AVAILABLE-FOR-SALE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities [Table Text Block]

The carrying amount of such securities and their approximate fair values were as follows:

December 31, 2016
Available-for-sale securities
Mortgage-backed securities	$	27,524,834	$	45,866	$	(442,303)	$	27,128,397
U.S. Government agencies		2,588,843		-		(63,107)		2,525,736
Municipal obligations		1,837,337		7,823		(161)		1,844,999
	$	31,951,014	$	53,689	$	(505,571)	$	31,499,132
December 31, 2015
Available-for-sale securities
Mortgage-backed securities	$	23,449,558	$	52,498	$	(231,560)	$	23,270,496
U.S. Government agencies		3,498,469		10,429		(50,085)		3,458,813
Municipal obligations		1,898,571		3,317		(646)		1,901,242
	$	28,846,598	$	66,244	$	(282,291)	$	28,630,551

Gain (Loss) on Investments [Table Text Block]

Proceeds from the sale of available-for-sale securities and resulting net gains and net losses were as follows:

	Year Ended December 31,
	2016		2015
Proceeds from sale	$	-	$	2,799,336
Income net	$	-	$	6,414

Available-for-sale Securities, Debt Maturities [Table Text Block]

The scheduled maturities of available-for-sale securities at December 31, 2016 and 2015 were as follows:

	December 31, 2016				December 31, 2015
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Due in one year or less	$	121,744	$	121,884	$	-	$	-
Due after one to five years		29,365,434		28,889,086		25,131,259		24,942,098
Due after five to ten years		2,463,836		2,488,162		3,715,339		3,688,453
Due after ten years		-		-		-		-
Totals	$	31,951,014	$	31,499,132	$	28,846,598	$	28,630,551

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

The following tables show the gross unrealized losses and fair values of securities by length of time that individual securities in each category have been in a continuous loss position.

	December 31, 2016
	Less Than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
Description of			Unrealized				Unrealized				Unrealized
Securities	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available-for-sale securities:
Mortgage-backed securities	$	17,377,335	$	(337,092)	$	5,351,384	$	(105,211)	$	22,728,719	$	(442,303)
U.S. Government agencies		2,525,737		(63,107)		-		-		2,525,737		(63,107)
Municipal obligations		20,054		(161)		-		-		20,054		(161)
Total temporarily impaired securities	$	19,923,126	$	(400,360)	$	5,351,384	$	(105,211)	$	25,274,510	$	(505,571)