Document And Entity Information
| Document And Entity Information - shares | 3 Months Ended | |
| Mar. 31, 2018 | Apr. 30, 2018 | |
| Document Information [Line Items] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Mar. 31, 2018 | |
| Document Fiscal Year Focus | 2,018 | |
| Document Fiscal Period Focus | Q1 | |
| Entity Registrant Name | Wellesley Bancorp, Inc. | |
| Entity Central Index Key | 1,526,952 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Smaller Reporting Company | |
| Trading Symbol | WEBK | |
| Entity Common Stock, Shares Outstanding | 2,506,532 |
CONSOLIDATED BALANCE SHEETS
| CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
| Assets | ||
| Cash and due from banks | $ 5,828 | $ 4,604 |
| Short-term investments | 45,533 | 23,858 |
| Total cash and cash equivalents | 51,361 | 28,462 |
| Certificates of deposit | 100 | 100 |
| Securities available for sale, at fair value | 67,209 | 66,486 |
| Federal Home Loan Bank of Boston stock, at cost | 5,864 | 5,937 |
| Loans | 685,727 | 692,455 |
| Less allowance for loan losses | (6,218) | (6,153) |
| Loans, net | 679,509 | 686,302 |
| Bank-owned life insurance | 7,592 | 7,535 |
| Premises and equipment, net | 3,329 | 3,470 |
| Accrued interest receivable | 1,954 | 2,140 |
| Net deferred tax asset | 2,444 | 2,352 |
| Other assets | 2,530 | 2,611 |
| Total assets | 821,892 | 805,395 |
| Deposits: | ||
| Non-interest-bearing | 110,631 | 104,346 |
| Interest-bearing | 532,278 | 512,396 |
| Total deposits | 642,909 | 616,742 |
| Short-term borrowings | 17,500 | 38,000 |
| Long-term debt | 88,007 | 77,174 |
| Subordinated debt | 9,810 | 9,802 |
| Accrued expenses and other liabilities | 3,563 | 4,432 |
| Total liabilities | 761,789 | 746,150 |
| Commitments and contingencies | ||
| Stockholders' equity: | ||
| Preferred stock, $0.01 par value; 1,000,000 shares authorized, none issued | 0 | 0 |
| Common stock, $0.01 par value; 14,000,000 shares authorized, 2,506,532 shares issued | 25 | 25 |
| Additional paid-in capital | 25,769 | 25,601 |
| Retained earnings | 36,039 | 34,736 |
| Accumulated other comprehensive income (loss) | (607) | 39 |
| Unearned compensation - ESOP | (1,123) | (1,156) |
| Total stockholders' equity | 60,103 | 59,245 |
| Total liabilities and stockholders' equity | $ 821,892 | $ 805,395 |
CONSOLIDATED BALANCE SHEETS _Pa
| CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
| 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 | 2,506,532 | 2,506,532 |
CONSOLIDATED STATEMENTS OF COMP
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2018 | Mar. 31, 2017 | |
| Interest and dividend income: | ||
| Interest and fees on loans and loans held for sale | $ 7,227 | $ 5,977 |
| Interest on debt securities: | ||
| Taxable | 341 | 339 |
| Tax-exempt | 82 | 69 |
| Interest on short-term investments and certificates of deposit | 113 | 43 |
| Dividends on FHLB stock | 76 | 57 |
| Total interest and dividend income | 7,839 | 6,485 |
| Interest expense: | ||
| Deposits | 1,193 | 793 |
| Short-term borrowings | 123 | 32 |
| Long-term debt | 343 | 286 |
| Subordinated debentures | 158 | 158 |
| Total interest expense | 1,817 | 1,269 |
| Net interest income | 6,022 | 5,216 |
| Provision for loan losses | 65 | 0 |
| Net interest income, after provision for loan losses | 5,957 | 5,216 |
| Noninterest income: | ||
| Customer service fees | 43 | 34 |
| Mortgage banking activities | 9 | 43 |
| Income on bank-owned life insurance | 57 | 57 |
| Wealth management fees | 384 | 295 |
| Miscellaneous | 85 | 92 |
| Total noninterest income | 578 | 521 |
| Noninterest expenses: | ||
| Salaries and employee benefits | 2,721 | 2,609 |
| Occupancy and equipment | 718 | 696 |
| Data processing | 234 | 201 |
| FDIC insurance | 168 | 147 |
| Professional fees | 198 | 173 |
| Advertising and marketing | 74 | 74 |
| Other general and administrative | 445 | 393 |
| Total noninterest expenses | 4,558 | 4,293 |
| Income before income taxes | 1,977 | 1,444 |
| Provision for income taxes | 540 | 563 |
| Net income | 1,437 | 881 |
| Other comprehensive income (loss): | ||
| Net unrealized gains (losses) on available-for-sale securities | (872) | 237 |
| Income tax (expense) benefit | 219 | (88) |
| Total other comprehensive income (loss), net of tax | (653) | 149 |
| Comprehensive income | $ 784 | $ 1,030 |
| Earnings per common share: | ||
| Basic | $ 0.6 | $ 0.37 |
| Diluted | $ 0.58 | $ 0.36 |
| Weighted average shares outstanding: | ||
| Basic | 2,392,592 | 2,358,074 |
| Diluted | 2,485,222 | 2,441,993 |
CONSOLIDATED STATEMENTS OF CHAN
| CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Unearned Compensation - ESOP [Member] |
| 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 | |||||
| Comprehensive income | 1,030 | $ 0 | 0 | 881 | 149 | 0 |
| Dividends paid to common stockholders | (100) | 0 | 0 | (100) | 0 | 0 |
| Share-based compensation - equity incentive plan | 154 | 0 | 154 | 0 | 0 | 0 |
| ESOP shares committed to be allocated | 88 | 0 | 56 | 0 | 0 | 32 |
| Balance at Mar. 31, 2017 | 56,386 | $ 25 | 24,913 | 32,780 | (80) | (1,252) |
| Balance (in shares) at Mar. 31, 2017 | 2,484,852 | |||||
| Balance at Dec. 31, 2017 | 59,245 | $ 25 | 25,601 | 34,736 | 39 | (1,156) |
| Balance (in shares) at Dec. 31, 2017 | 2,506,532 | |||||
| Comprehensive income | 784 | $ 0 | 0 | 1,437 | (653) | 0 |
| Reclassification related to Tax Cuts and Jobs Act | 0 | 0 | 0 | (7) | 7 | 0 |
| Dividends paid to common stockholders | (127) | 0 | 0 | (127) | 0 | 0 |
| Share-based compensation - equity incentive plan | 107 | 0 | 107 | 0 | 0 | 0 |
| ESOP shares committed to be allocated | 94 | 0 | 61 | 0 | 0 | 33 |
| Balance at Mar. 31, 2018 | $ 60,103 | $ 25 | $ 25,769 | $ 36,039 | $ (607) | $ (1,123) |
| Balance (in shares) at Mar. 31, 2018 | 2,506,532 |
CONSOLIDATED STATEMENTS OF CHA6
| CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY [Parenthetical] - $ / shares | 3 Months Ended | |
| Mar. 31, 2018 | Mar. 31, 2017 | |
| Dividends paid to common stockholders, per share | $ 0.05 | $ 0.04 |
| ESOP shares committed to be allocated, Shares | 3,209 | 3,209 |
CONSOLIDATED STATEMENTS OF CASH
| CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2018 | Mar. 31, 2017 | |
| Cash flows from operating activities: | ||
| Net income | $ 1,437 | $ 881 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for loan losses | 65 | 0 |
| Depreciation and amortization | 196 | 192 |
| Net amortization of securities | 41 | 53 |
| Principal balance of loans sold | 1,085 | 1,454 |
| Loans originated for sale | (1,085) | 0 |
| Accretion of net deferred loan fees | (137) | (134) |
| Amortization of subordinated debt issuance costs | 8 | 9 |
| Income on bank-owned life insurance | (57) | (57) |
| Deferred income tax provision | 127 | 77 |
| ESOP expense | 94 | 88 |
| Share-based compensation | 107 | 154 |
| Net change in other assets and liabilities | (616) | 319 |
| Net cash provided by operating activities | 1,265 | 3,036 |
| Activity in securities available for sale: | ||
| Maturities, prepayments and calls | 826 | 902 |
| Purchases | (2,462) | (3,013) |
| Redemption (purchase) of Federal Home Loan Bank stock | 73 | (179) |
| Net loan (originations) principal payments | 6,865 | (10,900) |
| Additions to premises and equipment | (55) | (104) |
| Proceeds from sale of premises and equipment | 14 | 0 |
| Net cash provided (used) by investing activities | 5,261 | (13,294) |
| Cash flows from financing activities: | ||
| Net increase in deposits | 26,167 | 3,256 |
| Proceeds from issuance of long-term debt | 21,000 | 22,000 |
| Repayments of long-term debt | (10,167) | (8,086) |
| Decrease in short-term borrowings | (20,500) | (9,000) |
| Cash dividends paid on common stock | (127) | (100) |
| Net cash provided by financing activities | 16,373 | 8,070 |
| Net change in cash and cash equivalents | 22,899 | (2,188) |
| Cash and cash equivalents at beginning period | 28,462 | 28,425 |
| Cash and cash equivalents at end of period | 51,361 | 26,237 |
| Supplementary information: | ||
| Interest paid | 1,682 | 1,293 |
| Income taxes paid | $ 330 | $ 116 |
BASIS OF PRESENTATION AND CONSO
| BASIS OF PRESENTATION AND CONSOLIDATION | 3 Months Ended |
| Mar. 31, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Accounting [Text Block] | NOTE 1 BASIS OF PRESENTATION AND CONSOLIDATION The accompanying unaudited interim consolidated financial statements include the accounts of Wellesley Bancorp, Inc. (the “Company”) and its wholly-owned subsidiary, Wellesley Bank (the “Bank”), the principal operating entity, and its wholly-owned subsidiaries: Wellesley Securities Corporation, which engages in the business of buying, selling and dealing in securities exclusively on its own behalf; Wellesley Investment Partners, LLC, formed to provide investment management services for individuals, not-for-profit entities and businesses; and Central Linden, LLC, to hold, manage and sell foreclosed real estate. All significant intercompany balances and transactions have been eliminated in consolidation. Assets under management at Wellesley Investment Partners, LLC are not included in these consolidated financial statements because they are not assets of the Company. These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K. The results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 or for any other period. |
