DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

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

			September 30, 2014
			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 agencies	$	10,429,678	$	-	$	10,429,678	$	-
Mortgage-backed securities
(Government sponsored
enterprises - residential)		45,387,028		-		45,387,028		-
Municipal bonds		49,880,919		-		49,880,919		-

			December 31, 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 agencies	$	10,420,076	$	-	$	10,420,076	$	-
Mortgage-backed securities
(Government sponsored
enterprises - residential)		48,345,655		-		48,345,655		-
Municipal bonds		50,218,866		-		50,218,866		-

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

			September 30, 2014
			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)
Impaired loans
(collateral dependent)	$	1,242,839	$	-	$	-	$	1,242,839
Foreclosed assets		7,000		-		-		7,000

			December 31, 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)
Impaired loans
(collateral dependent)	$	1,219,185	$	-	$	-	$	1,219,185
Mortgage servicing rights		673,576		-		-		673,576

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

	Fair Value at 9/30/14		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Foreclosed Assets	$	7,000	Market comparable properties	Comparability adjustments (%)		30%
Collateral-dependent impaired loans		1,242,839	Market comparable properties	Marketability discount		20% – 30% (25%)
	Fair Value at 12/31/13		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Mortgage servicing rights	$	673,576	Discounted cash flow	Discount rate PSA standard prepayment model rate		8 – 12.5% (10.24%) 144 – 342 (164)
Collateral-dependent impaired loans		1,219,185	Market comparable properties	Marketability discount		20% – 30% (25%)

Schedule of estimated fair values of other financial instrument

			September 30, 2014 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	$	4,152,268	$	4,152,268	$	-	$	-
Other investments		75,248		-		75,248		-
Loans held for sale		377,350		-		377,350		-
Loans, net of allowance for loan losses		181,837,507		-		-		181,768,728
Federal Home Loan Bank stock		1,113,800		-		1,113,800		-
Interest receivable		2,707,775		-		2,707,775		-
Financial Liabilities
Deposits		240,788,366		-		140,765,382		102,505,524
Other borrowings		21,483,796		-		21,483,796		-
Advances from borrowers for taxes and insurance		491,544		-		491,544		-
Interest payable		172,856		-		172,856		-
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-

			December 31, 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	$	6,098,870	$	6,098,870	$	-	$	-
Other investments		81,918		-		81,918		-
Loans held for sale		262,461		-		262,461		-
Loans, net of allowance for loan losses		180,639,502		-		-		178,866,833
Federal Home Loan Bank stock		1,113,800		-		1,113,800		-
Interest receivable		1,817,415		-		1,817,415		-
Financial Liabilities
Deposits		251,738,391		-		143,586,822		111,116,837
Short-term borrowings		19,610,297		-		19,610,297		-
Advances from borrowers for taxes and insurance		857,814		-		857,814		-
Interest payable		210,226		-		10,226		-
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-