Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 15, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Wellesley Bancorp, Inc. | ||
Entity Central Index Key | 1,526,952 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 36,171,853 | ||
Trading Symbol | WEBK | ||
Entity Common Stock, Shares Outstanding | 2,484,852 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 3,607 | $ 2,674 |
Short-term investments | 24,818 | 25,504 |
Total cash and cash equivalents | 28,425 | 28,178 |
Certificates of deposit | 100 | 100 |
Securities available for sale, at fair value | 64,648 | 62,434 |
Federal Home Loan Bank of Boston stock, at cost | 5,758 | 5,524 |
Loans held for sale | 1,454 | 1,131 |
Loans | 581,563 | 512,419 |
Less allowance for loan losses | (5,432) | (5,112) |
Loans, net | 576,131 | 507,307 |
Bank-owned life insurance | 7,303 | 7,073 |
Premises and equipment, net | 3,876 | 3,468 |
Accrued interest receivable | 1,647 | 1,432 |
Net deferred tax asset | 2,742 | 2,479 |
Other assets | 3,199 | 2,056 |
Total assets | 695,283 | 621,182 |
Deposits: | ||
Noninterest-bearing | 94,946 | 64,638 |
Interest-bearing | 427,864 | 399,100 |
Total deposits | 522,810 | 463,738 |
Short-term borrowings | 21,250 | 20,000 |
Long-term debt | 83,020 | 72,860 |
Subordinated debentures | 9,769 | 9,734 |
Accrued expenses and other liabilities | 3,220 | 2,672 |
Total liabilities | 640,069 | 569,004 |
Commitments and contingencies (Notes 7, 13 and 14) | ||
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, 2,484,852 and 2,458,553 shares issued and outstanding in 2016 and 2015, respectively | 25 | 25 |
Additional paid-in capital | 24,703 | 23,992 |
Retained earnings | 31,999 | 29,411 |
Accumulated other comprehensive (loss) income | (229) | 162 |
Unearned compensation - ESOP | (1,284) | (1,412) |
Total stockholders' equity | 55,214 | 52,178 |
Total liabilities and stockholders' equity | $ 695,283 | $ 621,182 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 14,000,000 | 14,000,000 |
Common Stock, Shares, Issued | 2,484,852 | 2,458,553 |
Common Stock, Shares, Outstanding | 2,484,852 | 2,458,553 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and dividend income: | ||
Interest and fees on loans and loans held for sale | $ 22,938 | $ 20,793 |
Interest on debt securities: | ||
Taxable | 1,369 | 957 |
Tax-exempt | 219 | 193 |
Interest on short-term investments and certificates of deposit | 83 | 31 |
Dividends on FHLB stock | 195 | 111 |
Total interest and dividend income | 24,804 | 22,085 |
Interest expense: | ||
Deposits | 3,111 | 2,775 |
Short-term borrowings | 100 | 78 |
Long-term debt | 1,053 | 815 |
Subordinated debentures | 635 | 22 |
Total interest expense | 4,899 | 3,690 |
Net interest income | 19,905 | 18,395 |
Provision for loan losses | 437 | 475 |
Net interest income, after provision for loan losses | 19,468 | 17,920 |
Noninterest income: | ||
Customer service fees | 103 | 125 |
Gain on sales of securities, net | 16 | 31 |
Mortgage banking activities | 288 | 278 |
Income on bank-owned life insurance | 230 | 232 |
Wealth management fees | 982 | 516 |
Miscellaneous | 91 | 44 |
Total noninterest income | 1,710 | 1,226 |
Noninterest expenses: | ||
Salaries and employee benefits | 9,691 | 8,747 |
Occupancy and equipment | 2,986 | 2,717 |
Data processing | 778 | 658 |
FDIC insurance | 404 | 372 |
Professional fees | 884 | 747 |
Advertising and marketing | 338 | 364 |
Other general and administrative | 1,323 | 1,240 |
Total noninterest expenses | 16,404 | 14,845 |
Income before income taxes | 4,774 | 4,301 |
Provision for income taxes | 1,838 | 1,652 |
Net income | 2,936 | 2,649 |
Other comprehensive loss: | ||
Net unrealized losses on available-for-sale securities | (608) | (391) |
Reclassification adjustment for net gains on sales of securities recognized in noninterest income | (16) | (31) |
Income tax benefit | 233 | 167 |
Total other comprehensive loss, net of tax | (391) | (255) |
Comprehensive income | $ 2,545 | $ 2,394 |
Earnings per common share: | ||
Basic | $ 1.26 | $ 1.14 |
Diluted | $ 1.24 | $ 1.14 |
Weighted average shares outstanding: | ||
Basic | 2,329,645 | 2,311,364 |
Diluted | 2,367,038 | 2,328,936 |
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 (Loss) 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 | 2,394 | $ 0 | 0 | 2,649 | (255) | 0 |
Dividends paid to common stockholders | (265) | 0 | 0 | (265) | 0 | 0 |
Share-based compensation - equity incentive plan | 500 | $ 0 | 500 | 0 | 0 | 0 |
Restricted stock awards | 3,000 | |||||
Tax effect of dividends on unvested restricted stock | 2 | $ 0 | 2 | 0 | 0 | 0 |
Excess tax benefit from vesting of restricted stock | 23 | 0 | 23 | 0 | 0 | 0 |
Common stock repurchased in connection with restricted stock awards | (68) | $ 1 | (69) | 0 | 0 | 0 |
Common stock repurchased in connection with restricted stock awards (in shares) | (3,585) | |||||
ESOP shares committed to be allocated | 246 | $ 0 | 117 | 0 | 0 | 129 |
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 | 2,545 | $ 0 | 0 | 2,936 | (391) | 0 |
Dividends paid to common stockholders | (348) | 0 | 0 | (348) | 0 | 0 |
Share-based compensation - equity incentive plan | 537 | $ 0 | 537 | 0 | 0 | 0 |
Restricted stock awards | 26,000 | |||||
Stock options exercised | $ 49 | $ 0 | 49 | 0 | 0 | 0 |
Stock options exercised (in shares) | 3,200,000 | |||||
Tax effect of dividends on unvested restricted stock | $ 2 | 0 | 2 | 0 | 0 | 0 |
Excess tax benefit from vesting of restricted stock | 45 | 0 | 45 | 0 | 0 | 0 |
Common stock repurchased in connection with restricted stock awards | (64) | $ 0 | (64) | 0 | 0 | 0 |
Common stock repurchased in connection with restricted stock awards (in shares) | (2,901) | |||||
ESOP shares committed to be allocated | 270 | $ 0 | 142 | 0 | 0 | 128 |
Balance at Dec. 31, 2016 | $ 55,214 | $ 25 | $ 24,703 | $ 31,999 | $ (229) | $ (1,284) |
Balance (in shares) at Dec. 31, 2016 | 2,484,852 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity [Parenthetical] - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends paid to common stockholders, per share | $ 0.15 | $ 0.115 |
ESOP shares committed to be allocated, Shares | 12,838 | 12,838 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 2,936 | $ 2,649 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 437 | 475 |
Depreciation and amortization | 749 | 658 |
Net amortization of securities | 276 | 222 |
Gain on sales of securities, net | (16) | (31) |
Principal balance of loans sold | 30,739 | 22,095 |
Loans originated for sale | (31,061) | (22,851) |
Accretion of net deferred loan fees | (524) | (412) |
Income on bank-owned life insurance | (230) | (232) |
Amortization of subordinated debt issuance costs | 35 | 0 |
Deferred income tax benefit | (30) | (304) |
ESOP expense | 270 | 246 |
Share-based compensation | 537 | 500 |
Excess tax benefits from share-based compensation | (45) | (23) |
Net change in other assets and liabilities | (763) | 104 |
Net cash provided by operating activities | 3,310 | 3,096 |
Activity in securities available for sale: | ||
Maturities, prepayments and calls | 14,740 | 20,660 |
Purchases | (18,926) | (32,890) |
Proceeds from sales | 1,088 | 1,864 |
Purchase of Federal Home Loan Bank stock | (234) | (1,864) |
Loan originations, net of principal payments | (68,738) | (84,480) |
Proceeds from sale of portfolio loans | 0 | 20,618 |
Additions to premises and equipment | (1,159) | (377) |
Proceeds from sale of premises and equipment | 0 | 1 |
Net cash used by investing activities | (73,229) | (76,468) |
Cash flows from financing activities: | ||
Net increase in deposits | 59,072 | 41,493 |
Proceeds from issuance of long-term debt | 26,085 | 33,500 |
Repayments of long-term debt | (15,925) | (20,140) |
Increase in short-term borrowings | 1,250 | 18,000 |
Proceeds from issuance of subordinated debt | 0 | 9,734 |
Stock options exercised | 49 | 0 |
Common stock repurchased | (64) | (68) |
Excess tax benefits from share-based compensation | 45 | 23 |
Tax effect of dividends on unvested restricted stock | 2 | 2 |
Cash dividends paid | (348) | (265) |
Net cash provided by financing activities | 70,166 | 82,279 |
Net change in cash and cash equivalents | 247 | 8,907 |
Cash and cash equivalents at beginning of year | 28,178 | 19,271 |
Cash and cash equivalents at end of year | 28,425 | 28,178 |
Supplementary information: | ||
Interest paid | 4,816 | 3,659 |
Income taxes paid | $ 2,019 | $ 1,490 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements include the accounts of the Wellesley Bancorp, Inc. ( the “Company” ) and its wholly-owned subsidiary, Wellesley Bank (the “Bank”), the principal operating entity, and its wholly-owned subsidiaries: Wellesley Securities Corporation, which engages in the business of buying, selling and dealing in securities exclusively on its own behalf; Wellesley Investment Partners, LLC, formed to provide investment management services for individuals, not-for-profit entities and businesses; and Central Linden, LLC, formed to hold, manage and sell foreclosed real estate. All significant intercompany balances and transactions have been eliminated in consolidation. Assets under management at Wellesley Investment Partners, LLC are not included in these consolidated financial statements because they are not assets of the Company. The Company provides a variety of financial services to individuals, non-profit organizations, small businesses and other entities within eastern Massachusetts. Its primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential and commercial real estate loans, construction loans, commercial loans, and consumer loans. Management evaluates the Company’s performance and allocates resources based on a single segment concept. In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the realizability of deferred tax assets. Cash equivalents include amounts due from banks and short-term investments with original maturities of three months or less, primarily balances held at the Federal Reserve Bank of Boston. Certificates of deposit are carried at cost, which approximates fair value. The Company groups its assets and liabilities 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 or 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 and liabilities include those 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. Securities classified as available for sale are carried at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are amortized to earnings over the estimated lives of the securities by methods which do not differ materially from the interest method. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Each reporting period, the Company evaluates all securities with a fair value below amortized cost to determine whether other-than-temporary impairment (“OTTI”) exists. OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is “more likely than not” that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. For all impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. Credit-related OTTI for all other impaired debt securities is recognized through earnings. Non-credit related OTTI for such debt securities is recognized in other comprehensive income, net of applicable taxes. The Bank, as a member of the Federal Home Loan Bank (“FHLB”) of Boston, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on the stock. The Bank reviews for impairment based on the ultimate recoverability of the cost basis in the FHLB stock. As of December 31, 2016 and 2015, no impairment has been recognized. Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. The loan portfolio consists of real estate, commercial and other loans to the Company’s customers in its 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 economic sectors within our markets. Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred loan origination fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Interest is generally not accrued on loans which are identified as impaired or loans which are ninety days or more past due. Past due status is based on the contractual terms of the loan. Interest income previously accrued on such loans is reversed against current period interest income. Interest income on non-accrual loans is recognized only to the extent of interest payments received and is first applied to the outstanding principal balance when collectibility of principal is in doubt. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured through sustained payment performance for at least six months. The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes the uncollectibility of the loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components. General component The general component is based on the following loan segments: residential real estate, commercial real estate, construction, commercial, home equity lines of credit and other consumer. Management considers a rolling average of historical losses for each segment based on a time frame appropriate to capture relevant loss data for each loan segment, generally 3 10 The qualitative factor adjustments are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial real estate Loans in this segment are primarily income-producing properties in the Company’s primary market areas in eastern Massachusetts. