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

3 Months Ended

Mar. 31, 2013

Real Estate [Abstract]

Foreclosed Real Estate Roll Forward [Table Text Block]

The Company considers OREO as classified assets for regulatory and financial reporting. An analysis of the activity follows.

	Three Months Ended March 31,						Year Ended December 31,
	2013			2012			2012
Balance at beginning of year	$	6,891,353		$	5,028,513		$	5,028,513
Additions of underlying property		370,800			135,270			4,020,494
Disposals of underlying property		-			(395,949	)		(1,483,449	)
Valuation allowance		(310,500	)		(300,000	)		(674,205	)
Balance at end of period	$	6,951,653		$	4,467,834		$	6,891,353

Foreclosed Real Estate Expenses [Table Text Block]

Expenses applicable to OREO assets include the following.

	Three Months Ended March 31,
	2013		2012
Valuation allowance	$	310,500	$	300,000
Operating expenses		40,862		(1,701	)
	$	351,362	$	298,299