Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | 2,462,138 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 2,478 | $ 2,816 |
Short-term investments | 13,403 | 16,455 |
Total cash and cash equivalents | 15,881 | 19,271 |
Certificates of deposit | 100 | 100 |
Securities available for sale, at fair value | 50,173 | 52,681 |
Federal Home Loan Bank of Boston stock, at cost | 5,205 | 3,660 |
Loans held for sale | 0 | 537 |
Loans | 507,135 | 448,084 |
Less allowance for loan losses | (4,966) | (4,738) |
Loans, net | 502,169 | 443,346 |
Bank-owned life insurance | 7,014 | 6,841 |
Premises and equipment, net | 3,430 | 3,753 |
Accrued interest receivable | 1,392 | 1,216 |
Net deferred tax asset | 2,232 | 2,008 |
Other assets | 1,919 | 1,702 |
Total assets | 589,515 | 535,115 |
Deposits: | ||
Noninterest-bearing | 70,055 | 58,859 |
Interest-bearing | 382,662 | 363,386 |
Deposits, Total | 452,717 | 422,245 |
Short-term borrowings | 16,000 | 2,000 |
Long-term debt | 66,945 | 59,500 |
Accrued expenses and other liabilities | 2,463 | 2,024 |
Total liabilities | $ 538,125 | $ 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 and 2,459,138 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 24 | 24 |
Additional paid-in capital | 23,881 | 23,419 |
Retained earnings | 28,562 | 27,027 |
Accumulated other comprehensive income | 367 | 417 |
Unearned compensation - ESOP | (1,444) | (1,541) |
Total stockholders’ equity | 51,390 | 49,346 |
Total liabilities and stockholders’ equity | $ 589,515 | $ 535,115 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest and dividend income: | ||||
Interest and fees on loans and loans held for sale | $ 5,342 | $ 4,724 | $ 15,160 | $ 13,696 |
Debt securities: | ||||
Taxable | 204 | 201 | 685 | 532 |
Tax-exempt | 50 | 49 | 143 | 139 |
Interest on short-term investments and certificates of deposit | 8 | 8 | 24 | 24 |
Dividends on FHLB stock | 36 | 12 | 68 | 35 |
Total interest and dividend income | 5,640 | 4,994 | 16,080 | 14,426 |
Interest expense: | ||||
Deposits | 722 | 703 | 2,007 | 2,066 |
Short-term borrowings | 24 | 2 | 45 | 8 |
Long-term debt | 223 | 173 | 583 | 451 |
Total interest expense | 969 | 878 | 2,635 | 2,525 |
Net interest income | 4,671 | 4,116 | 13,445 | 11,901 |
Provision for loan losses | 150 | 180 | 300 | 580 |
Net interest income, after provision for loan losses | 4,521 | 3,936 | 13,145 | 11,321 |
Noninterest income: | ||||
Customer service fees | 29 | 31 | 92 | 102 |
Mortgage banking activities | 34 | 32 | 133 | 71 |
Gain on sale of securities, net | 28 | 0 | 28 | 16 |
Income on bank-owned life insurance | 58 | 58 | 173 | 175 |
Wealth management fees | 130 | 117 | 339 | 353 |
Miscellaneous | 11 | 6 | 31 | 13 |
Total noninterest income | 290 | 244 | 796 | 730 |
Noninterest expense: | ||||
Salaries and employee benefits | 2,145 | 2,017 | 6,634 | 5,881 |
Occupancy and equipment | 640 | 530 | 1,843 | 1,513 |
Data processing | 162 | 155 | 480 | 456 |
FDIC insurance | 93 | 73 | 279 | 208 |
Professional fees | 182 | 138 | 556 | 566 |
Other general and administrative | 454 | 412 | 1,317 | 1,210 |
Total noninterest expense | 3,676 | 3,325 | 11,109 | 9,834 |
Income before income taxes | 1,135 | 855 | 2,832 | 2,217 |
Provision for income taxes | 435 | 339 | 1,088 | 876 |
Net income | 700 | 516 | 1,744 | 1,341 |
Other comprehensive income (loss): | ||||
Net unrealized holding (losses) gains on available-for-sale securities | 197 | (83) | (51) | 249 |
Reclassification adjustment for gains on sales of Securities, net recognized in noninterest income | (28) | 0 | (28) | (16) |
Income tax benefit (expense) | (65) | 33 | 29 | (91) |
Total other comprehensive (loss) income | 104 | (50) | (50) | 142 |
Comprehensive income | $ 804 | $ 466 | $ 1,694 | $ 1,483 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.30 | $ 0.23 | $ 0.76 | $ 0.59 |
Diluted (in dollars per share) | $ 0.30 | $ 0.22 | $ 0.75 | $ 0.58 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 2,313,103 | 2,291,824 | 2,309,894 | 2,290,510 |
Diluted (in shares) | 2,334,529 | 2,301,067 | 2,326,123 | 2,295,322 |
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 | 1,483 | $ 0 | 0 | 1,341 | 142 | 0 |
Dividends paid to common stockholders | (123) | 0 | 0 | (123) | 0 | 0 |
Share-based compensation- equity incentive plan | 351 | 0 | 351 | 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 | (7,063) | |||||
ESOP shares committed to be allocated (9,629) | 180 | $ 0 | 84 | 0 | 0 | 96 |
Balance at Sep. 30, 2014 | 48,686 | $ 24 | 23,286 | 26,641 | 308 | (1,573) |
Balance (in shares) at Sep. 30, 2014 | 2,447,802 | |||||
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 | 1,694 | $ 0 | 0 | 1,744 | (50) | 0 |
Dividends paid to common stockholders | (209) | 0 | 0 | (209) | 0 | 0 |
Share-based compensation- equity incentive plan | 372 | 0 | 372 | 0 | 0 | 0 |
Tax effect of dividends on unvested restricted stock | 2 | 0 | 2 | 0 | 0 | 0 |
ESOP shares committed to be allocated (9,629) | 185 | 0 | 88 | 0 | 0 | 97 |
Balance at Sep. 30, 2015 | $ 51,390 | $ 24 | $ 23,881 | $ 28,562 | $ 367 | $ (1,444) |
Balance (in shares) at Sep. 30, 2015 | 2,459,138 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Parenthetical] - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Dividends paid to common stockholders, per share | $ 0.085 | $ 0.05 |
ESOP shares committed to be allocated, Shares | 9,629 | 9,629 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 1,744 | $ 1,341 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 300 | 580 |
Depreciation and amortization | 488 | 443 |
Net amortization of securities | 194 | 108 |
Gain on sale of securities, net | (28) | (16) |
Principal amount of loans sold | 18,874 | 13,323 |
Loans originated for sale | (18,471) | (13,513) |
Accretion of net deferred loan fees | (278) | (335) |
Income on bank-owned life insurance | (173) | (175) |
Deferred income tax benefit | (195) | (346) |
ESOP expense | 185 | 180 |
Share-based compensation | 372 | 351 |
Net change in other assets and liabilities | 50 | 541 |
Net cash provided by operating activities | 3,062 | 2,482 |
Activity in securities available for sale: | ||
Maturities, prepayments and calls | 16,229 | 8,118 |
Purchases | (15,827) | (14,441) |
Proceeds from sales of securities, net | 1,861 | 903 |
Purchase of Federal Home Loan Bank stock | (1,545) | (484) |
Loan originations, net of principal payments | (58,711) | (48,634) |
Additions to premises and equipment | (169) | (288) |
Net cash used by investing activities | (58,162) | (54,826) |
Cash flows from financing activities: | ||
Net increase in deposits | 30,472 | 31,888 |
Proceeds from long-term debt | 15,500 | 26,000 |
Repayments of long-term debt | (8,055) | (6,000) |
Increase(decrease) in short-term borrowings | 14,000 | (7,000) |
Proceeds from issuance of stock under stock option plan | 0 | 6 |