LOAN POLICIES
| LOAN POLICIES | 3 Months Ended |
| Mar. 31, 2018 | |
| Accounting Policies [Abstract] | |
| Loan Portfolio [Text Block] | NOTE 2 The loan portfolio consists of real estate, commercial and other loans to the Company’s customers in our primary market areas in eastern Massachusetts. The ability of the Company’s debtors to honor their contracts is dependent upon the economy in general and the state of real estate and construction sectors within our markets. Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred loan origination fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Interest is generally not accrued on loans which are identified as impaired or loans which are ninety days or more past due. Past due status is based on the contractual terms of the loan. Interest income previously accrued on such loans is reversed against current period interest income. Interest income on non-accrual loans is recognized only to the extent of interest payments received and is first applied to the outstanding principal balance when collectibility of principal is in doubt. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured through sustained payment performance for at least six months. Allowance for loan losses The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to occur. Loan losses are charged against the allowance when management believes the uncollectibility of the loan balance is confirmed. Subsequent recoveries are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components. General component The general component is based on the following loan segments: residential real estate, commercial real estate, construction, commercial, home equity lines of credit and other consumer. Management considers a rolling average of historical losses for each segment based on a time frame appropriate to capture relevant loss data for each loan segment, generally three and 10 The qualitative factor adjustments are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial real estate Loans in this segment are primarily income-producing properties in the Company’s primary market areas in eastern Massachusetts. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management typically obtains rent rolls annually and continually monitors the cash flows of these loans. Construction Loans in this segment include speculative construction loans primarily on residential properties for which payment is derived from the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Residential construction loans in this segment also include loans to build one-to-four family owner-occupied properties which are subject to the same credit quality factors as residential real estate. Commercial Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Home equity lines of credit Loans in this segment are collateralized by one-to-four family residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Other consumer Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Allocated component The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the fair value of the loan or, if the loan is collateral dependent, by the fair value of the collateral, less estimated costs to sell. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller-balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify performing individual residential and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated component An unallocated component is maintained to cover additional uncertainties in management’s estimation of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. |
COMPREHENSIVE INCOME
| COMPREHENSIVE INCOME | 3 Months Ended |
| Mar. 31, 2018 | |
| Stockholders' Equity Note [Abstract] | |
| Comprehensive Income (Loss) Note [Text Block] | NOTE 3 COMPREHENSIVE INCOME Accounting principles generally require that recognized revenue, expenses, and gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income/loss. March 31, December 31, 2018 2017 (In thousands) Unrealized holding gains (losses) on securities available for sale $ (828) $ 44 Tax effect 221 (5) Net-of tax amount $ (607) $ 39 |
RECENT ACCOUNTING AND REGULATOR
| RECENT ACCOUNTING AND REGULATORY PRONOUNCEMENTS | 3 Months Ended |
| Mar. 31, 2018 | |
| Accounting Changes and Error Corrections [Abstract] | |
| New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 4 RECENT ACCOUNTING AND REGULATORY PRONOUNCEMENTS Effective January 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Topic 605, Revenue Recognition Effective January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities, Effective January 1, 2018, the Company adopted ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments Effective January 1, 2018, the Company adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash Effective January 1, 2018, the Company adopted ASU 2017-09, Compensation-Stock Compensation (Topic 718) Topic 718, Compensation-Stock Compensation Effective January 1, 2018, the Company adopted ASU 2018-02, Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 7 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), |
SECURITIES AVAILABLE FOR SALE
| SECURITIES AVAILABLE FOR SALE | 3 Months Ended |
| Mar. 31, 2018 | |
| Investments, Debt and Equity Securities [Abstract] | |
| Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 5 SECURITIES AVAILABLE FOR SALE Amortized Gross Gross Fair (In thousands) March 31, 2018 Residential mortgage-backed securities: Government National Mortgage Association $ 3,251 $ 38 $ (57) $ 3,232 Government-sponsored enterprises 11,445 18 (243) 11,220 SBA and other asset-backed securities 11,469 48 (155) 11,362 State and municipal bonds 12,996 103 (144) 12,955 Government-sponsored enterprise obligations 8,000 (247) 7,753 Corporate bonds 17,162 34 (222) 16,974 U.S. Treasury bonds 3,714 (1) 3,713 $ 68,037 $ 241 $ (1,069) $ 67,209 Amortized Gross Gross Fair (In thousands) December 31, 2017 Residential mortgage-backed securities: Government National Mortgage Association $ 3,358 $ 46 $ (53) $ 3,351 Government-sponsored enterprises 11,690 43 (84) 11,649 SBA and other asset-backed securities 11,961 89 (87) 11,963 State and municipal bonds 13,026 276 (15) 13,287 Government-sponsored enterprise obligations 8,000 (166) 7,834 Corporate bonds 17,166 52 (57) 17,161 U.S. Treasury bonds 1,241 1,241 $ 66,442 $ 506 $ (462) $ 66,486 There were no sales of available-for-sale securities for the three months ended March 31, 2018 and 2017. Amortized Fair (In thousands) Within 1 year $ 5,716 $ 5,710 After 1 year to 5 years 18,812 18,471 After 5 years to 10 years 9,839 9,748 After 10 years 7,505 7,466 41,872 41,395 Mortgage- and asset-backed securities 26,165 25,814 $ 68,037 $ 67,209 Expected maturities may differ from contractual maturities because the issuer, in certain instances, has the right to call or prepay obligations with or without call or prepayment penalties. Less Than Twelve Months Over Twelve Months Gross Fair Gross Fair (In thousands) March 31, 2018 Residential mortgage-backed securities: Government National Mortgage Association $ (3) $ 145 $ (54) $ 1,690 Government-sponsored enterprises (116) 4,786 (127) 5,001 SBA and other asset-backed securities (55) 3,647 (100) 2,308 State and municipal bonds (121) 6,057 (23) 857 Government-sponsored enterprise obligations (54) 1,946 (193) 5,808 Corporate bonds (168) 12,974 (54) 1,966 U.S. Treasury Bonds (1) 3,713 $ (518) $ 33,268 $ (551) $ 17,630 December 31, 2017 Residential mortgage-backed securities: Government National Mortgage Association $ (3) $ 266 $ (50) $ 1,611 Government-sponsored enterprises (13) 3,578 (71) 3,110 SBA and other asset-backed securities (8) 2,267 (79) 2,434 State and municipal bonds (3) 571 (12) 871 Government-sponsored enterprise obligations (27) 1,973 (139) 5,860 Corporate bonds (21) 7,399 (36) 1,985 $ (75) $ 16,054 $ (387) $ 15,871 Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluations. At March 31, 2018, various debt securities have unrealized losses with aggregate depreciation of 2.1 |
LOANS AND ALLOWANCE FOR LOAN LO
| LOANS AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended |
| Mar. 31, 2018 | |
| Notes and Loans Payable, Current [Abstract] | |
| Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 6 LOANS AND ALLOWANCE FOR LOAN LOSSES March 31, December 31, 2018 2017 (In thousands) Real estate loans: Residential fixed $ 35,724 $ 31,433 Residential variable 303,692 297,593 Commercial 141,001 138,784 Construction 107,784 120,004 588,201 587,814 Commercial loans: Secured 53,495 62,333 Unsecured 5,523 5,638 59,018 67,971 Consumer loans: Home equity lines of credit 38,179 36,378 Other 223 214 38,402 36,592 Total loans 685,621 692,377 Less: Allowance for loan losses (6,218) (6,153) Net deferred origination costs 106 78 Loans, net $ 679,509 $ 686,302 Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) Three Months Ended March 31, 2018 Allowance at December 31, 2017 $ 1,722 $ 1,520 $ 1,661 $ 917 $ 237 $ 2 $ 94 $ 6,153 Provision (credit) for loan losses 203 25 (228) 78 11 1 (25) 65 Allowance at March 31, 2018 $ 1,925 $ 1,545 $ 1,433 $ 995 $ 248 $ 3 $ 69 $ 6,218 Three Months Ended March 31, 2017 Allowance at December 31, 2016 $ 1,422 $ 1,145 $ 1,827 $ 703 $ 211 $ 3 $ 121 $ 5,432 Provision (credit) for loan losses 65 (11) (132) 7 11 60 Loans charged off (11) (11) Allowance at March 31, 2017 $ 1,487 $ 1,134 $ 1,695 $ 710 $ 211 $ 3 $ 181 $ 5,421 Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) March 31, 2018 Allowance related to impaired loans $ $ $ $ $ $ $ $ Allowance related to non-impaired loans 1,925 1,545 1,433 995 248 3 69 6,218 Total allowance $ 1,925 $ 1,545 $ 1,433 $ 995 $ 248 $ 3 $ 69 $ 6,218 Impaired loan balances $ 170 $ 566 $ $ $ $ $ $ 736 Non-impaired loan balances 339,246 140,435 107,784 59,018 38,179 223 684,885 Total loans $ 339,416 $ 141,001 $ 107,784 $ 59,018 $ 38,179 $ 223 $ $ 685,621 December 31, 2017 Allowance related to impaired loans $ $ $ $ $ $ $ $ Allowance related to non-impaired loans 1,722 1,520 1,661 917 237 2 94 6,153 Total allowance $ 1,722 $ 1,520 $ 1,661 $ 917 $ 237 $ 2 $ 94 $ 6,153 Impaired loan balances $ 172 576 $ $ $ $ $ $ 748 Non-impaired loan balances 328,854 138,208 120,004 67,971 36,378 214 691,629 Total loans $ 329,026 $ 138,784 $ 120,004 $ 67,971 $ 36,378 $ 214 $ $ 692,377 The following is a summary of past due and non-accrual loans at March 31, 2018 and December 31, 2017: 30-59 60-89 Days Past Due 90 Total Past Due 90 Non- (In thousands) March 31, 2018 Residential real estate $ $ $ 663 $ 663 $ $ 663 Commercial real estate 100 100 566 Home equity 245 245 Total $ 345 $ $ 663 $ 1,008 $ $ 1,229 December 31, 2017 Residential real estate $ 598 $ 65 $ $ 663 $ $ Commercial real estate 576 576 576 Total $ 598 $ 65 $ 576 $ 1,239 $ $ 576 March 31, 2018 December 31, 2017 Recorded Unpaid Recorded Unpaid (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 170 $ 188 $ 172 $ 189 Commercial real estate 566 695 576 710 Total impaired loans $ 736 $ 883 $ 748 $ 899 Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 171 $ 2 $ $ 178 $ 2 $ Commercial real estate 570 20 20 583 Total $ 741 $ 22 $ 20 $ 761 $ 2 $ No additional funds are committed to be advanced in connection with impaired loans. There were no new troubled debt restructurings recorded during the three months ended March 31, 2018 and 2017. There were no TDRs that defaulted, generally considered 90 days past due or longer, during the three months ended March 31, 2018 and 2017, and for which default was within one year of the restructure date. TDRs did not have a material impact on the allowance for loan losses for the three months ended March 31, 2018 and 2017. 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 “loss” or uncollectible and of such little value that their continuance as loans is not warranted. Loans rated 9: Loans in this category only include commercial loans under $ 25 Loans rated 10: Loans in this category include loans which otherwise require rating, but which have not been rated, or loans for which the Company’s loan policy does not require rating. Loans rated 11: Loans in this category include credit commitments/relationships that cannot be rated due to a lack of financial information or inaccurate financial information. If, within 60 On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and commercial loans. During each calendar year, the Company engages an independent third party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. On a monthly basis, the Company reviews the residential real estate and consumer loan portfolio for credit quality primarily through the use of delinquency reports. March 31, 2018 December 31, 2017 Commercial Construction Commercial Total Commercial Construction Commercial Total (In thousands) Loans rated 1 -4 $ 137,010 $ 107,784 $ 57,933 $ 302,727 $ 134,201 $ 120,004 $ 67,087 $ 321,292 Loans rated 5 937 1,085 2.022 1,476 301 1,777 Loans rated 6 2,488 2.488 2,531 583 3,114 Loans rated 7 566 566 576 576 Total $ 141,001 $ 107,784 $ 59,018 $ 307,803 $ 138,784 $ 120,004 $ 67,971 $ 326,759 |
FAIR VALUES OF FINANCIAL INSTRU
| FAIR VALUES OF FINANCIAL INSTRUMENTS | 3 Months Ended |
| Mar. 31, 2018 | |
| Financial Liabilities Fair Value Disclosure [Abstract] | |
| Financial Instruments Disclosure [Text Block] | NOTE 7 FAIR VALUES OF FINANCIAL INSTRUMENTS Fair value hierarchy The Company groups its assets measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 Valuation is based on quoted market prices in active exchange markets for identical assets and liabilities. Valuations are obtained from readily available pricing sources. Level 2 Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. Valuations are obtained from readily available pricing sources. Level 3 Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Level 3 assets include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as those for which the determination of fair value requires significant management judgment or estimation. Transfers between levels are recognized at the end of a reporting period, if applicable. Determination of fair value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances there are no quoted market prices for the Company’s various 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. Assets and liabilities measured at fair value on a recurring basis Level 1 Level 2 Level 3 Total (In thousands) March 31, 2018 Assets Securities available for sale $ $ 67,209 $ $ 67,209 Derivative loan commitments 1 1 Total assets $ $ 67,210 $ $ 67,210 Liabilities Forward loan sale commitments $ $ 3 $ $ 3 December 31, 2017 Assets Securities available for sale $ $ 66,486 $ $ 66,486 Fair value measurements for securities available for sale 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. 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. There were no liabilities measured at fair value on a recurring basis at December 31, 2017 Assets measured at fair value on a non-recurring basis The Company may also be required, from time to time, to measure certain other financial assets at fair value on a non-recurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market (“LOCOM”) accounting or write-downs of individual assets. Fair values for loans held for sale are based on commitments in effect from investors or prevailing market rates. There are no assets or liabilities measured at fair value on a non-recurring basis at March 31, 2018 and December 31, 2017 . Summary of fair values of financial instruments The estimated fair values and related carrying amounts of the Company’s financial instruments are outlined in the table below. Certain financial instruments and all nonfinancial instruments are excluded from disclosure requirements. Fair Value Carrying Level 1 Level 2 Level 3 Total (In thousands) March 31, 2018 Financial assets: Cash and cash equivalents $ 51,361 $ 51,361 $ $ $ 51,361 Certificates of deposit 100 100 100 Securities available for sale 67,209 67,209 67,209 FHLB stock 5,864 5,864 5,864 Loans held for sale Loans, net 679,509 682,473 682,473 Accrued interest receivable 1,954 1,954 1,954 Financial liabilities: Deposits $ 642,909 $ $ $ 641,363 $ 641,363 Short-term borrowings 17,500 17,500 17,500 Long-term debt 88,007 87,355 87,355 Subordinated debt 9,810 9,621 9,621 Accrued interest payable 421 421 421 December 31, 2017 Financial assets: Cash and cash equivalents $ 28,462 $ 28,462 $ $ $ 28,462 Certificates of deposit 100 100 100 Securities available for sale 66,486 66,486 66,486 FHLB stock 5,937 5,937 5,937 Loans, net 686,302 694,614 694,614 Accrued interest receivable 2,140 2,140 2,140 Financial liabilities: Deposits $ 616,742 $ $ $ 615,653 $ 615,653 Short-term borrowings 38,000 38,000 38,000 Long-term debt 77,174 76,906 76,906 Subordinated debt 9,802 9,598 9,598 Accrued interest payable 286 286 286 |
EMPLOYEE STOCK OWNERSHIP PLAN
| EMPLOYEE STOCK OWNERSHIP PLAN | 3 Months Ended |
| Mar. 31, 2018 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Compensation and Employee Benefit Plans [Text Block] | NOTE 8 EMPLOYEE STOCK OWNERSHIP PLAN The Bank maintains an Employee Stock Ownership Plan (the “ESOP”) to provide eligible employees the opportunity to own Company stock. This plan is a tax-qualified retirement plan for the benefit of all Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The Company granted a loan to the ESOP to purchase shares of the Company’s common stock on the closing date of the Company’s mutual to stock conversion in 2012. As of March 31, 2018, the ESOP held 180,512 7.2 15 3.25 Allocated 64,969 Committed to be allocated 3,209 Unallocated 112,334 Total 180,512 The fair value of unallocated shares was $ 3.3 Total compensation expense recognized in connection with the ESOP for the three months ended March 31, 2018 and March 31, 2017 was $ 94 88 |
