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Condensed Parent Information

12 Months Ended

Dec. 31, 2011

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 23.

Condensed Parent Information

BALANCE SHEETS

	December 31,		December 31,
	2011		2010

ASSETS
Cash	$	919,561	$	2,261,775
Investment in subsidiary		35,309,068		27,974,387
Other assets		2,067,839		440,772

Total assets	$	38,296,468	$	30,676,934

LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	43,163	$	142,781
Other borrowings		3,045,000		4,715,000

Total liabilities		3,088,163		4,857,781

Stockholders’ equity		35,208,305		25,819,153

Total liabilities and stockholders’ equity	$	38,296,468	$	30,676,934

STATEMENTS OF OPERATIONS

	Years Ended December 31,
	2011			2010			2009

INCOME
Dividends	$	-		$	-		$	1,180,260
Interest income		-			-			4,110

		-			-			1,184,370

EXPENSES
Interest expense		219,250			319,361			221,093
Goodwill impairment		-			2,541,476			-
Other operating expenses		359,409			384,813			802,084

(Loss) income before equity in undistributed earnings (loss)		(578,659	)		(3,245,650	)		161,193

Equity in undistributed earnings (loss) of subsidiary		1,386,711			(1,737,868	)		(8,740,480	)

Income tax benefit		222,000			275,997			400,648

Net income (loss)		1,030,052			(4,707,521	)		(8,178,639	)

Preferred stock dividend requirements		651,119			34,463			-

Accretion on preferred stock discount		36,718			-			-

Net income (loss) available to common shareholders	$	342,215		$	(4,741,984	)	$	(8,178,639	)

	Years Ended December 31,
	2011			2010			2009

STATEMENTS OF CASH FLOWS

CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	1,030,052		$	(4,707,521	)	$	(8,178,639	)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock compensation expense		79,140			74,612			216,600
Equity in undistributed (income) loss of subsidiary		(1,386,711	)		1,737,868			8,740,480
Goodwill impairment		-			2,541,476			-
Other		(1,726,685	)		(63,092	)		247,241

Net cash (used in) provided by operating activities		(2,004,204	)		(416,657	)		1,025,682

CASH FLOWS FROM INVESTING ACTIVITIES
Repayment from subsidiary		-			-			450,000
Capital contribution to subsidiary		(4,500,000	)		-			(1,300,000	)

Net cash used in investing activities		(4,500,000	)		-			(850,000	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net (repayments) borrowings under other borrowings		(1,670,000	)		(635,000	)		1,100,000
Issuance of preferred stock		7,135,402			2,727,424			-
Payment of preferred stock dividends		(303,412	)		(34,463	)		-
Payment of common stock dividends		-			-			(1,094,651	)

Net cash provided by financing activities		5,161,990			2,057,961			5,349

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(1,342,214	)		1,641,304			181,031

CASH AND CASH EQUIVALENTS, beginning of year		2,261,775			620,471			439,440

CASH AND CASH EQUIVALENTS, end of year	$	919,561		$	2,261,775		$	620,471

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the year for:
Interest	$	249,555		$	319,361		$	221,093
Income taxes		-			-			-

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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