FOR QUARTER ENDED MARCH 31, 2014
|
COMMISSION FILE NUMBER 0-12436
|
GEORGIA
|
|
58-1492391
|
(STATE OR OTHER JURISDICTION OF
|
|
(I.R.S. EMPLOYER
|
INCORPORATION OR ORGANIZATION)
|
|
IDENTIFICATION NUMBER)
|
YES
|
x
|
NO
|
o
|
YES
|
x
|
NO
|
o
|
LARGE ACCELERATED FILER
|
ACCELERATED FILER
|
NON-ACCELERATED FILER
|
SMALLER REPORTING COMPANY x
|
(DO NOT CHECK IF A SMALLER REPORTING COMPANY)
|
YES
|
x
|
NO
|
o
|
CLASS
|
OUTSTANDING AT MAY 5, 2014
|
COMMON STOCK, $1 PAR VALUE
|
8,439,258
|
|
|
Page
|
PART I – Financial Information
|
|
|
|
|
|
3
|
||
|
|
|
Item 1.
|
4
|
|
Item 2.
|
39
|
|
Item 3.
|
53
|
|
Item 4.
|
54
|
|
|
|
|
PART II – Other Information
|
|
|
|
|
|
Item 1.
|
55
|
|
Item 1A.
|
55
|
|
Item 2.
|
55
|
|
Item 3.
|
55
|
|
Item 4.
|
55
|
|
Item 5.
|
55
|
|
Item 6.
|
56
|
|
58
|
· | Loss and regional economic conditions and the impact they may have on the Company and its customers and the Company’s assessment of that impact. |
· | Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements. |
· | The effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board. |
· | Inflation, interest rate, market and monetary fluctuations. |
· | Political instability. |
· | Acts of war or terrorism. |
· | The timely development and acceptance of new products and services and perceived overall value of these products and services by users. |
· | Changes in consumer spending, borrowings and savings habits. |
· | Technological changes. |
· | Acquisitions and integration of acquired businesses. |
· | The ability to increase market share and control expenses. |
· | The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiary must comply. |
· | The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters. |
· | Changes in the Company’s organization, compensation and benefit plans. |
· | The costs and effects of litigation and of unexpected or adverse outcomes in such litigation. |
· | Greater than expected costs or difficulties related to the integration of new lines of business. |
· | The Company’s success at managing the risks involved in the foregoing items. |
· | Restrictions or conditions imposed by our regulators on our operations. |
A. | CONSOLIDATED BALANCE SHEETS – MARCH 31, 2014 (UNAUDITED) AND DECEMBER 31, 2013 (AUDITED). |
B. | CONSOLIDATED STATEMENTS OF INCOME – FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013. |
C. | CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME – FOR THE THREE MONTHS |
D. | CONSOLIDATED STATEMENTS OF CASH FLOWS – FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013 (UNAUDITED). |
|
March 31, 2014
|
December 31, 2013
|
||||||
ASSETS
|
(Unaudited)
|
(Audited)
|
||||||
|
||||||||
Cash and Cash Equivalents
|
||||||||
Cash and Due from Banks
|
$
|
20,592
|
$
|
25,692
|
||||
Federal Funds Sold
|
18,183
|
20,495
|
||||||
|
38,775
|
46,187
|
||||||
Interest-Bearing Deposits
|
22,401
|
21,960
|
||||||
Investment Securities
|
||||||||
Available for Sale, at Fair Value
|
278,957
|
263,258
|
||||||
Held to Maturity, at Cost (Fair Value of $38 and $37, as of March 31, 2014 and December 31, 2013, Respectively)
|
38
|
37
|
||||||
|
278,995
|
263,295
|
||||||
|
||||||||
Federal Home Loan Bank Stock, at Cost
|
2,831
|
3,164
|
||||||
Loans
|
738,194
|
751,218
|
||||||
Allowance for Loan Losses
|
(11,710
|
)
|
(11,806
|
)
|
||||
Unearned Interest and Fees
|
(359
|
)
|
(360
|
)
|
||||
|
