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00000032 - Disclosure - Loans and Allowance for Loan Losses (Tables)
(http://sgfc.com/role/LoansAndAllowanceForLoanLossesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000315849 (http://www.sec.gov/CIK)
Receivables [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Receivables [Abstract]
 
Schedule of Loan Portfolio and Percentage of Loans in Each Category to Total Loans

The composition of the Corporation’s loan portfolio at December 31, 2016 and 2015 was as follows:

 

    2016   2015
         
Commercial, financial and agricultural loans   $ 70,999,423     $ 58,173,187  
Real estate                
Construction loans     25,999,295       19,831,070  
Commercial mortgage loans     91,732,812       85,777,359  
Residential loans     83,270,983       67,969,119  
Agricultural loans     16,580,126       15,620,266  
Consumer & other loans     3,960,492       3,434,380  
                 
         Loans outstanding     292,543,131       250,805,381  
                 
Unearned interest and discount     (18,895 )     (19,046 )
Allowance for loan losses     (3,124,611 )     (3,032,242 )
       Net loans   $ 289,399,625     $ 247,754,093  

  
Past Due Loans and Nonaccrual Loans

The following tables present an age analysis of past due loans and nonaccrual loans segregated by class of loans.

 

   

Age Analysis of Past Due Loans

As of December 31, 2016

    30-89 Days Past Due   Greater than 90 Days   Total Past Due Loans   Nonaccrual Loans   Current Loans   Total Loans
                         
Commercial, financial and agricultural loans   $ 1,264,998     $ 0     $ 1,264,998     $ 38,798     $ 69,695,627     $ 70,999,423  
Real estate:                                                
Construction loans     66,931       0       66,931       207,522       25,724,842       25,999,295  
Commercial mortgage loans     1,268,405       0       1,268,405       0       90,464,407       91,732,812  
Residential loans     1,376,671       0       1,376,671       0       81,894,312       83,270,983  
Agricultural loans     0       0       0       0       16,580,126       16,580,126  
Consumer & other loans     65,127       0       65,127       0       3,895,365       3,960,492  
                                                 
         Total loans   $ 4,042,132     $ 0     $ 4,042,132     $ 246,320     $ 288,254,679     $ 292,543,131  

 

 

   

Age Analysis of Past Due Loans

As of December 31, 2015

    30-89 Days Past Due   Greater than 90 Days   Total Past Due Loans   Nonaccrual Loans   Current Loans   Total Loans
                         

Commercial, financial and

agricultural loans

   $ 449,618     $ 521     $ 450,139     $ 0     $ 57,723,048     $ 58,173,187  
Real estate:                                                
Construction loans     121,694       0       121,694       0       19,709,376       19,831,070  
Commercial mortgage loans     810,515       0       810,515       0       84,966,844       85,777,359  
Residential loans     2,238,684       0       2,238,684       639,094       65,091,341       67,969,119  
Agricultural loans     148,761       0       148,761       906,505       14,565,000       15,620,266  
Consumer & other loans     84,342       0       84,342       0       3,350,038       3,434,380  
                                                 
         Total loans   $ 3,853,614     $ 521     $ 3,854,135     $ 1,545,599     $ 245,405,647     $ 250,805,381  

  
Schedule of Impaired Loans Segregated by Class of Loans

The following tables present impaired loans, segregated by class of loans as of December 31, 2016 and 2015:

 

    Unpaid   Recorded Investment      

Year-to-date

Average

  

Interest

Income Received

December 31, 2016   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             
Commercial, financial and agricultural loans   $ 102,086     $ 4,798     $ 97,288     $ 102,086     $ 12,021     $ 21,154     $ 2,464  
Real estate:                                                        
Construction loans     247,015       126,215       0       126,215       0       168,432       12,691  
Commercial mortgage loans     880,670       0       880,670       880,670       245,472       4,005,175       46,195  
Residential loans     2,223,421       230,610       1,971,899       2,202,509       291,936       3,272,528       122,370  
Agricultural loans     246,175       246,175       0       246,175       0       851,740       8,150  
Consumer & other loans     3,246       3,246       0       3,246       0       6,501       201  
                                                         