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management typically obtains rent rolls annually and continually monitors the cash flows of these loans. Construction Loans in this segment primarily include speculative construction loans primarily on residential properties for which payment is derived from sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Residential construction loans in this segment also include loans to build one-to-four family owner-occupied properties, which are subject to the same credit quality factors as residential real estate. Commercial Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, may have an adverse 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, may have an effect on the credit quality of 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 uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Land is carried at cost. Buildings, leasehold improvements and equipment are stated at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets or the expected terms of the leases, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in cash surrender value are reflected in noninterest income, and are not subject to income taxes. Transfers of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company; (2) the transferee obtains the right to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets. During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheet and measured at fair value. Derivative Loan Commitments Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value, including servicing values, on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in miscellaneous income. Fair values of the loan commitments are recognized based on changes in the fair value of the underlying mortgage due to interest rate changes, changes in the probability the derivative loan commitment will be exercised, and the passage of time. In estimating fair value, the Company assigns a probability to a loan commitment based on the expectation that it will be exercised and the loan will be funded. Forward Loan Sale Commitments To protect against the price risk inherent in derivative loan commitments, the Company utilizes “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Forward loan sale commitments are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in miscellaneous income. Fair values for forward loan sale commitments are based on changes in the fair values of the underlying loans. Advertising costs are expensed as incurred. Deferred tax assets and liabilities relate to temporary differences between the book and tax bases of certain assets and liabilities, and are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company does not have any uncertain tax positions at December 31, 2016 or 2015 which require accrual or disclosure. The Company records interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended December 31, 2016 and 2015. The Company measures and recognizes compensation cost relating to share-based payment transactions based on the grant date fair value of the equity instruments issued. Share-based compensation is recognized over the period the employee is required to provide services for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted annually based on actual forfeiture experience. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted. Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based on the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheet. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to stockholders’ equity. Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. December 31, 2016 2015 (In thousands) Net unrealized (losses) gains on securities available for sale $ (374) $ 250 Tax effect 145 (88) Net-of tax amount $ (229) $ 162 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 reflects 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 are determined using the treasury stock method. Years Ended December 31, 2016 2015 (In thousands, except per share data) Net income applicable to common stock $ 2,936 $ 2,649 Average number of common shares issued 2,465 2,459 Less: Average unallocated ESOP shares (135) (148) Average number of common shares outstanding used to calculate basic earnings per common share 2,330 2,311 Effect of dilutive stock options 37 18 Average number of common shares outstanding used to calculate diluted earnings per common share 2,367 2,329 Earnings per common share: Basic $ 1.26 $ 1.14 Diluted $ 1.24 $ 1.14 There were no anti-dilutive options for the year ended December 31, 2016. For the year ended December 31, 2015, options totaling 37,000 In May 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers Revenue Recognition In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10), In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842 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), In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . |
RESTRICTIONS ON CASH AND AMOUNT
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Cash and Investments [Abstract] | |
Restricted Cash And Cash Equivalents [Text Block] | 2. RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS The Bank is required to maintain average balances on hand or with the Federal Reserve Bank. The reserve balance amounted to $ 1.5 1.3 |
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Investments [Abstract] | |
Short Term Investments [Text Block] | 3. SHORT-TERM INVESTMENTS December 31, 2016 2015 (In thousands) Federal Reserve Bank deposits $ 23,664 $ 25,235 Federal Home Loan Bank deposits 24 3 Money market accounts 1,130 266 $ 24,818 $ 25,504 |
CERTIFICATES OF DEPOSIT
CERTIFICATES OF DEPOSIT | 12 Months Ended |
Dec. 31, 2016 | |
Certificate Of Deposit [Abstract] | |
Other Assets Disclosure [Text Block] | 4. CERTIFICATES OF DEPOSIT Certificates of deposit mature within one year and have a weighted average rate of 0.73 0.48 |
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. SECURITIES AVAILABLE FOR SALE Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) December 31, 2016 Residential mortgage-backed securities: Government National Mortgage Association $ 3,876 $ 55 $ (33) $ 3,898 Government-sponsored enterprises 13,134 73 (97) 13,110 SBA and other asset-backed securities 12,571 70 (140) 12,501 State and municipal bonds 9,533 93 (156) 9,470 Government-sponsored enterprise obligations 8,000 (197) 7,803 Corporate bonds 17,908 55 (97) 17,866 $ 65,022 $ 346 $ (720) $ 64,648 December 31, 2015 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 For the years ended December 31, 2016 and 2015, proceeds from sales of securities available for sale amounted to $ 1.1 1.9 16 41 10 Amortized Fair Cost Value (In thousands) Within 1 year $ 6,156 $ 6,066 After 1 year to 5 years 12,925 12,976 After 5 years to 10 years 15,421 15,197 After 10 years 939 900 35,441 35,139 Mortgage- and asset-backed securities 29,581 29,509 $ 65,022 $ 64,648 Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In thousands) December 31, 2016 Residential mortgage-backed securities: Government National Mortgage Association $ (11) $ 1,214 $ (22) $ 849 Government-sponsored enterprises (85) 6,771 (12) 540 SBA and other asset-backed securities (115) 6,109 (25) 1,608 State and municipal bonds (154) 5,257 (2) 396 Government-sponsored enterprise obligations (197) 7,803 Corporate bonds (93) 7,360 (4) 992 $ (655) $ 34,514 $ (65) $ 4,385 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 (49) 2,622 (17) 768 State and municipal bonds (6) 930 (2) 100 Government-sponsored enterprise obligations (91) 8,162 Corporate bonds (63) 10,292 (19) 1,695 $ (243) $ 27,099 $ (79) $ 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 December 31, 2016, various debt securities have unrealized losses with aggregate depreciation of 1.82 |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended |
Dec. 31, 2016 | |
Notes and Loans Payable, Current [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 6. LOANS AND ALLOWANCE FOR LOAN LOSSES December 31, 2016 2015 (In thousands) Real estate loans: Residential fixed $ 18,573 $ 18,414 Residential variable 249,486 238,056 Commercial 121,134 103,106 Construction 110,390 94,886 499,583 454,462 Commercial loans: Secured 49,126 23,557 Unsecured 221 124 49,347 23,681 Consumer loans: Home equity lines of credit 32,437 34,083 Other 216 256 32,653 34,339 Total loans 581,583 512,482 Less: Allowance for loan losses (5,432) (5,112) Net deferred origination fees (20) (63) Loans, net $ 576,131 $ 507,307 The Company has transferred a portion of its originated residential and commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying consolidated balance sheets. The Company and participating lenders share ratably in any gains or losses that may result from the borrower’s lack of compliance with contractual terms of the loans. The Company continues to service the loans on behalf of the participating lenders and, as such, collects cash payments from the borrowers, remits payments (net of servicing fees) to participating lenders and disburses required escrow funds to relevant parties. At December 31, 2016 and 2015, the Company was servicing commercial real estate loans for participants aggregating $ 3.6 1.9 2015 11.4 12.9 Whole mortgage loans sold and serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others was $ 4.3 The Company has pledged certain residential and commercial real estate loans to secure FHLB advances and available lines of credit. (See notes 9 and 10.) Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) Year Ended December 31, 2016 Allowance at December 31, 2015 $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Provision (credit) for loan losses 38 120 143 194 (16) 1 (43) 437 Loans charged off (106) (11) (117) Allowance at December 31, 2016 $ 1,422 $ 1,145 $ 1,827 $ 703 $ 211 $ 3 $ 121 $ 5,432 Year Ended December 31, 2015 Allowance at December 31, 2014 $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Provision (credit) for loan losses (203) 24 411 109 14 (1) 121 475 Loans charged off (17) (55) (28) (1) (101) Allowance at December 31, 2015 $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) December 31, 2016 Allowance related to impaired loans $ $ $ $ $ $ $ $ Allowance related to non-impaired loans 1,422 1,145 1,827 703 211 3 121 5,432 Total allowance $ 1,422 $ 1,145 $ 1,827 $ 703 $ 211 $ 3 $ 121 $ 5,432 Impaired loan balances $ 179 591 $ $ $ $ $ $ 770 Non-impaired loan balances 267,880 120,543 110,390 49,347 32,437 216 580,813 Total loans $ 268,059 $ 121,134 $ 110,390 $ 49,347 $ 32,437 $ 216 $ $ 581,583 December 31, 2015 Allowance related to impaired loans $ $ $ $ $ $ $ $ Allowance related to non-impaired loans 1,490 1,025 1,684 509 238 2 164 5,112 Total allowance $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Impaired loan balances $ 959 $ 645 $ $ 11 $ 34 $ $ $ 1,649 Non-impaired loan balances 255,511 102,461 94,886 23,670 34,049 256 510,833 Total loans $ 256,470 $ 103,106 $ 94,886 $ 23,681 $ 34,083 $ 256 $ $ 512,482 Past Due 90 30-59 Past Due 90 Days or More Non- Days 60-89 Days Days or Total and Still accrual Past Due Past Due More Past Due Accruing Loans (In thousands) December 31, 2016 Residential real estate $ $ $ $ $ $ Commercial real estate 979 591 1,570 591 Home equity lines of credit 208 208 Total $ $ 1,187 $ 591 $ 1,778 $ $ 591 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 December 31, 2016 December 31, 2015 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 179 $ 196 $ 959 $ 976 Commercial real estate 591 646 645 700 Commercial 11 11 Home equity lines of credit 34 34 Total impaired loans $ 770 $ 842 $ 1,649 $ 1,721 Year Ended December 31, 2016 Year Ended December 31, 2015 Interest Interest Average Interest Income Average Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (In thousands) Residential real estate $ 393 $ 14 $ 8 $ 1,353 $ 64 $ 52 Commercial real estate 617 2,831 176 118 Construction Commercial 6 - 17 1 1 Home equity lines of credit 19 1 1 112 4 3 Total $ 1,035 $ 15 $ 9 $ 4,313 $ 245 $ 174 No additional funds are committed to be advanced in connection with impaired loans. TDRs, which are included in impaired loans, totaled $ 179 399 214 . Credit Quality Information The Company utilizes an eleven-grade internal loan rating system for commercial real estate, construction and commercial loans. Loans rated 1-4: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 5: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 6: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 7: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 8: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. Loans rated 9: Loans in this category only include commercial loans under $ 25 Loans rated 10: Loans in this category include loans which otherwise require rating but which have not been rated, or loans for which the Company’s loan policy does not require rating. Loans rated 11: Loans in this category include credit commitments/relationships that cannot be rated due to a lack of financial information or inaccurate financial information. If within 60 On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and commercial loans. During each calendar year, the Company engages an independent third party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. On a monthly basis, the Company reviews the residential real estate and consumer loan portfolio for credit quality primarily through the use of delinquency reports. December 31, 2016 December 31, 2015 Commercial Commercial Real Estate Construction Commercial Total Real Estate Construction Commercial Total (In thousands) Loans rated 1-4 $ 115,110 $ 110,390 $ 46,820 $ 272,320 $ 95,603 $ 94,886 $ 22,685 $ 213,174 Loans rated 5 5,433 1,569 7,002 6,858 985 7,843 Loans rated 6 958 958 11 11 Loans rated 7 591 591 645 645 Total $ 121,134 $ 110,390 $ 49,347 $ 280,871 $ 103,106 $ 94,886 $ 23,681 $ 221,673 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7. PREMISES AND EQUIPMENT Estimated December 31, Useful Life In 2016 2015 Years (In thousands) Premises: Land $ 50 $ 50 Buildings 696 696 35-40 Leasehold improvements 3,374 2,681 5-15 Equipment 3,203 2,748 3-5 7,323 6,175 Less accumulated depreciation and amortization (3,447) (2,707) Premises and equipment, net $ 3,876 $ 3,468 Total depreciation and amortization expense for the years ended December 31, 2016 and 2015 amounted to $ 749 658 Year Ending December 31, Amount (In thousands) 2017 $ 1,166 2018 1,067 2019 1,080 2020 1,086 2021 917 Thereafter 1,114 $ 6,430 The leases contain options to extend for up to ten years. The cost of such options is not included above. Total rent expense amounted to $ 1.2 1.1 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | 8. DEPOSITS Years Ended December 31, 2016 2015 (In thousands) Demand $ 94,946 $ 64,638 NOW 35,581 32,094 Money market 99,964 83,699 Regular and other savings 97,310 100,594 Total non-certificate accounts 327,801 281,025 Term certificates of $250 thousand and greater 103,717 74,631 Term certificates less than $250 thousand 91,292 108,082 Total term certificates 195,009 182,713 Total deposits $ 522,810 $ 463,738 At December 31, 2016, term certificates include brokered deposits amounting to $ 29.0 December 31, 2016 December 31, 2015 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) Within 1 year $ 123,009 1.03 % $ 106,549 0.99 % Over 1 year to 2 years 50,164 1.14 57,809 1.33 Over 2 years to 3 years 17,961 1.44 8,253 1.19 Over 3 years to 4 years 3,875 1.41 10,102 1.61 $ 195,009 1.11 % $ 182,713 1.14 % |
