XML 55 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations (Unaudited) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest and Dividend Income        
Interest and fees on loans $ 5,533,304 $ 6,184,920 $ 18,010,829 $ 19,680,074
Interest on investment securities 396,133 664,661 1,299,821 1,425,582
Dividends on investment securities 32,051 56,462 97,211 207,091
Interest on federal funds sold   464   6,875
Other interest income 21,630 1,485 72,268 121,738
Total interest and dividend income 5,983,118 6,907,992 19,480,129 21,441,360
Interest Expense        
Interest on deposits 1,239,682 1,384,540 4,177,696 4,803,634
Interest on Federal Home Loan Bank borrowings 358,026 428,183 1,069,454 1,270,587
Interest on subordinated debt 75,162 70,929 226,406 212,546
Interest on other borrowings 77,772 77,772 231,625 230,781
Total interest expense 1,750,642 1,961,424 5,705,181 6,517,548
Net interest income 4,232,476 4,946,568 13,774,948 14,923,812
Provision for Loan Losses     (2,558,827) 8,464,427
Net interest income after provision for loan losses 4,232,476 4,946,568 16,333,775 6,459,385
Non-interest Income        
Mortgage brokerage referral fees 34,730 13,500 69,267 28,110
Loan application, inspection & processing fees 28,530 20,656 59,243 61,421
Deposit fees and service charges 215,209 207,200 670,941 736,140
Gain on sale of loans 30,846   294,492 79,729
Net gain on sale of investment securities 924,317 779,685 916,275 779,685
Earnings on cash surrender value of life insurance 121,710 170,133 384,673 491,378
Other income 101,370 90,306 266,918 398,180
Total non-interest income 1,456,712 1,281,480 2,661,809 2,574,643
Non-interest Expense        
Salaries and benefits 2,620,042 2,840,195 8,236,487 9,244,021
Occupancy and equipment expense 1,127,466 1,038,883 3,386,163 3,685,276
Data processing 378,591 315,912 1,070,316 979,721
Advertising and promotional expense 15,355 91,786 41,318 521,541
Professional and other outside services 509,793 545,612 1,979,143 2,662,277
Loan administration and processing expense 35,020 88,373 88,924 173,591
Regulatory assessments 439,035 431,786 1,311,189 1,671,530
Insurance expense 108,595 227,173 386,615 686,584
Other real estate operations 22,523 (26,250) (111,373) 1,018,707
Material and communications 106,007 163,240 369,919 527,493
Restructuring charges and asset disposals (Note 12) 8,165   503,372 2,986,441
Other operating expense 300,571 255,879 824,674 779,353
Total non-interest expense 5,671,163 5,972,589 18,086,747 24,936,535
Income (loss) before income taxes 18,025 255,459 908,837 (15,902,507)
Provision for Income Taxes            
Net income (loss) $ 18,025 $ 255,459 $ 908,837 $ (15,902,507)
Basic and diluted income (loss) per share (Note 7) $ 0.00 $ 0.01 $ 0.02 $ (0.41)