SECURITIES AVAILABLE FOR SALE (Tables)

9 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities [Table Text Block]

The following tables represent the securities held in the Company’s portfolio at September 30, 2013 and at December 31, 2012:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
September 30, 2013	Cost		Gains		Losses		Value
US Treasury	$	3,029,943	$	22,166	$	0	$	3,052,109
US Government and federal agency		16,867,009		119,983		(43,990)		16,943,002
Municipals		1,565,075		33,077		0		1,598,152
Mortgage-backed and collateralized mortgage obligations– residential		11,931,575		150,175		(174,399)		11,907,351
	$	33,393,602	$	325,401	$	(218,389)	$	33,500,614

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2012	Cost		Gains		Losses		Value
US Treasury	$	4,044,909	$	49,623	$	0	$	4,094,532
US Government and federal agency		20,013,843		250,523		(4,623)		20,259,743
Municipals		2,260,272		73,469		0		2,333,741
Mortgage-backed and collateralized
mortgage obligations– residential		14,539,668		264,090		(31,378)		14,772,380
	$	40,858,692	$	637,705	$	(36,001)	$	41,460,396

Investments Classified by Contractual Maturity Date [Table Text Block]

Below is the schedule of contractual maturities for securities held at September 30, 2013:

	Amortized		Fair
	Cost		Value
Due in one year or less	$	5,024,323	$	5,056,320
Due from one to five years		16,085,877		16,175,309
Due from five to ten years		351,827		361,634
Due in more than ten years		0		0
Mortgage-backed and collateralized mortgage obligations – residential		11,931,575		11,907,351
	$	33,393,602	$	33,500,614

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

Below is the table of securities with unrealized losses, aggregated by investment category and length of time such securities were in an unrealized loss position at September 30, 2013 and December 31, 2012:

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
September 30, 2013	Value		Losses		Value		Losses		Value		Losses
US Government and federal agency	$	3,999,792	$	(43,990)	$	0	$	0	$	3,999,792	$	(43,990)
Mortgage-backed and collateralized mortgage obligations - residential		5,702,888		(141,394)		1,058,476		(33,005)		6,761,364		(174,399)
	$	9,702,680	$	(185,384)	$	1,058,476	$	(33,005)	$	10,761,156	$	(218,389)

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2012	Value		Losses		Value		Losses		Value		Losses
US Government and federal agency	$	3,050,187	$	(4,623)	$	0	$	0	$	3,050,187	$	(4,623)
Mortgage-backed and collateralized mortgage obligations - residential		3,882,818		(21,580)		269,692		(9,798)		4,152,510		(31,378)
	$	6,933,005	$	(26,203)	$	269,692	$	(9,798)	$	7,202,697	$	(36,001)