SHORT-TERM BORROWINGS AND AVAIL
SHORT-TERM BORROWINGS AND AVAILABLE LINES OF CREDIT | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Debt [Abstract] | |
Short-term Debt [Text Block] | 9. SHORT-TERM BORROWINGS AND AVAILABLE LINES OF CREDIT At December 31, 2016 and 2015, short-term borrowings consisted entirely of fixed-rate advances from the FHLB with original maturities of less than one year. The weighted average interest rate on advances outstanding at December 31, 2016 and 2015 was 0.74 0.47 Borrowings available under an available FHLB variable-rate line of credit amounted to $ 1.3 At December 31, 2016 and 2015, the Company has pledged commercial real estate loans of $ 22.5 21.9 10.1 8.0 The Company has $ 5.0 5.0 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt [Text Block] | 10. LONG-TERM DEBT Amount Weighted Average Rates 2016 2015 2016 2015 (In thousands) 2016 15,500 % 0.91 % 2017 44,500 35,000 1.18 1.26 2018 25,500 13,000 1.31 1.45 2019 7,000 3,000 1.58 1.95 2020 4,000 4,000 1.86 1.86 2022* 2,020 2,360 1.84 1.84 $ 83,020 $ 72,860 1.30 % 1.30 % *At December 31, 2016 and 2015, consists of an amortizing advance requiring monthly principal and interest of $ 32 All borrowings from the FHLB are secured by a blanket lien on qualified collateral, defined principally as 75 |
SUBORDINATED DEBT
SUBORDINATED DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Subordinated Borrowings [Abstract] | |
Subordinated Borrowings Disclosure [Text Block] | 11. SUBORDINATED DEBT On December 17, 2015, the Company closed its private offering of $ 10.0 6.00 December 30, 2025 266 9.8 9.7 These Notes bear a fixed rate of interest of 6.00 3-month LIBOR rate plus 435.5 basis points. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES Years Ended December 31, 2016 2015 (In thousands) Current tax provision: Federal $ 1,459 $ 1,517 State 409 439 1,868 1,956 Deferred tax benefit: Federal (25) (235) State (5) (69) (30) (304) Total tax provision $ 1,838 $ 1,652 Years Ended December 31, 2016 2015 Statutory tax rate 34.0 % 34.0 % Increase (decrease) resulting from: State taxes, net of federal tax benefit 5.6 5.7 Tax exempt increase in surrender value of bank-owned life insurance (1.6) (1.8) Tax exempt bond income (1.6) (1.5) Share-based compensation 1.7 1.6 Other, net 0.4 0.4 Effective tax rates 38.5 % 38.4 % December 31, 2016 2015 (In thousands) Deferred tax assets: Allowance for loan losses $ 2,169 $ 2,042 Deferred loan fees 5 25 Contribution carryover 228 Employee benefit plans 967 817 Net unrealized loss on securities available for sale 145 3,286 3,112 Deferred tax liabilities: Depreciation and amortization (463) (535) Net unrealized gain on securities available for sale (88) Mortgage servicing rights (49) Partnerships and other investments (14) Other, net (18) (10) (544) (633) Net deferred tax asset $ 2,742 $ 2,479 A contribution carryover was created primarily by the contribution of 157,477 The federal income tax reserve for loan losses at the Company’s base year amounted to $ 820 150 328 The Company’s tax returns are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December 31, 2013 through 2016 2013 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 13. DERIVATIVE INSTRUMENTS Certain derivative instruments do not meet the requirements to be accounted for as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheet at fair value, with changes in the fair value recorded in miscellaneous income. Derivative Loan Commitments Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified rates and times in the future, with the intention that these loans will subsequently be sold in the secondary market. Outstanding derivative loan commitments expose the Company to the potential for changes in the fair value of the underlying loans as interest rates change, along with the value of the loan commitment. If interest rates increase, the value of these loan commitments will decrease. Conversely, if interest rates decrease, the value of these loan commitments will increase. The notional amount of undesignated derivative loan commitments was $ 700 17 417 2 Forward Loan Sale Commitments To protect against the price risk inherent in derivative loan commitments, the Company utilizes “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. With a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded. The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. The notional amount of undesignated forward loan sale commitments was $ 2.2 72 1.6 23 |
OTHER COMMITMENTS AND CONTINGEN
OTHER COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 14. OTHER COMMITMENTS AND CONTINGENCIES Credit-related financial instruments The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit which involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the accompanying consolidated balance sheets. December 31, 2016 2015 (In thousands) Commitments to grant loans $ 11,416 $ 20,906 Unadvanced funds on home equity lines of credit 27,611 24,428 Unadvanced funds on commercial lines of credit 29,358 15,879 Unadvanced funds on construction loans 38,522 38,117 Standby letters of credit 320 224 Overdraft lines of credit 483 491 Commitments to grant loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for home equity and commercial lines of credit may expire without being drawn upon, therefore, the total commitment amounts do not necessarily represent future cash requirements. Home equity and certain commercial lines of credit are generally collateralized by real estate or business assets. Commitments to grant loans and unadvanced funds on construction loans are also secured by real estate. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. All letters of credit have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company collateralizes those commitments for which collateral is deemed necessary. Employment agreements The Company has entered into employment agreements with certain executives for periods up to three years. The agreements generally provide for specified minimum levels of annual compensation and benefits. In addition, the agreements provide for specified lump sum payments and the continuation of benefits upon certain events of termination, as defined, including a change in control of the Company. Contingencies Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the consolidated financial position of the Company. |
MINIMUM REGULATORY CAPITAL REQU
MINIMUM REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 15. MINIMUM REGULATORY CAPITAL REQUIREMENTS The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Effective January 1, 2015, federal banking regulations changed with regard to minimum regulatory capital requirements for community banking institutions. The rules include new risk-based capital and leverage ratios, and revise the definition of what constitutes “capital” for purposes of calculating those ratios. The minimum capital level requirements applicable to Wellesley Bank are the following: (i) a common equity Tier 1 capital ratio of 4.5 6 8 4 2.5 7.0 10.5 0.625 The Federal Reserve Board has established capital requirements generally similar to the capital requirements for state member banks described above, for bank holding companies. The Dodd-Frank Act required the Federal Reserve Board to promulgate consolidated capital requirements for depository institution holding companies that are no less stringent, both quantitatively and in terms of components of capital, than those applicable to institutions themselves. In 2013, the Federal Reserve Board issued a final rule implementing new capital standards for all bank holding companies with $500 million or more in total consolidated assets. In April 2015, the Board of Governors of the Federal Reserve System adopted final amendments to the Small Bank Holding Company Policy Statement. This final rule raises the asset threshold to qualify under the policy statement from $ 500 1 Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2016 and 2015, that the Bank met all capital adequacy requirements to which it is subject. In addition, the Bank meets the 0.625 As of December 31, 2016, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, common equity Tier 1 risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the recent notification that management believes have changed the Bank’s category. Minimum to be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirements Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2016 Total Capital to Risk-Weighted Assets $ 66,585 12.6 % $ 42,337 8.0 % $ 52,921 10.0 % Common Equity Tier 1 Capital to Risk-Weighted Assets 61,152 11.6 23,815 4.5 34,399 6.5 Tier 1 Capital to Risk-Weighted Assets 61,152 11.6 31,753 6.0 42,337 8.0 Tier 1 Capital to Average Assets 61,152 9.1 27,001 4.0 33,752 5.0 December 31, 2015 Total Capital to Risk-Weighted Assets $ 61,948 14.2 % $ 34,894 8.0 % $ 43,617 10.0 % Common Equity Tier 1 Capital to Risk-Weighted Assets 56,836 13.0 19,628 4.5 28,351 6.5 Tier 1 Capital to Risk-Weighted Assets 56,836 13.0 26,170 6.0 34,894 8.0 Tier 1 Capital to Average Assets 56,836 9.4 24,195 4.0 30,243 5.0 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 16. EMPLOYEE BENEFIT PLANS 401(k) plan The Company has a 401(k) plan which provides for voluntary contributions by participating employees subject to IRS limitations. In 2016 and 2015, the Company matched the employee’s voluntary contribution at a level of 150 7 506 463 Supplemental retirement agreement The Company has entered into a supplemental retirement agreement with a current officer, which provides for payments upon attaining the retirement age specified in the agreements. The present value of these future payments is accrued over the remaining service term and at December 31, 2016 and 2015, amounted to $ 1.1 860 240 186 Endorsement split-dollar life insurance arrangements The Company is the sole owner of life insurance policies pertaining to certain of the Company’s executives. The Company has entered into agreements with these executives whereby the Company has agreed to maintain a life insurance policy in effect during the executives’ retirement, which will pay to the executives’ estates or beneficiaries a portion of the death benefit that the Company will receive as beneficiary of such policies. Total split-dollar insurance expense for the years ended December 31, 2016 and 2015 amounted to $ 9 10 Employee bonus program The Company has established an employee bonus program whereby approximately 5 15 861 707 Equity incentive plan 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 26,000 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 granted 12,000 Fair value of options granted $ 3.64 Expected dividends 0.63 % Expected term 10 years Expected volatility 10.80 % Risk-free interest rate 2.04 % The expected volatility is based on historical volatility. The risk-free interest rates for periods consistent with the expected term of the awards are based on the 10-year U.S. Treasury yield curve in effect at the time of the grant. The expected term is based on the maximum term as it is not currently anticipated that participants would exercise the option prior to the end of the term. The dividend yield is based on the Company’s history and our current expectation of dividend payouts. Weighted Average Weighted Average Exercise Remaining Aggregate Shares Price Contractual Term Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at beginning of year 225 $ 16.01 Granted Exercised (3) 15.35 Outstanding at end of year 222 $ 16.02 6.26 $ 2,609 Exercisable at end of year 158 $ 15.40 5.81 $ 1,886 For the years ended December 31, 2016 and 2015, share-based compensation expense applicable to the stock options was $ 212 202 38 37 Unrecognized compensation expense for non-vested stock options totaled $ 239 1.26 Stock Awards For the years ended December 31, 2016 and 2015, respectively, 26,000 3,000 21.94 19.14 Number of Grant-date Shares Fair Value (In thousands) Non-vested stock awards at beginning of year 44 $ 16.39 Restricted shares granted 26 21.94 Shares vested (19) 15.94 Non-vested stock awards at end of year 51 $ 19.38 For the year ended December 31, 2016 and 2015, compensation expense applicable to the stock awards was $ 325 298 130 119 868 3.2 Employee stock ownership plan The Company maintains an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. The ESOP is a tax-qualified retirement plan for the benefit of all Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The Company granted a loan to the ESOP for the purchase of shares of the Company’s common stock on the closing date of the Company’s mutual to stock conversion in 2012. As of December 31, 2016, the ESOP holds 186,337 7.5 15 3.25 Year Ending December 31, Amount (In thousands) 2017 $ 119 2018 123 2019 127 2020 131 2021 135 Thereafter 746 $ 1,381 December 31, 2016 2015 Allocated 57,955 47,103 Unallocated 128,382 141,220 186,337 188,323 The fair value of unallocated shares was $ 3.6 2.4 Total compensation expense recognized in connection with the ESOP for the years ended December 31, 2016 and 2015 was $ 270 246 |
LOANS TO RELATED PARTIES
LOANS TO RELATED PARTIES | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 17. LOANS TO RELATED PARTIES 60 Years Ended December 31, 2016 2015 (In thousands) Balance at beginning of year $ 3,880 $ 3,844 Principal additions 121 1,049 Principal payments (645) (1,013) Balance at end of year $ 3,356 $ 3,880 Such loans are made in the ordinary course of business at the Company’s normal credit terms, except for certain loans, which were granted with an interest rate discount of 0.50 |
RESTRICTIONS ON DIVIDENDS, LOAN
RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Restrictions on Dividends, Loans and Advances [Text Block] | 18. RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by the Bank to the Company. The total amount of dividends which may be paid in any calendar year cannot exceed the Bank’s net income for the current year, plus the Bank’s net income retained for the previous two years, without regulatory approval. Loans or advances are limited to 10 |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Financial Liabilities Fair Value Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | 19. FAIR VALUES OF ASSETS AND LIABILITIES 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 assets and liabilities. 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 assets and liabilities. The following methods and assumptions were used by the Company in estimating fair value disclosures: Cash, cash equivalents and certificates of deposit : The carrying amounts approximate fair values based on the short-term nature of the assets. Securities available for sale : Fair value measurements are obtained from a third-party pricing service and are not adjusted by management. All securities are measured at fair value in Level 2 based on valuation models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. Federal Home Loan Bank (FHLB) stock : The carrying value of FHLB stock is deemed to approximate fair value, based on the redemption provisions of the FHLB of Boston. Loans held for sale : Fair values are based on commitments in effect from investors or prevailing market prices. Loans, net : For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for impaired loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. Deposits : The fair values disclosed for non-certificate deposit accounts are, by definition, equal to the amount payable on demand at the reporting date ( i.e. Short-term borrowings : The carrying amount of short-term borrowings approximates fair value, based on the short-term nature of the liabilities. Long-term debt : The fair values of long-term debt are estimated using discounted cash flow analyses based on the current incremental borrowing rates in the market for similar types of borrowing arrangements. Subordinated debt : The fair values reported for subordinated debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar terms and maturities. Accrued interest : The carrying amounts of accrued interest approximate fair value. Forward loan sale commitments and derivative loan commitments : The fair value of forward loan sale commitments and derivative loan commitments are based on fair values of the underlying mortgage loans, including servicing values as applicable. The fair value of derivative loan commitments also considers the probability of such commitments being exercised. Off-balance sheet instruments : Fair values for off-balance-sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair values of these instruments are considered immaterial. Assets and liabilities measured at fair value on a recurring basis Total Level 1 Level 2 Level 3 Fair Value (In thousands) December 31, 2016 Assets Securities available for sale $ $ 64,648 $ $ 64,648 Forward loan sale commitments 72 72 Total assets $ $ 64,720 $ $ 64,720 Liabilities Derivative loan commitments $ $ 17 $ $ 17 December 31, 2015 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 Assets and liabilities measured at fair value on a non-recurring basis The Company may also be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market (“LOCOM”) accounting or write-downs of individual assets. December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ $ $ 1,454 $ $ $ 1,131 The following table presents the total losses on loans held for sale at December 31, 2016 and December 31, 2015. Years Ended December 31, 2016 2015 (In thousands) Loans held for sale $ (51) $ (20) Loans held for sale (LHFS) are evaluated for losses associated with the application of lower of cost of market accounting. At December 31, 2016, a rise in market interest rates above contractual loan rates from the time LHFS were recorded is reflected as a reduction in the carrying value of the asset and a loss is recognized in current period earnings. There are no liabilities measured at fair value on a non-recurring basis at December 31, 2016 and 2015. Summary of fair values of financial instruments Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) December 31, 2016 Financial assets: Cash and cash equivalents $ 28,425 $ 28,425 $ $ $ 28,425 Certificates of deposit 100 100 100 Securities available for sale 64,648 64,648 64,648 FHLB stock 5,758 5,758 5,758 Loans held for sale 1,454 1,454 1,454 Loans, net 576,131 591,450 591,451 Accrued interest receivable 1,647 1,647 1,647 Forward loan sale commitments 72 72 72 Financial liabilities: Deposits $ 522 ,810 $ $ $ 523,479 $ 523,479 Short-term borrowings 21,250 21,250 21,250 Long-term debt 83,020 83,254 83,254 Subordinated debt 9,769 9,506 9,506 Accrued interest payable 140 140 140 Derivative loan commitments 17 17 17 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 507,307 503,728 503,728 Accrued interest receivable 1,432 1,432 1,432 Derivative loan commitments 2 2 2 Forward loan sale commitments 23 23 23 Financial liabilities: Deposits $ 463,738 $ $ $ 464,157 $ 464,157 Short-term borrowings 20,000 20,000 20,000 Long-term debt 72,860 72,665 72,665 Subordinated debt 9,734 9,734 9,734 Accrued interest payable 93 93 93 |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of presentation and consolidation The consolidated financial statements include the accounts of the Wellesley Bancorp, Inc. ( the “Company” ) and its wholly-owned subsidiary, Wellesley Bank (the “Bank”), the principal operating entity, and its wholly-owned subsidiaries: Wellesley Securities Corporation, which engages in the business of buying, selling and dealing in securities exclusively on its own behalf; Wellesley Investment Partners, LLC, formed to provide investment management services for individuals, not-for-profit entities and businesses; and Central Linden, LLC, formed to hold, manage and sell foreclosed real estate. All significant intercompany balances and transactions have been eliminated in consolidation. Assets under management at Wellesley Investment Partners, LLC are not included in these consolidated financial statements because they are not assets of the Company. |
Segment Reporting, Policy [Policy Text Block] | Business and operating segments The Company provides a variety of financial services to individuals, non-profit organizations, small businesses and other entities within eastern Massachusetts. Its primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential and commercial real estate loans, construction loans, commercial loans, and consumer loans. Management evaluates the Company’s performance and allocates resources based on a single segment concept. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the realizability of deferred tax assets. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents Cash equivalents include amounts due from banks and short-term investments with original maturities of three months or less, primarily balances held at the Federal Reserve Bank of Boston. |
Certificates Of Deposit Policy [Policy Text Block] | Certificates of deposit Certificates of deposit are carried at cost, which approximates fair value. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value hierarchy The Company groups its assets and liabilities 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 or 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 and liabilities include those 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. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Securities available for sale Securities classified as available for sale are carried at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are amortized to earnings over the estimated lives of the securities by methods which do not differ materially from the interest method. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Each reporting period, the Company evaluates all securities with a fair value below amortized cost to determine whether other-than-temporary impairment (“OTTI”) exists. OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is “more likely than not” that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. For all impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. Credit-related OTTI for all other impaired debt securities is recognized through earnings. Non-credit related OTTI for such debt securities is recognized in other comprehensive income, net of applicable taxes. |
Equity and Cost Method Investments, Policy [Policy Text Block] | Federal Home Loan Bank stock The Bank, as a member of the Federal Home Loan Bank (“FHLB”) of Boston, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLB may declare dividends on the stock. The Bank reviews for impairment based on the ultimate recoverability of the cost basis in the FHLB stock. As of December 31, 2016 and 2015, no impairment has been recognized. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans held for sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | Loans The loan portfolio consists of real estate, commercial and other loans to the Company’s customers in its 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 economic 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. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for loan losses The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes the uncollectibility of the loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components. General component The general component is based on the following loan segments: residential real estate, commercial real estate, construction, commercial, home equity lines of credit and other consumer. Management considers a rolling average of historical losses for each segment based on a time frame appropriate to capture relevant loss data for each loan segment, generally 3 10 The qualitative factor adjustments are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial real estate Loans in this segment are primarily income-producing properties in the Company’s primary market areas in eastern Massachusetts. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management typically obtains rent rolls annually and continually monitors the cash flows of these loans. Construction Loans in this segment primarily include speculative construction loans primarily on residential properties for which payment is derived from sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Residential construction loans in this segment also include loans to build one-to-four family owner-occupied properties, which are subject to the same credit quality factors as residential real estate. Commercial Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, may have an adverse 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, may have an effect on the credit quality of 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 uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Land is carried at cost. Buildings, leasehold improvements and equipment are stated at cost, less accumulated depreciation and amortization computed on the straight-line method over the estimated useful lives of the assets or the expected terms of the leases, if shorter. Expected terms include lease option periods to the extent that the exercise of such options is reasonably assured. |
Bank Owned Life Insurance [Policy Text Block] | Bank-owned life insurance Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in cash surrender value are reflected in noninterest income, and are not subject to income taxes. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets Transfers of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company; (2) the transferee obtains the right to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets. During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. |
Derivatives, Policy [Policy Text Block] | Derivative financial instruments Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheet and measured at fair value. Derivative Loan Commitments Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value, including servicing values, on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in miscellaneous income. Fair values of the loan commitments are recognized based on changes in the fair value of the underlying mortgage due to interest rate changes, changes in the probability the derivative loan commitment will be exercised, and the passage of time. In estimating fair value, the Company assigns a probability to a loan commitment based on the expectation that it will be exercised and the loan will be funded. Forward Loan Sale Commitments To protect against the price risk inherent in derivative loan commitments, the Company utilizes “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Forward loan sale commitments are recognized at fair value on the consolidated balance sheet in other assets and other liabilities with changes in their fair values recorded in miscellaneous income. Fair values for forward loan sale commitments are based on changes in the fair values of the underlying loans. |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | Advertising costs Advertising costs are expensed as incurred. |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred tax assets and liabilities relate to temporary differences between the book and tax bases of certain assets and liabilities, and are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation allowance is established against deferred tax assets when, based upon the available evidence including historical and projected taxable income, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company does not have any uncertain tax positions at December 31, 2016 or 2015 which require accrual or disclosure. The Company records interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended December 31, 2016 and 2015. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation plans The Company measures and recognizes compensation cost relating to share-based payment transactions based on the grant date fair value of the equity instruments issued. Share-based compensation is recognized over the period the employee is required to provide services for the award. Reductions in compensation expense associated with forfeited options are estimated at the date of grant, and this estimated forfeiture rate is adjusted annually based on actual forfeiture experience. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted. |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee stock ownership plan Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based on the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheet. