Condensed Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013

CONDENSED BALANCE SHEETS

December 31, 2013 and 2012


	2013		2012
ASSETS
Cash and due from banks	$	1,734,335	$	2,382,695
Investment in subsidiaries		49,931,446		56,601,461
Other assets		200,563		286,506

Total assets	$	51,866,344	$	59,270,662

LIABILITIES AND SHAREHOLDERS’ EQUITY
Borrowings		8,248,000		8,248,000
Accrued expenses and other liabilities		1,777,656		1,454,864
Shareholders’ equity		41,840,688		49,567,798

Total liabilities and shareholders’ equity	$	51,866,344	$	59,270,662

CONDENSED STATEMENTS OF OPERATIONS

Years Ended December 31, 2013, 2012 and 2011


	2013			2012			2011
Revenues
Dividends from subsidiary bank	$	—		$	—		$	—

Total revenue		—			—			—

Expenses
Interest on subordinated debt		292,725			308,797			294,631
Other expenses		395,056			699,646			319,070

Total expenses		687,781			1,008,443			613,701

Loss before equity in undistributed net loss of subsidiaries		(687,781	)		(1,008,443	)		(613,701	)

Equity in undistributed net (loss) income of subsidiaries		(6,601,165	)		472,279			(14,845,785	)

Net loss	$	(7,288,946	)	$	(536,164	)	$	(15,459,486	)

CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2013, 2012 and 2001


	2013			2012			2011
Cash Flows from Operating Activities
Net loss	$	(7,288,946	)	$	(536,164	)	$	(15,459,486	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Equity in undistributed loss (income) of subsidiaries		6,601,165			(472,279	)		14,845,785
Share-based compensation expense		130,686			306,421			—
Change in assets and liabilities:
Decrease (increase) in other assets		85,943			(68,213	)		373,920
Increase in accrued expenses and other liabilities		322,792			187,422			341,801

Net cash (used in) provided by operating activities		(148,360	)		(582,813	)		102,020

Cash Flows from Investing Activities
Net investment in bank subsidiary		(500,000	)		—			—

Net cash used in investing activities		(500,000	)		—			—

Cash Flows from Financing Activities
Proceeds from issuance of common stock		—			—			—

Net cash provided by financing activities		—			—			—

Net (decrease) increase in cash and cash equivalents		(648,360	)		(582,813	)		102,020
Cash and cash equivalents
Beginning		2,382,695			2,965,508			2,863,488

Ending	$	1,734,335		$	2,382,695		$	2,965,508

Supplemental Disclosures of Cash Flow Information
Cash paid for interest	$	—		$	—		$	—

Accrued dividends declared on common stock	$	—		$	—		$	—