Tax effect of dividends on unvested restricted stock | 2 | 0 |
Cash dividends paid on common stock | (209) | (123) |
Net cash provided by financing activities | 51,710 | 44,771 |
Net change in cash and cash equivalents | (3,390) | (7,573) |
Cash and cash equivalents at beginning period | 19,271 | 19,067 |
Cash and cash equivalents at end of period | 15,881 | 11,494 |
Supplementary information: | ||
Interest paid | 2,615 | 2,516 |
Income taxes paid | $ 943 | $ 853 |
BASIS OF PRESENTATION AND CONSO
BASIS OF PRESENTATION AND CONSOLIDATION | 9 Months Ended |
Sep. 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 nine months ended September 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 | 9 Months Ended |
Sep. 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. 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 classified as impaired. 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 3 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. Underlying cash flows generated by the properties may be 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 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 TDR 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. 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 | 9 Months Ended |
Sep. 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. September 30, December 31, 2015 2014 (In thousands) Unrealized holding gains on securities available for sale $ 593 $ 672 Tax effect (226) (255) Net-of tax amount $ 367 $ 417 |
RECENT ACCOUNTING AND REGULATOR
RECENT ACCOUNTING AND REGULATORY PRONOUNCEMENTS | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 4,737 $ 100 $ (9) $ 4,828 Government-sponsored enterprises 10,353 260 (19) 10,594 SBA and other asset-backed securities 11,806 213 (65) 11,954 State and municipal bonds 6,970 146 (14) 7,102 Government-sponsored enterprise obligations 1,999 (21) 1,978 Corporate bonds 13,715 49 (47) 13,717 $ 49,580 $ 768 $ (175) $ 50,173 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (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 Cost Value (In thousands) Within 1 year $ 3,615 $ 3,625 After 1 year to 5 years 8,932 8,953 After 5 years to 10 years 8,115 8,143 After 10 years 2,022 2,076 22,684 22,797 Mortgage- and asset-backed securities 26,896 27,376 $ 49,580 $ 50,173 For the three and nine months ended September 30, 2015, proceeds from sales of available-for-sale securities amounted to $ 1.9 37 9 903 20 4 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In thousands) September 30, 2015 Residential mortgage-backed securities: Government National Mortgage Association $ $ $ (9) $ 862 Government-sponsored enterprises (19) 726 SBA and other asset-backed securities (54) 2,638 (11) 774 State and municipal bonds (13) 1,851 (1) 100 Government-sponsored enterprise obligations (21) 1,229 Corporate bonds (38) 4,046 (9) 988 $ (126) $ 9,763 $ (49) $ 3,450 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 September 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 | 9 Months Ended |
Sep. 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 September 30, December 31, 2015 2014 (In thousands) Real estate loans: Residential fixed $ 17,256 $ 20,651 Residential variable 246,974 212,621 Commercial 106,034 94,699 Construction 83,148 72,668 453,412 400,639 Commercial loans: Secured 21,829 18,991 Unsecured 43 62 21,872 19,053 Consumer loans: Home equity lines of credit 31,475 28,153 Other 263 292 31,738 28,445 Total loans 507,022 448,137 Less: Allowance for loan losses (4,966) (4,738) Net deferred origination costs (fees) 113 (53) Loans, net $ 502,169 $ 443,346 Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) Three Months Ended September 30, 2015 Allowance at June 30, 2015 $ 1,557 $ 1,074 $ 1,295 $ 461 $ 223 $ 4 $ 202 $ 4,816 Provision (credit) for loan losses (29) (37) 188 9 (3) (1) 23 150 Loans charged off Allowance at September 30, 2015 $ 1,528 $ 1,037 $ 1,483 $ 470 $ 220 $ 3 $ 225 $ 4,966 Three Months Ended September 30, 2014 Allowance at June 30, 2014 $ 1,495 $ 1,001 $ 1,443 $ 351 $ 306 $ 4 $ 13 $ 4,613 Provision (credit) for loan losses 147 (63) (39) 80 13 42 180 Loans charged off (2) (109) (111) Allowance at September 30, 2014 $ 1,642 $ 938 $ 1,404 $ 429 $ 210 $ 4 $ 55 $ 4,682 Nine Months Ended September 30, 2015 Allowance at December 31, 2014 $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Provision (credit) for loan losses (165) 36 210 42 (4) (1) 182 300 Loans charged off (17) (55) (72) Allowance at September 30, 2015 $ 1,528 $ 1,037 $ 1,483 $ 470 $ 220 $ 3 $ 225 $ 4,966 Nine Months Ended September 30, 2014 Allowance at December 31, 2013 $ 1,351 $ 887 $ 1,305 $ 426 $ 213 $ 7 $ 24 $ 4,213 Provision (credit) for loan losses 291 51 99 5 106 (3) 31 580 Loans charged off (2) (109) (111) Allowance at September 30, 2014 $ 1,642 $ 938 $ 1,404 $ 429 $ 210 $ 4 $ 55 $ 4,682 Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) September 30, 2015 Allowance related to impaired loans $ $ $ $ $ $ $ $ Allowance related to non-impaired loans 1,528 1,037 1,483 470 220 3 225 4,966 Total allowance $ 1,528 $ 1,037 $ 1,483 $ 470 $ 220 $ 3 $ 225 $ 4,966 Impaired loan balances $ 1,599 $ 2,355 $ $ 16 $ 34 $ $ $ 4,004 Non-impaired loan balances 262,631 103,679 83,148 21,856 31,441 263 503,018 Total loans $ 264,230 $ 106,034 $ 83,148 $ 21,872 $ 31,475 $ 263 $ $ 507,022 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 The following is a summary of past due and non-accrual loans at September 30, 2015 and December 31, 2014: 30-59 60-89 Days Past Due 90 Total Past Due 90 Non- (In thousands) September 30, 2015 Residential real estate $ 1,095 $ $ 216 $ 1,311 $ $ 1,412 Commercial real estate 660 660 2,355 Commercial 16 16 16 Home equity lines of credit 34 Total $ 1,111 $ $ 876 $ 1,987 $ $ 3,817 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 September 30, 2015 December 31, 2014 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 1,599 $ 1,599 $ $ 1,521 $ 1,521 $ Commercial real estate 2,355 2,355 2,597 2,597 Commercial 16 16 22 22 Home equity lines of credit 34 34 146 146 Total 4,004 4,004 4,286 4,286 Impaired loans with a valuation allowance: Commercial real estate 759 759 51 Total impaired loans $ 4,004 $ 4,004 $ $ 5,045 $ 5,045 $ 51 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 1,214 $ 14 $ 11 $ 1,235 $ 52 $ 48 Commercial real estate 2,979 51 28 3,149 141 103 Commercial 16 18 1 1 Home equity lines of credit 118 1 1 135 3 3 Total $ 4,327 $ 66 $ 40 $ 4,537 $ 197 $ 155 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 410 $ 4 $ 4 $ 421 $ 8 $ 13 Commercial real estate 2,581 38 27 4,498 77 54 Commercial 26 29 1 1 Home equity lines of credit 427 4 427 8 Total $ 3,444 $ 46 $ 31 $ 5,375 $ 94 $ 68 No additional funds are committed to be advanced in connection with impaired loans. TDRs, which are included in impaired loans, 403 220 216 220 There were no TDRs recorded during the three and nine months ended September 30, 2015 and 2014. There were no TDRs that defaulted during the three and nine months ended September 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. September 30, 2015 December 31, 2014 Commercial Commercial Real Estate Construction Commercial Total Real Estate Construction Commercial Total (In thousands) Loans rated 1-4 $ 97,797 $ 83,148 $ 20,686 $ 201,631 $ 85,496 $ 72,668 $ 17,802 $ 175,966 Loans rated 5 6,062 990 7,052 6,054 1,022 7,076 Loans rated 6 1,515 196 1,711 2,390 229 2,619 Loans rated 7 660 660 759 759 Total $ 106,034 $ 83,148 $ 21,872 $ 211,054 $ 94,699 $ 72,668 $ 19,053 $ 186,420 |