726,125
|
739,052
|
||||||
Premises and Equipment
|
24,637
|
24,876
|
||||||
Other Real Estate (Net of Allowance of $4,404 and $3,986 as of March 31, 2014 and December 31, 2013, Respectively)
|
14,227
|
15,502
|
||||||
Other Intangible Assets
|
179
|
188
|
||||||
Other Assets
|
33,666
|
34,327
|
||||||
Total Assets
|
$
|
1,141,836
|
$
|
1,148,551
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits
|
||||||||
Noninterest-Bearing
|
$
|
119,984
|
$
|
115,261
|
||||
Interest-Bearing
|
856,870
|
872,269
|
||||||
|
976,854
|
987,530
|
||||||
Borrowed Money
|
||||||||
Subordinated Debentures
|
24,229
|
24,229
|
||||||
Other Borrowed Money
|
40,000
|
40,000
|
||||||
|
64,229
|
64,229
|
||||||
|
||||||||
Other Liabilities
|
8,405
|
6,838
|
||||||
Commitments and Contingencies
|
||||||||
Stockholders' Equity
|
||||||||
Preferred Stock, Stated Value $1,000 a Share; Authorized 10,000,000 Shares, Issued 28,000 Shares
|
28,000
|
28,000
|
||||||
Common Stock, Par Value $1 a Share; Authorized 20,000,000 Shares, Issued 8,439,258 Shares as of March 31, 2014 and December 31, 2013
|
8,439
|
8,439
|
||||||
Paid-In Capital
|
29,145
|
29,145
|
||||||
Retained Earnings
|
34,259
|
33,445
|
||||||
Accumulated Other Comprehensive (Loss), Net of Tax
|
(7,495
|
)
|
(9,075
|
)
|
||||
|
92,348
|
89,954
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
1,141,836
|
$
|
1,148,551
|
|
Three Months Ended
|
Three Months Ended
|
||||||
|
March 31, 2014
|
March 31, 2013
|
||||||
Interest Income
|
||||||||
Loans, Including Fees
|
$
|
9,689
|
$
|
10,361
|
||||
Federal Funds Sold
|
9
|
14
|
||||||
Deposits with Other Banks
|
13
|
11
|
||||||
Investment Securities
|
||||||||
U.S. Government Agencies
|
1,184
|
712
|
||||||
State, County and Municipal
|
28
|
33
|
||||||
Corporate Obligations and Asset-Backed Securities
|
--
|
14
|
||||||
Dividends on Other Investments
|
30
|
19
|
||||||
|
10,953
|
11,164
|
||||||
Interest Expense
|
||||||||
Deposits
|
1,321
|
1,686
|
||||||
Borrowed Money
|
438
|
432
|
||||||
|
1,759
|
2,118
|
||||||
|
||||||||
Net Interest Income
|
9,194
|
9,046
|
||||||
Provision for Loan Losses
|
327
|
1,500
|
||||||
Net Interest Income After Provision for Loan Losses
|
8,867
|
7,546
|
||||||
|
||||||||
Noninterest Income
|
||||||||
Service Charges on Deposits
|
1,067
|
1,101
|
||||||
Other Service Charges, Commissions and Fees
|
581
|
404
|
||||||
Mortgage Fee Income
|
67
|
119
|
||||||
Other
|
347
|
594
|
||||||
|
2,062
|
2,218
|
||||||
Noninterest Expenses
|
||||||||
Salaries and Employee Benefits
|
4,412
|
4,169
|
||||||
Occupancy and Equipment
|
1,020
|
933
|
||||||
Securities Losses
|
--
|
8
|
||||||
Other
|
3,434
|
3,290
|
||||||
|
8,866
|
8,400
|
||||||
|
||||||||
Income Before Income Taxes
|
2,063
|
1,364
|
||||||
Income Taxes
|
606
|
427
|
||||||
Net Income
|
1,457
|
937
|
||||||
Preferred Stock Dividends
|
643
|
370
|
||||||
Net Income Available to Common Stockholders
|
$
|
814
|
$
|
567
|
||||
Net Income Per Share of Common Stock
|
||||||||
Basic
|
$
|
0.10
|
$
|
0.07
|
||||
Diluted
|
$
|
0.10
|
$
|
0.07
|
||||
Cash Dividends Declared Per Share of Common Stock
|
$
|
0.00
|
$
|
0.00
|
||||
Weighted Average Basic Shares Outstanding
|
8,439,258
|
8,439,258
|
||||||
Weighted Average Diluted Shares Outstanding
|
8,439,258
|
8,439,258
|
|
Three Months Ended
|
|||||||
|
March 31, 2014
|
March 31, 2013
|
||||||
|
||||||||
Net Income
