FORECLOSED REAL ESTATE (OREO) (Tables)

9 Months Ended

Sep. 30, 2012

Real Estate [Abstract]

Foreclosed Real Estate Roll Forward [Table Text Block]

Foreclosed assets are presented net of an allowance for losses. An analysis of the activity in foreclosed assets is as follows.

	Nine Months Ended September 30,
	2012			2011
Balance at beginning of year	$	5,028,513		$	10,469,302
Additions to underlying property		2,165,375			7,273,206
Disposals of  underlying property		(441,429	)		(9,582,484	)
Valuation allowance		(657,226	)		(658,583	)
Balance at end of period	$	6,095,233		$	7,501,441

Foreclosed Real Estate Expenses [Table Text Block]

Expenses applicable to foreclosed assets include the following.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Valuation allowance	$	31,050	$	342,700	$	657,226	$	658,583
Operating expenses		54,529		71,373		85,374		365,823
	$	85,579	$	414,073	$	742,600	$	1,024,406