177 | 5,209 |
Recorded Investment With Allowance | 4,255 | 3,675 |
Total Recorded Investment | 11,432 | 8,884 |
Related Allowance | 506 | 374 |
Average Recorded Investment | 10,869 | 6,489 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 113 | |
Recorded Investment With No Allowance | 59 | |
Recorded Investment With Allowance | 54 | |
Total Recorded Investment | 113 | |
Related Allowance | 17 | |
Average Recorded Investment | 57 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 253 | 269 |
Recorded Investment With No Allowance | 253 | 269 |
Total Recorded Investment | 253 | 269 |
Average Recorded Investment | 261 | 135 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 863 | 1,153 |
Recorded Investment With No Allowance | 761 | 1,062 |
Recorded Investment With Allowance | 102 | 91 |
Total Recorded Investment | 863 | 1,153 |
Related Allowance | 30 | 27 |
Average Recorded Investment | 1,008 | 728 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 11,919 | |
Recorded Investment With No Allowance | 6,104 | |
Recorded Investment With Allowance | 4,099 | |
Total Recorded Investment | 10,203 | |
Related Allowance | 459 | |
Average Recorded Investment | 9,544 | |
Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 144 | 12,023 |
Recorded Investment With No Allowance | 6,540 | |
Recorded Investment With Allowance | 144 | 3,766 |
Total Recorded Investment | 144 | 10,306 |
Related Allowance | 72 | 401 |
Average Recorded Investment | 72 | $ 7,352 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 144 | |
Recorded Investment With Allowance | 144 | |
Total Recorded Investment | 144 | |
Related Allowance | 72 | |
Average Recorded Investment | $ 72 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings Segregated by Class (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | Dec. 31, 2017USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 3 | 3 | 3 |
Post-Modification Outstanding Recorded Investment | $ 2,607 | $ 2,782 | $ 3,047 |
Real Estate Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 3 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 4,871 | $ 4,871 | |
Post-Modification Outstanding Recorded Investment | $ 2,607 | $ 2,782 | |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 3 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 4,871 | $ 4,871 | |
Post-Modification Outstanding Recorded Investment | $ 2,607 | $ 2,782 |
Loans - Changes in Troubled Deb
Loans - Changes in Troubled Debt Restructurings (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | Dec. 31, 2017USD ($)Loan | |
Receivables [Abstract] | |||
Number of Loans | Loan | 3 | 3 | 3 |
Principal paydowns, Recorded Investment | $ (175) | $ (265) | |
Post-Modification Outstanding Recorded Investment | $ 2,607 | $ 2,782 | $ 3,047 |
Loans - Detailed Amount of Gros
Loans - Detailed Amount of Gross Loans Segregated by Loan Grade and Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 473,510 | $ 429,322 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 371,960 | 347,974 |
Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 63,491 | 41,134 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 15,985 | 14,498 |
Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 86,516 | 88,747 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 205,968 | 203,595 |
Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 88,222 | 67,328 |
Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 87,480 | 66,421 |
Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 742 | 907 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 13,328 | 14,020 |
Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,744 | 1,648 |
Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 11,584 | 12,372 |
Satisfactory 1, 2, 3, 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 415,161 | 383,529 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 318,058 | 304,850 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 59,807 | 39,726 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 14,747 | 13,248 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 77,590 | 79,659 |
Satisfactory 1, 2, 3, 4 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 165,914 | 172,217 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 84,044 | 64,870 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 83,337 | 63,994 |
Satisfactory 1, 2, 3, 4 [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 707 | 876 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 13,059 | 13,809 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,679 | 1,628 |
