INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

The following is a summary of the securities portfolio by major classification:

	June 30, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Securities available for sale:
Residential mortgage-backed securities – GSE	$	39,507,593	$	535,016	$	30,973	$	40,011,636
Commercial mortgage-backed securities – private		6,848,630		-		23,449		6,825,181
Collateralized mortgage obligations – GSE		50,398,217		161,268		101,739		50,457,746
Municipals – non-taxable		15,527,164		464,054		50,872		15,940,346
Municipals – taxable		1,635,000		12,508		-		1,647,508
Corporate bonds		35,042,978		850,529		64,804		35,828,703
Marketable equity securities		545,963		172,512		-		718,475
	$	149,505,545	$	2,195,887	$	271,837	$	151,429,595

	December 31, 2011
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Securities available for sale:
Residential mortgage-backed securities – GSE	$	19,451,556	$	19,641	$	106,853	$	19,364,344
Collateralized mortgage obligations – GSE		82,192,471		153,812		251,414		82,094,869
Municipals – non-taxable		13,280,926		263,159		30,194		13,513,891
Corporate bonds		28,041,712		38,943		114,553		27,966,102
Marketable equity securities		519,458		49,575		4,391		564,642
	$	143,486,123	$	525,130	$	507,405	$	143,503,848

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

The following tables summarize gross unrealized losses and fair values, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at June 30, 2012 and December 31, 2011:

	June 30, 2012
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Securities available for sale:
Residential mortgage-backed securities – GSE	$	9,075,923	$	30,973	$	-	$	-	$	9,075,923	$	30,973
Commercial mortgage-backed securities – private		6,825,180		23,449		-		-		6,825,180		23,449
Collateralized mortgage obligations – GSE		22,222,330		101,739		-		-		22,222,330		101,739
Municipals –non- taxable		3,931,967		50,872		-		-		3,931,967		50,872
Corporate bonds		9,244,690		64,804		-		-		9,244,690		64,804
Total temporarily impaired securities	$	51,300,090	$	271,837	$	-	$	-	$	51,300,090	$	271,837

	December 31, 2011
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
Securities available for sale:
Residential mortgage-backed Securities – GSE	$	9,153,058	$	106,854	$	-	$	-	$	9,153,058	$	106,853
Collateralized mortgage Obligations – GSE		67,359,625		251,413		-		-		67,359,625		251,414
Municipals – non-taxable		2,637,330		30,194		-		-		2,637,330		30,194
Corporate bonds		15,818,502		114,553		-		-		15,818,502		114,553
Marketable equity securities		32,131		4,391		-		-		32,131		4,391
Total temporarily impaired securities	$	95,000,646	$	507,405	$	-	$	-	$	95,000,646	$	507,405

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost and fair values of securities available for sale at June 30, 2012, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Less Than		One to		Five to		Over		Equity
	One Year		Five Years		Ten Years		Ten Years		Securities
Residential mortgage backed securities – GSE
Amortized cost	$	4,949,527	$	12,259,467	$	14,164,888	$	8,133,711	$	-
Fair value		5,005,411		12,432,324		14,280,322		8,293,579		-
Commercial mortgage backed securities – private
Amortized cost		-		-		6,848,630		-		-
Fair value		-		-		6,825,181		-		-
Collateralized mortgage obligations – GSE
Amortized cost		8,343,056		31,984,871		9,287,858		782,432		-
Fair value		8,359,576		32,014,146		9,301,559		782,465		-
Municipals – non-taxable
Amortized cost		-		4,130,690		6,867,768		4,528,706		-
Fair value		-		4,266,228		7,043,703		4,630,415		-
Municipals – taxable
Amortized cost		-		-		-		1,635,000		-
Fair value		-		-		-		1,647,508		-
Corporate bonds
Amortized cost		-		35,042,978		-		-		-
Fair value		-		35,828,703		-		-		-
Marketable equity securities
Amortized cost		-		-		-		-		545,963
Fair value		-		-		-		-		718,475
Total
Amortized cost	$	13,292,583	$	83,418,006	$	37,169,144	$	15,079,849	$	545,963
Fair value	$	13,364,987	$	83,418,006	$	37,169,144	$	15,353,967	$	718,475