Metropolitan Bank Holding (MCB) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 10, 2018
Document And Entity Information (Abstract)
Entity Registrant Name	Metropolitan Bank Holding Corp.
Entity Central Index Key	1,476,034
Trading Symbol	mcb
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		8,194,925
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 370,950	$ 261,231
Investment securities available for sale, at estimated fair value	30,276	32,157
Investment securities held to maturity (estimated fair value of $5,022 and $5,330 at March 31, 2018 and December 31, 2017, respectively)	5,212	5,428
Other investments	16,566	13,677
Loans, net of deferred fees	1,526,166	1,419,896
Allowance for loan losses	(16,260)	(14,887)
Net loans	1,509,906	1,405,009
Accounts receivable, net	1,673	6,601
Receivable from prepaid card programs, net	7,523	9,579
Accrued interest receivable	4,366	4,421
Premises and equipment, net	6,688	6,268
Prepaid expenses and other assets	5,993	5,751
Goodwill	9,733	9,733
Total assets	1,968,886	1,759,855
Deposits:
Noninterest-bearing demand deposits	1,012,165	812,497
Interest-bearing deposits	604,951	591,858
Total deposits	1,617,116	1,404,355
FHLB Advances	33,000	42,198
Trust preferred securities payable	20,620	20,620
Subordinated debt, net of issuance costs	24,503	24,489
Accounts payable, accrued expenses and other liabilities	23,338	21,678
Accrued interest payable	454	749
Debit cardholder balances	6,814	8,882
Total liabilities	1,725,845	1,522,971
Stockholders' equity:
Common stock, $0.01 par value, authorized 10,000,000 shares, issued and outstanding 8,194,925 and 8,196,310 at March 31, 2018 and December 31, 2017, respectively	81	81
Additional paid in capital	211,333	211,145
Retained earnings	32,152	25,861
Accumulated other comprehensive loss, net of tax effect	(528)	(206)
Total stockholders' equity	243,041	236,884
Total liabilities and stockholders' equity	1,968,886	1,759,855
Class A Preferred Stock
Stockholders' equity:
Preferred stock	0	0
Class B Preferred Stock
Stockholders' equity:
Preferred stock	3	3
Total stockholders' equity	$ 3	$ 3

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Securities held to maturity, fair value	$ 5,022	$ 5,330
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	8,194,925	8,196,310
Common stock, shares outstanding	8,194,925	8,196,310
Class A preferred stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class B preferred stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	272,636	272,636
Preferred stock, shares outstanding	272,636	272,636

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest and dividend income:
Loans, including fees	$ 17,147	$ 11,867
Securities:
Taxable	186	214
Tax-exempt	7	7
Money market funds and commercial paper	119	63
Other interest and dividends	1,169	290
Total interest income	18,628	12,441
Interest expense:
Deposits	1,439	1,259
Borrowed funds	150	187
Trust preferred securities payable	184	140
Subordinated debt	404	74
Total interest expense	2,177	1,660
Net interest income	16,451	10,781
Provision for loan losses	1,477	570
Net interest income after provision for loan losses	14,974	10,211
Non-interest income:
Service charges on deposit accounts	1,910	291
Other service charges and fees	2,494	166
Loan prepayment penalties	65
Debit card income	908	788
Total non-interest income	5,377	1,245
Non-interest expense:
Compensation and benefits	6,317	4,577
Bank premises and equipment	1,180	1,073
Directors Fees	361	174
Insurance Expense	76	79
Professional fees	778	410
FDIC assessment	140	170
Core processing fees	1,368	251
Other expenses	1,018	500
Total non-interest expense	11,238	7,234
Net income before income tax expense	9,113	4,222
Income tax expense	2,822	1,674
Net Income	$ 6,291	$ 2,548
Earnings per common share
Earnings per share - basic (in dollars per share)	$ 0.77	$ 0.55
Earnings per share - diluted (in dollars per share)	$ 0.75	$ 0.55
Weighted average shares outstanding - basic (in shares)	8,124,028	4,543,925
Weighted average shares outstanding - diluted (in shares)	8,275,243	4,576,925

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 6,291	$ 2,548
Unrealized gains/(losses) of securities:
Unrealized holding gains/(losses) arising during the period	(423)	132
Reclassification adjustment for net gains included in net income	0	0
Total unrealized gains/loss on securities available for sale	(423)	132
Tax effect	101	(56)
Total unrealized gains/loss on securities available for sale, net of tax	(322)	76
Comprehensive income	$ 5,969	$ 2,624

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands		Preferred Stock, Class A	Preferred Stock, Class B	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI (Loss), Net	Total
Balance at Dec. 31, 2016			$ 3	$ 45	$ 96,116	$ 13,492	$ (165)	$ 109,491
Balance (in shares) at Dec. 31, 2016			272,636	4,604,563
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock grant, net of forfeiture (in shares)				26,049
Employee stock-based compensation expense					92			92
Net income						2,548		2,548
Other comprehensive income (loss)							76	76
Balance at Mar. 31, 2017			$ 3	$ 45	96,208	16,040	(89)	112,207
Balance (in shares) at Mar. 31, 2017		0	272,636	4,630,612
Balance at Dec. 31, 2017			$ 3	$ 81	211,145	25,861	(206)	236,884
Balance (in shares) at Dec. 31, 2017			272,636	8,196,310
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net	[1]				(33)			(33)
Repurchase of shares for tax withholding for restricted stock vesting					(72)			(72)
Repurchase of shares for tax withholding for restricted stock vesting (in shares)				(1,385)
Employee stock-based compensation expense					293			293
Net income						6,291		6,291
Other comprehensive income (loss)							(322)	(322)
Balance at Mar. 31, 2018			$ 3	$ 81	$ 211,333	$ 32,152	$ (528)	$ 243,041
Balance (in shares) at Mar. 31, 2018		0	272,636	8,194,925
[1]	Represents costs incurred in connection with the Company's initial public offering completed in the prior period.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income		$ 6,291	$ 2,548
Adjustments to reconcile net income to net cash:
Net depreciation amortization and accretion		368	197
Provision for loan losses		1,477	570
Net change in deferred loan fees		698	(104)
Proceeds from the sale of loans held for sale		11,895
Stock-based compensation expense		293	92
Net change in:
Accrued interest receivable		55	7
Accounts payable, accrued expenses and other liabilities		1,660	2,048
Debit cardholder balances		(2,067)	(242)
Accrued interest payable		(295)	208
Accounts receivable, net		4,927	2,544
Receivable from prepaid card programs, net		2,056	309
Prepaid expenses and other assets		(141)	702
Net cash provided by operating activities		27,217	8,879
Cash flows from investing activities:
Loan originations and payments, net		(118,967)	(42,782)
Redemptions of other investments		414	206
Purchases of other investments		(3,303)
Proceeds from paydowns and maturities of securities available for sale		1,408	1,678
Proceeds from paydowns of securities held to maturity		208	262
Purchase of premises and equipment, net		(716)	(629)
Net cash used in investing activities		(120,956)	(41,265)
Cash flows from financing activities:
Proceeds from issuance of common stock, net	[1]	(33)
Proceeds from issuance of subordinated debt, net of issuance cost			25,000
Proceeds from FHLB advances			60,000
Repayments of FHLB advances		(9,198)	(64,564)
Redemption of common stock for tax withholdings for restricted stock vesting		(72)
Net increase in deposits		212,761	22,897
Net cash provided by financing activities		203,458	43,333
Increase in cash and cash equivalents		109,719	10,947
Cash and cash equivalents at the beginning of the period		261,231	82,931
Cash and cash equivalents at the end of the period		370,950	93,878
Cash paid for:
Interest		2,472	1,430
Taxes		4,862	$ 907
Transfer of loans held for investment to held for sale		$ 11,895
[1]	Represents costs incurred in connection with the Company's initial public offering completed in the prior period.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization The Company is subject to regulations of certain state and federal agencies and, accordingly, is periodically examined by those regulatory authorities. As a consequence of the extensive regulation of commercial banking activities, the Company’s business is susceptible to being affected by state and federal legislation and regulations. Basis of Presentation: Recently Issued Accounting Standards: Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606)” implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In August 2016, the FASB deferred the effective date of the ASU by one year which means ASU 2014-09 will be effective for the Company on January 1, 2019. Management is in the process of evaluating revenue streams to determine the impact the ASU could have on the Company’s operating results or financial condition. In January 2016, the FASB issued ASU 2016-01, an amendment to Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). The objectives of the ASU are to: (1) require equity investments to be measured at fair value, with changes in fair value recognized in net income, (2) simplify the impairment assessment of equity investments without readily determinable fair values, (3) eliminate the requirement to disclose methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost on the balance sheet, (4) require the use of the exit price notion when measuring the fair value of financial instruments, and (5) clarify the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall – Recognition and Measurement of Financial Assets and Liabilities, an amendment to ASU 2016-01. The amendments clarify certain aspects of the guidance issued in ASU 2016-01. The Company has evaluated the impact of ASU 2016-01 and 2018-03 upon adoption as of January 1, 2019 and has concluded that there is not a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires companies that lease valuable assets to recognize on their balance sheets the assets and liabilities generated by contracts longer than a year. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, however, early adoption is permitted. Under ASU 2016-02, the Company will recognize a right-of-use asset and a lease obligation liability on the consolidated balance sheet, which will increase the Company’s assets and liabilities. The Company is evaluating other potential impacts of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), which requires the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current condition, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. This guidance also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For the Company, this guidance is effective for fiscal years and interim periods beginning after December 15, 2020. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. Management has engaged a third party vendor for a software solution, which is expected to be implemented during 2018 to begin testing models and comparing results with current incurred loss estimates. Because the Bank been using this vendor for credit analysis and stress testing solutions for over five years, sufficient loan level information should be readily available to test the Historical Loss and Migration Analysis models, among other potential modeling solutions. The Company expects to recognize a one-time cumulative adjustment to the allowance for loan losses as of the beginning of the reporting period in which the ASU takes effect, but, cannot yet determine the magnitude of the impact on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for the Company beginning January 1, 2021, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. Management expects ASU 2017-04 will not have a significant impact on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount as discounts continue to be amortized to maturity. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The guidance includes a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Management expects ASU 2017-08 will not have a significant impact on its consolidated financial statements. On February 14, 2018 the FASB issued final guidance in the form of Accounting Standards Update No. 2018-02, which permits - but does not require - companies to reclassify stranded tax effects caused by 2017 tax reform from accumulated other comprehensive income to retained earnings. Additionally, the ASU requires new disclosures by all companies, whether they opt to do the reclassification or not. Management expects ASU 2018-02 will not have a significant impact on its consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2018; however, early adoption is permitted.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	3 Months Ended
	Mar. 31, 2018
INVESTMENT SECURITIES [Abstract]
INVESTMENT SECURITIES	NOTE 2 - INVESTMENT SECURITIES The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at March 31, 2018 and December 31, 2017 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss and gross unrecognized losses (dollars in thousands): At March 31, 2018 Amortized Cost Gross Unrealized/Unrecognized Gains Gross Unrealized/Unrecognized Losses Fair Value Available-for-sale Residential mortgage-backed securities $ 23,563 $ 8 $ (533 ) $ 23,038 Residential collateralized mortgage obligations 2,649 - (128 ) 2,521 Commercial collateralized mortgage obligations 1,571 - (39 ) 1,532 Municipal bond 1,092 8 - 1,100 CRA mutual fund 2,171 - (86 ) 2,085 Total securities available-for-sale $ 31,046 $ 16 $ (786 ) $ 30,276 Held-to-maturity Residential mortgage-backed securities $ 5,187 - $ (190 ) $ 4,997 Foreign government securities 25 - - 25 Total securities held-to-maturity $ 5,212 $ - $ (190 ) $ 5,022 At December 31, 2017 Amortized Cost Gross Unrealized/Unrecognized Gains Gross Unrealized/Unrecognized Losses Fair Value Available-for-sale Residential mortgage-backed securities $ 24,856 $ 70 $ (242 ) $ 24,684 Residential collateralized mortgage obligations 2,809 - (103 ) 2,706 Commercial collateralized mortgage obligations 1,581 - (31 ) 1,550 Municipal bond 1,098 11 - 1,109 CRA mutual fund 2,160 - (52 ) 2,108 Total securities available-for-sale $ 32,504 $ 81 $ (428 ) $ 32,157 Held-to-maturity Residential mortgage-backed securities $ 5,403 $ - $ (98 ) $ 5,305 Foreign government securities 25 - - 25 Total securities held-to-maturity $ 5,428 $ - $ (98 ) $ 5,330 There were no sales or calls of securities during the three months ended March 31, 2018 and March 31, 2017. The amortized cost and fair value of debt securities at March 31, 2018 and December 31, 2017 are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mutual funds and mortgage-backed securities are shown separately (dollars in thousands): Held to Maturity Available for Sale At March 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ - $ - $ - $ - One to five years 25 25 - - Five to ten years - - - - Beyond ten years - - 1,092 1,100 Total 25 25 1,092 1,100 Residential mortgage-backed securities $ 5,187 $ 4,997 $ 23,563 $ 23,038 Residential collateralized mortgage obligations - - 2,649 2,521 Commercial collateralized mortgage obligations - - 1,571 1,532 CRA mutual fund - - 2,171 2,085 Total Securities $ 5,212 $ 5,022 $ 31,046 $ 30,276 Held to Maturity Available for Sale At December 31, 2017 Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ - $ - $ - $ - One to five years 25 25 - - Five to ten years - - - - Beyond ten years - - 1,098 1,109 Total 25 25 1,098 1,109 Residential mortgage-backed securities $ 5,403 $ 5,305 $ 24,856 $ 24,684 Residential collateralized mortgage obligations - - 2,809 2,706 Commercial collateralized mortgage obligations - - 1,581 1,550 CRA mutual fund - - 2,160 2,108 Total Securities $ 5,428 $ 5,330 $ 32,504 $ 32,157 There were no securities pledged at March 31, 2018 and December 31, 2017 to secure borrowings. At March 31, 2018 and December 31, 2017, all of the mortgage-backed securities and collateralized mortgage obligations held by the Bank were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Securities with unrealized/unrecognized losses at March 31, 2018 and December 31, 2017, aggregated by investment category and length of time that individual securities have been in a continuous unrealized/unrecognized loss position, are as follows (dollars in thousands): Less than 12 Months 12 months or more Total At March 31, 2018 Estimated Fair Value Unrealized/ Unrecognized Losses Estimated Fair Value Unrealized/ Unrecognized Losses Estimated Fair Unrealized/ Unrecognized Losses Residential mortgage-backed securities $ 15,148 $ (261 ) $ 7,195 $ (272 ) $ 22,343 $ (533 ) Residential collateralized mortgage obligations - - 2,521 (128 ) 2,521 (128 ) Commercial collateralized mortgage obligations - - 1,532 (39 ) 1,532 (39 ) CRA mutual fund - - 2,085 (86 ) 2,085 (86 ) Total securities available-for-sale $ 15,148 $ (261 ) $ 13,333 $ (525 ) $ 28,481 $ (786 ) Residential mortgage-backed securities $ 3,062 $ (91 ) $ 1,935 $ (99 ) 4,997 (190 ) Total held-to-maturity $ 3,062 $ (91 ) $ 1,935 $ (99 ) $ 4,997 $ (190 ) Less than 12 Months 12 months or more Total At December 31, 2017 Estimated Fair Value Unrealized/ Unrecognized Losses Estimated Fair Value Unrealized/ Unrecognized Losses Estimated Fair Unrealized/ Unrecognized Losses Residential mortgage-backed securities $ 9,194 $ (85 ) $ 7,738 $ (157 ) $ 16,932 $ (242 ) Residential collateralized mortgage obligations - - 2,706 (103 ) 2,706 (103 ) Commercial collateralized mortgage obligations 1,550 (31 ) 1,550 (31 ) CRA mutual fund - - 2,108 (52 ) 2,108 (52 ) Total securities available-for-sale $ 9,194 $ (85 ) $ 14,102 $ (343 ) $ 23,296 $ (428 ) Residential mortgage-backed securities $ 3,260 $ (33 ) $ 2,045 $ (65 ) $ 5,305 $ (98 ) Total held-to-maturity $ 3,260 $ (33 ) $ 2,045 $ (65 ) $ 5,305 $ (98 ) Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at March 31, 2018 and December 31, 2017. At March 31, 2018 and December 31, 2017, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

