Georgetown Bancorp 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 05, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Georgetown Bancorp, Inc.
Entity Central Index Key	1,542,299
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,828,238
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and due from banks	$ 1,547	$ 2,382
Short-term investments	4,980	2,536
Total cash and cash equivalents	6,527	4,918
Securities available for sale, at fair value	20,078	19,526
Securities held to maturity, at amortized cost (fair value of $739 at September 30, 2015 and $916 at December 31, 2014)	677	837
Federal Home Loan Bank stock, at cost	2,917	2,907
Bankers Bank Northeast stock, at cost	60
Loans held for sale		990
Loans, net of allowance for loan losses of $2,346 at September 30, 2015 and $2,229 at December 31, 2014	248,156	231,293
Premises and equipment, net	3,609	3,819
Accrued interest receivable	825	752
Bank-owned life insurance	3,075	2,999
Other assets	1,516	2,979
Total assets	287,440	271,020
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits	194,184	182,354
Short-term Federal Home Loan Bank advances	31,000	30,000
Long-term Federal Home Loan Bank advances	27,100	24,600
Mortgagors' escrow accounts	1,623	1,194
Accrued expenses and other liabilities	2,011	2,160
Total liabilities	$ 255,918	$ 240,308
Stockholders' equity:
Preferred stock, $0.01 par value per share: 50,000,000 shares authorized at September 30, 2015 and December 31, 2014; none outstanding
Common stock, $0.01 par value per share: 100,000,000 shares authorized, 1,828,238 shares issued at September 30, 2015 and 1,827,131 shares issued at December 31, 2014	$ 18	$ 18
Additional paid-in capital	19,356	19,245
Retained earnings	13,391	12,593
Accumulated other comprehensive income (loss)	179	143
Unearned compensation - ESOP (81,443 shares unallocated at September 30, 2015 and 86,886 shares unallocated at December 31, 2014)	(857)	(918)
Unearned compensation - Restricted stock (44,866 shares non-vested at September 30, 2015 and 37,071 shares non-vested at December 31, 2014)	(565)	(369)
Total stockholders' equity	31,522	30,712
Total liabilities and stockholders' equity	$ 287,440	$ 271,020

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Securities held to maturity, fair value (in dollars)	$ 739	$ 916
Loans, allowance for loan losses (in dollars)	$ 2,346	$ 2,229
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	1,828,238	1,827,131
Unearned compensation - ESOP shares unallocated	(81,443)	86,886
Unearned compensation - Restricted stock shares non-vested	44,866	37,071
Restricted stock award
Unearned compensation - Restricted stock shares non-vested	44,866	37,071

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest and dividend income:
Loans, including fees	$ 2,841	$ 2,655	$ 8,289	$ 7,908
Securities	146	147	432	435
Short-term investments	2	1	5	3
Total interest and dividend income	2,989	2,803	8,726	8,346
Interest expense:
Deposits	270	213	754	617
Short-term Federal Home Loan Bank advances	14	16	35	45
Long-term Federal Home Loan Bank advances	147	142	448	412
Total interest expense	431	371	1,237	1,074
Net interest and dividend income	2,558	2,432	7,489	7,272
Provision for loan losses	111	1	138	1
Net interest and dividend income, after provision for loan losses	2,447	2,431	7,351	7,271
Non-interest income:
Customer service fees	189	160	539	494
Mortgage banking income, net	61	56	112	179
Gain on sale of SBA loans	86		86
Income from bank-owned life insurance	26	25	76	75
Net gain on sale of other real estate owned				8
Other	12	8	26	19
Total non-interest income	374	249	839	775
Non-interest expenses:
Salaries and employee benefits	1,214	1,138	3,652	3,554
Occupancy and equipment expenses	262	236	793	731
Data processing expenses	151	136	476	452
Professional fees	123	124	365	394
Advertising expenses	87	88	263	263
FDIC insurance	42	42	126	127
Other general and administrative expenses	248	289	848	868
Total non-interest expenses	2,127	2,053	6,523	6,389
Income before income taxes	694	627	1,667	1,657
Income tax provision	269	237	629	618
Net income	$ 425	$ 390	$ 1,038	$ 1,039
Weighted-average number of common shares outstanding:
Basic (in shares)	1,745,431	1,737,511	1,748,320	1,738,950
Diluted (in shares)	1,753,009	1,742,091	1,756,740	1,744,004
Earnings per share:
Basic (in dollars per share)	$ 0.24	$ 0.22	$ 0.59	$ 0.60
Diluted (in dollars per share)	0.24	0.22	0.59	0.60
Cash dividend paid (in dollars per share)	$ 0.0475	$ 0.0425	$ 0.1375	$ 0.125

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 425	$ 390	$ 1,038	$ 1,039
Net unrealized (loss) gain on securities available for sale	236	(58)	56	599
Income tax benefit (provision)	(83)	18	(20)	(217)
Other comprehensive (loss) income, net of tax	153	(40)	36	382
Comprehensive income	$ 578	$ 350	$ 1,074	$ 1,421