|
$
|
1,457
|
$
|
937
|
||||
|
||||||||
Other Comprehensive Income (Loss), Net of Tax
|
||||||||
Gains (Losses) on Securities Arising During the Year,
|
||||||||
Net of Tax Effect of $814 and ($461), Respectively
|
1,580
|
(894
|
)
|
|||||
|
||||||||
Realized Gains on Sale of AFS Securities, Net of Tax Effect of $0 and $3, Respectively
|
--
|
5
|
||||||
|
||||||||
Change in Net Unrealized Gains (Losses) on Securities Available for Sale,
|
||||||||
Net of Reclassification Adjustment and Tax Effect
|
1,580
|
(889
|
)
|
|||||
Comprehensive Income (Loss)
|
$
|
3,037
|
$
|
48
|
|
Three Months Ended
|
|||||||
|
March 31, 2014
|
March 31, 2013
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net Income
|
$
|
1,457
|
$
|
937
|
||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
||||||||
Depreciation
|
410
|
387
|
||||||
Provision for Loan Losses
|
327
|
1,500
|
||||||
Securities Losses
|
--
|
8
|
||||||
Amortization and Accretion
|
306
|
939
|
||||||
(Gains) Losses on Sale of Other Real Estate and Repossessions
|
24
|
(94
|
)
|
|||||
Provision for Losses on Other Real Estate
|
642
|
500
|
||||||
Increase in Cash Surrender Value of Life Insurance
|
(157
|
)
|
(53
|
)
|
||||
Other Prepaids, Deferrals and Accruals, Net
|
895
|
1,176
|
||||||
|
3,904
|
5,300
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Purchases of Investment Securities Available for Sale
|
(20,727
|
)
|
(68,394
|
)
|
||||
Proceeds from Maturities, Calls, and Paydowns of
|
||||||||
Investment Securities:
|
||||||||
Available for Sale
|
7,136
|
15,764
|
||||||
Proceeds from Sale of Investment Securities
|
||||||||
Available for Sale
|
--
|
30,418
|
||||||
Interest-Bearing Deposits in Other Banks
|
(441
|
)
|
13,089
|
|||||
Net Loans to Customers
|
11,465
|
3,474
|
||||||
Purchase of Premises and Equipment
|
(171
|
)
|
(541
|
)
|
||||
Proceeds from Sale of Other Real Estate and Repossessions
|
1,765
|
2,129
|
||||||
Proceeds from Sale of Federal Home Loan Bank Stock
|
333
|
200
|
||||||
|
(640
|
)
|
(3,861
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Noninterest-Bearing Customer Deposits
|
4,723
|
(2,046
|
)
|
|||||
Interest-Bearing Customer Deposits
|
(15,399
|
)
|
(24,065
|
)
|
||||
Proceeds from Other Borrowed Money
|
--
|
5,000
|
||||||
|
(10,676
|
)
|
(21,111
|
)
|
||||
|
||||||||
Net Decrease in Cash and Cash Equivalents
|
(7,412
|
)
|
(19,672
|
)
|
||||
Cash and Cash Equivalents at Beginning of Period
|
46,187
|
49,246
|
||||||
Cash and Cash Equivalents at End of Period
|
$
|
38,775
|
$
|
29,574
|
(1) | Summary of Significant Accounting Policies |
(1) | Summary of Significant Accounting Policies (Continued) |
(1) | Summary of Significant Accounting Policies (Continued) |
(1) | Summary of Significant Accounting Policies (Continued) |
Description
|
Life in Years
|
Method
|
||
Banking Premises
|
15-40
|
Straight-Line and Accelerated
|
||
Furniture and Equipment
|
5-10
|
Straight-Line and Accelerated
|
(1) | Summary of Significant Accounting Policies (Continued) |
(1) | Summary of Significant Accounting Policies (Continued) |
(2)
|
Investment Securities
|
March 31, 2014
|
Gross
|
Gross
|
||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Securities Available for Sale:
|
||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||
Mortgage-Backed
|
$
|
286,438
|
$
|
209
|
$
|
(11,524
|
)
|
$
|
275,123
|
|||||||
State, County & Municipal
