Wellesley Bancorp 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 01, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	Wellesley Bancorp, Inc.
Entity Central Index Key	1,526,952
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	WEBK
Entity Common Stock, Shares Outstanding		2,459,138

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and due from banks	$ 2,452	$ 2,816
Short-term investments	13,659	16,455
Total cash and cash equivalents	16,111	19,271
Certificates of deposit	100	100
Securities available for sale, at fair value	49,596	52,681
Federal Home Loan Bank of Boston stock, at cost	4,740	3,660
Loans held for sale	2,288	537
Loans	477,735	448,084
Less allowance for loan losses	(4,816)	(4,738)
Loans, net	472,919	443,346
Bank-owned life insurance	6,956	6,841
Premises and equipment, net	3,598	3,753
Accrued interest receivable	1,334	1,216
Net deferred tax asset	2,208	2,008
Other assets	2,078	1,702
Total assets	561,928	535,115
Deposits:
Noninterest-bearing	66,265	58,859
Interest-bearing	362,164	363,386
Deposits, Total	428,429	422,245
Short-term borrowings	18,000	2,000
Long-term debt	63,000	59,500
Accrued expenses and other liabilities	2,025	2,024
Total liabilities	$ 511,454	$ 485,769
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none issued	$ 0	$ 0
Common stock, $0.01 par value; 14,000,000 shares authorized; 2,459,138 shares issued and outstanding at June 30, 2015 and December 31, 2014	24	24
Additional paid-in capital	23,727	23,419
Retained earnings	27,936	27,027
Accumulated other comprehensive income	263	417
Unearned compensation - ESOP	(1,476)	(1,541)
Total stockholders' equity	50,474	49,346
Total liabilities and stockholders' equity	$ 561,928	$ 535,115

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	14,000,000	14,000,000
Common Stock, Shares, Issued	2,459,138	2,459,138
Common Stock, Shares, Outstanding	2,459,138	2,459,138

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest and dividend income:
Interest and fees on loans and loans held for sale	$ 4,972	$ 4,617	$ 9,818	$ 8,972
Debt securities:
Taxable	242	183	481	331
Tax-exempt	47	46	93	90
Short-term investments and certificates of deposit	7	8	16	16
FHLB stock	16	11	32	23
Total interest and dividend income	5,284	4,865	10,440	9,432
Interest expense:
Deposits	629	695	1,285	1,363
Short-term borrowings	18	1	21	6
Long-term debt	186	150	360	278
Total interest expense	833	846	1,666	1,647
Net interest income	4,451	4,019	8,774	7,785
Provision for loan losses	100	220	150	400
Net interest income, after provision for loan losses	4,351	3,799	8,624	7,385
Noninterest income:
Customer service fees	32	37	63	71
Mortgage banking activities	47	17	99	39
Gain on sale of securities, net	0	0	0	16
Income on bank-owned life insurance	58	59	115	117
Wealth management fees	114	124	209	236
Miscellaneous	10	(4)	20	7
Total noninterest income	261	233	506	486
Noninterest expense:
Salaries and employee benefits	2,158	1,991	4,489	3,864
Occupancy and equipment	611	483	1,203	983
Data processing	176	145	318	301
FDIC insurance	93	68	186	135
Professional fees	202	251	374	428
Other general and administrative	419	387	863	798
Total noninterest expense	3,659	3,325	7,433	6,509
Income before income taxes	953	707	1,697	1,362
Provision for income taxes	368	276	653	537
Net income	585	431	1,044	825
Other comprehensive (loss) income:
Net unrealized holding (losses) gains on available-for-sale securities	(476)	219	(248)	332
Reclassification adjustment for net gains on sales of securities recognized in noninterest income	0	0	0	(16)
Income tax benefit (expense)	184	(87)	94	(124)
Total other comprehensive (loss) income	(292)	132	(154)	192
Comprehensive income	$ 293	$ 563	$ 890	$ 1,017
Earnings per common share:
Basic (in dollars per share)	$ 0.25	$ 0.19	$ 0.45	$ 0.36
Diluted (in dollars per share)	$ 0.25	$ 0.19	$ 0.45	$ 0.36
Weighted average shares outstanding:
Basic (in shares)	2,309,894	2,290,488	2,308,289	2,290,167
Diluted (in shares)	2,325,245	2,294,515	2,321,920	2,292,764

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Unearned Compensation ESOP [Member]
Balance at Dec. 31, 2013	$ 46,789	$ 24	$ 22,845	$ 25,423	$ 166	$ (1,669)
Balance (in shares) at Dec. 31, 2013		2,454,465
Comprehensive income	1,017	$ 0	0	825	192	0
Dividends paid to common stockholders ($0.025 per share)	(61)	0	0	(61)	0	0
Share-based compensation- equity incentive plan	239	0	239	0	0	0
Issuance of stock under stock option plan	6	$ 0	6	0	0	0
Issuance of stock under stock option plan (in shares)		400
Restricted stock forfeitures		(2,400)
ESOP shares committed to be allocated (6,419)	120	$ 0	56	0	0	64
Balance at Jun. 30, 2014	48,110	$ 24	23,146	26,187	358	(1,605)
Balance (in shares) at Jun. 30, 2014		2,452,465
Balance at Dec. 31, 2014	49,346	$ 24	23,419	27,027	417	(1,541)
Balance (in shares) at Dec. 31, 2014		2,459,138
Comprehensive income	890	$ 0	0	1,044	(154)	0
Dividends paid to common stockholders ($0.025 per share)	(135)	0	0	(135)	0	0
Share-based compensation- equity incentive plan	$ 250	0	250	0	0	0
Issuance of stock under stock option plan (in shares)	0
Tax effect of dividends on unvested restricted stock	$ 1	0	1	0	0	0
ESOP shares committed to be allocated (6,419)	122	0	57	0	0	65
Balance at Jun. 30, 2015	$ 50,474	$ 24	$ 23,727	$ 27,936	$ 263	$ (1,476)
Balance (in shares) at Jun. 30, 2015		2,459,138

CONSOLIDATED STATEMENTS OF CHA6

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Parenthetical] - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Dividends paid to common stockholders, per share	$ 0.055	$ 0.025
ESOP shares committed to be allocated, Shares	6,419	6,419

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 1,044	$ 825
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Provision for loan losses	150	400
Depreciation and amortization	323	286
Net amortization of securities	112	78
Gain on sale of securities, net	0	(16)
Principal amount of loans sold	13,286	8,799
Loans originated for sale	(15,136)	(9,611)
Accretion of net deferred loan fees	(165)	(194)
Income on bank-owned life insurance	(115)	(117)
Deferred income tax benefit	(106)	(170)
ESOP expense	122	120
Share-based compensation	250	239
Net change in other assets and liabilities	(489)	(58)
Net cash (used) provided by operating activities	(724)	581
Activity in securities available for sale:
Maturities, prepayments and calls	11,517	4,968
Purchases	(8,792)	(8,797)
Sales	0	903
Purchase of Federal Home Loan Bank stock	(1,080)	(124)
Loan originations, net of principal payments	(29,459)	(33,174)
Additions to premises and equipment	(172)	(258)
Net cash used by investing activities	(27,986)	(36,482)
Cash flows from financing activities:
Net increase in deposits	6,184	29,468
Proceeds from long-term debt	9,500	14,000
Repayments of long-term debt	(6,000)	(4,000)
Increase (decrease) in short-term borrowings	16,000	(5,000)
Proceeds from issuance of stock under stock option plan	0	6
Excess tax benefits from share-based compensation	1	0
Cash dividends paid on common stock	(135)	(61)
Net cash provided by financing activities	25,550	34,413
Net change in cash and cash equivalents	(3,160)	(1,488)
Cash and cash equivalents at beginning period	19,271	19,067
Cash and cash equivalents at end of period	16,111	17,579
Supplementary information:
Interest paid	1,665	1,643
Income taxes paid	$ 525	$ 703

BASIS OF PRESENTATION AND CONSO

BASIS OF PRESENTATION AND CONSOLIDATION	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting [Text Block]	NOTE 1 – BASIS OF PRESENTATION AND CONSOLIDATION The accompanying unaudited interim consolidated financial statements include the accounts of Wellesley Bancorp, Inc. (the “Company”) and its wholly-owned subsidiary, Wellesley Bank (the “Bank”), the principal operating entity, and its wholly-owned subsidiaries; Wellesley Securities Corporation, which engages in the business of buying, selling and dealing in securities exclusively on its own behalf; Wellesley Investment Partners, LLC, formed to provide investment management services for individuals, not-for-profit entities and businesses; and Central Linden, LLC, formed to hold, manage and sell foreclosed real estate. All significant intercompany balances and transactions have been eliminated in consolidation. These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K. The results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or for any other period.