LOANS

LOANS	3 Months Ended
	Mar. 31, 2018
Loans and Leases Receivable Disclosure [Abstract]
LOANS	NOTE 3 – LOANS Loans, net of deferred costs and fees, consist of the following as of March 31, 2018 and December 31, 2017 (in thousands): At March 31, 2018 At December 31, 2017 Real estate Commercial $ 847,798 $ 783,745 Construction 35,850 36,960 Multifamily 184,271 190,097 One-to-four family 25,226 25,568 Total Real Estate 1,093,145 1,036,370 Commercial and industrial 342,965 340,001 Consumer 91,824 44,595 Total loans 1,527,934 1,420,966 Deferred fees (1,768 ) (1,070 ) Loans, net of deferred fees 1,526,166 1,419,896 Allowance for loan losses (16,260 ) (14,887 ) Balance at the end of the period $ 1,509,906 $ 1,405,009 The following table presents the activity in the Allowance for Loan and Lease Losses (“ALLL”) by segment for the three months ending March 31, 2018 and 2017 (dollars in thousands): Three months ended March 31, 2018 Commercial Real Estate Commercial & Industrial Construction Multi Family One-to-four Family Consumer Total Allowance for loan losses: Beginning balance $ 7,136 $ 5,578 $ 519 $ 1,156 $ 138 $ 360 $ 14,887 Provision/(credit) for loan losses 611 277 (16 ) 54 245 306 1,477 Loans charged-off - (71 ) - - - (86 ) (157 ) Recoveries 53 - - - - - 53 Total ending allowance balance $ 7,800 $ 5,784 $ 503 $ 1,210 $ 383 $ 580 $ 16,260 Three months ended March 31, 2017 Commercial Real Estate Commercial & Industrial Construction Multi Family One-to-four Family Consumer Total Allowance for loan losses: Beginning balance $ 5,206 $ 5,364 $ 409 $ 620 $ 109 $ 107 11,815 Provision/(credit) for loan losses 647 (269 ) 93 67 (4 ) 36 570 Loans charged-off - (132 ) - - - (17 ) (149 ) Recoveries - - - - - - - Total ending allowance balance $ 5,853 $ 4,963 $ 502 $ 687 $ 105 $ 126 $ 12,236 The following tables present the balance in the ALLL and the recorded investment in loans by portfolio segment based on impairment method as of March 31, 2018 and December 31, 2017 (dollars in thousands): At March 31, 2018 Commercial Real Estate Commercial & Industrial Construction Multi Family One-to-four Family Consumer Total Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 42 $ 42 Collectively evaluated for impairment 7,800 5,784 503 1,210 383 538 16,218 Total ending allowance balance $ 7,800 $ 5,784 $ 503 $ 1,210 $ 383 $ 580 $ 16,260 Loans: Individually evaluated for impairment $ 1,546 $ - $ - $ - $ 1,109 $ 85 $ 2,740 Collectively evaluated for impairment 846,252 342,965 35,850 184,271 24,117 91,739 1,525,194 Total ending loan balance $ 847,798 $ 342,965 $ 35,850 $ 184,271 $ 25,226 $ 91,824 $ 1,527,934 At December 31, 2017 Commercial Real Estate Commercial & Industrial Construction Multi Family One-to-four Family Consumer Total Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ 9 $ 77 $ 86 Collectively evaluated for impairment 7,136 5,578 519 1,156 129 283 $ 14,801 Total ending allowance balance $ 7,136 $ 5,578 $ 519 $ 1,156 $ 138 $ 360 $ 14,887 Loans: Individually evaluated for impairment $ 2,368 $ - $ - $ - $ 3,566 $ 155 $ 6,089 Collectively evaluated for impairment 781,377 340,001 36,960 190,097 22,002 44,440 1,414,877 Total ending loan balance $ 783,745 $ 340,001 $ 36,960 $ 190,097 $ 25,568 $ 44,595 $ 1,420,966 The following table presents loans individually evaluated for impairment recognized as of March 31, 2018 and December 31, 2017 (dollars in thousands): At March 31, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With an allowance recorded: One-to-four family $ - $ - $ - Consumer 96 85 42 Total $ 96 $ 85 $ 42 Without an allowance recorded: Commercial real estate $ 2,015 $ 1,546 $ - One-to-four family 1,386 1,109 - Total $ 3,401 $ 2,655 $ - At December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With an allowance recorded: One-to-four family $ 686 $ 556 $ 9 Consumer 155 155 77 Total $ 841 $ 711 $ 86 Without an allowance recorded: Commercial real estate $ 2,890 $ 2,368 $ - One-to-four family 3,157 3,010 - Total $ 6,047 $ 5,378 $ - The following table presents the average recorded investment and interest income of loans individually evaluated for impairment recognized by class of loans as of and for the three month periods ended March 31, 2018 and 2017 (in thousands): Three months ended March 31, 2018 Average Recorded Investment Interest Income Recognized With an allowance recorded: One-to-four family $ 278 $ - Consumer 120 2 Total $ 398 $ 2 Without an allowance recorded: Commercial real estate $ 1,957 $ 46 One-to-four family 2,060 14 Total $ 4,017 $ 60 Three months ended March 31, 2017 Average Recorded Investment Interest Income Recognized With an allowance recorded: One-to-four family $ 564 $ 5 Commercial and industrial 3,660 - Consumer 15 1 Total $ 4,239 $ 6 Without an allowance recorded: Commercial real estate $ 5,926 $ 99 Commercial and industrial 1,215 12 One-to-four family 565 6 Total $ 7,707 $ 117 Interest on non-accrual loans not recognized was $1,500 and $37,000 for the three months ended March 31, 2018 and March 31, 2017, respectively. Non-accrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The following tables present the recorded investment in non-accrual loans and loans past due over 90 days still on accrual by class of loans as of March 31, 2018 and December 31, 2017 (dollars in thousands): At March 31, 2018 Nonaccrual Loans Past Due Over 90 Days Still Accruing Commercial real estate $ - $ - Commercial & industrial - - One-to-four family - - Consumer 85 - Total $ 85 $ - At December 31, 2017 Nonaccrual Loans Past Due Over 90 Days Still Accruing Commercial real estate $ 787 $ - Commercial & industrial - - One-to-four family 2,447 - Consumer 155 - Total $ 3,389 $ - The following tables present the aging of the recorded investment in past due loans by class of loans as of March 31, 2018 and December 31, 2017 (dollars in thousands): At March 31, 2018 30-59 Days 60-89 Days Greater than 90 days Total Past Due Loans not Past Due Total Commercial real estate $ 96 $ - $ - $ 96 $ 847,702 $ 847,798 Commercial & industrial 29 - - 29 342,936 342,965 Construction - - - - 35,850 35,850 Multifamily - - - - 184,271 184,271 One-to-four family - - - - 25,226 25,226 Consumer 85 116 85 286 91,538 91,824 Total $ 210 $ 116 $ 85 $ 411 $ 1,527,523 $ 1,527,934 At December 31, 2017 30-59 Days 60-89 Days Greater than 90 days Total Past Due Loans not Past Due Total Commercial real estate $ 836 $ - $ 787 $ 1,623 $ 782,122 $ 783,745 Commercial & industrial 85 142 - 227 339,774 340,001 Construction - - - - 36,960 36,960 Multifamily - - - - 190,097 190,097 One-to-four family - - - - 25,568 25,568 Consumer 149 21 155 325 44,270 44,595 Total $ 1,070 $ 163 $ 942 $ 2,175 $ 1,418,791 $ 1,420,966 Troubled Debt Restructurings: Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDRs”) and classified as impaired. Included in impaired loans at March 31, 2018 and December 31, 2017, were $2.7 million of loans modified in TDRs. The Bank has not allocated specific reserves to those customers with loans modified in TDRs as of March 31, 2018, down from $9 thousand allocated at December 31, 2017. The Bank had not committed to lend additional amounts as of March 31, 2018 and December 31, 2017, to customers with outstanding loans that are classified as TDRs. During the three months ended March 31, 2018 and 2017, there were no loans modified as TDRs. During the three months ended March 31, 2018 and March 31, 2017 there were no payment defaults on any loans previously identified as TDRs. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Bank’s internal underwriting policy. Credit Quality Indicators: The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes all loans individually by classifying the loans as to credit risk at least annually. An analysis is performed on a quarterly basis for loans classified as special mention, substandard, or doubtful. The Bank uses the following definitions for risk ratings: Special Mention - Substandard - Doubtful Loans not meeting the criteria above are considered to be pass-rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (dollars in thousands): At March 31, 2018 Pass Special Mention Substandard Doubtful Total Commercial real estate $ 846,252 $ 396 $ 1,150 $ - $ 847,798 Commercial & industrial 335,024 7,941 - - 342,965 Construction 35,850 - - - 35,850 Multifamily 184,271 - - - 184,271 Total $ 1,401,397 $ 8,337 $ 1,150 $ - $ 1,410,884 At December 31, 2017 Pass Special Mention Substandard Doubtful Total Commercial real estate $ 777,410 $ 4,369 $ 1,966 $ - $ 783,745 Commercial & industrial 331,775 8,226 - - 340,001 Construction 36,960 - - - 36,960 Multifamily 190,097 - - - 190,097 Total $ 1,336,242 $ 12,595 $ 1,966 $ - $ 1,350,803 For one-to-four family loans and consumer loans, the Bank evaluates credit quality based on the aging status of the loan, which was previously presented, and by performance status. Non-performing loans are loans past due over 90 days or more still accruing interest and loans on non-accrual status. The following table presents the recorded investment in one-to-four family and consumer loans based on performance status as of March 31, 2018 and December 31, 2017 (dollars in thousands): At March 31, 2018 Performing Non-Performing Total One-to-four family $ 25,226 $ - $ 25,226 Consumer 91,739 85 91,824 Total $ 116,965 $ 85 $ 117,050 At December 31, 2017 Performing Non-Performing Total One-to-four family $ 23,121 $ 2,447 $ 25,568 Consumer 44,440 155 44,595 Total $ 67,561 $ 2,602 $ 70,163

