Wellesley Bancorp 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
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		2,458,533

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 3,068	$ 2,674
Short-term investments	21,591	25,504
Total cash and cash equivalents	24,659	28,178
Certificates of deposit	100	100
Securities available for sale, at fair value	67,418	62,434
Federal Home Loan Bank of Boston stock, at cost	5,639	5,524
Loans held for sale	2,217	1,131
Loans	553,844	512,419
Less allowance for loan losses	(5,307)	(5,112)
Loans, net	548,537	507,307
Bank-owned life insurance	7,246	7,073
Premises and equipment, net	3,976	3,468
Accrued interest receivable	1,667	1,432
Net deferred tax asset	2,216	2,479
Other assets	2,604	2,056
Total assets	666,279	621,182
Deposits:
Noninterest-bearing	81,508	64,638
Interest-bearing	414,324	399,100
Total deposits	495,832	463,738
Short-term borrowings	24,250	20,000
Long-term debt	78,106	72,860
Subordinated debt	9,761	9,734
Accrued expenses and other liabilities	2,959	2,672
Total liabilities	610,908	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 September 30, 2016 and December 31, 2015	25	25
Additional paid-in capital	24,470	23,992
Retained earnings	31,355	29,411
Accumulated other comprehensive income	837	162
Unearned compensation - ESOP	(1,316)	(1,412)
Total stockholders' equity	55,371	52,178
Total liabilities and stockholders' equity	$ 666,279	$ 621,182

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Sep. 30, 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest and dividend income:
Interest and fees on loans and loans held for sale	$ 5,838	$ 5,342	$ 17,009	$ 15,160
Debt securities:
Taxable	355	204	1,025	685
Tax-exempt	54	50	161	143
Short-term investments and certificates of deposit	17	8	57	24
FHLB stock	48	36	143	68
Total interest and dividend income	6,312	5,640	18,395	16,080
Interest expense:
Deposits	781	722	2,320	2,007
Short-term borrowings	29	24	69	45
Long-term debt	254	223	760	583
Subordinated debt	159	0	477	0
Total interest expense	1,223	969	3,626	2,635
Net interest income	5,089	4,671	14,769	13,445
Provision for loan losses	125	150	312	300
Net interest income, after provision for loan losses	4,964	4,521	14,457	13,145
Noninterest income:
Customer service fees	16	29	74	92
Mortgage banking activities	71	34	218	133
Gain on sale of securities, net	0	28	16	28
Income on bank-owned life insurance	58	58	173	173
Wealth management fees	260	130	709	339
Miscellaneous	10	11	80	31
Total noninterest income	415	290	1,270	796
Noninterest expense:
Salaries and employee benefits	2,439	2,126	7,119	6,588
Occupancy and equipment	770	703	2,239	2,018
Data processing	201	162	574	480
FDIC insurance	122	93	281	279
Professional fees	244	182	713	556
Other general and administrative	385	410	1,208	1,188
Total noninterest expense	4,161	3,676	12,134	11,109
Income before income taxes	1,218	1,135	3,593	2,832
Provision for income taxes	463	435	1,379	1,088
Net income	755	700	2,214	1,744
Other comprehensive income (loss):
Net unrealized holding gains (losses) on available-for-sale securities	(214)	197	1,101	(51)
Reclassification adjustment for net gain on sale of securities recognized in noninterest income	0	(28)	(16)	(28)
Income tax benefit (expense)	77	(65)	(410)	29
Total other comprehensive income (loss)	(137)	104	675	(50)
Comprehensive income	$ 618	$ 804	$ 2,889	$ 1,694
Earnings per common share:
Basic	$ 0.32	$ 0.3	$ 0.95	$ 0.76
Diluted	$ 0.32	$ 0.3	$ 0.94	$ 0.75
Weighted average shares outstanding:
Basic	2,325,356	2,313,103	2,322,147	2,309,894
Diluted	2,364,437	2,334,529	2,352,110	2,326,123

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	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 benefit from stock based compensation	2	0	2	0	0	0
ESOP shares committed to be allocated	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
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	2,889	$ 0	0	2,214	675	0
Dividends paid to common stockholders	(270)	0	0	(270)	0	0
Share-based compensation- equity incentive plan	381	0	381	0	0	0
Tax benefit from stock based compensation	2	0	2	0	0	0
ESOP shares committed to be allocated	191	0	95	0	0	96
Balance at Sep. 30, 2016	$ 55,371	$ 25	$ 24,470	$ 31,355	$ 837	$ (1,316)
Balance (in shares) at Sep. 30, 2016		2,458,553

CONSOLIDATED STATEMENTS OF CHA6

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Parenthetical]	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Dividends paid to common stockholders, per share | $ / shares	$ 0.11
ESOP shares committed to be allocated, Shares | shares	9,629

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 2,214	$ 1,744
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	312	300
Depreciation and amortization	555	488
Net amortization of securities	226	194
Gain on sale of securities, net	(16)	(28)
Principal amount of loans sold	21,453	18,874
Loans originated for sale	(22,539)	(18,471)
Accretion of net deferred loan fees	(418)	(278)
Amortization of subordinated debt issuance costs	27	0
Income on bank-owned life insurance	(173)	(173)
Deferred income tax benefit	(147)	(195)
ESOP expense	191	185
Share-based compensation	381	372
Net change in other assets and liabilities	(496)	50
Net cash provided by operating activities	1,570	3,062
Activity in securities available for sale:
Maturities, prepayments and calls	12,559	16,229
Purchases	(17,756)	(15,827)
Proceeds from sales of securities, net	1,088	1,861
Purchase of Federal Home Loan Bank stock	(115)	(1,545)
Loan originations, net of principal payments	(41,124)	(58,711)
Additions to premises and equipment	(1,063)	(169)
Net cash used by investing activities	(46,411)	(58,162)
Cash flows from financing activities:
Net increase in deposits	32,094	30,472
Proceeds from long-term debt	17,585	15,500
Repayments of long-term debt	(12,339)	(8,055)
Increase in short-term borrowings	4,250	14,000
Excess tax benefits from share-based compensation	2	2
Cash dividends paid on common stock	(270)	(209)
Net cash provided by financing activities	41,322	51,710
Net change in cash and cash equivalents	(3,519)	(3,390)
Cash and cash equivalents at beginning period	28,178	19,271
Cash and cash equivalents at end of period	24,659	15,881
Supplementary information:
Interest paid	3,134	2,615
Income taxes paid	$ 1,210	$ 943