FAIR VALUES OF FINANCIAL INSTRU
FAIR VALUES OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 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 and liabilities 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 includes assets and liabilities 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 : The carrying amounts approximate fair values based on the short-term nature of the assets. Securities available for sale : Fair value measurements are obtained from a third-party pricing service and are not adjusted by management. All securities are measured at fair value in Level 2 are based on pricing models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. Federal Home Loan Bank (“FHLB”) stock : The carrying value of FHLB stock is deemed to approximate fair value based on the redemption provisions of the FHLB of Boston. Loans held for sale : Fair values are based on commitments in effect from investors or prevailing market prices. Loans, net : For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for impaired loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. Deposits : The fair values disclosed for non-certificate deposit accounts are, by definition, equal to the amount payable on demand at the reporting date ( i.e. Short-term borrowings : The carrying amount of short-term borrowings approximates fair value, based on the short-term nature of the liabilities. Long-term debt : The fair values of long-term debt are estimated using discounted cash flow analyses based on the current incremental borrowing rates in the market for similar types of borrowing arrangements. Accrued interest : The carrying amounts of accrued interest approximate fair value. Forward loan sale commitments and derivative loan commitments : The fair value of forward loan sale commitments and derivative loan commitments are based on fair values of the underlying mortgage loans, including servicing values as applicable. The fair value of derivative loan commitments also considers the probability of such commitments being exercised. Off-balance sheet instruments : Fair values for off-balance-sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair values of these instruments are considered immaterial. Assets and liabilities measured at fair value on a recurring basis September 30, 2015 Total Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available for sale $ $ 50,173 $ $ 50,173 Liabilities Forward loan sale commitments $ $ 8 $ $ 8 December 31, 2014 Total 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”) The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets as of December 31, 2014. There were no assets measured at fair value on a non-recurring basis as September 30, 2015. September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ $ $ $ $ $ 537 Impaired loans 708 $ $ $ - $ $ $ 1,245 The following table presents the total gains (losses) on loans held for sale and impaired loans recorded at fair value for the three and nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Loans held for sale $ 25 $ 5 $ 2 $ 6 Impaired loans 111 51 (70) $ 25 $ 116 $ 53 $ (64) Loans held for sale (“LHFS”) are evaluated for losses associated with the application of LOCOM accounting. 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. There are no liabilities measured at fair value on a non-recurring basis at September 30, 2015 and December 31, 2014. Summary of fair values of financial instruments Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (In thousands) September 30, 2015 Financial assets: Cash and cash equivalents $ 15,881 $ 15,881 $ $ $ 15,881 Certificates of deposit 100 100 100 Securities available for sale 50,173 50,173 50,173 FHLB stock 5,205 5,205 5,205 Loans, net 502,169 496,806 496,806 Accrued interest receivable 1,392 1,392 1,392 Financial liabilities: Deposits $ 452,717 $ $ $ 453,129 $ 453,129 Short-term borrowings 16,000 16,000 16,000 Long-term debt 66,945 67,151 67,151 Accrued interest payable 80 80 80 Forward loan sale commitments 8 8 8 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 | 9 Months Ended |
Sep. 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 September 30, 2015, the ESOP held 188,324 7.66 15 3.25 Shares held by the ESOP at September 30, 2015 include the following: Allocated 33,265 Committed to be allocated 9,629 Unallocated 145,430 188,324 The fair value of unallocated shares was approximately $ 2.8 Total compensation expense recognized in connection with the ESOP for the three and nine months ended September 30, 2015 was $ 63 185 |
EQUITY INCENTIVE PLAN
EQUITY INCENTIVE PLAN | 9 Months Ended |
Sep. 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 Weighted Average Weighted Remaining Number of Average Contractual Aggregate Options Shares Exercise Price Term Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at beginning of period 214 $ 15.84 8.02 $ 707 Forfeited (1) 17.45 Outstanding at end of period 213 $ 15.84 7.27 $ 706 Options exercisable at end of period 76 $ 15.38 7.02 $ 287 For the three months ended September 30, 2015 and 2014, share based compensation expense applicable to the stock options was $ 51 48 10 For each of the nine months ended September 30, 2015 and 2014, share based compensation expense applicable to the stock options was $ 149 28 Unrecognized compensation expense for non-vested stock options totaled $ 513 2.3 Stock Awards There was no activity in non-vested restricted stock awards under the Equity Incentive Plan for the nine months ended September 30, 2015. For the three months ended September 30, 2015 and 2014, compensation expense applicable to the stock awards was $ 71 64 28 26 For the nine months ended September 30, 2015 and 2014, compensation expense applicable to the stock awards was $ 223 202 89 80 Unrecognized compensation expense for non-vested restricted stock totaled $ 660 2.4 |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Net income applicable to common stock $ 700 $ 516 $ 1,744 $ 1,341 Average number of common shares issued 2,459 2,451 2,459 2,452 Less: Average unallocated ESOP shares (146) (159) (149) (162) Average number of common shares outstanding used to calculate basic earnings per common share 2,313 2,292 2,310 2,290 Effect of dilutive stock options 22 9 16 5 Average number of common shares outstanding used to calculate diluted earnings per share 2,335 2,301 2,326 2,295 Earnings per common share: Basic $ 0.30 $ 0.23 $ 0.76 $ 0.59 Diluted $ 0.30 $ 0.22 $ 0.75 $ 0.58 Options for 31,400 10,500 |
