INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2011

Investments Debt and Equity Securities [Abstract]

Available For Sale Securities Disclosure [Text Block]

NOTE D - INVESTMENT SECURITIES

The following is a summary of the securities portfolios by major classification:

	Successor Company
	December 31, 2011
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
Securities available for sale:
U.S. government securities and obligations of U.S. government agencies	$	-	$	-	$	-	$	-
Mortgage-backed securities		19,451,556		19,641		106,853		19,364,344
Collateralized mortgage obligations		82,192,471		153,812		251,414		82,094,869
Municipals		13,280,926		263,159		30,194		13,513,891
Corporate bonds		28,041,712		38,943		114,553		27,966,102
Marketable equity		519,458		49,575		4,391		564,642
	$	143,486,123	$	525,130	$	507,405	$	143,503,848

	Predecessor Company
	December 31, 2010
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
Securities available for sale:
U.S. government securities and obligations of U.S. government agencies	$	9,346,395	$	492,005	$	-	$	9,838,400
Mortgage-backed securities		38,079,632		1,667,631		22,418		39,724,845
Collateralized mortgage obligations		76,553,621		2,022,287		126,224		78,449,684
Municipals		51,067,962		442,604		892,203		50,618,363
Corporate bonds		2,777,457		15,665		24,322		2,768,800
Marketable equity		440,757		121,082		45,702		516,137
	$	178,265,824	$	4,761,274	$	1,110,869	$	181,916,229

All mortgage-backed securities and collateralized mortgage obligations in the Company’s portfolio at December 31, 2011 and 2010 were backed by government sponsored enterprises (“GSE”s).

Proceeds from sales of available for sale securities in the successor period of November 19 to December 31, 2011 totaled $57,516,800, resulting in gross losses of $55,172. Proceeds from sales of available for sale securities in the predecessor period of January 1 to November 18, 2011 totaled $151,602,702, resulting in gross gains of $4,216,524 and gross losses of $226,896. Proceeds from sales of available for sale securities in 2010 and 2009 totaled $3,896,986 and $42,820,152, respectively, resulting in gross gains of $25,421 and $870,072, respectively. There were no losses recognized on the sale of available for sale securities in the predecessor years ended December 31, 2010 and 2009.

The following tables summarize gross unrealized losses and fair values, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2011 and 2010:

	Successor Company
	December 31, 2011
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
Securities available for sale:
Mortgage-backed	$	9,153,058	$	106,854	$	-	$	-	$	9,153,058	$	106,854
Collateralized mortgage obligations		67,359,625		251,413		-		-		67,359,625		251,413
Municipals		2,637,330		30,194		-		-		2,637,330		30,194
Corporate bonds		15,818,502		114,553		-		-		15,818,502		114,553
Marketable equity		32,131		4,391		-		-		32,131		4,391
Total temporarily impaired securities	$	95,000,646	$	507,405	$	-	$	-	$	95,000,646	$	507,405

	Predecessor Company
	December 31, 2010
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
Securities available for sale:
Mortgage-backed	$	984,306	$	22,418	$	-	$	-	$	984,306	$	22,418
Collateralized mortgage obligations		7,274,222		126,224		-		-		7,274,222		126,224
Municipals		27,738,632		823,580		1,006,202		68,623		28,744,834		892,203
Corporate bonds		1,831,230		24,322		-		-		1,831,230		24,322
Marketable equity		-		-		36,122		45,702		36,122		45,702
Total temporarily impaired securities	$	37,828,390	$	996,544	$	1,042,324	$	114,325	$	38,870,714	$	1,110,869

Unrealized losses on investment securities at December 31, 2011 related to eleven GSE collateralized mortgage obligations, four GSE mortgage-backed securities, three municipal securities, seven investment grade corporate bonds and one marketable equity security. At December 31, 2011, none of our securities had been in an unrealized loss position for more than a twelve month period. Unrealized losses on investment securities at December 31, 2010 related to seven GSE collateralized mortgage obligations, one mortgage-backed security, thirty-six municipal securities, two investment grade corporate bonds and one marketable equity security.

The securities in an unrealized loss position at December 31, 2011 continue to perform and are expected to perform through maturity, and the issuers have not experienced significant adverse events that would call into question their ability to repay these debt obligations according to contractual terms. Further, because we do not intend to sell these investments and we do not believe that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, we do not consider unrealized losses on such securities to represent other-than-temporary impairment at December 31, 2011.

For the year ended December 31, 2009, the Company determined one marketable equity security was other than temporarily impaired and recognized a $197,575 write-down on the investment. An additional write-down of $47,897 was deemed necessary by the Predecessor Company in September 2011. The fair value of the investment at December 31, 2011, 2010 and 2009 was $33,927, $81,824 and $81,824, respectively.

At December 31, 2011 and 2010, investment securities with a carrying value of $43.9 million and $94.1 million, respectively, were pledged to secure public deposits, borrowings and for other purposes required or permitted by law.

The amortized cost and fair values of securities available for sale at December 31, 2011, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized		Fair
	cost		value
Due within one year	$	7,404,521	$	7,425,233
Due after one year through five years		45,499,252		45,482,299
Due after five years through ten years		71,132,818		71,080,250
Due after ten years		18,930,074		18,951,424
Other equity securities		519,458		564,642
	$	143,486,123	$	143,503,848

The following table presents the amortized cost, intervals of maturities or repricings, and weighted average tax equivalent yields of our investment portfolio at December 31, 2011:

	Repricing or Maturing
	Less than			One to			Five to			Over ten
	one year			five years			ten years			years			Total
				(Dollars in thousands)
Securities available for sale:
U. S. government agencies
Balance	$	-		$	-		$	-		$	-		$	-
Weighted average yield		-	%		-	%		-	%		-	%		-	%
Mortgage-backed securities (1)
Balance	$	1,732		$	5,733		$	5,515		$	6,471		$	19,451
Weighted average yield		3.08	%		3.04	%		2.94	%		3.01	%		3.01	%
Collateralized mortgage obligations (1)
Balance	$	5,213		$	8,088		$	58,569		$	10,323		$	82,193
Weighted average yield		2.54	%		2.31	%		2.08	%		2.65	%		2.20	%
Municipal securities
Balance	$	459		$	3,636		$	7,049		$	2,137		$	13,281
Weighted average yield		1.43	%		5.81	%		6.20	%		7.15	%		6.08	%
Corporate bonds
Balance	$	-		$	28,042		$	-		$	-		$	28,042
Weighted average yield		-	%		3.89	%		-	%		-	%		3.89	%
Marketable equity
Balance	$	-		$	-		$	-		$	519		$	519
Weighted average yield		-	%		-	%		-	%		8.92	%		8.92	%
Total
Balance	$	7,404		$	45,499		$	71,133		$	19,450		$	143,486
Weighted average yield		2.59	%		3.65	%		2.56	%		3.46	%		3.02	%

(1) Based on contractual maturity