BASIS OF PRESENTATION AND CONSO

BASIS OF PRESENTATION AND CONSOLIDATION	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 three and 10 The qualitative factor adjustments are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate – The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial real estate – Loans in this segment are primarily income-producing properties in the Company’s primary market areas in eastern Massachusetts. The underlying cash flows generated by the properties 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 the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Residential construction loans in this segment also include loans to build one-to-four family owner-occupied properties which are subject to the same credit quality factors as residential real estate. Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Home equity lines of credit – Loans in this segment are collateralized by one-to-four family residential real estate and repayment is dependent on the credit quality of the individual borrower. The 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, the fair value of the loan or, if the loan is collateral dependent, by the fair value of the collateral, less estimated costs to sell. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller-balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify performing individual residential and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated component An unallocated component is maintained to cover additional uncertainties in management’s estimation of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Comprehensive Income (Loss) Note [Text Block]	NOTE 3 COMPREHENSIVE INCOME Accounting principles generally require that recognized revenue, expenses, and 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, 2016 2015 (In thousands) Unrealized holding gains on securities available for sale $ 1,335 $ 250 Tax effect (498) (88) Net-of tax amount $ 837 $ 162

RECENT ACCOUNTING AND REGULATOR

RECENT ACCOUNTING AND REGULATORY PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 4 RECENT ACCOUNTING AND REGULATORY PRONOUNCEMENTS In May 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842 In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718). In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326,

SECURITIES AVAILABLE FOR SALE

SECURITIES AVAILABLE FOR SALE	9 Months Ended
	Sep. 30, 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 September 30, 2016 Amortized Gross Gross Fair (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 4,055 $ 90 $ (25) $ 4,120 Government-sponsored enterprises 13,619 409 (2) 14,026 SBA and other asset-backed securities 12,834 323 (38) 13,119 State and municipal bonds 8,379 319 (3) 8,695 Government-sponsored enterprise obligations 8,999 3 (9) 8,993 Corporate bonds 18,197 284 (16) 18,465 $ 66,083 $ 1,428 $ (93) $ 67,418 December 31, 2015 Amortized Gross Gross Fair (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 Amortized Fair (In thousands) Within 1 year $ 10,102 $ 10,102 After 1 year to 5 years 13,222 13,458 After 5 years to 10 years 11,309 11,629 After 10 years 942 964 35,575 36,153 Mortgage- and asset-backed securities 30,508 31,265 $ 66,083 $ 67,418 For the three months ended September 30, 2016, proceeds from sales of available-for-sale securities amounted to $ 995 1.1 16 For the three and nine months ended September 30, 2015, proceeds from sales of available-for-sale securities amounted to $ 1.9 37 9 Less Than Twelve Months Over Twelve Months Gross Fair Gross Fair (In thousands) September 30, 2016 Residential mortgage-backed securities: Government National Mortgage Association $ — $ — $ (25) $ 846 Government-sponsored enterprises — — (2) 608 SBA and other asset-backed securities — — (38) 2,493 State and municipal bonds (1) 234 (2) 396 Government-sponsored enterprise obligations (9) 2,990 — — Corporate bonds (11) 1,018 (5) 992 $ (21) $ 4,242 $ (72) $ 5,335 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) $ 4,114 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, 2016, various debt securities have unrealized losses with aggregate depreciation of 1.0

LOANS AND ALLOWANCE FOR LOAN LO

LOANS AND ALLOWANCE FOR LOAN LOSSES	9 Months Ended
	Sep. 30, 2016
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, 2016 2015 (In thousands) Real estate loans: Residential – fixed $ 18,221 $ 18,414 Residential – variable 248,064 238,056 Commercial 112,790 103,106 Construction 103,250 94,886 482,325 454,462 Commercial loans: Secured 37,475 23,557 Unsecured 223 124 37,698 23,681 Consumer loans: Home equity lines of credit 33,561 34,083 Other 221 256 33,782 34,339 Total loans 553,805 512,482 Less: Allowance for loan losses (5,307) (5,112) Net deferred origination costs (fees) 39 (63) Loans, net $ 548,537 $ 507,307 Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) Three Months Ended September 30, 2016 Allowance at June 30, 2016 $ 1,373 $ 1,036 $ 1,704 $ 643 $ 249 $ 3 $ 178 $ 5,186 Provision (credit) for loan losses 46 30 (8) 92 3 — (38) 125 Loans charged off (4) — — — — — — (4) Allowance at September 30, 2016 $ 1,415 $ 1,066 $ 1,696 $ 735 $ 252 $ 3 $ 140 $ 5,307 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 Allowance at September 30, 2015 $ 1,528 $ 1,037 $ 1,483 $ 470 $ 220 $ 3 $ 225 $ 4,966 Nine Months Ended September 30, 2016 Allowance at December 31, 2015 $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Provision (credit) for loan losses 31 41 12 226 25 1 (24) 312 Loans charged off (106) — — (11) — — (117) Allowance at September 30, 2016 $ 1,415 $ 1,066 $ 1,696 $ 735 $ 252 $ 3 $ 140 $ 5,307 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 Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) September 30, 2016 Allowance related to impaired loans $ — $ — $ — $ — $ — $ — $ — $ — Allowance related to non-impaired loans 1,415 1,066 1,696 735 252 3 140 5,307 Total allowance $ 1,415 $ 1,066 $ 1,696 $ 735 $ 252 $ 3 $ 140 $ 5,307 Impaired loan balances $ 180 $ 601 $ — $ 3 $ — $ — $ — $ 784 Non-impaired loan balances 266,105 112,189 103,250 37,695 33,561 221 — 553,021 Total loans $ 266,285 $ 112,790 $ 103,250 $ 37,698 $ 33,561 $ 221 $ — $ 553,805 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 30-59 60-89 Days Past Due 90 Total Past Due 90 Non-accrual (In thousands) September 30, 2016 Residential real estate $ 1,015 $ — $ — $ 1,015 $ — $ — Commercial real estate — — 601 601 — 601 Commercial — — — — — 3 Home equity lines of credit 93 — — 93 — — Total $ 1,108 $ — $ 601 $ 1,709 $ — $ 604 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 September 30, 2016 December 31, 2015 Recorded Unpaid Recorded Unpaid (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 180 $ 198 $ 959 $ 976 Commercial real estate 601 656 645 700 Commercial 3 3 11 11 Home equity lines of credit — — 34 34 Total impaired loans without a valuation allowance 784 857 1,649 1,721 Total impaired loans $ 784 $ 857 $ 1,649 $ 1 ,721 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 285 $ 2 $ — $ 394 $ 13 $ 8 Commercial real estate 610 — — 625 — — Commercial 5 — — 8 — — Home equity lines of credit 12 — — 19 1 1 Total $ 912 $ 2 $ — $ 1,046 $ 14 $ 9 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 No additional funds are committed to be advanced in connection with impaired loans. There were no new TDRs recorded during the three and nine months ended September 30, 2016. The Company recorded TDRs totaling $ 187 There were no TDRs that defaulted during the three and nine months ended September 30, 2016 and 2015, and for which default was within one year of the restructure date. Generally TDR loans are considered to be in default at 90 days past due. 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 or “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, 2016 December 31, 2015 Commercial Construction Commercial Total Commercial Construction Commercial Total (In thousands) Loans rated 1 -4 $ 107,214 $ 103,250 $ 35,697 $ 246,161 $ 95,603 $ 94,886 $ 22,685 $ 213,174 Loans rated 5 4,975 — 1,998 6,973 6,858 — 985 7,843 Loans rated 6 — — 3 3 — — 11 11 Loans rated 7 601 — — 601 645 — — 645 Total $ 112,790 $ 103,250 $ 37,698 $ 253,738 $ 103,106 $ 94,886 $ 23,681 $ 221,673