DIVIDENDS DECLARED
DIVIDENDS DECLARED | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Dividend Disclosure [Text Block] | NOTE 11 DIVIDENDS DECLARED On August 19, 2015, the Company announced that its Board of Directors declared a quarterly cash dividend of $ 0.03 , 2015, and paid on September 16, |
LOAN POLICIES (Policies)
LOAN POLICIES (Policies) | 9 Months Ended |
Sep. 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. 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 classified as impaired. 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 3 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. Underlying cash flows generated by the properties may be 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 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 TDR 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. 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) | 9 Months Ended |
Sep. 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: September 30, December 31, 2015 2014 (In thousands) Unrealized holding gains on securities available for sale $ 593 $ 672 Tax effect (226) (255) Net-of tax amount $ 367 $ 417 |
SECURITIES AVAILABLE FOR SALE (
SECURITIES AVAILABLE FOR SALE (Tables) | 9 Months Ended |
Sep. 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: September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 4,737 $ 100 $ (9) $ 4,828 Government-sponsored enterprises 10,353 260 (19) 10,594 SBA and other asset-backed securities 11,806 213 (65) 11,954 State and municipal bonds 6,970 146 (14) 7,102 Government-sponsored enterprise obligations 1,999 (21) 1,978 Corporate bonds 13,715 49 (47) 13,717 $ 49,580 $ 768 $ (175) $ 50,173 December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (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] | Amortized Fair Cost Value (In thousands) Within 1 year $ 3,615 $ 3,625 After 1 year to 5 years 8,932 8,953 After 5 years to 10 years 8,115 8,143 After 10 years 2,022 2,076 22,684 22,797 Mortgage- and asset-backed securities 26,896 27,376 $ 49,580 $ 50,173 |
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 Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In thousands) September 30, 2015 Residential mortgage-backed securities: Government National Mortgage Association $ $ $ (9) $ 862 Government-sponsored enterprises (19) 726 SBA and other asset-backed securities (54) 2,638 (11) 774 State and municipal bonds (13) 1,851 (1) 100 Government-sponsored enterprise obligations (21) 1,229 Corporate bonds (38) 4,046 (9) 988 $ (126) $ 9,763 $ (49) $ 3,450 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 22
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes and Loans Payable, Current [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | A summary of the balances of loans is as follows: September 30, December 31, 2015 2014 (In thousands) Real estate loans: Residential fixed $ 17,256 $ 20,651 Residential variable 246,974 212,621 Commercial 106,034 94,699 Construction 83,148 72,668 453,412 400,639 Commercial loans: Secured 21,829 18,991 Unsecured 43 62 21,872 19,053 Consumer loans: Home equity lines of credit 31,475 28,153 Other 263 292 31,738 28,445 Total loans 507,022 448,137 Less: Allowance for loan losses (4,966) (4,738) Net deferred origination costs (fees) 113 (53) Loans, net $ 502,169 $ 443,346 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | The following table summarizes the changes in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2015 and 2014: Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) Three Months Ended September 30, 2015 Allowance at June 30, 2015 $ 1,557 $ 1,074 $ 1,295 $ 461 $ 223 $ 4 $ 202 $ 4,816 Provision (credit) for loan losses (29) (37) 188 9 (3) (1) 23 150 Loans charged off Allowance at September 30, 2015 $ 1,528 $ 1,037 $ 1,483 $ 470 $ 220 $ 3 $ 225 $ 4,966 Three Months Ended September 30, 2014 Allowance at June 30, 2014 $ 1,495 $ 1,001 $ 1,443 $ 351 $ 306 $ 4 $ 13 $ 4,613 Provision (credit) for loan losses 147 (63) (39) 80 13 42 180 Loans charged off (2) (109) (111) Allowance at September 30, 2014 $ 1,642 $ 938 $ 1,404 $ 429 $ 210 $ 4 $ 55 $ 4,682 Nine Months Ended September 30, 2015 Allowance at December 31, 2014 $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Provision (credit) for loan losses (165) 36 210 42 (4) (1) 182 300 Loans charged off (17) (55) (72) Allowance at September 30, 2015 $ 1,528 $ 1,037 $ 1,483 $ 470 $ 220 $ 3 $ 225 $ 4,966 Nine Months Ended September 30, 2014 Allowance at December 31, 2013 $ 1,351 $ 887 $ 1,305 $ 426 $ 213 $ 7 $ 24 $ 4,213 Provision (credit) for loan losses 291 51 99 5 106 (3) 31 580 Loans charged off (2) (109) (111) Allowance at September 30, 2014 $ 1,642 $ 938 $ 1,404 $ 429 $ 210 $ 4 $ 55 $ 4,682 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Additional information pertaining to the allowance for loan losses at September 30, 2015 and December 31, 2014 is as follows: Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) September 30, 2015 Allowance related to impaired loans $ $ $ $ $ $ $ $ Allowance related to non-impaired loans 1,528 1,037 1,483 470 220 3 225 4,966 Total allowance $ 1,528 $ 1,037 $ 1,483 $ 470 $ 220 $ 3 $ 225 $ 4,966 Impaired loan balances $ 1,599 $ 2,355 $ $ 16 $ 34 $ $ $ 4,004 Non-impaired loan balances 262,631 103,679 83,148 21,856 31,441 263 503,018 Total loans $ 264,230 $ 106,034 $ 83,148 $ 21,872 $ 31,475 $ 263 $ $ 507,022 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) September 30, 2015 Residential real estate $ 1,095 $ $ 216 $ 1,311 $ $ 1,412 Commercial real estate 660 660 2,355 Commercial 16 16 16 Home equity lines of credit 34 Total $ 1,111 $ $ 876 $ 1,987 $ $ 3,817 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] | The following is a summary of impaired loans at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 1,599 $ 1,599 $ $ 1,521 $ 1,521 $ Commercial real estate 2,355 2,355 2,597 2,597 Commercial 16 16 22 22 Home equity lines of credit 34 34 146 146 Total 4,004 4,004 4,286 4,286 Impaired loans with a valuation allowance: Commercial real estate 759 759 51 Total impaired loans $ 4,004 $ 4,004 $ $ 5,045 $ 5,045 $ 51 |
