Parent Company Information

12 Months Ended

Dec. 31, 2011

Parent Company Information [Abstract]

Parent Company Information

NOTE 22 - PARENT COMPANY INFORMATION

Following is condensed financial information of Cornerstone Bancorp (parent company only):

Condensed Balance Sheets

	December 31,
	2011		2010
Assets
Cash and interest bearing deposits	$	452,354	$	525,773
Investment in subsidiary		17,026,225		17,827,490
Other assets		10,991		8,996
Total Assets	$	17,489,570	$	18,362,259
Liabilities And Shareholders' Equity
Accrued expenses	$	6,960	$	3,547
Shareholders' equity		17,482,610		18,358,712
Total Liabilities and Shareholders' Equity	$	17,489,570	$	18,362,259

Condensed Statements of Income

	Year ended December 31,
		2011			2010			2009
Income
Interest	$	4,249		$	4,848		$	4,645
Expenses
Sundry		79,086			61,502			58,893
Loss before equity in undistributed net
loss of bank subsidiary		(74,837	)		(56,654	)		(54,248	)
Equity in undistributed net loss of
subsidiary		(1,414,311	)		(441,113	)		(1,307,026	)
Net loss	$	(1,489,148	)	$	(497,767	)	$	(1,361,274	)

Condensed Statements of Cash Flows

	Year ended December 31,
		2011			2010			2009
Operating Activities
Net loss	$	(1,489,148	)	$	(497,767	)	$	(1,361,274	)
Adjustments to reconcile net loss to net cash used
for operating activities
Equity in undistributed net loss of subsidiary		1,414,311			441,113			1,307,026
Decrease (increase) in other assets		(1,995	)		724			(715	)
Increase (decrease) in accrued expenses		3,413			(10,314	)		(489	)
Net cash used for operating activities		(73,419	)		(66,244	)		(55,452	)
Investing Activities
Investment in bank subsidiary		-			(499,999	)		(299,999	)
Financing Activities
Cash paid in lieu of fractional shares		-			(1,024	)		(1,715	)
Issuance of preferred stock, net of expenses		-			998,538			-
Exercise of stock options, net of tax		-			-			80,000
Net cash provided by financing
activities		-			997,514			78,285
Net increase (decrease) in cash		(73,419	)		431,271			(277,166	)
Cash, beginning of year		525,773			94,502			371,668
Cash, end of year	$	452,354		$	525,773		$	94,502