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
Financial Liabilities Fair Value Disclosure [Abstract]
Financial Instruments Disclosure [Text Block]	NOTE 7 – FAIR VALUES OF FINANCIAL INSTRUMENTS Fair value hierarchy The Company groups its assets generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based on quoted market prices in active exchange markets for identical assets and liabilities. Valuations are obtained from readily available pricing sources. Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. Valuations are obtained from readily available pricing sources. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Level 3 assets include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as 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 Securities available for sale Federal Home Loan Bank (“FHLB”) stock Loans held for sale Loans, net Deposits Short-term borrowings Long-term debt Subordinated debt Accrued interest Forward loan sale commitments and derivative loan commitments Off-balance sheet instruments Assets measured at fair value on a recurring basis September 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) Assets Securities available for sale $ — $ 67,418 $ — $ 67,418 Forward loan sale commitments — 20 — 20 Total assets $ — $ 67,438 $ — $ 67,438 December 31, 2015 Level 1 Level 2 Level 3 Total (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 September 30, 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 financial 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. September 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ — $ — $ 2,217 $ — $ — $ 1,131 Impaired loans — — 781 — — 185 $ — $ — $ 2,998 $ — $ — $ 1,316 Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Loans held for sale $ (18) $ (25) $ (18) $ (25) Impaired loans (4) — (118) (72) $ (22) $ (25) $ (136) $ (97) Loans held for sale (“LHFS”) are evaluated for losses associated with the application of LOCOM accounting. At September 30, 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. Losses applicable to certain impaired loans are estimated using the appraised value of the underlying collateral considering discounting factors and adjusted for selling costs. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the overall adequacy of the allowance for loan losses. Adjustments to the estimated fair value of impaired loans may result in increases or decreases to the provision for loan losses. There are no liabilities measured at fair value on a non-recurring basis at September 30, 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. Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) September 30, 2016 Financial assets: Cash and cash equivalents $ 24,659 $ 24,659 $ — $ — $ 24,659 Certificates of deposit 100 100 — — 100 Securities available for sale 67,418 — 67,418 — 67,418 FHLB stock 5,639 — — 5,639 5,639 Loans held for sale 2,217 — — 2,217 2,217 Loans, net 548,537 — — 557,177 557,177 Accrued interest receivable 1,667 — — 1,667 1,667 Forward loan sale commitments 20 — 20 — 20 Financial liabilities: Deposits $ 495,832 $ — $ — $ 496,729 $ 496,729 FHLB borrowings 102,356 — 102,900 — 102,900 Subordinated debt 9,761 — — 9,761 9,761 Accrued interest payable 106 — — 106 106 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 FHLB borrowings 92,860 — 92,665 — 92,664 Subordinated debt 9,734 — — 9,734 9,734 Accrued interest payable 93 — — 93 93

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	9 Months Ended
	Sep. 30, 2016
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 for the 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, 2016, the ESOP held 186,338 7.58 15 3.25 Allocated 45,117 Committed to be allocated 9,629 Unallocated 131,592 186,338 The fair value of unallocated shares was $ 2.9 Total compensation expense recognized in connection with the ESOP for the three and nine month periods ended September 30, 2016 was $ 68 191

EQUITY INCENTIVE PLANS

EQUITY INCENTIVE PLANS	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 9 – EQUITY INCENTIVE PLANS Under the Company’s 2016 Equity Incentive Plan (the “2016 Equity Incentive Plan”), effective July 27, 2016, the Company may grant restricted stock awards to its employees and directors for up to 75,000 . On October 1, 2016, the Board of Directors granted stock awards of 26,000 to certain management, employees, and directors. The fair value of the stock awards, based on the market price on October 3, 2016, will be recorded as unearned compensation, and will be amortized over the vesting period. Under the Company’s 2012 Equity Incentive Plan (the “2012 Equity Incentive Plan”), the Company granted stock options to its employees and directors in the form of incentive stock options and non-qualified stock options totaling 231,894 10 20 Under the 2012 Equity Incentive Plan, the Company also granted stock awards to management, employees and directors. Awarded shares are held in reserve for each grantee by the Company’s transfer agent, and will be issued from previously authorized but unissued shares upon vesting. The fair value of the stock awards, based on the market price at the grant date, is recognized over the five-year vesting period . The Company’s 2012 Equity Incentive Plan was terminated upon approval of the 2016 Equity Incentive Plan. Stock Options Options Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at January 1, 2016 225 $ 16.01 7.16 $ 968 Granted — — — Exercised — — — Forfeited — — — Outstanding at September 30, 2016 225 $ 16.01 6.41 $ 1,332 Options exercisable at September 30, 2016 119 $ 15.55 6.11 $ 758 For the three months ended September 30, 2016 and 2015, compensation expense applicable to the stock options was $ 53 51 10 For the nine months ended September 30, 2016 and 2015, compensation expense applicable to the stock options was $ 159 149 28 Unrecognized compensation expense for non-vested stock options totaled $ 292 1.41 Stock Awards There was no activity in non-vested restricted stock awards under the 2016 Equity Incentive Plan or the 2012 Equity Incentive Plan for the nine months ended September 30, 2016. For the three months ended September 30, 2016 and 2015, compensation expense applicable to the stock awards was $ 74 71 30 28 For the nine months ended September 30, 2016 and 2015, compensation expense applicable to the stock awards was $ 222 223 89 Unrecognized compensation expense for non-vested restricted stock totaled $ 421 1.64

