Wellesley Bancorp 10-Q 12 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		2,458,553

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 2,653	$ 2,674
Short-term investments	15,724	25,504
Total cash and cash equivalents	18,377	28,178
Certificates of deposit	100	100
Securities available for sale, at fair value	67,131	62,434
Federal Home Loan Bank of Boston stock, at cost	5,137	5,524
Loans held for sale	1,480	1,131
Loans	516,755	512,419
Less allowance for loan losses	(5,174)	(5,112)
Loans, net	511,581	507,307
Bank-owned life insurance	7,131	7,073
Premises and equipment, net	3,660	3,468
Accrued interest receivable	1,555	1,432
Net deferred tax asset	2,059	2,479
Other assets	2,270	2,056
Total assets	620,481	621,182
Deposits:
Noninterest-bearing	71,268	64,638
Interest-bearing	400,049	399,100
Total deposits	471,317	463,738
Short-term borrowings	10,000	20,000
Long-term debt	72,776	72,860
Subordinated debt	9,743	9,734
Accrued expenses and other liabilities	3,144	2,672
Total liabilities	$ 566,980	$ 569,004
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none issued	$ 0	$ 0
Common stock, $0.01 par value; 14,000,000 shares authorized, 2,458,553 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	25	25
Additional paid-in capital	24,147	23,992
Retained earnings	30,070	29,411
Accumulated other comprehensive income	640	162
Unearned compensation - ESOP	(1,381)	(1,412)
Total stockholders' equity	53,501	52,178
Total liabilities and stockholders’ equity	$ 620,481	$ 621,182

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	2,458,553	2,458,553
Common Stock, Shares, Outstanding	2,458,553	2,458,553

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest and dividend income:
Loans and loans held for sale	$ 5,557	$ 4,846
Debt securities:
Taxable	330	239
Tax-exempt	53	46
Short-term investments and certificates of deposit	23	9
FHLB stock	46	16
Total interest and dividend income	6,009	5,156
Interest expense:
Deposits	781	656
Short-term borrowings	16	3
Long-term debt	245	174
Subordinated debt	159	0
Total interest expense	1,201	833
Net interest income	4,808	4,323
Provision for loan losses	62	50
Net interest income, after provision for loan losses	4,746	4,273
Noninterest income:
Customer service fees	26	31
Mortgage banking activities	32	52
Income on bank-owned life insurance	58	57
Wealth management fees	211	95
Miscellaneous	18	10
Total noninterest income	345	245
Noninterest expenses:
Salaries and employee benefits	2,302	2,331
Occupancy and equipment	724	592
Data processing	196	142
FDIC insurance	77	93
Professional fees	191	172
Advertising	63	83
Other general and administrative	353	361
Total noninterest expenses	3,906	3,774
Income before income taxes	1,185	744
Provision for income taxes	453	285
Net income	732	459
Other comprehensive income:
Net unrealized holding gains on available-for-sale securities	790	228
Income tax expense	(312)	(90)
Total other comprehensive income, net of tax	478	138
Comprehensive income	$ 1,210	$ 597
Earnings per common share:
Basic (in dollars per share)	$ 0.32	$ 0.20
Diluted (in dollars per share)	$ 0.31	$ 0.20
Weighted average shares outstanding:
Basic (in shares)	2,318,937	2,306,684
Diluted (in shares)	2,339,800	2,318,594

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, 2014	$ 49,346	$ 24	$ 23,419	$ 27,027	$ 417	$ (1,541)
Balance (in shares) at Dec. 31, 2014		2,459,138
Comprehensive income	597	$ 0	0	459	138	0
Dividends paid to common stockholders	(61)	0	0	(61)	0	0
Share-based compensation- equity incentive plan	127	0	127	0	0	0
ESOP shares committed to be allocated	60	0	28	0	0	32
Balance at Mar. 31, 2015	50,070	$ 24	23,575	27,425	555	(1,509)
Balance (in shares) at Mar. 31, 2015		2,459,138
Balance at Dec. 31, 2015	52,178	$ 25	23,992	29,411	162	(1,412)
Balance (in shares) at Dec. 31, 2015		2,458,553
Comprehensive income	1,210	$ 0	0	732	478	0
Dividends paid to common stockholders	(73)	0	0	(73)	0	0
Share-based compensation- equity incentive plan	127	0	127	0	0	0
ESOP shares committed to be allocated	59	0	28	0	0	31
Balance at Mar. 31, 2016	$ 53,501	$ 25	$ 24,147	$ 30,070	$ 640	$ (1,381)
Balance (in shares) at Mar. 31, 2016		2,458,553

CONSOLIDATED STATEMENTS OF CHA6

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Parenthetical] - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Dividends paid to common stockholders, per share	$ 0.03	$ 0.025
ESOP shares committed to be allocated, Shares	3,210	3,209

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 732	$ 459
Adjustment to reconcile net income to net cash (used) provided by operating activities:
Provision for loan losses	62	50
Depreciation and amortization	170	161
Net amortization of securities	131	56
Principal balance of loans sold	2,638	6,315
Loans originated for sale	(2,987)	(7,494)
Accretion of net deferred loan fees	(165)	(79)
Amortization of subordinated debt issuance costs	9	0
Income on bank-owned life insurance	(58)	(57)
Deferred income tax provision	107	54
ESOP expense	59	60
Share-based compensation	127	127
Net change in other assets and liabilities	136	(326)
Net cash provided (used) by operating activities	961	(674)
Activity in securities available for sale:
Maturities, prepayments and calls	3,280	5,985
Purchases	(7,318)	(8,460)
Redemption of Federal Home Loan Bank stock	387	0
Loan originations, net of principal payments	(4,171)	(2,732)
Additions to premises and equipment	(362)	(124)
Net cash used by investing activities	(8,184)	(5,331)
Cash flows from financing activities:
Net increase in deposits	7,579	7,864
Net increase (decrease) in short-term borrowings	(10,000)	2,000
Repayments of long- term debt	(84)	(2,000)
Cash dividends paid to common stockholders	(73)	(61)
Net cash provided (used) by financing activities	(2,578)	7,803
Net change in cash and cash equivalents	(9,801)	1,798
Cash and cash equivalents at beginning period	28,178	19,271
Cash and cash equivalents at end of period	18,377	21,069
Supplementary information:
Interest paid	1,205	833
Income taxes paid	$ 325	$ 190

BASIS OF PRESENTATION AND CONSO

BASIS OF PRESENTATION AND CONSOLIDATION	3 Months Ended
	Mar. 31, 2016
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, to hold, manage and sell foreclosed real estate. All significant intercompany balances and transactions have been eliminated in consolidation. Assets under management at Wellesley Investment Partners, LLC are not included in these consolidated financial statements because they are not assets of the Company. 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 2015 Annual Report on Form 10-K. The results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016, or for any other period.