|
3,875
|
11
|
(52
|
)
|
3,834
|
|||||||||||
|
$
|
290,313
|
$
|
220
|
$
|
(11,576
|
)
|
$
|
278,957
|
|||||||
Securities Held to Maturity:
|
||||||||||||||||
State, County and Municipal
|
$
|
38
|
$
|
--
|
$
|
--
|
$
|
38
|
December 31, 2013
|
Gross
|
Gross
|
||||||||||||||
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Securities Available for Sale:
|
||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||
Mortgage-Backed
|
$
|
273,029
|
$
|
119
|
$
|
(13,800
|
)
|
$
|
259,348
|
|||||||
State, County & Municipal
|
3,979
|
15
|
(84
|
)
|
3,910
|
|||||||||||
|
$
|
277,008
|
$
|
134
|
$
|
(13,884
|
)
|
$
|
263,258
|
|||||||
Securities Held to Maturity:
|
||||||||||||||||
State, County and Municipal
|
$
|
37
|
$
|
--
|
$
|
--
|
$
|
37
|
(2) | Investment Securities (Continued) |
|
Securities
|
|||||||||||||||
|
Available for Sale
|
Held to Maturity
|
||||||||||||||
|
Amortized Cost
|
Fair Value
|
Amortized Cost
|
Fair Value
|
||||||||||||
|
||||||||||||||||
Due In One Year or Less
|
$
|
779
|
$
|
782
|
$
|
--
|
$
|
--
|
||||||||
Due After One Year Through Five Years
|
1,245
|
1,252
|
38
|
38
|
||||||||||||
Due After Five Years Through Ten Years
|
1,198
|
1,174
|
--
|
--
|
||||||||||||
Due After Ten Years
|
653
|
626
|
--
|
--
|
||||||||||||
|
3,875
|
3,834
|
38
|
38
|
||||||||||||
|
||||||||||||||||
Mortgage-Backed Securities
|
286,438
|
275,123
|
--
|
--
|
||||||||||||
|
$
|
290,313
|
$
|
278,957
|
$
|
38
|
$
|
38
|
|
Less Than 12 Months
|
12 Months or Greater
|
Total
|
|||||||||||||||||||||
|
||||||||||||||||||||||||
|
Fair
Value |
Gross
Unrealized |
Fair
Value |
Gross
Unrealized |
Fair
Value |
Gross
Unrealized |
||||||||||||||||||
|
||||||||||||||||||||||||
March 31, 2014
|
||||||||||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||||||||||
Mortgage-Backed
|
$
|
141,975
|
$
|
(4,715
|
)
|
$
|
115,624
|
$
|
(6,809
|
)
|
$
|
257,599
|
$
|
(11,524
|
)
|
|||||||||
State, County and Municipal
|
953
|
(25
|
)
|
626
|
(27
|
)
|
1,579
|
(52
|
)
|
|||||||||||||||
|
$
|
142,928
|
$
|
(4,740
|
)
|
$
|
116,250
|
$
|
(6,836
|
)
|
$
|
259,178
|
$
|
(11,576
|
)
|
|||||||||
|
||||||||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||||||
U.S. Government Agencies
|
||||||||||||||||||||||||
Mortgage-Backed
|
$
|
190,064
|
$
|
(9,441
|
)
|
$
|
63,194
|
$
|
(4,359
|
)
|
$
|
253,258
|
$
|
(13,800
|
)
|
|||||||||
State, County and Municipal
|
1,647
|
(84
|
)
|
--
|
--
|
1,647
|
(84
|
)
|
||||||||||||||||
|
$
|
191,711
|
$
|
(9,525
|
)
|
$
|
63,194
|
$
|
(4,359
|
)
|
$
|
254,905
|
$
|
(13,884
|
)
|
(2) | Investments (Continued) |
(3) | Loans |
|
March 31,
2014
|
December 31,
2013
|
||||||
Commercial and Agricultural
|
||||||||
Commercial
|
$
|
43,979
|
$
|
48,107
|
||||
Agricultural
|
12,654
|
10,666
|
||||||
|
||||||||
Real Estate
|
||||||||
Commercial Construction
|
54,608
|
52,739
|
||||||
Residential Construction
|
9,779
|
6,549
|
||||||
Commercial
|
337,835
|
341,783
|
||||||
Residential
|
202,159
|
206,258
|
||||||
Farmland
|
47,886
|
47,035
|
||||||
|
||||||||
Consumer and Other
|
||||||||
Consumer
|
23,693
|
25,676
|
||||||
Other
|
5,601
|
12,405
|
||||||
|
||||||||
Total Loans
|
$
|
738,194
|
$
|
751,218
|
(3) | Loans (Continued) |