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 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 2012 and 2016 Equity Incentive Plans, 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 2016 2015 2016 2015 (Dollars in thousands, except per share data) Net income applicable to common stock $ 755 $ 700 $ 2,214 $ 1,744 Average number of common shares issued 2,458,553 2,459,138 2,458,553 2,459,138 Less: Average unallocated ESOP shares (133,197) (146,035) (136,406) (149,244) Average number of common shares outstanding used to calculate basic earnings per common share 2,325,356 2,313,103 2,322,147 2,309,894 Effect of dilutive stock options 39,081 21,426 29,963 16,229 Average number of common shares outstanding used to calculate diluted earnings per share 2,364,437 2,334,529 2,352,110 2,326,123 Earnings per common share: Basic $ 0.32 $ 0.30 $ 0.95 $ 0.76 Diluted $ 0.32 $ 0.30 $ 0.94 $ 0.75 Options for 37,000 31,400

DIVIDENDS DECLARED

DIVIDENDS DECLARED	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Dividend Disclosure [Text Block]	NOTE 11 – DIVIDENDS DECLARED On August 17, 2016 0.04 September 7, 2016

LOAN POLICIES (Policies)

LOAN POLICIES (Policies)	9 Months Ended
	Sep. 30, 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 three and 10 The qualitative factor adjustments are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate – The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial real estate – Loans in this segment are primarily income-producing properties in the Company’s primary market areas in eastern Massachusetts. The underlying cash flows generated by the properties 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 the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Residential construction loans in this segment also include loans to build one-to-four family owner-occupied properties which are subject to the same credit quality factors as residential real estate. Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Home equity lines of credit – Loans in this segment are collateralized by one-to-four family residential real estate and repayment is dependent on the credit quality of the individual borrower. The 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, the fair value of the loan or, if the loan is collateral dependent, by the fair value of the collateral, less estimated costs to sell. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller-balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify performing individual residential and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated component An unallocated component is maintained to cover additional uncertainties in management’s estimation of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, 2016 2015 (In thousands) Unrealized holding gains on securities available for sale $ 1,335 $ 250 Tax effect (498) (88) Net-of tax amount $ 837 $ 162

SECURITIES AVAILABLE FOR SALE (

SECURITIES AVAILABLE FOR SALE (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2016 Amortized Gross Gross Fair (In thousands) Residential mortgage-backed securities: Government National Mortgage Association $ 4,055 $ 90 $ (25) $ 4,120 Government-sponsored enterprises 13,619 409 (2) 14,026 SBA and other asset-backed securities 12,834 323 (38) 13,119 State and municipal bonds 8,379 319 (3) 8,695 Government-sponsored enterprise obligations 8,999 3 (9) 8,993 Corporate bonds 18,197 284 (16) 18,465 $ 66,083 $ 1,428 $ (93) $ 67,418 December 31, 2015 Amortized Gross Gross Fair (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 September 30, 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 (In thousands) Within 1 year $ 10,102 $ 10,102 After 1 year to 5 years 13,222 13,458 After 5 years to 10 years 11,309 11,629 After 10 years 942 964 35,575 36,153 Mortgage- and asset-backed securities 30,508 31,265 $ 66,083 $ 67,418
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]	Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Than Twelve Months Over Twelve Months Gross Fair Gross Fair (In thousands) September 30, 2016 Residential mortgage-backed securities: Government National Mortgage Association $ — $ — $ (25) $ 846 Government-sponsored enterprises — — (2) 608 SBA and other asset-backed securities — — (38) 2,493 State and municipal bonds (1) 234 (2) 396 Government-sponsored enterprise obligations (9) 2,990 — — Corporate bonds (11) 1,018 (5) 992 $ (21) $ 4,242 $ (72) $ 5,335 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) $ 4,114

