SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPOs)

12 Months Ended

Dec. 31, 2013

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPOs) [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPOs)

11.   REPOs

Presented below is information concerning REPOs:

	At or for the Year Ended December 31,
	2013			2012			2011
Balance outstanding at end of period	$	-		$	-		$	195,000
Average interest cost at end of period		-	%		-	%		4.33	%
Average balance outstanding during the period	$	-		$	132,910		$	195,000
Average interest cost during the period		-	%		26.24	%(a)		4.33	%
Estimated fair value of underlying collateral	$	-		$	-		$	214,446
Maximum balance outstanding at month end during the year	$	-		$	195,000		$	195,000

(a) Excluding a prepayment charge of $28,772 included in interest expense on borrowed funds in the consolidated statements of operations, the average interest cost would have been 4.33% during the year ended December 31, 2012.