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to stockholders’ equity. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. December 31, 2016 2015 (In thousands) Net unrealized (losses) gains on securities available for sale $ (374) $ 250 Tax effect 145 (88) Net-of tax amount $ (229) $ 162 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per 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 reflects 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 are determined using the treasury stock method. Years Ended December 31, 2016 2015 (In thousands, except per share data) Net income applicable to common stock $ 2,936 $ 2,649 Average number of common shares issued 2,465 2,459 Less: Average unallocated ESOP shares (135) (148) Average number of common shares outstanding used to calculate basic earnings per common share 2,330 2,311 Effect of dilutive stock options 37 18 Average number of common shares outstanding used to calculate diluted earnings per common share 2,367 2,329 Earnings per common share: Basic $ 1.26 $ 1.14 Diluted $ 1.24 $ 1.14 There were no anti-dilutive options for the year ended December 31, 2016. For the year ended December 31, 2015, options totaling 37,000 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In May 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers Revenue Recognition In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10), In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842 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), In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive (loss) income and related tax effects are as follows: December 31, 2016 2015 (In thousands) Net unrealized (losses) gains on securities available for sale $ (374) $ 250 Tax effect 145 (88) Net-of tax amount $ (229) $ 162 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per common share have been computed based on the following: Years Ended December 31, 2016 2015 (In thousands, except per share data) Net income applicable to common stock $ 2,936 $ 2,649 Average number of common shares issued 2,465 2,459 Less: Average unallocated ESOP shares (135) (148) Average number of common shares outstanding used to calculate basic earnings per common share 2,330 2,311 Effect of dilutive stock options 37 18 Average number of common shares outstanding used to calculate diluted earnings per common share 2,367 2,329 Earnings per common share: Basic $ 1.26 $ 1.14 Diluted $ 1.24 $ 1.14 |
SHORT-TERM INVESTMENTS (Tables)
SHORT-TERM INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Investments [Abstract] | |
Cash, Cash Equivalents and Investments [Table Text Block] | Short-term investments are comprised of the following: December 31, 2016 2015 (In thousands) Federal Reserve Bank deposits $ 23,664 $ 25,235 Federal Home Loan Bank deposits 24 3 Money market accounts 1,130 266 $ 24,818 $ 25,504 |
SECURITIES AVAILABLE FOR SALE (
SECURITIES AVAILABLE FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | The amortized cost and fair value of securities available for sale, with gross unrealized gains and losses, follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) December 31, 2016 Residential mortgage-backed securities: Government National Mortgage Association $ 3,876 $ 55 $ (33) $ 3,898 Government-sponsored enterprises 13,134 73 (97) 13,110 SBA and other asset-backed securities 12,571 70 (140) 12,501 State and municipal bonds 9,533 93 (156) 9,470 Government-sponsored enterprise obligations 8,000 (197) 7,803 Corporate bonds 17,908 55 (97) 17,866 $ 65,022 $ 346 $ (720) $ 64,648 December 31, 2015 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 December 31, 2016 are as follows below. Expected maturities may differ from contractual maturities because the issuers, in certain instances, have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) Within 1 year $ 6,156 $ 6,066 After 1 year to 5 years 12,925 12,976 After 5 years to 10 years 15,421 15,197 After 10 years 939 900 35,441 35,139 Mortgage- and asset-backed securities 29,581 29,509 $ 65,022 $ 64,648 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Than Twelve Months Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In thousands) December 31, 2016 Residential mortgage-backed securities: Government National Mortgage Association $ (11) $ 1,214 $ (22) $ 849 Government-sponsored enterprises (85) 6,771 (12) 540 SBA and other asset-backed securities (115) 6,109 (25) 1,608 State and municipal bonds (154) 5,257 (2) 396 Government-sponsored enterprise obligations (197) 7,803 Corporate bonds (93) 7,360 (4) 992 $ (655) $ 34,514 $ (65) $ 4,385 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 (49) 2,622 (17) 768 State and municipal bonds (6) 930 (2) 100 Government-sponsored enterprise obligations (91) 8,162 Corporate bonds (63) 10,292 (19) 1,695 $ (243) $ 27,099 $ (79) $ 4,114 |
LOANS AND ALLOWANCE FOR LOAN 31
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes and Loans Payable, Current [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | A summary of the balances of loans is as follows: December 31, 2016 2015 (In thousands) Real estate loans: Residential fixed $ 18,573 $ 18,414 Residential variable 249,486 238,056 Commercial 121,134 103,106 Construction 110,390 94,886 499,583 454,462 Commercial loans: Secured 49,126 23,557 Unsecured 221 124 49,347 23,681 Consumer loans: Home equity lines of credit 32,437 34,083 Other 216 256 32,653 34,339 Total loans 581,583 512,482 Less: Allowance for loan losses (5,432) (5,112) Net deferred origination fees (20) (63) Loans, net $ 576,131 $ 507,307 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | The following table summarizes the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2016 and 2015: Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) Year Ended December 31, 2016 Allowance at December 31, 2015 $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 Provision (credit) for loan losses 38 120 143 194 (16) 1 (43) 437 Loans charged off (106) (11) (117) Allowance at December 31, 2016 $ 1,422 $ 1,145 $ 1,827 $ 703 $ 211 $ 3 $ 121 $ 5,432 Year Ended December 31, 2015 Allowance at December 31, 2014 $ 1,710 $ 1,056 $ 1,273 $ 428 $ 224 $ 4 $ 43 $ 4,738 Provision (credit) for loan losses (203) 24 411 109 14 (1) 121 475 Loans charged off (17) (55) (28) (1) (101) Allowance at December 31, 2015 $ 1,490 $ 1,025 $ 1,684 $ 509 $ 238 $ 2 $ 164 $ 5,112 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Further information pertaining to the allowance for loan losses at December 31, 2016 and 2015 is as follows: Residential Commercial Home Other Real Estate Real Estate Construction Commercial Equity Consumer Unallocated Total (In thousands) December 31, 2016 Allowance related to impaired loans $ $ $ $ $ $ $ $ Allowance related to non-impaired loans 1,422 1,145 1,827 703 211 3 121 5,432 Total allowance $ 1,422 $ 1,145 $ 1,827 $ 703 $ 211 $ 3 $ 121 $ 5,432 Impaired loan balances $ 179 591 $ $ $ $ $ $ 770 Non-impaired loan balances 267,880 120,543 110,390 49,347 32,437 216 580,813 Total loans $ 268,059 $ 121,134 $ 110,390 $ 49,347 $ 32,437 $ 216 $ $ 581,583 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] | Past Due 90 30-59 Past Due 90 Days or More Non- Days 60-89 Days Days or Total and Still accrual Past Due Past Due More Past Due Accruing Loans (In thousands) December 31, 2016 Residential real estate $ $ $ $ $ $ Commercial real estate 979 591 1,570 591 Home equity lines of credit 208 208 Total $ $ 1,187 $ 591 $ 1,778 $ $ 591 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 December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 179 $ 196 $ 959 $ 976 Commercial real estate 591 646 645 700 Commercial 11 11 Home equity lines of credit 34 34 Total impaired loans $ 770 $ 842 $ 1,649 $ 1,721 |
Impaired Financing Receivables By Class Of Loans [Table Text Block] | Further information pertaining to impaired loans follows: Year Ended December 31, 2016 Year Ended December 31, 2015 Interest Interest Average Interest Income Average Interest Income Recorded Income Recognized Recorded Income Recognized Investment Recognized on Cash Basis Investment Recognized on Cash Basis (In thousands) Residential real estate $ 393 $ 14 $ 8 $ 1,353 $ 64 $ 52 Commercial real estate 617 2,831 176 118 Construction Commercial 6 - 17 1 1 Home equity lines of credit 19 1 1 112 4 3 Total $ 1,035 $ 15 $ 9 $ 4,313 $ 245 $ 174 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents the Company’s loans by risk rating: December 31, 2016 December 31, 2015 Commercial Commercial Real Estate Construction Commercial Total Real Estate Construction Commercial Total (In thousands) Loans rated 1-4 $ 115,110 $ 110,390 $ 46,820 $ 272,320 $ 95,603 $ 94,886 $ 22,685 $ 213,174 Loans rated 5 5,433 1,569 7,002 6,858 985 7,843 Loans rated 6 958 958 11 11 Loans rated 7 591 591 645 645 Total $ 121,134 $ 110,390 $ 49,347 $ 280,871 $ 103,106 $ 94,886 $ 23,681 $ 221,673 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | A summary of the cost and accumulated depreciation and amortization of premises and equipment is as follows: Estimated December 31, Useful Life In 2016 2015 Years (In thousands) Premises: Land $ 50 $ 50 Buildings 696 696 35-40 Leasehold improvements 3,374 2,681 5-15 Equipment 3,203 2,748 3-5 7,323 6,175 Less accumulated depreciation and amortization (3,447) (2,707) Premises and equipment, net $ 3,876 $ 3,468 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Pursuant to terms of non-cancelable lease agreements in effect at December 31, 2016, future minimum rent commitments are as follows: Year Ending December 31, Amount (In thousands) 2017 $ 1,166 2018 1,067 2019 1,080 2020 1,086 2021 917 Thereafter 1,114 $ 6,430 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Schedule Of Deposits By Type [Table Text Block] | Years Ended December 31, 2016 2015 (In thousands) Demand $ 94,946 $ 64,638 NOW 35,581 32,094 Money market 99,964 83,699 Regular and other savings 97,310 100,594 Total non-certificate accounts 327,801 281,025 Term certificates of $250 thousand and greater 103,717 74,631 Term certificates less than $250 thousand 91,292 108,082 Total term certificates 195,009 182,713 Total deposits $ 522,810 $ 463,738 |
Schedule Of Time Deposit Contractual Maturities [Table Text Block] | A summary of term certificates by maturity is as follows: December 31, 2016 December 31, 2015 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) Within 1 year $ 123,009 1.03 % $ 106,549 0.99 % Over 1 year to 2 years 50,164 1.14 57,809 1.33 Over 2 years to 3 years 17,961 1.44 8,253 1.19 Over 3 years to 4 years 3,875 1.41 10,102 1.61 $ 195,009 1.11 % $ 182,713 1.14 % |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt, and related maturities, at December 31, 2016 and 2015 consists of fixed-rate FHLB advances, as follows: Amount Weighted Average Rates 2016 2015 2016 2015 (In thousands) 2016 15,500 % 0.91 % 2017 44,500 35,000 1.18 1.26 2018 25,500 13,000 1.31 1.45 2019 7,000 3,000 1.58 1.95 2020 4,000 4,000 1.86 1.86 2022* 2,020 2,360 1.84 1.84 $ 83,020 $ 72,860 1.30 % 1.30 % *At December 31, 2016 and 2015, consists of an amortizing advance requiring monthly principal and interest of $ 32 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Allocation of federal and state income taxes between current and deferred portions is as follows: Years Ended December 31, 2016 2015 (In thousands) Current tax provision: Federal $ 1,459 $ 1,517 State 409 439 1,868 1,956 Deferred tax benefit: Federal (25) (235) State (5) (69) (30) (304) Total tax provision $ 1,838 $ 1,652 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: Years Ended December 31, 2016 2015 Statutory tax rate 34.0 % 34.0 % Increase (decrease) resulting from: State taxes, net of federal tax benefit 5.6 5.7 Tax exempt increase in surrender value of bank-owned life insurance (1.6) (1.8) Tax exempt bond income (1.6) (1.5) Share-based compensation 1.7 1.6 Other, net 0.4 0.4 Effective tax rates 38.5 % 38.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2016 2015 (In thousands) Deferred tax assets: Allowance for loan losses $ 2,169 $ 2,042 Deferred loan fees 5 25 Contribution carryover 228 Employee benefit plans 967 817 Net unrealized loss on securities available for sale 145 3,286 3,112 Deferred tax liabilities: Depreciation and amortization (463) (535) Net unrealized gain on securities available for sale (88) Mortgage servicing rights (49) Partnerships and other investments (14) Other, net (18) (10) (544) (633) Net deferred tax asset $ 2,742 $ 2,479 |
OTHER COMMITMENTS AND CONTING36
OTHER COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | At December 31, 2016 and 2015, December 31, 2016 2015 (In thousands) Commitments to grant loans $ 11,416 $ 20,906 Unadvanced funds on home equity lines of credit 27,611 24,428 Unadvanced funds on commercial lines of credit 29,358 15,879 Unadvanced funds on construction loans 38,522 38,117 Standby letters of credit 320 224 Overdraft lines of credit 483 491 |
MINIMUM REGULATORY CAPITAL RE37
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The Bank’s capital amounts and ratios as of December 31, 2016 and 2015 are presented in the following tables. Minimum to be Well Capitalized Under Minimum Capital Prompt Corrective Actual Requirements Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2016 Total Capital to Risk-Weighted Assets $ 66,585 12.6 % $ 42,337 8.0 % $ 52,921 10.0 % Common Equity Tier 1 Capital to Risk-Weighted Assets 61,152 11.6 23,815 4.5 34,399 6.5 Tier 1 Capital to Risk-Weighted Assets 61,152 11.6 31,753 6.0 42,337 8.0 Tier 1 Capital to Average Assets 61,152 9.1 27,001 4.0 33,752 5.0 December 31, 2015 Total Capital to Risk-Weighted Assets $ 61,948 14.2 % $ 34,894 8.0 % $ 43,617 10.0 % Common Equity Tier 1 Capital to Risk-Weighted Assets 56,836 13.0 19,628 4.5 28,351 6.5 Tier 1 Capital to Risk-Weighted Assets 56,836 13.0 26,170 6.0 34,894 8.0 Tier 1 Capital to Average Assets 56,836 9.4 24,195 4.0 30,243 5.0 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | There were no options granted for the year ended December 31, 2016. For the year ended December 31, 2015, the number of options and the weighted average fair values of options granted are presented below. The fair value was estimated using Black-Sholes option-pricing model with the following weighted average assumptions: Options granted 12,000 Fair value of options granted $ 3.64 Expected dividends 0.63 % Expected term 10 years Expected volatility 10.80 % Risk-free interest rate 2.04 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under the Equity Incentive Plan for the year ended December 31, 2016 is presented below: Weighted Average Weighted Average Exercise Remaining Aggregate Shares Price Contractual Term Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at beginning of year 225 $ 16.01 Granted Exercised (3) 15.35 Outstanding at end of year 222 $ 16.02 6.26 $ 2,609 Exercisable at end of year 158 $ 15.40 5.81 $ 1,886 |