LOAN POLICIES

LOAN POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Loan Portfolio [Text Block]	NOTE 2 – The loan portfolio consists of real estate, commercial and other loans to the Company’s customers in our primary market areas in eastern Massachusetts. The ability of the Company’s debtors to honor their contracts is dependent upon the economy in general and the real estate and construction sectors within our markets. Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred loan origination fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Interest is generally not accrued on loans which are identified as impaired or loans which are ninety days or more past due. Past due status is based on the contractual terms of the loan. Interest income previously accrued on such loans is reversed against current period interest income. Interest income on non-accrual loans is recognized only to the extent of interest payments received and is first applied to the outstanding principal balance when collectibility of principal is in doubt. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured through sustained payment performance for at least six months. Allowance for loan losses The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes the uncollectibility of the loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components. General component The general component is based on the following loan segments: residential real estate, commercial real estate, construction, commercial, home equity lines of credit and other consumer. Management considers a rolling average of historical losses for each segment based on a time frame appropriate to capture relevant loss data for each loan segment, generally three and 10 The qualitative factor adjustments are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate – The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial real estate – Loans in this segment are primarily income-producing properties in the Company’s primary market areas in eastern Massachusetts. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management typically obtains rent rolls annually and continually monitors the cash flows of these loans. Construction – Loans in this segment primarily include speculative construction loans primarily on residential properties for which payment is derived from the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Residential construction loans in this segment also include loans to build one-to four- family owner-occupied properties which are subject to the same credit quality factors as residential real estate. Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Home equity lines of credit – Loans in this segment are collateralized by one-to-four family residential real estate and repayment is dependent on the credit quality of the individual borrower. The Company generally does not hold a first mortgage position on homes that secure home equity lines of credit. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Other consumer – Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Allocated component The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or, if the loan is collateral dependent, by the fair value of the collateral, less estimated costs to sell. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller-balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify performing individual residential and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated component An unallocated component is maintained to cover additional uncertainties in management’s estimation of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Comprehensive Income (Loss) Note [Text Block]	NOTE 3 COMPREHENSIVE INCOME Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income/loss. June 30, December 31, 2015 2014 (In thousands) Unrealized holding gains on securities available for sale $ 424 $ 672 Tax effect (161) (255) Net-of tax amount $ 263 $ 417

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 4 RECENT ACCOUNTING AND REGULATORY PRONOUNCEMENTS In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

SECURITIES AVAILABLE FOR SALE

SECURITIES AVAILABLE FOR SALE	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE 5 – SECURITIES AVAILABLE FOR SALE June 30, 2015 Amortized Gross Gross Fair (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 6,198 $ 151 $ (21) $ 6,328 Government-sponsored enterprises 9,978 216 (34) 10,160 SBA and other asset-backed securities 12,320 130 (40) 12,410 State and municipal bonds 5,963 98 (35) 6,026 Government-sponsored enterprise obligations 3,972 2 (35) 3,939 Corporate bonds 10,741 35 (43) 10,733 $ 49,172 $ 632 $ (208) $ 49,596 December 31, 2014 Amortized Gross Gross Fair (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 5,812 $ 167 $ (4) $ 5,975 Government-sponsored enterprises 10,806 233 (38) 11,001 SBA and other asset-backed securities 12,761 171 (35) 12,897 State and municipal bonds 5,706 171 (6) 5,871 Government-sponsored enterprise obligations 6,500 6 (10) 6,496 Corporate bonds 10,424 42 (25) 10,441 $ 52,009 $ 790 $ (118) $ 52,681 Amortized Fair (In thousands) Within 1 year $ 4,523 $ 4,537 After 1 year to 5 years 6,773 6,762 After 5 years to 10 years 6,357 6,355 After 10 years 3,023 3,044 20,676 20,698 Mortgage- and asset-backed securities 28,496 28,898 $ 49,172 $ 49,596 There were no sales of available-for-sale securities during the three and six months ended June 30, 2015. There were no sales of available-for-sale securities during the three months ended June 30, 2014. For the six months ended June 30, 2014, proceeds from sales of available-for-sale securities amounted to $ 903 20 4 Less Than Twelve Months Over Twelve Months Gross Fair Gross Fair (In thousands) June 30, 2015 Residential mortgage-backed securities: Government National Mortgage Association $ (21) $ 1,814 $ — $ — Government-sponsored enterprises (4) 1,478 (30) 742 SBA and other asset-backed securities (9) 2,195 (31) 992 State and municipal bonds (32) 1,238 (3) 296 Government-sponsored enterprise obligations (35) 2,215 — — Corporate bonds (35) 5,065 (8) 988 $ (136) $ 14,005 $ (72) $ 3,018 December 31, 2014 Residential mortgage-backed securities: Government National Mortgage Association $ (4) $ 867 $ — $ — Government-sponsored enterprises (4) 508 (34) 805 SBA and other asset-backed securities (4) 1,009 (31) 1,297 State and municipal bonds (1) 101 (5) 546 Government-sponsored enterprise obligations (10) 3,490 — — Corporate bonds (25) 6,719 — — $ (48) $ 12,694 $ (70) $ 2,648 Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluations. At June 30, 2015, various debt securities have unrealized losses with aggregate depreciation of 1.2

