DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of fair value measurements of assets recognized in balance sheets measured at fair value on recurring basis

			September 30, 2013
			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
U.S. Government and
agencies	$	11,516,397	$	-	$	11,516,397	$	-
Mortgage-backed securities
(Government sponsored
enterprises - residential)		51,749,118		-		51,749,118		-
Municipal bonds		50,165,223		-		50,165,223		-

			December 31, 2012
			Fair Value Measurements Using
			Quoted Prices
			in Active		Significant
			Markets for		Other		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
U.S. Government and
agencies	$	10,328,880	$	-	$	10,328,880	$	-
Mortgage-backed securities
(Government sponsored
enterprises - residential)		51,956,481		-		51,956,481		-
Municipal bonds		53,102,462		-		53,102,462		-

Schedule of fair value measurement of assets measured at fair value on nonrecurring basis

			September 30, 2013 Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans
(collateral dependent)	$	108,819	$	-	$	-	$	108,819
Real estate owned		226,793		-		-		226,793

			December 31, 2012 Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans
(collateral dependent)	$	1,032,580	$	-	$	-	$	1,032,580
Real estate owned		137,193		-		-		137,193

Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring level 3 fair value measurements

	Fair Value at 9/30/13		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Real Estate Owned	$	226,793	Market comparable properties	Comparability adjustments (%)	Not available
Collateral-dependent impaired loans		108,819	Market comparable properties	Marketability discount	20% – 30% (25%)

 

	Fair Value at 12/31/12		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Real Estate Owned	$	137,193	Market comparable properties	Comparability adjustments (%)	(26%)
Collateral-dependent impaired loans		1,032,580	Market comparable properties	Marketability discount	20% – 30% (25%)

Schedule of estimated fair values of other financial instrument

	September 30, 2013
			Fair Value Measurements Using
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Financial Assets
Cash and cash equivalents	$	5,551,947	$	5,551,947	$	-	$	-
Interest earning time deposits in banks		2,972,000		-		2,972,000		-
Other investments		84,616		-		84,616		-
Loans held for sale		1,287,916		-		1,287,916		-
Loans, net of allowance for loan losses		174,332,494		-		-		172,583,139
Federal Home Loan Bank stock		1,113,800		-		1,113,800		-
Interest receivable		2,890,297		-		2,890,297		-
Financial Liabilities
Deposits		247,654,888		-		135,231,019		115,501,799
Other borrowings		24,945,748		-		24,945,748		-
Advances from borrowers for taxes
and insurance		427,713		-		427,713		-
Interest payable		221,594		-		221,594		-
Unrecognized financial instruments (net
of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-

	December 31, 2012
			Fair Value Measurements Using
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Financial Assets
Cash and cash equivalents	$	7,293,711	$	7,293,711	$	-	$	-
Interest earning time deposits in banks		2,972,000		-		2,972,000		-
Other investments		96,041		-		96,041		-
Loans held for sale		711,986		-		711,986		-
Loans, net of allowance for loan losses		173,753,059		-		-		172,609,490
Federal Home Loan Bank stock		1,113,800		-		1,113,800		-
Interest receivable		2,053,472		-		2,053,472		-
Financial Liabilities
Deposits		258,520,729		-		135,656,067		125,864,749
Short-term borrowings		12,740,610		-		12,740,610		-
Advances from borrowers for taxes
and insurance		832,345		-		832,345		-
Interest payable		276,757		-		276,757		-
Unrecognized financial instruments (net
of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-