INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and approximate fair values of available for sale securities

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
September 30, 2016:
U.S. government and agencies	$	18,660,712	$	324,562	$	(23,217	)	$	18,962,057
Mortgage-backed securities (government-sponsored enterprises - residential)		31,255,205		483,154		(8,467	)		31,729,892
Municipal bonds		41,035,533		1,500,932		(27,244	)		42,509,221
	$	90,951,450	$	2,308,648	$	(58,928	)	$	93,201,170
December 31, 2015:
U.S. government and agencies	$	15,979,475	$	44,972	$	(85,750	)	$	15,938,697
Mortgage-backed securities (government-sponsored enterprises - residential)		23,067,200		211,987		(100,792	)		23,178,395
Municipal bonds		47,229,171		1,306,328		(179,259	)		48,356,240
	$	86,275,846	$	1,563,287	$	(365,801	)	$	87,473,332

Schedule of amortized cost and fair value of available-for-sale securities by contractual maturities

	Amortized		Fair
	Cost		Value
Within one year	$	200,816	$	200,860
More than one year to five years		8,314,459		8,584,364
More than five years to ten years		30,092,455		31,036,499
After ten years		21,088,515		21,649,555
		59,696,245		61,471,278
Mortgage-backed securities (government-sponsored enterprises - residential)		31,255,205		31,729,892
	$	90,951,450	$	93,201,170

Schedule of gross unrealized losses and fair value in continuous loss position

	Less Than Twelve Months					Twelve Months or More					Total
	Gross					Gross					Gross
	Unrealized			Fair		Unrealized			Fair		Unrealized			Fair
	Losses			Value		Losses			Value		Losses			Value
September 30, 2016:
U.S. government agencies	$	(23,217	)	$	3,003,360	$	-		$	-	$	(23,217	)	$	3,003,360
Mortgage-backed securities (government sponsored enterprises - residential)		(27,244	)		2,764,369		-			-		(27,244	)		2,764,369
Municipal bonds		(8,467	)		8,144,524		-			-	$	(8,467	)	$	8,144,524
Total	$	(58,928	)	$	13,912,253	$	-		$	-	$	(58,928	)	$	13,912,253
December 31, 2015:
U.S. government agencies	$	(49,205	)	$	8,591,014	$	(36,545	)	$	1,809,745	$	(85,750	)	$	10,400,759
Mortgage-backed securities (government sponsored enterprises - residential)		(45,886	)		5,843,754		(54,906	)		2,257,674		(100,792	)		8,101,428
Municipal bonds		(48,383	)		5,440,291		(130,876	)		6,734,290		(179,259	)		12,174,581
Total	$	(143,474	)	$	19,875,059	$	(222,327	)	$	10,801,709	$	(365,801	)	$	30,676,768