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Condensed Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2011
Condensed Parent Company Only Financial Statements [Abstract] |
Condensed Parent Company Only Financial Statements | Note 21. Condensed Parent Company Only Financial Statements The following represent the condensed parent company only balance sheets as December 31, 2011 and 2010, and condensed statements of operations and cash flows for the years ended December 31, 2011, 2010, and 2009. CONDENSED BALANCE SHEETS December 31, 2011 and 2010
|  | 2011 |  |  | 2010 |
ASSETS |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 2,965,508 |  |  | $ | 2,863,488 |
Investment in subsidiaries |  |  | 56,981,301 |  |  |  | 72,890,128 |
Other assets |  |  | 218,293 |  |  |  | 592,213 |
Total assets |  | $ | 60,165,102 |  |  | $ | 76,345,829 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Borrowings |  |  | 8,248,000 |  |  |  | 8,248,000 |
Accrued expenses and other liabilities |  |  | 1,267,442 |  |  |  | 925,641 |
Shareholders’ equity |  |  | 50,649,660 |  |  |  | 67,172,188 |
Total liabilities and shareholders’ equity |  | $ | 60,165,102 |  |  | $ | 76,345,829 |
CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, 2011, 2010 and 2009
|  | 2011 |  |  | 2010 |  |  | 2009 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Dividends from subsidiary bank |  | $ | — |  |  | $ | — |  |  | $ | — |
Total revenue |  |  | — |  |  |  | — |  |  |  | — |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest on subordinated debt |  |  | 294,631 |  |  |  | 297,209 |  |  |  | 341,426 |
Other expenses |  |  | 319,070 |  |  |  | 312,950 |  |  |  | 30,745 |
Total expenses |  |  | 613,701 |  |  |  | 610,159 |  |  |  | 372,171 |
Loss before equity in undistributed net loss of subsidiaries |  |  | (613,701 | ) |  |  | (610,159 | ) |  |  | (372,171 | )
Equity in undistributed net loss of subsidiaries |  |  | (14,845,785 | ) |  |  | (14,788,786 | ) |  |  | (23,507,435 | )
Net loss |  | $ | (15,459,486 | ) |  | $ | (15,398,945 | ) |  | $ | (23,879,606 | )
CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2011, 2010 and 2009
|  | 2011 |  |  | 2010 |  |  | 2009 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (15,459,486 | ) |  | $ | (15,398,945 | ) |  | $ | (23,879,606 | )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed loss of subsidiaries |  |  | 14,845,785 |  |  |  | 14,788,786 |  |  |  | 23,507,435 |
Payment of fees to directors in common stock |  |  | — |  |  |  | — |  |  |  | 55,833 |
Change in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in other assets |  |  | 373,920 |  |  |  | 666,172 |  |  |  | (811,352 | )
Increase (decrease) in accrued expenses and other liabilities |  |  | 341,801 |  |  |  | (447,579 | ) |  |  | 1,320,059 |
Net cash provided by (used in) operating activities |  |  | 102,020 |  |  |  | (391,566 | ) |  |  | 192,370 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Net investment in bank subsidiary |  |  | — |  |  |  | (43,000,000 | ) |  |  | (55,833 | )
Net cash used in investing activities |  |  | — |  |  |  | (43,000,000 | ) |  |  | (55,833 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stock |  |  | — |  |  |  | 46,233,779 |  |  |  | — |
Payment to repurchase common stock |  |  | — |  |  |  | — |  |  |  | — |
Dividends paid on common stock |  |  | — |  |  |  | — |  |  |  | (213,453 | )
Other |  |  | — |  |  |  | — |  |  |  | (908 | )
Net cash provided by (used in) financing activities |  |  | — |  |  |  | 46,233,779 |  |  |  | (214,361 | )
Net increase (decrease) in cash and cash equivalents |  |  | 102,020 |  |  |  | 2,842,213 |  |  |  | (77,824 | )
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Beginning |  |  | 2,863,488 |  |  |  | 21,275 |  |  |  | 99,099 |
Ending |  | $ | 2,965,508 |  |  | $ | 2,863,488 |  |  | $ | 21,275 |
Supplemental Disclosures of Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | — |  |  | $ | — |  |  | $ | 346,086 |
Accrued dividends declared on common stock |  | $ | — |  |  | $ | — |  |  | $ | — |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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