XML 108 R49.htm IDEA: XBRL DOCUMENT

Condensed Parent Company Only Financial Statements (Tables)

12 Months Ended

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		$	—			$	—			$	—