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Condensed Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2012
Condensed Parent Company Only Financial Statements [Abstract] |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2012 and 2011
|  | 2012 |  |  | 2011 |
ASSETS |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 2,382,695 |  |  | $ | 2,965,508 |
Investment in subsidiaries |  |  | 56,601,461 |  |  |  | 56,881,301 |
Other assets |  |  | 286,506 |  |  |  | 218,293 |
Total assets |  | $ | 59,270,662 |  |  | $ | 60,065,102 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Borrowings |  |  | 8,248,000 |  |  |  | 8,248,000 |
Accrued expenses and other liabilities |  |  | 1,454,864 |  |  |  | 1,267,442 |
Shareholders’ equity |  |  | 49,567,798 |  |  |  | 50,549,660 |
Total liabilities and shareholders’ equity |  | $ | 59,270,662 |  |  | $ | 60,065,102 |
Condensed Statement of Operations | CONDENSED STATEMENTS OF OPERATIONS Years Ended December 31, 2012, 2011 and 2010
|  | 2012 |  |  | 2011 |  |  | 2010 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Dividends from subsidiary bank |  | $ | — |  |  | $ | — |  |  | $ | — |
Total revenue |  |  | — |  |  |  | — |  |  |  | — |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest on subordinated debt |  |  | 308,797 |  |  |  | 294,631 |  |  |  | 297,209 |
Other expenses |  |  | 699,646 |  |  |  | 319,070 |  |  |  | 312,950 |
Total expenses |  |  | 1,008,443 |  |  |  | 613,701 |  |  |  | 610,159 |
Loss before equity in undistributed net loss of subsidiaries |  |  | (1,008,443 | ) |  |  | (613,701 | ) |  |  | (610,159 | )
Equity in undistributed net income (loss) of subsidiaries |  |  | 472,279 |  |  |  | (14,845,785 | ) |  |  | (14,788,786 | )
Net loss |  | $ | (536,164 | ) |  | $ | (15,459,486 | ) |  | $ | (15,398,945 | )
Condensed Statement of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS Years Ended December 31, 2011, 2010 and 2009
|  | 2012 |  |  | 2011 |  |  | 2010 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (536,164 | ) |  | $ | (15,459,486 | ) |  | $ | (15,398,945 | )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed (income) loss of subsidiaries |  |  | (472,279 | ) |  |  | 14,845,785 |  |  |  | 14,788,786 |
Payment of fees to directors in common stock |  |  | 306,421 |  |  |  | — |  |  |  | — |
Change in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
(Increase) decrease in other assets |  |  | (68,213 | ) |  |  | 373,920 |  |  |  | 666,172 |
Increase (decrease) in accrued expenses and other liabilities |  |  | 187,422 |  |  |  | 341,801 |  |  |  | (447,579 | )
Net cash (used in) provided by operating activities |  |  | (582,813 | ) |  |  | 102,020 |  |  |  | (391,566 | )
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Net investment in bank subsidiary |  |  | — |  |  |  | — |  |  |  | (43,000,000 | )
Net cash used in investing activities |  |  | — |  |  |  | — |  |  |  | (43,000,000 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of common stock |  |  | — |  |  |  | — |  |  |  | 46,233,779 |
Net cash provided by financing activities |  |  | — |  |  |  | — |  |  |  | 46,233,779 |
Net (decrease) increase in cash and cash equivalents |  |  | (582,813 | ) |  |  | 102,020 |  |  |  | 2,842,213 |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Beginning |  |  | 2,965,508 |  |  |  | 2,863,488 |  |  |  | 21,275 |
Ending |  | $ | 2,382,695 |  |  | $ | 2,965,508 |  |  | $ | 2,863,488 |
Supplemental Disclosures of Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | — |  |  | $ | — |  |  | $ | — |
Accrued dividends declared on common stock |  | $ | — |  |  | $ | — |  |  | $ | — |

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