CONDENSED FINANCIAL INFORMATION OF CITIZENS BANCSHARES CORPORATION (PARENT ONLY) (Tables)

12 Months Ended

Dec. 31, 2012

CONDENSED FINANCIAL INFORMATION OF CITIZENS BANCSHARES CORPORATION (PARENT ONLY)

Schedule of condensed financial statements

	December 31, 2012		December 31, 2011
Balance Sheets
Assets:
Cash	$	204,166	$	767,853
Investment in Bank		48,834,169		47,706,232
Other assets		229,252		85,939
	$	49,267,587	$	48,560,024
Liabilities and stockholders' equity:
Total liabilities	$	113,482	$	26,846
Stockholders' equity		49,154,105		48,533,178
	$	49,267,587	$	48,560,024

	For the Years Ended December 31,
	2012			2011			2010
Statements of Income
Total revenue	$	3,113		$	—		$	—
Total expenses		412,512			249,311			217,873
Loss before income tax benefit and equity in undistributed earnings of the subsidiaries		(409,399	)		(249,311	)		(217,873	)
Income tax benefit		143,314			84,769			66,890
Loss before equity in undistributed earnings of the subsidiaries		(266,085	)		(164,542	)		(150,983	)
Equity in undistributed earnings of the subsidiaries		1,034,908			433,168			780,179
Net income		768,823			268,626			629,196

	Years Ended December 31,
	2012			2011			2010
Statements of Cash Flows
Cash flows from operating activities—
Net income	$	768,823		$	268,626		$	629,196
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of the subsidiaries		(1,034,908	)		(433,168	)		(780,179	)
Stock based compensation plan		—			—			41,662
Restricted stock based compensation plan		139,062			5,062			2,511
Change in other assets		(143,313	)		(21,895	)		342,780
Change in other liabilities		86,636			(22,585	)		5,745
Net cash provided by (used in) operating activities		(183,700	)		(203,960	)		241,715
Cash flows from investing activities:
Investment in subsidiaries		—			—			(3,300,000	)
Net cash used in investing activities		—			—			(3,300,000	)
Cash flows from financing activities:
Payment on note payable		—			—			—
Common stock dividend paid		(169,242	)		(168,663	)		(169,051	)
Preferred stock dividend paid		(236,820	)		(236,820	)		(330,001	)
Net purchase of treasury stock		(9,815	)		(5,372	)		—
Proceeds from issuance of common stock		35,890			16,001			—
Proceeds from issuance of preferred stock		—			—			4,379,000
Net cash cash provided by (used in) financing activities		(379,987	)		(394,854	)		3,879,948
Net change in cash		(563,687	)		(598,814	)		821,663
Cash:
Beginning of year		767,853			1,366,667			545,004
End of year	$	204,166		$	767,853		$	1,366,667
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	—		$	—		$	—
Income taxes	$	27,615		$	8,000		$	59,500