OTHER REAL ESTATE OWNED ("OREO") (Tables)

12 Months Ended

Dec. 31, 2012

Real Estate [Abstract]

Foreclosed Real Estate Roll Forward [Table Text Block]

OREO assets are presented net of the allowance for losses. The Company considers OREO as classified assets for regulatory and financial reporting. An analysis of the activity is as follows:

	Years Ended December 31,
	2012			2011
Balance at beginning of year	$	5,028,513		$	10,469,302
Additions of underlying property		4,020,494			7,273,206
Disposals of underlying property		(1,483,449	)		(10,750,768	)
Valuation allowance		(674,205	)		(1,963,227	)
Balance at end of period	$	6,891,353		$	5,028,513

Foreclosed Real Estate Expenses [Table Text Block]

Expenses applicable to OREO assets include the following:

	Years Ended December 31,
	2012		2011
Valuation allowance	$	674,205	$	1,963,227
Operating expenses		96,618		489,164
	$	770,823	$	2,452,391