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Unearned Compensation-ESOP	Unearned Compensation-Restricted Stock	Total
Balance at Dec. 31, 2013	$ 18	$ 19,212	$ 11,388	$ (389)	$ (1,001)	$ (286)	$ 28,942
Increase (Decrease) in Stockholders' Equity
Net income			1,039				1,039
Other comprehensive income (loss)				382			382
Cash dividends paid ($0.1375 per share and $0.125 per share for the period ended September 30, 2015 and September 30, 2014 respectively)			(228)				(228)
Repurchased stock related to buyback program (17,000 shares for the period ended September 30, 2015 and September 30, 2014,respectively)		(252)					(252)
Common stock held by ESOP allocated or committed to be allocated (5,430 shares and 5,430 shares for the period ended September 30, 2015 and September 30, 2014 respectively)		22			62		84
Restricted stock granted in connection with equity incentive plan (20,000 shares and 22,000 shares for the period ended September 30, 2015 and September 30, 2014 respectively)		329				(329)
Forfeiture of restricted stock (8,105 shares for the period ended September 30, 2014 respectively)		(108)				108
Purchased stock related to vested restricted stock (3,091 and 2,417 shares for the period ended September 30, 2015 and September 30, 2014 respectively)		(36)					(36)
Exercise of stock options (1,198 shares and 3,813 shares for the period ended September 30, 2015 and September 30, 2014 respectively)		39					39
Purchased shares from cashless exercise of options (2,175 shares) for the period ended September 30, 2014		(33)					(33)
Share based compensation - options		33					33
Share based compensation - restricted stock						91	91
Balance at Sep. 30, 2014	18	19,206	12,199	(7)	(939)	(416)	30,061
Balance at Dec. 31, 2014	18	19,245	12,593	143	(918)	(369)	30,712
Increase (Decrease) in Stockholders' Equity
Net income			1,038				1,038
Other comprehensive income (loss)				36			36
Cash dividends paid ($0.1375 per share and $0.125 per share for the period ended September 30, 2015 and September 30, 2014 respectively)			(240)				(240)
Repurchased stock related to buyback program (17,000 shares for the period ended September 30, 2015 and September 30, 2014,respectively)		(315)					(315)
Common stock held by ESOP allocated or committed to be allocated (5,430 shares and 5,430 shares for the period ended September 30, 2015 and September 30, 2014 respectively)		37			61		98
Restricted stock granted in connection with equity incentive plan (20,000 shares and 22,000 shares for the period ended September 30, 2015 and September 30, 2014 respectively)		351				(351)
Purchased stock related to vested restricted stock (3,091 and 2,417 shares for the period ended September 30, 2015 and September 30, 2014 respectively)		(54)					(54)
Exercise of stock options (1,198 shares and 3,813 shares for the period ended September 30, 2015 and September 30, 2014 respectively)		11					11
Share based compensation - options		66					66
Share based compensation - restricted stock						155	155
Excess tax (provision) benefit from share-based compensation		15					15
Balance at Sep. 30, 2015	$ 18	$ 19,356	$ 13,391	$ 179	$ (857)	$ (565)	$ 31,522

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Cash dividend paid (in dollars per share)	$ 0.0475	$ 0.0425	$ 0.1375	$ 0.125
Repurchased stock related to buyback program (in shares)			17,000	17,000
Common stock held by ESOP allocated or committed to be allocated (in shares)	5,430	5,430	5,430	5,430
Restricted stock granted in connection with equity incentive plan (in shares)			20,000	22,000
Forfeiture of restricted stock (in shares)				8,105
Purchased stock related to vested restricted stock (in shares)			3,091	2,417
Exercise of stock options (in shares)			1,198	3,813
Purchase shares from cashless exercise of options (in shares)				2,175

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 1,038	$ 1,039
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	138	1
Amortization of securities, net	99	95
Net change in deferred loan fees and costs	64	(8)
Depreciation and amortization expense	290	247
(Increase) decrease in accrued interest receivable	(73)	9
Income from bank-owned life insurance	(76)	(75)
Stock-based compensation expense	319	208
Gain on sales of loans	(122)	(139)
Loans originated for sale	(2,500)	(14,399)
Proceeds from sales of loans, net of repurchases	3,612	14,628
Gain on sale of other real estate owned		(8)
Net change in other assets and liabilities	1,294	560
Net cash provided by operating activities	4,083	2,158
Activity in securities available for sale:
Maturities, prepayments and calls	1,948	1,408
Purchases	(2,544)	(2,558)
Maturities, prepayments and calls of securities held to maturity	161	182
Purchase of Bankers Bank Northeast stock	(60)
Purchase of Federal Home Loan Bank stock	(10)
Loan principal collections (originations), net	(9,454)	(5,207)
Principal balance of loans purchased	(7,611)
Proceeds from sale of other real estate owned		8
Purchase of premises and equipment	(157)	(370)
Proceeds from sale of premises and equipment	77
Net cash used in investing activities	(17,650)	(6,537)
Cash flows from financing activities:
Net change in deposits	11,830	7,204
Net change in Federal Home Loan Bank advances with maturities of three months or less	1,000	(4,075)
Proceeds from Federal Home Loan Bank advances with maturities greater than three months	5,000	3,000
Repayments of Federal Home Loan Bank advances with maturities greater than three months	(2,500)	(1,000)
Net change in mortgagors' escrow accounts	429	115
Repurchase of common stock	(369)	(288)
Cash dividends paid on common stock	(240)	(228)
Exercise of stock options	11	6
Excess tax benefit on share-based compensation	15
Net cash provided by financing activities	15,176	4,734
Net change in cash and cash equivalents	1,609	355
Cash and cash equivalents at beginning of period	4,918
Cash and cash equivalents at end of period	6,527	6,650
Supplementary information:
Interest paid on deposit accounts	752	614
Interest paid on advances	481	454
Income taxes paid	$ 941	$ 497

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Basis of Presentation
Basis of Presentation	(1) Basis of Presentation The accompanying unaudited financial statements of Georgetown Bancorp, Inc., a Maryland corporation, (the “Company”) were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three- and nine-month periods ended September 30, 2015 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the December 31, 2014 Consolidated Financial Statements presented in the Annual Report on Form 10-K of the Company filed with the Securities and Exchange Commission on March 30, 2015. The consolidated financial statements include the accounts of Georgetown Bank (the “Bank”) and its wholly owned subsidiary, Georgetown Securities Corporation, which engages in the buying, selling and holding of securities. All significant inter-company balances and transactions have been eliminated in consolidation. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements.

Corporate Structure

Corporate Structure	9 Months Ended
	Sep. 30, 2015
Corporate Structure
Corporate Structure	(2) Corporate Structure The Company completed a “second step” conversion to a fully public stock holding company on July 11, 2012. The Bank is a wholly owned subsidiary of the Company. Georgetown Securities Corporation, established in 1995 as a Massachusetts securities corporation for the purpose of buying, selling and holding securities on its own behalf, is a wholly owned subsidiary of the Bank.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Common Share
Earnings Per Common Share	(3) Earnings Per Common Share The Company has adopted the Earnings Per Share (“EPS”) guidance included in Accounting Standards Codification (“ASC”) 260-10. As presented below, basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For purposes of computing diluted EPS, the treasury stock method is used. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Earnings per common share have been computed based on the following: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income available to common stockholders $ $ $ $ Basic common shares: Weighted average shares outstanding Less: Weighted average unallocated ESOP shares Add: Weighted average unvested restricted stock shares with non-forfeitable dividend rights Basic weighted average common shares outstanding Dilutive potential common shares Diluted weighted average common shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $ Options to purchase 90,483 shares, representing all outstanding options, were included in the computation of diluted earnings per share for the three and nine months ended September 30, 2015. Options to purchase 62,594 shares, representing all outstanding options, were included in the computation of diluted earnings per share for the three and nine months ended September 30, 2014.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2014
Recent Accounting Pronouncements
Recent Accounting Pronouncements	(4) Recent Accounting Pronouncements In May 2014 and August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 and 2015-14, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019. Earlier application is permitted only as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period, or an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which an entity first applies the guidance in ASU 2014-09.. The Company is currently reviewing ASUs 2014-09 and 2015-14 to determine if they will have an impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The guidance should be applied on a retrospective basis. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, “Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. ASU 2015-05 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” The objective of this update is to address the diversity in practice related to how certain investments measured at net asset value with redemption dates in the future are categorized within the fair value hierarchy. The amendments in this update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In June 2015, the FASB issued ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The guidance in ASU 2015-03 did not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. This ASU amends SEC paragraphs in the codification pursuant to the Staff Announcement at the June 18, 2015 Emerging Issue Task Force (“EITF”) Meeting, to clarify that the staff “would not object” to an entity deferring and presenting these debt issuance costs as an asset and subsequently amortizing these costs ratably over the term of the line- of- credit arrangement, regardless of whether there are outstanding borrowings on the line. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements.

