FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of estimated fair values of the company's financial instruments

			Fair Value Measurements at December 31, 2015 Using:
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair
	Amount		(Level 1)		(Level 2)		(Level 3)		Value
Financial assets:
Cash and cash equivalents	$	79,232,566	$	79,232,566	$	-	$	-	$	79,232,566
Interest-earning time deposits		1,685,000		-		1,685,000		-		1,685,000
Federal Home Loan Bank stock		1,747,763		-		-		-		N/A
Federal Reserve Bank stock		1,676,700		-		-		-		N/A
Loans, net (excluding impaired loans at fair value)		419,686,001		-		-		421,795,305		421,795,305
Loans held for sale		1,078,785		-		1,078,785		-		1,078,785
Accrued interest receivable		1,620,309		-		510,231		1,110,078		1,620,309
Financial liabilities:
Non-interest bearing deposits		69,296,354		69,296,354		-		-		69,296,354
Interest-bearing deposits		463,861,939		330,689,715		133,976,643		-		464,666,358
Federal Home Loan Bank advances		15,995,485		-		16,315,262		-		16,315,262
Securities sold under agreement to repurchase		19,732,766		-		19,732,766		-		19,732,766
Subordinated debentures		4,000,000		-		4,000,000		-		4,000,000
Accrued interest payable		227,947		14,621		213,326		-		227,947

			Fair Value Measurements at December 31, 2014 Using:
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Fair
	Amount		(Level 1)		(Level 2)		(Level 3)		Value
Financial assets:
Cash and cash equivalents	$	49,066,462	$	49,066,462	$	-	$	-	$	49,066,462
Interest-earning time deposits		2,021,970		-		2,021,970		-		2,021,970
Federal Home Loan Bank stock		2,887,763		-		-		-		N/A
Federal Reserve Bank stock		1,676,700		-		-		-		N/A
Loans, net (excluding impaired loans at fair value)		398,853,600		-		-		402,238,073		402,238,073
Loans held for sale		100,000		-		100,000		-		100,000
Accrued interest receivable		1,762,310		-		506,888		1,255,422		1,762,310
Financial liabilities:
Non-interest bearing deposits		68,170,743		68,170,743		-		-		68,170,743
Interest-bearing deposits		442,135,896		314,508,234		128,258,671		-		442,766,905
Federal Home Loan Bank advances		2,487,745		-		2,542,945		-		2,542,945
Securities sold under agreement to repurchase		11,848,266		-		11,848,266		-		11,848,266
Subordinated debentures		4,000,000		-		4,000,000		-		4,000,000
Accrued interest payable		174,480		14,359		160,121		-		174,480