EQUITY INCENTIVE PLANS
| EQUITY INCENTIVE PLANS | 3 Months Ended |
| Mar. 31, 2018 | |
| Equity [Abstract] | |
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 9 EQUITY INCENTIVE PLANS Under the Company’s 2016 Equity Incentive Plan the Company may grant restricted stock awards to its employees and directors for up to 75,000 . Under the Company’s 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 were issued from previously authorized but unissued shares upon vesting. The fair value of the stock awards, based on the market price at the grant date, is recognized over the five-year vesting period. The Company’s 2012 Equity Incentive Plan was terminated upon approval of the 2016 Equity Incentive Plan. Stock Options Options Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at beginning of period 212 $ 16.05 Exercised Forfeited Outstanding at end of period 212 $ 16.05 4.93 $ 2,915 Options exercisable at end of period 194 $ 15.30 4.57 $ 2,664 For the three months ended March 31, 2018 and 2017, compensation expense applicable to the stock options was $ 9 53 10 Unrecognized compensation expense for non-vested stock options totaled $ 60 1.5 Stock Awards There was no activity in non-vested restricted stock awards under the 2016 or the 2012 Equity Incentive Plan for the three months ended March 31, 2018. For the three months ended March 31, 2018 and 2017, compensation expense applicable to the stock awards was $ 98 101 27 40 Unrecognized compensation expense for non-vested restricted stock totaled $ 754 3.51 |
EARNINGS PER COMMON SHARE
| EARNINGS PER COMMON SHARE | 3 Months Ended |
| Mar. 31, 2018 | |
| Earnings Per Share [Abstract] | |
| Earnings Per Share [Text Block] | NOTE 10 EARNINGS PER COMMON SHARE Basic earnings per share represents net income available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Under the Company’s 2012 and 2016 Equity Incentive Plans, stock awards contain non-forfeitable dividend rights. Accordingly, these shares are considered outstanding for computation of basic earnings per share. Three Months Ended 2018 2017 (In thousands, except per share data) Net income applicable to common stock $ 1,437 $ 881 Average number of common shares issued 2,506 2,485 Less: Average unallocated ESOP shares (114) (127) Average number of common shares outstanding used to calculate basic earnings per common share 2,392 2,358 Effect of dilutive stock options 93 84 Average number of common shares outstanding used to calculate diluted earnings per share 2,485 2,442 Earnings per common share: Basic $ 0.60 $ 0.37 Diluted $ 0.58 $ 0.36 There were no anti-dilutive options for the three months ended March 31, 2018 and 2017. Anti-dilutive shares are common stock equivalents with exercise prices in excess of the average market value of the Company’s stock for the periods presented. |
LOAN POLICIES (Policies)
| LOAN POLICIES (Policies) | 3 Months Ended |
| Mar. 31, 2018 | |
| Accounting Policies [Abstract] | |
| Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | LOAN POLICIES The loan portfolio consists of real estate, commercial and other loans to the Company’s customers in our primary market areas in eastern Massachusetts. The ability of the Company’s debtors to honor their contracts is dependent upon the economy in general and the state of real estate and construction sectors within our markets. Loans that management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off, are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred loan origination fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Interest is generally not accrued on loans which are identified as impaired or loans which are ninety days or more past due. Past due status is based on the contractual terms of the loan. Interest income previously accrued on such loans is reversed against current period interest income. Interest income on non-accrual loans is recognized only to the extent of interest payments received and is first applied to the outstanding principal balance when collectibility of principal is in doubt. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured through sustained payment performance for at least six months. Allowance for loan losses The allowance for loan losses is established through a provision for loan losses charged to earnings as losses are estimated to occur. Loan losses are charged against the allowance when management believes the uncollectibility of the loan balance is confirmed. Subsequent recoveries are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components. General component The general component is based on the following loan segments: residential real estate, commercial real estate, construction, commercial, home equity lines of credit and other consumer. Management considers a rolling average of historical losses for each segment based on a time frame appropriate to capture relevant loss data for each loan segment, generally three and 10 The qualitative factor adjustments are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate The Company generally does not originate loans with a loan-to-value ratio greater than 80 Commercial real estate Loans in this segment are primarily income-producing properties in the Company’s primary market areas in eastern Massachusetts. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management typically obtains rent rolls annually and continually monitors the cash flows of these loans. Construction Loans in this segment include speculative construction loans primarily on residential properties for which payment is derived from the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Residential construction loans in this segment also include loans to build one-to-four family owner-occupied properties which are subject to the same credit quality factors as residential real estate. Commercial Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Home equity lines of credit Loans in this segment are collateralized by one-to-four family residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Other consumer Loans in this segment are generally unsecured and repayment is dependent on the credit quality of the individual borrower. Allocated component The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the fair value of the loan or, if the loan is collateral dependent, by the fair value of the collateral, less estimated costs to sell. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan are lower than the carrying value of that loan. Large groups of smaller-balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify performing individual residential and consumer loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring ("TDR"). All TDRs are initially classified as impaired. Unallocated component An unallocated component is maintained to cover additional uncertainties in management’s estimation of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. |
COMPREHENSIVE INCOME (Tables)
| COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
| Mar. 31, 2018 | |
| Stockholders' Equity Note [Abstract] | |
| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive income (loss) and related tax effects are as follows: March 31, December 31, 2018 2017 (In thousands) Unrealized holding gains (losses) on securities available for sale $ (828) $ 44 Tax effect 221 (5) Net-of tax amount $ (607) $ 39 |
SECURITIES AVAILABLE FOR SALE (
| SECURITIES AVAILABLE FOR SALE (Tables) | 3 Months Ended |
| Mar. 31, 2018 | |
| 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: Amortized Gross Gross Fair (In thousands) March 31, 2018 Residential mortgage-backed securities: Government National Mortgage Association $ 3,251 $ 38 $ (57) $ 3,232 Government-sponsored enterprises 11,445 18 (243) 11,220 SBA and other asset-backed securities 11,469 48 (155) 11,362 State and municipal bonds 12,996 103 (144) 12,955 Government-sponsored enterprise obligations 8,000 (247) 7,753 Corporate bonds 17,162 34 (222) 16,974 U.S. Treasury bonds 3,714 (1) 3,713 $ 68,037 $ 241 $ (1,069) $ 67,209 Amortized Gross Gross Fair (In thousands) December 31, 2017 Residential mortgage-backed securities: Government National Mortgage Association $ 3,358 $ 46 $ (53) $ 3,351 Government-sponsored enterprises 11,690 43 (84) 11,649 SBA and other asset-backed securities 11,961 89 (87) 11,963 State and municipal bonds 13,026 276 (15) 13,287 Government-sponsored enterprise obligations 8,000 (166) 7,834 Corporate bonds 17,166 52 (57) 17,161 U.S. Treasury bonds 1,241 1,241 $ 66,442 $ 506 $ (462) $ 66,486 |