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 4 – EARNINGS PER SHARE The computation of basic and diluted earnings per share is shown below (dollars in thousands, except per share data): Three months ended March 31, 2018 2017 Basic Net income per consolidated statements of income $ 6,291 $ 2,548 Less: Earnings allocated to participating securities (53 ) (49 ) Net income available to common stockholders $ 6,238 $ 2,499 Weighted average common shares outstanding including participating securities 8,192,798 4,633,012 Less: Weighted average participating securities (68,770 ) (89,087 ) Weighted average common shares outstanding 8,124,028 4,543,925 Basic earnings per common share $ 0.77 $ 0.55 Diluted Net income allocated to common stockholders $ 6,238 $ 2,499 Weighted average common shares outstanding for basic earnings per common share 8,124,028 4,543,925 Add: Dilutive effects of assumed exercise of stock options 151,215 33,000 Average shares and dilutive potential common shares 8,275,243 4,576,925 Dilutive earnings per common share $ 0.75 $ 0.55 All stock options for shares of common stock were considered in computing diluted earnings per common share for three months ended March 31, 2018 and 2017, as no options were anti-dilutive.

STOCK COMPENSATION PLAN

STOCK COMPENSATION PLAN	3 Months Ended
	Mar. 31, 2018
STOCK COMPENSATION PLAN [Abstract]
STOCK COMPENSATION PLAN	NOTE 5 - STOCK COMPENSATION PLAN The Company has two share-based compensation plans which are described below. Stock Option Plan The Company established the 1999 Stock Option Plan (the “1999 Plan”), as amended, under which certain employees and directors may receive stock options. Stock options are generally granted with an exercise price equal to 100% of the fair value of the common stock at the date of grant. As of March 31, 2018 and December 31, 2017, there were no unissued shares of the Company’s common stock authorized for option grants under the Plan. Equity Incentive Plan In May 2009 the Company approved the 2009 Equity Incentive Plan (the “2009 Plan”) as a successor to the 1999 Plan. The 2009 Plan permits the granting of restricted shares, incentive stock options (“ISO”), nonqualified stock options, stock appreciation rights, restricted share units and other stock-based awards to employees, directors, officers, consultants, advisors, suppliers and any other persons or entity whose services are considered valuable for up to 1,183,000 shares. The authorized shares will be new issues upon exercise of any options granted. Under the terms of the 2009 Plan, each option agreement cannot have an exercise price that is less than 100% of the fair value of the shares covered by the option on the date of grant. In the case of an ISO granted to any 10% stockholder, the exercise price shall not be less than 110% of the fair value of the shares covered by the option on the date of grant. In no event shall the exercise price of an option be less than the par value of the shares for which the option is exercisable. In no event shall the exercise period exceed ten years from the date of grant of the option, except, in the case of an ISO granted to a 10% stockholder, the exercise period shall not exceed five years from the date of grant. In the event of a change in control, the Committee may determine that any award then outstanding shall be assumed or an equivalent award shall be substituted by the successor company. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities based on historical volatilities of the Company’s common stock are not significant. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. No options were granted during three months ended March 31, 2018 and 2017. A summary of the status of the Company’s stock option plan and the change during the three months ended March 31, 2018 is presented below: Three Months Ended March 31, 2018 Number of Options Weighted Average Exercise Price Outstanding, beginning of period 271,500 $ 19.79 Granted - - Exercised - - Cancelled/forfeited - - Outstanding, end of year 271,500 $ 19.79 Options vested and exercisable at end of period 271,500 $ 19.79 Weighted average remaining contractual life (years) 5.33 There was no unrecognized compensation cost related to non-vested stock options granted under the Plan at March 31, 2018 and December 31, 2017. There was no compensation cost related to stock option plan for the three months ended March 31, 2018 and 2017. There were no grants of stock options during the three months ended March 31, 2018 and 2017. The following table summarizes information about stock options outstanding at March 31, 2018: Options Outstanding Range of Average Number Outstanding at March 31, 2018 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $ 10 – 20 231,000 6.14 $ 18.00 $ 21 – 30 40,500 0.70 $ 30.00 $ 10 – 30 271,500 5.33 $ 19.79 The Company issued restricted stock awards to certain key personnel under the 2009 Equity Incentive Plan. Each restricted stock award vests based on vesting schedule outlined in the reward agreement. Restricted stock awards are subject to forfeiture if the holder is not employed by the Company on the vesting date. In 2013, stockholders approved an additional 300,000 shares available under the plan, and in 2016, an additional 760,000 shares were authorized. Total shares issuable under the plan are 823,629 at March 31, 2018. There were no shares issued in the three months ended March 31, 2018. As of March 31, 2018, there was $1.0 million of total unrecognized compensation expense related to the restricted stock awards. The cost is expected to be recognized over a weighted-average period of 1.56 years. Total compensation cost that has been charged against income for this plan was $293,000 and $92,000 respectively, for the three months ended March 31, 2018 and 2017. The following table summarizes the changes in the Company’s non-vested restricted stock awards for the three months ended March 31, 2018: Three Months Ended March 31, 2018 Number of Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 76,104 $ 20.61 Granted - $ - Forfeited - $ - Vested (7,334 ) $ 18.00 Outstanding at end of period 68,770 $ 20.61 The total fair value of shares vested was $309,000 during the three months ended March 31, 2018.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS Accounting guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Investment Securities: Impaired Loans: Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands): Fair Value Measurement using: At March 31, 2018 Quoted Prices in Significant Other Significant Assets: Residential mortgage-backed securities $ - $ 23,038 $ - Residential collateralized mortgage obligation - 2,521 - Commercial collateralized mortgage obligations - 1,532 - Municipal bond - 1,100 - CRA Mutual Fund 2,085 - - At December 31, 2017 Assets: Residential mortgage-backed securities $ - $ 24,684 $ - Residential collateralized mortgage obligation - 2,706 - Commercial collateralized mortgage obligations - 1,550 - Municipal bond - 1,109 - CRA Mutual Fund 2,108 - - There were no transfers between Level 1 and Level 2 during 2018. There were no assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2018 and December 31, 2017. As of March 31, 2018 and December 31, 2017, there were no loans measured at fair value on a non-recurring basis. Carrying amount and estimated fair values of financial instruments at March 31, 2018 and at year ended December 31, 2017 were as follows (dollars in thousands): Fair Value Measurement Using: At March 31, 2018 Carrying Quoted Prices in Significant Significant Total Fair Financial assets: Cash and due from banks $ 370,950 $ 370,950 $ - $ - $ 370,950 Securities available for sale 30,276 2,085 28,191 - 30,276 Securities held to maturity 5,212 - 5,022 - 5,022 Loans, net 1,509,906 - - 1,570,421 1,570,421 Other investments - - - - - FRB Stock 7,214 N/A N/A N/A N/A FHLB Stock 2,352 N/A N/A N/A N/A SBA Loan Fund 5,000 N/A N/A N/A N/A Certificates of deposit 2,000 2,000 - - 2,000 Accrued interest receivable 4,366 21 127 4,218 4,366 Financial liabilities: Deposits without stated maturities $ 1,546,510 $ 1,546,510 $ - $ - $ 1,546,510 Deposits with stated maturities 70,606 - 71,401 - 71,401 Borrowed funds 33,000 - 33,201 - 33,201 Trust preferred securities payable 20,620 - - 19,977 19,977 Subordinated debt, net of issuance cost 24,503 - 25,375 - 25,375 Accrued interest payable 454 19 361 74 454 Fair Value Measurement Using: At December 31, 2017 Carrying Quoted Prices in Significant Significant Total Fair Financial assets: Cash and due from banks $ 261,231 $ 261,231 $ - $ - $ 261,231 Securities available for sale 32,157 2,108 30,049 - 32,157 Securities held to maturity 5,428 - 5,330 - 5,330 Loans, net 1,405,009 - - 1,410,860 1,410,860 Other investments FRB Stock 3,911 N/A N/A N/A N/A FHLB Stock 2,766 N/A N/A N/A N/A SBA Loan Fund 5,000 N/A N/A N/A N/A Certificates of deposit 2,000 2,000 - - 2,000 Accrued interest receivable 4,421 11 116 4,294 4,421 Financial liabilities: Deposits without stated maturities $ 1,324,110 $ 1,324,110 $ - $ - 1,324,110 Deposits with stated maturities 80,245 - 80,079 - 80,079 Borrowed funds 42,198 - 42,188 - 42,188 Trust preferred securities payable 20,620 - - 19,997 19,997 Subordinated debt, net of issuance cost 24,489 - 25,500 - 25,500 Accrued interest payable 749 27 258 464 749 The methods and assumptions used to estimate fair value are described as follows: Cash and Due from Banks: Securities Available for Sale and Held to Maturity: Other Investments: Loans: Deposits without stated maturities: Deposits with stated maturities Borrowed funds: Trust Preferred Securities: Subordinated Debt, net of debt issuance costs: Accrued Interest Receivable and Payable: Off-Balance-Sheet Liabilities: Fair value estimates are made at specific points in time and are based on existing on-and off-balance sheet financial instruments. These estimates are subjective in nature and dependent on a number of significant assumptions associated with each financial instrument or group of financial instruments, including estimates of discount rates, risks associated with specific financial instruments, estimates of future cash flows, and relevant available market information. Changes in assumptions could significantly affect the estimates. In addition, fair value estimates do not reflect the value of anticipated future business, premiums or discounts that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, or the tax consequences of realizing gains or losses on the sale of financial instruments.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2018
AOCI Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 7 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents changes in Accumulated Other Comprehensive Income (Loss), net of tax, for the three months ended March 31, 2018 and 2017 (dollars in thousands): Three months ended March 31, 2018 2017 Beginning balance $ (206 ) $ (165 ) Net change in other comprehensive income (loss) before reclassification, net of tax (322 ) 76 Amounts reclassified from accumulated other comprehensive income, net of tax - - Net current period other comprehensive loss (322 ) 76 Ending balance $ (528 ) $ (89 ) There were no sales and therefore, no realized gains on available for sale securities. Therefore, there are no reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2018 and March 31, 2017.