LOAN POLICIES

LOAN POLICIES	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Loan Portfolio [Text Block]	NOTE 2 – The loan portfolio consists of real estate, commercial and other loans to the Company’s customers in our primary market areas in eastern Massachusetts. The ability of the Company’s debtors to honor their contracts is dependent upon the economy in general and the real estate and construction sectors within our markets. Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred loan origination fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Interest is generally not accrued on loans which are identified as impaired or loans which are ninety days or more past due. Past due status is based on the contractual terms of the loan. Interest income previously accrued on such loans is reversed against current period interest income. Interest income on non-accrual loans is recognized only to the extent of interest payments received and is first applied to the outstanding principal balance when collectibility of principal is in doubt. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured through sustained payment performance for at least six months. Allowance for loan losses The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes the uncollectibility of the loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components. General component The general component is based on the following loan segments: residential real estate, commercial real estate, construction, commercial, home equity lines of credit and other consumer. Management considers a rolling average of historical losses for each segment based on a time frame appropriate to capture relevant loss data for each loan segment, generally 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. The 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 real 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 troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated component An unallocated component is maintained to cover uncertainties that could affect management’s estimate 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	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Comprehensive Income (Loss) Note [Text Block]	– 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. March 31, December 31, 2016 2015 (In thousands) Unrealized holding gains on securities available for sale $ 1,040 $ 250 Tax effect (400) (88) Net of tax amount $ 640 $ 162

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 4 – RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) issued 2014-09, Revenue from Contracts with Customers (Topic 606) In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10), In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842

SECURITIES AVAILABLE FOR SALE

SECURITIES AVAILABLE FOR SALE	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 4,397 $ 95 $ (21) $ 4,471 Government-sponsored enterprises 13,545 342 (14) 13,873 SBA and other asset-backed securities 11,295 289 (60) 11,524 State and municipal bonds 8,561 253 (12) 8,802 Government-sponsored enterprise obligations 9,000 7 (8) 8,999 Corporate bonds 19,293 188 (19) 19,462 $ 66,091 $ 1,174 $ (134) $ 67,131 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 4,563 $ 81 $ (20) $ 4,624 Government-sponsored enterprises 11,984 148 (55) 12,077 SBA and other asset-backed securities 11,680 142 (66) 11,756 State and municipal bonds 7,231 186 (8) 7,409 Government-sponsored enterprise obligations 10,002 2 (91) 9,913 Corporate bonds 16,724 13 (82) 16,655 $ 62,184 $ 572 $ (322) $ 62,434 There were no sales of available-for-sale securities during the three months ended March 31, 2016 and 2015. Amortized Fair Cost Value (In thousands) Within 1 year $ 9,247 $ 9,258 After 1 year to 5 years 12,709 12,882 After 5 years to 10 years 13,949 14,181 After 10 years 949 942 36,854 37,263 Mortgage- and asset-backed securities 29,237 29,868 $ 66,091 $ 67,131 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In thousands) March 31, 2016 Residential mortgage-backed securities: Government National Mortgage Association $ — $ — $ (21) $ 851 Government-sponsored enterprises — — (14) 693 SBA and other asset-backed securities (37) 1,606 (23) 1,716 State and municipal bonds (11) 1,588 (1) 100 Government-sponsored enterprise obligations (8) 1,242 — — Corporate bonds (2) 3,993 (17) 1,696 $ (58) $ 8,429 $ (76) $ 5,056 December 31, 2015 Residential mortgage-backed securities: Government National Mortgage Association $ (6) $ 923 $ (14) $ 857 Government-sponsored enterprises (28) 4,170 (27) 694 SBA and other asset-backed securities (26) 2,622 (40) 768 State and municipal bonds (6) 930 (2) 100 Government-sponsored enterprise obligations (91) 8,162 — — Corporate bonds (63) 10,292 (19) 1,695 $ (220) $ 27,099 $ (102) $ 4,144 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 March 31, 2016, various debt securities have unrealized losses with aggregate depreciation of 0.98

LOANS AND ALLOWANCE FOR LOAN LO

LOANS AND ALLOWANCE FOR LOAN LOSSES	3 Months Ended
	Mar. 31, 2016
Notes and Loans Payable, Current [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	NOTE 6 – LOANS AND ALLOWANCE FOR LOAN LOSSES March 31, December 31, 2016 2015 (In thousands) Real estate loans: Residential – fixed $ 18,139 $ 18,414 Residential – variable 243,310 238,056 Commercial 104,902 103,106 Construction 91,157 94,886 457,508 454,462 Commercial loans: Secured 27,152 23,557 Unsecured 278 124 27,430 23,681 Consumer loans: Home equity lines of credit 31,603 34,083 Other 254 256 31,857 34,339 Total loans 516,795 512,482 Less: Allowance for loan losses (5,174) (5,112) Net deferred loan origination fees (40) (63) Loans, net $ 511,581 $ 507,307 Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) Three Months Ended March 31, 2016 Allowance at December 31, 2015 $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Provision (credit) for loan losses 30 18 (97) 80 (17) — 48 62 Allowance at March 31, 2016 $ 1,520 $ 1,043 $ 1,587 $ 589 $ 221 $ 2 $ 212 $ 5,174 Three Months Ended March 31, 2015 Allowance at December 31, 2014 $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Provision (credit) for loan losses (168) 15 71 (11) (18) — 161 50 Loans charged off (17) (55) — — — — — (72) Allowance at March 31, 2015 $ 1,525 $ 1,016 $ 1,344 $ 417 $ 206 $ 4 $ 204 $ 4,716 Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) March 31, 2016 Allowance related to impaired loans $ — $ — $ — $ — $ — $ — $ — $ — Allowance related to non-impaired loans 1,520 1,043 1,587 589 221 2 212 5,174 Total allowance $ 1,520 $ 1,043 $ 1,587 $ 589 $ 221 $ 2 $ 212 $ 5,174 Impaired loan balances $ 495 $ 631 $ — $ 9 $ 34 $ — $ — $ 1,169 Non-impaired loan balances 260,954 104,271 91,157 27,421 31,569 254 — 515,626 Total loans $ 261,449 $ 104,902 $ 91,157 $ 27,430 $ 31,603 $ 254 $ — $ 516,795 December 31, 2015 Allowance related to impaired loans $ — $ — $ — $ — $ — $ — $ — $ — Allowance related to non-impaired loans 1,490 1,025 1,684 509 238 2 164 5,112 Total allowance $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Impaired loan balances $ 959 $ 645 $ — $ 11 $ 34 $ — $ — $ 1,649 Non-impaired loan balances 255,511 102,461 94,886 23,670 34,049 256 — 510,833 Total loans $ 256,470 $ 103,106 $ 94,886 $ 23,681 $ 34,083 $ 256 $ — $ 512,482 Past Due 90 Days or More Non- 30-59 Days 60-89 Days Past Due 90 Total and Still accrual Past Due Past Due Days or More Past Due Accruing Loans (In thousands) March 31, 2016 Residential real estate $ — $ 100 $ — $ 100 $ — $ 311 Commercial real estate — — 631 631 — 631 Commercial — — — — — 9 Home equity lines of credit — — — — — 34 Total $ — $ 100 $ 631 $ 731 $ — $ 985 December 31, 2015 Residential real estate $ 101 $ — $ 672 $ 773 $ — $ 773 Commercial real estate — — 645 645 — 645 Commercial — — — — — 11 Home equity lines of credit — — — — — 34 — Total $ 101 $ — $ 1,317 $ 1,418 $ — $ 1,463 March 31, 2016 December 31, 2015 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 495 $ 512 $ 959 $ 976 Commercial real estate 631 685 645 700 Commercial 9 9 11 11 Home equity lines of credit 34 34 34 34 Total impaired loans without a valuation allowance 1,169 1,240 1,649 1,721 Total impaired loans $ 1,169 $ 1,240 $ 1,649 $ 1,721 Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Interest Interest Average Interest Income Average Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (In thousands) Residential real estate $ 612 $ 6 $ 6 $ 1,502 $ 20 $ 20 Commercial real estate 639 — — 3,279 39 39 Commercial 9 — — 21 — — Home equity lines of credit 34 — — 146 1 1 Total $ 1,294 $ 6 $ 6 $ 4,948 $ 60 $ 60 No additional funds are committed to be advanced in connection with impaired loans. There were no troubled debt restructurings recorded during the three months ended March 31, 2016 and 2015. There were no troubled debt restructurings that defaulted during the three months ended March 31, 2016 and 2015, 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. March 31, 2016 December 31, 2015 Commercial Commercial Real Estate Construction Commercial Total Real Estate Construction Commercial Total (In thousands) Loans rated 1 -4 $ 99,160 $ 91,157 $ 26,436 $ 216,753 $ 95,603 $ 94,886 $ 22,685 $ 213,174 Loans rated 5 5,112 — 985 6,097 6,858 — 985 7,843 Loans rated 6 — — 9 9 — — 11 11 Loans rated 7 630 — — 630 645 — — 645 Total $ 104,902 $ 91,157 $ 27,430 $ 223,489 $ 103,106 $ 94,886 $ 23,681 $ 221,673