Satisfactory 1, 2, 3, 4 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 11,380 | 12,181 |
Special Mention 5,6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 26,844 | 21,014 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 26,650 | 20,868 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,716 | 840 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 379 | 339 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,924 | 1,751 |
Special Mention 5,6 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 22,631 | 17,938 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 144 | 81 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 144 | 81 |
Special Mention 5,6 [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 50 | 65 |
Special Mention 5,6 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 50 | 65 |
Substandard 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 31,433 | 24,724 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 27,252 | 22,256 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Land Development And Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 1,968 | 568 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 859 | 911 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 7,002 | 7,337 |
Substandard 7 [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 17,423 | 13,440 |
Substandard 7 [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 4,003 | 2,377 |
Substandard 7 [Member] | Real Estate Loans [Member] | Commercial and Industrial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 3,999 | 2,346 |
Substandard 7 [Member] | Real Estate Loans [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 4 | 31 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 178 | 91 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Credit Card Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 65 | 20 |
Substandard 7 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 113 | 71 |
Doubtful 8 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 41 | 55 |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 41 | 55 |
Doubtful 8 [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 41 | $ 55 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 31 | |
Loss [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | |
Loss [Member] | Commercial Real Estate Portfolio Segment [Member] | 1-4 Family Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | 31 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Farm Production and Other Farm Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total gross loans | $ 31 |
Loans - Detailed Activity in Al
Loans - Detailed Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | $ 3,371,695 | $ 3,019,228 | ||||
(Reversal of) provision for loan losses | $ 11,738 | $ 288,576 | 472,036 | 140,765 | ||
Chargeoffs | 183,336 | 350,989 | ||||
Recoveries | 145,184 | 363,939 | ||||
Net chargeoffs (recoveries) | 38,152 | (12,950) | ||||
Ending Balance | 3,805,579 | 3,172,943 | 3,805,579 | 3,172,943 | ||
Loans individually evaluated for impairment | $ 578,522 | $ 409,496 | ||||
Loans collectively evaluated for impairment | 3,227,057 | 2,763,447 | ||||
Ending Balance | 3,805,579 | 3,172,943 | 3,805,579 | 3,019,228 | 3,805,579 | 3,172,943 |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 2,844,681 | 2,151,715 | ||||
(Reversal of) provision for loan losses | (883) | 615,927 | ||||
Chargeoffs | 15,073 | 202,352 | ||||
Recoveries | 101,119 | 91,071 | ||||
Net chargeoffs (recoveries) | (86,046) | 111,281 | ||||
Ending Balance | 2,929,844 | 2,656,361 | 2,929,844 | 2,656,361 | ||
Loans individually evaluated for impairment | 506,560 | 409,496 | ||||
Loans collectively evaluated for impairment | 2,423,284 | 2,246,865 | ||||
Ending Balance | 2,929,844 | 2,656,361 | 2,844,681 | 2,151,715 | 2,929,844 | 2,656,361 |
Real Estate Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 221,841 | 346,781 | ||||
(Reversal of) provision for loan losses | 269,917 | (289,894) | ||||
Chargeoffs | 91,291 | 31,236 | ||||
Recoveries | 8,858 | 203,777 | ||||
Net chargeoffs (recoveries) | 82,433 | (172,541) | ||||
Ending Balance | 409,325 | 229,428 | 409,325 | 229,428 | ||
Loans individually evaluated for impairment | 71,962 | |||||
Loans collectively evaluated for impairment | 337,363 | 229,428 | ||||
Ending Balance | 409,325 | 229,428 | 221,841 | 346,781 | 409,325 | 229,428 |
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Beginning Balance | 305,173 | 520,732 | ||||
(Reversal of) provision for loan losses | 203,002 | (185,268) | ||||
