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Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash Flows from Operating Activities:    
Net loss $ (16,157,966) $ (4,531,744)
Adjustments to reconcile net loss to net cash used in operating activities:    
Restructuring charges and asset disposals 1,996,441  
Amortization and accretion of investment premiums and discounts, net 116,431 220,040
Amortization and accretion of purchase loan premiums and discounts, net 5,028 7,096
Provision for loan losses 8,464,427 1,239,000
Gain on sale of loans (79,729)  
Amortization of core deposit intangible 7,506 7,950
Earnings on cash surrender value of life insurance (321,245) (268,833)
Depreciation and amortization 684,904 759,658
Loss on sale of other real estate owned 58,215 173,289
Impairment writedown on other real estate owned 165,764 855,697
Changes in assets and liabilities:    
Decrease (increase) in deferred loan costs 100,958 (251,312)
Decrease in accrued interest and dividends receivable 182,723 267,946
Decrease in other assets 6,717,760 585,244
Increase in accrued expenses and other liabilities 457,203 259,294
Net cash provided by (used in) operating activities 2,398,420 (676,675)
Cash Flows from Investing Activities:    
Purchases of available for sale securities (51,995,480) (15,162,500)
Principal repayments on available for sale securities 3,976,411 3,099,854
Purchases of Federal Reserve Bank Stock (1,174,100)  
Redemptions of Federal Reserve Bank Stock 455,500 605,450
Proceeds from sale of loans 55,089,794  
Net decrease in loans 16,308,380 40,246,529
Purchase of other real estate owned (481,165)  
Proceeds from sale of other real estate owned 15,715,973 11,423,342
Capital improvements of other real estate owned   (114,871)
Purchase of bank premises and equipment (218,522) (87,739)
Net cash provided by investing activities 37,676,791 40,010,065
Cash Flows from Financing Activities:    
Net decrease in demand, savings and money market deposits (9,443,954) (10,002,369)
Net decrease in time certificates of deposits (112,860,038) (36,088,974)
Net cash used in financing activities (122,303,992) (46,091,343)
Net decrease in cash and cash equivalents (82,228,781) (6,757,953)
Cash and Cash Equivalents:    
Beginning 146,777,658 107,799,432
Ending 64,548,877 101,041,479
Supplemental Disclosures of Cash Flow Information    
Interest paid 4,432,799 7,111,982
Income taxes paid 10,534 2,080
Supplemental disclosures of noncash investing and financing activities:    
Unrealized holding gain on available for sale securities arising during the period 459,133 417,308
Transfer of loans to other real estate owned $ 2,661,330