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

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

OTHER REAL ESTATE OWNED ("OREO") [Abstract]

Foreclosed Real Estate Roll Forward

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 follows.

	Nine Months Ended September 30,		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	1,390,286	2,165,375	4,020,494
Disposals of underlying property	(722,599)	(441,429)	(1,483,449)
Valuation allowance	(500,536)	(657,226)	(674,205)
Balance at end of period	$            7,058,504	$            6,095,233	$            6,891,353

Foreclosed Real Estate Expenses

Expenses applicable to OREO assets include the following.

	Three Months Ended September 30,		Nine Months Ended September 30,
	2013	2012	2013	2012
Valuation allowance	$                 170,560	$                   31,050	$                 500,536	$                 657,226
Operating expenses	41,080	54,529	105,168	85,374
	$                 211,640	$                   85,579	$                 605,704	$                 742,600