DISCLOSURES ABOUT FAIR VALUE OF ASSETS (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

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

			March 31, 2017
			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	$	13,447,972	$	-	$	13,447,972	$	-
Mortgage-backed securities (Government sponsored enterprises - residential)		53,073,119		-		53,073,119		-
Municipal bonds		42,240,292		-		42,240,292		-

			December 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	$	13,333,540	$	-	$	13,333,540	$	-
Mortgage-backed securities (Government sponsored enterprises - residential)		44,413,177		-		44,413,177		-
Municipal bonds		42,414,723		-		42,414,723		-

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

			March 31, 2017
			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)	$	1,475,184	$	-	$	-	$	1,475,184
Real estate owned		194,204		-		-		194,204

			December 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)	$	1,157,329	$	-	$	-	$	1,157,329
Mortgage servicing rights		552,827		-		-		552,827

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

	Fair Value at 3/31/17		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Collateral-dependent impaired loans		1,475,184	Market comparable properties	Marketability discount	20% – 30% (25%)
Real estate owned		194,204	Market comparable Properties	Comparability Adjustment	(6%)

	Fair Value at 12/31/16		Valuation Technique	Unobservable Inputs	Range (Weighted  Average)
Collateral-dependent impaired loans		1,157,329	Market comparable properties	Marketability discount	20% – 30% (25%)
Mortgage servicing rights		552,827	Discounted cash flow	Discount rate PSA standard prepayment model rate	9% –13.5% (10.25%) 104 – 300 (153)

Schedule of estimated fair values of other financial instrument

			March 31, 2017
			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	$	8,659,129	$	8,659,129	$	-	$	-
Interest-earning time deposits in banks		750,000		750,000		-		-
Other investments		54,774		-		54,774		-
Loans held for sale		265,000		-		265,000		-
Loans, net of allowance for loan losses		178,547,718		-		-		177,853,992
Federal Home Loan Bank stock		352,200		-		352,200		-
Interest receivable		1,774,187		-		1,774,187		-
Financial Liabilities
Deposits		258,640,977		-		184,043,906		75,329,265
Other borrowings		3,304,175		-		3,304,175		-
Advances from borrowers for taxes and insurance		1,626,139		-		1,626,139		-
Interest payable		93,255		-		93,255		-
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-

			December 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	$	12,909,924	$	12,909,924	$	-	$	-
Interest-earning time deposits		750,000		750,000		-		-
Other investments		55,481		-		55,481		-
Loans held for sale		503,003		-		503,003		-
Loans, net of allowance for loan losses		184,448,003		-		-		183,941,877
Federal Home Loan Bank stock		363,800		-		363,800		-
Interest receivable		1,588,545		-		1,588,545		-
Financial Liabilities
Deposits		258,677,960		-		178,491,424		81,241,011
Short-term borrowings		7,135,182		-		7,135,182		-
Advances from borrowers for taxes and insurance		1,102,204		-		1,102,204		-
Interest payable		106,755		-		106,755		-
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans		-		-		-		-
Letters of credit		-		-		-		-
Lines of credit		-		-		-		-