|
Condensed Consolidated Balance Sheets (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
| Assets |
|
|
| Cash and due from banks |
$ 1,760,694 |
$ 2,134,864 |
| Interest-bearing deposits with other banks |
38,457,523 |
41,885,966 |
| Total cash and cash equivalents |
40,218,217 |
44,020,830 |
| Time deposits in other banks |
100,702 |
100,373 |
| Securities available-for-sale |
82,759,656 |
84,534,318 |
| Nonmarketable equity securities |
1,619,900 |
2,431,800 |
| Total investment securities |
84,379,556 |
86,966,118 |
| Mortgage loans held for sale |
1,591,851 |
2,863,297 |
| Loans receivable |
285,982,883 |
303,398,403 |
| Less allowance for loan losses |
(5,241,995) |
(7,743,470) |
| Loans, net |
280,740,888 |
295,654,933 |
| Premises, furniture and equipment, net |
24,945,055 |
25,205,064 |
| Accrued interest receivable |
1,541,441 |
1,938,807 |
| Other real estate owned |
22,261,300 |
22,135,921 |
| Cash surrender value life insurance |
12,418,506 |
12,228,829 |
| Other assets |
3,083,679 |
3,852,250 |
| Total assets |
471,281,195 |
494,966,422 |
| Liabilities and Shareholders' Equity |
|
|
| Noninterest-bearing transaction accounts |
57,637,012 |
52,299,017 |
| Interest-bearing transaction accounts |
44,281,975 |
42,092,193 |
| Savings |
114,509,696 |
122,528,570 |
| Time deposits $100,000 and over |
110,811,598 |
122,474,202 |
| Other time deposits |
71,980,673 |
88,422,515 |
| Total deposits |
399,220,954 |
427,816,497 |
| Securities sold under agreement to repurchase |
4,377,004 |
0 |
| Advances from Federal Home Loan Bank |
13,000,000 |
13,000,000 |
| Junior subordinated debentures |
10,310,000 |
10,310,000 |
| Accrued interest payable |
387,623 |
317,678 |
| Other liabilities |
2,146,634 |
2,404,257 |
| Total liabilities |
429,442,215 |
453,848,432 |
| Shareholders' Equity |
|
|
| Common stock, $0.01 par value; 20,000,000 shares authorized, 4,096,774 and 4,084,400 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively |
40,968 |
40,844 |
| Capital surplus |
28,001,244 |
27,992,485 |
| Treasury stock, at cost, 19,289 and 13,245 shares at June 30, 2012 and December 31, 2011, respectively |
(182,072) |
(173,650) |
| Nonvested restricted stock |
(215,236) |
(320,196) |
| Retained deficit |
(5,934,886) |
(6,304,429) |
| Accumulated other comprehensive income |
2,018,971 |
1,861,720 |
| Total shareholders' equity |
41,838,980 |
41,117,990 |
| Total liabilities and shareholders' equity |
471,281,195 |
494,966,422 |
|
Series A Cumulative Perpetual Preferred Stock [Member]
|
|
|
| Shareholders' Equity |
|
|
| Preferred stock |
15,022,271 |
14,925,265 |
|
Series B Cumulative Perpetual Preferred Stock [Member]
|
|
|
| Shareholders' Equity |
|
|
| Preferred stock |
794,720 |
802,951 |
|
Series C Cumulative Mandatory Convertible Preferred Stock [Member]
|
|
|
| Shareholders' Equity |
|
|
| Preferred stock |
$ 2,293,000 |
$ 2,293,000 |