         Total loans   $ 3,702,613     $ 611,044     $ 2,949,857     $ 3,560,901     $ 549,429     $ 8,325,530     $ 192,071  

 

    Unpaid   Recorded Investment      

Year-to-date

Average

  

Interest

Income Received

December 31, 2015   Principal Balance   With No Allowance   With Allowance   Total   Related Allowance   Recorded Investment   During Impairment
                             
Commercial, financial and agricultural loans   $ 0     $ 0     $ 0     $ 0     $ 0     $ 0     $ 0  
Real estate:                                                        
Construction loans     193,524       72,724       0       72,724       0       133,693       15,049  
Commercial mortgage loans     3,256,589       496,159       2,760,430       3,256,589       212,283       2,096,082       89,947  
Residential loans     1,988,434       662,523       1,304,999       1,967,522       91,831       3,832,546       107,070  
Agricultural loans     257,211       257,211       0       257,211       0       422,099       25,823  
Consumer & other loans     4,569       4,569       0       4,569       0       0       0  
                                                         
         Total loans   $ 5,700,327     $ 1,493,186     $ 4,065,429     $ 5,558,615     $ 304,114     $ 6,484,420     $ 237,889  

  
Schedule of Troubled Debt Restructuring by Loan Class

The following tables present the amount of troubled debt restructuring by loan class, classified separately as accrual and nonaccrual at December 31, 2016 and 2015, as well as those currently paying under restructured terms and those that have defaulted under restructured terms as of December 31, 2016 and 2015. Loans modified in a troubled debt restructuring are considered to be in default once the loan becomes 30 or more days past due.

 

    December 31, 2016
            Under restructured terms
   

 

Accruing

   Non-accruing  

 

#

  

 

Current

  

 

#

  

 

Default

Commercial, financial, and agricultural loans   $ 0     $ 0       0     $ 0       0     $ 0  
Real estate:                                                
   Construction loans     0       0       0       0       0       0  
   Commercial mortgage loans     0       0       0       0       0       0  
   Residential loans     4,853       0       1       4,853       0       0  
   Agricultural loans     906,279       0       3       906,279       0       0  
Consumer & other loans     3,246       0       1       3,246       0       0  
Total TDR’s   $ 914,378     $ 0       5     $ 914,378       0     $ 0  

 

    December 31, 2015
            Under restructured terms
   

 

Accruing

   Non-accruing  

 

#

  

 

Current

  

 

#

  

 

Default

Commercial, financial, and agricultural loans   $ 0     $ 0       0     $ 0       0     $ 0  
Real estate:                                                
   Construction loans     0       0       0       0       0       0  
   Commercial mortgage loans     2,280,466       0       1       2,280,466       0       0  
   Residential loans     5,376       0       1       5,376       0       0  
   Agricultural loans     0       0       0       0       0       0  
Consumer & other loans     4,569       0       1       4,569       0       0  
Total TDR’s   $ 2,290,411     $ 0       3     $ 2,290,411       0     $ 0  

  
Schedule of Troubled Debt Restructurings by Types of Concessions Made

The following table presents the amount of troubled debt restructurings by types of concessions made, classified separately as accrual and nonaccrual at December 31, 2016 and 2015.