| Investments Classified by Contractual Maturity Date [Table Text Block] | The amortized cost and fair value of debt securities by contractual maturity at March 31, 2018 are as follows: Amortized Fair (In thousands) Within 1 year $ 5,716 $ 5,710 After 1 year to 5 years 18,812 18,471 After 5 years to 10 years 9,839 9,748 After 10 years 7,505 7,466 41,872 41,395 Mortgage- and asset-backed securities 26,165 25,814 $ 68,037 $ 67,209 |
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Than Twelve Months Over Twelve Months Gross Fair Gross Fair (In thousands) March 31, 2018 Residential mortgage-backed securities: Government National Mortgage Association $ (3) $ 145 $ (54) $ 1,690 Government-sponsored enterprises (116) 4,786 (127) 5,001 SBA and other asset-backed securities (55) 3,647 (100) 2,308 State and municipal bonds (121) 6,057 (23) 857 Government-sponsored enterprise obligations (54) 1,946 (193) 5,808 Corporate bonds (168) 12,974 (54) 1,966 U.S. Treasury Bonds (1) 3,713 $ (518) $ 33,268 $ (551) $ 17,630 December 31, 2017 Residential mortgage-backed securities: Government National Mortgage Association $ (3) $ 266 $ (50) $ 1,611 Government-sponsored enterprises (13) 3,578 (71) 3,110 SBA and other asset-backed securities (8) 2,267 (79) 2,434 State and municipal bonds (3) 571 (12) 871 Government-sponsored enterprise obligations (27) 1,973 (139) 5,860 Corporate bonds (21) 7,399 (36) 1,985 $ (75) $ 16,054 $ (387) $ 15,871 |
LOANS AND ALLOWANCE FOR LOAN 21
| LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended |
| Mar. 31, 2018 | |
| Notes and Loans Payable, Current [Abstract] | |
| Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | A summary of the ending balances of loans is as follows: March 31, December 31, 2018 2017 (In thousands) Real estate loans: Residential fixed $ 35,724 $ 31,433 Residential variable 303,692 297,593 Commercial 141,001 138,784 Construction 107,784 120,004 588,201 587,814 Commercial loans: Secured 53,495 62,333 Unsecured 5,523 5,638 59,018 67,971 Consumer loans: Home equity lines of credit 38,179 36,378 Other 223 214 38,402 36,592 Total loans 685,621 692,377 Less: Allowance for loan losses (6,218) (6,153) Net deferred origination costs 106 78 Loans, net $ 679,509 $ 686,302 |
| Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | The following table summarizes the changes in the allowance for loan losses by portfolio segment for the three months ended March 31, 2018 and 2017: Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) Three Months Ended March 31, 2018 Allowance at December 31, 2017 $ 1,722 $ 1,520 $ 1,661 $ 917 $ 237 $ 2 $ 94 $ 6,153 Provision (credit) for loan losses 203 25 (228) 78 11 1 (25) 65 Allowance at March 31, 2018 $ 1,925 $ 1,545 $ 1,433 $ 995 $ 248 $ 3 $ 69 $ 6,218 Three Months Ended March 31, 2017 Allowance at December 31, 2016 $ 1,422 $ 1,145 $ 1,827 $ 703 $ 211 $ 3 $ 121 $ 5,432 Provision (credit) for loan losses 65 (11) (132) 7 11 60 Loans charged off (11) (11) Allowance at March 31, 2017 $ 1,487 $ 1,134 $ 1,695 $ 710 $ 211 $ 3 $ 181 $ 5,421 |
| Allowance for Credit Losses on Financing Receivables [Table Text Block] | Residential Commercial Construction Commercial Home Other Unallocated Total (In thousands) March 31, 2018 Allowance related to impaired loans $ $ $ $ $ $ $ $ Allowance related to non-impaired loans 1,925 1,545 1,433 995 248 3 69 6,218 Total allowance $ 1,925 $ 1,545 $ 1,433 $ 995 $ 248 $ 3 $ 69 $ 6,218 Impaired loan balances $ 170 $ 566 $ $ $ $ $ $ 736 Non-impaired loan balances 339,246 140,435 107,784 59,018 38,179 223 684,885 Total loans $ 339,416 $ 141,001 $ 107,784 $ 59,018 $ 38,179 $ 223 $ $ 685,621 December 31, 2017 Allowance related to impaired loans $ $ $ $ $ $ $ $ Allowance related to non-impaired loans 1,722 1,520 1,661 917 237 2 94 6,153 Total allowance $ 1,722 $ 1,520 $ 1,661 $ 917 $ 237 $ 2 $ 94 $ 6,153 Impaired loan balances $ 172 576 $ $ $ $ $ $ 748 Non-impaired loan balances 328,854 138,208 120,004 67,971 36,378 214 691,629 Total loans $ 329,026 $ 138,784 $ 120,004 $ 67,971 $ 36,378 $ 214 $ $ 692,377 |
| Past Due Financing Receivables [Table Text Block] | 30-59 60-89 Days Past Due 90 Total Past Due 90 Non- (In thousands) March 31, 2018 Residential real estate $ $ $ 663 $ 663 $ $ 663 Commercial real estate 100 100 566 Home equity 245 245 Total $ 345 $ $ 663 $ 1,008 $ $ 1,229 December 31, 2017 Residential real estate $ 598 $ 65 $ $ 663 $ $ Commercial real estate 576 576 576 Total $ 598 $ 65 $ 576 $ 1,239 $ $ 576 |
| Impaired Financing Receivables [Table Text Block] | The following is a summary of impaired loans: March 31, 2018 December 31, 2017 Recorded Unpaid Recorded Unpaid (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 170 $ 188 $ 172 $ 189 Commercial real estate 566 695 576 710 Total impaired loans $ 736 $ 883 $ 748 $ 899 |
| Impaired Financing Receivables By Class Of Loans [Table Text Block] | Further information pertaining to impaired loans follows: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Average Interest Interest Average Interest Interest (In thousands) Residential real estate $ 171 $ 2 $ $ 178 $ 2 $ Commercial real estate 570 20 20 583 Total $ 741 $ 22 $ 20 $ 761 $ 2 $ |
| Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents the Company’s loans by risk rating: March 31, 2018 December 31, 2017 Commercial Construction Commercial Total Commercial Construction Commercial Total (In thousands) Loans rated 1 -4 $ 137,010 $ 107,784 $ 57,933 $ 302,727 $ 134,201 $ 120,004 $ 67,087 $ 321,292 Loans rated 5 937 1,085 2.022 1,476 301 1,777 Loans rated 6 2,488 2.488 2,531 583 3,114 Loans rated 7 566 566 576 576 Total $ 141,001 $ 107,784 $ 59,018 $ 307,803 $ 138,784 $ 120,004 $ 67,971 $ 326,759 |
FAIR VALUES OF FINANCIAL INST22
| FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
| Mar. 31, 2018 | |
| Financial Liabilities Fair Value Disclosure [Abstract] | |
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis at March 31, 2018 and December 31, 2017 are summarized below. Level 1 Level 2 Level 3 Total (In thousands) March 31, 2018 Assets Securities available for sale $ $ 67,209 $ $ 67,209 Derivative loan commitments 1 1 Total assets $ $ 67,210 $ $ 67,210 Liabilities Forward loan sale commitments $ $ 3 $ $ 3 December 31, 2017 Assets Securities available for sale $ $ 66,486 $ $ 66,486 |
| Fair Value, by Balance Sheet Grouping [Table Text Block] | Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. Fair Value Carrying Level 1 Level 2 Level 3 Total (In thousands) March 31, 2018 Financial assets: Cash and cash equivalents $ 51,361 $ 51,361 $ $ $ 51,361 Certificates of deposit 100 100 100 Securities available for sale 67,209 67,209 67,209 FHLB stock 5,864 5,864 5,864 Loans held for sale Loans, net 679,509 682,473 682,473 Accrued interest receivable 1,954 1,954 1,954 Financial liabilities: Deposits $ 642,909 $ $ $ 641,363 $ 641,363 Short-term borrowings 17,500 17,500 17,500 Long-term debt 88,007 87,355 87,355 Subordinated debt 9,810 9,621 9,621 Accrued interest payable 421 421 421 December 31, 2017 Financial assets: Cash and cash equivalents $ 28,462 $ 28,462 $ $ $ 28,462 Certificates of deposit 100 100 100 Securities available for sale 66,486 66,486 66,486 FHLB stock 5,937 5,937 5,937 Loans, net 686,302 694,614 694,614 Accrued interest receivable 2,140 2,140 2,140 Financial liabilities: Deposits $ 616,742 $ $ $ 615,653 $ 615,653 Short-term borrowings 38,000 38,000 38,000 Long-term debt 77,174 76,906 76,906 Subordinated debt 9,802 9,598 9,598 Accrued interest payable 286 286 286 |
EMPLOYEE STOCK OWNERSHIP PLAN (
| EMPLOYEE STOCK OWNERSHIP PLAN (Tables) | 3 Months Ended |
| Mar. 31, 2018 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Employee Stock Ownership Plan ESOP Status Of Entity Shares Held [Table Text Block] | Shares held by the ESOP at March 31, 2018 include the following: Allocated 64,969 Committed to be allocated 3,209 Unallocated 112,334 Total 180,512 |
EQUITY INCENTIVE PLANS (Tables)
| EQUITY INCENTIVE PLANS (Tables) | 3 Months Ended |
| Mar. 31, 2018 | |
| Equity [Abstract] | |
| Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under the 2012 Equity Incentive Plan for the Three months ended March 31, 2018 is presented below: Options Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at beginning of period 212 $ 16.05 Exercised Forfeited Outstanding at end of period 212 $ 16.05 4.93 $ 2,915 Options exercisable at end of period 194 $ 15.30 4.57 $ 2,664 |
EARNINGS PER COMMON SHARE (Tabl
| EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
| Mar. 31, 2018 | |
| Earnings Per Share [Abstract] | |
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Potential common shares that may be issued by the Company relate to outstanding stock options and are determined using the treasury stock method. Three Months Ended 2018 2017 (In thousands, except per share data) Net income applicable to common stock $ 1,437 $ 881 Average number of common shares issued 2,506 2,485 Less: Average unallocated ESOP shares (114) (127) Average number of common shares outstanding used to calculate basic earnings per common share 2,392 2,358 Effect of dilutive stock options 93 84 Average number of common shares outstanding used to calculate diluted earnings per share 2,485 2,442 Earnings per common share: Basic $ 0.60 $ 0.37 Diluted $ 0.58 $ 0.36 |
