Consolidated Balance Sheets (Unaudited) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Assets    
Cash and due from banks $ 26,064,313 $ 55,557,541
Federal funds sold 154,012 7,228,475
Total cash and cash equivalents 26,218,325 62,786,016
Investment securities available for sale 33,415,951 30,163,292
Loans held for sale 22,526,733 16,168,405
Loans    
Outstandings 374,350,768 427,870,716
Allowance for loan losses (12,055,844) (16,071,424)
Deferred fees and costs 776,064 767,775
Loans, net 363,070,988 412,567,067
Premises and equipment, net 26,071,219 26,826,524
Accrued interest receivable 1,800,872 2,046,524
Bank owned life insurance 6,525,838 6,065,305
Other real estate owned 20,575,964 9,177,167
Restricted equity securities 2,511,786 2,989,286
Other assets 5,582,300 12,914,733
Total Assets 508,299,976 581,704,319
Deposits    
Noninterest bearing demand 58,469,352 66,534,956
Interest bearing 376,672,785 418,986,096
Total deposits 435,142,137 485,521,052
Federal Home Loan Bank advances 28,000,000 37,750,000
Long-term debt - trust preferred securities 8,764,000 8,764,000
Other borrowings 5,351,393 5,778,661
Accrued interest payable 816,390 592,283
Other liabilities 6,128,731 7,050,681
Total liabilities 484,202,651 545,456,677
Stockholders' equity    
Preferred stock, $4 par value, $1,000 liquidation preference 1,000,000 shares authorized, 14,738 shares issued and outstanding 58,952 58,952
Common stock, $4 par value - 10,000,000 shares issued and outstanding 4,251,795 shares issued and outstanding at September 30, 2012 4,243,378 shares issued and outstanding at December 31, 2011 17,007,180 16,973,512
Additional paid-in capital 40,705,016 40,732,178
Retained earnings (deficit) (34,026,317) (21,895,557)
Preferred stock warrant 732,479 732,479
Discount on preferred stock (236,004) (346,473)
Accumulated other comprehensive income (loss) (143,981) (7,449)
Total stockholders' equity 24,097,325 36,247,642
Total liabilities and stockholders' equity $ 508,299,976 $ 581,704,319