FINANCIAL INSTRUMENTS WITH OFF-

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	3 Months Ended
	Mar. 31, 2018
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK [Abstract]
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	NOTE 8 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The Bank had outstanding the following off-balance-sheet financial instruments whose contract amounts represent credit risk at March 31, 2018 and December 31, 2017 (dollars in thousands): At March 31, 2018 At December 31, 2017 Fixed Rate Variable Rate Fixed Rate Variable Rate Undrawn lines of credit $ 13,463 $ 102,047 $ 39,651 $ 76,008 Letters of credit 24,682 - 23,741 - $ 38,145 $ 102,047 $ 63,392 $ 76,008 A commitment to extend credit is a legally binding agreement to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally expire within two years. At March 31, 2018, the Bank’s fixed rate loan commitments are to make loans with interest rates ranging from 3.5% to 5.6% and maturities of one year or more. At December 31, 2017, the Bank’s fixed rate loan commitments are to make loans with interest rates ranging from 3.5% to 9.5% and maturities of one year or more. The amount of collateral obtained, if any, by the Bank upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but may include mortgages on commercial and residential real estate, security interests in business assets, equipment, deposit accounts with the Bank or other financial institutions and securities. The Bank has stand-by letters of credit in the amount of $24.7 million and $23.7 million included above as of March 31, 2018 and December 31, 2017, respectively, for which the Bank has pledged interest-bearing accounts of $0.9 million and $1.7 million as of March 31, 2018 and December 31, 2017, respectively. The stand-by letters of credit and the time deposits mature within one year.

SUBORDINATED DEBT

SUBORDINATED DEBT	3 Months Ended
	Mar. 31, 2018
Debt and Capital Lease Obligations [Abstract]
SUBORDINATED DEBT	NOTE 9 – SUBORDINATED DEBT On March 8, 2017, the Company completed the issuance of its $25 million subordinated notes at 100% issue price to accredited institutional investors. The notes mature on March 15, 2027 and bear an interest rate of 6.25% per annum. The interest is paid semiannually on March 15 and September 15 of each year through March 15, 2022 and quarterly thereafter on March 15, June 15, September 15 and December 15 of each year. Interest rate from March 15, 2022 to the maturity date shall reset quarterly to an interest rate per annum equal to the then current three month LIBOR (not less than zero) plus 426 basis points, payable quarterly in arrears. The Company may redeem the subordinated notes beginning with the interest payment date of March 15, 2022 and on any scheduled interest payment date thereafter. The subordinated notes may be redeemed in whole or in part, at a redemption price equal to 100% of the principal amount of the subordinated notes plus any accrued and unpaid interest.

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation:
Recently Issued Accounting Standards	Recently Issued Accounting Standards: Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606)” implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In August 2016, the FASB deferred the effective date of the ASU by one year which means ASU 2014-09 will be effective for the Company on January 1, 2019. Management is in the process of evaluating revenue streams to determine the impact the ASU could have on the Company’s operating results or financial condition. In January 2016, the FASB issued ASU 2016-01, an amendment to Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). The objectives of the ASU are to: (1) require equity investments to be measured at fair value, with changes in fair value recognized in net income, (2) simplify the impairment assessment of equity investments without readily determinable fair values, (3) eliminate the requirement to disclose methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost on the balance sheet, (4) require the use of the exit price notion when measuring the fair value of financial instruments, and (5) clarify the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. In February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments – Overall – Recognition and Measurement of Financial Assets and Liabilities, an amendment to ASU 2016-01. The amendments clarify certain aspects of the guidance issued in ASU 2016-01. The Company has evaluated the impact of ASU 2016-01 and 2018-03 upon adoption as of January 1, 2019 and has concluded that there is not a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires companies that lease valuable assets to recognize on their balance sheets the assets and liabilities generated by contracts longer than a year. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, however, early adoption is permitted. Under ASU 2016-02, the Company will recognize a right-of-use asset and a lease obligation liability on the consolidated balance sheet, which will increase the Company’s assets and liabilities. The Company is evaluating other potential impacts of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), which requires the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current condition, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. This guidance also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For the Company, this guidance is effective for fiscal years and interim periods beginning after December 15, 2020. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. Management has engaged a third party vendor for a software solution, which is expected to be implemented during 2018 to begin testing models and comparing results with current incurred loss estimates. Because the Bank been using this vendor for credit analysis and stress testing solutions for over five years, sufficient loan level information should be readily available to test the Historical Loss and Migration Analysis models, among other potential modeling solutions. The Company expects to recognize a one-time cumulative adjustment to the allowance for loan losses as of the beginning of the reporting period in which the ASU takes effect, but, cannot yet determine the magnitude of the impact on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for the Company beginning January 1, 2021, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. Management expects ASU 2017-04 will not have a significant impact on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount as discounts continue to be amortized to maturity. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The guidance includes a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Management expects ASU 2017-08 will not have a significant impact on its consolidated financial statements. On February 14, 2018 the FASB issued final guidance in the form of Accounting Standards Update No. 2018-02, which permits - but does not require - companies to reclassify stranded tax effects caused by 2017 tax reform from accumulated other comprehensive income to retained earnings. Additionally, the ASU requires new disclosures by all companies, whether they opt to do the reclassification or not. Management expects ASU 2018-02 will not have a significant impact on its consolidated financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2018; however, early adoption is permitted.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2018
INVESTMENT SECURITIES [Abstract]
Schedule of amortized cost and fair value of securities available-for-sale and securities held-to-maturity	At March 31, 2018 Amortized Cost Gross Gross Fair Value Available-for-sale Residential mortgage-backed securities $ 23,563 $ 8 $ (533 ) $ 23,038 Residential collateralized mortgage obligations 2,649 - (128 ) 2,521 Commercial collateralized mortgage obligations 1,571 - (39 ) 1,532 Municipal bond 1,092 8 - 1,100 CRA mutual fund 2,171 - (86 ) 2,085 Total securities available-for-sale $ 31,046 $ 16 $ (786 ) $ 30,276 Held-to-maturity Residential mortgage-backed securities $ 5,187 - $ (190 ) $ 4,997 Foreign government securities 25 - - 25 Total securities held-to-maturity $ 5,212 $ - $ (190 ) $ 5,022 At December 31, 2017 Amortized Cost Gross Gross Fair Value Available-for-sale Residential mortgage-backed securities $ 24,856 $ 70 $ (242 ) $ 24,684 Residential collateralized mortgage obligations 2,809 - (103 ) 2,706 Commercial collateralized mortgage obligations 1,581 - (31 ) 1,550 Municipal bond 1,098 11 - 1,109 CRA mutual fund 2,160 - (52 ) 2,108 Total securities available-for-sale $ 32,504 $ 81 $ (428 ) $ 32,157 Held-to-maturity Residential mortgage-backed securities $ 5,403 $ - $ (98 ) $ 5,305 Foreign government securities 25 - - 25 Total securities held-to-maturity $ 5,428 $ - $ (98 ) $ 5,330
Schedule of amortized cost and fair value of debt securities classified by contractual maturity	Held to Maturity Available for Sale At March 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ - $ - $ - $ - One to five years 25 25 - - Five to ten years - - - - Beyond ten years - - 1,092 1,100 Total 25 25 1,092 1,100 Residential mortgage-backed securities $ 5,187 $ 4,997 $ 23,563 $ 23,038 Residential collateralized mortgage obligations - - 2,649 2,521 Commercial collateralized mortgage obligations - - 1,571 1,532 CRA mutual fund - - 2,171 2,085 Total Securities $ 5,212 $ 5,022 $ 31,046 $ 30,276 Held to Maturity Available for Sale At December 31, 2017 Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ - $ - $ - $ - One to five years 25 25 - - Five to ten years - - - - Beyond ten years - - 1,098 1,109 Total 25 25 1,098 1,109 Residential mortgage-backed securities $ 5,403 $ 5,305 $ 24,856 $ 24,684 Residential collateralized mortgage obligations - - 2,809 2,706 Commercial collateralized mortgage obligations - - 1,581 1,550 CRA mutual fund - - 2,160 2,108 Total Securities $ 5,428 $ 5,330 $ 32,504 $ 32,157
Schedule of securities with unrealized/unrecognized losses	Less than 12 Months 12 months or more Total At March 31, 2018 Estimated Unrealized/ Estimated Unrealized/ Estimated Unrealized/ Residential mortgage-backed securities $ 15,148 $ (261 ) $ 7,195 $ (272 ) $ 22,343 $ (533 ) Residential collateralized mortgage obligations - - 2,521 (128 ) 2,521 (128 ) Commercial collateralized mortgage obligations - - 1,532 (39 ) 1,532 (39 ) CRA mutual fund - - 2,085 (86 ) 2,085 (86 ) Total securities available-for-sale $ 15,148 $ (261 ) $ 13,333 $ (525 ) $ 28,481 $ (786 ) Residential mortgage-backed securities $ 3,062 $ (91 ) $ 1,935 $ (99 ) 4,997 (190 ) Total held-to-maturity $ 3,062 $ (91 ) $ 1,935 $ (99 ) $ 4,997 $ (190 ) Less than 12 Months 12 months or more Total At December 31, 2017 Estimated Unrealized/ Estimated Unrealized/ Estimated Unrealized/ Residential mortgage-backed securities $ 9,194 $ (85 ) $ 7,738 $ (157 ) $ 16,932 $ (242 ) Residential collateralized mortgage obligations - - 2,706 (103 ) 2,706 (103 ) Commercial collateralized mortgage obligations 1,550 (31 ) 1,550 (31 ) CRA mutual fund - - 2,108 (52 ) 2,108 (52 ) Total securities available-for-sale $ 9,194 $ (85 ) $ 14,102 $ (343 ) $ 23,296 $ (428 ) Residential mortgage-backed securities $ 3,260 $ (33 ) $ 2,045 $ (65 ) $ 5,305 $ (98 ) Total held-to-maturity $ 3,260 $ (33 ) $ 2,045 $ (65 ) $ 5,305 $ (98 )