LOAN POLICIES (Details Textual)
| LOAN POLICIES (Details Textual) | 3 Months Ended |
| Mar. 31, 2018 | |
| 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 |
COMPREHENSIVE INCOME (Details)
| COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
| Mar. 31, 2018 | Dec. 31, 2017 | |
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
| Unrealized holding gains (losses) on securities available for sale | $ (828) | $ 44 |
| Tax effect | 221 | (5) |
| Net-of tax amount | $ (607) | $ 39 |
RECENT ACCOUNTING AND REGULAT28
| RECENT ACCOUNTING AND REGULATORY PRONOUNCEMENTS (Details Textual) $ in Thousands | 3 Months Ended |
| Mar. 31, 2018USD ($) | |
| Reclassification from AOCI, Current Period, Tax | $ 0 |
| Accounting Standards Update 2018-02 [Member] | |
| Reclassification from AOCI, Current Period, Tax | $ 7 |
SECURITIES AVAILABLE FOR SALE29
| SECURITIES AVAILABLE FOR SALE (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | $ 68,037 | $ 66,442 |
| Gross Unrealized Gains | 241 | 506 |
| Gross Unrealized Losses | (1,069) | (462) |
| Fair Value | 67,209 | 66,486 |
| SBA and other asset-backed securities [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 11,469 | 11,961 |
| Gross Unrealized Gains | 48 | 89 |
| Gross Unrealized Losses | (155) | (87) |
| Fair Value | 11,362 | 11,963 |
| State and municipal bonds [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 12,996 | 13,026 |
| Gross Unrealized Gains | 103 | 276 |
| Gross Unrealized Losses | (144) | (15) |
| Fair Value | 12,955 | 13,287 |
| Government-sponsored enterprise obligations [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 8,000 | 8,000 |
| Gross Unrealized Gains | 0 | 0 |
| Gross Unrealized Losses | (247) | (166) |
| Fair Value | 7,753 | 7,834 |
| Corporate bonds [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 17,162 | 17,166 |
| Gross Unrealized Gains | 34 | 52 |
| Gross Unrealized Losses | (222) | (57) |
| Fair Value | 16,974 | 17,161 |
| US Treasury Bond Securities [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 3,714 | 1,241 |
| Gross Unrealized Gains | 0 | 0 |
| Gross Unrealized Losses | (1) | 0 |
| Fair Value | 3,713 | 1,241 |
| Residential mortgage-backed securities [Member] | Government National Mortgage Association [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 3,251 | 3,358 |
| Gross Unrealized Gains | 38 | 46 |
| Gross Unrealized Losses | (57) | (53) |
| Fair Value | 3,232 | 3,351 |
| Residential mortgage-backed securities [Member] | Government-sponsored enterprises [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Amortized Cost | 11,445 | 11,690 |
| Gross Unrealized Gains | 18 | 43 |
| Gross Unrealized Losses | (243) | (84) |
| Fair Value | $ 11,220 | $ 11,649 |
SECURITIES AVAILABLE FOR SALE30
| SECURITIES AVAILABLE FOR SALE (Details 1) $ in Thousands | Mar. 31, 2018USD ($) |
| Available-for-sale Securities, Debt Maturities, Amortized Cost | |
| Within 1 year | $ 5,716 |
| After 1 year to 5 years | 18,812 |
| After 5 years to 10 years | 9,839 |
| After 10 years | 7,505 |
| Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total | 41,872 |
| Mortgage- and asset-backed securities | 26,165 |
| Available-for-sale Debt Securities, Amortized Cost Basis, Total | 68,037 |
| Available-for-sale Securities, Debt Maturities, Fair Value | |
| Within 1 year | 5,710 |
| After 1 year to 5 years | 18,471 |
| After 5 years to 10 years | 9,748 |
| After 10 years | 7,466 |
| Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value Total | 41,395 |
| Mortgage- and asset-backed securities | 25,814 |
| Available-for-sale Securities, Debt Securities, Fair Value Total | $ 67,209 |
SECURITIES AVAILABLE FOR SALE31
| SECURITIES AVAILABLE FOR SALE (Details 2) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than Twelve Months Gross Unrealized Losses | $ (518) | $ (75) |
| Less Than Twelve Months Fair Value | 33,268 | 16,054 |
| Over Twelve Months Gross Unrealized Losses | (551) | (387) |
| Over Twelve Months Fair Value | 17,630 | 15,871 |
| SBA and other asset-backed securities [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than Twelve Months Gross Unrealized Losses | (55) | (8) |
| Less Than Twelve Months Fair Value | 3,647 | 2,267 |
| Over Twelve Months Gross Unrealized Losses | (100) | (79) |
| Over Twelve Months Fair Value | 2,308 | 2,434 |
| State and municipal bonds [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than Twelve Months Gross Unrealized Losses | (121) | (3) |
| Less Than Twelve Months Fair Value | 6,057 | 571 |
| Over Twelve Months Gross Unrealized Losses | (23) | (12) |
| Over Twelve Months Fair Value | 857 | 871 |
| Government-sponsored enterprise obligations [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than Twelve Months Gross Unrealized Losses | (54) | (27) |
| Less Than Twelve Months Fair Value | 1,946 | 1,973 |
| Over Twelve Months Gross Unrealized Losses | (193) | (139) |
| Over Twelve Months Fair Value | 5,808 | 5,860 |
| Corporate bonds [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than Twelve Months Gross Unrealized Losses | (168) | (21) |
| Less Than Twelve Months Fair Value | 12,974 | 7,399 |
| Over Twelve Months Gross Unrealized Losses | (54) | (36) |
| Over Twelve Months Fair Value | 1,966 | 1,985 |
| US Treasury Bond Securities [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than Twelve Months Gross Unrealized Losses | (1) | |
| Less Than Twelve Months Fair Value | 3,713 | |
| Over Twelve Months Gross Unrealized Losses | 0 | |
| Over Twelve Months Fair Value | 0 | |
| Residential mortgage-backed securities [Member] | Government National Mortgage Association [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than Twelve Months Gross Unrealized Losses | (3) | (3) |
| Less Than Twelve Months Fair Value | 145 | 266 |
| Over Twelve Months Gross Unrealized Losses | (54) | (50) |
| Over Twelve Months Fair Value | 1,690 | 1,611 |
| Residential mortgage-backed securities [Member] | Government-sponsored enterprises [Member] | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than Twelve Months Gross Unrealized Losses | (116) | (13) |
| Less Than Twelve Months Fair Value | 4,786 | 3,578 |
| Over Twelve Months Gross Unrealized Losses | (127) | (71) |
| Over Twelve Months Fair Value | $ 5,001 | $ 3,110 |
SECURITIES AVAILABLE FOR SALE32
| SECURITIES AVAILABLE FOR SALE (Details Textual) | Mar. 31, 2018 |
| Schedule of Available-for-sale Securities [Line Items] | |
| Unrealized Losses Debt Securities Aggregate Depreciation Percentage | 2.10% |
LOANS AND ALLOWANCE FOR LOAN 33
| LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
| Total loans | $ 685,621 | $ 692,377 |
| Less: Allowance for loan losses | (6,218) | (6,153) |
| Net deferred origination costs | 106 | 78 |
| Loans, net | 679,509 | 686,302 |
| Commercial loan [Member] | ||
| Total loans | 59,018 | 67,971 |
| Consumer loan [Member] | ||
| Total loans | 38,402 | 36,592 |
| Residential - fixed [Member] | ||
| Total loans | 35,724 | 31,433 |
| Residential - variable [Member] | ||
| Total loans | 303,692 | 297,593 |
| Commercial Real Estate [Member] | ||
| Total loans | 141,001 | 138,784 |
| Construction [Member] | ||
| Total loans | 107,784 | 120,004 |
| Secured [Member] | ||
| Total loans | 53,495 | 62,333 |
| Unsecured [Member] | ||
| Total loans | 5,523 | 5,638 |
| Home equity lines of credit [Member] | ||
| Total loans | 38,179 | 36,378 |
| Other Consumer [Member] | ||
| Total loans | 223 | 214 |
| Real estate loans [Member] | ||
| Total loans | $ 588,201 | $ 587,814 |
LOANS AND ALLOWANCE FOR LOAN 34
| LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2018 | Mar. 31, 2017 | |
| Allowance Beginning Balance | $ 6,153 | $ 5,432 |
| Provision (credit) for loan losses | 65 | 0 |
| Loans charged off | (11) | |
| Allowance Ending Balance | 6,218 | 5,421 |
| Commercial [Member] | ||
| Allowance Beginning Balance | 917 | 703 |
| Provision (credit) for loan losses | 78 | 7 |
| Loans charged off | 0 | |
| Allowance Ending Balance | 995 | 710 |
| Residential Real Estate [Member] | ||
| Allowance Beginning Balance | 1,722 | 1,422 |
| Provision (credit) for loan losses | 203 | 65 |
| Loans charged off | 0 | |
| Allowance Ending Balance | 1,925 | 1,487 |
| Commercial Real Estate [Member] | ||
| Allowance Beginning Balance | 1,520 | 1,145 |
| Provision (credit) for loan losses | 25 | (11) |
| Loans charged off | 0 | |
| Allowance Ending Balance | 1,545 | 1,134 |
| Construction [Member] | ||
| Allowance Beginning Balance | 1,661 | 1,827 |
| Provision (credit) for loan losses | (228) | (132) |
| Loans charged off | 0 | |