FAIR VALUES OF ASSETS AND LIABI

FAIR VALUES OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2016
Financial Liabilities Fair Value Disclosure [Abstract]
Financial Instruments Disclosure [Text Block]	NOTE 7 – FAIR VALUES OF ASSETS AND LIABILITIES Fair value hierarchy The Company groups its assets generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on quoted market prices in active exchange markets for identical assets and liabilities. Valuations are obtained from readily available pricing sources. Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. Valuations are obtained from readily available pricing sources. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Level 3 assets include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as those 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 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., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. 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. Subordinated debt : The fair values reported for subordinated debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rate currently offered on instruments with similar terms and maturities. 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 March 31, 2016 Total Fair Level 1 Level 2 Level 3 Value (In thousands) Assets Securities available for sale $ — $ 67,131 $ — $ 67,131 Derivative loan commitments — 19 — 19 Forward loan sale commitments — 8 — 8 Total assets $ — $ 67,158 $ — $ 67,158 December 31, 2015 Total Fair Level 1 Level 2 Level 3 Value (In thousands) Assets Securities available for sale $ — $ 62,434 $ — $ 62,434 Derivative loan commitments — 2 — 2 Forward loan sale commitments — 23 — 23 Total assets $ — $ 62,459 $ — $ 62,459 There were no liabilities measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015. Assets measured at fair value on a non-recurring basis The Company may also be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market (“LOCOM”) accounting or write-downs of individual assets. March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ — $ — $ 1,480 $ — $ — $ 1,131 Three Months Ended March 31, 2016 2015 (In thousands) Loans held for sale $ (5) $ (4) Loans held for sale (“LHFS”) are evaluated for losses associated with the application of LOCOM accounting. At March 31, 2016, 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 were no liabilities measured at fair value on a non-recurring basis at March 31, 2016 and December 31, 2015. Summary of fair values of financial instruments 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 Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (In thousands) March 31, 2016 Financial assets: Cash and cash equivalents $ 18,377 $ 18,377 $ — $ — $ 18,377 Certificates of deposit 100 100 — — 100 Securities available for sale 67,131 — 67,131 — 67,131 FHLB stock 5,137 — — 5,137 5,137 Loans held for sale 1,480 — 1,480 — 1,480 Loans, net 511,581 — — 509,569 509,569 Accrued interest receivable 1,555 — — 1,555 1,555 Derivative loan commitments 19 — 19 — 19 Forward loan sale commitments 8 — 8 — 8 Financial liabilities: Deposits $ 4,713,167 $ — $ — $ 472,156 $ 472,156 Short-term borrowings 10,000 — 10,000 — 10,000 Long-term debt 72,776 — 73,046 — 73,046 Subordinated debt 9,743 — 9,743 — 9,743 Accrued interest payable 87 — — 87 87 December 31, 2015 Financial assets: Cash and cash equivalents $ 28,178 $ 28,178 $ — $ — $ 28,178 Certificates of deposit 100 100 — — 100 Securities available for sale 62,434 — 62,434 — 62,434 FHLB stock 5,524 — — 5,524 5,524 Loans held for sale 1,131 — 1,131 — 1,131 Loans, net 507,307 — — 503,854 503,854 Accrued interest receivable 1,432 — — 1,432 1,432 Derivative loan commitments 2 — 2 — 2 Forward loan sale commitments 23 — 23 — 23 Financial liabilities: Deposits $ 463,738 $ — $ — $ 464,157 $ 464,157 Short-term borrowings 20,000 — 20,000 — 20,000 Long-term debt 72,860 — 72,665 — 72,665 Subordinated debt 9,734 — 9,734 — 9,734 Accrued interest payable 93 — — 93 93

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation and Employee Benefit Plans [Text Block]	NOTE 8 – EMPLOYEE STOCK OWNERSHIP PLAN The Company maintains an Employee Stock Ownership Plan (the “ESOP”) to provide eligible employees the opportunity to own Company stock. The ESOP 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 for the purchase of shares of the Company’s common stock on the closing date of the Company’s mutual to stock conversion in 2012. As of March 31, 2016, the ESOP held 188,315 7.66 15 3.25 Allocated 47,095 Committed to be allocated 3,210 Unallocated 138,010 188,315 The fair value of unallocated shares was approximately $ 2.6 Total compensation expense recognized in connection with the ESOP for the three months ended March 31, 2016 and 2015 was $ 59 60

EQUITY INCENTIVE PLAN

EQUITY INCENTIVE PLAN	3 Months Ended
	Mar. 31, 2016
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 directors and employees in the form of incentive stock options and non-qualified stock options for up to 240,751 10 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 Average Contractual Aggregate Options Shares Exercise Price Term Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at beginning of period 225 $ 16.01 Granted — — Exercised — — Forfeited — — Outstanding at end of period 225 $ 16.01 6.91 $ 719 Exercisable at end of period 119 $ 15.55 6.86 $ 434 For the three months ended March 31, 2016 and 2015, share-based compensation expense applicable to the stock options was $ 53 47 9 Unrecognized compensation expense for non-vested stock options totaled $ 399 1.91 Stock Awards There was no activity in the non-vested stock awards under the Equity Incentive Plan for the three months ended March 31, 2016. For the three months ended March 31, 2016 and 2015, compensation expense applicable to the stock awards was $ 74 80 30 32 Unrecognized compensation expense for non-vested restricted stock totaled $ 570 2.14

