INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision (benefit) for income taxes for the years ended December 31, 2016 and 2015, includes these components:

	Years Ended December 31,
	2016		2015
Current
Federal	$	329,732	$	20,000
State		55,836		-
Net operating loss benefits		(343,588)		-
Deferred expense		(4,213,570)		-
Provision (benefit) for income taxes	$	(4,171,590)	$	20,000

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of income tax expense at the Federal statutory rate to the Company’s actual income tax expense for all periods presented is shown below:

	Years Ended December 31,
	2016		2015
Federal tax at the statutory rate (34%)	$	382,003	$	115,809
Benefit from permanent differences:
State income taxes, net of Federal tax benefit		(311,126)		(107,109)
Bank-owned life insurance		(60,839)		(61,622)
Change in valuation allowance		(4,081,718)		(138,703)
Other, net		(99,910)		211,625
Provision (benefit) for income taxes	$	(4,171,590)	$	20,000

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences related to deferred taxes were:

	As of December 31,
	2016		2015
Deferred tax assets:
Allowance for loan losses	$	850,277	$	472,681
Unrealized losses on AFS securities		170,450		-
Board of Directors retirement plan		316,823		309,462
Tax credits		91,688		46,869
Other		637,497		623,368
Deferred compensation		202,418		143,825
Purchase accounting		38,668		52,967
Organizational costs		169,772		204,024
Net operating loss carryforwards		2,456,793		2,783,762
Total deferred tax assets		4,934,386		4,636,958
Deferred tax liabilities:
FHLB stock dividends		(27,820)		(22,445)
Depreciation and amortization		(449,312)		(439,734)
Loan origination costs		(140,237)		(83,889)
Other		-		(9,172)
Total deferred tax liabilities		(617,369)		(555,240)
Net deferred tax asset before valuation allowance		4,317,017		4,081,718
Valuation allowance:
Beginning balance		(4,081,718)		(4,856,546)
Decrease/(Increase) due to merger/prior adjustments		-		636,125
Decrease/(Increase) during the period		-		138,703
Reversal of valuation allowance		4,081,718		-
Ending balance		-		(4,081,718)
Net deferred tax asset	$	4,317,017	$	-