LOANS AND ALLOWANCE FOR LOAN LO

LOANS AND ALLOWANCE FOR LOAN LOSSES	6 Months Ended
	Jun. 30, 2015
Notes and Loans Payable, Current [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	NOTE 6 – LOANS AND ALLOWANCE FOR LOAN LOSSES June 30, December 31, 2015 2014 (In thousands) Real estate loans: Residential – fixed $ 15,948 $ 20,651 Residential – variable 230,975 212,621 Commercial 105,524 94,699 Construction 71,478 72,668 423,925 400,639 Commercial loans: Secured 21,424 18,991 Unsecured 48 62 21,472 19,053 Consumer loans: Home equity lines of credit 32,017 28,153 Other 282 292 32,299 28,445 Total loans 477,696 448,137 Less: Allowance for loan losses (4,816) (4,738) Net deferred origination costs (fees) 39 (53) Loans, net $ 472,919 $ 443,346 Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) Three Months Ended June 30, 2015 Allowance at March 31, 2015 $ 1,525 $ 1,016 $ 1,344 $ 417 $ 206 $ 4 $ 204 $ 4,716 Provision (credit) for loan losses 32 58 (49) 44 17 — (2) 100 Allowance at June 30, 2015 $ 1,557 $ 1,074 $ 1,295 $ 461 $ 223 $ 4 $ 202 $ 4,816 Three Months Ended June 30, 2014 Allowance at March 31, 2014 $ 1,425 $ 1,021 $ 1,307 $ 390 $ 208 $ 6 $ 36 $ 4,393 Provision (credit) for loan losses 70 (20) 136 (39) 98 (2) (23) 220 Allowance at June 30, 2014 $ 1,495 $ 1,001 $ 1,443 $ 351 $ 306 $ 4 $ 13 $ 4,613 Six Months Ended June 30, 2015 Allowance at December 31, 2014 $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Provision (credit) for loan losses (136) 73 22 33 (1) — 159 150 Loans charged off (17) (55) — — — — — (72) Allowance at June 30, 2015 $ 1,557 $ 1,074 $ 1,295 $ 461 $ 223 $ 4 $ 202 $ 4,816 Six Months Ended June 30, 2014 Allowance at December 31, 2013 $ 1,351 $ 887 $ 1,305 $ 426 $ 213 $ 7 $ 24 $ 4,213 Provision (credit) for loan losses 144 114 138 (75) 93 (3) (11) 400 Allowance at June 30, 2014 $ 1,495 $ 1,001 $ 1,443 $ 351 $ 306 $ 4 $ 13 $ 4,613 Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) June 30, 2015 Allowance related to impaired loans $ — $ — $ — $ — $ — $ — $ — $ — Allowance related to non-impaired loans 1,557 1,074 1,295 461 223 4 202 4,816 Total allowance $ 1,557 $ 1,074 $ 1,295 $ 461 $ 223 $ 4 $ 202 $ 4,816 Impaired loan balances $ 1,089 $ 3,204 $ — $ 17 $ 146 $ — $ — $ 4,456 Non-impaired loan balances 245,834 102,320 71,478 21,455 31,871 282 — 473,240 Total loans $ 246,923 $ 105,524 $ 71,478 $ 21,472 $ 32,017 $ 282 $ — $ 477,696 December 31, 2014 Allowance related to impaired loans $ — $ 51 $ — $ — $ — $ — $ — $ 51 Allowance related to non-impaired loans 1,710 1,005 1,273 428 224 4 43 4,687 Total allowance $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Impaired loan balances $ 1,521 $ 3,356 $ — $ 22 $ 146 $ — $ — $ 5,045 Non-impaired loan balances 231,751 91,343 72,668 19,031 28,007 292 — 443,092 Total loans $ 233,272 $ 94,699 $ 72,668 $ 19,053 $ 28,153 $ 292 $ — $ 448,137 30-59 60-89 Days Past Due 90 Total Past Due 90 Non- (In thousands) June 30, 2015 Residential real estate $ 102 $ — $ 218 $ 320 $ — $ 901 Commercial real estate — — 675 675 — 3,204 Commercial — — — — — 17 Home equity lines of credit — — — — — 146 Total $ 102 $ — $ 893 $ 995 $ — $ 4,268 December 31, 2014 Residential real estate $ — $ — $ — $ — $ — $ 1,313 Commercial real estate 832 — 759 1,591 — 3,356 Commercial — — — — — 22 Home equity lines of credit — — — — — 146 Total $ 832 $ — $ 759 $ 1,591 $ — $ 4,837 June 30, 2015 December 31, 2014 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 1,089 $ 1,089 $ — $ 1,521 $ 1,521 $ — Commercial real estate 3,204 3,204 — 2,597 2,597 — Commercial 17 17 — 22 22 — Home equity lines of credit 146 146 — 146 146 — Total 4,456 4,456 — 4,286 4,286 — Impaired loans with a valuation allowance: Commercial real estate — — — 759 759 51 Total impaired loans $ 4,456 $ 4,456 $ — $ 5,045 $ 5,045 $ 51 Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 1,289 $ 18 $ 16 $ 1,382 $ 38 $ 36 Commercial real estate 3,227 45 36 3,254 90 75 Commercial 18 — — 19 1 — Home equity lines of credit 146 1 1 146 2 2 Total $ 4,680 $ 64 $ 53 $ 4,801 $ 131 $ 113 Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 419 $ 4 $ 10 $ 421 $ 8 $ 13 Commercial real estate 3,924 38 26 4,498 77 54 Commercial 28 — — 29 1 1 Home equity lines of credit 427 4 — 427 8 — Total $ 4,798 $ 46 $ 36 $ 5,375 $ 94 $ 68 No additional funds are committed to be advanced in connection with impaired loans. TDRs totaled $ 407 220 218 220 The Company recorded TDRS totaling $ 187 There were no new TDRs recorded during the three and six months ended June 30, 2014. There were no TDRs defaulted during the three and six months ended June 30, 2015 and 2014, and for which default was within one year of the restructure date. Credit Quality Information The Company utilizes an eleven-grade internal loan rating system for commercial real estate, construction and commercial loans. Loans rated 1-4: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 5: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 6: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 7: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 8: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. Loans rated 9: Loans in this category only include commercial loans under $ 25 Loans rated 10: Loans in this category include loans which otherwise require rating but which have not been rated, or loans for which the Company’s loan policy does not require rating. Loans rated 11: Loans in this category include credit commitments/relationships that cannot be rated due to a lack of financial information or inaccurate financial information. If, within 60 On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and commercial loans. During each calendar year, the Company engages an independent third party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. On a monthly basis, the Company reviews the residential real estate and consumer loan portfolio for credit quality primarily through the use of delinquency reports June 30, 2015 December 31, 2014 Commercial Construction Commercial Total Commercial Construction Commercial Total (In thousands) Loans rated 1 -4 $ 96,610 $ 71,478 $ 20,250 $ 188,338 $ 85,496 $ 72,668 $ 17,802 $ 175,966 Loans rated 5 5,899 — 1,016 6,915 6,054 — 1,022 7,076 Loans rated 6 2,340 — 206 2,546 2,390 — 229 2,619 Loans rated 7 675 — — 675 759 — — 759 Total $ 105,524 $ 71,478 $ 21,472 $ 198,474 $ 94,699 $ 72,668 $ 19,053 $ 186,420

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Financial Liabilities Fair Value Disclosure [Abstract]
Financial Instruments Disclosure [Text Block]	NOTE 7 – FAIR VALUES OF FINANCIAL INSTRUMENTS Fair value hierarchy The Company groups its assets generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on quoted market prices in active exchange markets for identical assets and liabilities. Valuations are obtained from readily available pricing sources. Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. Valuations are obtained from readily available pricing sources. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Level 3 assets include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Transfers between levels are recognized at the end of a reporting period, if applicable. Determination of fair value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The following methods and assumptions were used by the Company in estimating fair value disclosures: Cash, cash equivalents and certificates of deposit Securities available for sale Federal Home Loan Bank (“FHLB”) stock Loans held for sale Loans, net Deposits Short-term borrowings Long-term debt Accrued interest Forward loan sale commitments and derivative loan commitments Off-balance sheet instruments Assets and liabilities measured at fair value on a recurring basis Assets and liabilities measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 are summarized below. June 30, 2015 Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available for sale $ — $ 49,596 $ — $ 49,596 Forward loan sale commitments — 25 — 25 Total assets $ — $ 49,621 $ — $ 49,621 December 31, 2014 Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available for sale $ — $ 52,681 $ — $ 52,681 Forward loan sale commitments — 8 — 8 Total assets $ — $ 52,689 $ — $ 52,689 Liabilities Derivative loan commitments $ — $ 5 $ — $ 5 Assets measured at fair value on a non-recurring basis The Company may also be required, from time to time, to measure certain other financial assets and liabilities at fair value on a non-recurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market (“LOCOM”) accounting or write-downs of individual assets. June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ — $ — $ 2,288 $ — $ — $ 537 Impaired loans — — — — — 708 $ — $ — $ 2,288 $ — $ — $ 1,245 Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Loans held for sale $ (18) $ (4) $ (23) $ 1 Impaired loans — (104) 51 (181) $ (18) $ (108) $ 28 $ (180) Loans held for sale (“LHFS”) are evaluated for losses associated with the application of LOCOM accounting. At June 30, 2015, a rise in market interest rates above contractual loan rates from the time LHFS were recorded is reflected as a reduction in the carrying value of the asset and a loss is recognized in current period earnings. Losses applicable to certain impaired loans are estimated using the appraised value of the underlying collateral considering discounting factors and adjusted for selling costs. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the overall adequacy of the allowance for loan losses. Adjustments to the estimated fair value of impaired loans may result in increases or decreases to the provision for loan losses. There are no liabilities measured at fair value on a non-recurring basis at June 30, 2015 and December 31, 2014 . Summary of fair values of financial instruments Fair Value Carrying Level 1 Level 2 Level 3 Total (In thousands) June 30, 2015 Financial assets: Cash and cash equivalents $ 16,111 $ 16,111 $ — $ — $ 16,111 Certificates of deposit 100 100 — — 100 Securities available for sale 49,596 — 49,596 — 49,596 FHLB stock 4,740 — — 4,740 4,740 Loans held for sale 2,288 — 2,288 — 2,288 Loans, net 477,735 — — 471,010 471,010 Accrued interest receivable 1,334 — — 1,334 1,334 Forward loan sale commitments 25 — 25 — 25 Financial liabilities: Deposits $ 428,429 $ — $ — $ 428,726 $ 428,726 Short-term borrowings 18,000 — 18,000 — 18,000 Long-term debt 63,000 — 62,996 — 62,996 Accrued interest payable 62 — — 62 62 December 31, 2014 Financial assets: Cash and cash equivalents $ 19,271 $ 19,271 $ — $ — $ 19,271 Certificates of deposit 100 100 — — 100 Securities available for sale 52,681 — 52,681 — 52,681 FHLB stock 3,660 — — 3,660 3,660 Loans held for sale 537 — 537 — 537 Loans, net 443,346 — — 441,720 441,720 Accrued interest receivable 1,216 — — 1,216 1,216 Forward loan sale commitments 8 — 8 — 8 Financial liabilities: Deposits $ 422,245 $ — $ — $ 422,731 $ 422,731 Short-term borrowings 2,000 — 2,000 — 2,000 Long-term debt 59,500 — 59,504 — 59,504 Accrued interest payable 61 — — 61 61 Derivative loan commitments 5 — 5 — 5