Securities

Securities	9 Months Ended
	Sep. 30, 2014
SECURITIES
SECURITIES	(5) Securities A summary of securities is as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) At September 30, 2015 Securities available for sale State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity Residential mortgage-backed securities $ $ $ — $ At December 31, 2014 State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity Residential mortgage-backed securities $ $ $ — $ All residential mortgage-backed securities have been issued by government-sponsored enterprises. The amortized cost and estimated fair value of debt securities by contractual maturity at September 30, 2015 is as follows. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) After five years through ten years $ $ $ — $ — Over ten years — — — — Residential mortgage-backed securities $ $ $ $ There were no sales of securities for the three and nine months ended September 30, 2015 and 2014. Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous loss position, is as follows: Less Than Twelve Months Twelve Months Or Longer Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In thousands) At September 30, 2015 Securities available for sale State and municipal $ — $ — $ $ Residential mortgage-backed securities — — Total temporarily impaired securities $ — $ — $ $ At December 31, 2014 Securities available for sale State and municipal $ — $ — $ $ Residential mortgage-backed securities — — Total temporarily impaired securities $ — $ — $ $ Each reporting period, the Company evaluates all securities classified as available-for-sale or held-to-maturity with a decline in fair value below the amortized cost of the investment to determine whether or not the impairment is deemed to be other-than-temporary (“OTTI”). At September 30, 2015, four securities classified as available for sale had an unrealized loss with aggregate depreciation of 0.81% from the securities’ amortized cost basis. The unrealized losses on the Company’s investments in state and municipal bonds and residential mortgage backed securities were primarily caused by changes in interest rates and not by credit quality. Many of these investments are issued by government sponsored enterprises and as management has not decided to sell these securities, nor is it likely that the Company will be required to sell these securities, no declines are deemed to be OTTI.