· | Grades 1 and 2 – Borrowers with these assigned grades range in risk from virtual absence of risk to minimal risk. Such loans may be secured by Company-issued and controlled certificates of deposit or properly margined equity securities or bonds. Other loans comprising these grades are made to companies that have been in existence for a long period of time with many years of consecutive profits and strong equity, good liquidity, excellent debt service ability and unblemished past performance, or to exceptionally strong individuals with collateral of unquestioned value that fully secures the loans. Loans in this category fall into the “pass” classification. |
· | Grades 3 and 4 – Loans assigned these “pass” risk grades are made to borrowers with acceptable credit quality and risk. The risk ranges from loans with no significant weaknesses in repayment capacity and collateral protection to acceptable loans with one or more risk factors considered to be more than average. |
· | Grade 5 – This grade includes “special mention” loans on management’s watch list and is intended to be used on a temporary basis for pass grade loans where risk-modifying action is intended in the short-term. |
· | Grade 6 – This grade includes “substandard” loans in accordance with regulatory guidelines. This category includes borrowers with well-defined weaknesses that jeopardize the payment of the debt in accordance with the agreed terms. Loans considered to be impaired are assigned this grade, and these loans often have assigned loss allocations as part of the allowance for loan and lease losses. Generally, loans on which interest accrual has been stopped would be included in this grade. |
· | Grades 7 and 8 – These grades correspond to regulatory classification definitions of “doubtful” and “loss,” respectively. In practice, any loan with these grades would be for a very short period of time, and generally the Company has no loans with these assigned grades. Management manages the Company’s problem loans in such a way that uncollectible loans or uncollectible portions of loans are charged off immediately with any residual, collectible amounts assigned a risk grade of 6. |
March 31, 2014
|
||||||||||||||||
|
Pass
|
Special Mention
|
Substandard
|
Total Loans
|
||||||||||||
Commercial and Agricultural
|
||||||||||||||||
Commercial
|
$
|
37,721
|
$
|
2,705
|
$
|
3,553
|
$
|
43,979
|
||||||||
Agricultural
|
12,475
|
13
|
166
|
12,654
|
||||||||||||
|
||||||||||||||||
Real Estate
|
||||||||||||||||
Commercial Construction
|
44,861
|
1,523
|
8,224
|
54,608
|
||||||||||||
Residential Construction
|
9,679
|
100
|
--
|
9,779
|
||||||||||||
Commercial
|
312,175
|
9,154
|
16,506
|
337,835
|
||||||||||||
Residential
|
179,656
|
13,630
|
8,873
|
202,159
|
||||||||||||
Farmland
|
45,644
|
528
|
1,714
|
47,886
|
||||||||||||
|
||||||||||||||||
Consumer and Other
|
||||||||||||||||
Consumer
|
22,810
|
260
|
623
|
23,693
|
||||||||||||
Other
|
5,363
|
--
|
238
|
5,601
|
||||||||||||
|
||||||||||||||||
Total Loans
|
$
|
670,384
|
$
|
27,913
|
$
|
39,897
|
$
|
738,194
|
(3) | Loans (Continued) |
December 31, 2013
|
||||||||||||||||
|
Pass
|
Special Mention
|
Substandard
|
Total Loans
|
||||||||||||
Commercial and Agricultural
|
||||||||||||||||
Commercial
|
$
|
41,759
|
$
|
2,770
|
$
|
3,578
|
$
|
48,107
|
||||||||
Agricultural
|
10,638
|
17
|
11
|
10,666
|
||||||||||||
|
||||||||||||||||
Real Estate
|
||||||||||||||||
Commercial Construction
|
42,669
|
1,512
|
8,558
|
52,739
|
||||||||||||
Residential Construction
|
6,341
