FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]

The following table sets forth by level, within the fair value hierarchy, the company’s assets at fair value:

	Fair Value Measurements Using
	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	Level 1		Level 2		Level 3		Fair Value
September 30, 2016
Recurring basis
Mortgage-backed securities	$	-	$	27,173,984	$	-	$	27,173,984
U.S. Government agencies		-		2,868,854		-		2,868,854
Municipal obligations		-		1,871,075		-		1,871,075
Nonrecurring basis
Loans held for sale		-		29,254,222		-		29,254,222
Other real estate		-		-		-		-
Impaired loans		-		-		1,226,726		1,226,726
Totals	$	-	$	61,168,135	$	1,226,726	$	62,394,861
December 31, 2015
Recurring basis
Mortgage-backed securities	$	-	$	23,270,496	$	-	$	23,270,496
U.S. Government agencies		-		3,458,813		-		3,458,813
Municipal obligations		-		1,901,242		-		1,901,242
Nonrecurring basis
Loans held for sale		-		11,380,627		-		11,380,627
Other real estate		-		-		306,000		306,000
Impaired loans		-		-		1,844,059		1,844,059
Totals	$	-	$	40,011,178	$	2,150,059	$	42,161,237

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following tables present estimated fair values of the company’s financial instruments at September 30, 2016 and December 31, 2015.

					Quoted Prices		Significant
					in Active		Other		Significant
					Markets for		Observable		Unobservable
	Carrying				Identical Assets		Inputs		Inputs
	Amount		Fair Value		Level 1		Level 2		Level 3
	(Dollars in thousands)
At September 30, 2016
Financial assets:
Cash and due from banks	$	2,978	$	2,978	$	2,978	$	-	$	-
Interest-bearing deposits  with banks		19,370		19,370		19,370		-		-
Available-for-sale securities		31,914		31,914		-		31,914		-
Loans held for sale		29,254		29,254		-		29,254		-
Loans held for investment, net		220,184		220,048		-		-		220,048
Stock in financial institutions		3,528		3,528		-		3,528		-
Financial liabilities:
Demand deposits,  savings and NOW  deposits		183,013		179,872		179,872		-		-
Time deposits		61,297		61,325		-		61,325		-
Federal Home Loan Bank advances		49,000		49,042		-		49,042		-
At December 31, 2015
Financial assets:
Cash and due from banks	$	5,960	$	5,960	$	5,960	$	-	$	-
Interest-bearing deposits  with banks		13,865		13,865		13,865		-		-
Available-for-sale securities		28,631		28,631		-		28,631		-
Loans held for sale		11,381		11,381		-		11,381		-
Loans held for investment, net		192,137		195,631		-		-		195,631
Stock in financial institutions		1,547		1,547		-		1,547		-
Financial liabilities:
Demand deposits,  savings and NOW  deposits		151,593		147,947		147,947		-		-
Time deposits		74,107		74,149		-		74,149		-
Federal Home Loan Bank advances		13,000		13,004		-		13,004		-