LOANS AND ALLOWANCE FOR LOAN 22

LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)	9 Months Ended
	Sep. 30, 2016
Notes and Loans Payable, Current [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	A summary of the ending balances of loans is as follows: September 30, December 31, 2016 2015 (In thousands) Real estate loans: Residential – fixed $ 18,221 $ 18,414 Residential – variable 248,064 238,056 Commercial 112,790 103,106 Construction 103,250 94,886 482,325 454,462 Commercial loans: Secured 37,475 23,557 Unsecured 223 124 37,698 23,681 Consumer loans: Home equity lines of credit 33,561 34,083 Other 221 256 33,782 34,339 Total loans 553,805 512,482 Less: Allowance for loan losses (5,307) (5,112) Net deferred origination costs (fees) 39 (63) Loans, net $ 548,537 $ 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 and nine months ended September 30, 2016 and 2015: Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) Three Months Ended September 30, 2016 Allowance at June 30, 2016 $ 1,373 $ 1,036 $ 1,704 $ 643 $ 249 $ 3 $ 178 $ 5,186 Provision (credit) for loan losses 46 30 (8) 92 3 — (38) 125 Loans charged off (4) — — — — — — (4) Allowance at September 30, 2016 $ 1,415 $ 1,066 $ 1,696 $ 735 $ 252 $ 3 $ 140 $ 5,307 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 Allowance at September 30, 2015 $ 1,528 $ 1,037 $ 1,483 $ 470 $ 220 $ 3 $ 225 $ 4,966 Nine Months Ended September 30, 2016 Allowance at December 31, 2015 $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Provision (credit) for loan losses 31 41 12 226 25 1 (24) 312 Loans charged off (106) — — (11) — — (117) Allowance at September 30, 2016 $ 1,415 $ 1,066 $ 1,696 $ 735 $ 252 $ 3 $ 140 $ 5,307 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
Allowance for Credit Losses on Financing Receivables [Table Text Block]	Additional information pertaining to the allowance for loan losses at September 30, 2016 and December 31, 2015 is as follows: Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) September 30, 2016 Allowance related to impaired loans $ — $ — $ — $ — $ — $ — $ — $ — Allowance related to non-impaired loans 1,415 1,066 1,696 735 252 3 140 5,307 Total allowance $ 1,415 $ 1,066 $ 1,696 $ 735 $ 252 $ 3 $ 140 $ 5,307 Impaired loan balances $ 180 $ 601 $ — $ 3 $ — $ — $ — $ 784 Non-impaired loan balances 266,105 112,189 103,250 37,695 33,561 221 — 553,021 Total loans $ 266,285 $ 112,790 $ 103,250 $ 37,698 $ 33,561 $ 221 $ — $ 553,805 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 September 30, 2016 and December 31, 2015: 30-59 60-89 Days Past Due 90 Total Past Due 90 Non-accrual (In thousands) September 30, 2016 Residential real estate $ 1,015 $ — $ — $ 1,015 $ — $ — Commercial real estate — — 601 601 — 601 Commercial — — — — — 3 Home equity lines of credit 93 — — 93 — — Total $ 1,108 $ — $ 601 $ 1,709 $ — $ 604 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 September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Recorded Unpaid Recorded Unpaid (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 180 $ 198 $ 959 $ 976 Commercial real estate 601 656 645 700 Commercial 3 3 11 11 Home equity lines of credit — — 34 34 Total impaired loans without a valuation allowance 784 857 1,649 1,721 Total impaired loans $ 784 $ 857 $ 1,649 $ 1 ,721
Impaired Financing Receivables By Class Of Loans [Table Text Block]	Additional information pertaining to impaired loans follows: Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 285 $ 2 $ — $ 394 $ 13 $ 8 Commercial real estate 610 — — 625 — — Commercial 5 — — 8 — — Home equity lines of credit 12 — — 19 1 1 Total $ 912 $ 2 $ — $ 1,046 $ 14 $ 9 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
Financing Receivable Credit Quality Indicators [Table Text Block]	The following table presents the Company’s loans by risk rating: September 30, 2016 December 31, 2015 Commercial Construction Commercial Total Commercial Construction Commercial Total (In thousands) Loans rated 1 -4 $ 107,214 $ 103,250 $ 35,697 $ 246,161 $ 95,603 $ 94,886 $ 22,685 $ 213,174 Loans rated 5 4,975 — 1,998 6,973 6,858 — 985 7,843 Loans rated 6 — — 3 3 — — 11 11 Loans rated 7 601 — — 601 645 — — 645 Total $ 112,790 $ 103,250 $ 37,698 $ 253,738 $ 103,106 $ 94,886 $ 23,681 $ 221,673

FAIR VALUES OF FINANCIAL INST23

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 are summarized below. September 30, 2016 Level 1 Level 2 Level 3 Total (In thousands) Assets Securities available for sale $ — $ 67,418 $ — $ 67,418 Forward loan sale commitments — 20 — 20 Total assets $ — $ 67,438 $ — $ 67,438 December 31, 2015 Level 1 Level 2 Level 3 Total (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 September 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ — $ — $ 2,217 $ — $ — $ 1,131 Impaired loans — — 781 — — 185 $ — $ — $ 2,998 $ — $ — $ 1,316
Gain Loss On Assets And Liabilities Measured At Fair Value On Nonrecurring Basis [Table Text Block]	The following table presents the total losses on loans held for sale and impaired loans for the three and nine month periods ended September 30, 2016 and 2015. Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Loans held for sale $ (18) $ (25) $ (18) $ (25) Impaired loans (4) — (118) (72) $ (22) $ (25) $ (136) $ (97)
Fair Value, by Balance Sheet Grouping [Table Text Block]	Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) September 30, 2016 Financial assets: Cash and cash equivalents $ 24,659 $ 24,659 $ — $ — $ 24,659 Certificates of deposit 100 100 — — 100 Securities available for sale 67,418 — 67,418 — 67,418 FHLB stock 5,639 — — 5,639 5,639 Loans held for sale 2,217 — — 2,217 2,217 Loans, net 548,537 — — 557,177 557,177 Accrued interest receivable 1,667 — — 1,667 1,667 Forward loan sale commitments 20 — 20 — 20 Financial liabilities: Deposits $ 495,832 $ — $ — $ 496,729 $ 496,729 FHLB borrowings 102,356 — 102,900 — 102,900 Subordinated debt 9,761 — — 9,761 9,761 Accrued interest payable 106 — — 106 106 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 FHLB borrowings 92,860 — 92,665 — 92,664 Subordinated debt 9,734 — — 9,734 9,734 Accrued interest payable 93 — — 93 93

EMPLOYEE STOCK OWNERSHIP PLAN (

EMPLOYEE STOCK OWNERSHIP PLAN (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 include the following: Allocated 45,117 Committed to be allocated 9,629 Unallocated 131,592 186,338

EQUITY INCENTIVE PLANS (Tables)

EQUITY INCENTIVE PLANS (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of option activity under the 2012 Equity Incentive Plan for the nine months ended September 30, 2016 is presented below: Options Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at January 1, 2016 225 $ 16.01 7.16 $ 968 Granted — — — Exercised — — — Forfeited — — — Outstanding at September 30, 2016 225 $ 16.01 6.41 $ 1,332 Options exercisable at September 30, 2016 119 $ 15.55 6.11 $ 758

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 2016
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 2016 2015 2016 2015 (Dollars in thousands, except per share data) Net income applicable to common stock $ 755 $ 700 $ 2,214 $ 1,744 Average number of common shares issued 2,458,553 2,459,138 2,458,553 2,459,138 Less: Average unallocated ESOP shares (133,197) (146,035) (136,406) (149,244) Average number of common shares outstanding used to calculate basic earnings per common share 2,325,356 2,313,103 2,322,147 2,309,894 Effect of dilutive stock options 39,081 21,426 29,963 16,229 Average number of common shares outstanding used to calculate diluted earnings per share 2,364,437 2,334,529 2,352,110 2,326,123 Earnings per common share: Basic $ 0.32 $ 0.30 $ 0.95 $ 0.76 Diluted $ 0.32 $ 0.30 $ 0.94 $ 0.75

LOAN POLICIES (Details Textual)

LOAN POLICIES (Details Textual)	9 Months Ended
	Sep. 30, 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	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized holding gains on securities available for sale	$ 1,335	$ 250
Tax effect	(498)	(88)
Net-of tax amount	$ 837	$ 162

