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Consolidated Balance Sheets (USD $)
Jun. 30, 2011
Dec. 31, 2010
Cash and due from banks:    
Noninterest bearing deposits and cash $ 6,242,000 $ 4,613,211
Interest bearing deposits 52,759,731 131,711,047
Federal funds sold 5,000,000 10,000,000
Short-term investments 547,146 453,400
Total cash and cash equivalents 64,548,877 146,777,658
Securities:    
Available for sale securities, at fair value (Note 2) 88,926,471 40,564,700
Other Investments 3,500,000 3,500,000
Federal Reserve Bank stock, at cost 1,910,600 1,192,000
Federal Home Loan Bank stock, at cost 4,508,300 4,508,300
Total securities 98,845,371 49,765,000
Loans receivable (net of allowance for loan losses: 2011: $11,399,727 2010: $15,374,101) (Note 3) 451,981,025 534,531,213
Accrued interest and dividends receivable 2,329,463 2,512,186
Premises and equipment, net 4,234,211 5,270,312
Cash surrender value of life insurance 20,669,577 20,348,332
Other real estate owned 3,611,330 16,408,787
Deferred tax asset (Note 9) 0 0
Other assets 1,986,100 8,711,366
Total assets 648,205,954 784,324,854
Deposit (Note 4):    
Noninterest bearing deposits 61,585,518 51,058,373
Interest bearing deposits 462,919,319 595,750,456
Total deposits 524,504,837 646,808,829
Borrowings:    
Repurchase agreements 7,000,000 7,000,000
Federal Home Loan Bank borrowings 50,000,000 50,000,000
Total borrowings 57,000,000 57,000,000
Junior subordinated debt owed to unconsolidated trust 8,248,000 8,248,000
Accrued expenses and other liabilities 7,188,149 5,095,837
Total liabilities 596,940,986 717,152,666
Commitments (Note 7)    
Shareholders' equity    
Preferred stock, no par value; 1,000,000 shares authorized, no shares issued and outstanding    
Common stock, $.01 par value, 100,000,000 shares authorized; 38,374,432 shares issued; 38,362,727 shares outstanding 383,744 383,744
Additional paid-in capital 105,050,433 105,050,433
Accumulated deficit (55,557,311) (39,399,345)
Less: Treasury stock, at cost: 2011 and 2010, 11,705 shares (160,025) (160,025)
Accumulated other comprehensive income 1,548,127 1,297,381
Total shareholders' equity 51,264,968 67,172,188
Total liabilities and shareholders' equity $ 648,205,954 $ 784,324,854