Loans and Servicing

Loans and Servicing	9 Months Ended
	Sep. 30, 2015
LOANS AND SERVICING
LOANS AND SERVICING	(6) Loans and Servicing Loans A summary of loans is as follows: At At September 30, December 31, 2015 2014 Amount Percent Amount Percent (Dollars in thousands) Residential loans: One- to four-family $ % $ % Home equity loans and lines of credit Total residential mortgage loans Commercial loans: One- to four-family investment property Multi-family real estate Commercial real estate Commercial business Total commercial loans Construction loans: One- to four-family Multi-family Non-residential Total construction loans Consumer Total loans % % Other items: Net deferred loan costs Allowance for loan losses Total loans, net $ $ An analysis of the allowance for loan losses for the nine months ended September 30, 2015 and 2014 and at September 30, 2015 and December 31, 2014 is below. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. Residential Commercial Construction One ‑ to four ‑ Home equity family One ‑ to four ‑ loans and investment Multi ‑family Commercial Commercial One ‑ to four ‑ Non- family lines of credit property real estate real estate business family Multi ‑family residential Consumer Unallocated Total (In thousands) Allowance for loan losses Nine Months Ended September 30, 2015 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ — $ Charge-offs — — — — — — — — — Recoveries — — — — — — — — — (Benefit) provision — Ending Balance $ $ $ $ $ $ $ $ $ $ $ — $ Nine Months Ended September 30, 2014 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ $ Charge-offs — — — — — — — — Recoveries — — — — — — — — — Provision (benefit) Ending Balance $ $ $ $ $ $ $ $ $ $ $ $ At September 30, 2015 Allowance for loan losses Individually evaluated for impairment $ $ — $ $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ Loans Individually evaluated for impairment $ $ $ $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ At December 31, 2014 Allowance for loan losses Individually evaluated for impairment $ $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ Loans Individually evaluated for impairment $ $ $ — $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ The following is a summary of past-due and non-accrual loans at September 30, 2015 and December 31, 2014. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. Loans delinquent for: 90 days 90 days Total Total Total or more Non-accrual 30 - 59 Days 60 - 89 Days or more Past Due Current Loans and accruing Loans (In thousands) At September 30, 2015 Residential loans: One- to four-family $ — $ $ $ $ $ $ — $ Home equity loans and lines of credit — — — — Commercial loans: One- to four-family investment property — — — — — — Multi-family real estate — — — — — — Commercial real estate — — — — Commercial business — — — — Construction loans: One- to four-family — — — — — — Multi-family — — — — — — Non-residential — — — — — — Consumer — — — — Total $ $ $ $ $ $ $ — $ Loans delinquent for: 90 days 90 days Total Total Total or more Non-accrual 30 - 59 Days 60 - 89 Days or more Past Due Current Loans and accruing Loans (In thousands) At December 31, 2014 Residential loans: One- to four-family $ — $ $ $ $ $ $ — $ Home equity loans and lines of credit — — — Commercial loans: One- to four-family investment property — — — — — — Multi-family real estate — — — — — — Commercial real estate — — — — Commercial business — — — — — — Construction loans: One- to four-family — — — — — — Multi-family — — — — — — Non-residential — — — — — — Consumer — — — Total $ $ $ $ $ $ $ — $ The following is a summary of impaired loans at September 30, 2015 and December 31, 2014, and for the nine months and year then ended, respectively. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At September 30, 2015 Impaired loans without a valuation allowance Residential loans: One- to four-family $ $ $ — $ $ Home equity loans and lines of credit — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — Commercial business — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total impaired with no related allowance $ $ $ — $ $ Impaired loans with a valuation allowance Residential loans: One- to four-family $ $ $ $ $ Home equity loans and lines of credit — — — — — Commercial loans: One- to four-family investment property Multi-family real estate — — — — — Commercial real estate — — — — — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total with an allowance recorded $ $ $ $ $ Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At December 31, 2014 Impaired loans without a valuation allowance Residential loans: One- to four-family $ — $ — $ — $ — $ — Home equity loans and lines of credit — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total impaired with no related allowance $ $ $ — $ $ Impaired loans with a valuation allowance Residential loans: One- to four-family $ $ $ $ $ Home equity loans and lines of credit — — — — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — — — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total with an allowance recorded $ $ $ $ $ The Company had two loan relationships that were classified as troubled debt restructures (“TDR”) totaling $776,000 during the nine months ended September 30, 2015. The first relationship involved two commercial business loans totaling $235,000 guaranteed by two individuals. During the nine months ended September 30, 2015, the business was sold and net proceeds of $100,000 were applied to the outstanding balances leaving a combined deficiency or pre-modification balance of $135,000 . The $135,000 balance was modified into two loans held individually by the personal guarantors of the original loans on a pro-rated basis based on their respective ownership percentages. The first loan had a $45,000 balance and the borrower made a $22,500 cash payment and the remaining $22,500 balance was charged off to the allowance for loan losses resulting in a post-modification balance of zero . The remaining balance was modified into a one- to four-family investment property loan with a post modification balance of $90,000 . The TDR did not result in a material impact to the allowance for loan losses. The second relationship involved a one- to four-family residential loan totaling $606,000 to one individual. During the nine months ended September 30, 2015, the loan was modified to include a second individual and additional residential collateral was added. The loan, with a post modification balance of $606,000 , was restructured into an interest only note with maturity in 24 months. A second loan, an interest only home equity loan with maturity in 24 months, representing the real estate taxes paid by the Company on behalf of the borrower, was established as part of the Forbearance Agreement. The home equity loan had a post modification balance of $80,000 . As part of the Forbearance Agreement, the borrower will be working to develop land for potential sale which is collateralizing the TDR loan and the Company will receive 100% of the net proceeds to pay down the outstanding principle balance of the TDR. When the loans mature, any remaining balance due must be paid in full or refinanced at that time. The TDR did not result in a material impact to the allowance for loan losses. There is no commitment to lend additional funds to the borrowers whose loans were modified during the nine months ended September 30, 2015. There were no loan modifications made that resulted in a TDR during the nine months ended September 30, 2014. At September 30, 2015 and December 31, 2014, there were no TDR loans in default of their modified terms. The following table represents the Company’s loans by risk rating at September 30, 2015 and December 31, 2014. For additional information please refer to Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations. Residential Commercial Construction One ‑ to four ‑ Home equity family One ‑ to four ‑ loans and lines investment Multi ‑ family Commercial Commercial One ‑ to four ‑ Non- family of credit property real estate real estate business family Multi ‑ family residential Consumer Total (In thousands) At September 30, 2015 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ At December 31, 2014 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ Credit Quality Information The Bank utilizes a nine grade internal loan rating system for all commercial and construction loans as follows: Loans rated 1 - 5: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 6: Loans in this category are considered “special mention.” These loans have risk profiles that are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 7: Loans in this category are considered “substandard.” These loans have a well defined weakness that jeopardizes the liquidation of the debt and is inadequately protected by the current sound worth and paying capacity of the borrower or pledged collateral. There is a distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans rated 8: 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 9: Loans in this category are considered a “loss.” The loan has been determined to be uncollectible and the chance of loss is inevitable. Loans in this category will be charged-off. On an annual basis, or more often if needed, the Bank formally reviews the ratings on all commercial and construction loans. For residential real estate and consumer loans, the Bank initially assesses credit quality based on the borrower’s ability to pay and subsequently monitors these loans based on the borrower’s payment activity; however, these loans are not formally risk-rated. Loans serviced for others and mortgage servicing rights Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of mortgage loans serviced for others were $103.7 million and $113.4 million at September 30, 2015 and December 31, 2014, respectively. The risks inherent in the mortgage servicing assets relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The fair value of servicing rights was $1.1 million and $1.3 million at September 30, 2015 and December 31, 2014, respectively, and was determined using the moving average 10 -year, U.S. Treasury rate plus 5.0% , adjusted to reflect the current credit spreads and conditions in the market as a discount rate. Prepayment assumptions, which are impacted by loan rates and terms, are calculated using a moving average of prepayment data published by the Securities Industry and Financial Markets Association and an independent third party proprietary analysis of prepayment rates embedded in liquid mortgage securities markets and modeled against the serviced loan portfolio by the independent third party valuation specialist. The following summarizes mortgage servicing rights capitalized and amortized, along with the aggregate activity related to valuation allowances. Nine Months Ended September 30, 2015 2014 (In thousands) Mortgage servicing rights: Balance at beginning of period $ $ Additions Amortization Balance at end of period Valuation allowance: Balance at beginning of period Additions — Reductions Balance at end of period Mortgage servicing assets, net $ $ Fair value of mortgage servicing assets $ $

