AVAILABLE-FOR-SALE SECURITIES

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 – AVAILABLE-FOR-SALE SECURITIES

Available-for-sale securities have been classified in the consolidated balance sheets according to management’s intent at December 31, 2016 and 2015. 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

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

Amortized cost and fair value of securities by contractual maturity as of December 31, 2016 and 2015 are shown below. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the actual contractual maturities of underlying collateral. Expected maturities may differ from contractual maturities because borrowers may call or prepay obligations.

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

At December 31, 2016 and 2015, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

At December 31, 2016 and 2015, mortgage-backed securities included collateralized mortgage obligations of $10.1 million and $5.9 million, respectively, which are backed by single-family mortgage loans. The Company does not hold any securities backed by commercial real estate loans.

Gross Unrealized Losses and Fair Value – 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)

At December 31, 2016 and 2015, all of the government agencies and mortgage-backed securities held by the Company were issued by U.S. Government-sponsored entities and agencies, primarily Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2016.

Loans and securities carried at approximately $137.8 million at December 31, 2016 were pledged to secure FHLB advances. In addition, securities carried at approximately $5.1 million at December 31, 2016 were pledged to secure public deposits.