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation and Employee Benefit Plans [Text Block]	NOTE 8 – EMPLOYEE STOCK OWNERSHIP PLAN The Bank maintains an Employee Stock Ownership Plan (the “ESOP”) to provide eligible employees the opportunity to own Company stock. This plan is a tax-qualified retirement plan for the benefit of all Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The Company granted a loan to the ESOP to purchase shares of the Company’s common stock on the closing date of the Company’s mutual to stock conversion in 2012. As of June 30, 2015, the ESOP held 18,324 7.66 15 3.25 Allocated 33,265 Committed to be allocated 6,419 Unallocated 148,640 188,324 The fair value of unallocated shares was $ 3.0 Total compensation expense recognized in connection with the ESOP for the three and six month periods ended June 30, 2015 was $ 61 122

EQUITY INCENTIVE PLAN

EQUITY INCENTIVE PLAN	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 9 – EQUITY INCENTIVE PLAN Under the Company’s 2012 Equity Incentive Plan (the “Equity Incentive Plan”), the Company may grant stock options to its employees and directors in the form of incentive stock options and non-qualified stock options for up to 240,751 20 A restricted stock award (the “award”) is a grant of shares of Company common stock for no consideration, subject to a vesting schedule or the satisfaction of market conditions or performance criteria. Under the Equity Incentive Plan, the Company may also grant stock awards to management, employees and directors for up to 96,286 . Stock Options Options Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at beginning of period 214 $ 15.84 8.02 $ 892 Granted — — — Exercised — — — Forfeited (1) 17.45 — Outstanding at end of period 213 $ 15.84 7.52 $ 890 Options exercisable at end of period 76 $ 15.38 7.52 $ 353 For the three months ended June 30, 2015 and 2014, compensation expense applicable to the stock options was $ 51 9 For the six months ended June 30, 2015 and 2014, compensation expense applicable to the stock options was $ 98 102 19 in both years. Unrecognized compensation expense for non-vested stock options totaled $ 670 2.52 Stock Awards There was no activity in non-vested restricted stock awards under the Equity Incentive Plan for the six months ended June 30, 2015. Non-vested restricted stock award shares at the end of the period totaled 59 16.08 For the three months ended June 30, 2015 and 2014, compensation expense applicable to the stock awards was $ 71 68 28 27 For the six months ended June 30, 2015 and 2014, compensation expense applicable to the stock awards was $ 152 137 61 55 Unrecognized compensation expense for non-vested restricted stock totaled $ 731 2.65

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE 10 – EARNINGS PER COMMON SHARE Basic earnings per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Under the Company’s Equity Incentive Plan, stock awards contain non-forfeitable dividend rights. Accordingly, these shares are considered outstanding for computation of basic earnings per share. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock awards and are determined using the treasury stock method. Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands, except per share data) Net income applicable to common stock $ 585 $ 431 $ 1,044 $ 825 Average number of common shares issued 2,459 2,453 2,459 2,453 Less: Average unallocated ESOP shares (149) (162) (151) (163) Average number of common shares outstanding used to calculate basic earnings per common share 2,310 2,291 2,308 2,290 Effect of dilutive stock options 15 4 14 3 Average number of common shares outstanding used to calculate diluted earnings per share 2,325 2,295 2,322 2,293 Earnings per common share: Basic $ 0.25 $ 0.19 $ 0.45 $ 0.36 Diluted $ 0.25 $ 0.19 $ 0.45 $ 0.36 At June 30, 2015, 31,400 10,500

STOCK REPURCHASE PLAN

STOCK REPURCHASE PLAN	6 Months Ended
	Jun. 30, 2015
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	NOTE 11 – STOCK REPURCHASE PLAN On October 1, 2012, the Board of Directors approved the repurchase of up to 96,286 4.0 40,535

DIVIDENDS DECLARED

DIVIDENDS DECLARED	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Dividend Disclosure [Text Block]	NOTE 12 – DIVIDENDS DECLARED On May 20, 2015 0.03 June 17, 2015

LOAN POLICIES (Policies)

LOAN POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	LOAN POLICIES The loan portfolio consists of real estate, commercial and other loans to the Company’s customers in our primary market areas in eastern Massachusetts. The ability of the Company’s debtors to honor their contracts is dependent upon the economy in general and the real estate and construction sectors within our markets. Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred loan origination fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Interest is generally not accrued on loans which are identified as impaired or loans which are ninety days or more past due. Past due status is based on the contractual terms of the loan. Interest income previously accrued on such loans is reversed against current period interest income. Interest income on non-accrual loans is recognized only to the extent of interest payments received and is first applied to the outstanding principal balance when collectibility of principal is in doubt. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured through sustained payment performance for at least six months. Allowance for loan losses The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes the uncollectibility of the loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components. General component The general component is based on the following loan segments: residential real estate, commercial real estate, construction, commercial, home equity lines of credit and other consumer. Management considers a rolling average of historical losses for each segment based on a time frame appropriate to capture relevant loss data for each loan segment, generally three and 10 The qualitative factor adjustments are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate – The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial real estate – Loans in this segment are primarily income-producing properties in the Company’s primary market areas in eastern Massachusetts. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management typically obtains rent rolls annually and continually monitors the cash flows of these loans. Construction – Loans in this segment primarily include speculative construction loans primarily on residential properties for which payment is derived from the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Residential construction loans in this segment also include loans to build one-to four- family owner-occupied properties which are subject to the same credit quality factors as residential real estate. Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Home equity lines of credit – Loans in this segment are collateralized by one-to-four family residential real estate and repayment is dependent on the credit quality of the individual borrower. The Company generally does not hold a first mortgage position on homes that secure home equity lines of credit. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Other consumer – Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Allocated component The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or, if the loan is collateral dependent, by the fair value of the collateral, less estimated costs to sell. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller-balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify performing individual residential and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated component An unallocated component is maintained to cover additional uncertainties in management’s estimation of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The components of accumulated other comprehensive income and related tax effects are as follows: June 30, December 31, 2015 2014 (In thousands) Unrealized holding gains on securities available for sale $ 424 $ 672 Tax effect (161) (255) Net-of tax amount $ 263 $ 417

SECURITIES AVAILABLE FOR SALE (

SECURITIES AVAILABLE FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities [Table Text Block]	The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follows: June 30, 2015 Amortized Gross Gross Fair (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 6,198 $ 151 $ (21) $ 6,328 Government-sponsored enterprises 9,978 216 (34) 10,160 SBA and other asset-backed securities 12,320 130 (40) 12,410 State and municipal bonds 5,963 98 (35) 6,026 Government-sponsored enterprise obligations 3,972 2 (35) 3,939 Corporate bonds 10,741 35 (43) 10,733 $ 49,172 $ 632 $ (208) $ 49,596 December 31, 2014 Amortized Gross Gross Fair (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 5,812 $ 167 $ (4) $ 5,975 Government-sponsored enterprises 10,806 233 (38) 11,001 SBA and other asset-backed securities 12,761 171 (35) 12,897 State and municipal bonds 5,706 171 (6) 5,871 Government-sponsored enterprise obligations 6,500 6 (10) 6,496 Corporate bonds 10,424 42 (25) 10,441 $ 52,009 $ 790 $ (118) $ 52,681
Investments Classified by Contractual Maturity Date [Table Text Block]	The amortized cost and fair value of debt securities by contractual maturity at June 30, 2015 are as follows. Expected maturities may differ from contractual maturities because the issuer, in certain instances, has the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair (In thousands) Within 1 year $ 4,523 $ 4,537 After 1 year to 5 years 6,773 6,762 After 5 years to 10 years 6,357 6,355 After 10 years 3,023 3,044 20,676 20,698 Mortgage- and asset-backed securities 28,496 28,898 $ 49,172 $ 49,596
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]	Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Than Twelve Months Over Twelve Months Gross Fair Gross Fair (In thousands) June 30, 2015 Residential mortgage-backed securities: Government National Mortgage Association $ (21) $ 1,814 $ — $ — Government-sponsored enterprises (4) 1,478 (30) 742 SBA and other asset-backed securities (9) 2,195 (31) 992 State and municipal bonds (32) 1,238 (3) 296 Government-sponsored enterprise obligations (35) 2,215 — — Corporate bonds (35) 5,065 (8) 988 $ (136) $ 14,005 $ (72) $ 3,018 December 31, 2014 Residential mortgage-backed securities: Government National Mortgage Association $ (4) $ 867 $ — $ — Government-sponsored enterprises (4) 508 (34) 805 SBA and other asset-backed securities (4) 1,009 (31) 1,297 State and municipal bonds (1) 101 (5) 546 Government-sponsored enterprise obligations (10) 3,490 — — Corporate bonds (25) 6,719 — — $ (48) $ 12,694 $ (70) $ 2,648