Secured Borrowings and Collater

Secured Borrowings and Collateral	9 Months Ended
	Sep. 30, 2015
Secured Borrowings and Collateral
Secured Borrowings and Collateral	(7) Secured Borrowings and Collateral Federal Home Loan Bank advances At September 30, 2015 all Federal Home Loan Bank of Boston (“FHLB”) advances were secured by a blanket security agreement on qualified collateral, principally first mortgage loans on owner-occupied residential property in the amount of $70.5 million, $26.3 million commercial real estate loans and mortgage-backed securities with a fair value of $18.3 million.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements
Fair Value Measurements	(8) Fair Value Measurements The Company groups its financial assets and financial 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 as follows: Level l - Valuation is based on quoted prices in active markets for identical assets or liabilities. Level l assets and liabilities generally include debt and equity securities that are traded in an active exchange market. At September 30, 2015, the Company had no assets or liabilities valued using Level 1 measurements. Level 2 - Valuation is based on observable inputs other than Level l prices, such as quoted prices for similar assets or 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. 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 or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. All of the Company’s securities that are measured at fair value are included in Level 2 and are based on pricing models from independent, third party pricing services that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. There are no liabilities measured at fair value. All of the Company’s impaired loans that are measured at fair value are included in Level 3 and are based on the appraised value of the underlying collateral considering discounting factors, if deemed appropriate, and adjusted for selling costs. These appraised values may be discounted based on management’s historical knowledge, expertise or changes in market conditions from time of valuation. The Company did not have any significant transfers of assets or liabilities to or from Levels 1 and 2 of the fair value hierarchy during the nine month period ended September 30, 2015. Assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 are summarized below. Total Assets Level 1 Level 2 Level 3 at Fair Value (In thousands) At September 30, 2015 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $ At December 31, 2014 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $ The Company may also be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. Assets measured at fair value on a non-recurring basis at September 30, 2015 and December 31, 2014 are summarized below. The fair value adjustments relate to the amount of write-down recorded or related allowance recorded as of September 30, 2015 and December 31, 2014. Assets Adjustments Level 1 Level 2 Level 3 at Fair Value to Fair Value (In thousands) At September 30, 2015 Impaired loans $ — $ — $ $ $ Assets Adjustments Level 1 Level 2 Level 3 At Fair Value to Fair Value (In thousands) At December 31, 2014 Impaired loans $ — $ — $ $ $ The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments. Cash and cash equivalents : The carrying amounts of cash and short-term investments approximate fair values. Securities : Fair values for the Company’s debt securities are based on pricing models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. Federal Home Loan Bank (FHLB) and Bankers Bank Northeast (BBN) stock : Fair value is based on redemption provisions of the FHLB and BBN. The FHLB and BBN stock have no quoted market value. Loans held for sale : Fair value is based on committed secondary market prices. Loans : 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. Capitalized mortgage servicing rights : Fair value is based on a quarterly, independent third-party valuation model that calculates the present value of estimated future net servicing income. The model utilizes a variety of assumptions, the most significant of which are loan prepayment assumptions and the discount rate used to discount future cash flows. Prepayment assumptions, which are impacted by loan rates and terms, are calculated using a moving average of prepayment data published by the Securities Industry and Financial Markets Association and a third party proprietary analysis of prepayment rates embedded in liquid mortgage securities markets and modeled against the serviced loan portfolio by the independent third party valuation specialist. The discount rate is the moving average 10 -year, U.S. Treasury rate plus 5.0% adjusted to reflect the current credit spreads and conditions in the market. Other assumptions include delinquency rates, foreclosure rates, servicing cost inflation, and annual unit loan cost. All assumptions are adjusted periodically to reflect current circumstances and all are obtained from independent market sources. Deposits : The fair values for non-certificate accounts are, by definition, equal to the amount payable on demand at the reporting date which is the carrying amount. Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Short-term FHLB advances : The fair value of short-term FHLB advances approximates carrying value, as they generally mature within 90 days. Long-term FHLB advances : The fair value for long-term FHLB advances is estimated using discounted cash flow analyses based on current market borrowing rates for similar types of borrowing arrangements. Mortgagors’ escrow accounts : The fair value of mortgagors’ escrow accounts approximates carrying value. Accrued interest : The carrying amounts of accrued interest approximate fair value. Off-balance-sheet instruments : The fair value of commitments to originate loans is estimated using the fees currently charged to enter similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments and the unadvanced portion of loans, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligation with the counterparties at the reporting date. At September 30, 2015 and December 31, 2014, the fair value of commitments outstanding is not significant since fees charged are not material. The estimated fair values and related carrying amounts of the Company’s financial instruments at September 30, 2015 and December 31, 2014 are as follows. September 30, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents $ $ $ — $ — $ Securities available for sale — — Securities held to maturity — — FHLB stock — — Bankers Bank Northeast stock — — Loans, net — — Accrued interest receivable — — Capitalized mortgage servicing rights — — Financial liabilities: Deposits $ $ — $ $ — $ Short-term FHLB advances — — Long-term FHLB advances — — Mortgagors’ escrow accounts — — Accrued interest payable — — December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents $ $ $ — $ — $ Securities available for sale — — Securities held to maturity — — FHLB stock — — Loans held for sale — — Loans, net — — Accrued interest receivable — — Capitalized mortgage servicing rights — — Financial liabilities: Deposits $ $ — $ $ — $ Short-term FHLB advances — — Long-term FHLB advances — — Mortgagors’ escrow accounts — — Accrued interest payable — —

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Sep. 30, 2015
Equity Incentive Plans
Equity Incentive Plans	(9) Equity Incentive Plans At September 30, 2015 the Company had two equity incentive plans, the 2009 Equity Plan and the 2014 Equity Plan. Both plans were described more fully in Note 12 of the consolidated financial statements and notes thereto for the year ended December 31, 2014. The following table presents the activity for the 2009 and 2014 Equity Plans for the nine months ended September 30, 2015. Stock Options Weighted Average Number of Exercise Shares Price Outstanding at beginning of year $ Granted $ Exercised $ Outstanding at end of year $ Exercisable at end of year Weighted average fair value of options granted during the year $ Options Outstanding Options Exercisable Number Weighted-Average Weighted Number Weighted Outstanding Remaining Average Exercisable Average as of 9/30/2015 Contractual Life Exercise Price as of 9/30/2015 Exercise Price Years $ $ Years $ $ Years $ $ Years $ $ Years $ $ Years $ — $ — Years $ $ Non-vested Restricted Stock Weighted Average Number of Grant Date Shares Value Outstanding at beginning of year $ Granted $ Vested $ Outstanding at end of year $ As of September 30, 2015, unrecognized share-based compensation expense related to non-vested options amounted to $254,000 and the unrecognized share-based compensation expense related to non-vested restricted stock amounted to $565,000 . The unrecognized expense related to the non-vested options and non-vested restricted stock will be recognized over a weighted average period of 3. 3 years. For the nine months ended September 30, 2015, the Company recognized compensation expense for stock options of $66,000 with a related tax benefit of $9,000 . The related tax benefit applies only to non-qualified stock options. For the nine months ended September 30, 2015, the Company recognized compensation expense for restricted stock awards of $155,000 with a related tax benefit of $62,000 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Basis of Presentation
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Common Share
Schedule of computation of earnings per common share	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income available to common stockholders $ $ $ $ Basic common shares: Weighted average shares outstanding Less: Weighted average unallocated ESOP shares Add: Weighted average unvested restricted stock shares with non-forfeitable dividend rights Basic weighted average common shares outstanding Dilutive potential common shares Diluted weighted average common shares outstanding Basic earnings per share $ $ $ $ Diluted earnings per share $ $ $ $

Securities (Tables)