Schedule of Nonvested Share Activity [Table Text Block] | The following table presents the activity in non-vested stock awards under the Equity Incentive Plan for the year ended December 31, 2016: Number of Grant-date Shares Fair Value (In thousands) Non-vested stock awards at beginning of year 44 $ 16.39 Restricted shares granted 26 21.94 Shares vested (19) 15.94 Non-vested stock awards at end of year 51 $ 19.38 |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | At December 31, 2016, the remaining principal balance on the ESOP debt is payable as follows: Year Ending December 31, Amount (In thousands) 2017 $ 119 2018 123 2019 127 2020 131 2021 135 Thereafter 746 $ 1,381 |
Employee Stock Ownership Plan ESOP Status Of Entity Shares Held [Table Text Block] | Shares held by the ESOP include the following: December 31, 2016 2015 Allocated 57,955 47,103 Unallocated 128,382 141,220 186,337 188,323 |
LOANS TO RELATED PARTIES (Table
LOANS TO RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Information pertaining to loans to directors, executive officers and their affiliates (exclusive of loans to any such persons which in the aggregate do not exceed $ 60 Years Ended December 31, 2016 2015 (In thousands) Balance at beginning of year $ 3,880 $ 3,844 Principal additions 121 1,049 Principal payments (645) (1,013) Balance at end of year $ 3,356 $ 3,880 |
FAIR VALUES OF ASSETS AND LIA40
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Liabilities Fair Value Disclosure [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis at December 31, 2016 and 2015 are summarized below. Total Level 1 Level 2 Level 3 Fair Value (In thousands) December 31, 2016 Assets Securities available for sale $ $ 64,648 $ $ 64,648 Forward loan sale commitments 72 72 Total assets $ $ 64,720 $ $ 64,720 Liabilities Derivative loan commitments $ $ 17 $ $ 17 December 31, 2015 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 summarized the fair value hierarchy used to determine each adjustment and the carrying value of the related individual assets as of December 31 2016 and December 31, 2015. December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (In thousands) Loans held for sale $ $ $ 1,454 $ $ $ 1,131 |
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 at December 31, 2016 and December 31, 2015. Years Ended December 31, 2016 2015 (In thousands) Loans held for sale $ (51) $ (20) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) December 31, 2016 Financial assets: Cash and cash equivalents $ 28,425 $ 28,425 $ $ $ 28,425 Certificates of deposit 100 100 100 Securities available for sale 64,648 64,648 64,648 FHLB stock 5,758 5,758 5,758 Loans held for sale 1,454 1,454 1,454 Loans, net 576,131 591,450 591,451 Accrued interest receivable 1,647 1,647 1,647 Forward loan sale commitments 72 72 72 Financial liabilities: Deposits $ 522 ,810 $ $ $ 523,479 $ 523,479 Short-term borrowings 21,250 21,250 21,250 Long-term debt 83,020 83,254 83,254 Subordinated debt 9,769 9,506 9,506 Accrued interest payable 140 140 140 Derivative loan commitments 17 17 17 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 507,307 503,728 503,728 Accrued interest receivable 1,432 1,432 1,432 Derivative loan commitments 2 2 2 Forward loan sale commitments 23 23 23 Financial liabilities: Deposits $ 463,738 $ $ $ 464,157 $ 464,157 Short-term borrowings 20,000 20,000 20,000 Long-term debt 72,860 72,665 72,665 Subordinated debt 9,734 9,734 9,734 Accrued interest payable 93 93 93 |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized (losses) gains on securities available for sale | $ (374) | $ 250 |
Tax effect | 145 | (88) |
Net-of tax amount | $ (229) | $ 162 |
SUMMARY OF SIGNIFICANT ACCOUN42
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ||
Net income applicable to common stock | $ 2,936 | $ 2,649 |
Average number of common shares issued | 2,465,000 | 2,459,000 |
Less: Average unallocated ESOP shares | (135,000) | (148,000) |
Average number of common shares outstanding used to calculate basic earnings per common share | 2,329,645 | 2,311,364 |
Effect of dilutive stock options | 37,000 | 18,000 |
Average number of common shares outstanding used to calculate diluted earnings per common share | 2,367,038 | 2,328,936 |
Earnings per common share: | ||
Basic | $ 1.26 | $ 1.14 |
Diluted | $ 1.24 | $ 1.14 |
SUMMARY OF SIGNIFICANT ACCOUN43
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Option [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 37,000 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loan To Value Ratio | 80.00% | |
Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Time Period To Capture Relevant Loan Loss Data | 10 years | |
Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Time Period To Capture Relevant Loan Loss Data | 3 years |
RESTRICTIONS ON CASH AND AMOU44
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Cash and Securities Segregated under Federal and Other Regulations, Total | $ 1.5 | $ 1.3 |
SHORT-TERM INVESTMENTS (Details
SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 24,818 | $ 25,504 |
Federal Reserve Bank deposits [Member] | ||
Schedule of Investments [Line Items] | ||
Interest-bearing Deposits in Banks and Other Financial Institutions | 23,664 | 25,235 |
Federal Home Loan Bank deposits [Member] | ||
Schedule of Investments [Line Items] | ||
Interest-bearing Deposits in Banks and Other Financial Institutions | 24 | 3 |
Money market accounts [Member] | ||
Schedule of Investments [Line Items] | ||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 1,130 | $ 266 |
CERTIFICATES OF DEPOSIT (Detail
CERTIFICATES OF DEPOSIT (Details Textual) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||
Certificates Of Deposit Maturity Period | 1 year | 1 year |
Percentage Of Return On Investment | 0.73% | 0.48% |
SECURITIES AVAILABLE FOR SALE47
SECURITIES AVAILABLE FOR SALE (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 65,022 | $ 62,184 |
Gross Unrealized Gains | 346 | 572 |
Gross Unrealized Losses | (720) | (322) |
Fair Value | 64,648 | 62,434 |
SBA and other asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,571 | 11,680 |
Gross Unrealized Gains | 70 | 142 |
Gross Unrealized Losses | (140) | (66) |
Fair Value | 12,501 | 11,756 |
State and municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,533 | 7,231 |
Gross Unrealized Gains | 93 | 186 |
Gross Unrealized Losses | (156) | (8) |
Fair Value | 9,470 | 7,409 |
Government-sponsored enterprise obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,000 | 10,002 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (197) | (91) |
Fair Value | 7,803 | 9,913 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,908 | 16,724 |
Gross Unrealized Gains | 55 | 13 |
Gross Unrealized Losses | (97) | (82) |
Fair Value | 17,866 | 16,655 |
Residential mortgage-backed securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,876 | 4,563 |
Gross Unrealized Gains | 55 | 81 |
Gross Unrealized Losses | (33) | (20) |
Fair Value | 3,898 | 4,624 |
Residential mortgage-backed securities [Member] | Government-sponsored enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,134 | 11,984 |
Gross Unrealized Gains | 73 | 148 |
Gross Unrealized Losses | (97) | (55) |
Fair Value | $ 13,110 | $ 12,077 |
SECURITIES AVAILABLE FOR SALE48
SECURITIES AVAILABLE FOR SALE (Details 1) $ in Thousands | Dec. 31, 2016USD ($) |
Available-for-sale Securities, Debt Maturities, Amortized Cost | |
Within 1 year | $ 6,156 |
After 1 year to 5 years | 12,925 |
After 5 years to 10 years | 15,421 |
After 10 years | 939 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total | 35,441 |
Mortgage- and asset-backed securities | 29,581 |
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 65,022 |
Available-for-sale Securities, Debt Maturities, Fair Value | |
Within 1 year | 6,066 |
After 1 year to 5 years | 12,976 |
After 5 years to 10 years | 15,197 |
After 10 years | 900 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value Total | 35,139 |
Mortgage- and asset-backed securities | 29,509 |
Available-for-sale Securities, Debt Securities, Fair Value Total | $ 64,648 |
SECURITIES AVAILABLE FOR SALE49
SECURITIES AVAILABLE FOR SALE (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months Gross Unrealized Losses | $ (655) | $ (243) |
Less Than Twelve Months Fair Value | 34,514 | 27,099 |
Over Twelve Months Gross Unrealized Losses | (65) | (79) |
Over Twelve Months Fair Value | 4,385 | 4,114 |
SBA and other asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months Gross Unrealized Losses | (115) | (49) |
Less Than Twelve Months Fair Value | 6,109 | 2,622 |
Over Twelve Months Gross Unrealized Losses | (25) | (17) |
Over Twelve Months Fair Value | 1,608 | 768 |
State and municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months Gross Unrealized Losses | (154) | (6) |
Less Than Twelve Months Fair Value | 5,257 | 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 | (197) | (91) |
Less Than Twelve Months Fair Value | 7,803 | 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 | (93) | (63) |
Less Than Twelve Months Fair Value | 7,360 | 10,292 |
Over Twelve Months Gross Unrealized Losses | (4) | (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 | (11) | (6) |
Less Than Twelve Months Fair Value | 1,214 | 923 |
Over Twelve Months Gross Unrealized Losses | (22) | (14) |
Over Twelve Months Fair Value | 849 | 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 | (85) | (28) |
Less Than Twelve Months Fair Value | 6,771 | 4,170 |
Over Twelve Months Gross Unrealized Losses | (12) | (27) |
Over Twelve Months Fair Value | $ 540 | $ 694 |
SECURITIES AVAILABLE FOR SALE50
SECURITIES AVAILABLE FOR SALE (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Losses Debt Securities Aggregate Depreciation Percentage | 1.82% | |
Proceeds from Sale of Available-for-sale Securities | $ 1,088 | $ 1,864 |
Available-for-sale Securities, Gross Realized Gains | $ 16 | 41 |
Available-for-sale Securities, Gross Realized Losses | $ 10 |
LOANS AND ALLOWANCE FOR LOAN 51
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total loans | $ 581,583 | $ 512,482 |
Less: Allowance for loan losses | (5,432) | (5,112) |
Net deferred origination fees | (20) | (63) |
Loans, net | 576,131 | 507,307 |
Commercial loan [Member] | ||
Total loans | 49,347 | 23,681 |
Consumer loan [Member] | ||
Total loans | 32,653 | 34,339 |
Residential - fixed [Member] | ||
Total loans | 18,573 | 18,414 |
Residential - variable [Member] | ||
Total loans | 249,486 | 238,056 |
Commercial Real Estate [Member] | ||
Total loans | 121,134 | 103,106 |
Construction [Member] | ||
Total loans | 110,390 | 94,886 |
Secured [Member] | ||
Total loans | 49,126 | 23,557 |
Unsecured [Member] | ||
Total loans | 221 | 124 |
Home equity lines of credit [Member] | ||
Total loans | 32,437 | 34,083 |
Other Consumer [Member] | ||
Total loans | 216 | 256 |
Real estate loans [Member] | ||
Total loans | $ 499,583 | $ 454,462 |
LOANS AND ALLOWANCE FOR LOAN 52
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance Beginning Balance | $ 5,112 | $ 4,738 |
Provision (credit) for loan losses | 437 | 475 |
Loans charged off | (117) | (101) |
Allowance Ending Balance | 5,432 | 5,112 |
Commercial [Member] | ||
Allowance Beginning Balance | 509 | 428 |
Provision (credit) for loan losses | 194 | 109 |
Loans charged off | 0 | (28) |
Allowance Ending Balance | 703 | 509 |
Residential Real Estate [Member] | ||
Allowance Beginning Balance | 1,490 | 1,710 |
Provision (credit) for loan losses | 38 | (203) |
Loans charged off | (106) | (17) |
Allowance Ending Balance | 1,422 | 1,490 |
Commercial Real Estate [Member] | ||
Allowance Beginning Balance | 1,025 | 1,056 |
Provision (credit) for loan losses | 120 | 24 |
Loans charged off | 0 | (55) |
Allowance Ending Balance | 1,145 | 1,025 |
Construction [Member] | ||
Allowance Beginning Balance | 1,684 | 1,273 |
Provision (credit) for loan losses | 143 | 411 |
Loans charged off | 0 | 0 |
Allowance Ending Balance | 1,827 | 1,684 |
Home equity lines of credit [Member] | ||
Allowance Beginning Balance | 238 | 224 |
Provision (credit) for loan losses | (16) | 14 |
Loans charged off | (11) | 0 |
Allowance Ending Balance | 211 | 238 |
Other Consumer [Member] | ||
Allowance Beginning Balance | 2 | 4 |
Provision (credit) for loan losses | 1 | (1) |
Loans charged off | 0 | (1) |
Allowance Ending Balance | 3 | 2 |
Unallocated [Member] | ||
Allowance Beginning Balance | 164 | 43 |
Provision (credit) for loan losses | (43) | 121 |
Loans charged off | 0 | 0 |
Allowance Ending Balance | $ 121 | $ 164 |
LOANS AND ALLOWANCE FOR LOAN 53
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance related to impaired loans | $ 0 | $ 0 | |
Allowance related to non-impaired loans | 5,432 | 5,112 | |
Total allowance | 5,432 | 5,112 | $ 4,738 |
Impaired loan balances | 770 | 1,649 | |
Non-impaired loan balances | 580,813 | 510,833 | |
Total loans | 581,583 | 512,482 | |
Commercial [Member] | |||
Allowance related to impaired loans | 0 | 0 | |
Allowance related to non-impaired loans | 703 | 509 | |
Total allowance | 703 | 509 | 428 |
Impaired loan balances | 0 | 11 | |
Non-impaired loan balances | 49,347 | 23,670 | |
Total loans | 49,347 | 23,681 | |
Residential Real Estate [Member] | |||
Allowance related to impaired loans | 0 | 0 | |
Allowance related to non-impaired loans | 1,422 | 1,490 | |
Total allowance | 1,422 | 1,490 | 1,710 |
Impaired loan balances | 179 | 959 | |
Non-impaired loan balances | 267,880 | 255,511 | |
Total loans | 268,059 | 256,470 | |
Commercial Real Estate [Member] | |||
Allowance related to impaired loans | 0 | 0 | |
Allowance related to non-impaired loans | 1,145 | 1,025 | |
Total allowance | 1,145 | 1,025 | 1,056 |
