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Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2011
Allowance for Loan Losses [Abstract] |
Allowance for Loan Losses | (5) Allowance for Loan Losses Changes in the allowance for loan losses for the years ended December 31 are as follows:
|  | December 31 |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Balance, Beginning of Year |  | $ | 28,280,077 |  |  | $ | 31,400,641 |  |  | $ | 17,015,883 |
Provision for Loan Losses |  |  | 8,250,000 |  |  |  | 13,350,000 |  |  |  | 43,445,000 |
Loans Charged Off |  |  | (22,850,673 | ) |  |  | (17,622,454 | ) |  |  | (29,493,324 | )
Recoveries of Loans Previously Charged Off |  |  | 1,970,190 |  |  |  | 1,151,890 |  |  |  | 433,082 |
Balance, End of Year |  | $ | 15,649,594 |  |  | $ | 28,280,077 |  |  | $ | 31,400,641 |
The following table details activity in the allowance for loan losses, segregated by class of loan, for the year ended December 31, 2011. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other loan categories and periodically may result in reallocation within the provision categories.
2011 |  | Beginning Balance |  |  | Charge-Offs |  |  | Recoveries |  |  | Provision |  |  | Ending Balance |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 4,414,817 |  |  | $ | (841,887 | ) |  | $ | 127,490 |  |  | $ | (2,629,860 | ) |  | $ | 1,070,560 |
Industrial |  |  | 698,637 |  |  |  | (455,165 | ) |  |  | 454,453 |  |  |  | (400,757 | ) |  |  | 297,168 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Construction |  |  | 4,126,043 |  |  |  | (6,957,181 | ) |  |  | 557,168 |  |  |  | 5,396,564 |  |  |  | 3,122,594 |
Residential Construction |  |  | 519,766 |  |  |  | (481 | ) |  |  | - |  |  |  | (381,193 | ) |  |  | 138,092 |
Commercial |  |  | 8,029,525 |  |  |  | (12,492,097 | ) |  |  | 527,996 |  |  |  | 10,382,640 |  |  |  | 6,448,064 |
Residential |  |  | 5,941,696 |  |  |  | (1,704,887 | ) |  |  | 149,173 |  |  |  | (690,625 | ) |  |  | 3,695,357 |
Farmland |  |  | 944,323 |  |  |  | (60,447 | ) |  |  | 411 |  |  |  | (519,624 | ) |  |  | 364,663 |
Consumer and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  |  | 3,074,220 |  |  |  | (222,878 | ) |  |  | 145,279 |  |  |  | (2,791,467 | ) |  |  | 205,154 |
Other |  |  | 531,050 |  |  |  | (115,650 | ) |  |  | 8,220 |  |  |  | (115,678 | ) |  |  | 307,942 |
|  | $ | 28,280,077 |  |  | $ | (22,850,673 | ) |  | $ | 1,970,190 |  |  | $ | 8,250,000 |  |  | $ | 15,649,594 |
The following table details activity in the allowance for loan losses, segregated by class of loan, for the year ended December 31, 2010. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other loan categories and periodically may result in reallocation within the provision categories.