Securities (Tables)	9 Months Ended
	Sep. 30, 2014
SECURITIES
Summary of securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) At September 30, 2015 Securities available for sale State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity Residential mortgage-backed securities $ $ $ — $ At December 31, 2014 State and municipal $ $ $ $ Residential mortgage-backed securities Total securities available for sale $ $ $ $ Securities held to maturity Residential mortgage-backed securities $ $ $ — $
Schedule of maturities of debt securities	Available for Sale Held to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) After five years through ten years $ $ $ — $ — Over ten years — — — — Residential mortgage-backed securities $ $ $ $
Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous loss position	Less Than Twelve Months Twelve Months Or Longer Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value (In thousands) At September 30, 2015 Securities available for sale State and municipal $ — $ — $ $ Residential mortgage-backed securities — — Total temporarily impaired securities $ — $ — $ $ At December 31, 2014 Securities available for sale State and municipal $ — $ — $ $ Residential mortgage-backed securities — — Total temporarily impaired securities $ — $ — $ $

Loans and Servicing (Tables)

Loans and Servicing (Tables)	9 Months Ended
	Sep. 30, 2015
LOANS AND SERVICING
Summary of loans:	At At September 30, December 31, 2015 2014 Amount Percent Amount Percent (Dollars in thousands) Residential loans: One- to four-family $ % $ % Home equity loans and lines of credit Total residential mortgage loans Commercial loans: One- to four-family investment property Multi-family real estate Commercial real estate Commercial business Total commercial loans Construction loans: One- to four-family Multi-family Non-residential Total construction loans Consumer Total loans % % Other items: Net deferred loan costs Allowance for loan losses Total loans, net $ $
Schedule of information pertaining to the allowance for loan losses	Residential Commercial Construction One ‑ to four ‑ Home equity family One ‑ to four ‑ loans and investment Multi ‑family Commercial Commercial One ‑ to four ‑ Non- family lines of credit property real estate real estate business family Multi ‑family residential Consumer Unallocated Total (In thousands) Allowance for loan losses Nine Months Ended September 30, 2015 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ — $ Charge-offs — — — — — — — — — Recoveries — — — — — — — — — (Benefit) provision — Ending Balance $ $ $ $ $ $ $ $ $ $ $ — $ Nine Months Ended September 30, 2014 Beginning Balance $ $ $ $ $ $ $ $ $ $ $ $ Charge-offs — — — — — — — — Recoveries — — — — — — — — — Provision (benefit) Ending Balance $ $ $ $ $ $ $ $ $ $ $ $ At September 30, 2015 Allowance for loan losses Individually evaluated for impairment $ $ — $ $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ Loans Individually evaluated for impairment $ $ $ $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ At December 31, 2014 Allowance for loan losses Individually evaluated for impairment $ $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $ Loans Individually evaluated for impairment $ $ $ — $ — $ $ — $ — $ — $ — $ — $ — $ Collectively evaluated for impairment — $ $ $ $ $ $ $ $ $ $ $ — $
Summary of past-due and non-accrual loans	Loans delinquent for: 90 days 90 days Total Total Total or more Non-accrual 30 - 59 Days 60 - 89 Days or more Past Due Current Loans and accruing Loans (In thousands) At September 30, 2015 Residential loans: One- to four-family $ — $ $ $ $ $ $ — $ Home equity loans and lines of credit — — — — Commercial loans: One- to four-family investment property — — — — — — Multi-family real estate — — — — — — Commercial real estate — — — — Commercial business — — — — Construction loans: One- to four-family — — — — — — Multi-family — — — — — — Non-residential — — — — — — Consumer — — — — Total $ $ $ $ $ $ $ — $ Loans delinquent for: 90 days 90 days Total Total Total or more Non-accrual 30 - 59 Days 60 - 89 Days or more Past Due Current Loans and accruing Loans (In thousands) At December 31, 2014 Residential loans: One- to four-family $ — $ $ $ $ $ $ — $ Home equity loans and lines of credit — — — Commercial loans: One- to four-family investment property — — — — — — Multi-family real estate — — — — — — Commercial real estate — — — — Commercial business — — — — — — Construction loans: One- to four-family — — — — — — Multi-family — — — — — — Non-residential — — — — — — Consumer — — — Total $ $ $ $ $ $ $ — $
Schedule of analysis of impaired loans	Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At September 30, 2015 Impaired loans without a valuation allowance Residential loans: One- to four-family $ $ $ — $ $ Home equity loans and lines of credit — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — Commercial business — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total impaired with no related allowance $ $ $ — $ $ Impaired loans with a valuation allowance Residential loans: One- to four-family $ $ $ $ $ Home equity loans and lines of credit — — — — — Commercial loans: One- to four-family investment property Multi-family real estate — — — — — Commercial real estate — — — — — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total with an allowance recorded $ $ $ $ $ Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized (In thousands) At December 31, 2014 Impaired loans without a valuation allowance Residential loans: One- to four-family $ — $ — $ — $ — $ — Home equity loans and lines of credit — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total impaired with no related allowance $ $ $ — $ $ Impaired loans with a valuation allowance Residential loans: One- to four-family $ $ $ $ $ Home equity loans and lines of credit — — — — Commercial loans: One- to four-family investment property — — — — — Multi-family real estate — — — — — Commercial real estate — — — Commercial business — — — — — Construction loans: One- to four-family — — — — — Multi-family — — — — — Non-residential — — — — — Consumer — — — — — Total with an allowance recorded $ $ $ $ $
Schedule of loans by risk rating	Residential Commercial Construction One ‑ to four ‑ Home equity family One ‑ to four ‑ loans and lines investment Multi ‑ family Commercial Commercial One ‑ to four ‑ Non- family of credit property real estate real estate business family Multi ‑ family residential Consumer Total (In thousands) At September 30, 2015 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $ At December 31, 2014 Classification: Not formally rated $ $ $ — $ — $ — $ — $ — $ — $ — $ $ Pass — — — Special mention — — — — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — — — — Loss — — — — — — — — — — — Total loans $ $ $ $ $ $ $ $ $ $ $
Schedule of mortgage servicing rights capitalized and amortized	Nine Months Ended September 30, 2015 2014 (In thousands) Mortgage servicing rights: Balance at beginning of period $ $ Additions Amortization Balance at end of period Valuation allowance: Balance at beginning of period Additions — Reductions Balance at end of period Mortgage servicing assets, net $ $ Fair value of mortgage servicing assets $ $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements
Summary of assets and liabilities measured at fair value on a recurring basis	Total Assets Level 1 Level 2 Level 3 at Fair Value (In thousands) At September 30, 2015 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $ At December 31, 2014 Assets Securities available for sale State and municipal $ — $ $ — $ Residential mortgage-backed securities — — Total securities available for sale $ — $ $ — $
Schedule of assets measured at fair value on a non-recurring basis	Assets Adjustments Level 1 Level 2 Level 3 at Fair Value to Fair Value (In thousands) At September 30, 2015 Impaired loans $ — $ — $ $ $ Assets Adjustments Level 1 Level 2 Level 3 At Fair Value to Fair Value (In thousands) At December 31, 2014 Impaired loans $ — $ — $ $ $
Schedule of estimated fair values and related carrying amounts of the Company's financial instruments	September 30, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents $ $ $ — $ — $ Securities available for sale — — Securities held to maturity — — FHLB stock — — Bankers Bank Northeast stock — — Loans, net — — Accrued interest receivable — — Capitalized mortgage servicing rights — — Financial liabilities: Deposits $ $ — $ $ — $ Short-term FHLB advances — — Long-term FHLB advances — — Mortgagors’ escrow accounts — — Accrued interest payable — — December 31, 2014 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In thousands) Financial assets: Cash and cash equivalents $ $ $ — $ — $ Securities available for sale — — Securities held to maturity — — FHLB stock — — Loans held for sale — — Loans, net — — Accrued interest receivable — — Capitalized mortgage servicing rights — — Financial liabilities: Deposits $ $ — $ $ — $ Short-term FHLB advances — — Long-term FHLB advances — — Mortgagors’ escrow accounts — — Accrued interest payable — —

