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Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
Cash and due from banks (Note 2):    
Noninterest bearing deposits and cash $ 4,241,552 $ 4,613,211
Interest bearing deposits 50,474,257 131,711,047
Federal funds sold 0 10,000,000
Short-term investments 709,567 453,400
Total cash and cash equivalents 55,425,376 146,777,658
Securities    
Available for sale securities, at fair value (Note 3) 66,469,972 40,564,700
Other Investments 3,500,000 3,500,000
Federal Reserve Bank stock, at cost 1,707,000 1,192,000
Federal Home Loan Bank stock, at cost (Note 8) 4,508,300 4,508,300
Total securities 76,185,272 49,765,000
Loans receivable (net of allowance for loan losses: 2011: $9,384,672 2010: $15,374,101) (Notes 4 and 17) 501,227,297 534,531,213
Loans held for sale 250,000 0
Accrued interest and dividends receivable 2,453,179 2,512,186
Premises and equipment, net (Notes 5 and 9) 4,108,318 5,270,312
Cash surrender value of life insurance (Note 12) 20,984,604 20,348,332
Other real estate owned (Note 6) 2,762,640 16,408,787
Deferred Tax Asset (Note 10) 0 0
Other assets (Note 11) 2,419,592 8,711,366
Total assets 665,816,278 784,324,854
Deposits (Notes 7 and 17):    
Noninterest bearing deposits 65,613,374 51,058,373
Interest bearing deposits 479,296,019 595,750,456
Total deposits 544,909,393 646,808,829
Borrowings (Note 8)    
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 (Note 8) 8,248,000 8,248,000
Accrued expenses and other liabilities 5,109,225 5,095,837
Total liabilities 615,266,618 717,152,666
Commitments and Contingencies (Notes 8, 9 and 15)      
Shareholders' equity (Notes 13 and 16)    
Preferred stock, no par value; 1,000,000 shares authorized, no shares issued and outstanding      
Common stock, 2011 and 2010: $.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 (54,858,831) (39,399,345)
Less: Treasury stock, at cost: 2011 and 2010 11,705 shares (160,025) (160,025)
Accumulated other comprehensive income 134,339 1,297,381
Total shareholders' equity 50,549,660 67,172,188
Total liabilities and shareholders' equity $ 665,816,278 $ 784,324,854