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2016
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 are determined using the treasury stock method. Three Months Three Months Ended Ended March 31, 2016 March 31, 2015 (Dollars in thousands) Net income applicable to common stock $ 732 $ 459 Average number of common shares outstanding 2,458,553 2,459,138 Less: Average unallocated ESOP shares (139,616) (152,454) Average number of common shares outstanding used to calculate basic earnings per common share 2,318,937 2,306,684 Effect of dilutive of stock options 20,863 11,910 Average number of common shares outstanding used to calculate diluted earnings per common share 2,339,800 2,318,594 Earnings per common share: Basic $ 0.32 $ 0.20 Diluted $ 0.31 $ 0.20 Options for 43,400 6,601

STOCK REPURCHASE PLAN

STOCK REPURCHASE PLAN	3 Months Ended
	Mar. 31, 2016
Disclosure of Repurchase Agreements [Abstract]
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]	NOTE 11 – STOCK REPURCHASE PLAN On October 1, 2012, the Board of Directors approved the repurchase of up to 96,286 4.0 40,535

DIVIDENDS DECLARED

DIVIDENDS DECLARED	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Dividend Disclosure [Text Block]	NOTE 12 – DIVIDENDS DECLARED On February 17, 2016 0.03 March 2, 2016

LOAN POLICIES (Policies)

LOAN POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	LOAN POLICIES The loan portfolio consists of real estate, commercial and other loans to the Company’s customers in our primary market areas in eastern Massachusetts. The ability of the Company’s debtors to honor their contracts is dependent upon the economy in general and the real estate and construction sectors within our markets. Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred loan origination fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Interest is generally not accrued on loans which are identified as impaired or loans which are ninety days or more past due. Past due status is based on the contractual terms of the loan. Interest income previously accrued on such loans is reversed against current period interest income. Interest income on non-accrual loans is recognized only to the extent of interest payments received and is first applied to the outstanding principal balance when collectibility of principal is in doubt. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured through sustained payment performance for at least six months. Allowance for loan losses The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes the uncollectibility of the loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components. General component The general component is based on the following loan segments: residential real estate, commercial real estate, construction, commercial, home equity lines of credit and other consumer. Management considers a rolling average of historical losses for each segment based on a time frame appropriate to capture relevant loss data for each loan segment, generally 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. The 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 real 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 troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated component An unallocated component is maintained to cover uncertainties that could affect management’s estimate 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)	3 Months Ended
	Mar. 31, 2016
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: March 31, December 31, 2016 2015 (In thousands) Unrealized holding gains on securities available for sale $ 1,040 $ 250 Tax effect (400) (88) Net of tax amount $ 640 $ 162

SECURITIES AVAILABLE FOR SALE (

SECURITIES AVAILABLE FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 4,397 $ 95 $ (21) $ 4,471 Government-sponsored enterprises 13,545 342 (14) 13,873 SBA and other asset-backed securities 11,295 289 (60) 11,524 State and municipal bonds 8,561 253 (12) 8,802 Government-sponsored enterprise obligations 9,000 7 (8) 8,999 Corporate bonds 19,293 188 (19) 19,462 $ 66,091 $ 1,174 $ (134) $ 67,131 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 4,563 $ 81 $ (20) $ 4,624 Government-sponsored enterprises 11,984 148 (55) 12,077 SBA and other asset-backed securities 11,680 142 (66) 11,756 State and municipal bonds 7,231 186 (8) 7,409 Government-sponsored enterprise obligations 10,002 2 (91) 9,913 Corporate bonds 16,724 13 (82) 16,655 $ 62,184 $ 572 $ (322) $ 62,434
Investments Classified by Contractual Maturity Date [Table Text Block]	The amortized cost and fair value of debt securities by contractual maturity at March 31, 2016 are as follows. Expected maturities may differ from contractual maturities because the issuer, in certain instances, has the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) Within 1 year $ 9,247 $ 9,258 After 1 year to 5 years 12,709 12,882 After 5 years to 10 years 13,949 14,181 After 10 years 949 942 36,854 37,263 Mortgage- and asset-backed securities 29,237 29,868 $ 66,091 $ 67,131
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) March 31, 2016 Residential mortgage-backed securities: Government National Mortgage Association $ — $ — $ (21) $ 851 Government-sponsored enterprises — — (14) 693 SBA and other asset-backed securities (37) 1,606 (23) 1,716 State and municipal bonds (11) 1,588 (1) 100 Government-sponsored enterprise obligations (8) 1,242 — — Corporate bonds (2) 3,993 (17) 1,696 $ (58) $ 8,429 $ (76) $ 5,056 December 31, 2015 Residential mortgage-backed securities: Government National Mortgage Association $ (6) $ 923 $ (14) $ 857 Government-sponsored enterprises (28) 4,170 (27) 694 SBA and other asset-backed securities (26) 2,622 (40) 768 State and municipal bonds (6) 930 (2) 100 Government-sponsored enterprise obligations (91) 8,162 — — Corporate bonds (63) 10,292 (19) 1,695 $ (220) $ 27,099 $ (102) $ 4,144

