|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Cash Flows from Operating Activities |
|
|
| Net income (loss) |
$ (11,503,729) |
$ (4,905,194) |
| Adjustments to reconcile net income(loss) to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
1,030,061 |
1,065,855 |
| Deferred income taxes |
(6,584,167) |
(3,710,085) |
| Valuation allowance on deferred tax asset |
10,513,053 |
0 |
| Provision for loan losses |
9,095,000 |
11,410,884 |
| Write-down of other real estate owned |
1,157,613 |
546,331 |
| Gain on securities sold |
(820,483) |
(172,994) |
| Gain on loans sold |
(6,336,030) |
(4,733,648) |
| Loss on sale of other real estate owned |
137,252 |
239,532 |
| Stock compensation expense |
6,506 |
88,835 |
| Proceeds from sale of mortgage loans |
224,700,116 |
175,498,993 |
| Origination of mortgage loans for sale |
(224,722,414) |
(164,679,796) |
| Amortization of premiums and accrection of discounts on securities, net |
237,964 |
106,229 |
| (Increase) decrease in interest receivable |
245,652 |
(13,360) |
| Increase in bank owned life insurance |
(460,533) |
(147,399) |
| Decrease in other assets |
3,961,133 |
(117,566) |
| Increase in interest payable |
224,107 |
109,479 |
| Decrease in other liabilities |
(1,438,512) |
2,623,546 |
| Net cash provided by (used in) operating activities |
(557,411) |
13,209,642 |
| Cash Flows from Investing Activities |
|
|
| Purchases of available for sale securities |
(62,813,678) |
(76,141,951) |
| Proceeds from the sale or calls of available for sale securities |
57,581,103 |
803,100 |
| Proceeds from maturities and principal payments of available for sale securities |
2,345,817 |
73,883,951 |
| Net decrease in loans |
25,205,931 |
10,462,525 |
| Proceeds from sale of other real estate owned |
2,501,486 |
5,155,942 |
| Purchases of premises and equipment |
(274,756) |
(735,137) |
| Net cash provided by investing activities |
24,545,903 |
13,428,430 |
| Cash Flows from Financing Activities |
|
|
| Net increase (decrease) in deposits |
(50,378,915) |
5,159,007 |
| Net increase (decrease) in Federal Home Loan Bank Advances |
(9,750,000) |
9,000,000 |
| Net increase (decrease) in other borrowings |
(427,268) |
941,972 |
| Net cash provided by (used in) financing activities |
(60,556,183) |
15,100,979 |
| Net increase (decrease) in cash and cash equivalents |
(36,567,691) |
41,739,051 |
| Cash and cash equivalents, beginning of period |
62,786,016 |
12,012,311 |
| Cash and cash equivalents, end of period |
26,218,325 |
53,751,362 |
| Supplemental Schedule of Non Cash Activities |
|
|
| Real estate owned assets acquired in settlement of loans |
15,195,148 |
2,714,621 |
| Dividends on preferred stock accrued |
$ 516,562 |
$ 551,160 |