Impaired Financing Receivables By Class Of Loans [Table Text Block] | Additional information pertaining to impaired loans follows: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 1,214 $ 14 $ 11 $ 1,235 $ 52 $ 48 Commercial real estate 2,979 51 28 3,149 141 103 Commercial 16 18 1 1 Home equity lines of credit 118 1 1 135 3 3 Total $ 4,327 $ 66 $ 40 $ 4,537 $ 197 $ 155 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 410 $ 4 $ 4 $ 421 $ 8 $ 13 Commercial real estate 2,581 38 27 4,498 77 54 Commercial 26 29 1 1 Home equity lines of credit 427 4 427 8 Total $ 3,444 $ 46 $ 31 $ 5,375 $ 94 $ 68 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents the Company’s loans by risk rating: September 30, 2015 December 31, 2014 Commercial Commercial Real Estate Construction Commercial Total Real Estate Construction Commercial Total (In thousands) Loans rated 1-4 $ 97,797 $ 83,148 $ 20,686 $ 201,631 $ 85,496 $ 72,668 $ 17,802 $ 175,966 Loans rated 5 6,062 990 7,052 6,054 1,022 7,076 Loans rated 6 1,515 196 1,711 2,390 229 2,619 Loans rated 7 660 660 759 759 Total $ 106,034 $ 83,148 $ 21,872 $ 211,054 $ 94,699 $ 72,668 $ 19,053 $ 186,420 |
FAIR VALUES OF FINANCIAL INST23
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Financial Liabilities Fair Value Disclosure [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 are summarized below. September 30, 2015 Total Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available for sale $ $ 50,173 $ $ 50,173 Liabilities Forward loan sale commitments $ $ 8 $ $ 8 December 31, 2014 Total 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 December 31, 2014. There were no assets measured at fair value on a non-recurring basis as September 30, 2015. September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ $ $ $ $ $ 537 Impaired loans 708 $ $ $ - $ $ $ 1,245 |
Gain Loss on Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Table Text Block] | The following table presents the total gains (losses) on loans held for sale and impaired loans recorded at fair value for the three and nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Loans held for sale $ 25 $ 5 $ 2 $ 6 Impaired loans 111 51 (70) $ 25 $ 116 $ 53 $ (64) |
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 Amount Level 1 Level 2 Level 3 Total (In thousands) September 30, 2015 Financial assets: Cash and cash equivalents $ 15,881 $ 15,881 $ $ $ 15,881 Certificates of deposit 100 100 100 Securities available for sale 50,173 50,173 50,173 FHLB stock 5,205 5,205 5,205 Loans, net 502,169 496,806 496,806 Accrued interest receivable 1,392 1,392 1,392 Financial liabilities: Deposits $ 452,717 $ $ $ 453,129 $ 453,129 Short-term borrowings 16,000 16,000 16,000 Long-term debt 66,945 67,151 67,151 Accrued interest payable 80 80 80 Forward loan sale commitments 8 8 8 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) | 9 Months Ended |
Sep. 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 September 30, 2015 include the following: Allocated 33,265 Committed to be allocated 9,629 Unallocated 145,430 188,324 |
EQUITY INCENTIVE PLAN (Tables)
EQUITY INCENTIVE PLAN (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under the Plan for the nine months ended September 30, 2015 is presented below: Weighted Average Weighted Remaining Number of Average Contractual Aggregate Options Shares Exercise Price Term Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at beginning of period 214 $ 15.84 8.02 $ 707 Forfeited (1) 17.45 Outstanding at end of period 213 $ 15.84 7.27 $ 706 Options exercisable at end of period 76 $ 15.38 7.02 $ 287 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Net income applicable to common stock $ 700 $ 516 $ 1,744 $ 1,341 Average number of common shares issued 2,459 2,451 2,459 2,452 Less: Average unallocated ESOP shares (146) (159) (149) (162) Average number of common shares outstanding used to calculate basic earnings per common share 2,313 2,292 2,310 2,290 Effect of dilutive stock options 22 9 16 5 Average number of common shares outstanding used to calculate diluted earnings per share 2,335 2,301 2,326 2,295 Earnings per common share: Basic $ 0.30 $ 0.23 $ 0.76 $ 0.59 Diluted $ 0.30 $ 0.22 $ 0.75 $ 0.58 |
LOAN POLICIES (Details Textual)
LOAN POLICIES (Details Textual) | 9 Months Ended |
Sep. 30, 2015 | |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized holding gains on securities available for sale | $ 593 | $ 672 |
Tax effect | (226) | (255) |
Net-of tax amount | $ 367 | $ 417 |
SECURITIES AVAILABLE FOR SALE29
SECURITIES AVAILABLE FOR SALE (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 49,580 | $ 52,009 |
Gross Unrealized Gains | 768 | 790 |
Gross Unrealized Losses | (175) | (118) |
Fair Value | 50,173 | 52,681 |
SBA and other asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,806 | 12,761 |
Gross Unrealized Gains | 213 | 171 |
Gross Unrealized Losses | (65) | (35) |
Fair Value | 11,954 | 12,897 |
State and municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,970 | 5,706 |
Gross Unrealized Gains | 146 | 171 |
Gross Unrealized Losses | (14) | (6) |
Fair Value | 7,102 | 5,871 |
Government-sponsored enterprise obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,999 | 6,500 |
Gross Unrealized Gains | 0 | 6 |
Gross Unrealized Losses | (21) | (10) |
Fair Value | 1,978 | 6,496 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,715 | 10,424 |
Gross Unrealized Gains | 49 | 42 |
Gross Unrealized Losses | (47) | (25) |
Fair Value | 13,717 | 10,441 |
Residential mortgage-backed securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,737 | 5,812 |
Gross Unrealized Gains | 100 | 167 |
Gross Unrealized Losses | (9) | (4) |
Fair Value | 4,828 | 5,975 |
Residential mortgage-backed securities [Member] | Government-sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,353 | 10,806 |
Gross Unrealized Gains | 260 | 233 |
Gross Unrealized Losses | (19) | (38) |
Fair Value | $ 10,594 | $ 11,001 |
SECURITIES AVAILABLE FOR SALE30
SECURITIES AVAILABLE FOR SALE (Details 1) $ in Thousands | Sep. 30, 2015USD ($) |
Available-for-sale Securities, Debt Maturities, Amortized Cost | |
Within 1 year | $ 3,615 |
After 1 year to 5 years | 8,932 |
After 5 years to 10 years | 8,115 |
After 10 years | 2,022 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total | 22,684 |
Mortgage- and asset-backed securities | 26,896 |
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 49,580 |
Available-for-sale Securities, Debt Maturities, Fair Value | |
Within 1 year | 3,625 |
After 1 year to 5 years | 8,953 |
After 5 years to 10 years | 8,143 |
After 10 years | 2,076 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Total | 22,797 |
Mortgage- and asset-backed securities | 27,376 |
Available-for-sale Securities, Debt Securities, Total | $ 50,173 |
SECURITIES AVAILABLE FOR SALE31
SECURITIES AVAILABLE FOR SALE (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months Gross Unrealized Losses | $ (126) | $ (48) |
Less Than Twelve Months Fair Value | 9,763 | 12,694 |
Over Twelve Months Gross Unrealized Losses | (49) | (70) |
Over Twelve Months Fair Value | 3,450 | 2,648 |
SBA and other asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months Gross Unrealized Losses | (54) | (4) |
Less Than Twelve Months Fair Value | 2,638 | 1,009 |