2010 |  | Beginning Balance |  |  | Charge-Offs |  |  | Recoveries |  |  | Provision |  |  | Ending Balance |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 3,930,760 |  |  | $ | (469,214 | ) |  | $ | 80,181 |  |  | $ | 873,090 |  |  | $ | 4,414,817 |
Industrial |  |  | 779,337 |  |  |  | (255,627 | ) |  |  | 1,377 |  |  |  | 173,550 |  |  |  | 698,637 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Construction |  |  | 7,402,484 |  |  |  | (4,648,124 | ) |  |  | 184,868 |  |  |  | 1,186,815 |  |  |  | 4,126,043 |
Residential Construction |  |  | 447,676 |  |  |  | - |  |  |  | - |  |  |  | 72,090 |  |  |  | 519,766 |
Commercial |  |  | 8,790,443 |  |  |  | (7,459,619 | ) |  |  | 141,931 |  |  |  | 6,556,770 |  |  |  | 8,029,525 |
Residential |  |  | 5,025,839 |  |  |  | (2,929,668 | ) |  |  | 439,940 |  |  |  | 3,405,585 |  |  |  | 5,941,696 |
Farmland |  |  | 942,019 |  |  |  | (271,750 | ) |  |  | 7,639 |  |  |  | 266,415 |  |  |  | 944,323 |
Consumer and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  |  | 2,826,058 |  |  |  | (548,834 | ) |  |  | 245,641 |  |  |  | 551,355 |  |  |  | 3,074,220 |
Other |  |  | 1,256,025 |  |  |  | (1,039,618 | ) |  |  | 50,313 |  |  |  | 264,330 |  |  |  | 531,050 |
|  | $ | 31,400,641 |  |  | $ | (17,622,454 | ) |  | $ | 1,151,890 |  |  | $ | 13,350,000 |  |  | $ | 28,280,077 |
The Company determines its individual loan reserves during its quarterly review of substandard loans. This process involves reviewing all loans with a risk grade of 6 or below and an outstanding balance of $50,000 or more. At December 31, 2011 and 2010, impaired loans totaling $995,168 and $976,971 were below the $50,000 review threshold and were not individually reviewed for impairment. Those loans were subject to the bank's general loan loss reserve methodology and are included in the “Collectively Evaluated for Impairment” column of the following tables. Since not all loans in the substandard category are considered impaired, this quarterly assessment often results in the identification of individual reserves which are placed against certain loans as part of management's allowance for loan loss calculation. The total of these loans and the related reserves are presented in the column titled “Substandard Loans Individually Reviewed for Impairment” in the following tables. The following tables present breakdowns of the allowance for loan losses, segregated by impairment methodology for December 31, 2011 and 2010:
|  |  |  |  |  |  |  | Ending Allowance Balance |
2011 |  | Nonaccrual/TDR Individually Evaluated for Impairment |  |  | Substandard Individually Evaluated for Impairment |  |  | Total Individually Evaluated for Impairment |  |  | Collectively Evaluated for Impairment |  |  | Total |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 308,211 |  |  | $ | 590,543 |  |  | $ | 898,754 |  |  | $ | 171,806 |  |  | $ | 1,070,560 |
Industrial |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 297,168 |  |  |  | 297,168 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Construction |  |  | 2,693,571 |  |  |  | 190,800 |  |  |  | 2,884,371 |  |  |  | 238,223 |  |  |  | 3,122,594 |
Residential Construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 138,092 |  |  |  | 138,092 |
Commercial |  |  | 2,060,815 |  |  |  | 347,260 |  |  |  | 2,408,075 |  |  |  | 4,039,989 |  |  |  | 6,448,064 |
Residential |  |  | 674,998 |  |  |  | 764,835 |  |  |  | 1,439,833 |  |  |  | 2,255,524 |  |  |  | 3,695,357 |
Farmland |  |  | 11,878 |  |  |  | - |  |  |  | 11,878 |  |  |  | 352,785 |  |  |  | 364,663 |
Consumer and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  |  | 1,632 |  |  |  | 33,000 |  |  |  | 34,632 |  |  |  | 170,522 |  |  |  | 205,154 |
Other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 307,942 |  |  |  | 307,942 |
Total End of Period Allowance Balance |  | $ | 5,751,105 |  |  | $ | 1,926,438 |  |  | $ | 7,677,543 |  |  | $ | 7,972,051 |  |  | $ | 15,649,594 |
|  |  |  |  |  |  |  | Ending Loan Balance |
2011 |  | Nonaccrual/TDR Individually Evaluated for Impairment |  |  | Substandard Individually Evaluated for Impairment |  |  | Total Individually Evaluated for Impairment |  |  | Collectively Evaluated for Impairment |  |  | Total |
Commercial and Industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 2,237,878 |  |  | $ | 2,300,231 |  |  | $ | 4,538,109 |  |  | $ | 44,447,993 |  |  | $ | 48,986,102 |
Industrial |  |  | - |  |  |  | 164,090 |  |  |  | 164,090 |  |  |  | 8,257,794 |  |  |  | 8,421,884 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Construction |  |  | 24,212,519 |  |  |  | 2,560,484 |  |  |  | 26,773,003 |  |  |  | 31,772,817 |  |  |  | 58,545,820 |
Residential Construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,530,502 |  |  |  | 3,530,502 |
Commercial |  |  | 35,715,026 |  |  |  | 4,629,461 |  |  |  | 40,344,487 |  |  |  | 274,936,261 |  |  |  | 315,280,748 |
Residential |  |  | 5,614,744 |  |  |  | 4,441,958 |  |  |  | 10,056,702 |  |  |  | 183,581,115 |  |  |  | 193,637,817 |
Farmland |  |  | 486,683 |  |  |  | 2,589,640 |  |  |  | 3,076,323 |  |  |  | 45,149,083 |  |  |  | 48,225,406 |
Consumer and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  |  | 9,596 |  |  |  | 38,354 |  |  |  | 47,950 |  |  |  | 30,401,353 |  |  |  | 30,449,303 |
Other |  |  | - |  |  |  | 22,166 |  |  |  | 22,166 |  |  |  | 9,221,573 |  |  |  | 9,243,739 |
Total End of Period Loan Balance |  | $ | 68,276,446 |  |  | $ | 16,746,384 |  |  | $ | 85,022,830 |  |  | $ | 631,298,491 |  |  | $ | 716,321,321 |
The presentation of loans individually reviewed for impairment is consolidated into one column for the year ended December 31, 2010.