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2018
Loans and Leases Receivable Disclosure [Abstract]
Schedule of loans, net of deferred costs and fees	At March 31, 2018 At December 31, 2017 Real estate Commercial $ 847,798 $ 783,745 Construction 35,850 36,960 Multifamily 184,271 190,097 One-to-four family 25,226 25,568 Total Real Estate 1,093,145 1,036,370 Commercial and industrial 342,965 340,001 Consumer 91,824 44,595 Total loans 1,527,934 1,420,966 Deferred fees (1,768 ) (1,070 ) Loans, net of deferred fees 1,526,166 1,419,896 Allowance for loan losses (16,260 ) (14,887 ) Balance at the end of the period $ 1,509,906 $ 1,405,009
Schedule of activity in the allowance for loan losses by segment	Three months ended March 31, 2018 Commercial Real Estate Commercial & Industrial Construction Multi Family One-to-four Family Consumer Total Allowance for loan losses: Beginning balance $ 7,136 $ 5,578 $ 519 $ 1,156 $ 138 $ 360 $ 14,887 Provision/(credit) for loan losses 611 277 (16 ) 54 245 306 1,477 Loans charged-off - (71 ) - - - (86 ) (157 ) Recoveries 53 - - - - - 53 Total ending allowance balance $ 7,800 $ 5,784 $ 503 $ 1,210 $ 383 $ 580 $ 16,260 Three months ended March 31, 2017 Commercial Real Estate Commercial & Industrial Construction Multi Family One-to-four Family Consumer Total Allowance for loan losses: Beginning balance $ 5,206 $ 5,364 $ 409 $ 620 $ 109 $ 107 11,815 Provision/(credit) for loan losses 647 (269 ) 93 67 (4 ) 36 570 Loans charged-off - (132 ) - - - (17 ) (149 ) Recoveries - - - - - - - Total ending allowance balance $ 5,853 $ 4,963 $ 502 $ 687 $ 105 $ 126 $ 12,236
Schedule of allowance for loan losses and the recorded investment in loans	At March 31, 2018 Commercial Real Estate Commercial & Industrial Construction Multi Family One-to-four Family Consumer Total Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ 42 $ 42 Collectively evaluated for impairment 7,800 5,784 503 1,210 383 538 16,218 Total ending allowance balance $ 7,800 $ 5,784 $ 503 $ 1,210 $ 383 $ 580 $ 16,260 Loans: Individually evaluated for impairment $ 1,546 $ - $ - $ - $ 1,109 $ 85 $ 2,740 Collectively evaluated for impairment 846,252 342,965 35,850 184,271 24,117 91,739 1,525,194 Total ending loan balance $ 847,798 $ 342,965 $ 35,850 $ 184,271 $ 25,226 $ 91,824 $ 1,527,934 At December 31, 2017 Commercial Real Estate Commercial & Industrial Construction Multi Family One-to-four Family Consumer Total Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ 9 $ 77 $ 86 Collectively evaluated for impairment 7,136 5,578 519 1,156 129 283 $ 14,801 Total ending allowance balance $ 7,136 $ 5,578 $ 519 $ 1,156 $ 138 $ 360 $ 14,887 Loans: Individually evaluated for impairment $ 2,368 $ - $ - $ - $ 3,566 $ 155 $ 6,089 Collectively evaluated for impairment 781,377 340,001 36,960 190,097 22,002 44,440 1,414,877 Total ending loan balance $ 783,745 $ 340,001 $ 36,960 $ 190,097 $ 25,568 $ 44,595 $ 1,420,966
Schedule of impaired by class of loans	At March 31, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With an allowance recorded: One-to-four family $ - $ - $ - Consumer 96 85 42 Total $ 96 $ 85 $ 42 Without an allowance recorded: Commercial real estate $ 2,015 $ 1,546 $ - One-to-four family 1,386 1,109 - Total $ 3,401 $ 2,655 $ - At December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With an allowance recorded: One-to-four family $ 686 $ 556 $ 9 Consumer 155 155 77 Total $ 841 $ 711 $ 86 Without an allowance recorded: Commercial real estate $ 2,890 $ 2,368 $ - One-to-four family 3,157 3,010 - Total $ 6,047 $ 5,378 $ - Three months ended March 31, 2018 Average Recorded Investment Interest Income Recognized With an allowance recorded: One-to-four family $ 278 $ - Consumer 120 2 Total $ 398 $ 2 Without an allowance recorded: Commercial real estate $ 1,957 $ 46 One-to-four family 2,060 14 Total $ 4,017 $ 60 Three months ended March 31, 2017 Average Recorded Investment Interest Income Recognized With an allowance recorded: One-to-four family $ 564 $ 5 Commercial and industrial 3,660 - Consumer 15 1 Total $ 4,239 $ 6 Without an allowance recorded: Commercial real estate $ 5,926 $ 99 Commercial and industrial 1,215 12 One-to-four family 565 6 Total $ 7,707 $ 117
Schedule of recorded investment in non-accrual loans	At March 31, 2018 Nonaccrual Loans Past Due Over Commercial real estate $ - $ - Commercial & industrial - - One-to-four family - - Consumer 85 - Total $ 85 $ - At December 31, 2017 Nonaccrual Loans Past Due Over Commercial real estate $ 787 $ - Commercial & industrial - - One-to-four family 2,447 - Consumer 155 - Total $ 3,389 $ -
Schedule of aging of the recorded investment in past due loans	At March 31, 2018 30-59 60-89 Days Greater Total Past Loans not Total Commercial real estate $ 96 $ - $ - $ 96 $ 847,702 $ 847,798 Commercial & industrial 29 - - 29 342,936 342,965 Construction - - - - 35,850 35,850 Multifamily - - - - 184,271 184,271 One-to-four family - - - - 25,226 25,226 Consumer 85 116 85 286 91,538 91,824 Total $ 210 $ 116 $ 85 $ 411 $ 1,527,523 $ 1,527,934 At December 31, 2017 30-59 60-89 Days Greater Total Past Loans not Total Commercial real estate $ 836 $ - $ 787 $ 1,623 $ 782,122 $ 783,745 Commercial & industrial 85 142 - 227 339,774 340,001 Construction - - - - 36,960 36,960 Multifamily - - - - 190,097 190,097 One-to-four family - - - - 25,568 25,568 Consumer 149 21 155 325 44,270 44,595 Total $ 1,070 $ 163 $ 942 $ 2,175 $ 1,418,791 $ 1,420,966
Schedule of risk category of loans by class of loans	At March 31, 2018 Pass Special Substandard Doubtful Total Commercial real estate $ 846,252 $ 396 $ 1,150 $ - $ 847,798 Commercial & industrial 335,024 7,941 - - 342,965 Construction 35,850 - - - 35,850 Multifamily 184,271 - - - 184,271 Total $ 1,401,397 $ 8,337 $ 1,150 $ - $ 1,410,884 At December 31, 2017 Pass Special Substandard Doubtful Total Commercial real estate $ 777,410 $ 4,369 $ 1,966 $ - $ 783,745 Commercial & industrial 331,775 8,226 - - 340,001 Construction 36,960 - - - 36,960 Multifamily 190,097 - - - 190,097 Total $ 1,336,242 $ 12,595 $ 1,966 $ - $ 1,350,803
Schedule of recorded investment based on performance status	At March 31, 2018 Performing Non-Performing Total One-to-four family $ 25,226 $ - $ 25,226 Consumer 91,739 85 91,824 Total $ 116,965 $ 85 $ 117,050 At December 31, 2017 Performing Non-Performing Total One-to-four family $ 23,121 $ 2,447 $ 25,568 Consumer 44,440 155 44,595 Total $ 67,561 $ 2,602 $ 70,163

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of earnings per share	Three months ended March 31, 2018 2017 Basic Net income per consolidated statements of income $ 6,291 $ 2,548 Less: Earnings allocated to participating securities (53 ) (49 ) Net income available to common stockholders $ 6,238 $ 2,499 Weighted average common shares outstanding including participating securities 8,192,798 4,633,012 Less: Weighted average participating securities (68,770 ) (89,087 ) Weighted average common shares outstanding 8,124,028 4,543,925 Basic earnings per common share $ 0.77 $ 0.55 Diluted Net income allocated to common stockholders $ 6,238 $ 2,499 Weighted average common shares outstanding for basic earnings per common share 8,124,028 4,543,925 Add: Dilutive effects of assumed exercise of stock options 151,215 33,000 Average shares and dilutive potential common shares 8,275,243 4,576,925 Dilutive earnings per common share $ 0.75 $ 0.55

STOCK COMPENSATION PLAN (Tables

STOCK COMPENSATION PLAN (Tables)	3 Months Ended
	Mar. 31, 2018
STOCK COMPENSATION PLAN [Abstract]
Schedule of status of the stock option plan	Three Months Ended March 31, 2018 Number of Options Weighted Average Exercise Price Outstanding, beginning of period 271,500 $ 19.79 Granted - - Exercised - - Cancelled/forfeited - - Outstanding, end of year 271,500 $ 19.79 Options vested and exercisable at end of period 271,500 $ 19.79 Weighted average remaining contractual life (years) 5.33
Schedule of summary of stock options outstanding	Options Outstanding Range of Average Number Outstanding at March 31, 2018 Weighted Average Remaining Contractual Life Weighted Average Exercise Price $ 10 – 20 231,000 6.14 $ 18.00 $ 21 – 30 40,500 0.70 $ 30.00 $ 10 – 30 271,500 5.33 $ 19.79
Schedule of non-vested restricted stock awards	Three Months Ended March 31, 2018 Number of Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 76,104 $ 20.61 Granted - $ - Forfeited - $ - Vested (7,334 ) $ 18.00 Outstanding at end of period 68,770 $ 20.61