 

    December 31, 2016   December 31, 2015
    Accruing   Nonaccruing   Accruing   Nonaccruing
    #   Balance   #   Balance   #   Balance   #   Balance
Type of concession:                                                                
Payment modification     0     $ 0       0     $ 0       0     $ 0       0     $ 0  
Rate reduction     0       0       0       0       0       0       0       0  
Rate reduction, payment modification     5       914,378       0       0       3       2,290,411       0       0  
Forbearance of interest     0       0       0       0       0       0       0       0  
Total     5     $ 914,378       0     $ 0       3     $ 2,290,411       0     $ 0  

 

  
Schedule of Internal Loan Grading By Class of Loans

The following tables present internal loan grading by class of loans at December 31, 2016 and 2015:

 

December 31, 2016   Commercial, Financial, and Agricultural   Construction Real Estate   Commercial Real Estate   Residential Real Estate   Agricultural Real Estate   Consumer and Other   Total
Rating:                                                        
Grade 1- Exceptional   $ 615,535     $ 0     $ 0     $ 24,963     $ 0     $ 395,765     $ 1,036,263  
Grade 2- Above Avg.     0       0       0       7,172       289,561       10,195       306,928  
Grade 3- Acceptable     28,049,484       7,456,101       24,383,326       29,654,781       8,899,344       1,343,547       99,786,583  
Grade 4- Fair     40,358,471       18,402,769       62,023,892       48,747,687       6,306,754       2,182,145       178,021,718  
Grade 5a- Watch     111,488       0       1,071,667       832,624       22,642       16,002       2,054,423  
Grade 5b- OAEM     1,561,359       14,210       2,883,133       1,260,719       0       3,247       5,722,668  
Grade 6- Substandard     214,862       126,215       1,370,794       2,743,037       1,061,825       9,591       5,526,324  
Grade 7- Doubtful     88,224       0       0       0       0       0       88,224  
       Total loans   $ 70,999,423     $ 25,999,295     $ 91,732,812     $ 83,270,983     $ 16,580,126     $ 3,960,492     $ 292,543,131  

 

  

December 31, 2015   Commercial, Financial, and Agricultural   Construction Real Estate   Commercial Real Estate   Residential Real Estate   Agricultural Real Estate   Consumer and Other   Total
Rating:                                                        
Grade 1- Exceptional   $ 731,270     $ 0     $ 0     $ 25,988     $ 0     $ 416,250     $ 1,173,508  
Grade 2- Above Avg.     0       0       0       10,011       329,069       0       339,080  
Grade 3- Acceptable     30,581,968       7,569,566       26,285,799       31,303,029       9,648,983       1,756,139       107,145,484  
Grade 4- Fair     26,075,703       11,022,826       53,296,973       30,946,390       3,930,746       1,230,515       126,503,153  
Grade 5a- Watch     217,295       1,097,222       4,791,317       1,263,077       638,402       5,999       8,013,312  
Grade 5b- OAEM     560,678       0       523,596       1,233,611       0       13,802       2,331,687  
Grade 6- Substandard     6,273       141,456       879,674       3,155,625       1,073,066       11,675       5,267,769  
Grade 7- Doubtful     0       0       0       31,388       0       0       31,388  
       Total loans   $ 58,173,187     $ 19,831,070     $ 85,777,359     $ 67,969,119     $ 15,620,266     $ 3,434,380     $ 250,805,381  

 

  
Schedule of Changes in Allowance for Loan Losses

Changes in the allowance for loan losses are as follows:

    2016   2015   2014
             
Balance, January 1   $ 3,032,242     $ 3,114,151     $ 3,077,561  
Provision charged to operations     160,000       141,300       330,000  
Loans charged off     (116,006 )     (319,200 )     (341,377 )
Recoveries     48,375       95,991       47,967  
                         
Balance, December 31   $ 3,124,611     $ 3,032,242     $ 3,114,151  

  
Schedule of Allowance For Loan Losses Methodology

The following tables detail activity in the ALL by class of loans for the years ended December 31, 2016 and 2015. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

 

December 31, 2016   Commercial, Financial, and Agricultural   Construction Real Estate   Commercial Real Estate   Residential Real Estate   Agricultural Real Estate   Consumer and Other   Total
Allowance for loan losses:                                                        
Beginning balance, December 31, 2015   $ 144,781     $ 1,043,083     $ 1,192,098     $ 381,891     $ 86,656     $ 183,733     $ 3,032,242  
                                                         