SECURITIES AVAILABLE FOR SALE29

SECURITIES AVAILABLE FOR SALE (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 66,083	$ 62,184
Gross Unrealized Gains	1,428	572
Gross Unrealized Losses	(93)	(322)
Fair Value	67,418	62,434
SBA and other asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	12,834	11,680
Gross Unrealized Gains	323	142
Gross Unrealized Losses	(38)	(66)
Fair Value	13,119	11,756
State and municipal bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,379	7,231
Gross Unrealized Gains	319	186
Gross Unrealized Losses	(3)	(8)
Fair Value	8,695	7,409
Government-sponsored enterprise obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,999	10,002
Gross Unrealized Gains	3	2
Gross Unrealized Losses	(9)	(91)
Fair Value	8,993	9,913
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	18,197	16,724
Gross Unrealized Gains	284	13
Gross Unrealized Losses	(16)	(82)
Fair Value	18,465	16,655
Residential mortgage-backed securities [Member] | Government National Mortgage Association [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,055	4,563
Gross Unrealized Gains	90	81
Gross Unrealized Losses	(25)	(20)
Fair Value	4,120	4,624
Residential mortgage-backed securities [Member] | Government-sponsored enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	13,619	11,984
Gross Unrealized Gains	409	148
Gross Unrealized Losses	(2)	(55)
Fair Value	$ 14,026	$ 12,077

SECURITIES AVAILABLE FOR SALE30

SECURITIES AVAILABLE FOR SALE (Details 1) $ in Thousands	Sep. 30, 2016USD ($)
Available-for-sale Securities, Debt Maturities, Amortized Cost
Within 1 year	$ 10,102
After 1 year to 5 years	13,222
After 5 years to 10 years	11,309
After 10 years	942
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total	35,575
Mortgage- and asset-backed securities	30,508
Available-for-sale Debt Securities, Amortized Cost Basis, Total	66,083
Available-for-sale Securities, Debt Maturities, Fair Value
Within 1 year	10,102
After 1 year to 5 years	13,458
After 5 years to 10 years	11,629
After 10 years	964
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value Total	36,153
Mortgage- and asset-backed securities	31,265
Available-for-sale Securities, Debt Securities, Fair Value Total	$ 67,418

SECURITIES AVAILABLE FOR SALE31

SECURITIES AVAILABLE FOR SALE (Details 2) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	$ (21)	$ (220)
Less Than Twelve Months Fair Value	4,242	27,099
Over Twelve Months Gross Unrealized Losses	(72)	(102)
Over Twelve Months Fair Value	5,335	4,114
SBA and other asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	0	(26)
Less Than Twelve Months Fair Value	0	2,622
Over Twelve Months Gross Unrealized Losses	(38)	(40)
Over Twelve Months Fair Value	2,493	768
State and municipal bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(1)	(6)
Less Than Twelve Months Fair Value	234	930
Over Twelve Months Gross Unrealized Losses	(2)	(2)
Over Twelve Months Fair Value	396	100
Government-sponsored enterprise obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Less Than Twelve Months Gross Unrealized Losses	(9)	(91)
Less Than Twelve Months Fair Value	2,990	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	(11)	(63)
Less Than Twelve Months Fair Value	1,018	10,292
Over Twelve Months Gross Unrealized Losses	(5)	(19)
Over Twelve Months Fair Value	992	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	(25)	(14)
Over Twelve Months Fair Value	846	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	(2)	(27)
Over Twelve Months Fair Value	$ 608	$ 694

SECURITIES AVAILABLE FOR SALE32

SECURITIES AVAILABLE FOR SALE (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Unrealized Losses Debt Securities Aggregate Depreciation Percentage	1.00%		1.00%
Proceeds from Sale of Available-for-sale Securities	$ 995	$ 1,900	$ 1,088	$ 1,861
Available-for-sale Securities, Gross Realized Gains		37		37
Available-for-sale Securities, Gross Realized Losses		$ 9	$ 16	$ 9

LOANS AND ALLOWANCE FOR LOAN 33

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Total loans	$ 553,805	$ 512,482
Allowance for loan losses	(5,307)	(5,112)
Net deferred origination costs (fees)	39	(63)
Loans, net	548,537	507,307
Commercial Loan [Member]
Total loans	37,698	23,681
Consumer Loan [Member]
Total loans	33,782	34,339
Residential - fixed [Member]
Total loans	18,221	18,414
Residential - variable [Member]
Total loans	248,064	238,056
Commercial Real Estate [Member]
Total loans	112,790	103,106
Construction [Member]
Total loans	103,250	94,886
Secured [Member]
Total loans	37,475	23,557
Unsecured [Member]
Total loans	223	124
Home equity lines of credit [Member]
Total loans	33,561	34,083
Other Consumer [Member]
Total loans	221	256
Real estate loans [Member]
Total loans	$ 482,325	$ 454,462

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Allowance Beginning Balance	$ 5,186	$ 4,816	$ 5,112	$ 4,738
Provision (credit) for loan losses	125	150	312	300
Loans charged off	(4)		(117)	(72)
Allowance Ending Balance	5,307	4,966	5,307	4,966
Commercial [Member]
Allowance Beginning Balance	643	461	509	428
Provision (credit) for loan losses	92	9	226	42
Loans charged off	0		0	0
Allowance Ending Balance	735	470	735	470
Residential Real Estate [Member]
Allowance Beginning Balance	1,373	1,557	1,490	1,710
Provision (credit) for loan losses	46	(29)	31	(165)
Loans charged off	(4)		(106)	(17)
Allowance Ending Balance	1,415	1,528	1,415	1,528
Commercial Real Estate [Member]
Allowance Beginning Balance	1,036	1,074	1,025	1,056
Provision (credit) for loan losses	30	(37)	41	36
Loans charged off	0			(55)
Allowance Ending Balance	1,066	1,037	1,066	1,037
Construction [Member]
Allowance Beginning Balance	1,704	1,295	1,684	1,273
Provision (credit) for loan losses	(8)	188	12	210
Loans charged off	0		0	0
Allowance Ending Balance	1,696	1,483	1,696	1,483
Home equity lines of credit [Member]
Allowance Beginning Balance	249	223	238	224
Provision (credit) for loan losses	3	(3)	25	(4)
Loans charged off	0		(11)	0
Allowance Ending Balance	252	220	252	220
Other Consumer [Member]
Allowance Beginning Balance	3	4	2	4
Provision (credit) for loan losses	0	(1)	1	(1)
Loans charged off	0		0	0
Allowance Ending Balance	3	3	3	3
Unallocated [Member]
Allowance Beginning Balance	178	202	164	43
Provision (credit) for loan losses	(38)	23	(24)	182
Loans charged off	0		0	0
Allowance Ending Balance	$ 140	$ 225	$ 140	$ 225