FAIR VALUE OF FINANCIAL INSTR22

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair Value on recurring Basis	Fair Value Measurement using: At March 31, 2018 Quoted Prices in Significant Other Significant Assets: Residential mortgage-backed securities $ - $ 23,038 $ - Residential collateralized mortgage obligation - 2,521 - Commercial collateralized mortgage obligations - 1,532 - Municipal bond - 1,100 - CRA Mutual Fund 2,085 - - At December 31, 2017 Assets: Residential mortgage-backed securities $ - $ 24,684 $ - Residential collateralized mortgage obligation - 2,706 - Commercial collateralized mortgage obligations - 1,550 - Municipal bond - 1,109 - CRA Mutual Fund 2,108 - -
Schedule of carrying amount and estimated fair values of financial instruments	Fair Value Measurement Using: At March 31, 2018 Carrying Quoted Prices in Significant Significant Total Fair Financial assets: Cash and due from banks $ 370,950 $ 370,950 $ - $ - $ 370,950 Securities available for sale 30,276 2,085 28,191 - 30,276 Securities held to maturity 5,212 - 5,022 - 5,022 Loans, net 1,509,906 - - 1,570,421 1,570,421 Other investments - - - - - FRB Stock 7,214 N/A N/A N/A N/A FHLB Stock 2,352 N/A N/A N/A N/A SBA Loan Fund 5,000 N/A N/A N/A N/A Certificates of deposit 2,000 2,000 - - 2,000 Accrued interest receivable 4,366 21 127 4,218 4,366 Financial liabilities: Deposits without stated maturities $ 1,546,510 $ 1,546,510 $ - $ - $ 1,546,510 Deposits with stated maturities 70,606 - 71,401 - 71,401 Borrowed funds 33,000 - 33,201 - 33,201 Trust preferred securities payable 20,620 - - 19,977 19,977 Subordinated debt, net of issuance cost 24,503 - 25,375 - 25,375 Accrued interest payable 454 19 361 74 454 Fair Value Measurement Using: At December 31, 2017 Carrying Quoted Prices in Significant Significant Total Fair Financial assets: Cash and due from banks $ 261,231 $ 261,231 $ - $ - $ 261,231 Securities available for sale 32,157 2,108 30,049 - 32,157 Securities held to maturity 5,428 - 5,330 - 5,330 Loans, net 1,405,009 - - 1,410,860 1,410,860 Other investments FRB Stock 3,911 N/A N/A N/A N/A FHLB Stock 2,766 N/A N/A N/A N/A SBA Loan Fund 5,000 N/A N/A N/A N/A Certificates of deposit 2,000 2,000 - - 2,000 Accrued interest receivable 4,421 11 116 4,294 4,421 Financial liabilities: Deposits without stated maturities $ 1,324,110 $ 1,324,110 $ - $ - 1,324,110 Deposits with stated maturities 80,245 - 80,079 - 80,079 Borrowed funds 42,198 - 42,188 - 42,188 Trust preferred securities payable 20,620 - - 19,997 19,997 Subordinated debt, net of issuance cost 24,489 - 25,500 - 25,500 Accrued interest payable 749 27 258 464 749

ACCUMULATED OTHER COMPREHENSI23

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2018
AOCI Attributable to Parent [Abstract]
Schedule of changes in accumulated other comprehensive income (loss), net of tax	Three months ended March 31, 2018 2017 Beginning balance $ (206 ) $ (165 ) Net change in other comprehensive income (loss) before reclassification, net of tax (322 ) 76 Amounts reclassified from accumulated other comprehensive income, net of tax - - Net current period other comprehensive loss (322 ) 76 Ending balance $ (528 ) $ (89 )

FINANCIAL INSTRUMENTS WITH OF24

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables)	3 Months Ended
	Mar. 31, 2018
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK [Abstract]
Schedule of off-balance-sheet financial instruments	At March 31, 2018 At December 31, 2017 Fixed Rate Variable Fixed Rate Variable Undrawn lines of credit $ 13,463 $ 102,047 $ 39,651 $ 76,008 Letters of credit 24,682 - 23,741 - $ 38,145 $ 102,047 $ 63,392 $ 76,008

INVESTMENT SECURITIES (Schedule

INVESTMENT SECURITIES (Schedule of Available-for-Sale Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 31,046	$ 32,504
Gross Unrealized/Unrecognized Gains	16	81
Gross Unrealized/Unrecognized Losses	(786)	(428)
Fair Value	30,276	32,157
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	23,563	24,856
Gross Unrealized/Unrecognized Gains	8	70
Gross Unrealized/Unrecognized Losses	(533)	(242)
Fair Value	23,038	24,684
Residential collateralized mortgage obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,649	2,809
Gross Unrealized/Unrecognized Gains	0	0
Gross Unrealized/Unrecognized Losses	(128)	(103)
Fair Value	2,521	2,706
Commercial collateralized mortgage obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,571	1,581
Gross Unrealized/Unrecognized Gains	0	0
Gross Unrealized/Unrecognized Losses	(39)	(31)
Fair Value	1,532	1,550
Municipal bond
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,092	1,098
Gross Unrealized/Unrecognized Gains	8	11
Gross Unrealized/Unrecognized Losses	0	0
Fair Value	1,100	1,109
CRA mutual fund
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,171	2,160
Gross Unrealized/Unrecognized Gains	0	0
Gross Unrealized/Unrecognized Losses	(86)	(52)
Fair Value	$ 2,085	$ 2,108

INVESTMENT SECURITIES (Schedu26

INVESTMENT SECURITIES (Schedule of Held-to-Maturity Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Held-to-maturity Securities [Line Items]
Total Securities	$ 5,212	$ 5,428
Gross Unrealized/Unrecognized Gains	0	0
Gross Unrealized/Unrecognized Losses	(190)	(98)
Fair Value	5,022	5,330
Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Total Securities	5,187	5,403
Gross Unrealized/Unrecognized Gains	0	0
Gross Unrealized/Unrecognized Losses	(190)	(98)
Fair Value	4,997	5,305
Foreign government securities
Schedule of Held-to-maturity Securities [Line Items]
Total Securities	25	25
Gross Unrealized/Unrecognized Gains	0	0
Gross Unrealized/Unrecognized Losses	0	0
Fair Value	$ 25	$ 25

INVESTMENT SECURITIES (Schedu27

INVESTMENT SECURITIES (Schedule of Amortized Cost and Fair Value of Securities Classified by Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Held to Maturity, Amortized Cost
Within one year	$ 0	$ 0
One to five years	25	25
Five to ten years	0	0
Beyond ten years	0	0
Amortized Cost, total	25	25
Total Securities	5,212	5,428
Held to Maturity, Fair Value
Within one year	0	0
One to five years	25	25
Five to ten years	0	0
Beyond ten years	0	0
Fair Value, total	25	25
Total Securities	5,022	5,330
Available for Sale, Amortized Cost
Within one year	0	0
One to five years	0	0
Five to ten years	0	0
Beyond ten years	1,092	1,098
Amortized Cost, total	1,092	1,098
Total Securities	31,046	32,504
Available for Sale, Fair Value
Within one year	0	0
One to five years	0	0
Five to ten years	0	0
Beyond ten years	1,100	1,109
Fair Value, total	1,100	1,109
Total Securities	30,276	32,157
Residential mortgage-backed securities
Held to Maturity, Amortized Cost
Amortized Cost, Held to maturity	5,187	5,403
Total Securities	5,187	5,403
Held to Maturity, Fair Value
Fair Value, Held to maturity	4,997	5,305
Total Securities	4,997	5,305
Available for Sale, Amortized Cost
Amortized Cost, Available-for-sale Securities	23,563	24,856
Available for Sale, Fair Value
Fair Value, Available-for-sale Securities	23,038	24,684
Residential collateralized mortgage obligations
Held to Maturity, Amortized Cost
Amortized Cost, Held to maturity	0	0
Held to Maturity, Fair Value
Fair Value, Held to maturity	0	0
Available for Sale, Amortized Cost
Amortized Cost, Available-for-sale Securities	2,649	2,809
Available for Sale, Fair Value
Fair Value, Available-for-sale Securities	2,521	2,706
Commercial collateralized mortgage obligations
Held to Maturity, Amortized Cost
Amortized Cost, Held to maturity	0	0
Held to Maturity, Fair Value
Fair Value, Held to maturity	0	0
Available for Sale, Amortized Cost
Amortized Cost, Available-for-sale Securities	1,571	1,581
Available for Sale, Fair Value
Fair Value, Available-for-sale Securities	1,532	1,550
CRA mutual fund
Held to Maturity, Amortized Cost
Amortized Cost, Held to maturity	0	0
Held to Maturity, Fair Value
Fair Value, Held to maturity	0	0
Available for Sale, Amortized Cost
Amortized Cost, Available-for-sale Securities	2,171	2,160
Available for Sale, Fair Value
Fair Value, Available-for-sale Securities	$ 2,085	$ 2,108

INVESTMENT SECURITIES (Schedu28

INVESTMENT SECURITIES (Schedule of Securities with Unrealized Losses) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	$ 15,148	$ 9,194
12 months or more, Estimated Fair Value	13,333	14,102
Total, Estimated Fair Value	28,481	23,296
Less than 12 Months, Unrealized/Unrecognized Losses	(261)	(85)
12 months or more, Unrealized/Unrecognized Losses	(525)	(343)
Total, Unrealized/Unrecognized Losses	(786)	(428)
Held-to-maturity Securities
Less than 12 Months, Estimated Fair Value	3,062	3,260
12 months or more, Estimated Fair Value	1,935	2,045
Total, Estimated Fair Value	4,997	5,305
Less than 12 Months, Unrealized/Unrecognized Losses	(91)	(33)
12 months or more, Unrealized/Unrecognized Losses	(99)	(65)
Total, Unrealized/Unrecognized Losses	(190)	(98)
Residential mortgage-backed securities
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	15,148	9,194
12 months or more, Estimated Fair Value	7,195	7,738
Total, Estimated Fair Value	22,343	16,932
Less than 12 Months, Unrealized/Unrecognized Losses	(261)	(85)
12 months or more, Unrealized/Unrecognized Losses	(272)	(157)
Total, Unrealized/Unrecognized Losses	(533)	(242)
Held-to-maturity Securities
Less than 12 Months, Estimated Fair Value	3,062	3,260
12 months or more, Estimated Fair Value	1,935	2,045
Total, Estimated Fair Value	4,997	5,305
Less than 12 Months, Unrealized/Unrecognized Losses	(91)	(33)
12 months or more, Unrealized/Unrecognized Losses	(99)	(65)
Total, Unrealized/Unrecognized Losses	(190)	(98)
Residential collateralized mortgage obligations
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	0	0
12 months or more, Estimated Fair Value	2,521	2,706
Total, Estimated Fair Value	2,521	2,706
Less than 12 Months, Unrealized/Unrecognized Losses	0	0
12 months or more, Unrealized/Unrecognized Losses	(128)	(103)
Total, Unrealized/Unrecognized Losses	(128)	(103)
Commercial collateralized mortgage obligations
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	0
12 months or more, Estimated Fair Value	1,532	1,550
Total, Estimated Fair Value	1,532	1,550
Less than 12 Months, Unrealized/Unrecognized Losses	0
12 months or more, Unrealized/Unrecognized Losses	(39)	(31)
Total, Unrealized/Unrecognized Losses	(39)	(31)
CRA mutual fund
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	0	0
12 months or more, Estimated Fair Value	2,085	2,108
Total, Estimated Fair Value	2,085	2,108
Less than 12 Months, Unrealized/Unrecognized Losses	0	0
12 months or more, Unrealized/Unrecognized Losses	(86)	(52)
Total, Unrealized/Unrecognized Losses	$ (86)	$ (52)