|  | Ending Allowance Balance |
2010 |  | Individually Evaluated for Impairment |  |  | Collectively Evaluated for Impairment |  |  | Total |
Commercial and Industrial |  |  |  |  |  |  |  |  |
Commercial |  | $ | 336,011 |  |  | $ | 4,078,806 |  |  | $ | 4,414,817 |
Industrial |  |  | - |  |  |  | 698,637 |  |  |  | 698,637 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Commercial Construction |  |  | 3,501,117 |  |  |  | 624,926 |  |  |  | 4,126,043 |
Residential Construction |  |  | - |  |  |  | 519,766 |  |  |  | 519,766 |
Commercial |  |  | 7,539,533 |  |  |  | 489,992 |  |  |  | 8,029,525 |
Residential |  |  | 1,561,952 |  |  |  | 4,379,744 |  |  |  | 5,941,696 |
Farmland |  |  | - |  |  |  | 944,323 |  |  |  | 944,323 |
Consumer and Other |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  |  | 3,033 |  |  |  | 3,071,187 |  |  |  | 3,074,220 |
Other |  |  | - |  |  |  | 531,050 |  |  |  | 531,050 |
Total End of Period Allowance Balance |  | $ | 12,941,646 |  |  | $ | 15,338,431 |  |  | $ | 28,280,077 |
|  | Ending Loan Balance |
2010 |  | Individually Reviewed for Impairment |  |  | Collectively Reviewed for Impairment |  |  | Total |
Commercial and Industrial |  |  |  |  |  |  |  |  |
Commercial |  | $ | 2,131,375 |  |  | $ | 51,088,966 |  |  | $ | 53,220,341 |
Industrial |  |  | 274,679 |  |  |  | 10,277,112 |  |  |  | 10,551,791 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Commercial Construction |  |  | 28,392,107 |  |  |  | 43,917,124 |  |  |  | 72,309,231 |
Residential Construction |  |  | 194,881 |  |  |  | 4,178,130 |  |  |  | 4,373,011 |
Commercial |  |  | 58,562,946 |  |  |  | 304,315,619 |  |  |  | 362,878,565 |
Residential |  |  | 13,645,907 |  |  |  | 193,825,906 |  |  |  | 207,471,813 |
Farmland |  |  | 1,416,538 |  |  |  | 51,361,851 |  |  |  | 52,778,389 |
Consumer and Other |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  |  | 76,420 |  |  |  | 33,487,443 |  |  |  | 33,563,863 |
Other |  |  | 113,002 |  |  |  | 15,990,667 |  |  |  | 16,103,669 |
|  | $ | 104,807,855 |  |  | $ | 708,442,818 |  |  | $ | 813,250,673 |

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- Definition The entire disclosure for allowance for loan and lease losses, which represents the reserve to cover probable credit losses related to specifically identified loans and leases, as well as probable credit losses inherent in the remainder of the loan portfolio as of the balance sheet date. For banks, include currently required allocated transfer risk reserves. Include carryover of or adjustments to the allowance for loan losses in connection with business combinations determined to be appropriate. + References No definition available. + Details
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