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Condensed Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Operating Activities    
Net Income/(loss) $ 787,718 $ (9,054,829)
Items not requiring (providing) cash    
Depreciation and amortization 899,010 2,492,871
Provision for loan losses 1,397,280 7,890,143
Expense of share-based compensation plan 45,739 (6,924)
Amortization of premiums and discounts on securities 841,328 653,169
Amortization of intangible assets 394,424 400,268
Amortization of mortgage servicing rights 164,608 41,222
Impairment of mortgage servicing rights 126,699 175,000
Deferred income taxes 434,607 (3,001,762)
Proceeds from sale of loans held for sale 69,018,705 117,528,701
Originations of loans held for sale (66,104,268) (110,994,772)
Gain from sale of mortgage loans (990,179) (1,218,112)
Gain from sale of non-mortgage loans (80,423) (107,949)
Gain on available for sale securities (1,871,387) (451,474)
Software impairment expense 0 4,892,231
OREO impairment 0 215,000
Loss on sale of foreclosed assets 265,427 17,887
(Gain) / Loss on sale of fixed assets (4,765) 12,194
Income from bank owned life insurance (184,430) (209,448)
Changes in    
Interest receivable 110,217 (15,090)
Other assets 897,536 512,607
Interest payable and other liabilities (135,822) (2,109,314)
Net cash from operating activities 6,012,025 7,661,619
Investing Activities    
Purchase of available-for-sale securities (27,657,889) (41,525,452)
Proceeds from maturities of available-for-sale securities 11,070,178 26,112,083
Proceeds from sales of available-for-sale-securities 44,331,997 9,995,724
Proceeds from bank owned life insurance 1,353,762 0
Net change in loans (13,695,204) 4,371,388
Purchase of premises and equipment and software (489,824) (1,294,300)
Proceeds from sales of premises and equipment 4,765 504,468
Proceeds from sale of foreclosed assets 1,218,321 2,999,099
Net cash from investing activities 16,136,106 1,163,010
Financing Activities    
Net increase/(decrease) in demand deposits, money market, interest checking and savings accounts (17,535,175) (2,984,828)
Net decrease in certificates of deposit (2,272,901) (6,494,567)
Net increase in securities sold under agreements to repurchase (25,918,523) (1,440,793)
Net increase in federal funds purchased 2,000,000 5,500,000
Proceeds from Federal Home Loan Bank advances 15,500,000 2,000,000
Repayment of Federal Home Loan Bank advances (13,705,349) (11,219,566)
Proceeds from notes payable 0 2,250,000
Repayment of notes payable (148,423) (980,920)
Net cash from / (used in) financing activities (42,080,371) (13,370,674)
Increase in Cash and Cash Equivalents (19,932,240) (4,546,045)
Cash and Cash Equivalents, Beginning of Year 30,417,813 24,824,785
Cash and Cash Equivalents, End of Period 10,485,573 20,278,740
Supplemental Cash Flows Information    
Interest paid 3,396,913 5,149,133
Transfer of loans to foreclosed assets 2,020,212 2,897,059
Sale and financing of foreclosed assets $ 0 $ 2,249,532