LOANS AND ALLOWANCE FOR LOAN 23

LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)	6 Months Ended
	Jun. 30, 2015
Notes and Loans Payable, Current [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	June 30, December 31, 2015 2014 (In thousands) Real estate loans: Residential – fixed $ 15,948 $ 20,651 Residential – variable 230,975 212,621 Commercial 105,524 94,699 Construction 71,478 72,668 423,925 400,639 Commercial loans: Secured 21,424 18,991 Unsecured 48 62 21,472 19,053 Consumer loans: Home equity lines of credit 32,017 28,153 Other 282 292 32,299 28,445 Total loans 477,696 448,137 Less: Allowance for loan losses (4,816) (4,738) Net deferred origination costs (fees) 39 (53) Loans, net $ 472,919 $ 443,346
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block]	Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) Three Months Ended June 30, 2015 Allowance at March 31, 2015 $ 1,525 $ 1,016 $ 1,344 $ 417 $ 206 $ 4 $ 204 $ 4,716 Provision (credit) for loan losses 32 58 (49) 44 17 — (2) 100 Allowance at June 30, 2015 $ 1,557 $ 1,074 $ 1,295 $ 461 $ 223 $ 4 $ 202 $ 4,816 Three Months Ended June 30, 2014 Allowance at March 31, 2014 $ 1,425 $ 1,021 $ 1,307 $ 390 $ 208 $ 6 $ 36 $ 4,393 Provision (credit) for loan losses 70 (20) 136 (39) 98 (2) (23) 220 Allowance at June 30, 2014 $ 1,495 $ 1,001 $ 1,443 $ 351 $ 306 $ 4 $ 13 $ 4,613 Six Months Ended June 30, 2015 Allowance at December 31, 2014 $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Provision (credit) for loan losses (136) 73 22 33 (1) — 159 150 Loans charged off (17) (55) — — — — — (72) Allowance at June 30, 2015 $ 1,557 $ 1,074 $ 1,295 $ 461 $ 223 $ 4 $ 202 $ 4,816 Six Months Ended June 30, 2014 Allowance at December 31, 2013 $ 1,351 $ 887 $ 1,305 $ 426 $ 213 $ 7 $ 24 $ 4,213 Provision (credit) for loan losses 144 114 138 (75) 93 (3) (11) 400 Allowance at June 30, 2014 $ 1,495 $ 1,001 $ 1,443 $ 351 $ 306 $ 4 $ 13 $ 4,613
Allowance for Credit Losses on Financing Receivables [Table Text Block]	Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) June 30, 2015 Allowance related to impaired loans $ — $ — $ — $ — $ — $ — $ — $ — Allowance related to non-impaired loans 1,557 1,074 1,295 461 223 4 202 4,816 Total allowance $ 1,557 $ 1,074 $ 1,295 $ 461 $ 223 $ 4 $ 202 $ 4,816 Impaired loan balances $ 1,089 $ 3,204 $ — $ 17 $ 146 $ — $ — $ 4,456 Non-impaired loan balances 245,834 102,320 71,478 21,455 31,871 282 — 473,240 Total loans $ 246,923 $ 105,524 $ 71,478 $ 21,472 $ 32,017 $ 282 $ — $ 477,696 December 31, 2014 Allowance related to impaired loans $ — $ 51 $ — $ — $ — $ — $ — $ 51 Allowance related to non-impaired loans 1,710 1,005 1,273 428 224 4 43 4,687 Total allowance $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Impaired loan balances $ 1,521 $ 3,356 $ — $ 22 $ 146 $ — $ — $ 5,045 Non-impaired loan balances 231,751 91,343 72,668 19,031 28,007 292 — 443,092 Total loans $ 233,272 $ 94,699 $ 72,668 $ 19,053 $ 28,153 $ 292 $ — $ 448,137
Past Due Financing Receivables [Table Text Block]	30-59 60-89 Days Past Due 90 Total Past Due 90 Non- (In thousands) June 30, 2015 Residential real estate $ 102 $ — $ 218 $ 320 $ — $ 901 Commercial real estate — — 675 675 — 3,204 Commercial — — — — — 17 Home equity lines of credit — — — — — 146 Total $ 102 $ — $ 893 $ 995 $ — $ 4,268 December 31, 2014 Residential real estate $ — $ — $ — $ — $ — $ 1,313 Commercial real estate 832 — 759 1,591 — 3,356 Commercial — — — — — 22 Home equity lines of credit — — — — — 146 Total $ 832 $ — $ 759 $ 1,591 $ — $ 4,837
Impaired Financing Receivables [Table Text Block]	June 30, 2015 December 31, 2014 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 1,089 $ 1,089 $ — $ 1,521 $ 1,521 $ — Commercial real estate 3,204 3,204 — 2,597 2,597 — Commercial 17 17 — 22 22 — Home equity lines of credit 146 146 — 146 146 — Total 4,456 4,456 — 4,286 4,286 — Impaired loans with a valuation allowance: Commercial real estate — — — 759 759 51 Total impaired loans $ 4,456 $ 4,456 $ — $ 5,045 $ 5,045 $ 51
Impaired Financing Receivables By Class Of Loans [Table Text Block]	Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 1,289 $ 18 $ 16 $ 1,382 $ 38 $ 36 Commercial real estate 3,227 45 36 3,254 90 75 Commercial 18 — — 19 1 — Home equity lines of credit 146 1 1 146 2 2 Total $ 4,680 $ 64 $ 53 $ 4,801 $ 131 $ 113 Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 419 $ 4 $ 10 $ 421 $ 8 $ 13 Commercial real estate 3,924 38 26 4,498 77 54 Commercial 28 — — 29 1 1 Home equity lines of credit 427 4 — 427 8 — Total $ 4,798 $ 46 $ 36 $ 5,375 $ 94 $ 68
Financing Receivable Credit Quality Indicators [Table Text Block]	June 30, 2015 December 31, 2014 Commercial Construction Commercial Total Commercial Construction Commercial Total (In thousands) Loans rated 1 -4 $ 96,610 $ 71,478 $ 20,250 $ 188,338 $ 85,496 $ 72,668 $ 17,802 $ 175,966 Loans rated 5 5,899 — 1,016 6,915 6,054 — 1,022 7,076 Loans rated 6 2,340 — 206 2,546 2,390 — 229 2,619 Loans rated 7 675 — — 675 759 — — 759 Total $ 105,524 $ 71,478 $ 21,472 $ 198,474 $ 94,699 $ 72,668 $ 19,053 $ 186,420

FAIR VALUES OF FINANCIAL INST24

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Liabilities Fair Value Disclosure [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	There were no liabilities measured at fair value on a recurring basis at June 30, 2015. June 30, 2015 Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available for sale $ — $ 49,596 $ — $ 49,596 Forward loan sale commitments — 25 — 25 Total assets $ — $ 49,621 $ — $ 49,621 December 31, 2014 Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available for sale $ — $ 52,681 $ — $ 52,681 Forward loan sale commitments — 8 — 8 Total assets $ — $ 52,689 $ — $ 52,689 Liabilities Derivative loan commitments $ — $ 5 $ — $ 5
Fair Value Measurements, Nonrecurring [Table Text Block]	The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets as of June 30, 2015 and December 31, 2014. June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ — $ — $ 2,288 $ — $ — $ 537 Impaired loans — — — — — 708 $ — $ — $ 2,288 $ — $ — $ 1,245
Gain Loss on Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Table Text Block]	The following table presents the total (losses) gains on loans held for sale and impaired loans for the three and six month periods ended June 30, 2015 and 2014. Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands) Loans held for sale $ (18) $ (4) $ (23) $ 1 Impaired loans — (104) 51 (181) $ (18) $ (108) $ 28 $ (180)
Fair Value, by Balance Sheet Grouping [Table Text Block]	The estimated fair values and related carrying amounts of the Company’s financial instruments are outlined in the table below. Certain financial instruments and all nonfinancial instruments are excluded from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. Fair Value Carrying Level 1 Level 2 Level 3 Total (In thousands) June 30, 2015 Financial assets: Cash and cash equivalents $ 16,111 $ 16,111 $ — $ — $ 16,111 Certificates of deposit 100 100 — — 100 Securities available for sale 49,596 — 49,596 — 49,596 FHLB stock 4,740 — — 4,740 4,740 Loans held for sale 2,288 — 2,288 — 2,288 Loans, net 477,735 — — 471,010 471,010 Accrued interest receivable 1,334 — — 1,334 1,334 Forward loan sale commitments 25 — 25 — 25 Financial liabilities: Deposits $ 428,429 $ — $ — $ 428,726 $ 428,726 Short-term borrowings 18,000 — 18,000 — 18,000 Long-term debt 63,000 — 62,996 — 62,996 Accrued interest payable 62 — — 62 62 December 31, 2014 Financial assets: Cash and cash equivalents $ 19,271 $ 19,271 $ — $ — $ 19,271 Certificates of deposit 100 100 — — 100 Securities available for sale 52,681 — 52,681 — 52,681 FHLB stock 3,660 — — 3,660 3,660 Loans held for sale 537 — 537 — 537 Loans, net 443,346 — — 441,720 441,720 Accrued interest receivable 1,216 — — 1,216 1,216 Forward loan sale commitments 8 — 8 — 8 Financial liabilities: Deposits $ 422,245 $ — $ — $ 422,731 $ 422,731 Short-term borrowings 2,000 — 2,000 — 2,000 Long-term debt 59,500 — 59,504 — 59,504 Accrued interest payable 61 — — 61 61 Derivative loan commitments 5 — 5 — 5