LOANS AND ALLOWANCE FOR LOAN 23

LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)	3 Months Ended
	Mar. 31, 2016
Notes and Loans Payable, Current [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	March 31, December 31, 2016 2015 (In thousands) Real estate loans: Residential – fixed $ 18,139 $ 18,414 Residential – variable 243,310 238,056 Commercial 104,902 103,106 Construction 91,157 94,886 457,508 454,462 Commercial loans: Secured 27,152 23,557 Unsecured 278 124 27,430 23,681 Consumer loans: Home equity lines of credit 31,603 34,083 Other 254 256 31,857 34,339 Total loans 516,795 512,482 Less: Allowance for loan losses (5,174) (5,112) Net deferred loan origination fees (40) (63) Loans, net $ 511,581 $ 507,307
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 months ended March 31, 2016 and 2015: Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) Three Months Ended March 31, 2016 Allowance at December 31, 2015 $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Provision (credit) for loan losses 30 18 (97) 80 (17) — 48 62 Allowance at March 31, 2016 $ 1,520 $ 1,043 $ 1,587 $ 589 $ 221 $ 2 $ 212 $ 5,174 Three Months Ended March 31, 2015 Allowance at December 31, 2014 $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Provision (credit) for loan losses (168) 15 71 (11) (18) — 161 50 Loans charged off (17) (55) — — — — — (72) Allowance at March 31, 2015 $ 1,525 $ 1,016 $ 1,344 $ 417 $ 206 $ 4 $ 204 $ 4,716
Allowance for Credit Losses on Financing Receivables [Table Text Block]	Additional information pertaining to the allowance for loan losses at March 31, 2016 and December 31, 2015 is as follows: Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) March 31, 2016 Allowance related to impaired loans $ — $ — $ — $ — $ — $ — $ — $ — Allowance related to non-impaired loans 1,520 1,043 1,587 589 221 2 212 5,174 Total allowance $ 1,520 $ 1,043 $ 1,587 $ 589 $ 221 $ 2 $ 212 $ 5,174 Impaired loan balances $ 495 $ 631 $ — $ 9 $ 34 $ — $ — $ 1,169 Non-impaired loan balances 260,954 104,271 91,157 27,421 31,569 254 — 515,626 Total loans $ 261,449 $ 104,902 $ 91,157 $ 27,430 $ 31,603 $ 254 $ — $ 516,795 December 31, 2015 Allowance related to impaired loans $ — $ — $ — $ — $ — $ — $ — $ — Allowance related to non-impaired loans 1,490 1,025 1,684 509 238 2 164 5,112 Total allowance $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Impaired loan balances $ 959 $ 645 $ — $ 11 $ 34 $ — $ — $ 1,649 Non-impaired loan balances 255,511 102,461 94,886 23,670 34,049 256 — 510,833 Total loans $ 256,470 $ 103,106 $ 94,886 $ 23,681 $ 34,083 $ 256 $ — $ 512,482
Past Due Financing Receivables [Table Text Block]	The following is a summary of past due and non-accrual loans at March 31, 2016 and December 31, 2015: Past Due 90 Days or More Non- 30-59 Days 60-89 Days Past Due 90 Total and Still accrual Past Due Past Due Days or More Past Due Accruing Loans (In thousands) March 31, 2016 Residential real estate $ — $ 100 $ — $ 100 $ — $ 311 Commercial real estate — — 631 631 — 631 Commercial — — — — — 9 Home equity lines of credit — — — — — 34 Total $ — $ 100 $ 631 $ 731 $ — $ 985 December 31, 2015 Residential real estate $ 101 $ — $ 672 $ 773 $ — $ 773 Commercial real estate — — 645 645 — 645 Commercial — — — — — 11 Home equity lines of credit — — — — — 34 — Total $ 101 $ — $ 1,317 $ 1,418 $ — $ 1,463
Impaired Financing Receivables [Table Text Block]	The following is a summary of impaired loans at March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 495 $ 512 $ 959 $ 976 Commercial real estate 631 685 645 700 Commercial 9 9 11 11 Home equity lines of credit 34 34 34 34 Total impaired loans without a valuation allowance 1,169 1,240 1,649 1,721 Total impaired loans $ 1,169 $ 1,240 $ 1,649 $ 1,721
Impaired Financing Receivables By Class Of Loans [Table Text Block]	Additional information pertaining to impaired loans follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Interest Interest Average Interest Income Average Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (In thousands) Residential real estate $ 612 $ 6 $ 6 $ 1,502 $ 20 $ 20 Commercial real estate 639 — — 3,279 39 39 Commercial 9 — — 21 — — Home equity lines of credit 34 — — 146 1 1 Total $ 1,294 $ 6 $ 6 $ 4,948 $ 60 $ 60
Financing Receivable Credit Quality Indicators [Table Text Block]	The following table presents the Company’s loans by risk rating: March 31, 2016 December 31, 2015 Commercial Commercial Real Estate Construction Commercial Total Real Estate Construction Commercial Total (In thousands) Loans rated 1 -4 $ 99,160 $ 91,157 $ 26,436 $ 216,753 $ 95,603 $ 94,886 $ 22,685 $ 213,174 Loans rated 5 5,112 — 985 6,097 6,858 — 985 7,843 Loans rated 6 — — 9 9 — — 11 11 Loans rated 7 630 — — 630 645 — — 645 Total $ 104,902 $ 91,157 $ 27,430 $ 223,489 $ 103,106 $ 94,886 $ 23,681 $ 221,673

FAIR VALUES OF ASSETS AND LIA24

FAIR VALUES OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 are summarized below. March 31, 2016 Total Fair Level 1 Level 2 Level 3 Value (In thousands) Assets Securities available for sale $ — $ 67,131 $ — $ 67,131 Derivative loan commitments — 19 — 19 Forward loan sale commitments — 8 — 8 Total assets $ — $ 67,158 $ — $ 67,158 December 31, 2015 Total Fair Level 1 Level 2 Level 3 Value (In thousands) Assets Securities available for sale $ — $ 62,434 $ — $ 62,434 Derivative loan commitments — 2 — 2 Forward loan sale commitments — 23 — 23 Total assets $ — $ 62,459 $ — $ 62,459
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. March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ — $ — $ 1,480 $ — $ — $ 1,131
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 at March 31, 2016 and 2015. Three Months Ended March 31, 2016 2015 (In thousands) Loans held for sale $ (5) $ (4)
Fair Value, by Balance Sheet Grouping [Table Text Block]	. 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) March 31, 2016 Financial assets: Cash and cash equivalents $ 18,377 $ 18,377 $ — $ — $ 18,377 Certificates of deposit 100 100 — — 100 Securities available for sale 67,131 — 67,131 — 67,131 FHLB stock 5,137 — — 5,137 5,137 Loans held for sale 1,480 — 1,480 — 1,480 Loans, net 511,581 — — 509,569 509,569 Accrued interest receivable 1,555 — — 1,555 1,555 Derivative loan commitments 19 — 19 — 19 Forward loan sale commitments 8 — 8 — 8 Financial liabilities: Deposits $ 4,713,167 $ — $ — $ 472,156 $ 472,156 Short-term borrowings 10,000 — 10,000 — 10,000 Long-term debt 72,776 — 73,046 — 73,046 Subordinated debt 9,743 — 9,743 — 9,743 Accrued interest payable 87 — — 87 87 December 31, 2015 Financial assets: Cash and cash equivalents $ 28,178 $ 28,178 $ — $ — $ 28,178 Certificates of deposit 100 100 — — 100 Securities available for sale 62,434 — 62,434 — 62,434 FHLB stock 5,524 — — 5,524 5,524 Loans held for sale 1,131 — 1,131 — 1,131 Loans, net 507,307 — — 503,854 503,854 Accrued interest receivable 1,432 — — 1,432 1,432 Derivative loan commitments 2 — 2 — 2 Forward loan sale commitments 23 — 23 — 23 Financial liabilities: Deposits $ 463,738 $ — $ — $ 464,157 $ 464,157 Short-term borrowings 20,000 — 20,000 — 20,000 Long-term debt 72,860 — 72,665 — 72,665 Subordinated debt 9,734 — 9,734 — 9,734 Accrued interest payable 93 — — 93 93

EMPLOYEE STOCK OWNERSHIP PLAN (

EMPLOYEE STOCK OWNERSHIP PLAN (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Stock Ownership Plan ESOP Status Of Entity Shares Held [Table Text Block]	At March 31, 2016, shares held by the ESOP included the following: Allocated 47,095 Committed to be allocated 3,210 Unallocated 138,010 188,315

EQUITY INCENTIVE PLAN (Tables)

EQUITY INCENTIVE PLAN (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of option activity under the Equity Incentive Plan for the three months ended March 31, 2016 is presented below: Weighted Average Weighted Remaining Average Contractual Aggregate Options Shares Exercise Price Term Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at beginning of period 225 $ 16.01 Granted — — Exercised — — Forfeited — — Outstanding at end of period 225 $ 16.01 6.91 $ 719 Exercisable at end of period 119 $ 15.55 6.86 $ 434

