AVAILABLE-FOR-SALE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2017

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:

	Gross		Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
March 31, 2017
Available-for-sale securities
Mortgage-backed securities	$	25,938,799	$	44,923	$	(425,760)	$	25,557,962
U.S. Government agencies		2,382,843		-		(60,592)		2,322,251
Municipal obligations		1,825,705		3,265		(53)		1,828,917
	$	30,147,347	$	48,188	$	(486,405)	$	29,709,130
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

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

The scheduled maturities of available-for-sale securities at March 31, 2017 were as follows:

Maturities
	March 31, 2017
	Amortized		Fair
	Cost		Value
Due in one year or less	$	120,869	$	120,923
Due after one to five years		18,262,127		18,001,359
Due after five to ten years		11,764,351		11,586,848
Due after ten years		-		-
Totals	$	30,147,347	$	29,709,130

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.

	March 31, 2017
	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	$	17,686,268	$	(319,296)	$	5,478,211	$	(106,464)	$	23,164,479	$	(425,760)
U.S. Government agencies		2,322,251		(60,592)		-		-		2,322,251		(60,592)
Municipal obligations		-		-		20,053		(53)		20,053		(53)
Total temporarily impaired securities	$	20,008,519	$	(379,888)	$	5,498,264	$	(106,517)	$	25,506,783	$	(486,405)

	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)