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Consolidated Statements of Operations (Unaudited) (USD $)
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3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
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Sep. 30, 2012
|
Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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|
| Interest income | ||||
| Loans | $ 5,488,927 | $ 6,586,170 | $ 17,002,398 | $ 20,394,359 |
| Investment securities | 166,684 | 356,893 | 532,229 | 1,010,017 |
| Federal funds sold | 11,570 | 19,464 | 44,123 | 58,268 |
| Total interest income | 5,667,181 | 6,962,527 | 17,578,750 | 21,462,644 |
| Interest expense | ||||
| Deposits | 1,187,060 | 1,693,205 | 3,791,427 | 5,638,873 |
| Borrowed funds | 263,747 | 305,307 | 798,868 | 885,156 |
| Total interest expense | 1,450,807 | 1,998,512 | 4,590,295 | 6,524,029 |
| Net interest income | 4,216,374 | 4,964,015 | 12,988,455 | 14,938,615 |
| Provision for loan losses | 700,000 | 9,507,884 | 9,095,000 | 11,410,884 |
| Net interest income after provision for loan losses | 3,516,374 | (4,543,869) | 3,893,455 | 3,527,731 |
| Noninterest income | ||||
| Service charges and fees | 604,377 | 495,165 | 1,652,355 | 1,366,547 |
| Gain on sale of loans | 2,394,138 | 1,724,730 | 6,336,030 | 4,733,648 |
| Gain (loss) on sale of securities | 556,805 | 108,473 | 820,482 | 171,617 |
| Rental income | 187,839 | 168,311 | 557,920 | 484,540 |
| Other | 285,723 | 100,804 | 497,927 | 303,348 |
| Total noninterest income | 4,028,882 | 2,597,483 | 9,864,714 | 7,059,700 |
| Noninterest expense | ||||
| Salaries and benefits | 3,484,073 | 3,060,285 | 9,888,166 | 9,305,684 |
| Occupancy | 513,278 | 540,929 | 1,579,976 | 1,552,537 |
| Equipment | 231,556 | 224,334 | 710,522 | 668,554 |
| Supplies | 125,514 | 98,621 | 322,727 | 324,565 |
| Professional and outside services | 708,554 | 599,893 | 2,077,845 | 1,689,339 |
| Advertising and marketing | 48,362 | 84,740 | 172,408 | 319,163 |
| Expenses related to foreclosed real estate | 1,724,348 | 387,666 | 3,520,971 | 1,211,878 |
| Other operating expenses | 915,333 | 973,426 | 2,946,054 | 2,850,734 |
| Total noninterest expense | 7,751,018 | 5,969,894 | 21,218,669 | 17,922,454 |
| Net loss before income taxes | (205,762) | (7,916,280) | (7,460,500) | (7,335,023) |
| Income tax expense (benefit) | 161,315 | (2,671,535) | 4,043,229 | (2,429,829) |
| Net income (loss) | (367,077) | (5,244,745) | (11,503,729) | (4,905,194) |
| Preferred stock dividends and amortization of discount | 221,142 | 222,281 | 627,031 | 660,508 |
| Net loss available to common shareholders | $ (588,219) | $ (5,467,026) | $ (12,130,760) | $ (5,565,702) |
| Earnings (loss) per share, basic (in dollars per share) | $ (0.14) | $ (1.29) | $ (2.85) | $ (1.31) |
| Earnings (loss) per share, diluted (in dollars per share) | $ (0.14) | $ (1.29) | $ (2.85) | $ (1.31) |