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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 and December 31, 2012 measured at fair value on a recurring basis.

		March 31, 2013
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")		$	40,015,701			$	-			$	40,015,701			$	-
Mortgage Backed Securities ("MBS")			225,530				-				225,530				-
Corporate equity securities			37,664				-				37,664				-
Bond mutual funds			4,273,305				-				4,273,305				-
Total available for sale securities		$	44,552,200			$	-			$	44,552,200			$	-

		December 31, 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
CMOs		$	42,655,799			$	-			$	42,655,799			$	-
MBS			231,386				-				231,386				-
Corporate equity securities			37,332				-				37,332				-
Bond mutual funds			4,281,146				-				4,281,146				-
Total available for sale securities		$	47,205,663			$	-			$	47,205,663			$	-

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

Assets measured at fair value on a nonrecurring basis as of March 31, 2013 and December 31, 2012 are included in the tables below.

		March 31, 2013
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		$	2,069,575			$	-			$	2,069,575			$	-
Residential first mortgage			469,025				-				469,025				-
Commercial loans			2,145				-				2,145				-
Commercial equipment			148				-				148				-
Total loans with impairment		$	2,540,893			$	-			$	2,540,893			$	-

Other real estate owned		$	6,951,653			$	-			$	6,951,653			$	-

		December 31, 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		$	2,028,534			$	-			$	2,028,534			$	-
Residential first mortgage			602,290				-				602,290				-
Commercial loans			94,355				-				94,355				-
Total loans with impairment		$	2,725,179			$	-			$	2,725,179			$	-

Other real estate owned		$	6,891,353			$	-			$	6,891,353			$	-

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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