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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
11 Months Ended 12 Months Ended 1 Months Ended
Nov. 18, 2011
Predecessor [Member]
Dec. 31, 2010
Predecessor [Member]
Dec. 31, 2009
Predecessor [Member]
Dec. 31, 2011
Successor [Member]
INTEREST AND FEE INCOME        
Loans held for investment $ 31,569,206 $ 43,420,274 $ 47,989,636 $ 4,252,165
Investment securities available for sale 6,198,399 7,326,013 8,202,708 312,922
Interest-earning deposits with banks 5,229 3,435 8,227 1,674
Federal funds sold 76,557 30,931 5,827 42,849
TOTAL INTEREST AND FEE INCOME 37,849,391 50,780,653 56,206,398 4,609,610
INTEREST EXPENSE        
Money market, NOW and savings deposits 3,070,506 4,563,840 2,900,719 276,541
Time deposits 7,443,732 11,621,285 16,969,642 339,527
Short-term borrowings 78,228 418,583 1,704,511 18,340
Long-term debt 4,852,812 5,718,644 5,045,638 624,316
TOTAL INTEREST EXPENSE 15,445,278 22,322,352 26,620,510 1,258,724
NET INTEREST INCOME 22,404,113 28,458,301 29,585,888 3,350,886
PROVISION FOR LOAN LOSSES (Note E) 16,718,118 20,347,277 11,526,066 227,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 5,685,995 8,111,024 18,059,822 3,123,886
NON-INTEREST INCOME        
Mortgage origination revenue 252,722 478,718 922,615 23,413
Service charges and fees on deposit accounts 1,616,714 1,833,805 1,662,949 216,565
Earnings on life insurance 756,438 883,688 885,858 103,222
Gain (loss) on sale of available for sale securities 3,989,628 25,421 870,072 (55,172)
Gain on sale of mortgage loans 987,718 1,091,952 74,595 146,248
Loss on sale or disposal of assets (887) (11,401) (3,024) (40,876)
Impairment of marketable equity security (47,897) 0 (197,575) 0
Impairment of nonmarketable equity security 0 0 (406,802) 0
Other (Note L) 518,659 607,736 519,474 90,670
TOTAL NON-INTEREST INCOME 8,073,095 4,909,919 4,328,162 484,070
NON-INTEREST EXPENSE        
Salaries and employee benefits 12,787,298 12,763,483 11,834,747 2,399,155
Occupancy and equipment 3,488,782 3,988,617 3,542,206 436,353
Net (gain) loss on foreclosed assets 1,563,194 818,495 44,609 (8,881)
Data processing 1,557,489 1,581,565 1,418,308 240,508
FDIC insurance premiums 1,308,337 1,513,111 1,918,712 140,587
Other loan related expense 1,543,738 1,766,727 680,453 231,288
Professional services 2,774,135 1,910,755 1,534,598 241,639
Goodwill impairment 0 0 30,233,049 0
Other (Note L) 2,259,175 2,622,046 2,735,953 595,558
TOTAL NON-INTEREST EXPENSE 27,282,148 26,964,799 53,942,635 4,276,207
INCOME (LOSS) BEFORE INCOME TAXES (13,523,058) (13,943,856) (31,554,651) (668,251)
INCOME TAX EXPENSE (BENEFIT) (Note K) 0 (4,069,636) (1,328,700) (520,000)
NET INCOME (LOSS) (13,523,058) (9,874,220) (30,225,951) (148,251)
Effective dividend on preferred stock (Note S) 1,539,105 1,689,137 1,616,757 182,012
Net income available (loss attributed) to common shareholders $ (15,062,163) $ (11,563,357) $ (31,842,708) $ (330,263)
NET INCOME (LOSS) PER COMMON SHARE        
Basic (in dollars per share) $ (1.57) $ (1.21) $ (3.33) $ (0.01)
Diluted (in dollars per share) $ (1.57) $ (1.21) $ (3.33) $ (0.01)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING        
Basic (in shares) 9,586,167 9,579,633 9,569,290 28,353,053
Diluted (in shares) 9,586,167 9,579,633 9,569,290 28,353,053