| Allowance Ending Balance | 1,433 | 1,695 |
| Home equity lines of credit [Member] | ||
| Allowance Beginning Balance | 237 | 211 |
| Provision (credit) for loan losses | 11 | 0 |
| Loans charged off | 0 | |
| Allowance Ending Balance | 248 | 211 |
| Other Consumer [Member] | ||
| Allowance Beginning Balance | 2 | 3 |
| Provision (credit) for loan losses | 1 | 11 |
| Loans charged off | (11) | |
| Allowance Ending Balance | 3 | 3 |
| Unallocated [Member] | ||
| Allowance Beginning Balance | 94 | 121 |
| Provision (credit) for loan losses | (25) | 60 |
| Loans charged off | 0 | |
| Allowance Ending Balance | $ 69 | $ 181 |
LOANS AND ALLOWANCE FOR LOAN 35
| LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
| Allowance related to impaired loans | $ 0 | $ 0 | ||
| Allowance related to non-impaired loans | 6,218 | 6,153 | ||
| Total allowance | 6,218 | 6,153 | $ 5,421 | $ 5,432 |
| Impaired loan balances | 736 | 748 | ||
| Non-impaired loan balances | 684,885 | 691,629 | ||
| Total loans | 685,621 | 692,377 | ||
| Commercial [Member] | ||||
| Allowance related to impaired loans | 0 | 0 | ||
| Allowance related to non-impaired loans | 995 | 917 | ||
| Total allowance | 995 | 917 | 710 | 703 |
| Impaired loan balances | 0 | 0 | ||
| Non-impaired loan balances | 59,018 | 67,971 | ||
| Total loans | 59,018 | 67,971 | ||
| Residential Real Estate [Member] | ||||
| Allowance related to impaired loans | 0 | 0 | ||
| Allowance related to non-impaired loans | 1,925 | 1,722 | ||
| Total allowance | 1,925 | 1,722 | 1,487 | 1,422 |
| Impaired loan balances | 170 | 172 | ||
| Non-impaired loan balances | 339,246 | 328,854 | ||
| Total loans | 339,416 | 329,026 | ||
| Commercial Real Estate [Member] | ||||
| Allowance related to impaired loans | 0 | 0 | ||
| Allowance related to non-impaired loans | 1,545 | 1,520 | ||
| Total allowance | 1,545 | 1,520 | 1,134 | 1,145 |
| Impaired loan balances | 566 | 576 | ||
| Non-impaired loan balances | 140,435 | 138,208 | ||
| Total loans | 141,001 | 138,784 | ||
| Construction [Member] | ||||
| Allowance related to impaired loans | 0 | 0 | ||
| Allowance related to non-impaired loans | 1,433 | 1,661 | ||
| Total allowance | 1,433 | 1,661 | 1,695 | 1,827 |
| Impaired loan balances | 0 | 0 | ||
| Non-impaired loan balances | 107,784 | 120,004 | ||
| Total loans | 107,784 | 120,004 | ||
| Home equity lines of credit [Member] | ||||
| Allowance related to impaired loans | 0 | 0 | ||
| Allowance related to non-impaired loans | 248 | 237 | ||
| Total allowance | 248 | 237 | 211 | 211 |
| Impaired loan balances | 0 | 0 | ||
| Non-impaired loan balances | 38,179 | 36,378 | ||
| Total loans | 38,179 | 36,378 | ||
| Other Consumer [Member] | ||||
| Allowance related to impaired loans | 0 | 0 | ||
| Allowance related to non-impaired loans | 3 | 2 | ||
| Total allowance | 3 | 2 | 3 | 3 |
| Impaired loan balances | 0 | 0 | ||
| Non-impaired loan balances | 223 | 214 | ||
| Total loans | 223 | 214 | ||
| Unallocated [Member] | ||||
| Allowance related to impaired loans | 0 | 0 | ||
| Allowance related to non-impaired loans | 69 | 94 | ||
| Total allowance | 69 | 94 | $ 181 | $ 121 |
| Impaired loan balances | 0 | 0 | ||
| Non-impaired loan balances | 0 | 0 | ||
| Total loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 36
| LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 3) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
| Total Past Due | $ 1,008 | $ 1,239 |
| Past Due 90 Days or More and Still Accruing | 0 | 0 |
| Non-accrual Loans | 1,229 | 576 |
| Financing Receivables, 30 to 59 Days Past Due [Member] | ||
| Total Past Due | 345 | 598 |
| Financing Receivables, 60 to 89 Days Past Due [Member] | ||
| Total Past Due | 0 | 65 |
| Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
| Total Past Due | 663 | 576 |
| Residential Real Estate [Member] | ||
| Total Past Due | 663 | 663 |
| Past Due 90 Days or More and Still Accruing | 0 | 0 |
| Non-accrual Loans | 663 | 0 |
| Residential Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
| Total Past Due | 0 | 598 |
| Residential Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
| Total Past Due | 0 | 65 |
| Residential Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
| Total Past Due | 663 | 0 |
| Commercial Real Estate [Member] | ||
| Total Past Due | 100 | 576 |
| Past Due 90 Days or More and Still Accruing | 0 | 0 |
| Non-accrual Loans | 566 | 576 |
| Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
| Total Past Due | 100 | 0 |
| Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
| Total Past Due | 0 | 0 |
| Commercial Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
| Total Past Due | 0 | $ 576 |
| Home equity lines of credit [Member] | ||
| Total Past Due | 245 | |
| Past Due 90 Days or More and Still Accruing | 0 | |
| Non-accrual Loans | 0 | |
| Home equity lines of credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
| Total Past Due | 245 | |
| Home equity lines of credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
| Total Past Due | 0 | |
| Home equity lines of credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
| Total Past Due | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 37
| LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 4) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
| Total impaired loans Recorded Investment | $ 736 | $ 748 |
| Total impaired loans Unpaid Principal Balance | 883 | 899 |
| Residential Real Estate [Member] | ||
| Impaired loans Recorded Investment, Without a Valuation Allowance | 170 | 172 |
| Impaired loans Unpaid Principal Balance, Without a Valuation Allowance | 188 | 189 |
| Commercial Real Estate [Member] | ||
| Impaired loans Recorded Investment, Without a Valuation Allowance | 566 | 576 |
| Impaired loans Unpaid Principal Balance, Without a Valuation Allowance | $ 695 | $ 710 |
LOANS AND ALLOWANCE FOR LOAN 38
| LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 5) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2018 | Mar. 31, 2017 | |
| Average Recorded Investment | $ 741 | $ 761 |
| Interest Income Recognized | 22 | 2 |
| Interest Income Recognized on Cash Basis | 20 | 0 |
| Residential real estate [Member] | ||
| Average Recorded Investment | 171 | 178 |
| Interest Income Recognized | 2 | 2 |
| Interest Income Recognized on Cash Basis | 0 | 0 |
| Commercial real estate [Member] | ||
| Average Recorded Investment | 570 | 583 |
| Interest Income Recognized | 20 | 0 |
| Interest Income Recognized on Cash Basis | $ 20 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 39
| LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
| Loans | $ 307,803,000 | $ 326,759,000 |
| Loans rated 1-4 [Member] | ||
| Loans | 302,727,000 | 321,292,000 |
| Loans rated 5 [Member] | ||
| Loans | 2,022 | 1,777,000 |
| Loans rated 6 [Member] | ||
| Loans | 2,488 | 3,114,000 |
| Loans rated 7 [Member] | ||
| Loans | 566,000 | 576,000 |
| Commercial Real Estate [Member] | ||
| Loans | 141,001,000 | 138,784,000 |
| Commercial Real Estate [Member] | Loans rated 1-4 [Member] | ||
| Loans | 137,010,000 | 134,201,000 |
| Commercial Real Estate [Member] | Loans rated 5 [Member] | ||
| Loans | 937,000 | 1,476,000 |
| Commercial Real Estate [Member] | Loans rated 6 [Member] | ||
| Loans | 2,488,000 | 2,531,000 |
| Commercial Real Estate [Member] | Loans rated 7 [Member] | ||
| Loans | 566,000 | 576,000 |
| Construction [Member] | ||
| Loans | 107,784,000 | 120,004,000 |
| Construction [Member] | Loans rated 1-4 [Member] | ||
| Loans | 107,784,000 | 120,004,000 |
| 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 | 59,018,000 | 67,971,000 |
| Commercial [Member] | Loans rated 1-4 [Member] | ||
| Loans | 57,933,000 | 67,087,000 |
| Commercial [Member] | Loans rated 5 [Member] | ||
| Loans | 1,085,000 | 301,000 |
| Commercial [Member] | Loans rated 6 [Member] | ||
| Loans | 0 | 583,000 |
| Commercial [Member] | Loans rated 7 [Member] | ||
| Loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 40
| LOANS AND ALLOWANCE FOR LOAN LOSSES (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2018 | Dec. 31, 2017 | |
| Loans and Leases Receivable, Gross | $ 685,621 | $ 692,377 |
| Loan rated 9 [Member] | Maximum [Member] | Commercial Loan [Member] | ||
| Loans and Leases Receivable, Gross | $ 25 | |
| Credit Rating Eleven [Member] | Maximum [Member] | ||
| Period After Credit Rating Assignment | 60 days |
FAIR VALUES OF FINANCIAL INST41
| FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | $ 67,210 | |
| Derivative loan commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total liabilities | 1 | |
| Forward loan sale commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | 3 | |
| Securities available for sale | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | 67,209 | $ 66,486 |
| Fair Value, Inputs, Level 1 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | 0 | |
