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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes
     Twelve Months          
  Year Ended  Ended  Six Months Ended       
  December 31,  December 31,  December 31,  Years Ended June 30, 
  2015  2014  2014  2014  2013 
                
Current                    
Federal $20,000  $73,760  $73,760  $-  $- 
State  -   -   -   -   35,527 
Deferred  -   -   -   -   - 
                     
Total income tax expense $20,000  $73,760  $73,760  $-  $35,527 
Schedule of reconciliation of income tax expense at the Federal statutory rate to the Company's actual income tax expense

 

     Twelve Months          
  Year Ended  Ended  Six Months Ended       
  December 31,  December 31,  December 31,  Years Ended June 30, 
  2015  2014  2014  2014  2013 
                
Federal tax at the statutory rate (34%) $115,809  $135,777  $366,130  $(419,758) $(45,057)
Benefit from permanent differences:                    
State income taxes, net of Federal tax benefit  (107,109)  -   -   -   23,448 
Bargain purchase gain  -   (985,608)  (985,608)  -   - 
Bank-owned life insurance  (61,622)  (63,152)  (31,399)  (63,470)  (60,943)
                     
Change in valuation allowance  (138,703)  465,739   465,739   196,600   209,745 
Other, net  211,625   521,004   258,898   286,628   (91,666)
                     
Total income tax expense $20,000  $73,760  $73,760  $-  $35,527 
 
Schedule of tax effects of temporary differences related to deferred taxes

 

  At December 31, 
  2015  2014 
Deferred tax assets:        
Allowance for loan losses $472,681  $664,127 
Stock awards  -   46,940 
Board of Directors retirement plan  453,287   126,788 
Tax credits  46,869   27,965 
Other  623,368   131,043 
Deferred compensation  -   151,282 
Purchase accounting  52,967   243,308 
Organizational costs  204,024   680,030 
Net operating loss carryforwards  2,783,762   3,456,274 
Total deferred tax assets  4,636,958   5,527,757 
         
Deferred tax liabilities:        
FHLB stock dividends  (22,445)  (59,888)
Depreciation and amortization  (439,734)  (405,423)
Loan origination costs  (83,889)  (49,708)
Other  (9,172)  (156,192)
Total deferred tax liabilities  (555,240)  (671,211)
         
Net deferred tax asset before valuation allowance  4,081,718   4,856,546 
         
Valuation allowance:        
Beginning balance  (4,856,546)  (1,748,285)
Decrease/(Increase) due to merger/prior adjustments  636,125   (2,642,522)
Decrease/(Increase) during the period  138,703   (465,739)
Ending balance  (4,081,718)  (4,856,546)
         
Net deferred tax asset $-  $-