|
208
|
--
|
6,549
|
||||||||||||
Commercial
|
317,567
|
10,760
|
13,456
|
341,783
|
||||||||||||
Residential
|
182,977
|
13,524
|
9,757
|
206,258
|
||||||||||||
Farmland
|
44,777
|
507
|
1,751
|
47,035
|
||||||||||||
|
||||||||||||||||
Consumer and Other
|
||||||||||||||||
Consumer
|
24,609
|
320
|
747
|
25,676
|
||||||||||||
Other
|
12,355
|
1
|
49
|
12,405
|
||||||||||||
|
||||||||||||||||
Total Loans
|
$
|
683,692
|
$
|
29,619
|
$
|
37,907
|
$
|
751,218
|
(3) | Loans (Continued) |
March 31, 2014
|
||||||||||||||||||||||||
|
Accruing Loans
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
|
30-89 Days
Past Due |
90 Days
or More |
Total Accruing
Loans Past Due |
Nonaccrual
Loans |
Current Loans
|
Total Loans
|
||||||||||||||||||
Commercial and Agricultural
|
||||||||||||||||||||||||
Commercial
|
$
|
709
|
$
|
--
|
$
|
709
|
$
|
1,976
|
$
|
41,294
|
$
|
43,979
|
||||||||||||
Agricultural
|
86
|
--
|
86
|
51
|
12,517
|
12,654
|
||||||||||||||||||
|
||||||||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||
Commercial Construction
|
441
|
--
|
441
|
7,824
|
46,343
|
54,608
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
9,779
|
9,779
|
||||||||||||||||||
Commercial
|
6,176
|
--
|
6,176
|
9,128
|
322,531
|
337,835
|
||||||||||||||||||
Residential
|
2,941
|
--
|
2,941
|
3,814
|
195,404
|
202,159
|
||||||||||||||||||
Farmland
|
94
|
--
|
94
|
1,672
|
46,120
|
47,886
|
||||||||||||||||||
|
||||||||||||||||||||||||
Consumer and Other
|
||||||||||||||||||||||||
Consumer
|
332
|
15
|
347
|
252
|
23,094
|
23,693
|
||||||||||||||||||
Other
|
--
|
--
|
--
|
203
|
5,398
|
5,601
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total Loans
|
$
|
10,779
|
$
|
15
|
$
|
10,794
|
$
|
24,920
|
$
|
702,480
|
$
|
738,194
|
|
||||||||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||||||
|
Accruing Loans
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
|
30-89 Days
Past Due |
90 Days
or More |
Total Accruing
Loans Past Due |
Nonaccrual
Loans |
Current Loans
|
Total Loans
|
||||||||||||||||||
Commercial and Agricultural
|
||||||||||||||||||||||||
Commercial
|
$
|
581
|
$
|
--
|
$
|
581
|
$
|
1,646
|
$
|
45,880
|
$
|
48,107
|
||||||||||||
Agricultural
|
81
|
--
|
81
|
--
|
10,585
|
10,666
|
||||||||||||||||||
|
||||||||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||
Commercial Construction
|
140
|
--
|
140
|
8,222
|
44,377
|
52,739
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
6,549
|
6,549
|
||||||||||||||||||
Commercial
|
2,287
|
--
|
2,287
|
7,367
|
332,129
|
341,783
|
||||||||||||||||||
Residential
|
5,274
|
--
|
5,274
|
4,933
|
196,051
|
206,258
|
||||||||||||||||||
Farmland
|
351
|
--
|
351
|
1,630
|
45,054
|
47,035
|
||||||||||||||||||
|
||||||||||||||||||||||||
Consumer and Other
|
||||||||||||||||||||||||
Consumer
|
454
|
4
|
458
|
307
|
24,911
|
25,676
|
||||||||||||||||||
Other
|
198
|
--
|
198
|
9
|
12,198
|
12,405
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total Loans
|
$
|
9,366
|
$
|
4
|
$
|
9,370
|
$
|
24,114
|
$
|
717,734
|
$
|
751,218
|
(3) | Loans (Continued) |
March 31, 2014
|
||||||||||||||||||||||||
|
Unpaid
|
|||||||||||||||||||||||
|
Contractual
|
Average
|
Interest
|
Interest
|
||||||||||||||||||||
|
Principal
|
Impaired
|
Related
|
Recorded
|
Income
|
Income
|
||||||||||||||||||
|
Balance
|
Balance
|
Allowance
|
Investment
|
Recognized
|
Collected
|
