Note 17 - Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 17 - PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Following are condensed parent company only financial statements:

CONDENSED BALANCE SHEETS

December 31,

	2011			2010
ASSETS
Cash and cash equivalents	$	33,933		$	125,459
Investment in subsidiaries		8,686,686			10,471,075
Other assets		21,953			23,139
Total assets	$	8,742,572		$	10,619,673
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	662,954		$	273,886
Notes payable		5,000,000			5,000,000
Subordinated debentures		4,500,000			4,500,000
Shareholders’ equity		(1,420,382	)		845,787
Total liabilities and shareholders’ equity	$	8,742,572		$	10,619,673

CONDENSED STATEMENTS OF INCOME

Years Ended December 31,

	2011			2010
Other income	$	354		$	4,023
Interest expense		(418,243	)		(416,455	)
Other expense		(90,452	)		(249,421	)
Loss before income tax benefit and undistributed subsidiary income		(508,341	)		(661,853	)
Equity in undistributed subsidiary income (loss)		(1,959,068	)		(8,231,492	)
Federal income tax benefit		0			(10,618	)
Net loss	$	(2,467,409	)	$	(8,882,727	)

CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31,

	2011			2010
Cash flows from operating activities
Net loss	$	(2,467,409	)	$	(8,882,727	)
Equity in undistributed subsidiary income (loss)		1,959,068			8,231,492
Net change in:
Other assets		1,186			(14,298	)
Other liabilities		389,068			(243,718	)
Net cash used in operating activities		(118,087	)		(909,251	)
Cash flows from investing activities
Capital investment into subsidiaries		26,561			(2,606	)
Net cash from (used in) investing activities		26,561			(2,606	)
Cash flows from financing activities
Draws on notes payable and line of credit		0			0
Paydown on notes payable		0			0
Net cash from financing activities		0			0
Net change in cash and cash equivalents		(91,526	)		(911,857	)
Beginning cash and cash equivalents		125,459			1,037,316
Ending cash and cash equivalents	$	33,933		$	125,459