Over Twelve Months Gross Unrealized Losses | (11) | (31) |
Over Twelve Months Fair Value | 774 | 1,297 |
State and municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months Gross Unrealized Losses | (13) | (1) |
Less Than Twelve Months Fair Value | 1,851 | 101 |
Over Twelve Months Gross Unrealized Losses | (1) | (5) |
Over Twelve Months Fair Value | 100 | 546 |
Government-sponsored enterprise obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months Gross Unrealized Losses | (21) | (10) |
Less Than Twelve Months Fair Value | 1,229 | 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 | (38) | (25) |
Less Than Twelve Months Fair Value | 4,046 | 6,719 |
Over Twelve Months Gross Unrealized Losses | (9) | 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 | 0 | (4) |
Less Than Twelve Months Fair Value | 0 | 867 |
Over Twelve Months Gross Unrealized Losses | (9) | 0 |
Over Twelve Months Fair Value | 862 | 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 | 0 | (4) |
Less Than Twelve Months Fair Value | 0 | 508 |
Over Twelve Months Gross Unrealized Losses | (19) | (34) |
Over Twelve Months Fair Value | $ 726 | $ 805 |
SECURITIES AVAILABLE FOR SALE32
SECURITIES AVAILABLE FOR SALE (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized Losses Debt Securities Aggregate Depreciation Percentage | 1.20% | 1.20% | |
Proceeds from Sale of Available-for-sale Securities | $ 1,900 | $ 1,861 | $ 903 |
Available-for-sale Securities, Gross Realized Gains | 37 | 37 | 20 |
Available-for-sale Securities, Gross Realized Losses | $ 9 | $ 9 | $ 4 |
LOANS AND ALLOWANCE FOR LOAN 33
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loans | $ 507,022 | $ 448,137 |
Allowance for loan losses | (4,966) | (4,738) |
Net deferred origination costs (fees) | 113 | (53) |
Loans, net | 502,169 | 443,346 |
Commercial [Member] | ||
Loans | 21,872 | 19,053 |
Consumer Loan [Member] | ||
Loans | 31,738 | 28,445 |
Residential - fixed [Member] | ||
Loans | 17,256 | 20,651 |
Residential - variable [Member] | ||
Loans | 246,974 | 212,621 |
Commercial Real Estate [Member] | ||
Loans | 106,034 | 94,699 |
Construction [Member] | ||
Loans | 83,148 | 72,668 |
Secured [Member] | ||
Loans | 21,829 | 18,991 |
Unsecured [Member] | ||
Loans | 43 | 62 |
Home equity lines of credit [Member] | ||
Loans | 31,475 | 28,153 |
Other Consumer [Member] | ||
Loans | 263 | 292 |
Real estate loans [Member] | ||
Loans | $ 453,412 | $ 400,639 |
LOANS AND ALLOWANCE FOR LOAN 34
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance Beginning Balance | $ 4,816 | $ 4,613 | $ 4,738 | $ 4,213 |
Provision (credit) for loan losses | 150 | 180 | 300 | 580 |
Loans charged off | 0 | (111) | (72) | (111) |
Allowance Ending Balance | 4,966 | 4,682 | 4,966 | 4,682 |
Residential Real Estate [Member] | ||||
Allowance Beginning Balance | 1,557 | 1,495 | 1,710 | 1,351 |
Provision (credit) for loan losses | (29) | 147 | (165) | 291 |
Loans charged off | 0 | 0 | (17) | 0 |
Allowance Ending Balance | 1,528 | 1,642 | 1,528 | 1,642 |
Commercial Real Estate [Member] | ||||
Allowance Beginning Balance | 1,074 | 1,001 | 1,056 | 887 |
Provision (credit) for loan losses | (37) | (63) | 36 | 51 |
Loans charged off | 0 | 0 | (55) | 0 |
Allowance Ending Balance | 1,037 | 938 | 1,037 | 938 |
Construction [Member] | ||||
Allowance Beginning Balance | 1,295 | 1,443 | 1,273 | 1,305 |
Provision (credit) for loan losses | 188 | (39) | 210 | 99 |
Loans charged off | 0 | 0 | 0 | 0 |
Allowance Ending Balance | 1,483 | 1,404 | 1,483 | 1,404 |
Commercial [Member] | ||||
Allowance Beginning Balance | 461 | 351 | 428 | 426 |
Provision (credit) for loan losses | 9 | 80 | 42 | 5 |
Loans charged off | 0 | (2) | 0 | (2) |
Allowance Ending Balance | 470 | 429 | 470 | 429 |
Home equity lines of credit [Member] | ||||
Allowance Beginning Balance | 223 | 306 | 224 | 213 |
Provision (credit) for loan losses | (3) | 13 | (4) | 106 |
Loans charged off | 0 | (109) | 0 | (109) |
Allowance Ending Balance | 220 | 210 | 220 | 210 |
Other Consumer [Member] | ||||
Allowance Beginning Balance | 4 | 4 | 4 | 7 |
Provision (credit) for loan losses | (1) | 0 | (1) | (3) |
Loans charged off | 0 | 0 | 0 | 0 |
Allowance Ending Balance | 3 | 4 | 3 | 4 |
Unallocated [Member] | ||||
Allowance Beginning Balance | 202 | 13 | 43 | 24 |
Provision (credit) for loan losses | 23 | 42 | 182 | 31 |
Loans charged off | 0 | 0 | 0 | 0 |
Allowance Ending Balance | $ 225 | $ 55 | $ 225 | $ 55 |
LOANS AND ALLOWANCE FOR LOAN 35
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Allowance related to impaired loans | $ 0 | $ 51 | ||||
Allowance related to non-impaired loans | 4,966 | 4,687 | ||||
Total allowance | 4,966 | $ 4,816 | 4,738 | $ 4,682 | $ 4,613 | $ 4,213 |
Impaired loan balances | 4,004 | 5,045 | ||||
Non-impaired loan balances | 503,018 | 443,092 | ||||
Total loans | 507,022 | 448,137 | ||||
Residential Real Estate [Member] | ||||||
Allowance related to impaired loans | 0 | 0 | ||||
Allowance related to non-impaired loans | 1,528 | 1,710 | ||||
Total allowance | 1,528 | 1,557 | 1,710 | 1,642 | 1,495 | 1,351 |
Impaired loan balances | 1,599 | 1,521 | ||||
Non-impaired loan balances | 262,631 | 231,751 | ||||
Total loans | 264,230 | 233,272 | ||||
Commercial Real Estate [Member] | ||||||
Allowance related to impaired loans | 0 | 51 | ||||
Allowance related to non-impaired loans | 1,037 | 1,005 | ||||
Total allowance | 1,037 | 1,074 | 1,056 | 938 | 1,001 | 887 |
Impaired loan balances | 2,355 | 3,356 | ||||
Non-impaired loan balances | 103,679 | 91,343 | ||||
Total loans | 106,034 | 94,699 | ||||
Construction [Member] | ||||||
Allowance related to impaired loans | 0 | 0 | ||||
Allowance related to non-impaired loans | 1,483 | 1,273 | ||||
Total allowance | 1,483 | 1,295 | 1,273 | 1,404 | 1,443 | 1,305 |
Impaired loan balances | 0 | 0 | ||||
Non-impaired loan balances | 83,148 | 72,668 | ||||
Total loans | 83,148 | 72,668 | ||||
Commercial [Member] | ||||||
Allowance related to impaired loans | 0 | 0 | ||||
Allowance related to non-impaired loans | 470 | 428 | ||||
Total allowance | 470 | 461 | 428 | 429 | 351 | 426 |
Impaired loan balances | 16 | 22 | ||||
Non-impaired loan balances | 21,856 | 19,031 | ||||
Total loans | 21,872 | 19,053 | ||||
Home equity lines of credit [Member] | ||||||
Allowance related to impaired loans | 0 | 0 | ||||
Allowance related to non-impaired loans | 220 | 224 | ||||
Total allowance | 220 | 223 | 224 | 210 | 306 | 213 |
Impaired loan balances | 34 | 146 | ||||
Non-impaired loan balances | 31,441 | 28,007 | ||||
Total loans | 31,475 | 28,153 | ||||
Other Consumer [Member] | ||||||
Allowance related to impaired loans | 0 | 0 | ||||
Allowance related to non-impaired loans | 3 | 4 | ||||
Total allowance | 3 | 4 | 4 | 4 | 4 | 7 |
Impaired loan balances | 0 | 0 | ||||
Non-impaired loan balances | 263 | 292 | ||||