LOANS (Schedule of Loan Receiva

LOANS (Schedule of Loan Receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 1,527,934	$ 1,420,966
Deferred fees	(1,768)	(1,070)
Loans, net of deferred fees	1,526,166	1,419,896
Allowance for loan losses	(16,260)	(14,887)	$ (12,236)	$ (11,815)
Net loans	1,509,906	1,405,009
Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	1,093,145	1,036,370
Real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	847,798	783,745
Allowance for loan losses	(7,800)	(7,136)	(5,853)	(5,206)
Real estate | Construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans	35,850	36,960
Allowance for loan losses	(503)	(519)	(502)	(409)
Real estate | Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Total loans	184,271	190,097
Allowance for loan losses	(1,210)	(1,156)	(687)	(620)
Real estate | One to four family
Loans and Leases Receivable Disclosure [Line Items]
Total loans	25,226	25,568
Allowance for loan losses	(383)	(138)	(105)	(109)
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	342,965	340,001
Allowance for loan losses	(5,784)	(5,578)	(4,963)	(5,364)
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total loans	91,824	44,595
Allowance for loan losses	$ (580)	$ (360)	$ (126)	$ (107)

LOANS (Schedule of Activity in

LOANS (Schedule of Activity in the Allowance for Loan Losses by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 14,887	$ 11,815
Provision/(credit) for loan losses	1,477	570
Loans charged-off	(157)	(149)
Recoveries	53	0
Total ending allowance balance	16,260	12,236
Real estate | Commercial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	7,136	5,206
Provision/(credit) for loan losses	611	647
Loans charged-off	0	0
Recoveries	53	0
Total ending allowance balance	7,800	5,853
Real estate | Construction
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	519	409
Provision/(credit) for loan losses	(16)	93
Loans charged-off	0	0
Recoveries	0	0
Total ending allowance balance	503	502
Real estate | Multifamily
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	1,156	620
Provision/(credit) for loan losses	54	67
Loans charged-off	0	0
Recoveries	0	0
Total ending allowance balance	1,210	687
Real estate | One to four family
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	138	109
Provision/(credit) for loan losses	245	(4)
Loans charged-off	0	0
Recoveries	0	0
Total ending allowance balance	383	105
Commercial and industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	5,578	5,364
Provision/(credit) for loan losses	277	(269)
Loans charged-off	(71)	(132)
Recoveries	0	0
Total ending allowance balance	5,784	4,963
Consumer
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	360	107
Provision/(credit) for loan losses	306	36
Loans charged-off	(86)	(17)
Recoveries	0	0
Total ending allowance balance	$ 580	$ 126

LOANS (Schedule of Loans by Imp

LOANS (Schedule of Loans by Impairment Method) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	$ 42	$ 86
Collectively evaluated for impairment, Allowance for loan losses	16,218	14,801
Total ending allowance balance	16,260	14,887	$ 12,236	$ 11,815
Individually evaluated for impairment, Loans	2,740	6,089
Collectively evaluated for impairment, Loans	1,525,194	1,414,877
Total ending loan balance	1,527,934	1,420,966
Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total ending loan balance	1,093,145	1,036,370
Real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	0	0
Collectively evaluated for impairment, Allowance for loan losses	7,800	7,136
Total ending allowance balance	7,800	7,136	5,853	5,206
Individually evaluated for impairment, Loans	1,546	2,368
Collectively evaluated for impairment, Loans	846,252	781,377
Total ending loan balance	847,798	783,745
Real estate | Construction
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	0	0
Collectively evaluated for impairment, Allowance for loan losses	503	519
Total ending allowance balance	503	519	502	409
Individually evaluated for impairment, Loans	0	0
Collectively evaluated for impairment, Loans	35,850	36,960
Total ending loan balance	35,850	36,960
Real estate | Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	0	0
Collectively evaluated for impairment, Allowance for loan losses	1,210	1,156
Total ending allowance balance	1,210	1,156	687	620
Individually evaluated for impairment, Loans	0	0
Collectively evaluated for impairment, Loans	184,271	190,097
Total ending loan balance	184,271	190,097
Real estate | One to four family
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	0	9
Collectively evaluated for impairment, Allowance for loan losses	383	129
Total ending allowance balance	383	138	105	109
Individually evaluated for impairment, Loans	1,109	3,566
Collectively evaluated for impairment, Loans	24,117	22,002
Total ending loan balance	25,226	25,568
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	0	0
Collectively evaluated for impairment, Allowance for loan losses	5,784	5,578
Total ending allowance balance	5,784	5,578	4,963	5,364
Individually evaluated for impairment, Loans	0	0
Collectively evaluated for impairment, Loans	342,965	340,001
Total ending loan balance	342,965	340,001
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	42	77
Collectively evaluated for impairment, Allowance for loan losses	538	283
Total ending allowance balance	580	360	$ 126	$ 107
Individually evaluated for impairment, Loans	85	155
Collectively evaluated for impairment, Loans	91,739	44,440
Total ending loan balance	$ 91,824	$ 44,595

LOANS (Schedule of Impaired by

LOANS (Schedule of Impaired by Class of Loans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
With an allowance recorded:
Unpaid Principal Balance	$ 96		$ 841
Recorded Investment	85		711
Allowance for Loan Losses Allocated	42		86
Average Recorded Investment	398	$ 4,239
Interest Income Recognized	2	6
With no related allowance recorded:
Unpaid Principal Balance	3,401		6,047
Recorded Investment	2,655		5,378
Average Recorded Investment	4,017	7,707
Interest Income Recognized	60	117
Real estate | Commercial
With no related allowance recorded:
Unpaid Principal Balance	2,015		2,890
Recorded Investment	1,546		2,368
Average Recorded Investment	1,957	5,926
Interest Income Recognized	46	99
Real estate | One to four family
With an allowance recorded:
Unpaid Principal Balance	0		686
Recorded Investment	0		556
Allowance for Loan Losses Allocated	0		9
Average Recorded Investment	278	564
Interest Income Recognized	0	5
With no related allowance recorded:
Unpaid Principal Balance	1,386		3,157
Recorded Investment	1,109		3,010
Average Recorded Investment	2,060	565
Interest Income Recognized	14	6
Commercial and industrial
With an allowance recorded:
Average Recorded Investment		3,660
Interest Income Recognized		0
With no related allowance recorded:
Average Recorded Investment		1,215
Interest Income Recognized		12
Consumer
With an allowance recorded:
Unpaid Principal Balance	96		155
Recorded Investment	85		155
Allowance for Loan Losses Allocated	42		$ 77
Average Recorded Investment	120	15
Interest Income Recognized	$ 2	$ 1

LOANS (Schedule of Non-accrual

LOANS (Schedule of Non-accrual Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	$ 85	$ 3,389
Loans Past Due Over 90 Days Still Accruing	0	0
Real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	0	787
Loans Past Due Over 90 Days Still Accruing	0	0
Real estate | One to four family
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	0	2,447
Loans Past Due Over 90 Days Still Accruing	0	0
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	0	0
Loans Past Due Over 90 Days Still Accruing	0	0
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	85	155
Loans Past Due Over 90 Days Still Accruing	$ 0	$ 0

LOANS (Schedule of Past Due Loa

LOANS (Schedule of Past Due Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 411	$ 2,175
Loans not Past Due	1,527,523	1,418,791
Total loans	1,527,934	1,420,966
30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	210	1,070
60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	116	163
Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	85	942
Real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	1,093,145	1,036,370
Real estate | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	96	1,623
Loans not Past Due	847,702	782,122
Total loans	847,798	783,745
Real estate | Commercial | 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	96	836
Real estate | Commercial | 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate | Commercial | Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	787
Real estate | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Loans not Past Due	35,850	36,960
Total loans	35,850	36,960
Real estate | Construction | 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate | Construction | 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate | Construction | Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate | Multifamily
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Loans not Past Due	184,271	190,097
Total loans	184,271	190,097
Real estate | Multifamily | 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate | Multifamily | 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate | Multifamily | Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate | One to four family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Loans not Past Due	25,226	25,568
Total loans	25,226	25,568
Real estate | One to four family | 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate | One to four family | 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate | One to four family | Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	29	227
Loans not Past Due	342,936	339,774
Total loans	342,965	340,001
Commercial and industrial | 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	29	85
Commercial and industrial | 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	142
Commercial and industrial | Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	286	325
Loans not Past Due	91,538	44,270
Total loans	91,824	44,595
Consumer | 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	85	149
Consumer | 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	116	21
Consumer | Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 85	$ 155

LOANS (Schedule of Loans by Ris

LOANS (Schedule of Loans by Risk Category) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	$ 1,527,934	$ 1,420,966
Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	1,401,397	1,336,242
Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	8,337	12,595
Substandard
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	1,150	1,966
Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	0	0
Pass rated loans
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	1,410,884	1,350,803
Real estate
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	1,093,145	1,036,370
Real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	847,798	783,745
Real estate | Commercial | Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	846,252	777,410
Real estate | Commercial | Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	396	4,369
Real estate | Commercial | Substandard
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	1,150	1,966
Real estate | Commercial | Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	0	0
Real estate | Construction
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	35,850	36,960
Real estate | Construction | Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	35,850	36,960
Real estate | Construction | Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	0	0
Real estate | Construction | Substandard
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	0	0
Real estate | Construction | Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	0	0
Real estate | Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	184,271	190,097
Real estate | Multifamily | Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	184,271	190,097
Real estate | Multifamily | Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	0	0
Real estate | Multifamily | Substandard
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	0	0
Real estate | Multifamily | Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	0	0
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	342,965	340,001
Commercial and industrial | Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	335,024	331,775
Commercial and industrial | Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	7,941	8,226
Commercial and industrial | Substandard
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	0	0
Commercial and industrial | Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	$ 0	$ 0

