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139 - Disclosure - Fair Values of Financial Instruments (Tables)
(http://www.citizensholdingcompany.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlockTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001075706 (http://www.sec.gov/CIK)
Fair Value Disclosures [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Fair Value Disclosures [Abstract]
 
Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents investment securities that are measured at fair value on a recurring basis as of December 31, 2016:

 

     Quoted Prices
in Active
Markets for
Identical
Assets		      Significant
Other
Observable
Inputs		      Significant
Unobservable
Inputs		         
     (Level 1)      (Level 2)      (Level 3)      Totals  

Securities available for sale

            

Obligations of U.S.

            

Government agencies

    $ —        $ 199,966,608      $ —        $ 199,966,608  

Mortgage-backed securities

      —          148,264,710        —          148,264,710  

State, County, Municipals

      —          144,922,150        —          144,922,150  

Other Investments

      —          —          2,971,106        2,971,106  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ —        $ 493,153,468      $ 2,971,106      $ 496,124,574  
  

 

 

     

 

 

     

 

 

     

 

 

  

The following table presents investment securities that are measured at fair value on a recurring basis as of December 31, 2015:

 

     Quoted Prices
in Active
Markets for
Identical
Assets		      Significant
Other
Observable
Inputs		      Significant
Unobservable
Inputs		         
     (Level 1)      (Level 2)      (Level 3)      Totals  

Securities available for sale

            

Obligations of U.S.

            

Government agencies

    $ —        $ 82,250,366      $ —        $ 82,250,366  

Mortgage-backed securities

      —          91,721,965        —          91,721,965  

State, County, Municipals

      —          90,376,363        —          90,376,363  

Other Investments

      —          —          2,915,709        2,915,709  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ —        $ 264,348,694      $ 2,915,709      $ 267,264,403  
  

 

 

     

 

 

     

 

 

     

 

 

  
  
Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following table reports the activity in assets measured at fair value on a recurring basis using significant unobservable inputs, during the years ended December 31, 2016 and December 31, 2015.

 

     Fair Value Measurements Using
Significant Unobservable Inputs
(Level 3)		  
     2016      2015  

Balance at January 1

    $ 2,915,709      $ 2,872,723  

Principal payments received

      (69,631 )       (75,182 ) 

Unrealized gains included in other comprehensive income

      125,028        118,168  
  

 

 

     

 

 

  

Balance at December 31

    $ 2,971,106      $ 2,915,709  
  

 

 

     

 

 

  
  
Asset Measured at Fair Value on Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis during December 31, 2016 and 2015 and were still held at those respective dates:

 

     Quoted Prices
in Active
Markets for
Identical
Assets		      Significant
Other
Observable
Inputs		      Significant
Unobservable
Inputs		         
     (Level 1)      (Level 2)      (Level 3)      Totals  

December 31, 2016

            

Impaired loans

    $ —        $ —        $ 3,591,516      $ 3,591,516  

Other real estate owned

      —          —          1,893,949        1,893,949  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ —        $ —        $ 5,485,465      $ 5,485,465  
  

 

 

     

 

 

     

 

 

     

 

 

  

December 31, 2015

            

Impaired loans

    $ —        $ —        $ 8,926,364      $ 8,926,364  

Other real estate owned

      —          —          538,262        538,262  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ —        $ —        $ 9,464,626      $ 9,464,626  
  

 

 

     

 

 

     

 

 

     

 

 

  
  
Carrying Value and Estimated Fair Value of Financial Instruments

The following represents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2016 and December 31, 2015:

 

     Carrying Value      Quoted Prices in
Active Markets
for Identical
Assets		      Significant
Other
Observable
Inputs		      Significant
Unobservable
Inputs		      Total Fair Value  

2016

           (Level 1)      (Level 2)      (Level 3)         

Financial assets

               

Cash and due from banks

    $ 21,688,557      $ 21,688,557      $ —        $ —        $ 21,688,557  

Interest bearing deposits with banks

      48,603,182        48,603,182        —          —          48,603,182  

Securities available-for-sale

      496,124,574        —          493,153,468        2,971,106        496,124,574  

Net loans

      390,148,343        —          —          391,106,337        391,106,337  

Financial liabilities

               

Deposits

    $ 760,152,340      $ 563,440,632      $ —        $ 196,859,851      $ 760,300,483  

Federal Home Loan Bank advances

      20,000,000        —          —          20,283,999        20,283,999  

Securities Sold under Agreement to Repurchase

      150,282,913        150,282,913        —          —          150,282,913  

 

     Carrying Value      Quoted Prices in
Active Markets
for Identical
Assets		      Significant
Other
Observable
Inputs		      Significant
Unobservable
Inputs		      Total Fair Value  

2015

           (Level 1)      (Level 2)      (Level 3)         

Financial assets

               

Cash and due from banks

    $ 14,947,690      $ 14,947,690      $ —        $ —        $ 14,947,690  

Interest bearing deposits with banks

      42,267,777        42,267,777        —          —          42,267,777  

Securities available-for-sale

      267,264,403        —          264,348,694        2,915,709        267,264,403  

Securities held-to-maturity

      161,043,404        —          169,045,835        —          169,045,835  

Net loans

      423,108,391        —          —          425,096,569        425,096,569  

Financial liabilities

               

Deposits

    $ 753,404,788      $ 542,640,313      $ —        $ 210,890,430      $ 753,530,743  

Federal Home Loan Bank advances

      20,000,000        —          —          20,534,935        20,534,935  

Securities Sold under Agreement to Repurchase

      104,298,182        104,298,182        —          —          104,298,182