| Fair Value, Inputs, Level 1 [Member] | Derivative loan commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total liabilities | 0 | |
| Fair Value, Inputs, Level 1 [Member] | Forward loan sale commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | 0 | |
| Fair Value, Inputs, Level 1 [Member] | Securities available for sale | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | 0 | 0 |
| Fair Value, Inputs, Level 2 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | 67,210 | |
| Fair Value, Inputs, Level 2 [Member] | Derivative loan commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total liabilities | 1 | |
| 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 | 3 | |
| Fair Value, Inputs, Level 2 [Member] | Securities available for sale | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | 67,209 | 66,486 |
| Fair Value, Inputs, Level 3 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | 0 | |
| Fair Value, Inputs, Level 3 [Member] | Derivative loan commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total liabilities | 0 | |
| Fair Value, Inputs, Level 3 [Member] | Forward loan sale commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | 0 | |
| Fair Value, Inputs, Level 3 [Member] | Securities available for sale | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Total assets | $ 0 | $ 0 |
FAIR VALUES OF FINANCIAL INST42
| FAIR VALUES OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
| Financial assets: | ||||
| Cash and cash equivalents, Carrying Amount | $ 51,361 | $ 28,462 | $ 26,237 | $ 28,425 |
| Certificate of deposit, Carrying Amount | 100 | 100 | ||
| Securities available for sale, Carrying Amount | 67,209 | 66,486 | ||
| FHLB stock, Carrying Amount | 5,864 | 5,937 | ||
| Loans held for sale, Carrying Amount | 0 | |||
| Loans, net, Carrying Amount | 679,509 | 686,302 | ||
| Accrued interest receivable, Carrying Amount | 1,954 | 2,140 | ||
| Cash and cash equivalents, Fair Value | 51,361 | 28,462 | ||
| Certificates of deposit, Fair Value | 100 | 100 | ||
| Securities available for sale, Fair Value | 67,209 | 66,486 | ||
| FHLB stock, Fair Value | 5,864 | 5,937 | ||
| Loans held for sale, Fair Value | 0 | |||
| Loans, net, Fair Value | 682,473 | 694,614 | ||
| Accrued interest receivable, Fair Value | 1,954 | 2,140 | ||
| Financial liabilities: | ||||
| Deposits, Carrying Amount | 642,909 | 616,742 | ||
| Short-term borrowings, Carrying Amount | 17,500 | 38,000 | ||
| Long-term debt, Carrying Amount | 88,007 | 77,174 | ||
| Subordinated debt, Carrying Amount | 9,810 | 9,802 | ||
| Accrued interest payable, Carrying Amount | 421 | 286 | ||
| Deposits, Fair Value | 641,363 | 615,653 | ||
| Short-term borrowings, Fair Value | 17,500 | 38,000 | ||
| Long-term debt, Fair Value | 87,355 | 76,906 | ||
| Subordinated debt, Fair Value | 9,621 | 9,598 | ||
| Accrued interest payable, Fair Value | 421 | 286 | ||
| Fair Value, Inputs, Level 1 [Member] | ||||
| Financial assets: | ||||
| Securities available for sale, Carrying Amount | 0 | 0 | ||
| Cash and cash equivalents, Fair Value | 51,361 | 28,462 | ||
| Certificates of deposit, Fair Value | 100 | 100 | ||
| Securities available for sale, Fair Value | 0 | 0 | ||
| FHLB stock, Fair Value | 0 | 0 | ||
| Loans held for sale, Fair Value | 0 | |||
| Loans, net, Fair Value | 0 | 0 | ||
| Accrued interest receivable, Fair Value | 0 | 0 | ||
| Financial liabilities: | ||||
| Deposits, Fair Value | 0 | 0 | ||
| Short-term borrowings, Fair Value | 0 | 0 | ||
| Long-term debt, Fair Value | 0 | 0 | ||
| Subordinated debt, Fair Value | 0 | 0 | ||
| Accrued interest payable, Fair Value | 0 | 0 | ||
| Fair Value, Inputs, Level 2 [Member] | ||||
| Financial assets: | ||||
| Securities available for sale, Carrying Amount | 67,209 | 66,486 | ||
| Cash and cash equivalents, Fair Value | 0 | 0 | ||
| Certificates of deposit, Fair Value | 0 | 0 | ||
| Securities available for sale, Fair Value | 67,209 | 66,486 | ||
| FHLB stock, Fair Value | 0 | 0 | ||
| Loans held for sale, Fair Value | 0 | |||
| Loans, net, Fair Value | 0 | 0 | ||
| Accrued interest receivable, Fair Value | 0 | 0 | ||
| Financial liabilities: | ||||
| Deposits, Fair Value | 0 | 0 | ||
| Short-term borrowings, Fair Value | 17,500 | 38,000 | ||
| Long-term debt, Fair Value | 87,355 | 76,906 | ||
| Subordinated debt, Fair Value | 0 | 0 | ||
| Accrued interest payable, Fair Value | 0 | 0 | ||
| Fair Value, Inputs, Level 3 [Member] | ||||
| Financial assets: | ||||
| Securities available for sale, Carrying Amount | 0 | 0 | ||
| Cash and cash equivalents, Fair Value | 0 | 0 | ||
| Certificates of deposit, Fair Value | 0 | 0 | ||
| Securities available for sale, Fair Value | 0 | 0 | ||
| FHLB stock, Fair Value | 5,864 | 5,937 | ||
| Loans held for sale, Fair Value | 0 | |||
| Loans, net, Fair Value | 682,473 | 694,614 | ||
| Accrued interest receivable, Fair Value | 1,954 | 2,140 | ||
| Financial liabilities: | ||||
| Deposits, Fair Value | 641,363 | 615,653 | ||
| Short-term borrowings, Fair Value | 0 | 0 | ||
| Long-term debt, Fair Value | 0 | 0 | ||
| Subordinated debt, Fair Value | 9,621 | 9,598 | ||
| Accrued interest payable, Fair Value | $ 421 | $ 286 |
EMPLOYEE STOCK OWNERSHIP PLAN43
| EMPLOYEE STOCK OWNERSHIP PLAN (Details) - shares | Mar. 31, 2018 | Mar. 31, 2017 |
| Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
| Allocated | 64,969 | |
| Committed to be allocated | 3,209 | 3,209 |
| Unallocated | 112,334 | |
| Total | 180,512 |
EMPLOYEE STOCK OWNERSHIP PLAN44
| EMPLOYEE STOCK OWNERSHIP PLAN (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2018 | Mar. 31, 2017 | |
| Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
| Employee Stock Ownership Plan ESOP Percent Of Shares Authorized To Be Purchased | 7.20% | |
| 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 | $ 3,300 | |
| Employee Stock Ownership Plan (ESOP), Shares in ESOP | 180,512 | |
| Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 94 | $ 88 |
EQUITY INCENTIVE PLANS (Details
| EQUITY INCENTIVE PLANS (Details) - 2012 Equity Incentive Plan [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
| Mar. 31, 2018USD ($)$ / sharesshares | |
| Options | |
| Outstanding at beginning of period | shares | 212 |
| Exercised | shares | 0 |
| Forfeited | shares | 0 |
| Outstanding at end of period | shares | 212 |
| Options exercisable at end of period | shares | 194 |
| Weighted Average Exercise Price | |
| Outstanding at beginning of period | $ / shares | $ 16.05 |
| Exercised | $ / shares | 0 |
| Forfeited | $ / shares | 0 |
| Outstanding at end of period | $ / shares | 16.05 |
| Options exercisable at end of period | $ / shares | $ 15.3 |
| Weighted Average Remaining Contractual Term | |
| Outstanding at end of period | 4 years 11 months 5 days |
| Options exercisable at end of period | 4 years 6 months 25 days |
| Aggregate intrinsic value | |
| Outstanding | $ | $ 2,915 |
| Options exercisable at end of period | $ | $ 2,664 |
EQUITY INCENTIVE PLANS (Detai46
| EQUITY INCENTIVE PLANS (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
| Mar. 31, 2018 | Mar. 31, 2017 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Unrecognized compensation expense for non-vested stock options | $ 60 | |
| Unrecognized compensation expense, recognition period | 1 year 6 months | |
| Compensation expense for stock award plan | $ 98 | $ 101 |
| Recognize tax Benefit | 27 | 40 |
| Restricted Stock [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Unrecognized compensation expense for non-vested stock options | $ 754 | |
| Employee Stock Option [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Unrecognized compensation expense, recognition period | 3 years 6 months 4 days | |
| Recognize tax Benefit | 10 | |
| Share base compensation expenses applicable to stock option plan | $ 9 | $ 53 |
| 2012 Equity Incentive Plan [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Equity Incentive Plan, options granted | 231,894 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
| Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |
| 2016 Equity Incentive Plan [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Equity Incentive Plan, options granted | 75,000 | |
EARNINGS PER COMMON SHARE (Deta
| EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
| Mar. 31, 2018 | Mar. 31, 2017 | |
| Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ||
| Net income applicable to common stock | $ 1,437 | $ 881 |
| Average number of common shares issued | 2,506,000 | 2,485,000 |
| Less: Average unallocated ESOP shares | (114,000) | (127,000) |
| Average number of common shares outstanding used to calculate basic earnings per common share | 2,392,592 | 2,358,074 |
| Effect of dilutive stock options | 93,000 | 84,000 |
| Average number of common shares outstanding used to calculate diluted earnings per share | 2,485,222 | 2,441,993 |
| Earnings per common share: | ||
| Basic | $ 0.6 | $ 0.37 |
| Diluted | $ 0.58 | $ 0.36 |