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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Components of the income tax provision (benefit)

		2012				2011				2010
Current
Federal		$	—			$	—			$	—
State			—				—				225,000
Total			—				—				225,000
Deferred
Federal			—				—				—
State			—				—				—
Total			—				—				—
Provision (benefit) for income taxes		$	—			$	—			$	225,000

Reconciliation of the anticipated income tax benefit

		2012				2011				2010
Benefit for income taxes at statutory Federal rate		$	(182,296	)		$	(5,256,200	)		$	(5,159,100	)
State taxes, net of Federal benefit			—				—				148,500
Dividends received deduction			—				(50,100	)			(44,900	)
Nondeductible expenses			4,570				5,900				8,600
Write-off of DTA due to 382 Limitation			—				10,382,276				—
Change in cash surrender value of life insurance			(175,814	)			(216,300	)			(213,000	)
(Decrease) increase in valuation allowance			329,113				(4,853,660	)			5,452,116
Other			24,427				(11,916	)			32,784
Total provision (benefit) for income taxes		$	—			$	—			$	225,000

Tax effects of temporary differences

		2012				2011				2010
Deferred tax assets:
Allowance for loan losses		$	2,343,090			$	3,655,330			$	5,988,212
Nonaccrual interest			1,324,824				774,233				5,125,083
Investment impairment charges			—				—				1,227,083
Premises and equipment			1,073,884				1,090,095				1,128,094
Accrued expenses			224,523				405,108				224,941
Share-based Compensation			72,456				—				—
Capital loss carryover			572,301				572,301				—
State NOL carryforward benefit			3,237,434				3,081,579				1,359,435
Federal NOL carryforward benefit			5,467,942				14,755,699				2,901,965
NOL write-off for § 382 Limitation			—				(10,382,276	)			—
Federal AMT benefit estimate			317,704				317,704				317,704
Unrealized loss AFS			250,819				—				—
Other			153,959				144,809				203,071
Gross deferred tax assets			15,038,936				14,414,582				18,475,588
Valuation allowance			(15,038,936	)			(14,414,582	)			(18,466,961	)
Deferred tax assets, net of valuation allowance			—				—				8,627
Deferred tax liabilities
Investment securities			—				(82,337	)			(795,169	)
Other			—				—				(8,627	)
Gross deferred tax liabilities			—				(82,337	)			(803,796	)
Deferred tax liability, net		$	—			$	(82,337	)		$	(795,169	)

Allocation of deferred tax (benefit) provision items charged to operations and items charged directly to equity

		2012				2011				2010
Deferred tax (benefit) provision allocated to equity		$	—			$	(712,832	)		$	291,768
Deferred tax provision allocated to operations			—				—				—
Total deferred tax (benefit) provision		$	—			$	(712,832	)		$	291,768

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- Definition

Allocation of deferred tax benefit provision items charged to operations and items charged directly to equity.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

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-Paragraph 12

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