FORECLOSED ASSETS

3 Months Ended

Mar. 31, 2014

Repossessed Assets [Abstract]

Foreclosed Assets [Text Block]

5. FORECLOSED ASSETS

Foreclosed asset activity at March 31:

	March 31,		March 31,
	2014		2013
Beginning of year	$	2,558,299	$	2,806,781
Additions		15,768		380,749
Reductions from sales		(72,800)		(81,399)
Direct write-downs		(15,831)		(7,599)
End of period	$	2,485,436	$	3,098,532
Expenses related to foreclosed assets include:
Operating expenses, net of rental income	$	83,895	$	87,838