Total loans | 263 | 292 | ||||
Unallocated [Member] | ||||||
Allowance related to impaired loans | 0 | 0 | ||||
Allowance related to non-impaired loans | 225 | 43 | ||||
Total allowance | 225 | $ 202 | 43 | $ 55 | $ 13 | $ 24 |
Impaired loan balances | 0 | 0 | ||||
Non-impaired loan balances | 0 | 0 | ||||
Total loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 36
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Total Past Due | $ 1,987 | $ 1,591 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Non-accrual Loans | 3,817 | 4,837 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total Past Due | 1,111 | 832 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total Past Due | 876 | 759 |
Residential Real Estate [Member] | ||
Total Past Due | 1,311 | 0 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Non-accrual Loans | 1,412 | 1,313 |
Residential Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total Past Due | 1,095 | 0 |
Residential Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total Past Due | 0 | 0 |
Residential Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total Past Due | 216 | 0 |
Commercial Real Estate [Member] | ||
Total Past Due | 660 | 1,591 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Non-accrual Loans | 2,355 | 3,356 |
Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total Past Due | 0 | 832 |
Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total Past Due | 660 | 759 |
Commercial [Member] | ||
Total Past Due | 16 | 0 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Non-accrual Loans | 16 | 22 |
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total Past Due | 16 | 0 |
Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total Past Due | 0 | 0 |
Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total Past Due | 0 | 0 |
Home equity lines of credit [Member] | ||
Total Past Due | 0 | 0 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Non-accrual Loans | 34 | 146 |
Home equity lines of credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total Past Due | 0 | 0 |
Home equity lines of credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total Past Due | 0 | 0 |
Home equity lines of credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total Past Due | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 37
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Recorded Investment, Without a Valuation Allowance | $ 4,004 | $ 4,286 |
Unpaid Principal Balance, Without a Valuation Allowance | 4,004 | 4,286 |
Related Allowance | 0 | 51 |
Recorded Investment | 4,004 | 5,045 |
Unpaid Principal Balance | 4,004 | 5,045 |
Residential Real Estate [Member] | ||
Recorded Investment, Without a Valuation Allowance | 1,599 | 1,521 |
Unpaid Principal Balance, Without a Valuation Allowance | 1,599 | 1,521 |
Commercial Real Estate [Member] | ||
Recorded Investment, Without a Valuation Allowance | 2,355 | 2,597 |
Unpaid Principal Balance, Without a Valuation Allowance | 2,355 | 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 | 34 | 146 |
Unpaid Principal Balance, Without a Valuation Allowance | 34 | 146 |
Commercial [Member] | ||
Recorded Investment, Without a Valuation Allowance | 16 | 22 |
Unpaid Principal Balance, Without a Valuation Allowance | $ 16 | $ 22 |
LOANS AND ALLOWANCE FOR LOAN 38
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Average Recorded Investment | $ 4,327 | $ 3,444 | $ 4,537 | $ 5,375 |
Interest Income Recognized | 66 | 46 | 197 | 94 |
Interest Income Recognized on Cash Basis | 40 | 31 | 155 | 68 |
Commercial [Member] | ||||
Average Recorded Investment | 16 | 26 | 18 | 29 |
Interest Income Recognized | 0 | 0 | 1 | 1 |
Interest Income Recognized on Cash Basis | 0 | 0 | 1 | 1 |
Residential Real Estate [Member] | ||||
Average Recorded Investment | 1,214 | 410 | 1,235 | 421 |
Interest Income Recognized | 14 | 4 | 52 | 8 |
Interest Income Recognized on Cash Basis | 11 | 4 | 48 | 13 |
Commercial Real Estate [Member] | ||||
Average Recorded Investment | 2,979 | 2,581 | 3,149 | 4,498 |
Interest Income Recognized | 51 | 38 | 141 | 77 |
Interest Income Recognized on Cash Basis | 28 | 27 | 103 | 54 |
Home equity lines of credit [Member] | ||||
Average Recorded Investment | 118 | 427 | 135 | 427 |
Interest Income Recognized | 1 | 4 | 3 | 8 |
Interest Income Recognized on Cash Basis | $ 1 | $ 0 | $ 3 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 39
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loans | $ 211,054 | $ 186,420 |
Loans rated 1-4 [Member] | ||
Loans | 201,631 | 175,966 |
Loans rated 5 [Member] | ||
Loans | 7,052 | 7,076 |
Loans rated 6 [Member] | ||
Loans | 1,711 | 2,619 |
Loans rated 7 [Member] | ||
Loans | 660 | 759 |
Commercial Real Estate [Member] | ||
Loans | 106,034 | 94,699 |
Commercial Real Estate [Member] | Loans rated 1-4 [Member] | ||
Loans | 97,797 | 85,496 |
Commercial Real Estate [Member] | Loans rated 5 [Member] | ||
Loans | 6,062 | 6,054 |
Commercial Real Estate [Member] | Loans rated 6 [Member] | ||
Loans | 1,515 | 2,390 |
Commercial Real Estate [Member] | Loans rated 7 [Member] | ||
Loans | 660 | 759 |
Construction [Member] | ||
Loans | 83,148 | 72,668 |
Construction [Member] | Loans rated 1-4 [Member] | ||
Loans | 83,148 | 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 | 21,872 | 19,053 |
Commercial [Member] | Loans rated 1-4 [Member] | ||
Loans | 20,686 | 17,802 |
Commercial [Member] | Loans rated 5 [Member] | ||
Loans | 990 | 1,022 |
Commercial [Member] | Loans rated 6 [Member] | ||
Loans | 196 | 229 |
Commercial [Member] | Loans rated 7 [Member] | ||
Loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 40
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Loans and Leases Receivable, Gross | $ 507,022 | $ 507,022 | $ 448,137 | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | $ 0 | 0 | $ 0 | |
Troubled Debt Restructuring [Member] | |||||
Financing Receivable, Modifications, Recorded Investment | 403 | 403 | 220 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 216 | $ 220 | |||
Financing Receivable, Troubled Debt Restructurings, Total | 0 | $ 0 | 0 | $ 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 INST41
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 52,689 | |
Derivative loan commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 5 | |
Securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 50,173 | 52,681 |
Forward loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 8 | |
Total liabilities | 8 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Fair Value, Inputs, Level 1 [Member] | Derivative loan commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 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 | |
Total liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 52,689 | |