LOANS AND ALLOWANCE FOR LOAN 35

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Allowance related to impaired loans	$ 0		$ 0
Allowance related to non-impaired loans	5,307		5,112
Total allowance	5,307	$ 5,186	5,112	$ 4,966	$ 4,816	$ 4,738
Impaired loan balances	784		1,649
Non-impaired loan balances	553,021		510,833
Total loans	553,805		512,482
Commercial [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	735		509
Total allowance	735	643	509	470	461	428
Impaired loan balances	3		11
Non-impaired loan balances	37,695		23,670
Total loans	37,698		23,681
Residential Real Estate [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	1,415		1,490
Total allowance	1,415	1,373	1,490	1,528	1,557	1,710
Impaired loan balances	180		959
Non-impaired loan balances	266,105		255,511
Total loans	266,285		256,470
Commercial Real Estate [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	1,066		1,025
Total allowance	1,066	1,036	1,025	1,037	1,074	1,056
Impaired loan balances	601		645
Non-impaired loan balances	112,189		102,461
Total loans	112,790		103,106
Construction [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	1,696		1,684
Total allowance	1,696	1,704	1,684	1,483	1,295	1,273
Impaired loan balances	0		0
Non-impaired loan balances	103,250		94,886
Total loans	103,250		94,886
Home equity lines of credit [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	252		238
Total allowance	252	249	238	220	223	224
Impaired loan balances	0		34
Non-impaired loan balances	33,561		34,049
Total loans	33,561		34,083
Other Consumer [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	3		2
Total allowance	3	3	2	3	4	4
Impaired loan balances	0		0
Non-impaired loan balances	221		256
Total loans	221		256
Unallocated [Member]
Allowance related to impaired loans	0		0
Allowance related to non-impaired loans	140		164
Total allowance	140	$ 178	164	$ 225	$ 202	$ 43
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, 2016	Dec. 31, 2015
Total Past Due	$ 1,709	$ 1,418
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	604	1,463
Commercial [Member]
Total Past Due	0	0
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	3	11
Financing Receivables, 30 to 59 Days Past Due [Member]
Total Past Due	1,108	101
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial [Member]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due [Member]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial [Member]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Total Past Due	601	1,317
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial [Member]
Total Past Due	0	0
Residential Real Estate [Member]
Total Past Due	1,015	773
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	0	773
Residential Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Total Past Due	1,015	101
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	0	672
Commercial Real Estate [Member]
Total Past Due	601	645
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	601	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	601	645
Home equity lines of credit [Member]
Total Past Due	93	0
Past Due 90 Days or More and Still Accruing	0	0
Non-accrual Loans	0	34
Home equity lines of credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Total Past Due	93	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, 2016	Dec. 31, 2015
Impaired loans Recorded Investment, Without a Valuation Allowance	$ 784	$ 1,649
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	857	1,721
Total impaired loans Recorded Investment	784	1,649
Total impaired loans Unpaid Principal Balance	857	1,721
Residential Real Estate [Member]
Impaired loans Recorded Investment, Without a Valuation Allowance	180	959
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	198	976
Commercial Real Estate [Member]
Impaired loans Recorded Investment, Without a Valuation Allowance	601	645
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	656	700
Home equity lines of credit [Member]
Impaired loans Recorded Investment, Without a Valuation Allowance	0	34
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	0	34
Commercial [Member]
Impaired loans Recorded Investment, Without a Valuation Allowance	3	11
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance	$ 3	$ 11

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Average Recorded Investment	$ 912	$ 4,327	$ 1,046	$ 4,537
Interest Income Recognized	2	66	14	197
Interest Income Recognized on Cash Basis	0	40	9	155
Commercial [Member]
Average Recorded Investment	5	16	8	18
Interest Income Recognized	0	0	0	1
Interest Income Recognized on Cash Basis	0	0	0	1
Residential real estate [Member]
Average Recorded Investment	285	1,214	394	1,235
Interest Income Recognized	2	14	13	52
Interest Income Recognized on Cash Basis	0	11	8	48
Commercial real estate [Member]
Average Recorded Investment	610	2,979	625	3,149
Interest Income Recognized	0	51	0	141
Interest Income Recognized on Cash Basis	0	28	0	103
Home equity lines of credit [Member]
Average Recorded Investment	12	118	19	135
Interest Income Recognized	0	1	1	3
Interest Income Recognized on Cash Basis	$ 0	$ 1	$ 1	$ 3

LOANS AND ALLOWANCE FOR LOAN 39

LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Loans	$ 253,738	$ 221,673
Loans rated 1-4 [Member]
Loans	246,161	213,174
Loans rated 5 [Member]
Loans	6,973	7,843
Loans rated 6 [Member]
Loans	3	11
Loans rated 7 [Member]
Loans	601	645
Commercial Real Estate [Member]
Loans	112,790	103,106
Commercial Real Estate [Member] | Loans rated 1-4 [Member]
Loans	107,214	95,603
Commercial Real Estate [Member] | Loans rated 5 [Member]
Loans	4,975	6,858
Commercial Real Estate [Member] | Loans rated 6 [Member]
Loans	0	0
Commercial Real Estate [Member] | Loans rated 7 [Member]
Loans	601	645
Construction [Member]
Loans	103,250	94,886
Construction [Member] | Loans rated 1-4 [Member]
Loans	103,250	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	37,698	23,681
Commercial [Member] | Loans rated 1-4 [Member]
Loans	35,697	22,685
Commercial [Member] | Loans rated 5 [Member]
Loans	1,998	985
Commercial [Member] | Loans rated 6 [Member]
Loans	3	11
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
	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Loans and Leases Receivable, Gross		$ 553,805		$ 512,482
Financing Receivable, Troubled Debt Restructurings, Total	$ 187		$ 187
Loan rated 9 [Member] | Maximum [Member] | Commercial [Member]
Loans and Leases Receivable, Gross		$ 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, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 67,438	$ 62,459
Derivative loan commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		2
Forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	20	23
Securities available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	67,418	62,434
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
Fair Value, Inputs, Level 1 [Member] | Forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Fair Value, Inputs, Level 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 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	67,438	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		2
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	20	23
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	67,418	62,434
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
Fair Value, Inputs, Level 3 [Member] | Forward loan sale commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Fair 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 VALUES OF FINANCIAL INST42

