SECURITIES AVAILABLE FOR SALE (Tables)

9 Months Ended

Sep. 30, 2015

SECURITIES AVAILABLE FOR SALE

Summary of amortized cost and fair values of securities with gross unrealized gains and losses

	September 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		(Losses)			Value
U.S. government agency obligations	$	28,189,284	$	133,682	$	(24,479	)	$	28,298,487
State and municipal securities		45,029,413		1,076,180		(229,314	)		45,876,279
Other securities		3,501		-		-			3,501
Mortgage-backed: residential		30,705,080		88,836		(132,531	)		30,661,385
	$	103,927,278	$	1,298,698	$	(386,324	)	$	104,839,652

	December 31, 2014
U.S. government agency obligations	$	26,280,359	$	31,628	$	(442,381	)	$	25,869,606
State and municipal securities		44,828,579		1,025,719		(280,690	)		45,573,608
Other securities		3,501		-		-			3,501
Mortgage-backed: residential		32,800,032		176,321		(197,376	)		32,778,977
	$	103,912,471	$	1,233,668	$	(920,447	)	$	104,225,692

Schedule of unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

	September 30, 2015
	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
U.S. government agency obligations	$	-	$	-		$	7,491,280	$	(24,479	)	$	7,491,280	$	(24,479	)
State and municipal securities		8,569,856		(72,837	)		4,879,709		(156,477	)		13,449,565		(229,314	)
Mortgage-backed: residential		14,664,125		(81,759	)		4,449,652		(50,772	)		19,113,777		(132,531	)
	$	23,233,981	$	(154,596	)	$	16,820,641	$	(231,728	)	$	40,054,622	$	(386,324	)

	December 31, 2014
	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
U.S. government agency obligations	$	6,477,461	$	(26,717	)	$	12,615,391	$	(415,664	)	$	19,092,852	$	(442,381	)
State and municipal securities		7,102,666		(43,614	)		9,369,188		(237,076	)		16,471,854		(280,690	)
Mortgage-backed: residential		1,474,590		(28,841	)		15,744,126		(168,535	)		17,218,716		(197,376	)
	$	15,054,717	$	(99,172	)	$	37,728,705	$	(821,275	)	$	52,783,422	$	(920,447	)

Schedule of amortized cost and fair value by contractual maturity

	Amortized		Fair
	Cost		Value
Due in one year or less	$	8,746,163	$	8,767,942
Due after one year through five years		20,650,177		20,802,114
Due after five years through ten years		30,797,474		31,367,004
Due after ten years		13,024,883		13,237,706
Other securities - non-maturing		3,501		3,501
Mortgage-backed: residential		30,705,080		30,661,385
	$	103,927,278	$	104,839,652