||||||||||||||||||
|
||||||||||||||||||||||||
With No Related
|
||||||||||||||||||||||||
Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
$
|
599
|
$
|
599
|
$
|
--
|
$
|
599
|
$
|
5
|
$
|
13
|
||||||||||||
Agricultural
|
56
|
51
|
--
|
51
|
(9
|
)
|
--
|
|||||||||||||||||
Commercial Construction
|
7,460
|
4,354
|
--
|
4,354
|
8
|
8
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Real Estate
|
21,196
|
20,686
|
--
|
20,686
|
130
|
132
|
||||||||||||||||||
Residential Real Estate
|
7,113
|
5,642
|
--
|
5,642
|
46
|
46
|
||||||||||||||||||
Farmland
|
349
|
348
|
--
|
348
|
(2
|
)
|
1
|
|||||||||||||||||
Consumer
|
256
|
251
|
--
|
251
|
4
|
5
|
||||||||||||||||||
Other
|
203
|
203
|
--
|
203
|
2
|
2
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
37,232
|
32,134
|
--
|
32,134
|
184
|
207
|
||||||||||||||||||
|
||||||||||||||||||||||||
With An Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
1,380
|
1,380
|
423
|
1,380
|
--
|
--
|
||||||||||||||||||
Agricultural
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Construction
|
5,922
|
3,470
|
1,548
|
3,470
|
--
|
--
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Real Estate
|
6,466
|
6,109
|
407
|
6,109
|
46
|
46
|
||||||||||||||||||
Residential Real Estate
|
962
|
954
|
289
|
954
|
11
|
15
|
||||||||||||||||||
Farmland
|
1,324
|
1,324
|
233
|
1,324
|
--
|
--
|
||||||||||||||||||
Consumer
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Other
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
16,054
|
13,237
|
2,900
|
13,237
|
57
|
61
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||
Commercial
|
1,979
|
1,979
|
423
|
1,979
|
5
|
13
|
||||||||||||||||||
Agricultural
|
56
|
51
|
--
|
51
|
(9
|
)
|
--
|
|||||||||||||||||
Commercial Construction
|
13,382
|
7,824
|
1,548
|
7,824
|
8
|
8
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Real Estate
|
27,662
|
26,795
|
407
|
26,795
|
176
|
178
|
||||||||||||||||||
Residential Real Estate
|
8,075
|
6,596
|
289
|
6,596
|
57
|
61
|
||||||||||||||||||
Farmland
|
1,673
|
1,672
|
233
|
1,672
|
(2
|
)
|
1
|
|||||||||||||||||
Consumer
|
256
|
251
|
--
|
251
|
4
|
5
|
||||||||||||||||||
Other
|
203
|
203
|
--
|
203
|
2
|
2
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
$
|
53,286
|
$
|
45,371
|
$
|
2,900
|
$
|
45,371
|
$
|
241
|
$
|
268
|
(3) | Loans (Continued) |
December 31, 2013
|
||||||||||||||||||||||||
|
Unpaid
|
|||||||||||||||||||||||
|
Contractual
|
Average
|
Interest
|
Interest
|
||||||||||||||||||||
|
Principal
|
Impaired
|
Related
|
Recorded
|
Income
|
Income
|
||||||||||||||||||
|
Balance
|
Balance
|
Allowance
|
Investment
|
Recognized
|
Collected
|
||||||||||||||||||
|
||||||||||||||||||||||||
With No Related
|
||||||||||||||||||||||||
Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
$
|
305
|
$
|
305
|
$
|
--
|
$
|
216
|
$
|
24
|
$
|
25
|
||||||||||||
Agricultural
|
--
|
--
|
--
|
10
|
--
|
--
|
||||||||||||||||||
Commercial Construction
|
7,856
|
4,750
|
--
|
4,106
|
35
|
41
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Real Estate
|
20,121
|
19,253
|
--
|
13,199
|
494
|
504
|
||||||||||||||||||
Residential Real Estate
|
7,837
|
6,362
|
--
|
4,564
|
224
|
209
|
||||||||||||||||||
Farmland
|
303
|
303
|
--
|
1,859
|
1
|
1
|
||||||||||||||||||
Consumer
|
313
|
307
|
--
|
253
|
18
|
21
|
||||||||||||||||||
Other
|
9
|
9
|
--
|
2
|
1
|
1
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
