DEPOSITS

12 Months Ended

Dec. 31, 2015

Deposits [Abstract]

DEPOSITS

NOTE 8 - DEPOSITS

Deposits are summarized as follows:

	At December 31,
	2015		2014
Noninterest-bearing	$	69,296,354	$	68,170,743
Interest-bearing transaction accounts		300,782,040		285,437,812
Savings		29,907,675		29,070,422
Time		133,172,224		127,627,662
	$	533,158,293	$	510,306,639

Included in time deposits were approximately $10,781,000 and $13,872,000 of brokered deposits at December 31, 2015 and 2014, respectively. Included in interest-bearing transaction accounts were approximately $59,670,000 and $83,281,000 of brokered deposits at December 31, 2015 and 2014, respectively.

Interest expense on deposits is summarized as follows:

	Year Ended
	December 31,
	2015		2014
Interest-bearing transaction accounts	$	651,465	$	738,536
Savings		50,662		50,422
Time		1,459,810		1,385,108
	$	2,161,937	$	2,174,066

Time deposits that meet or exceed the FDIC Insurance limit of $250,000 at year-end 2015 and 2014 were approximately $26,159,000 and $19,643,000.

At December 31, 2015, the scheduled maturities of time deposits were as follows:

Year Ending December 31,	Amount
2016	$	60,831,144
2017		33,735,619
2018		21,398,998
2019		4,149,552
2020		12,473,886
Thereafter		583,025
	$	133,172,224