DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

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

			September 30, 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	$	18,962,057	$	-	$	18,962,057	$	-
Mortgage-backed securities (Government sponsored enterprises - residential)		31,729,892		-		31,729,892		-
Municipal bonds		42,509,221		-		42,509,221		-

			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

			September 30, 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)	$	599,059	$	-	$	-	$	599,059
Real estate owned		220,000		-		-		220,000

			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  9/30/16		Valuation  Technique	Unobservable Inputs	Range (Weighted  Average)
Real estate owned	$	220,000	Market comparable properties	Comparability adjustments (%)		30%
Collateral-dependent impaired loans		599,059	Market comparable properties	Marketability discount		25% – 50% (40 %)

	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

	September 30, 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	$	28,849,085	$	28,849,085	$	-	$	-
Interest-earning time deposits		2,486,000		2,486,000		-		-
Other investments		56,226		-		56,226		-
Loans held for sale		319,153		-		319,153		-
Loans, net of allowance for loan losses		185,356,346		-		-		185,120,038
Federal Home Loan Bank stock		363,800		-		363,800		-
Interest receivable		2,604,351		-		2,604,351		-
Financial Liabilities
Deposits		268,722,251		-		188,150,299		81,646,947
Short-term borrowings		6,759,698		-		6,759,698		-
Advances from borrowers for taxes and insurance		627,239		-		627,239		-
Interest payable		104,782		-		104,782		-
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		-		-		-		-