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Consolidated Statements of Cash Flows (unaudited) (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating activities  
Net loss$ (1,409,085)$ (5,044,486)
Adjustments to reconcile net loss to cash used in operating activities  
Provision for loan losses730,0002,055,000
Depreciation147,828145,308
Amortization of investment securities premiums, net21,14540,716
Compensation expense related to stock options granted6,60080,400
Net changes in fair value and (gains) losses on other real estate owned and repossessed assets246,382692,290
(Increase) decrease in other assets, net(299,209)1,615,801
Increase (decrease) in other liabilities, net14,040(6,627)
Net cash used in operating activities(542,299)(421,598)
Investing activities  
Repayments of loans, net7,648,2048,895,930
Purchase of investment securities available for sale(4,595,698)(6,000,000)
Maturities and sales of investment securities available for sale5,524,3743,000,000
Repayments of investment securities available for sale827,7081,258,926
Redemption of non-marketable equity securities, net352,500107,250
Purchase of property and equipment, net(10,789)(53,339)
Sale of other real estate owned and repossessed assets1,101,666942,936
Net cash provided by investing activities10,847,9658,151,703
Financing activities  
Increase (decrease) in deposits, net(7,525,149)590,197
Increase (decrease) in borrowings13,818(7,108,066)
Net cash used in financing activities(7,511,331)(6,517,869)
Net increase in cash and cash equivalents2,794,3351,212,236
Cash and cash equivalents at beginning of the period10,693,10210,224,360
Cash and cash equivalents at end of the period13,487,43711,436,596
Cash paid for  
Interest1,213,2111,975,331
Schedule of non-cash transactions  
Change in unrealized gain on securities, net of tax123,88194,076
Transfers between loans and other real estate owned$ 2,657,754$ 2,173,188