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Incentive Plans
Schedule of activity for stock options	Stock Options Weighted Average Number of Exercise Shares Price Outstanding at beginning of year $ Granted $ Exercised $ Outstanding at end of year $ Exercisable at end of year Weighted average fair value of options granted during the year $
Schedule of options outstanding and exercisable	Options Outstanding Options Exercisable Number Weighted-Average Weighted Number Weighted Outstanding Remaining Average Exercisable Average as of 9/30/2015 Contractual Life Exercise Price as of 9/30/2015 Exercise Price Years $ $ Years $ $ Years $ $ Years $ $ Years $ $ Years $ — $ — Years $ $
Schedule of activity for non-vested restricted stock	Non-vested Restricted Stock Weighted Average Number of Grant Date Shares Value Outstanding at beginning of year $ Granted $ Vested $ Outstanding at end of year $

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Common Share
Net income available to common stockholders (in dollars)	$ 425	$ 390	$ 1,038	$ 1,039
Basic common shares:
Weighted average shares outstanding	1,783,193	1,788,880	1,789,422	1,789,527
Less: Weighted average unallocated ESOP shares	(82,630)	(89,870)	(84,440)	(91,680)
Add: Weighted average unvested restricted shares with non-forfeitable dividend rights	44,868	38,501	43,338	41,103
Basic weighted average common shares outstanding	1,745,431	1,737,511	1,748,320	1,738,950
Dilutive potential common shares	7,578	4,580	8,420	5,054
Diluted weighted average common shares outstanding	1,753,009	1,742,091	1,756,740	1,744,004
Basic earnings per share (in dollars per share)	$ 0.24	$ 0.22	$ 0.59	$ 0.60
Diluted earnings per share (in dollars per share)	$ 0.24	$ 0.22	$ 0.59	$ 0.60
Options to purchase shares included in the computation of diluted earnings per share (in shares)			90,483
Options to purchase shares not included in the computation of diluted earnings per share (in shares)			62,594

Securities (Details)

Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Securities available for sale
Amortized Cost	$ 19,798	$ 19,302
Gross Unrealized Gains	312	288
Gross Unrealized Losses	(32)	(64)
Fair Value	20,078	19,526
Securities held to maturity
Fair Value	739	916
State and municipal
Securities available for sale
Amortized Cost	2,422	2,458
Gross Unrealized Gains	58	54
Gross Unrealized Losses	(5)	(5)
Fair Value	2,475	2,507
Residential mortgage-backed securities
Securities available for sale
Amortized Cost	17,376	16,844
Gross Unrealized Gains	254	234
Gross Unrealized Losses	(27)	(59)
Fair Value	17,603	17,019
Securities held to maturity
Amortized Cost	677	837
Gross Unrealized Gains	62	79
Fair Value	$ 739	$ 916

Securities (Details 2)

Securities (Details 2) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)item	Dec. 31, 2014USD ($)
Available for Sale, Amortized cost
After five years through ten years	$ 271
Over 10 years	2,151
Total	2,422
Amortized Cost	19,798	$ 19,302
Available for Sale, Fair Value
After five years through ten years	280
Over 10 years	2,195
Total	2,475
Fair Value	20,078	19,526
Held to maturity, Amortized Cost
Total	677
Held to Maturity, Fair Value
Fair Value	739	916
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position
Twelve Months Or Longer, Fair Value	3,902	6,261
Twelve Months Or Longer, Gross Unrealized Losses	(32)	(64)
Additional disclosures
Available for sale securities sold	$ 0
Number of available-for-sale securities in unrealized loss position | item	4
Available for sale securities in unrealized loss position, aggregate depreciation rate (as a percent)	0.81%
Residential mortgage-backed securities
Available for Sale, Amortized cost
Securities without single maturity date	$ 17,376
Amortized Cost	17,376	16,844
Available for Sale, Fair Value
Securities without single maturity date	17,603
Fair Value	17,603	17,019
Held to maturity, Amortized Cost
Securities without single maturity date	677
Held to Maturity, Fair Value
Securities without single maturity date	739
Fair Value	739	916
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position
Twelve Months Or Longer, Fair Value	3,391	5,456
Twelve Months Or Longer, Gross Unrealized Losses	(27)	(59)
State and municipal
Available for Sale, Amortized cost
Amortized Cost	2,422	2,458
Available for Sale, Fair Value
Fair Value	2,475	2,507
Securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position
Twelve Months Or Longer, Fair Value	511	805
Twelve Months Or Longer, Gross Unrealized Losses	$ (5)	$ (5)

Loans and Servicing (Details)