LOANS (Schedule of Loans on the

LOANS (Schedule of Loans on the basis of Performance) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Loans	$ 117,050	$ 70,163
Performing
Financing Receivable, Recorded Investment [Line Items]
Loans	116,965	67,561
Non-Performing
Financing Receivable, Recorded Investment [Line Items]
Loans	85	2,602
Real estate | One to four family
Financing Receivable, Recorded Investment [Line Items]
Loans	25,226	25,568
Real estate | One to four family | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans	25,226	23,121
Real estate | One to four family | Non-Performing
Financing Receivable, Recorded Investment [Line Items]
Loans	0	2,447
Consumer
Financing Receivable, Recorded Investment [Line Items]
Loans	91,824	44,595
Consumer | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans	91,739	44,440
Consumer | Non-Performing
Financing Receivable, Recorded Investment [Line Items]
Loans	$ 85	$ 155

LOANS (Detail Textuals)

LOANS (Detail Textuals) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Interest on non-accrual loans not recognized	$ 1,500	$ 37,000
Loans modified in troubled debt restructurings	$ 2,700,000		$ 2,700,000
Specific reserves modified in troubled debt restructurings			$ 9,000

EARNINGS PER COMMON SHARE (Comp

EARNINGS PER COMMON SHARE (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic
Net income per consolidated statements of income	$ 6,291	$ 2,548
Less: Earnings allocated to participating securities	(53)	(49)
Net income available to common stockholder	$ 6,238	$ 2,499
Weighted average common shares outstanding including participating securities	8,192,798	4,633,012
Less: Weighted average participating securities	(68,770)	(89,087)
Weighted average common shares outstanding	8,124,028	4,543,925
Basic earnings per common share	$ 0.77	$ 0.55
Diluted
Net income allocated to common stockholders	$ 6,238	$ 2,499
Weighted average common shares outstanding for basic earnings per common share	8,124,028	4,543,925
Add: Dilutive effects of assumed exercise of stock options	151,215	33,000
Average shares and dilutive potential common shares	8,275,243	4,576,925
Dilutive earnings per common share	$ 0.75	$ 0.55

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Detail Textuals) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Number of antidilutive shares not considered in computing diluted earnings per share	0	0

STOCK COMPENSATION PLAN (Summar

STOCK COMPENSATION PLAN (Summary of the Status of the Stock Option Plan) (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Number of Options
Outstanding, beginning of year | shares	271,500
Granted | shares	0
Cancelled/forfeited | shares	0
Outstanding, end of year | shares	271,500
Options vested and exercisable at year-end | shares	271,500
Weighted Average Exercise Price
Outstanding, beginning of year	$ 19.79
Granted	0
Exercised	0
Cancelled/forfeited	0
Outstanding, end of year	19.79
Options vested and exercisable at year-end	19.79
Weighted average remaining contractual life (years)	$ 5.33

STOCK COMPENSATION PLAN (Summ41

STOCK COMPENSATION PLAN (Summary of Stock Options Outstanding) (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
$10 - 20
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Average Exercise Prices, Lower Limit	$ 10
Range of Average Exercise Prices, Upper Limit	$ 20
Number of Options Outstanding | shares	231,000
Weighted Average Remaining Contractual Life	6 years 1 month 21 days
Weighted Average Exercise Price	$ 18
$21 - 30
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Average Exercise Prices, Lower Limit	21
Range of Average Exercise Prices, Upper Limit	$ 30
Number of Options Outstanding | shares	40,500
Weighted Average Remaining Contractual Life	8 months 12 days
Weighted Average Exercise Price	$ 30
$10 - 30
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Average Exercise Prices, Lower Limit	10
Range of Average Exercise Prices, Upper Limit	$ 30
Number of Options Outstanding | shares	271,500
Weighted Average Remaining Contractual Life	5 years 3 months 29 days
Weighted Average Exercise Price	$ 19.79

STOCK COMPENSATION PLAN (Summ42

STOCK COMPENSATION PLAN (Summary of Non-Vested Restricted Stock Awards) (Details) - Restricted stock awards	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Number of Shares
Outstanding, beginning of period | shares	76,104
Granted | shares	0
Forfeited | shares	0
Vested | shares	(7,334)
Outstanding at end of period | shares	68,770
Weighted Average Grant Date Fair Value
Outstanding, beginning of period | $ / shares	$ 20.61
Granted | $ / shares	0
Forfeited | $ / shares	0
Vested | $ / shares	18
Outstanding at end of period | $ / shares	$ 20.61

STOCK COMPENSATION PLAN (Detail

STOCK COMPENSATION PLAN (Detail Textuals) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2013	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2016
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, description		Stock options are generally granted with an exercise price equal to 100% of the fair value of the common stock at the date of grant.
Unrecognized compensation cost related to non-vested stock options		$ 0	$ 0
Compensation cost related to stock award plan		$ 0
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, description		Under the terms of the 2009 Plan, each option agreement cannot have an exercise price that is less than 100% of the fair value of the shares covered by the option on the date of grant. In the case of an ISO granted to any 10% stockholder, the exercise price shall not be less than 110% of the fair value of the shares covered by the option on the date of grant.
Share-based payment award, shares authorized, maximum		1,183,000
Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, exercise period from the grant date		10 years
Incentive stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, exercise period from the grant date		5 years
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, shares authorized, maximum		823,629
Unrecognized compensation cost related to non-vested stock options		$ 1,000,000
Compensation cost related to stock award plan		$ 293,000	92,000
Number of additional shares authorized	300,000			760,000
Unrecognized compensation expense recognition period		1 year 6 months 22 days
Number of shares, Vested		7,334
Fair value of shares vested		$ 309,000	$ 309,000

FAIR VALUE OF FINANCIAL INSTR44

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Inputs, Level 1 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	$ 0	$ 0
Fair Value, Inputs, Level 1 | Residential collateralized mortgage obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	0	0
Fair Value, Inputs, Level 1 | Commercial collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	0	0
Fair Value, Inputs, Level 1 | Municipal bond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	0	0
Fair Value, Inputs, Level 1 | CRA Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	2,085	2,108
Fair Value, Inputs, Level 2 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	23,038	24,684
Fair Value, Inputs, Level 2 | Residential collateralized mortgage obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	2,521	2,706
Fair Value, Inputs, Level 2 | Commercial collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	1,532	1,550
Fair Value, Inputs, Level 2 | Municipal bond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	1,100	1,109
Fair Value, Inputs, Level 2 | CRA Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	0	0
Fair Value, Inputs, Level 3 | Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	0	0
Fair Value, Inputs, Level 3 | Residential collateralized mortgage obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	0	0
Fair Value, Inputs, Level 3 | Commercial collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	0	0
Fair Value, Inputs, Level 3 | Municipal bond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	0	0
Fair Value, Inputs, Level 3 | CRA Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets on a recurring basis	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR45

FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Amount and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financial assets:
Cash and due from banks	$ 370,950	$ 261,231
Securities available for sale	30,276	32,157
Securities held to maturity	5,022	5,330
Loans, net	1,570,421	1,410,860
Other investments
Certificates of deposit	2,000	2,000
Accrued interest receivable	4,366	4,421
Financial liabilities:
Deposits without stated maturities	1,546,510	1,324,110
Deposits with stated maturities	71,401	80,079
Borrowed Funds	33,201	42,188
Trust preferred securities payable	19,977	19,997
Subordinated debt, net of issuance cost	25,375	25,500
Accrued interest payable	454	749
Carrying Amount
Financial assets:
Cash and due from banks	370,950	261,231
Securities available for sale	30,276	32,157
Securities held to maturity	5,212	5,428
Loans, net	1,509,906	1,405,009
Other investments
FRB Stock	7,214	3,911
FHLB Stock	2,352	2,766
SBA Loan Fund	5,000	5,000
Certificates of deposit	2,000	2,000
Accrued interest receivable	4,366	4,421
Financial liabilities:
Deposits without stated maturities	1,546,510	1,324,110
Deposits with stated maturities	70,606	80,245
Borrowed Funds	33,000	42,198
Trust preferred securities payable	20,620	20,620
Subordinated debt, net of issuance cost	24,503	24,489
Accrued interest payable	454	749
Fair Value, Inputs, Level 1 | Total Fair Value
Financial assets:
Cash and due from banks	370,950	261,231
Securities available for sale	2,085	2,108
Securities held to maturity	0	0
Loans, net	0	0
Other investments
Certificates of deposit	2,000	2,000
Accrued interest receivable	21	11
Financial liabilities:
Deposits without stated maturities	1,546,510	1,324,110
Deposits with stated maturities	0	0
Borrowed Funds	0	0
Trust preferred securities payable	0	0
Subordinated debt, net of issuance cost	0	0
Accrued interest payable	19	27
Fair Value, Inputs, Level 2 | Total Fair Value
Financial assets:
Cash and due from banks	0	0
Securities available for sale	28,191	30,049
Securities held to maturity	5,022	5,330
Loans, net	0	0
Other investments
Certificates of deposit	0	0
Accrued interest receivable	127	116
Financial liabilities:
Deposits without stated maturities	0	0
Deposits with stated maturities	71,401	80,079
Borrowed Funds	33,201	42,188
Trust preferred securities payable	0	0
Subordinated debt, net of issuance cost	25,375	25,500
Accrued interest payable	361	258
Fair Value, Inputs, Level 3 | Total Fair Value
Financial assets:
Cash and due from banks	0	0
Securities available for sale	0	0
Securities held to maturity	0	0
Loans, net	1,570,421	1,410,860
Other investments
Certificates of deposit	0	0
Accrued interest receivable	4,218	4,294
Financial liabilities:
Deposits without stated maturities	0	0
Deposits with stated maturities	0	0
Borrowed Funds	0	0
Trust preferred securities payable	19,977	19,997
Subordinated debt, net of issuance cost	0	0
Accrued interest payable	$ 74	$ 464

ACCUMULATED OTHER COMPREHENSI46

ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (206)
Ending balance	(528)
AOCI (Loss), Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(206)	$ (165)
Net change in other comprehensive income (loss) before reclassification, net of tax	(322)	76
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0
Net current period other comprehensive loss	(322)	76
Ending balance	$ (528)	$ (89)

FINANCIAL INSTRUMENTS WITH OF47

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Outstanding following off-balance-sheet financial instruments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	$ 38,145	$ 63,392
Variable Rate	102,047	76,008
Undrawn lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	13,463	39,651
Variable Rate	102,047	76,008
Letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	24,682	23,741
Variable Rate	$ 0	$ 0

FINANCIAL INSTRUMENTS WITH OF48

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Detail Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Commitments term	2 years
Amount of off-balance-sheet financial instruments	$ 38,145	$ 63,392
Maturity of stand by letters of credit and time deposits	within one year
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed interest rate off-balance-sheet financial instruments	3.50%	3.50%
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed interest rate off-balance-sheet financial instruments	5.60%	9.50%
Letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amount of off-balance-sheet financial instruments	$ 24,682	$ 23,741
Amount of off-balance-sheet financial instruments pledged	$ 900	$ 1,700

SUBORDINATED DEBT (Details Text

SUBORDINATED DEBT (Details Textuals) - Subordinated Debt $ in Millions	Mar. 08, 2017USD ($)
Debt Instrument [Line Items]
Debt instrument face amount	$ 25
Interest rate during period	6.25%
Debt instrument issuance price percentage	100.00%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on LIBOR variable rate	4.26%