SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (REPOs)

12 Months Ended

Dec. 31, 2014

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,
	2014	2013	2012
Balance outstanding at end of period	$-	$-	$-
Average interest cost at end of period	-%	-%	-%
Average balance outstanding during the period	$-	$-	$132,910
Average interest cost during the period	-%	-%	26.24%(a)
Estimated fair value of underlying collateral	$-	$-	$-
Maximum balance outstanding at month end during the year	$-	$-	$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.