Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents assets and liabilities that are
measured at fair value on a recurring basis as of
September 30, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$ |
— |
|
|
$ |
89,951,490 |
|
|
$ |
— |
|
|
$ |
89,951,490 |
|
Mortgage-backed securities
|
|
|
— |
|
|
|
14,835,392 |
|
|
|
— |
|
|
|
14,835,392 |
|
State, county and municipal obligations
|
|
|
— |
|
|
|
92,753,399 |
|
|
|
— |
|
|
|
92,753,399 |
|
Other investments
|
|
|
— |
|
|
|
— |
|
|
|
2,849,475 |
|
|
|
2,849,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
— |
|
|
$ |
197,540,281 |
|
|
$ |
2,849,475 |
|
|
$ |
200,389,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents assets and liabilities that are
measured at fair value on a recurring basis as of December 31,
2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$ |
— |
|
|
$ |
282,816,400 |
|
|
$ |
— |
|
|
$ |
282,816,400 |
|
Mortgage-backed securities
|
|
|
— |
|
|
|
17,166,394 |
|
|
|
— |
|
|
|
17,166,394 |
|
State, county and municipal obligations
|
|
|
— |
|
|
|
95,427,405 |
|
|
|
— |
|
|
|
95,427,405 |
|
Other investments
|
|
|
— |
|
|
|
— |
|
|
|
2,766,203 |
|
|
|
2,766,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
— |
|
|
$ |
395,410,199 |
|
|
$ |
2,766,203 |
|
|
$ |
398,176,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Measured at Fair Value on Nonrecurring Basis |
For assets measured at fair value on a nonrecurring basis during
2014 that were still held in the balance sheet at
September 30, 2014, the following table provides the hierarchy
level and the fair value of the related assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
|
Significant |
|
|
|
|
|
|
|
|
|
Markets for |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
Identical |
|
|
Observable |
|
|
Unobservable |
|
|
|
|
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Totals |
|
Impaired loans
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,637,917 |
|
|
$ |
6,637,917 |
|
Other real estate owned
|
|
|
— |
|
|
|
— |
|
|
|
1,252,823 |
|
|
|
1,252,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,890,740 |
|
|
$ |
7,890,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For assets measured at fair value on a nonrecurring basis during
2013 that were still held in the balance sheet at December 31,
2013, the following table provides the hierarchy level and the fair
value of the related assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
|
Significant |
|
|
|
|
|
|
|
|
|
Markets for |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
Identical |
|
|
Observable |
|
|
Unobservable |
|
|
|
|
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Totals |
|
Impaired loans
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,782,923 |
|
|
$ |
8,782,923 |
|
Other real estate owned
|
|
|
— |
|
|
|
— |
|
|
|
645,468 |
|
|
|
645,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,428,391 |
|
|
$ |
9,428,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2014, and December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
|
Markets for |
|
|
Other |
|
|
Significant |
|
|
Total |
|
|
|
Carrying |
|
|
Identical |
|
|
Observable |
|
|
Unobservable |
|
|
Fair |
|
September 30, 2014 |
|
Value |
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
|
Value |
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$ |
19,112,785 |
|
|
$ |
19,112,785 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,112,785 |
|
Interest bearing deposits with banks
|
|
|
14,868,718 |
|
|
|
14,868,718 |
|
|
|
— |
|
|
|
— |
|
|
|
14,868,718 |
|
Securities held-to-maturity
|
|
|
206,261,065 |
|
|
|
|
|
|
|
210,736,949 |
|
|
|
|
|
|
|
210,736,949 |
|
Securities available-for-sale
|
|
|
200,389,756 |
|
|
|
— |
|
|
|
197,540,281 |
|
|
|
2,849,475 |
|
|
|
200,389,756 |
|
Net loans
|
|
|
381,992,340 |
|
|
|
— |
|
|
|
— |
|
|
|
382,242,913 |
|
|
|
382,242,913 |
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$ |
695,291,209 |
|
|
$ |
470,963,425 |
|
|
$ |
— |
|
|
$ |
224,476,684 |
|
|
$ |
695,440,109 |
|
Federal Home Loan Bank advances
|
|
|
23,500,000 |
|
|
|
— |
|
|
|
— |
|
|
|
24,346,302 |
|
|
|
24,346,302 |
|
Securities Sold under Agreement to Repurchase
|
|
|
82,318,447 |
|
|
|
82,318,447 |
|
|
|
— |
|
|
|
— |
|
|
|
82,318,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted Prices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Active |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
|
Markets for |
|
|
Other |
|
|
Significant |
|
|
Total |
|
|
|
Carrying |
|
|
Identical |
|
|
Observable |
|
|
Unobservable |
|
|
Fair |
|
December 31, 2013 |
|
Value |
|
|
Assets |
|
|
Inputs |
|
|
Inputs |
|
|
Value |
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$ |
16,040,195 |
|
|
$ |
16,040,195 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,040,195 |
|
Interest bearing deposits with banks
|
|
|
684,100 |
|
|
|
684,100 |
|
|
|
— |
|
|
|
— |
|
|
|
684,100 |
|
Securities available-for-sale
|
|
|
432,065,590 |
|
|
|
— |
|
|
|
395,410,199 |
|
|
|
2,766,203 |
|
|
|
398,176,402 |
|
Net loans
|
|
|
384,104,766 |
|
|
|
— |
|
|
|
— |
|
|
|
385,646,132 |
|
|
|
385,646,132 |
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$ |
654,629,796 |
|
|
$ |
422,186,092 |
|
|
$ |
— |
|
|
$ |
232,602,224 |
|
|
$ |
654,788,316 |
|
Federal Home Loan Bank advances
|
|
|
33,500,000 |
|
|
|
— |
|
|
|
— |
|
|
|
34,622,359 |
|
|
|
34,622,359 |
|
Securities Sold under Agreement to Repurchase
|
|
|
82,420,781 |
|
|
|
82,420,781 |
|
|
|
— |
|
|
|
— |
|
|
|
82,420,781 |
|
|