Impaired loan balances | 591 | 645 | |
Non-impaired loan balances | 120,543 | 102,461 | |
Total loans | 121,134 | 103,106 | |
Construction [Member] | |||
Allowance related to impaired loans | 0 | 0 | |
Allowance related to non-impaired loans | 1,827 | 1,684 | |
Total allowance | 1,827 | 1,684 | 1,273 |
Impaired loan balances | 0 | 0 | |
Non-impaired loan balances | 110,390 | 94,886 | |
Total loans | 110,390 | 94,886 | |
Home equity lines of credit [Member] | |||
Allowance related to impaired loans | 0 | 0 | |
Allowance related to non-impaired loans | 211 | 238 | |
Total allowance | 211 | 238 | 224 |
Impaired loan balances | 0 | 34 | |
Non-impaired loan balances | 32,437 | 34,049 | |
Total loans | 32,437 | 34,083 | |
Other Consumer [Member] | |||
Allowance related to impaired loans | 0 | 0 | |
Allowance related to non-impaired loans | 3 | 2 | |
Total allowance | 3 | 2 | 4 |
Impaired loan balances | 0 | 0 | |
Non-impaired loan balances | 216 | 256 | |
Total loans | 216 | 256 | |
Unallocated [Member] | |||
Allowance related to impaired loans | 0 | 0 | |
Allowance related to non-impaired loans | 121 | 164 | |
Total allowance | 121 | 164 | $ 43 |
Impaired loan balances | 0 | 0 | |
Non-impaired loan balances | 0 | 0 | |
Total loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 54
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total Past Due | $ 1,778 | $ 1,418 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Non-accrual Loans | 591 | 1,463 |
Commercial Loan [Member] | ||
Total Past Due | 0 | |
Past Due 90 Days or More and Still Accruing | 0 | |
Non-accrual Loans | 11 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total Past Due | 0 | 101 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Loan [Member] | ||
Total Past Due | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total Past Due | 1,187 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Loan [Member] | ||
Total Past Due | 0 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total Past Due | 591 | 1,317 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Loan [Member] | ||
Total Past Due | 0 | |
Residential Real Estate [Member] | ||
Total Past Due | 0 | 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 | 0 | 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 | 1,570 | 645 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Non-accrual Loans | 591 | 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 | 979 | 0 |
Commercial Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total Past Due | 591 | 645 |
Home equity lines of credit [Member] | ||
Total Past Due | 208 | 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 | 0 | 0 |
Home equity lines of credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total Past Due | 208 | 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 55
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 4) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total impaired loans Recorded Investment | $ 770 | $ 1,649 |
Total impaired loans Unpaid Principal Balance | 842 | 1,721 |
Residential Real Estate [Member] | ||
Impaired loans Recorded Investment, Without a Valuation Allowance | 179 | 959 |
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance | 196 | 976 |
Commercial Real Estate [Member] | ||
Impaired loans Recorded Investment, Without a Valuation Allowance | 591 | 645 |
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance | 646 | 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 | 0 | 11 |
Impaired loans Unpaid Principal Balance, Without a Valuation Allowance | $ 0 | $ 11 |
LOANS AND ALLOWANCE FOR LOAN 56
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Average Recorded Investment | $ 1,035 | $ 4,313 |
Interest Income Recognized | 15 | 245 |
Interest Income Recognized on Cash Basis | 9 | 174 |
Construction [Member] | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Recognized on Cash Basis | 0 | 0 |
Commercial [Member] | ||
Average Recorded Investment | 6 | 17 |
Interest Income Recognized | 0 | 1 |
Interest Income Recognized on Cash Basis | 0 | 1 |
Residential real estate [Member] | ||
Average Recorded Investment | 393 | 1,353 |
Interest Income Recognized | 14 | 64 |
Interest Income Recognized on Cash Basis | 8 | 52 |
Commercial real estate [Member] | ||
Average Recorded Investment | 617 | 2,831 |
Interest Income Recognized | 0 | 176 |
Interest Income Recognized on Cash Basis | 0 | 118 |
Home equity lines of credit [Member] | ||
Average Recorded Investment | 19 | 112 |
Interest Income Recognized | 1 | 4 |
Interest Income Recognized on Cash Basis | $ 1 | $ 3 |
LOANS AND ALLOWANCE FOR LOAN 57
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | $ 280,871 | $ 221,673 |
Loans rated 1-4 [Member] | ||
Loans | 272,320 | 213,174 |
Loans rated 5 [Member] | ||
Loans | 7,002 | 7,843 |
Loans rated 6 [Member] | ||
Loans | 958 | 11 |
Loans rated 7 [Member] | ||
Loans | 591 | 645 |
Commercial Real Estate [Member] | ||
Loans | 121,134 | 103,106 |
Commercial Real Estate [Member] | Loans rated 1-4 [Member] | ||
Loans | 115,110 | 95,603 |
Commercial Real Estate [Member] | Loans rated 5 [Member] | ||
Loans | 5,433 | 6,858 |
Commercial Real Estate [Member] | Loans rated 6 [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate [Member] | Loans rated 7 [Member] | ||
Loans | 591 | 645 |
Construction [Member] | ||
Loans | 110,390 | 94,886 |
Construction [Member] | Loans rated 1-4 [Member] | ||
Loans | 110,390 | 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 | 49,347 | 23,681 |
Commercial [Member] | Loans rated 1-4 [Member] | ||
Loans | 46,820 | 22,685 |
Commercial [Member] | Loans rated 5 [Member] | ||
Loans | 1,569 | 985 |
Commercial [Member] | Loans rated 6 [Member] | ||
Loans | 958 | 11 |
Commercial [Member] | Loans rated 7 [Member] | ||
Loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 58
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans and Leases Receivable, Gross | $ 581,583 | $ 512,482 |
Servicing Asset, Total | 3,600 | 1,900 |
Impaired Financing Receivable, Unpaid Principal Balance | 842 | 1,721 |
Troubled Debt Restructuring [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 179 | 399 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 214 | |
Loan rated 9 [Member] | Maximum [Member] | Commercial Loan [Member] | ||
Loans and Leases Receivable, Gross | $ 25 | |
Credit Rating Eleven [Member] | Maximum [Member] | ||
Period After Credit Rating Assignment | 60 days | |
Participants [Member] | Residential Real Estate [Member] | ||
Impaired Financing Receivable, Unpaid Principal Balance | $ 11,400 | 12,900 |
Others [Member] | Residential Real Estate [Member] | ||
Impaired Financing Receivable, Unpaid Principal Balance | $ 4,300 | $ 2,015,000 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 50 | $ 50 |
Buildings | 696 | 696 |
Leasehold improvements | 3,374 | 2,681 |
Equipment | 3,203 | 2,748 |
Property, Plant and Equipment, Gross, Total | 7,323 | 6,175 |
Less accumulated depreciation and amortization | (3,447) | (2,707) |
Premises and equipment, net | $ 3,876 | $ 3,468 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 0 years | |
Buildings [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 35 years | |
Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years |
PREMISES AND EQUIPMENT (Detai60
PREMISES AND EQUIPMENT (Details 1) $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Operating Leases [Line Items] | |
2,017 | $ 1,166 |
2,018 | 1,067 |
2,019 | 1,080 |
2,020 | 1,086 |
2,021 | 917 |
Thereafter | 1,114 |
Operating Leases, Future Minimum Payments Due, Total | $ 6,430 |
PREMISES AND EQUIPMENT (Detai61
PREMISES AND EQUIPMENT (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation, Depletion and Amortization, Nonproduction | $ 749 | $ 658 |
Operating Leases, Rent Expense, Net, Total | $ 1,200 | $ 1,100 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits By Type [Line Items] | ||
Demand | $ 94,946 | $ 64,638 |
NOW | 35,581 | 32,094 |
Money market | 99,964 | 83,699 |
Regular and other savings | 97,310 | 100,594 |
Total non-certificate accounts | 327,801 | 281,025 |
Term certificates of $250 thousand and greater | 103,717 | 74,631 |
Term certificates less than $250 thousand | 91,292 | 108,082 |
Total term certificates | 195,009 | 182,713 |
Total deposits | $ 522,810 | $ 463,738 |
DEPOSITS (Details 1)
DEPOSITS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amount | ||
Within 1 year | $ 123,009 | $ 106,549 |
Over 1 year to 2 years | 50,164 | 57,809 |
Over 2 years to 3 years | 17,961 | 8,253 |
Over 3 years to 4 years | 3,875 | 10,102 |
Total term certificates | $ 195,009 | $ 182,713 |
Weighted Average Rate | ||
Within 1 year | 1.03% | 0.99% |
Over 1 year to 2 years | 1.14% | 1.33% |
Over 2 years to 3 years | 1.44% | 1.19% |
Over 3 years to 4 years | 1.41% | 1.61% |
Time Deposits Weighted Average Interest Rate | 1.11% | 1.14% |
DEPOSITS (Details Textual)
DEPOSITS (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Member] | ||
Time Deposits [Line Items] | ||
Deposits Received for Securities Loaned, at Carrying Value | $ 29 | $ 0 |
SHORT-TERM BORROWINGS AND AVA65
SHORT-TERM BORROWINGS AND AVAILABLE LINES OF CREDIT (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Secured borrowing, weighted average interest rate | 0.74% | 0.47% |
Commercial real estate loans pledged to access federal reserve bank discount window | $ 22.5 | $ 21.9 |
Co-operative Central Bank [Member] | ||
Short-term Debt [Line Items] | ||
Unsecured line of credit, outstanding | 0 | 0 |
Debt Instrument, Unused Borrowing Capacity, Amount | 5 | |
Federal Reserve Bank Advances [Member] | ||
Short-term Debt [Line Items] | ||
Borrowings available under line of credit | 1.3 | 1.3 |
Line of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Borrowings available under line of credit | 5 | |
Unsecured line of credit, outstanding | 0 | 0 |
Federal Reserve Discount Window [Member] | ||
Short-term Debt [Line Items] | ||
Borrowings available under line of credit | $ 10.1 | $ 8 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks, Amount | $ 83,020 | $ 72,860 | |
Weighted Average Rate | 1.30% | 1.30% | |
FHLB Maturity Year, 2016 [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks, Amount | $ 0 | $ 15,500 | |
Weighted Average Rate | 0.00% | 0.91% | |
FHLB Maturity Year, 2017 [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks, Amount | $ 44,500 | $ 35,000 | |
Weighted Average Rate | 1.18% | 1.26% | |
FHLB Maturity Year, 2018 [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks, Amount | $ 25,500 | $ 13,000 | |
Weighted Average Rate | 1.31% | 1.45% | |
FHLB Maturity Year, 2019 [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks, Amount | $ 7,000 | $ 3,000 | |
Weighted Average Rate | 1.58% | 1.95% | |
FHLB Maturity Year, 2020 [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks, Amount | $ 4,000 | $ 4,000 | |
Weighted Average Rate | 1.86% | 1.86% | |
FHLB Maturity Year, 2022 [Member] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks, Amount | [1] | $ 2,020 | $ 2,360 |
Weighted Average Rate | [1] | 1.84% | 1.84% |
[1] | At December 31, 2016 and 2015, consists of an amortizing advance requiring monthly principal and interest of $32 thousand. |
LONG-TERM DEBT (Details Textual
LONG-TERM DEBT (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Percentage of carry value of first mortgage loan on owners occupied property | 75.00% | |
Debt Instrument, Periodic Payment | $ 32 | $ 32 |
SUBORDINATED DEBT (Details Text
SUBORDINATED DEBT (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 17, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Subordinated Long-term Debt, Noncurrent | $ 9,506 | $ 9,734 | |
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 10,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |
Debt Instrument, Maturity Date | Dec. 30, 2025 | ||
Subordinated Long-term Debt, Noncurrent | $ 9,800 | $ 9,700 | |
Unamortized Debt Issuance Expense | $ 266 | ||
Debt Instrument, Interest Rate Terms | 3-month LIBOR rate plus 435.5 basis points. |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax provision: | ||
Federal | $ 1,459 | $ 1,517 |
State | 409 | 439 |
Current Income Tax Expense (Benefit), Total | 1,868 | 1,956 |
Deferred tax benefit: | ||
Federal | (25) | (235) |
State | (5) | (69) |
Deferred Income Tax Expense (Benefit), Total | (30) | (304) |
Total tax provision | $ 1,838 | $ 1,652 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation Of Effective Income Tax Rate [Line Items] | ||
Statutory tax rate | 34.00% | 34.00% |
Increase (decrease) resulting from: | ||
State taxes, net of federal tax benefit | 5.60% | 5.70% |
Tax exempt increase in surrender value of bank-owned life insurance | (1.60%) | (1.80%) |
Tax exempt bond income | (1.60%) | (1.50%) |
Share-based compensation | 1.70% | 1.60% |
Other, net | 0.40% | 0.40% |
Effective tax rates | 38.50% | 38.40% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 2,169 | $ 2,042 |
Deferred loan fees | 5 | 25 |
Contribution carryover | 0 | 228 |
Employee benefit plans | 967 | 817 |
Net unrealized loss on securities available for sale | 145 | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Total | 3,286 | 3,112 |
Deferred tax liabilities: | ||
Depreciation and amortization | (463) | (535) |
Net unrealized gain on securities available for sale | 0 | (88) |
Mortgage servicing rights | (49) | 0 |
Partnerships and other investments | (14) | 0 |
Other, net | (18) | (10) |
Deferred Tax Liabilities, Net, Total | (544) | (633) |
Net deferred tax asset | $ 2,742 | $ 2,479 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Contribution During Period Shares To Charitable Organizations | 157,477 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $ 2,169 | $ 2,042 |
Earliest Year Open To Audit [Member] | ||
Years open to audit | 2,013 | |
Latest Year Open To Audit [Member] | ||
Years open to audit | 2,016 | |
Domestic Tax Authority [Member] | ||
Deferred Tax Liability Not Recognized Temporary Difference Percentage Taxable If Certain Events Occur | 150.00% | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $ 820 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Policyholders' Surplus | $ 328 |
DERIVATIVE INSTRUMENTS (Details
DERIVATIVE INSTRUMENTS (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 72 | $ 23 |
Derivative Asset | 17 | 2 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 1,600 | |