EMPLOYEE STOCK OWNERSHIP PLAN (

EMPLOYEE STOCK OWNERSHIP PLAN (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Stock Ownership Plan ESOP Status Of Entity Shares Held [Table Text Block]	Shares held by the ESOP at June 30, 2015 include the following: Allocated 33,265 Committed to be allocated 6,419 Unallocated 148,640 188,324

EQUITY INCENTIVE PLAN (Tables)

EQUITY INCENTIVE PLAN (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of option activity under the Equity Incentive Plan for the six months ended June 30, 2015 is presented below: Options Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at beginning of period 214 $ 15.84 8.02 $ 892 Granted — — — Exercised — — — Forfeited (1) 17.45 — Outstanding at end of period 213 $ 15.84 7.52 $ 890 Options exercisable at end of period 76 $ 15.38 7.52 $ 353

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Earnings per common share have been computed as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (In thousands, except per share data) Net income applicable to common stock $ 585 $ 431 $ 1,044 $ 825 Average number of common shares issued 2,459 2,453 2,459 2,453 Less: Average unallocated ESOP shares (149) (162) (151) (163) Average number of common shares outstanding used to calculate basic earnings per common share 2,310 2,291 2,308 2,290 Effect of dilutive stock options 15 4 14 3 Average number of common shares outstanding used to calculate diluted earnings per share 2,325 2,295 2,322 2,293 Earnings per common share: Basic $ 0.25 $ 0.19 $ 0.45 $ 0.36 Diluted $ 0.25 $ 0.19 $ 0.45 $ 0.36

LOAN POLICIES (Details Textual)

LOAN POLICIES (Details Textual) - Jun. 30, 2015	Total
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Payments Delinquency Period Beyond Which Loans Considered Non Accrual	90 days
Residential Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan To Value Ratio	80.00%
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Time Period To Capture Relevant Loan Loss Data	10 years
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Time Period To Capture Relevant Loan Loss Data	3 years

COMPREHENSIVE INCOME (Details)

COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized holding gains on securities available for sale	$ 424	$ 672
Tax effect	(161)	(255)
Net-of tax amount	$ 263	$ 417

SECURITIES AVAILABLE FOR SALE30

SECURITIES AVAILABLE FOR SALE (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 49,172	$ 52,009
Gross Unrealized Gains	632	790
Gross Unrealized Losses	(208)	(118)
Fair Value	49,596	52,681
SBA and other asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	12,320	12,761
Gross Unrealized Gains	130	171
Gross Unrealized Losses	(40)	(35)
Fair Value	12,410	12,897
State and municipal bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,963	5,706
Gross Unrealized Gains	98	171
Gross Unrealized Losses	(35)	(6)
Fair Value	6,026	5,871
Government-sponsored enterprise obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,972	6,500
Gross Unrealized Gains	2	6
Gross Unrealized Losses	(35)	(10)
Fair Value	3,939	6,496
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,741	10,424
Gross Unrealized Gains	35	42
Gross Unrealized Losses	(43)	(25)
Fair Value	10,733	10,441
Residential mortgage-backed securities [Member] | Government National Mortgage Association [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,198	5,812
Gross Unrealized Gains	151	167
Gross Unrealized Losses	(21)	(4)
Fair Value	6,328	5,975
Residential mortgage-backed securities [Member] | Government-sponsored enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	9,978	10,806
Gross Unrealized Gains	216	233
Gross Unrealized Losses	(34)	(38)
Fair Value	$ 10,160	$ 11,001

SECURITIES AVAILABLE FOR SALE31

SECURITIES AVAILABLE FOR SALE (Details 1) $ in Thousands	Jun. 30, 2015USD ($)
Available-for-sale Securities, Debt Maturities, Amortized Cost
Within 1 year	$ 4,523
After 1 year to 5 years	6,773
After 5 years to 10 years	6,357
After 10 years	3,023
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total	20,676
Mortgage- and asset-backed securities	28,496
Available-for-sale Debt Securities, Amortized Cost Basis, Total	49,172
Available-for-sale Securities, Debt Maturities, Fair Value
Within 1 year	4,537
After 1 year to 5 years	6,762
After 5 years to 10 years	6,355
After 10 years	3,044
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Total	20,698
Mortgage- and asset-backed securities	28,898
Available-for-sale Securities, Debt Securities, Total	$ 49,596

SECURITIES AVAILABLE FOR SALE32

SECURITIES AVAILABLE FOR SALE (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	$ (136)	$ (48)
Less Than Twelve Months Fair Value	14,005	12,694
Over Twelve Months Gross Unrealized Losses	(72)	(70)
Over Twelve Months Fair Value	3,018	2,648
SBA and other asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(9)	(4)
Less Than Twelve Months Fair Value	2,195	1,009
Over Twelve Months Gross Unrealized Losses	(31)	(31)
Over Twelve Months Fair Value	992	1,297
State and municipal bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(32)	(1)
Less Than Twelve Months Fair Value	1,238	101
Over Twelve Months Gross Unrealized Losses	(3)	(5)
Over Twelve Months Fair Value	296	546
Government-sponsored enterprise obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(35)	(10)
Less Than Twelve Months Fair Value	2,215	3,490
Over Twelve Months Gross Unrealized Losses	0	0
Over Twelve Months Fair Value	0	0
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(35)	(25)
Less Than Twelve Months Fair Value	5,065	6,719
Over Twelve Months Gross Unrealized Losses	(8)	0
Over Twelve Months Fair Value	988	0
Residential mortgage-backed securities [Member] | Government National Mortgage Association [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(21)	(4)
Less Than Twelve Months Fair Value	1,814	867
Over Twelve Months Gross Unrealized Losses	0	0
Over Twelve Months Fair Value	0	0
Residential mortgage-backed securities [Member] | Government-sponsored enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(4)	(4)
Less Than Twelve Months Fair Value	1,478	508
Over Twelve Months Gross Unrealized Losses	(30)	(34)
Over Twelve Months Fair Value	$ 742	$ 805

SECURITIES AVAILABLE FOR SALE33

SECURITIES AVAILABLE FOR SALE (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Debt Securities Aggregate Depreciation Percentage	1.20%
Proceeds from Sale of Available-for-sale Securities	$ 0	$ 903
Available-for-sale Securities, Gross Realized Gains		20
Available-for-sale Securities, Gross Realized Losses		$ 4

LOANS AND ALLOWANCE FOR LOAN 34

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans	$ 477,696	$ 448,137
Allowance for loan losses	(4,816)	(4,738)
Net deferred origination costs (fees)	39	(53)
Loans, net	472,919	443,346
Commercial [Member]
Loans	21,472	19,053
Consumer Loan [Member]
Loans	32,299	28,445
Residential - fixed [Member]
Loans	15,948	20,651
Residential - variable [Member]
Loans	230,975	212,621
Commercial Real Estate [Member]
Loans	105,524	94,699
Construction [Member]
Loans	71,478	72,668
Secured [Member]
Loans	21,424	18,991
Unsecured [Member]
Loans	48	62
Home equity lines of credit [Member]
Loans	32,017	28,153
Other Consumer [Member]
Loans	282	292
Real estate loans [Member]
Loans	$ 423,925	$ 400,639

