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Condensed Financial Information (Parent Company Only)
 12 Months Ended
Dec. 31, 2011
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 25:      Condensed Financial Information (Parent Company Only)

 

Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company:

 

Condensed Balance Sheets

 

    2011     2010  
             
Assets                
Cash and cash equivalents   $ 1,157,874     $ 38,509  
Investment in common stock of banking subsidiaries     68,914,535       66,124,973  
Investment in nonbanking subsidiaries     (1,588,758 )     (216,162 )
Notes Receivable     2,000,000       2,000,000  
Other assets     2,724,114       2,675,248  
                 
Total assets   $ 73,207,765     $ 70,622,568  
                 
Liabilities                
Trust preferred securities   $ 20,000,000     $ 20,000,000  
Borrowings from nonbanking subsidiaries     620,000       620,000  
Notes Payable     1,500,000       1,700,000  
Other liabilities & accrued interest payable     3,462,630       2,278,469  
                 
Total liabilities     25,582,630       24,598,469  
                 
Stockholders' Equity     47,625,135       46,024,099  
                 
Total liabilities and stockholders' equity   $ 73,207,765     $ 70,622,568  

  

Condensed Statements of Income

 

    2011     2010     2009  
Income                        
Interest income   $ 120,435     $ 102,167     $ 752  
Dividends from subsidiaries:                        
Banking subsidiaries     2,165,000       800,000       2,400,000  
Nonbanking subsidiaries     -       225,000       1,922,076  
Total     2,165,000       1,025,000       4,322,076  
Other income     154,185       536,586       1,550,032  
                         
Total income     2,439,620       1,663,753       5,872,860  
                         
Expenses                        
Interest expense     1,405,714       1,529,815       1,573,293  
Other expense     1,580,191       1,834,675       3,864,674  
                         
Total expenses     2,985,905       3,364,490       5,437,967  
                         
Income (loss) before income tax and equity in undistributed (excess distributed) income (loss) of subsidiaries     (546,285 )     (1,700,737 )     434,893  
                         
Income tax benefit     (642,381 )     (942,754 )     (1,321,333 )
                         
Income (loss) before equity in undistributed (excess distributed) income (loss) of subsidiaries     96,096       (757,983 )     1,756,226  
                         
Equity in undistributed (excess distributed) income (loss) of subsidiaries                        
Banking subsidiaries     2,633,947       (676,077 )     (355,146 )
Nonbanking subsidiaries     (1,372,596 )     (14,179,150 )     (1,018,589 )
                         
Total     1,261,351       (14,855,227 )     (1,373,735 )
                         
Net income (loss)   $ 1,357,447     $ (15,613,210 )   $ 382,491  

 

In December of 2011, the Company executed a transaction between two of its affiliates that was offset in the Parent Company financial statements. The transaction in the amount of $306,452 involved the transfer of assets that were valued at less than the carrying value of the assets on the affiliate. Due to the assets remaining in the Company and for the purposes initially intended the loss was offset at the parent level.

  

Condensed Statements of Cash Flows

 

    2011     2010     2009  
                   
Operating Activities                        
Net income (loss)   $ 1,357,447     $ (15,613,210 )   $ 382,491  
Items not requiring (providing) cash                        
Equity in (undistributed) excess distributed net income (loss) of subsidiaries     (1,261,351 )     14,855,227       1,373,735  
Expense of Stock Option Plan     87,975       49,164       143,261  
Other assets     (48,866 )     263,858       (1,002,630 )
Other liabilities     1,184,160       405,406       (929,910 )
Net cash provided by (used in) operating activities     1,319,365       (39,555 )     (33,053 )
                         
Investing Activities                        
Increase in Notes Receivable     -       (2,000,000 )     -  
Net cash used in investing activities     -       (2,000,000 )     -  
                         
Financing Activities                        
Cash dividends paid     -       -       (1,752,493 )
Proceeds from Notes Payable     -       1,700,000       -  
Repayment of Nots Payable     (200,000 )                
Purchase of treasury stock     -       -       (156,291 )
Net cash provided by (used in) financing activities     (200,000 )     1,700,000       (1,908,784 )
                         
Net Change in Cash and Cash Equivalents     1,119,365       (339,555 )     (1,941,837 )
                         
Cash and Cash Equivalents at Beginning of Year     38,509       378,064       2,319,901  
                         
Cash and Cash Equivalents at End of Year   $ 1,157,874     $ 38,509     $ 378,064