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Consolidated Balance Sheets (USD $)
Sep. 30, 2011
Dec. 31, 2010
ASSETS  
Cash and due from banks$ 1,084,209$ 1,490,030
Interest-bearing deposits at other financial institutions31,850,14321,491,922
Total cash and cash equivalents32,934,35222,981,952
Securities available for sale93,666,153108,250,434
Securities held to maturity (fair value approximates of $78,053 and $98,388 at September 30, 2011 and December 31, 2010, respectively)75,81095,702
Federal Home Loan Bank stock, at cost2,322,9002,322,900
Loans, net of allowance for loan losses of $6,864,196 at September 30, 2011 and $9,132,171 at December 31, 2010263,536,587276,114,617
Bank premises and equipment, net5,676,2908,047,370
Accrued interest receivable1,337,4071,326,480
Foreclosed assets18,254,74112,808,838
Other assets8,560,5589,551,121
Total Assets426,364,798441,499,414
LIABILITIES AND STOCKHOLDERS' EQUITY  
Noninterest-bearing demand deposits40,115,38528,980,043
Interest-bearing demand deposits22,773,71824,834,214
Savings deposits and money market accounts43,477,20334,041,672
Time deposits216,185,314247,591,161
Total deposits322,551,620335,447,090
Federal funds purchased and securities sold under agreements to repurchase26,053,57724,325,372
Federal Home Loan Bank advances and other borrowings43,045,00054,715,000
Accrued interest payable90,706176,761
Other liabilities2,176,4681,016,038
Total Liabilities393,917,371415,680,261
Stockholders' Equity:  
Preferred stock - no par value; 2,000,000 shares authorized; 300,060 shares issued and outstanding in 2011 and 114,540 shares issued and outstanding in 20107,300,2212,727,424
Common stock - $l.00 par value; 20,000,000 shares authorized; 6,709,199 issued in 2011 and 2010; 6,500,396 outstanding in 2011 and 20106,500,3966,500,396
Additional paid-in capital21,296,65321,237,298
Retained deficit(3,725,732)(4,317,130)
Accumulated other comprehensive income1,075,889(328,835)
Total Stockholders' Equity32,447,42725,819,153
Total Liabilities and Stockholders' Equity$ 426,364,798$ 441,499,414