LOANS AND ALLOWANCE FOR LOAN 35

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Allowance Beginning Balance	$ 4,716	$ 4,393	$ 4,738	$ 4,213
Provision (credit) for loan losses	100	220	150	400
Loans charged off			(72)
Allowance Ending Balance	4,816	4,613	4,816	4,613
Residential Real Estate [Member]
Allowance Beginning Balance	1,525	1,425	1,710	1,351
Provision (credit) for loan losses	32	70	(136)	144
Loans charged off			(17)
Allowance Ending Balance	1,557	1,495	1,557	1,495
Commercial Real Estate [Member]
Allowance Beginning Balance	1,016	1,021	1,056	887
Provision (credit) for loan losses	58	(20)	73	114
Loans charged off			(55)
Allowance Ending Balance	1,074	1,001	1,074	1,001
Construction [Member]
Allowance Beginning Balance	1,344	1,307	1,273	1,305
Provision (credit) for loan losses	(49)	136	22	138
Loans charged off			0
Allowance Ending Balance	1,295	1,443	1,295	1,443
Commercial [Member]
Allowance Beginning Balance	417	390	428	426
Provision (credit) for loan losses	44	(39)	33	(75)
Loans charged off			0
Allowance Ending Balance	461	351	461	351
Home equity lines of credit [Member]
Allowance Beginning Balance	206	208	224	213
Provision (credit) for loan losses	17	98	(1)	93
Loans charged off			0
Allowance Ending Balance	223	306	223	306
Other Consumer [Member]
Allowance Beginning Balance	4	6	4	7
Provision (credit) for loan losses	0	(2)	0	(3)
Loans charged off			0
Allowance Ending Balance	4	4	4	4
Unallocated [Member]
Allowance Beginning Balance	204	36	43	24
Provision (credit) for loan losses	(2)	(23)	159	(11)
Loans charged off			0
Allowance Ending Balance	$ 202	$ 13	$ 202	$ 13

LOANS AND ALLOWANCE FOR LOAN 36

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Allowance related to impaired loans	$ 0		$ 51
Allowance related to non-impaired loans	4,816		4,687
Total allowance	4,816	$ 4,716	4,738	$ 4,613	$ 4,393	$ 4,213
Impaired loan balances	4,456		5,045
Non-impaired loan balances	473,240		443,092
Total loans	477,696		448,137
Residential Real Estate [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	1,557		1,710
Total allowance	1,557	1,525	1,710	1,495	1,425	1,351
Impaired loan balances	1,089		1,521
Non-impaired loan balances	245,834		231,751
Total loans	246,923		233,272
Commercial Real Estate [Member]
Allowance related to impaired loans	0		51
Allowance related to non-impaired loans	1,074		1,005
Total allowance	1,074	1,016	1,056	1,001	1,021	887
Impaired loan balances	3,204		3,356
Non-impaired loan balances	102,320		91,343
Total loans	105,524		94,699
Construction [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	1,295		1,273
Total allowance	1,295	1,344	1,273	1,443	1,307	1,305
Impaired loan balances	0		0
Non-impaired loan balances	71,478		72,668
Total loans	71,478		72,668
Commercial [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	461		428
Total allowance	461	417	428	351	390	426
Impaired loan balances	17		22
Non-impaired loan balances	21,455		19,031
Total loans	21,472		19,053
Home equity lines of credit [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	223		224
Total allowance	223	206	224	306	208	213
Impaired loan balances	146		146
Non-impaired loan balances	31,871		28,007
Total loans	32,017		28,153
Other Consumer [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	4		4
Total allowance	4	4	4	4	6	7
Impaired loan balances	0		0
Non-impaired loan balances	282		292
Total loans	282		292
Unallocated [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	202		43
Total allowance	202	$ 204	43	$ 13	$ 36	$ 24
Impaired loan balances	0		0
Non-impaired loan balances	0		0
Total loans	$ 0		$ 0

LOANS AND ALLOWANCE FOR LOAN 37

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
30-59 Days Past Due	$ 102	$ 832
60-89 Days Past Due	0	0
Past Due 90 Days or More	893	759
Total Past Due	995	1,591
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	4,268	4,837
Residential Real Estate [Member]
30-59 Days Past Due	102	0
60-89 Days Past Due	0	0
Past Due 90 Days or More	218	0
Total Past Due	320	0
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	901	1,313
Commercial Real Estate [Member]
30-59 Days Past Due	0	832
60-89 Days Past Due	0	0
Past Due 90 Days or More	675	759
Total Past Due	675	1,591
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	3,204	3,356
Commercial [Member]
30-59 Days Past Due	0	0
60-89 Days Past Due	0	0
Past Due 90 Days or More	0	0
Total Past Due	0	0
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	17	22
Home equity lines of credit [Member]
30-59 Days Past Due	0	0
60-89 Days Past Due	0	0
Past Due 90 Days or More	0	0
Total Past Due	0	0
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	$ 146	$ 146

LOANS AND ALLOWANCE FOR LOAN 38

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 4) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Recorded Investment, Without a Valuation Allowance	$ 4,456	$ 4,286
Unpaid Principal Balance, Without a Valuation Allowance	4,456	4,286
Related Allowance	0	51
Recorded Investment	4,456	5,045
Unpaid Principal Balance	4,456	5,045
Residential Real Estate [Member]
Recorded Investment, Without a Valuation Allowance	1,089	1,521
Unpaid Principal Balance, Without a Valuation Allowance	1,089	1,521
Commercial Real Estate [Member]
Recorded Investment, Without a Valuation Allowance	3,204	2,597
Unpaid Principal Balance, Without a Valuation Allowance	3,204	2,597
Related Allowance	0	51
Recorded Investment, With a Valuation Allowance	0	759
Unpaid Principal Balance, With a Valuation Allowance	0	759
Home equity lines of credit [Member]
Recorded Investment, Without a Valuation Allowance	146	146
Unpaid Principal Balance, Without a Valuation Allowance	146	146
Commercial [Member]
Recorded Investment, Without a Valuation Allowance	17	22
Unpaid Principal Balance, Without a Valuation Allowance	$ 17	$ 22

LOANS AND ALLOWANCE FOR LOAN 39

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 5) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Average Recorded Investment	$ 4,680	$ 4,798	$ 4,801	$ 5,375
Interest Income Recognized	64	46	131	94
Interest Income Recognized on Cash Basis	53	36	113	68
Commercial [Member]
Average Recorded Investment	18	28	19	29
Interest Income Recognized	0	0	1	1
Interest Income Recognized on Cash Basis	0	0	0	1
Residential Real Estate [Member]
Average Recorded Investment	1,289	419	1,382	421
Interest Income Recognized	18	4	38	8
Interest Income Recognized on Cash Basis	16	10	36	13
Commercial Real Estate [Member]
Average Recorded Investment	3,227	3,924	3,254	4,498
Interest Income Recognized	45	38	90	77
Interest Income Recognized on Cash Basis	36	26	75	54
Home equity lines of credit [Member]
Average Recorded Investment	146	427	146	427
Interest Income Recognized	1	4	2	8
Interest Income Recognized on Cash Basis	$ 1	$ 0	$ 2	$ 0

LOANS AND ALLOWANCE FOR LOAN 40

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans	$ 198,474	$ 186,420
Loans rated 1-4 [Member]
Loans	188,338	175,966
Loans rated 5 [Member]
Loans	6,915	7,076
Loans rated 6 [Member]
Loans	2,546	2,619
Loans rated 7 [Member]
Loans	675	759
Commercial Real Estate [Member]
Loans	105,524	94,699
Commercial Real Estate [Member] | Loans rated 1-4 [Member]
Loans	96,610	85,496
Commercial Real Estate [Member] | Loans rated 5 [Member]
Loans	5,899	6,054
Commercial Real Estate [Member] | Loans rated 6 [Member]
Loans	2,340	2,390
Commercial Real Estate [Member] | Loans rated 7 [Member]
Loans	675	759
Construction [Member]
Loans	71,478	72,668
Construction [Member] | Loans rated 1-4 [Member]
Loans	71,478	72,668
Construction [Member] | Loans rated 5 [Member]
Loans	0	0
Construction [Member] | Loans rated 6 [Member]
Loans	0	0
Construction [Member] | Loans rated 7 [Member]
Loans	0	0
Commercial [Member]
Loans	21,472	19,053
Commercial [Member] | Loans rated 1-4 [Member]
Loans	20,250	17,802
Commercial [Member] | Loans rated 5 [Member]
Loans	1,016	1,022
Commercial [Member] | Loans rated 6 [Member]
Loans	206	229
Commercial [Member] | Loans rated 7 [Member]
Loans	$ 0	$ 0

LOANS AND ALLOWANCE FOR LOAN 41

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Loans and Leases Receivable, Gross	$ 477,696		$ 477,696		$ 448,137
Financing Receivable, Modifications, Recorded Investment	0		0
Financing Receivable, Modifications, Subsequent Default, Recorded Investment	0			$ 0
Troubled Debt Restructuring [Member]
Financing Receivable, Modifications, Recorded Investment	407		407		220
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down				218	$ 220
Financing Receivable, Troubled Debt Restructurings, Total	187	$ 0	187	$ 0
Loan rated 9 [Member] | Maximum [Member] | Commercial Loan [Member]
Loans and Leases Receivable, Gross	$ 25		$ 25
Credit Rating Eleven [Member] | Maximum [Member]
Period After Credit Rating Assignment			60 days

