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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2017
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Recurring basis
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
$
-
 
$
24,309,394
 
$
-
 
$
24,309,394
 
U.S. Government agencies
 
 
-
 
 
2,196,022
 
 
-
 
 
2,196,022
 
Municipal obligations
 
 
-
 
 
1,814,339
 
 
-
 
 
1,814,339
 
Nonrecurring basis
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for sale
 
 
-
 
 
11,371,448
 
 
-
 
 
11,371,448
 
Impaired loans
 
 
-
 
 
-
 
 
5,867,745
 
 
5,867,745
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals
 
$
-
 
$
39,691,203
 
$
5,867,745
 
$
45,558,948
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Recurring basis
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
$
-
 
$
27,128,396
 
$
-
 
$
27,128,396
 
U.S. Government agencies
 
 
-
 
 
2,525,737
 
 
-
 
 
2,525,737
 
Municipal obligations
 
 
-
 
 
1,844,999
 
 
-
 
 
1,844,999
 
Nonrecurring basis
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for sale
 
 
-
 
 
14,221,163
 
 
-
 
 
14,221,163
 
Impaired loans
 
 
-
 
 
-
 
 
5,968,221
 
 
5,968,221
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals
 
$
-
 
$
45,720,295
 
$
5,968,221
 
$
51,688,516
 
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following table presents estimated fair values of the Company’s financial instruments at June 30, 2017 and December 31, 2016.
 
 
 
 
 
 
 
 
 
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 June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
4,327
 
$
4,327
 
$
4,327
 
$
-
 
$
-
 
Interest-bearing deposits with banks
 
 
7,775
 
 
7,775
 
 
7,775
 
 
-
 
 
-
 
Available-for-sale securities
 
 
28,320
 
 
28,320
 
 
-
 
 
28,320
 
 
-
 
Loans held for sale
 
 
11,371
 
 
11,371
 
 
-
 
 
11,371
 
 
-
 
Loans held for investment, net
 
 
261,787
 
 
262,071
 
 
-
 
 
-
 
 
262,071
 
Stock in financial institutions
 
 
3,597
 
 
3,597
 
 
-
 
 
3,597
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits, savings and NOW deposits
 
 
165,113
 
 
158,829
 
 
158,829
 
 
-
 
 
-
 
Time deposits
 
 
64,009
 
 
64,052
 
 
-
 
 
64,052
 
 
-
 
Federal Home Loan Bank advances
 
 
55,000
 
 
55,056
 
 
-
 
 
55,056
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
4,766
 
$
4,766
 
$
4,766
 
$
-
 
$
-
 
Interest-bearing deposits with banks
 
 
11,645
 
 
11,645
 
 
11,645
 
 
-
 
 
-
 
Available-for-sale securities
 
 
31,499
 
 
31,499
 
 
-
 
 
31,499
 
 
-
 
Loans held for sale
 
 
14,221
 
 
14,221
 
 
-
 
 
14,221
 
 
-
 
Loans held for investment, net
 
 
241,399
 
 
241,440
 
 
-
 
 
-
 
 
241,440
 
Stock in financial institutions
 
 
3,575
 
 
3,575
 
 
-
 
 
3,575
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Demand deposits, savings and NOW deposits
 
 
160,961
 
 
156,529
 
 
156,529
 
 
-
 
 
-
 
Time deposits
 
 
63,561
 
 
63,588
 
 
-
 
 
63,588
 
 
-
 
Federal Home Loan Bank advances
 
 
50,000
 
 
50,176
 
 
-
 
 
50,176
 
 
-