FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The tables below present the recorded amount of assets as of September 30, 2012 and December 31, 2011 measured at fair value on a recurring basis.

	September 30, 2012
Description of Asset	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities
Asset-backed securities issued by GSEs
Collateralized Mortgage Obligations (CMOs)	$	30,279,555	$	-	$	30,279,555	$	-
Mortgage Backed Securities (MBS)		2,027,344		-		2,027,344		-
Corporate equity securities		37,360		-		37,360		-
Bond mutual funds		4,234,733		-		4,234,733		-
Total available for sale securities	$	36,578,992	$	-	$	36,578,992	$	-

	December 31, 2011
Description of Asset	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Available for sale securities
Asset-backed securities issued by GSEs
CMOs	$	35,062,072	$	-	$	35,062,072	$	-
MBS		2,648,043		-		2,648,043		-
Corporate equity securities		37,262		-		37,262		-
Bond mutual funds		4,080,235		-		4,080,235		-
Total available for sale securities	$	41,827,612	$	-	$	41,827,612	$	-

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]

Assets measured at fair value on a nonrecurring basis as of September 30, 2012 and December 31, 2011 are included in the table below.

	September 30, 2012
Description of Asset	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Loans with impairment
Commercial real estate	$	2,217,674	$	-	$	2,217,674	$	-
Residential first mortgage		1,417,026		-		1,417,026		-
Commercial loans		276,161		-		276,161		-
Total loans with impairment	$	3,910,861	$	-	$	3,910,861	$	-
Foreclosed Real Estate	$	6,095,233	$	-	$	6,095,233	$	-

	December 31, 2011
Description of Asset	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Loans with impairment
Commercial real estate	$	1,170,467	$	-	$	1,170,467	$	-
Construction and land development		1,313,550		-		1,313,550		-
Residential first mortgage		505,206		-		505,206		-
Commercial loans		5,110,241		-		5,110,241		-
Total loans with impairment	$	8,099,464	$	-	$	8,099,464	$	-
Foreclosed Real Estate	$	5,028,513	$	-	$	5,028,513	$	-