36,744
|
31,289
|
--
|
24,209
|
797
|
802
|
||||||||||||||||||
|
||||||||||||||||||||||||
With An Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
1,453
|
1,453
|
434
|
1,689
|
15
|
21
|
||||||||||||||||||
Agricultural
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Construction
|
5,923
|
3,472
|
830
|
5,025
|
--
|
--
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Real Estate
|
5,874
|
5,874
|
424
|
11,072
|
157
|
148
|
||||||||||||||||||
Residential Real Estate
|
1,949
|
1,849
|
526
|
3,662
|
26
|
24
|
||||||||||||||||||
Farmland
|
1,327
|
1,327
|
85
|
664
|
45
|
47
|
||||||||||||||||||
Consumer
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Other
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
16,526
|
13,975
|
2,299
|
22,112
|
243
|
240
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||
Commercial
|
1,758
|
1,758
|
434
|
1,905
|
39
|
46
|
||||||||||||||||||
Agricultural
|
--
|
--
|
--
|
10
|
--
|
--
|
||||||||||||||||||
Commercial Construction
|
13,779
|
8,222
|
830
|
9,131
|
35
|
41
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Real Estate
|
25,995
|
25,127
|
424
|
24,271
|
651
|
652
|
||||||||||||||||||
Residential Real Estate
|
9,786
|
8,211
|
526
|
8,226
|
250
|
233
|
||||||||||||||||||
Farmland
|
1,630
|
1,630
|
85
|
2,523
|
46
|
48
|
||||||||||||||||||
Consumer
|
313
|
307
|
--
|
253
|
18
|
21
|
||||||||||||||||||
Other
|
9
|
9
|
--
|
2
|
1
|
1
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
$
|
53,270
|
$
|
45,264
|
$
|
2,299
|
$
|
46,321
|
$
|
1,040
|
$
|
1,042
|
(3) | Loans (Continued) |
March 31, 2013
|
||||||||||||||||||||||||
|
Unpaid
|
|||||||||||||||||||||||
|
Contractual
|
Average
|
Interest
|
Interest
|
||||||||||||||||||||
|
Principal
|
Impaired
|
Related
|
Recorded
|
Income
|
Income
|
||||||||||||||||||
|
Balance
|
Balance
|
Allowance
|
Investment
|
Recognized
|
Collected
|
||||||||||||||||||
|
||||||||||||||||||||||||
With No Related
|
||||||||||||||||||||||||
Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
$
|
264
|
$
|
122
|
$
|
--
|
$
|
122
|
$
|
3
|
$
|
4
|
||||||||||||
Agricultural
|
39
|
39
|
--
|
39
|
--
|
--
|
||||||||||||||||||
Commercial Construction
|
9,002
|
4,962
|
--
|
4,962
|
4
|
5
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Real Estate
|
15,405
|
15,331
|
--
|
15,331
|
102
|
129
|
||||||||||||||||||
Residential Real Estate
|
2,726
|
2,382
|
--
|
2,382
|
10
|
18
|
||||||||||||||||||
Farmland
|
2,590
|
2,548
|
--
|
2,548
|
(1
|
)
|
3
|
|||||||||||||||||
Consumer
|
229
|
217
|
--
|
217
|
--
|
2
|
||||||||||||||||||
Other
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
|
||||||||||||||||||||||||
|
30,255
|
25,601
|
--
|
25,601
|
118
|
161
|
||||||||||||||||||
|
||||||||||||||||||||||||
With An Allowance Recorded
|
||||||||||||||||||||||||
Commercial
|
1,465
|
1,465
|
456
|
1,465
|
20
|
17
|
||||||||||||||||||
Agricultural
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Construction
|
5,339
|
4,690
|
1,493
|
4,690
|
--
|
1
|
||||||||||||||||||
Residential Construction
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Commercial Real Estate
|
10,077
|
9,917
|
1,426
|
9,917
|
73
|
91
|
||||||||||||||||||
Residential Real Estate
|
6,959
|
5,916
|
1,118
|
5,916
|
40
|
36
|
||||||||||||||||||
Farmland
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Consumer
|
--
|
--
|
--
|
--
|
--
|