FAIR VALUES OF FINANCIAL INST42

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 49,621	$ 52,689
Derivative loan commitments		5
Securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	49,596	52,681
Forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	25	8
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Derivative loan commitments		0
Fair Value, Inputs, Level 1 [Member] | Securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Fair Value, Inputs, Level 1 [Member] | Forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	49,621	52,689
Derivative loan commitments		5
Fair Value, Inputs, Level 2 [Member] | Securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	49,596	52,681
Fair Value, Inputs, Level 2 [Member] | Forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	25	8
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Derivative loan commitments		0
Fair Value, Inputs, Level 3 [Member] | Securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Fair Value, Inputs, Level 3 [Member] | Forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 0	$ 0

FAIR VALUES OF FINANCIAL INST43

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans held for sale	$ 2,288	$ 537
Level 3 [Member]
Loans held for sale	2,288	537
Impaired loans	0	708
Assets, Fair Value Disclosure, Nonrecurring	$ 2,288	$ 1,245

FAIR VALUES OF FINANCIAL INST44

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items]
Total gain (Loss)	$ (18)	$ (108)	$ 28	$ (180)
Loans Held For Sale [Member]
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items]
Total gain (Loss)	(18)	(4)	(23)	1
Impaired Loans [Member]
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items]
Total gain (Loss)	$ 0	$ (104)	$ 51	$ (181)

FAIR VALUES OF FINANCIAL INST45

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial assets:
Cash and cash equivalents	$ 16,111	$ 19,271
Certificates of deposit	100	100
Securities available for sale	49,596	52,681
FHLB stock	4,740	3,660
Loans held for sale	2,288	537
Loans, net	471,010	441,720
Accrued interest receivable	1,334	1,216
Forward loan sale commitments	25	8
Financial liabilities:
Deposits	428,726	422,731
Short-term borrowings	18,000	2,000
Long-term debt	62,996	59,504
Accrued interest payable	62	61
Derivative loan commitments		5
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents	16,111	19,271
Certificates of deposit	100	100
Securities available for sale	0	0
FHLB stock	0	0
Loans held for sale	0	0
Loans, net	0	0
Accrued interest receivable	0	0
Forward loan sale commitments	0	0
Financial liabilities:
Deposits	0	0
Short-term borrowings	0	0
Long-term debt	0	0
Accrued interest payable	0	0
Derivative loan commitments		0
Fair Value, Inputs, Level 2 [Member]
Financial assets:
Cash and cash equivalents	0	0
Certificates of deposit	0	0
Securities available for sale	49,596	52,681
FHLB stock	0	0
Loans held for sale	2,288	537
Loans, net	0	0
Accrued interest receivable	0	0
Forward loan sale commitments	25	8
Financial liabilities:
Deposits	0	0
Short-term borrowings	18,000	2,000
Long-term debt	62,996	59,504
Accrued interest payable	0	0
Derivative loan commitments		5
Fair Value, Inputs, Level 3 [Member]
Financial assets:
Cash and cash equivalents	0	0
Certificates of deposit	0	0
Securities available for sale	0	0
FHLB stock	4,740	3,660
Loans held for sale	2,288	537
Loans, net	471,010	441,720
Accrued interest receivable	1,334	1,216
Forward loan sale commitments	0	0
Financial liabilities:
Deposits	428,726	422,731
Short-term borrowings	0	0
Long-term debt	0	0
Accrued interest payable	62	61
Derivative loan commitments		0
Reported Value Measurement [Member]
Financial assets:
Cash and cash equivalents	16,111	19,271
Certificates of deposit	100	100
Securities available for sale	49,596	52,681
FHLB stock	4,740	3,660
Loans held for sale	2,288	537
Loans, net	477,735	443,346
Accrued interest receivable	1,334	1,216
Forward loan sale commitments	25	8
Financial liabilities:
Deposits	428,429	422,245
Short-term borrowings	18,000	2,000
Long-term debt	63,000	59,500
Accrued interest payable	$ 62	61
Derivative loan commitments		$ 5

EMPLOYEE STOCK OWNERSHIP PLAN46

EMPLOYEE STOCK OWNERSHIP PLAN (Details) - shares	Jun. 30, 2015	Jun. 30, 2014
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Allocated	33,265
Committed to be allocated	6,419	6,419
Unallocated	148,640
Employee Stock Ownership Plan (ESOP), Shares in ESOP	188,324

EMPLOYEE STOCK OWNERSHIP PLAN47

EMPLOYEE STOCK OWNERSHIP PLAN (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Employee Stock Ownership Plan ESOP Percent Of Shares Authorized To Be Purchased		7.66%
Employee Stock Ownership Plan ESOP Debt Structure Direct Loan Term		15 years
Employee Stock Ownership Plan ESOP Debt Structure Direct Loan Interest Rate		3.25%
Employee Stock Ownership Plan ESOP Cost Of Committed To Be Released Shares		$ 3,000
Employee Stock Ownership Plan (ESOP), Shares in ESOP	188,324	188,324
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 61	$ 122	$ 120

EQUITY INCENTIVE PLAN (Details)

EQUITY INCENTIVE PLAN (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Options
Outstanding at beginning of period	214
Granted	0
Exercised	0
Forfeited	(1)
Outstanding at end of period	213	214
Options exercisable at end of period	76
Weighted Average Exercise Price
Outstanding at beginning of period	$ 15.84
Granted	0
Exercised	0
Forfeited	17.45
Outstanding at end of period	15.84	$ 15.84
Options exercisable at end of period	$ 15.38
Weighted Average Remaining Contractual Term
Outstanding at beginning of period	7 years 6 months 7 days	8 years 7 days
Options exercisable at end of period	7 years 6 months 7 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 890	$ 892
Options exercisable at end of period	$ 353

EQUITY INCENTIVE PLAN (Details

EQUITY INCENTIVE PLAN (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense for non-vested stock options	$ 670		$ 670
Unrecognized compensation expense, recognition period			2 years 6 months 7 days
Compensation expense for stock award plan	$ 71	$ 68	$ 152	$ 137
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, recognition period			2 years 7 months 24 days
Equity Incentive Plan, options granted	96,286		96,286
Recognize tax Benefit	$ 28	27	$ 61	55
Non-vested stock awards under the equity incentive plan	59,000		59,000
Unrecognized compensation expense for non-vested restricted stock	$ 731		$ 731
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 16.08		$ 16.08
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognize tax Benefit	$ 9	9	$ 19	19
Share base compensation expenses applicable to stock option plan	$ 51	$ 51	$ 98	$ 102
2012 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Plan, options granted	240,751		240,751
Stock options term			10 years
Equity awards, vesting period			5 years
Rate for Vesting Period			20.00%

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Net income applicable to common stock	$ 585	$ 431	$ 1,044	$ 825
Average number of common shares issued	2,459,000	2,453,000	2,459,000	2,453,000
Less: Average unallocated ESOP shares	(149,000)	(162,000)	(151,000)	(163,000)
Average number of common shares outstanding used to calculate basic earnings per common share	2,309,894	2,290,488	2,308,289	2,290,167
Effect of dilutive stock options	15,000	4,000	14,000	3,000
Average number of common shares outstanding used to calculate diluted earnings per share	2,325,245	2,294,515	2,321,920	2,292,764
Earnings per common share:
Basic	$ 0.25	$ 0.19	$ 0.45	$ 0.36
Diluted	$ 0.25	$ 0.19	$ 0.45	$ 0.36

EARNINGS PER COMMON SHARE (De51

EARNINGS PER COMMON SHARE (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	31,400	10,500	31,400	10,500

STOCK REPURCHASE PLAN (Details

STOCK REPURCHASE PLAN (Details Textual) - shares	6 Months Ended
	Jun. 30, 2015	Oct. 01, 2012
Repurchase Agreement Counterparty [Line Items]
Shares authorized for repurchase, percentage of outstanding common stock		4.00%
Shares repurchased and retired	40,535
Maximum [Member]
Repurchase Agreement Counterparty [Line Items]
Shares authorized for repurchase		96,286

DIVIDENDS DECLARED (Details Tex

DIVIDENDS DECLARED (Details Textual) - May. 20, 2015 - $ / shares	Total
Dividends Payable [Line Items]
Cash dividend declared	$ 0.03
Dividend declared date	May 20, 2015
Dividend payable date	Jun. 17, 2015
Dividend payable, date of record	Jun. 17, 2015