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Three Months Ended Ended March 31, 2016 March 31, 2015 (Dollars in thousands) Net income applicable to common stock $ 732 $ 459 Average number of common shares outstanding 2,458,553 2,459,138 Less: Average unallocated ESOP shares (139,616) (152,454) Average number of common shares outstanding used to calculate basic earnings per common share 2,318,937 2,306,684 Effect of dilutive of stock options 20,863 11,910 Average number of common shares outstanding used to calculate diluted earnings per common share 2,339,800 2,318,594 Earnings per common share: Basic $ 0.32 $ 0.20 Diluted $ 0.31 $ 0.20

LOAN POLICIES (Details Textual)

LOAN POLICIES (Details Textual)	3 Months Ended
	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Payments Delinquency Period Beyond Which Loan Is Considered Non Accruals	90 days
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Time Period To Capture Relevant Loan Loss Data	3 years
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Time Period To Capture Relevant Loan Loss Data	10 years
Residential Portfolio Segment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan To Value Ratio	80.00%

COMPREHENSIVE INCOME (Details)

COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized holding gains on securities available for sale	$ 1,040	$ 250
Tax effect	(400)	(88)
Net of tax amount	$ 640	$ 162

SECURITIES AVAILABLE FOR SALE30

SECURITIES AVAILABLE FOR SALE (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 66,091	$ 62,184
Gross Unrealized Gains	1,174	572
Gross Unrealized Losses	(134)	(322)
Fair Value	67,131	62,434
SBA and other asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,295	11,680
Gross Unrealized Gains	289	142
Gross Unrealized Losses	(60)	(66)
Fair Value	11,524	11,756
State and municipal bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,561	7,231
Gross Unrealized Gains	253	186
Gross Unrealized Losses	(12)	(8)
Fair Value	8,802	7,409
Government-sponsored enterprise obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	9,000	10,002
Gross Unrealized Gains	7	2
Gross Unrealized Losses	(8)	(91)
Fair Value	8,999	9,913
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	19,293	16,724
Gross Unrealized Gains	188	13
Gross Unrealized Losses	(19)	(82)
Fair Value	19,462	16,655
Residential mortgage-backed securities [Member] | Government National Mortgage Association [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,397	4,563
Gross Unrealized Gains	95	81
Gross Unrealized Losses	(21)	(20)
Fair Value	4,471	4,624
Residential mortgage-backed securities [Member] | Government-sponsored enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	13,545	11,984
Gross Unrealized Gains	342	148
Gross Unrealized Losses	(14)	(55)
Fair Value	$ 13,873	$ 12,077

SECURITIES AVAILABLE FOR SALE31

SECURITIES AVAILABLE FOR SALE (Details 1) $ in Thousands	Mar. 31, 2016USD ($)
Available-for-sale Securities, Debt Maturities, Amortized Cost
Within 1 year	$ 9,247
After 1 year to 5 years	12,709
After 5 years to 10 years	13,949
After 10 years	949
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total	36,854
Mortgage- and asset-backed securities	29,237
Available-for-sale Debt Securities, Amortized Cost Basis, Total	66,091
Available-for-sale Securities, Debt Maturities, Fair Value
Within 1 year	9,258
After 1 year to 5 years	12,882
After 5 years to 10 years	14,181
After 10 years	942
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value Total	37,263
Mortgage- and asset-backed securities	29,868
Available-for-sale Securities, Debt Securities, Fair Value Total	$ 67,131

SECURITIES AVAILABLE FOR SALE32

SECURITIES AVAILABLE FOR SALE (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	$ (58)	$ (220)
Less Than Twelve Months Fair Value	8,429	27,099
Over Twelve Months Gross Unrealized Losses	(76)	(102)
Over Twelve Months Fair Value	5,056	4,144
SBA and other asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(37)	(26)
Less Than Twelve Months Fair Value	1,606	2,622
Over Twelve Months Gross Unrealized Losses	(23)	(40)
Over Twelve Months Fair Value	1,716	768
State and municipal bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(11)	(6)
Less Than Twelve Months Fair Value	1,588	930
Over Twelve Months Gross Unrealized Losses	(1)	(2)
Over Twelve Months Fair Value	100	100
Government-sponsored enterprise obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(8)	(91)
Less Than Twelve Months Fair Value	1,242	8,162
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	(2)	(63)
Less Than Twelve Months Fair Value	3,993	10,292
Over Twelve Months Gross Unrealized Losses	(17)	(19)
Over Twelve Months Fair Value	1,696	1,695
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	(6)
Less Than Twelve Months Fair Value	0	923
Over Twelve Months Gross Unrealized Losses	(21)	(14)
Over Twelve Months Fair Value	851	857
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	(28)
Less Than Twelve Months Fair Value	0	4,170
Over Twelve Months Gross Unrealized Losses	(14)	(27)
Over Twelve Months Fair Value	$ 693	$ 694

SECURITIES AVAILABLE FOR SALE33

SECURITIES AVAILABLE FOR SALE (Details Textual)	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Debt Securities Aggregate Depreciation Percentage	0.98%

LOANS AND ALLOWANCE FOR LOAN 34

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Total loans	$ 516,795	$ 512,482
Allowance for loan losses	(5,174)	(5,112)
Net deferred loan origination fees	(40)	(63)
Loans, net	511,581	507,307
Commercial [Member]
Total loans	27,430	23,681
Consumer Loan [Member]
Total loans	31,857	34,339
Residential - fixed [Member]
Total loans	18,139	18,414
Residential - variable [Member]
Total loans	243,310	238,056
Commercial Real Estate [Member]
Total loans	104,902	103,106
Construction [Member]
Total loans	91,157	94,886
Secured [Member]
Total loans	27,152	23,557
Unsecured [Member]
Total loans	278	124
Home equity lines of credit [Member]
Total loans	31,603	34,083
Other Consumer [Member]
Total loans	254	256
Real estate loans [Member]
Total loans	$ 457,508	$ 454,462

LOANS AND ALLOWANCE FOR LOAN 35

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Allowance Beginning Balance	$ 5,112	$ 4,738
Provision (credit) for loan losses	62	50
Loans charged off		(72)
Allowance Ending Balance	5,174	4,716
Commercial [Member]
Allowance Beginning Balance	509	428
Provision (credit) for loan losses	80	(11)
Loans charged off		0
Allowance Ending Balance	589	417
Residential Real Estate [Member]
Allowance Beginning Balance	1,490	1,710
Provision (credit) for loan losses	30	(168)
Loans charged off		(17)
Allowance Ending Balance	1,520	1,525
Commercial Real Estate [Member]
Allowance Beginning Balance	1,025	1,056
Provision (credit) for loan losses	18	15
Loans charged off		(55)
Allowance Ending Balance	1,043	1,016
Construction [Member]
Allowance Beginning Balance	1,684	1,273
Provision (credit) for loan losses	(97)	71
Loans charged off		0
Allowance Ending Balance	1,587	1,344
Home equity lines of credit [Member]
Allowance Beginning Balance	238	224
Provision (credit) for loan losses	(17)	(18)
Loans charged off		0
Allowance Ending Balance	221	206
Other Consumer [Member]
Allowance Beginning Balance	2	4
Provision (credit) for loan losses	0	0
Loans charged off		0
Allowance Ending Balance	2	4
Unallocated [Member]
Allowance Beginning Balance	164	43
Provision (credit) for loan losses	48	161
Loans charged off		0
Allowance Ending Balance	$ 212	$ 204

