XML 44 R27.htm IDEA: XBRL DOCUMENT

Condensed Parent Company Only Financial Statements

12 Months Ended

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	$	—		$	—		$	—

- 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+ Details