Chargeoffs | 76,972 | 117,401 | ||||
Recoveries | 35,207 | 69,091 | ||||
Net chargeoffs (recoveries) | 41,765 | 48,310 | ||||
Ending Balance | 466,410 | 287,154 | 466,410 | 287,154 | ||
Loans collectively evaluated for impairment | 466,410 | 287,154 | ||||
Ending Balance | $ 466,410 | $ 287,154 | $ 305,173 | $ 520,732 | $ 466,410 | $ 287,154 |
Loans - Recorded Investment in
Loans - Recorded Investment in Loans Related to Balance in Allowance for Possible Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | $ 11,576 | $ 10,306 |
Loans collectively evaluated for general impairment | 461,934 | 419,016 |
Total Gross Loans | 473,510 | 429,322 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | 11,432 | 10,306 |
Loans collectively evaluated for general impairment | 360,528 | 337,668 |
Total Gross Loans | 371,960 | 347,974 |
Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans individually evaluated for specific impairment | 144 | 0 |
Loans collectively evaluated for general impairment | 88,078 | 67,328 |
Total Gross Loans | 88,222 | 67,328 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans collectively evaluated for general impairment | 13,328 | 14,020 |
Total Gross Loans | $ 13,328 | $ 14,020 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Operating lease cost | $ 92 | $ 277 |
Short-term lease cost | 6 | 17 |
Total lease cost | $ 98 | $ 294 |
Premises and Equipment - Maturi
Premises and Equipment - Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Lease payments due: | |
Within one year | $ 348 |
After one year but within two years | 324 |
After two years but within three years | 194 |
After three year but within four years | 21 |
Total undiscounted cash flows | 887 |
Discount on cash flows | (36) |
Total lease liability | $ 851 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Operating lease right-of-use ("ROU") | $ 851 |
Weighted average remaining lease term | 1 year 4 months 24 days |
Weighted average discount rate | 3.30% |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Capital Structure Activity (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Beginning Balance | $ 96,136,323 | $ 90,579,057 | $ 83,866,317 | $ 81,681,371 | $ 82,024,896 | $ 88,451,040 | $ 83,866,317 | $ 88,451,040 |
Net income | 1,332,888 | 1,370,742 | 1,226,771 | 1,496,794 | 1,688,140 | 1,772,387 | 3,930,401 | 4,957,321 |
Dividends paid | (1,178,887) | (1,178,887) | (1,177,087) | (1,177,088) | (1,177,087) | (1,174,729) | ||
Options exercised | 27,000 | |||||||
Stock compensation expense | 40,369 | 40,694 | 41,344 | 41,344 | 42,581 | 45,056 | ||
Other comprehensive income, net | 2,668,372 | 5,324,717 | 6,621,712 | (2,247,919) | (924,159) | (7,068,858) | 14,614,801 | (10,240,936) |
Ending Balance | 98,999,065 | 96,136,323 | 90,579,057 | 79,794,502 | 81,681,371 | 82,024,896 | 98,999,065 | 79,794,502 |
Common Stock | ||||||||
Beginning Balance | $ 982,406 | $ 980,906 | $ 980,906 | $ 980,906 | $ 978,941 | $ 978,941 | $ 980,906 | $ 978,941 |
Beginning Balance (in shares) | 4,912,030 | 4,904,530 | 4,904,530 | 4,904,530 | 4,894,705 | 4,894,705 | 4,904,530 | 4,894,705 |
Options exercised | $ 465 | |||||||
Options exercised (in shares) | 2,325 | |||||||
Restricted stock granted | $ 1,500 | $ 1,500 | ||||||
Restricted stock granted (in shares) | 7,500 | 7,500 | ||||||
Ending Balance | $ 982,406 | $ 982,406 | $ 980,906 | $ 980,906 | $ 980,906 | $ 978,941 | $ 982,406 | $ 980,906 |
Ending Balance (in shares) | 4,912,030 | 4,912,030 | 4,904,530 | 4,904,530 | 4,904,530 | 4,894,705 | 4,912,030 | 4,904,530 |
Additional Paid-In Capital | ||||||||
Beginning Balance | $ 4,379,037 | $ 4,339,843 | $ 4,298,499 | $ 4,215,811 | $ 4,148,195 | $ 4,103,139 | $ 4,298,499 | $ 4,103,139 |
Options exercised | 26,535 | |||||||
Restricted stock granted | (1,500) | (1,500) | ||||||
Stock compensation expense | 40,369 | 40,694 | 41,344 | 41,344 | 42,581 | 45,056 | ||
Ending Balance | 4,419,406 | 4,379,037 | 4,339,843 | 4,257,155 | 4,215,811 | 4,148,195 | 4,419,406 | 4,257,155 |
Accumulated Other Comprehensive Income (Loss) | ||||||||
Beginning Balance | (3,028,174) | (8,352,891) | (14,974,603) | (16,218,436) | (15,294,277) | (8,225,419) | (14,974,603) | (8,225,419) |
Other comprehensive income, net | 2,668,372 | 5,324,717 | 6,621,712 | (2,247,919) | (924,159) | (7,068,858) | ||
Ending Balance | (359,802) | (3,028,174) | (8,352,891) | (18,466,355) | (16,218,436) | (15,294,277) | (359,802) | (18,466,355) |
Retained Earnings | ||||||||
Beginning Balance | 93,803,054 | 93,611,199 | 93,561,515 | 92,703,090 | 92,192,037 | 91,594,379 | 93,561,515 | 91,594,379 |
