INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Tabular Disclosure Related To Allocation Of Federal and State Income Taxes [Table Text Block]

Allocation of federal and state income taxes between current and deferred portions is as follows:

	2012			2011
Current
Federal	$	2,827,187		$	1,663,022
State		678,278			557,499
		3,505,465			2,220,521
Deferred
Federal		(631,256	)		(611,296	)
State		(97,984	)		(75,650	)
		(729,240	)		(686,946	)
Total income tax expense	$	2,776,225		$	1,533,575

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:

	2012						2011
	Amount			Percent of Pre-Tax Income			Amount			Percent of Pre-Tax Income
Expected income tax expense at federal tax rate	$	2,640,487			34.00	%	$	1,596,313			34.00	%
State taxes net of federal benefit		177,559			2.29	%		127,658			2.72	%
Nondeductible expenses		28,890			0.37	%		21,246			0.45	%
Nontaxable income		(320,054	)		(4.12	%)		(347,329	)		(7.40	%)
Other		249,343			3.21	%		135,687			2.89	%
Total income tax expense	$	2,776,225			35.75	%	$	1,533,575			32.66	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The net deferred tax assets in the accompanying balance sheets include the following components:

	2012		2011
Deferred tax assets
Deferred fees	$	-	$	1,410
Allowance for loan losses		3,253,425		3,019,914
Deferred compensation		1,860,068		1,739,075
OREO valuation allowance and expenses		1,510,974		1,245,000
Other		438,077		163,612
		7,062,544		6,169,011
Deferred tax liabilities
Unrealized gain on investment securities		71,701		149,188
FHLB stock dividends		156,182		156,182
Depreciation		29,386		31,169
		257,269		336,539
Net deferred tax assets	$	6,805,275	$	5,832,472