SECURITIES AVAILABLE FOR SALE (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and at December 31, 2013:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
March 31, 2014	Cost		Gains		Losses		Value
US Treasury	$	2,521,823	$	15,990	$	0	$	2,537,813
US Government and federal agency		14,781,703		82,058		(44,277)		14,819,484
Municipals		1,561,714		19,608		0		1,581,322
Mortgage-backed and collateralized mortgage obligations– residential		11,701,347		129,016		(208,044)		11,622,319
	$	30,566,587	$	246,672	$	(252,321)	$	30,560,938

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2013	Cost		Gains		Losses		Value
US Treasury	$	2,525,481	$	16,551	$	0	$	2,542,032
US Government and federal agency		15,823,511		90,497		(46,602)		15,867,406
Municipals		1,563,394		27,747		0		1,591,141
Mortgage-backed and collateralized mortgage obligations– residential		11,354,185		132,797		(257,315)		11,229,667
	$	31,266,571	$	267,592	$	(303,917)	$	31,230,246

Investments Classified by Contractual Maturity Date [Table Text Block]

Below is the schedule of contractual maturities for securities held at March 31, 2014:

	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,017,309	$	3,039,954
Due from one to five years		15,496,681		15,538,963
Due from five to ten years		351,250		359,702
Due in more than ten years		0		0
Mortgage-backed and collateralized mortgage obligations – residential		11,701,347		11,622,319
	$	30,566,587	$	30,560,938

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 March 31, 2014 and December 31, 2013:

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
March 31, 2014	Value		Losses		Value		Losses		Value		Losses
US Government and federal agency	$	3,953,535	$	(40,323)	$	513,505	$	(3,954)	$	4,467,040	$	(44,277)
Mortgage-backed and collateralized mortgage obligations - residential		6,318,370		(160,714)		1,427,978		(47,330)		7,746,348		(208,044)
	$	10,271,905	$	(201,037)	$	1,941,483	$	(51,284)	$	12,213,388	$	(252,321)

	Less than 12 Months				12 Months or Longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
December 31, 2013	Value		Losses		Value		Losses		Value		Losses
US Government and federal agency	$	2,439,145	$	(38,342)	$	1,031,280	$	(8,260)	$	3,470,425	$	(46,602)
Mortgage-backed and collateralized mortgage obligations - residential		5,604,925		(191,440)		1,473,265		(65,875)		7,078,190		(257,315)
	$	8,044,070	$	(229,782)	$	2,504,545	$	(74,135)	$	10,548,615	$	(303,917)