LOANS AND ALLOWANCE FOR LOAN 36

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Allowance related to impaired loans	$ 0	$ 0
Allowance related to non-impaired loans	5,174	5,112
Total allowance	5,174	5,112	$ 4,716	$ 4,738
Impaired loan balances	1,169	1,649
Non-impaired loan balances	515,626	510,833
Total loans	516,795	512,482
Commercial [Member]
Allowance related to impaired loans	0	0
Allowance related to non-impaired loans	589	509
Total allowance	589	509	417	428
Impaired loan balances	9	11
Non-impaired loan balances	27,421	23,670
Total loans	27,430	23,681
Residential Real Estate [Member]
Allowance related to impaired loans	0	0
Allowance related to non-impaired loans	1,520	1,490
Total allowance	1,520	1,490	1,525	1,710
Impaired loan balances	495	959
Non-impaired loan balances	260,954	255,511
Total loans	261,449	256,470
Commercial Real Estate [Member]
Allowance related to impaired loans	0	0
Allowance related to non-impaired loans	1,043	1,025
Total allowance	1,043	1,025	1,016	1,056
Impaired loan balances	631	645
Non-impaired loan balances	104,271	102,461
Total loans	104,902	103,106
Construction [Member]
Allowance related to impaired loans	0	0
Allowance related to non-impaired loans	1,587	1,684
Total allowance	1,587	1,684	1,344	1,273
Impaired loan balances	0	0
Non-impaired loan balances	91,157	94,886
Total loans	91,157	94,886
Home equity lines of credit [Member]
Allowance related to impaired loans	0	0
Allowance related to non-impaired loans	221	238
Total allowance	221	238	206	224
Impaired loan balances	34	34
Non-impaired loan balances	31,569	34,049
Total loans	31,603	34,083
Other Consumer [Member]
Allowance related to impaired loans	0	0
Allowance related to non-impaired loans	2	2
Total allowance	2	2	4	4
Impaired loan balances	0	0
Non-impaired loan balances	254	256
Total loans	254	256
Unallocated [Member]
Allowance related to impaired loans	0	0
Allowance related to non-impaired loans	212	164
Total allowance	212	164	$ 204	$ 43
Impaired loan balances	0	0
Non-impaired loan balances	0	0
Total loans	$ 0	$ 0

LOANS AND ALLOWANCE FOR LOAN 37

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 3) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Total Past Due	$ 731	$ 1,418
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	985	1,463
Commercial Loan [Member]
Total Past Due	0	0
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	9	11
Financing Receivables, 30 to 59 Days Past Due [Member]
Total Past Due	0	101
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Loan [Member]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due [Member]
Total Past Due	100	0
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Loan [Member]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Total Past Due	631	1,317
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Loan [Member]
Total Past Due	0	0
Residential Real Estate [Member]
Total Past Due	100	773
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	311	773
Residential Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Total Past Due	0	101
Residential Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Total Past Due	100	0
Residential Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Total Past Due	0	672
Commercial Real Estate [Member]
Total Past Due	631	645
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	631	645
Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Total Past Due	0	0
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	631	645
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	34
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 38

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 4) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Impaired loans Recorded Investment, Without a Valuation Allowance	$ 1,169	$ 1,649
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	1,240	1,721
Total impaired loans Recorded Investment	1,169	1,649
Total impaired loans Unpaid Principal Balance	1,240	1,721
Residential Real Estate [Member]
Impaired loans Recorded Investment, Without a Valuation Allowance	495	959
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	512	976
Commercial Real Estate [Member]
Impaired loans Recorded Investment, Without a Valuation Allowance	631	645
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	685	700
Home equity lines of credit [Member]
Impaired loans Recorded Investment, Without a Valuation Allowance	34	34
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	34	34
Commercial [Member]
Impaired loans Recorded Investment, Without a Valuation Allowance	9	11
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	$ 9	$ 11

LOANS AND ALLOWANCE FOR LOAN 39

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 5) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Average Recorded Investment	$ 1,294	$ 4,948
Interest Income Recognized	6	60
Interest Income Recognized on Cash Basis	6	60
Commercial [Member]
Average Recorded Investment	9	21
Interest Income Recognized	0	0
Interest Income Recognized on Cash Basis	0	0
Residential real estate [Member]
Average Recorded Investment	612	1,502
Interest Income Recognized	6	20
Interest Income Recognized on Cash Basis	6	20
Commercial real estate [Member]
Average Recorded Investment	639	3,279
Interest Income Recognized	0	39
Interest Income Recognized on Cash Basis	0	39
Home equity lines of credit [Member]
Average Recorded Investment	34	146
Interest Income Recognized	0	1
Interest Income Recognized on Cash Basis	$ 0	$ 1

LOANS AND ALLOWANCE FOR LOAN 40

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Loans	$ 223,489	$ 221,673
Loans rated 1-4 [Member]
Loans	216,753	213,174
Loans rated 5 [Member]
Loans	6,097	7,843
Loans rated 6 [Member]
Loans	9	11
Loans rated 7 [Member]
Loans	630	645
Commercial Real Estate [Member]
Loans	104,902	103,106
Commercial Real Estate [Member] | Loans rated 1-4 [Member]
Loans	99,160	95,603
Commercial Real Estate [Member] | Loans rated 5 [Member]
Loans	5,112	6,858
Commercial Real Estate [Member] | Loans rated 6 [Member]
Loans	0	0
Commercial Real Estate [Member] | Loans rated 7 [Member]
Loans	630	645
Construction [Member]
Loans	91,157	94,886
Construction [Member] | Loans rated 1-4 [Member]
Loans	91,157	94,886
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	27,430	23,681
Commercial [Member] | Loans rated 1-4 [Member]
Loans	26,436	22,685
Commercial [Member] | Loans rated 5 [Member]
Loans	985	985
Commercial [Member] | Loans rated 6 [Member]
Loans	9	11
Commercial [Member] | Loans rated 7 [Member]
Loans	$ 0	$ 0

LOANS AND ALLOWANCE FOR LOAN 41

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Loans and Leases Receivable, Gross	$ 516,795	$ 512,482
Loan rated 9 [Member] | Maximum [Member] | Commercial Loan [Member]
Loans and Leases Receivable, Gross	$ 25
Credit Rating Eleven [Member] | Maximum [Member]
Period After Credit Rating Assignment	60 days

FAIR VALUES OF ASSETS AND LIA42

FAIR VALUES OF ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 67,158	$ 62,459
Derivative loan commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	19	2
Securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	67,131	62,434
Forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	8	23
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Fair Value, Inputs, Level 1 [Member] | Derivative loan commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	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 liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	67,158	62,459
Fair Value, Inputs, Level 2 [Member] | Derivative loan commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	19	2
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	67,131	62,434
Fair Value, Inputs, Level 2 [Member] | Forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	8	23
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Fair Value, Inputs, Level 3 [Member] | Derivative loan commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	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 liabilities	$ 0	$ 0