Charge-offs     103,387       0       0       3,394       0       9,225       116,006  
Recoveries     28,303       0       0       16,994       0       3,078       48,375  
Net charge-offs     75,084       0       0       (13,600 )     0       6,147       67,631  
Provisions charged to operations     121,570       0       0       24,698       0       13,732       160,000  
Balance at end of period, December 31, 2016   $ 191,267     $ 1,043,083     $ 1,192,098     $ 420,189     $ 86,656     $ 191,318     $ 3,124,611  
                                                         
Ending balance -                                                        

Individually evaluated

for impairment

   $ 12,021     $ 0     $ 245,472     $ 291,936     $ 0     $ 0     $ 549,429  
Collectively evaluated for impairment     179,246       1,043,083       946,626       128,253       86,656       191,318       2,575,182  
Balance at end of period   $ 191,267     $ 1,043,083     $ 1,192,098     $ 420,189     $ 86,656     $ 191,318     $ 3,124,611  
                                                         
Loans :                                                        
Ending balance -                                                        

Individually evaluated

for impairment

   $ 102,086     $ 126,215     $ 4,496,700     $ 2,281,439     $ 1,061,826     $ 3,246     $ 8,071,512  
Collectively evaluated for impairment     70,897,337       25,873,080       87,236,112       80,989,544       15,518,300       3,957,246       284,471,619  
Balance at end of period   $ 70,999,423     $ 25,999,295     $ 91,732,812     $ 83,270,983     $ 16,580,126     $ 3,960,492     $ 292,543,131  

 

 

 

  

December 31, 2015   Commercial, Financial, and Agricultural   Construction Real Estate   Commercial Real Estate   Residential Real Estate   Agricultural Real Estate   Consumer and Other   Total
Allowance for loan losses:                                                        
Beginning balance, December 31, 2014   $ 299,850     $ 1,043,083     $ 1,192,098     $ 312,822     $ 86,656     $ 179,642     $ 3,114,151  
                                                         
Charge-offs     263,809       0       0       33,238       0       22,153       319,200  
Recoveries     42,253       0       0       22,047       0       31,691       95,991  
Net charge-offs     221,556       0       0       11,191       0       (9,538 )     223,209  
Provisions charged to operations     66,487       0       0       80,260       0       (5,447 )     141,300  
Balance at end of period, December 31, 2015   $ 144,781     $ 1,043,083     $ 1,192,098     $ 381,891     $ 86,656     $ 183,733     $ 3,032,242  
                                                         
Ending balance -                                                        

Individually evaluated

for impairment

   $ 0     $ 0     $ 212,283     $ 91,831     $ 0     $ 0     $ 304,114  
Collectively evaluated for impairment     144,781       1,043,083       979,815       290,060       86,656       183,733       2,728,128  
Balance at end of period   $ 144,781     $ 1,043,083     $ 1,192,098     $ 381,891     $ 86,656     $ 183,733     $ 3,032,242  
                                                         
Loans :                                                        
Ending balance -                                                        

Individually evaluated

for impairment

   $ 0     $ 1,012,831     $ 5,414,491     $ 2,896,953     $ 1,682,207     $ 4,569     $ 11,011,051  
Collectively evaluated for impairment     58,173,187       18,818,239       80,362,868       65,072,166       13,938,059       3,429,811       239,794,330  
Balance at end of period   $ 58,173,187     $ 19,831,070     $ 85,777,359     $ 67,969,119     $ 15,620,266     $ 3,434,380     $ 250,805,381  

 

  
Impaired Loans With Specific Reserves and Recorded Balance of Related Loans

The following table is a summary of amounts included in the ALL for the impaired loans with specific reserves and the recorded balance of the related loans.

 

    Year Ended December 31,
    2016   2015   2014
             
Allowance for loss on impaired loans   $ 549,429     $ 304,114     $ 478,814  
Recorded balance of impaired loans   $ 3,560,901     $ 5,558,615     $ 4,126,957