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CONSOLIDATED STATEMENTS OF CASH FLOWS (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]
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income (loss) $ (13,523,058) $ (9,874,220) $ (30,225,951) $ (148,251)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation 863,245 1,000,544 938,178 74,080
Stock based compensation 115,198 141,968 180,595 46,001
Provision for loan losses 16,718,118 20,347,277 11,526,066 227,000
Accretion on purchased loans 0 (958,343) (285,593) (2,728,414)
Amortization of core deposit intangible 117,421 133,349 133,349 30,515
Amortization of (premium) discount on deposits 0 40,431 109,730 (468,323)
Accretion of discount on long-term debt 0 0 0 17,158
Loss (gain) on mortgage loan commitments (205,472) (56,400) 0 43,875
Net gain on sales of mortgage loans (782,246) (1,035,552) 0 (190,123)
Originations of mortgage loans held-for-sale (67,492,393) (73,011,585) 0 (16,420,673)
Proceeds from sales of mortgage loans 69,376,630 68,357,284 0 17,357,246
Purchase of loan to be held for sale 0 0 (3,651,505) 0
Proceeds from sale of loan held for sale 0 0 3,726,100 0
(Gain) loss on sale of loans 58,243 0 (74,595) 0
Net increase in cash surrender value life insurance (756,438) (824,607) (846,468) (103,222)
Deferred income taxes (5,016,475) (3,834,125) (2,077,407) (520,000)
Deferred tax asset valuation allowance 5,016,475 2,104,000 0 0
Loss (gain) on sale of available for sale securities (3,989,628) (25,421) (870,072) 55,172
Net amortization of premiums on available for sale securities 2,016,072 1,477,580 970,221 174,798
Loss on impairment of marketable equity security 47,897 0 197,575 0
Loss on impairment of nonmarketable equity security 0 0 406,802 0
Loss on impairment of goodwill 0 0 30,233,049 0
Net (gain) loss on disposal of foreclosed assets 218,091 (64,272) (3,741) 0
Valuation adjustments related to foreclosed assets 1,491,220 942,600 48,349 0
Loss on disposition of assets 887 11,401 3,024 40,876
Loss on prepayment of FHLB advances 0 0 0 237,000
Change in assets and liabilities:        
(Increase) decrease in accrued interest receivable 1,373,579 265,016 (919,000) (179,971)
(Increase) decrease in other assets 3,306,709 (4,537,339) (4,006,862) 1,592,814
Increase (decrease) in accrued interest payable (300,871) (124,802) (483,216) (269,670)
Increase (decrease) in accrued expenses and other liabilities 2,028,965 919,875 166,153 (2,505,921)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 10,682,169 1,394,659 5,194,781 (3,638,033)
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchase of investment securities available for sale (87,722,370) (21,232,508) (167,674,519) (113,402,494)
Proceeds from maturities and repayments of investment securities available for sale 27,502,396 28,142,899 38,659,372 1,482,982
Proceeds from sale of securities available for sale 151,602,702 3,896,986 42,820,152 57,516,800
Loan originations and principal collections, net 39,181,342 39,864,623 9,964,259 10,767,799
Purchases of premises and equipment (143,088) (725,306) (1,957,311) (75,358)
Proceeds from disposals of other assets 0 59,365 0 933
Proceeds from sale of foreclosed assets 5,598,373 8,649,950 5,172,202 1,697,098
Cost to complete foreclosed assets 0 (200,229) 0 (1,250)
Proceeds from sale of loans 12,654,001 7,810,558 0 655,426
(Purchase)/redemption of Federal Home Loan Bank stock 1,852,400 1,254,800 (4,512,500) 0
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 150,525,756 67,521,138 (77,528,345) (41,358,064)
CASH FLOWS FROM FINANCING ACTIVITIES        
Net increase (decrease) in deposits (52,188,053) 1,708,274 7,642,133 (3,402,629)
Net increase (decrease) in short-term borrowings 6,000,000 (67,000,000) 36,294,000 0
Net increase (decrease) in long-term debt (13,000,000) 15,000,000 26,000,000 (152,365,388)
Proceeds from issuance of common stock 75,000,000 0 0 0
Proceeds from issuance of preferred stock and common stock warrant 0 0 24,900,000 0
Dividends paid on preferred stock 0 (1,245,000) (1,058,250) 0
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 15,811,947 (51,536,726) 93,777,883 (155,768,017)
NET INCERASE (DECREASE) IN CASH AND CASH EQUIVALENTS 177,019,872 17,379,071 21,444,319 (200,764,114)
CASH AND CASH EQUIVALENTS, BEGINNING 49,106,179 31,727,108 10,282,789 226,126,051
CASH AND CASH EQUIVALENTS, ENDING $ 226,126,051 $ 49,106,179 $ 31,727,108 $ 25,361,937