FAIR VALUES OF ASSETS AND LIA43

FAIR VALUES OF ASSETS AND LIABILITIES (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Loans held for sale	$ 1,480	$ 1,131
Reported Value Measurement [Member]
Loans held for sale	0	0
Level 3 [Member]
Loans held for sale	0	0
Level 3 [Member] | Reported Value Measurement [Member]
Loans held for sale	1,480	1,131
Fair Value, Inputs, Level 1 [Member]
Loans held for sale	0	0
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member]
Loans held for sale	$ 0	$ 0

FAIR VALUES OF ASSETS AND LIA44

FAIR VALUES OF ASSETS AND LIABILITIES (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Loans Held For Sale [Member]
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items]
Total gain (Loss)	$ (5)	$ (4)

FAIR VALUES OF ASSETS AND LIA45

FAIR VALUES OF ASSETS AND LIABILITIES (Details 3) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial assets:
Cash and cash equivalents	$ 18,377	$ 28,178
Certificates of deposit	100	100
Securities available for sale	67,131	62,434
FHLB stock	5,137	5,524
Loans held for sale	1,480	1,131
Loans, net	509,569	503,854
Accrued interest receivable	1,555	1,432
Derivative loan commitments	19	2
Forward loan sale commitments	8	23
Financial liabilities:
Deposits	472,156	464,157
Short-term borrowings	10,000	20,000
Long-term debt	73,046	72,665
Subordinated debt	9,743	9,734
Accrued interest payable	87	93
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents	18,377	28,178
Certificates of deposit	100	100
Securities available for sale	0	0
FHLB stock	0	0
Loans held for sale	0	0
Loans, net	0	0
Accrued interest receivable	0	0
Derivative loan commitments	0	0
Forward loan sale commitments	0	0
Financial liabilities:
Deposits	0	0
Short-term borrowings	0	0
Long-term debt	0	0
Subordinated debt	0	0
Accrued interest payable	0	0
Fair Value, Inputs, Level 2 [Member]
Financial assets:
Cash and cash equivalents	0	0
Certificates of deposit	0	0
Securities available for sale	67,131	62,434
FHLB stock	0	0
Loans held for sale	1,480	1,131
Loans, net	0	0
Accrued interest receivable	0	0
Derivative loan commitments	19	2
Forward loan sale commitments	8	23
Financial liabilities:
Deposits	0	0
Short-term borrowings	10,000	20,000
Long-term debt	73,046	72,665
Subordinated debt	9,743	9,734
Accrued interest payable	0	0
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	5,137	5,524
Loans held for sale	0	0
Loans, net	509,569	503,854
Accrued interest receivable	1,555	1,432
Derivative loan commitments	0	0
Forward loan sale commitments	0	0
Financial liabilities:
Deposits	472,156	464,157
Short-term borrowings	0	0
Long-term debt	0	0
Subordinated debt	0	0
Accrued interest payable	87	93
Reported Carrying Amount Measurement [Member]
Financial assets:
Cash and cash equivalents	18,377	28,178
Certificates of deposit	100	100
Securities available for sale	67,131	62,434
FHLB stock	5,137	5,524
Loans held for sale	0	0
Loans, net	511,581	507,307
Accrued interest receivable	1,555	1,432
Derivative loan commitments	19	2
Forward loan sale commitments	8	23
Financial liabilities:
Deposits	4,713,167	463,738
Short-term borrowings	10,000	20,000
Long-term debt	72,776	72,860
Subordinated debt	9,743	9,734
Accrued interest payable	87	93
Reported Carrying Amount Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Financial assets:
Loans held for sale	0	0
Reported Carrying Amount Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Financial assets:
Loans held for sale	$ 1,480	$ 1,131

EMPLOYEE STOCK OWNERSHIP PLAN46

EMPLOYEE STOCK OWNERSHIP PLAN (Details) - shares	Mar. 31, 2016	Mar. 31, 2015
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Allocated	47,095
Committed to be allocated	3,210	3,209
Unallocated	138,010
Employee Stock Ownership Plan (ESOP), Shares in ESOP	188,315

EMPLOYEE STOCK OWNERSHIP PLAN47

EMPLOYEE STOCK OWNERSHIP PLAN (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	$ 2,600
Employee Stock Ownership Plan (ESOP), Shares in ESOP	188,315
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 59	$ 60

EQUITY INCENTIVE PLAN (Details)

EQUITY INCENTIVE PLAN (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Options
Outstanding at beginning of period | shares	225
Granted | shares	0
Exercised | shares	0
Forfeited | shares	0
Outstanding at end of period | shares	225
Options exercisable at end of period | shares	119
Weighted Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 16.01
Granted | $ / shares	0
Exercised | $ / shares	0
Forfeited | $ / shares	0
Outstanding at end of period | $ / shares	16.01
Exercisable at end of period | $ / shares	$ 15.55
Weighted Average Remaining Contractual Term
Outstanding at end of period	6 years 10 months 28 days
Exercisable at end of period	6 years 10 months 10 days
Aggregate intrinsic value
Aggregate intrinsic value | $	$ 719
Exercisable at end of period | $	$ 434

EQUITY INCENTIVE PLAN (Details

EQUITY INCENTIVE PLAN (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense for non-vested stock options	$ 399
Unrecognized compensation expense, recognition period	1 year 10 months 28 days
Compensation expense for stock award plan	$ 74	$ 80
Recognize tax Benefit	$ 30	32
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, recognition period	2 years 1 month 20 days
Equity Incentive Plan, options granted	96,286
Unrecognized compensation expense for non-vested restricted stock	$ 570
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognize tax Benefit	9	9
Share base compensation expenses applicable to stock option plan	$ 53	$ 47
2012 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Plan, options granted	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
	Mar. 31, 2016	Mar. 31, 2015
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Net income applicable to common stock	$ 732	$ 459
Average number of common shares outstanding	2,458,553	2,459,138
Less: Average unallocated ESOP shares	(139,616)	(152,454)
Average number of common shares outstanding used to calculate basic earnings per common share	2,318,937	2,306,684
Effect of dilutive of stock options	20,863	11,910
Average number of common shares outstanding used to calculate diluted earnings per common share	2,339,800	2,318,594
Earnings per common share:
Basic	$ 0.32	$ 0.20
Diluted	$ 0.31	$ 0.20

EARNINGS PER COMMON SHARE (De51

EARNINGS PER COMMON SHARE (Details Textual) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	43,400	6,601

STOCK REPURCHASE PLAN (Details

STOCK REPURCHASE PLAN (Details Textual) shares in Thousands	3 Months Ended
	Mar. 31, 2016shares
Repurchase Agreement Counterparty [Line Items]
Shares authorized for repurchase, percentage of outstanding common stock	4.00%
Stock Repurchase Plan [Member]
Repurchase Agreement Counterparty [Line Items]
Shares repurchased and retired	40,535
Maximum [Member]
Repurchase Agreement Counterparty [Line Items]
Shares authorized for repurchase	96,286

DIVIDENDS DECLARED (Details Tex

DIVIDENDS DECLARED (Details Textual)	1 Months Ended
	Feb. 17, 2016$ / shares
Dividends Payable [Line Items]
Cash dividend declared	$ 0.03
Dividend declared date	Feb. 17, 2016
Dividend payable date	Mar. 2, 2016
Dividend payable, date of record	Mar. 2, 2016