Condensed Financial Information of Parent Company (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Balance Sheets

Condensed Balance Sheets	2013		2012
Assets
Cash and due from banks	$	3,883,856	$	9,053,069
Investments in subsidiaries		32,456,157		31,324,616
Premises and equipment, net		576		1,168
Other assets		1,266,222		274,226
Total assets	$	37,606,811	$	40,653,079
Liabilities and Shareholders’ Equity
Liabilities
Deferred directors’ compensation	$	336,630	$	249,645
Other liabilities		133,682		3,818,463
Total liabilities		470,312		4,068,108
Total shareholders’ equity		37,136,499		36,584,971
Total liabilities and shareholders’ equity	$	37,606,811	$	40,653,079

Condensed Income Statements

Condensed Income Statements	2013			2012
Non-interest income	$	599,677		$	730,940
Non-interest expense		828,678			634,593
(Loss) income before income taxes and equity in undistributed earnings of subsidiaries		(229,001	)		96,347
Income tax (benefit) expense		(26,560	)		22,145
(Loss) income before equity in undistributed earnings of subsidiaries		(202,441	)		74,202
Equity in undistributed earnings of subsidiaries		1,424,347			623,560
Net income	$	1,221,906		$	697,762

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows	2013			2012
Cash Flows from Operating Activities:
Net income	$	1,221,906		$	697,762
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		592			592
Stock-based compensation		122,429			2,924
Equity in undistributed earnings of subsidiaries		(1,424,347	)		(623,560	)
(Increase) decrease in other assets		(185,804	)		42,737
Net change in deferred directors’ compensation		86,985			38,672
(Decrease) increase in other liabilities		(3,719,974	)		3,650,247
Net cash (used in) provided by operating activities		(3,898,213	)		3,809,374
Cash Flows from Investing Activities:
Purchase of other assets		(771,000	)		—
Investment in subsidiaries		(500,000	)		(3,515,000	)
Net cash used in investing activities		(1,271,000	)		(3,515,000	)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock		—			8,695,566
Net cash provided by financing activities		—			8,695,566
Net (decrease) increase in cash and due from banks		(5,169,213	)		8,989,941
Cash and due from banks at January 1		9,053,069			63,129
Cash and due from banks at December 31	$	3,883,856		$	9,053,069