Net income | 1,332,888 | 1,370,742 | 1,226,771 | 1,496,794 | 1,688,140 | 1,772,387 | ||
Dividends paid | (1,178,887) | (1,178,887) | (1,177,087) | (1,177,088) | (1,177,087) | (1,174,729) | ||
Ending Balance | $ 93,957,055 | $ 93,803,054 | $ 93,611,199 | $ 93,022,796 | $ 92,703,090 | $ 92,192,037 | $ 93,957,055 | $ 93,022,796 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Capital Structure Activity (Detail) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Dividends paid, per share | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.72 | $ 0.72 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Gains or losses in earnings attributable to the change in unrealized gains or losses | $ 0 | $ 0 |
Carrying value of an impaired loan | 11,576,000 | 10,306,000 |
Impaired loans, allowance for loan losses | 578,000 | 401,000 |
Fair value adjustment to OREO due to declines or impairment after foreclosure | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 434,145,569 | $ 444,746,454 |
Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 97,981,140 | 95,977,783 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 275,598,313 | 247,374,153 |
State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 60,566,116 | 101,394,518 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 434,145,569 | 444,746,454 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 434,145,569 | 444,746,454 |
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 97,981,140 | 95,977,783 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 275,598,313 | 247,374,153 |
Fair Value, Measurements, Recurring [Member] | State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 60,566,116 | 101,394,518 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 434,145,569 | 444,746,454 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 97,981,140 | 95,977,783 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 275,598,313 | 247,374,153 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | State, County and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 60,566,116 | $ 101,394,518 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Asset Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | $ 3,819,908 | $ 3,553,147 |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | 3,819,908 | 3,364,538 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | 188,609 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | 3,819,908 | 3,553,147 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | $ 3,819,908 | 3,364,538 |
Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring Basis | $ 188,609 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fair Value | $ 3,819,908 | $ 3,553,147 |
Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Fair Value | $ 3,819,908 | $ 3,364,538 |
Valuation Technique | Appraised value of collateral less estimated costs to sell | |
Measurement Input, Loss Severity [Member] | Impaired Loans [Member] | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Estimated costs to sell | 25.00% |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Financial assets | ||
Cash and due from banks | $ 21,106,679 | $ 12,592,130 |
Interest bearing deposits with banks | 61,234,815 | 8,079,742 |
Securities available-for-sale | 434,145,569 | 444,746,454 |
Net loans | 466,369,797 | 420,992,074 |
Financial liabilities | ||
Deposits | 796,262,010 | 755,462,961 |
Securities Sold under Agreement to Repurchase | 144,502,629 | 107,965,505 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial assets | ||
Cash and due from banks | 21,106,679 | 12,592,130 |
Interest bearing deposits with banks | 61,234,815 | 8,079,742 |
Financial liabilities | ||
Deposits | 573,774,335 | 544,985,869 |
Securities Sold under Agreement to Repurchase | 144,502,629 | 107,965,505 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial assets | ||
Securities available-for-sale | 434,145,569 | 444,746,454 |
Financial liabilities | ||
Deposits | 222,487,675 | 210,477,092 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial assets | ||
Net loans | 466,369,797 | 420,992,074 |
Carrying Value [Member] | ||
Financial assets | ||
Cash and due from banks | 21,106,679 | 12,592,130 |
Interest bearing deposits with banks | 61,234,815 | 8,079,742 |
Securities available-for-sale | 434,145,569 | 444,746,454 |
Net loans | 469,692,103 | 425,905,093 |
Financial liabilities | ||
Deposits | 794,314,007 | 756,221,510 |
Securities Sold under Agreement to Repurchase | $ 144,502,629 | $ 107,965,505 |