DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

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

			September 30, 2015
			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	$	14,078,823	$	-	$	14,078,823	$	-
Mortgage-backed securities (Government sponsored enterprises - residential)		27,109,131		-		27,109,131		-
Municipal bonds		46,769,453		-		46,769,453		-

			December 31, 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 and agencies	$	9,958,273	$	-	$	9,958,273	$	-
Mortgage-backed securities (Government sponsored enterprises - residential)		41,419,921		-		41,419,921		-
Municipal bonds		45,306,703		-		45,306,703		-

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

			September 30, 2015
			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)	$	991,639	$	-	$	-	$	991,639
Foreclosed assets		339,554		-		-		339,554

			December 31, 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)	$	1,147,400	$	-	$	-	$	1,147,400

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

	Fair Value at 9/30/15		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Foreclosed assets	$	339,554	Market comparable properties	Comparability adjustments (%)	30%
Collateral-dependent impaired loans		991,639	Market comparable properties	Marketability discount	25% – 50% (40%)

	Fair Value at 12/31/14		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Collateral-dependent impaired loans		1,147,400	Market comparable properties	Marketability discount	20% – 30% (25%)

Schedule of estimated fair values of other financial instrument

			September 30, 2015
			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	$	3,646,964	$	3,646,964	$	-	$	-
Interest-earning time deposits		2,474,000		-		2,474,000		-
Other investments		63,809		-		63,809		-
Loans held for sale		823,000		-		823,000		-
Loans, net of allowance for loan losses		189,512,107		-		-		189,267,501
Federal Home Loan Bank stock		1,113,800		-		1,113,800		-
Interest receivable		2,728,566		-		2,728,566		-
Financial Liabilities
Deposits		233,343,288		-		150,752,422		84,019,957
Short-term borrowings		19,656,929		-		14,656,929		4,998,917
Advances from borrowers for taxes and insurance		509,728		-		509,728		-
Interest payable		127,900		-		127,900		-
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-

			December 31, 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	$	9,611,638	$	9,611,638	$	-	$	-
Other investments		73,766		-		73,766		-
Loans held for sale		235,600		-		235,600		-
Loans, net of allowance for loan losses		184,718,612		-		-		184,573,401
Federal Home Loan Bank stock		1,113,800		-		1,113,800		-
Interest receivable		1,713,243		-		1,713,243		-
Financial Liabilities
Deposits		245,941,562		-		151,341,999		96,956,400
Short-term borrowings		13,821,730		-		8,821,730		4,996,109
Advances from borrowers for taxes and insurance		962,762		-		962,762		-
Interest payable		166,052		-		166,052		-
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-