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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2012
Successor [Member]
Jun. 30, 2011
Predecessor [Member]
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 293,668 $ (10,491,399)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation 487,731 497,934
Stock based compensation 17,856 66,057
Provision for loan losses 2,772,214 10,058,689
Accretion of purchased loans (8,734,414) 0
Amortization of core deposit intangible 129,258 66,675
Amortization of premium on time deposits (1,727,454) 0
Accretion of discount on long-term debt 72,357 0
Gain on mortgage loan commitments (799,263) (35,636)
Net gain on sales of mortgage loans (452,898) (257,713)
Originations of mortgage loans held for sale (45,220,168) (21,788,651)
Proceeds from sales of mortgage loans 46,288,298 26,278,907
Net increase in cash surrender value of bank owned life insurance (406,913) (390,356)
Deferred income taxes (14,533) 0
Gain on sale of available for sale securities (164,817) (289,625)
Net amortization of premiums on available for sale securities 248,426 994,788
Impairment of non-marketable equity security 0 179,000
Net loss on disposal of and valuation adjustments to foreclosed assets 4,550 1,345,386
Loss on disposal of premises and equipment 0 887
Gains from change in fair value of interest rate swaps (200,384) 0
Change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (2,488,855) 339,892
(Increase) decrease in other assets (899,363) (2,573,435)
Increase (decrease) in accrued interest payable 91,614 (32,566)
Increase in accrued expenses and other liabilities 444,194 380,911
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (10,552,564) 4,349,745
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of investment securities available for sale (47,674,830) (59,280,173)
Principal repayments of investment securities available for sale 7,903,403 26,708,897
Proceeds from sales of securities available for sale 33,668,396 14,135,231
Proceeds from disposal of foreclosed assets 6,106,704 3,735,050
Redemption of Federal Home Loan Bank stock 5,738,100 915,600
Loan originations and principal collections, net 35,947,042 18,041,702
Proceeds from sale of loans 14,809,075 10,368,897
Purchases of premises and equipment (825,406) (120,199)
NET CASH PROVIDED BY INVESTING ACTIVITIES 55,672,484 14,505,005
CASH FLOWS FROM FINANCING ACTIVITIES    
Demand (13,565,306) 5,572,383
Savings (5,832,515) (9,734,419)
Money market and NOW 35,948,122 7,352,616
Time deposits (29,733,259) (12,999,893)
Net decrease in short-term borrowings 0 (2,000,000)
Net decrease in long-term debt 0 (5,000,000)
Dividends paid on preferred stock (1,978,716) 0
NET CASH USED IN FINANCING ACTIVITIES (15,161,674) (16,809,313)
NET INCREASE IN CASH AND CASH EQUIVALENTS 30,251,914 2,045,437
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 25,361,937 49,106,179
CASH AND CASH EQUIVALENTS, END OF PERIOD 55,613,851 51,151,616
SUPPLEMENTAL DISCLOSURES:    
Interest 4,378,955 9,296,213
Income taxes 0 0
Noncash investing activities:    
Transfers of loans to foreclosed assets $ 1,684,844 $ 3,049,750