INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The consolidated provision for federal income tax (benefit) expense at December 31, 2014 and 2013 was as follows:

	2014		2013
Current payable	$	0	$	105,000
Valuation allowance - change in estimate		(4,037,816)		0
Tax expense (benefit)	$	(4,037,816)	$	105,000

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The net deferred tax asset includes the following amounts of deferred tax assets and liabilities as of December 31, 2014 and 2013:

	2014		2013
Deferred tax asset
Allowance for loan losses	$	224,205	$	527,146
Non-accrual loans		62,977		84,892
Deferred loan costs, net		2,328		18,477
AMT credit carryforward		85,822		85,306
Accrued Expenses (461h)		(36,719)		20,163
Foreclosed assets		979,224		1,069,467
Other		64,587		1,916
Net operating loss carryforward		2,892,045		2,555,381
		4,274,469		4,362,748
Deferred tax liabilities
Depreciation	$	(220,932)	$	(215,388)
Accretion on securities		(9,884)		(2,695)
Unrealized gain on securities available for sale		(25,763)		(217,229)
Prepaid expenses		(12,559)		(24,856)
Other		(9,454)		(11,645)
		(278,592)		(471,813)
	$	3,995,877	$	3,890,935
Valuation allowance		0		(3,890,935)
Net deferred tax asset	$	3,995,877	$	0

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the difference between federal income tax expense and the amount computed by applying the statutory rate of 34% in 2014 and 2013 is as follows:

	2014		2013
Tax at statutory rate	$	99,931	$	1,919,298
Tax-exempt interest income		(15,681)		(22,650)
Other		(16,211)		21,596
Change in valuation allowance		(4,105,855)		(1,813,244)
Federal income tax expense (benefit)	$	(4,037,816)	$	105,000