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Loans held for sale	$ 2,217	$ 1,131
Fair Value, Inputs, Level 1 [Member]
Loans held for sale	0	0
Impaired loans	0	0
Assets, Fair Value Disclosure, Nonrecurring	0	0
Fair Value, Inputs, Level 2 [Member]
Loans held for sale	0	0
Impaired loans	0	0
Assets, Fair Value Disclosure, Nonrecurring	0	0
Fair Value, Inputs, Level 3 [Member]
Loans held for sale	2,217	1,131
Impaired loans	781	185
Assets, Fair Value Disclosure, Nonrecurring	$ 2,998	$ 1,316

FAIR VALUES OF FINANCIAL INST43

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items]
Total gain (Loss)	$ (22)	$ (25)	$ (136)	$ (97)
Loans Held For Sale [Member]
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items]
Total gain (Loss)	(18)	(25)	(18)	(25)
Impaired Loans [Member]
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items]
Total gain (Loss)	$ (4)	$ 0	$ (118)	$ (72)

FAIR VALUES OF FINANCIAL INST44

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Financial assets:
Cash and cash equivalents	$ 24,659	$ 28,178
Certificates of deposit	100	100
Securities available for sale	67,418	62,434
FHLB stock	5,639	5,524
Loans held for sale	2,217	1,131
Loans, net	557,177	503,854
Accrued interest receivable	1,667	1,432
Derivative loan commitments		2
Forward loan sale commitments	20	23
Financial liabilities:
Deposits	496,729	464,157
FHLB borrowings	102,900	92,664
Subordinated debt	9,761	9,734
Accrued interest payable	106	93
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents	24,659	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
Forward loan sale commitments	0	0
Financial liabilities:
Deposits	0	0
FHLB borrowings	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	67,418	62,434
FHLB stock	0	0
Loans held for sale	0	0
Loans, net	0	0
Accrued interest receivable	0	0
Derivative loan commitments		2
Forward loan sale commitments	20	23
Financial liabilities:
Deposits	0	0
FHLB borrowings	102,900	92,665
Subordinated debt	0	0
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	5,639	5,524
Loans held for sale	2,217	1,131
Loans, net	557,177	503,854
Accrued interest receivable	1,667	1,432
Derivative loan commitments		0
Forward loan sale commitments	0	0
Financial liabilities:
Deposits	496,729	464,157
FHLB borrowings	0	0
Subordinated debt	9,761	9,734
Accrued interest payable	106	93
Reported Carrying Amount Measurement [Member]
Financial assets:
Cash and cash equivalents	24,659	28,178
Certificates of deposit	100	100
Securities available for sale	67,418	62,434
FHLB stock	5,639	5,524
Loans held for sale	2,217	1,131
Loans, net	548,537	507,307
Accrued interest receivable	1,667	1,432
Derivative loan commitments		2
Forward loan sale commitments	20	23
Financial liabilities:
Deposits	495,832	463,738
FHLB borrowings	102,356	92,860
Subordinated debt	9,761	9,734
Accrued interest payable	$ 106	$ 93

EMPLOYEE STOCK OWNERSHIP PLAN45

EMPLOYEE STOCK OWNERSHIP PLAN (Details) - shares	Sep. 30, 2016	Sep. 30, 2015
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Allocated	45,117
Committed to be allocated	9,629	9,629
Unallocated	131,592
Employee Stock Ownership Plan (ESOP), Shares in ESOP	186,338

EMPLOYEE STOCK OWNERSHIP PLAN46

EMPLOYEE STOCK OWNERSHIP PLAN (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Employee Stock Ownership Plan ESOP Percent Of Shares Authorized To Be Purchased		7.58%
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		$ 2,900
Employee Stock Ownership Plan (ESOP), Shares in ESOP	186,338	186,338
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 68	$ 191	$ 185

EQUITY INCENTIVE PLANS (Details

EQUITY INCENTIVE PLANS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Options
Outstanding at January 1, 2016	225
Granted	0
Exercised	0
Forfeited	0
Outstanding at September 30, 2016	225	225
Options exercisable at September 30, 2016	119
Weighted Average Exercise Price
Outstanding at January 1, 2016	$ 16.01
Granted	0
Exercised	0
Forfeited	0
Outstanding at September 30, 2016	16.01	$ 16.01
Options exercisable at September 30, 2016	$ 15.55
Weighted Average Remaining Contractual Term
Outstanding at end of period	6 years 4 months 28 days	7 years 1 month 28 days
Options exercisable at September 30, 2016	6 years 1 month 10 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 1,332	$ 968
Options exercisable at September 30, 2016	$ 758

EQUITY INCENTIVE PLANS (Detai48

EQUITY INCENTIVE PLANS (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense for non-vested stock options	$ 292		$ 292
Unrecognized compensation expense, recognition period			1 year 4 months 28 days
Compensation expense for stock award plan	74	$ 71	$ 222	$ 223
Recognize tax Benefit	30	28	$ 89	89
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, recognition period			1 year 7 months 20 days
Unrecognized compensation expense for non-vested restricted stock	421		$ 421
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	$ 53	$ 51	$ 159	$ 149
2012 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Plan, options granted	231,894		231,894
Stock options term			10 years
Rate for Vesting Period			20.00%
Equity Incentive Plan 2016 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards, vesting period			5 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	75,000		75,000

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]
Net income applicable to common stock	$ 755	$ 700	$ 2,214	$ 1,744
Average number of common shares issued	2,458,553	2,459,138	2,458,553	2,459,138
Less: Average unallocated ESOP shares	(133,197)	(146,035)	(136,406)	(149,244)
Average number of common shares outstanding used to calculate basic earnings per common share	2,325,356	2,313,103	2,322,147	2,309,894
Effect of dilutive stock options	39,081	21,426	29,963	16,229
Average number of common shares outstanding used to calculate diluted earnings per share	2,364,437	2,334,529	2,352,110	2,326,123
Earnings per common share:
Basic	$ 0.32	$ 0.3	$ 0.95	$ 0.76
Diluted	$ 0.32	$ 0.3	$ 0.94	$ 0.75

EARNINGS PER COMMON SHARE (De50

EARNINGS PER COMMON SHARE (Details Textual) - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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	37,000	31,400

DIVIDENDS DECLARED (Details Tex

DIVIDENDS DECLARED (Details Textual)	1 Months Ended
	Aug. 17, 2016$ / shares
Dividends Payable [Line Items]
Cash dividend declared	$ 0.04
Dividend declared date	Aug. 17, 2016
Dividend payable, date of record	Sep. 7, 2016