DISCLOSURES ABOUT FAIR VALUE OF ASSETS (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

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

			March 31, 2016
			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	$	18,200,060	$	-	$	18,200,060	$	-
Mortgage-backed securities  (Government sponsored enterprises - residential)		20,673,085		-		20,673,085		-
Municipal bonds		43,524,642		-		43,524,642		-

			December 31, 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	$	15,938,697	$	-	$	15,938,697	$	-
Mortgage-backed securities (Government sponsored enterprises - residential)		23,178,395		-		23,178,395		-
Municipal bonds		48,356,240		-		48,356,240		-

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

			March 31, 2016
			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)	$	680,572	$	-	$	-	$	680,572
Real estate owned		42,400		-		-		42,400

			December 31, 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)	$	899,981	$	-	$	-	$	899,981

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

	Fair Value at 3/31/16		Valuation  Technique	Unobservable Inputs	Range (Weighted  Average)
Collateral-dependent impaired loans		680,572	Market comparable properties	Marketability discount	20% – 30% (25%)
Real estate owned		42,400	Market comparable  Properties	Comparability  Adjustment	(6%)

	Fair Value at  12/31/15		Valuation  Technique	Unobservable Inputs	Range (Weighted  Average)
Collateral-dependent impaired loans		899,981	Market comparable properties	Marketability discount	20% – 30% (25%)

Schedule of estimated fair values of other financial instrument

			March 31, 2016
			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	$	7,442,323	$	7,442,323	$	-	$	-
Interest-earning time deposits in banks		2,724,000		2,724,000		-		-
Other investments		60,007		-		60,007		-
Loans held for sale		112,449		-		112,449		-
Loans, net of allowance for loan losses		188,691,035		-		-		188,555,889
Federal Home Loan Bank stock		1,113,800		-		1,113,800		-
Interest receivable		1,851,308		-		1,851,308		-
Financial Liabilities
Deposits		243,908,970		-		166,734,358		78,229,853
Other borrowings		3,946,947		-		3,946,947		-
Advances from borrowers for taxes  and insurance		1,511,505		-		1,511,505		-
Interest payable		106,747		-		106,747		-
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-

			December 31, 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	$	4,103,432	$	4,103,432	$	-	$	-
Interest-earning time deposits		2,724,000		2,724,000		-		-
Other investments		62,223		-		62,223		-
Loans held for sale		539,000		-		539,000		-
Loans, net of allowance for loan losses		193,039,879		-		-		193,006,301
Federal Home Loan Bank stock		1,113,800		-		1,113,800		-
Interest receivable		1,715,676		-		1,715,676		-
Financial Liabilities
Deposits		239,281,930		-		160,227,406		80,300,060
Short-term borrowings		15,131,710		-		6,631,710		8,500,000
Advances from borrowers for taxes  and insurance		990,917		-		990,917		-
Interest payable		118,335		-		118,335		-
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-