Derivative Asset, Fair Value, Gross Asset | 72 | |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | 700 | 417 |
Derivative Asset | 17 | 2 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 2,200 | |
Derivative Asset, Fair Value, Gross Asset | $ 23 |
OTHER COMMITMENTS AND CONTING74
OTHER COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Standby letters of credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 320 | $ 224 |
Unadvanced funds on home equity lines of credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 27,611 | 24,428 |
Unadvanced funds on home equity lines of credit [Member] | Unadvanced funds on construction loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 38,522 | 38,117 |
Unadvanced funds on home equity lines of credit [Member] | Unadvanced funds on commercial lines of credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 29,358 | 15,879 |
Overdraft lines of credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 483 | 491 |
Commitments to grant loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 11,416 | $ 20,906 |
MINIMUM REGULATORY CAPITAL RE75
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total Capital to Risk-Weighted Assets, Actual Amount | $ 66,585 | $ 61,948 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 12.60% | 14.20% |
Total Capital to Risk-Weighted Assets, Minimum Capital Requirements Amount | $ 42,337 | $ 34,894 |
Total Capital to Risk-Weighted Assets, Minimum Capital Requirements Ratio | 8.00% | 8.00% |
Total Capital to Risk-Weighted Assets, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 52,921 | $ 43,617 |
Total Capital to Risk-Weighted Assets, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Common Equity Tier 1 Capital to Risk-Weighted Assets Actual Amount | $ 61,152 | $ 56,836 |
Common Equity Tier 1 Capital to Risk-Weighted Assets Actual Ratio | 11.60% | 13.00% |
Common Equity Tier 1 Capital to Risk-Weighted Assets Minimum Capital Requirements | $ 23,815 | $ 19,628 |
Common Equity Tier 1 Capital to Risk-Weighted Assets Minimum Capital Requirements Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital to Risk-Weighted Assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions | $ 34,399 | $ 28,351 |
Common Equity Tier 1 Capital to Risk-Weighted Assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier I Capital to Risk-Weighted Assets, Actual Amount | $ 61,152 | $ 56,836 |
Tier I Capital to Risk-Weighted Assets, Actual Ratio | 11.60% | 13.00% |
Tier I Capital to Risk-weighted Assets, Minimum Capital Requirements Amount | $ 31,753 | $ 26,170 |
Tier I Capital to Risk-weighted Assets, Minimum Capital Requirements Ratio | 6.00% | 6.00% |
Tier I Capital to Risk-Weighted Assets, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 42,337 | $ 34,894 |
Tier I Capital to Risk-Weighted Assets, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Tier I Capital to average assets, Actual Amount | $ 61,152 | $ 56,836 |
Tier I Capital to average assets, Actual Ratio | 9.10% | 9.40% |
Tier I Capital to average assets, Minimum Capital Requirements Amount | $ 27,001 | $ 24,195 |
Tier I Capital to average assets, Minimum Capital Requirements Ratio | 4.00% | 4.00% |
Tier I Capital to average assets, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 33,752 | $ 30,243 |
Tier I Capital to average assets, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
MINIMUM REGULATORY CAPITAL RE76
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 31, 2016 | Dec. 31, 2015 |
Common Equity Tier1 Capital Conservation Buffer | 0.625% | ||
Tier One Risk Based Capital to Risk Weighted Assets | 11.60% | 13.00% | |
Assets, Total | $ 695,283 | $ 621,182 | |
Tier One Leverage Capital to Average Assets | 9.10% | 9.40% | |
Required Capital Conservation buffer Rate | 0.625% | ||
Maximum [Member] | |||
Tier One Risk Based Capital to Risk Weighted Assets | 6.00% | ||
Assets, Total | $ 500,000 | ||
Tier One Leverage Capital to Average Assets | 8.00% | ||
Minimum [Member] | |||
Assets, Total | $ 1,000,000 | ||
Tier One Leverage Capital to Average Assets | 4.00% | ||
Common Stock [Member] | |||
Tier One Risk Based Capital to Risk Weighted Assets | 4.50% | ||
Tier 1 Capital ratio | 7.00% | ||
Tier 1 capital One [Member] | Common Stock [Member] | |||
Tier One Risk Based Capital to Risk Weighted Assets | 2.50% | ||
Tier 1 capital Two [Member] | Common Stock [Member] | |||
Tier One Risk Based Capital to Risk Weighted Assets | 10.50% |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Options granted | 0 | 12,000 |
Fair value of options granted | $ 3.64 | |
Expected dividends | 0.63% | |
Expected term | 10 years | |
Expected volatility | 10.80% | |
Risk-free interest rate | 2.04% |
EMPLOYEE BENEFIT PLANS (Detai78
EMPLOYEE BENEFIT PLANS (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Shares | ||
Outstanding at beginning of period | 225,000 | |
Granted | 0 | 12,000 |
Exercised | 3,200,000 | |
Outstanding at end of period | 222,000 | 225,000 |
Exercisable at end of year | 158,000 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period | $ 16.01 | |
Granted | 0 | |
Exercised | 15.35 | |
Outstanding at end of period | 16.02 | $ 16.01 |
Exercisable at end of year | $ 15.40 | |
Weighted Average Remaining Contractual Term | ||
Outstanding at end of year | 6 years 3 months 4 days | |
Exercisable at end of year | 5 years 9 months 22 days | |
Aggregate Intrinsic value: | ||
Outstanding at end of year | $ 2,609 | |
Exercisable at end of year | $ 1,886 |
EMPLOYEE BENEFIT PLANS (Detai79
EMPLOYEE BENEFIT PLANS (Details 2) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Number of Shares | |
Non-vested stock awards at beginning of year | shares | 44 |
Restricted shares granted | shares | 26 |
Shares vested | shares | (19) |
Non-vested stock awards at end of year | shares | 51 |
Grant-date Fair Value | |
Non-vested stock awards at beginning of year | $ / shares | $ 16.39 |
Restricted shares granted | $ / shares | 21.94 |
Shares vested | $ / shares | 15.94 |
Non-vested stock awards at end of year | $ / shares | $ 19.38 |
EMPLOYEE BENEFIT PLANS (Detai80
EMPLOYEE BENEFIT PLANS (Details 3) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 119 |
2,018 | 123 |
2,019 | 127 |
2,020 | 131 |
2,021 | 135 |
Thereafter | 746 |
Employee Stock Ownership Plan (ESOP), Debt Structure, Indirect Loan, Amount | $ 1,381 |
EMPLOYEE BENEFIT PLANS (Detai81
EMPLOYEE BENEFIT PLANS (Details 4) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Allocated | 57,955 | 47,103 |
Unallocated | 128,382 | 141,220 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 186,337 | 188,323 |
EMPLOYEE BENEFIT PLANS (Detai82
EMPLOYEE BENEFIT PLANS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2016 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Employee Stock Ownership Plan ESOP Percent Of Shares Authorized To Be Purchased | 7.50% | ||
Employee Stock Ownership Plan ESOP Debt Structure Direct Loan Term | 15 years | ||
Employee Stock Ownership Plan ESOP Debt Structure Direct Loan Interest Rate | 3.25% | ||
Employee Stock Ownership Plan ESOP Cost Of Committed To Be Released Shares | $ 3,600 | $ 2,400 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 186,337 | 188,323 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 270 | $ 246 | |
Defined Contribution Plan Employer Contribution Maximum | 7.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 150.00% | ||
Defined Contribution Plan, Cost Recognized | $ 506 | 463 | |
Defined Benefit Plan, Other Costs | 9 | 10 | |
Incentive Compensation Expenses | 861 | $ 707 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 239 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.64 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 4 days | ||
Employee Stock Option [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Stock or Unit Option Plan Expense | $ 212 | $ 202 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 38 | 37 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 868 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 2 months 12 days | ||
Stock Award [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Stock or Unit Option Plan Expense | $ 325 | 298 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 130 | $ 119 | |
Restricted Stock [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,000 | 3,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.94 | $ 19.14 | |
Minimum [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Percentage Of Income Before Income Taxes And Certain Compensation Available For Profit Sharing Plan | 5.00% | ||
Maximum [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Percentage Of Income Before Income Taxes And Certain Compensation Available For Profit Sharing Plan | 15.00% | ||
2012 Equity Incentive Plan [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 231,894 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Equity Incentive Plan 2016 [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 75,000 | ||
Equity Incentive Plan 2016 [Member] | Restricted Stock [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 26,000 | ||
Supplemental Employee Retirement Plan [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Total | $ 1,100 | $ 860 | |
Defined Benefit Plan, Net Periodic Benefit Cost, Total | $ 240 | $ 186 |
LOANS TO RELATED PARTIES (Detai
LOANS TO RELATED PARTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of year | $ 3,880 | $ 3,844 |
Principal additions | 121 | 1,049 |
Principal payments | (645) | (1,013) |
Balance at end of year | $ 3,356 | $ 3,880 |
LOANS TO RELATED PARTIES (Det84
LOANS TO RELATED PARTIES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable, Related Parties | $ 3,356 | $ 3,880 | $ 3,844 |
Related Party Transaction, Rate | 0.50% | ||
Maximum [Member] | |||
Loans and Leases Receivable, Related Parties | $ 60 |
RESTRICTIONS ON DIVIDENDS, LO85
RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES (Details Textual) | Dec. 31, 2016 |
Federal Home Loan Bank Advances As Percentage Of Total Assets | 10.00% |
FAIR VALUES OF ASSETS AND LIA86
FAIR VALUES OF ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 64,720 | $ 62,459 |
Derivative loan commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2 | |
Total liabilities | 17 | |
Forward loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 23 | |
Total liabilities | 72 | |
Securities available for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 64,648 | 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 | |
Total liabilities | 0 | |
Fair Value, Inputs, Level 1 [Member] | Forward loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Total liabilities | 0 | |
Fair Value, Inputs, Level 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 | 64,720 | 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 | |
Total liabilities | 17 | |
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 | 23 | |
Total liabilities | 72 | |
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 | 64,648 | 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 | |
Total liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | Forward loan sale commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | |
Total liabilities | 0 | |
Fair 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 ASSETS AND LIA87
FAIR VALUES OF ASSETS AND LIABILITIES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans held for sale | $ 1,454 | $ 1,131 |
Fair Value, Inputs, Level 1 [Member] | ||
Loans held for sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Loans held for sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Loans held for sale | $ 1,454 | $ 1,131 |
FAIR VALUES OF ASSETS AND LIA88
FAIR VALUES OF ASSETS AND LIABILITIES (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans Held For Sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Non Recurring Basis [Line Items] | ||
Total gain (Loss) | $ (51) | $ (20) |
FAIR VALUES OF ASSETS AND LIA89
FAIR VALUES OF ASSETS AND LIABILITIES (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Cash and cash equivalents | $ 28,425 | $ 28,178 |
Certificates of deposit | 100 | 100 |
Securities available for sale | 64,648 | 62,434 |
FHLB stock | 5,758 | 5,524 |
Loans held for sale | 1,454 | 1,131 |
Loans, net | 591,451 | 503,728 |
Accrued interest receivable | 1,647 | 1,432 |
Derivative loan commitments | 17 | 2 |
Forward loan sale commitments | 72 | 23 |
Financial liabilities: | ||
Deposits | 523,479 | 464,157 |
Short-term borrowings | 21,250 | 20,000 |
Long-term debt | 83,254 | 72,665 |
Subordinated debt | 9,506 | 9,734 |
Accrued interest payable | 140 | 93 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 28,425 | 28,178 |
Certificates of deposit | 100 | 100 |
Securities available for sale | 0 | 0 |
FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative loan commitments | 0 | 0 |
Forward loan sale commitments | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit | 0 | 0 |
Securities available for sale | 64,648 | 62,434 |
FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative loan commitments | 17 | 2 |
Forward loan sale commitments | 72 | 23 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Short-term borrowings | 21,250 | 20,000 |
Long-term debt | 83,254 | 72,665 |
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 | 5,758 | 5,524 |
Loans held for sale | 1,454 | 1,131 |
Loans, net | 591,450 | 503,728 |
Accrued interest receivable | 1,647 | 1,432 |
Derivative loan commitments | 0 | 0 |
Forward loan sale commitments | 0 | 0 |
Financial liabilities: | ||
Deposits | 523,479 | 464,157 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Subordinated debt | 9,506 | 9,734 |
Accrued interest payable | 140 | 93 |
Reported Carrying Amount Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 28,425 | 28,178 |
Certificates of deposit | 100 | 100 |
Securities available for sale | 64,648 | 62,434 |
FHLB stock | 5,758 | 5,524 |
Loans held for sale | 1,454 | 1,131 |
Loans, net | 576,131 | 507,307 |
Accrued interest receivable | 1,647 | 1,432 |
Derivative loan commitments | 17 | 2 |
Forward loan sale commitments | 72 | 23 |
Financial liabilities: | ||
Deposits | 522,810 | 463,738 |
Short-term borrowings | 21,250 | 20,000 |
Long-term debt | 83,020 | 72,860 |
Subordinated debt | 9,769 | 9,734 |
Accrued interest payable | $ 140 | $ 93 |