Fair Value, Inputs, Level 2 [Member] | Derivative loan commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 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 | 50,173 | 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 | 8 | |
Total liabilities | 8 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Fair Value, Inputs, Level 3 [Member] | Derivative loan commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities | 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 | |
Total liabilities | $ 0 |
FAIR VALUES OF FINANCIAL INST42
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Loans held for sale | $ 537 | |
Level 3 [Member] | ||
Loans held for sale | $ 0 | 537 |
Impaired loans | 0 | 708 |
Assets, Fair Value Disclosure, Nonrecurring | $ 0 | $ 1,245 |
FAIR VALUES OF FINANCIAL INST43
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items] | ||||
Total gain (Loss) | $ 25 | $ 116 | $ 53 | $ (64) |
Loans Held For Sale [Member] | ||||
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items] | ||||
Total gain (Loss) | 25 | 5 | 2 | 6 |
Impaired Loans [Member] | ||||
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items] | ||||
Total gain (Loss) | $ 0 | $ 111 | $ 51 | $ (70) |
FAIR VALUES OF FINANCIAL INST44
FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Cash and cash equivalents | $ 15,881 | $ 19,271 |
Certificates of deposit | 100 | 100 |
Securities available for sale | 50,173 | 52,681 |
FHLB stock | 5,205 | 3,660 |
Loans held for sale | 537 | |
Loans, net | 496,806 | 441,720 |
Accrued interest receivable | 1,392 | 1,216 |
Forward loan sale commitments | 8 | |
Financial liabilities: | ||
Deposits | 453,129 | 422,731 |
Short-term borrowings | 16,000 | 2,000 |
Long-term debt | 67,151 | 59,504 |
Accrued interest payable | 80 | 61 |
Forward loan sale commitments | 8 | |
Derivative loan commitments | 5 | |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 15,881 | 19,271 |
Certificates of deposit | 100 | 100 |
Securities available for sale | 0 | 0 |
FHLB stock | 0 | 0 |
Loans held for sale | 0 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Forward loan sale commitments | 0 | |
Financial liabilities: | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Forward loan sale commitments | 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 | 50,173 | 52,681 |
FHLB stock | 0 | 0 |
Loans held for sale | 537 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Forward loan sale commitments | 8 | |
Financial liabilities: | ||
Deposits | 0 | 0 |
Short-term borrowings | 16,000 | 2,000 |
Long-term debt | 67,151 | 59,504 |
Accrued interest payable | 0 | 0 |
Forward loan sale commitments | 8 | |
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 | 5,205 | 3,660 |
Loans held for sale | 0 | 537 |
Loans, net | 496,806 | 441,720 |
Accrued interest receivable | 1,392 | 1,216 |
Forward loan sale commitments | 0 | |
Financial liabilities: | ||
Deposits | 453,129 | 422,731 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | 80 | 61 |
Forward loan sale commitments | 0 | |
Derivative loan commitments | 0 | |
Reported Carrying Amount Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 15,881 | 19,271 |
Certificates of deposit | 100 | 100 |
Securities available for sale | 50,173 | 52,681 |
FHLB stock | 5,205 | 3,660 |
Loans held for sale | 537 | |
Loans, net | 502,169 | 443,346 |
Accrued interest receivable | 1,392 | 1,216 |
Forward loan sale commitments | 8 | |
Financial liabilities: | ||
Deposits | 452,717 | 422,245 |
Short-term borrowings | 16,000 | 2,000 |
Long-term debt | 66,945 | 59,500 |
Accrued interest payable | 80 | 61 |
Forward loan sale commitments | $ 8 | |
Derivative loan commitments | $ 5 |
EMPLOYEE STOCK OWNERSHIP PLAN45
EMPLOYEE STOCK OWNERSHIP PLAN (Details) - shares | Sep. 30, 2015 | Sep. 30, 2014 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Allocated | 33,265 | |
Committed to be allocated | 9,629 | 9,629 |
Unallocated | 145,430 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 188,324 |
EMPLOYEE STOCK OWNERSHIP PLAN46
EMPLOYEE STOCK OWNERSHIP PLAN (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 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 | $ 2,800 | ||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 188,324 | 188,324 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 63 | $ 185 | $ 180 |
EQUITY INCENTIVE PLAN (Details)
EQUITY INCENTIVE PLAN (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Options | ||
Outstanding at beginning of period | 214 | |
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 | |
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 3 months 7 days | 8 years 7 days |
Options exercisable at end of period | 7 years 7 days | |
Aggregate intrinsic value | ||
Aggregate intrinsic value | $ 706 | |
Options exercisable at end of period | $ 287 |
EQUITY INCENTIVE PLAN (Details
EQUITY INCENTIVE PLAN (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense for non-vested stock options | $ 513 | $ 513 | ||
Unrecognized compensation expense, recognition period | 2 years 3 months 18 days | |||
Compensation expense for stock award plan | $ 71 | $ 64 | $ 223 | $ 202 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense, recognition period | 2 years 4 months 24 days | |||
Equity Incentive Plan, options granted | 96,286 | 96,286 | ||
Recognize tax Benefit | $ 28 | 26 | $ 89 | 80 |
Unrecognized compensation expense for non-vested restricted stock | 660 | 660 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognize tax Benefit | 10 | 10 | 28 | 28 |
Share base compensation expenses applicable to stock option plan | $ 51 | $ 48 | $ 149 | $ 149 |
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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ||||
Net income applicable to common stock | $ 700 | $ 516 | $ 1,744 | $ 1,341 |
Average number of common shares issued | 2,459,000 | 2,451,000 | 2,459,000 | 2,452,000 |
Less: Average unallocated ESOP shares | (146,000) | (159,000) | (149,000) | (162,000) |
Average number of common shares outstanding used to calculate basic earnings per common share | 2,313,103 | 2,291,824 | 2,309,894 | 2,290,510 |
Effect of dilutive stock options | 22,000 | 9,000 | 16,000 | 5,000 |
Average number of common shares outstanding used to calculate diluted earnings per share | 2,334,529 | 2,301,067 | 2,326,123 | 2,295,322 |
Earnings per common share: | ||||
Basic | $ 0.30 | $ 0.23 | $ 0.76 | $ 0.59 |
Diluted | $ 0.30 | $ 0.22 | $ 0.75 | $ 0.58 |
EARNINGS PER COMMON SHARE (De50
EARNINGS PER COMMON SHARE (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 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 |
DIVIDENDS DECLARED (Details Tex
DIVIDENDS DECLARED (Details Textual) | 1 Months Ended |
Aug. 19, 2015$ / shares | |
Dividends Payable [Line Items] | |
Cash dividend declared | $ 0.03 |
Dividend declared date | Aug. 19, 2015 |
Dividend payable date | Sep. 2, 2015 |
Dividend payable, date of record | Sep. 2, 2015 |