Loans and Servicing (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Summary of loans:
Loans receivable	$ 250,187	$ 233,143
Total loans (as a percent)	100.00%	100.00%
Other items:
Net deferred loan costs	$ 315	$ 379
Allowance for loan losses	(2,346)	(2,229)	$ (2,136)	$ (2,396)
Total loans, net	248,156	231,293
Residential loans:
Summary of loans:
Loans receivable	$ 101,384	$ 100,698
Total loans (as a percent)	40.53%	43.20%
One- to four- family, residential loans
Summary of loans:
Loans receivable	$ 82,803	$ 84,199
Total loans (as a percent)	33.10%	36.12%
Other items:
Allowance for loan losses	$ (201)	$ (273)	(287)	(284)
Home equity loans and lines of credit
Summary of loans:
Loans receivable	$ 18,581	$ 16,499
Total loans (as a percent)	7.43%	7.08%
Other items:
Allowance for loan losses	$ (280)	$ (249)	(240)	(274)
Commercial loans:
Summary of loans:
Loans receivable	$ 120,718	$ 103,430
Total loans (as a percent)	48.25%	44.36%
One-to-four family investment property
Summary of loans:
Loans receivable	$ 12,260	$ 8,345
Total loans (as a percent)	4.90%	3.58%
Other items:
Allowance for loan losses	$ (73)	$ (46)	(52)	(61)
Multi-family real estate
Summary of loans:
Loans receivable	$ 23,338	$ 15,020
Total loans (as a percent)	9.33%	6.44%
Other items:
Allowance for loan losses	$ (175)	$ (113)	(112)	(108)
Commercial real estate
Summary of loans:
Loans receivable	$ 66,292	$ 62,227
Total loans (as a percent)	26.50%	26.69%
Other items:
Allowance for loan losses	$ (1,008)	$ (943)	(834)	(1,056)
Commercial business loan
Summary of loans:
Loans receivable	$ 18,828	$ 17,838
Total loans (as a percent)	7.52%	7.65%
Other items:
Allowance for loan losses	$ (328)	$ (311)	(310)	(291)
Construction loans:
Summary of loans:
Loans receivable	$ 27,824	$ 28,726
Total loans (as a percent)	11.12%	12.32%
One-to-four family, construction loans
Summary of loans:
Loans receivable	$ 14,511	$ 13,056
Total loans (as a percent)	5.80%	5.60%
Other items:
Allowance for loan losses	$ (129)	$ (117)	(128)	(133)
Multi-family
Summary of loans:
Loans receivable	$ 7,821	$ 10,842
Total loans (as a percent)	3.13%	4.65%
Other items:
Allowance for loan losses	$ (66)	$ (97)	(90)	(66)
Non-residential
Summary of loans:
Loans receivable	$ 5,492	$ 4,828
Total loans (as a percent)	2.19%	2.07%
Other items:
Allowance for loan losses	$ (84)	$ (77)	(68)	(63)
Consumer
Summary of loans:
Loans receivable	$ 261	$ 289
Total loans (as a percent)	0.10%	0.12%
Other items:
Allowance for loan losses	$ (2)	$ (3)	$ (4)	$ (15)

Loans and Servicing (Details 2)

Loans and Servicing (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Allowance for loan losses
Beginning Balance			$ 2,229	$ 2,396
Charge-offs			(25)	(264)
Recoveries			4	3
(Benefit) provision	$ 111	$ 1	138	1
Ending Balance	2,346	2,136	2,346	2,136
Ending balance: Individually evaluated for impairment	14		14		$ 7
Ending balance: Collectively evaluated for impairment	2,332		2,332		2,222
Loans
Total Loans	250,187		250,187		233,143
Ending Balance: Individually evaluated for impairment	1,403		1,403		639
Ending Balance: Collectively evaluated for impairment	248,784		248,784		232,504
Residential loans:
Loans
Total Loans	101,384		101,384		100,698
One- to four- family, residential loans
Allowance for loan losses
Beginning Balance			273	284
(Benefit) provision			(72)	3
Ending Balance	201	287	201	287
Ending balance: Individually evaluated for impairment	7		7		7
Ending balance: Collectively evaluated for impairment	194		194		266
Loans
Total Loans	82,803		82,803		84,199
Ending Balance: Individually evaluated for impairment	919		919		317
Ending Balance: Collectively evaluated for impairment	81,884		81,884		83,882
Home equity loans and lines of credit
Allowance for loan losses
Beginning Balance			249	274
Charge-offs				(14)
Recoveries			1	1
(Benefit) provision			30	(21)
Ending Balance	280	240	280	240
Ending balance: Collectively evaluated for impairment	280		280		249
Loans
Total Loans	18,581		18,581		16,499
Ending Balance: Individually evaluated for impairment	105		105		27
Ending Balance: Collectively evaluated for impairment	18,476		18,476		16,472
Commercial loans:
Loans
Total Loans	120,718		120,718		103,430
One-to-four family investment property
Allowance for loan losses
Beginning Balance			46	61
(Benefit) provision			27	(9)
Ending Balance	73	52	73	52
Ending balance: Individually evaluated for impairment	7		7
Ending balance: Collectively evaluated for impairment	66		66		46
Loans
Total Loans	12,260		12,260		8,345
Ending Balance: Individually evaluated for impairment	89		89
Ending Balance: Collectively evaluated for impairment	12,171		12,171		8,345
Multi-family real estate
Allowance for loan losses
Beginning Balance			113	108
(Benefit) provision			62	4
Ending Balance	175	112	175	112
Ending balance: Collectively evaluated for impairment	175		175		113
Loans
Total Loans	23,338		23,338		15,020
Ending Balance: Collectively evaluated for impairment	23,338		23,338		15,020
Commercial real estate
Allowance for loan losses
Beginning Balance			943	1,056
Charge-offs				(248)
(Benefit) provision			65	26
Ending Balance	1,008	834	1,008	834
Ending balance: Collectively evaluated for impairment	1,008		1,008		943
Loans
Total Loans	66,292		66,292		62,227
Ending Balance: Individually evaluated for impairment	290		290		295
Ending Balance: Collectively evaluated for impairment	66,002		66,002		61,932
Commercial business loan
Allowance for loan losses
Beginning Balance			311	291
Charge-offs			(22)
(Benefit) provision			39	19
Ending Balance	328	310	328	310
Ending balance: Collectively evaluated for impairment	328		328		311
Loans
Total Loans	18,828		18,828		17,838
Ending Balance: Collectively evaluated for impairment	18,828		18,828		17,838
Construction loans:
Loans
Total Loans	27,824		27,824		28,726
One-to-four family, construction loans
Allowance for loan losses
Beginning Balance			117	133
(Benefit) provision			12	(5)
Ending Balance	129	128	129	128
Ending balance: Collectively evaluated for impairment	129		129		117
Loans
Total Loans	14,511		14,511		13,056
Ending Balance: Collectively evaluated for impairment	14,511		14,511		13,056
Multi-family
Allowance for loan losses
Beginning Balance			97	66
(Benefit) provision			(31)	24
Ending Balance	66	90	66	90
Ending balance: Collectively evaluated for impairment	66		66		97
Loans
Total Loans	7,821		7,821		10,842
Ending Balance: Collectively evaluated for impairment	7,821		7,821		10,842
Non-residential
Allowance for loan losses
Beginning Balance			77	63
(Benefit) provision			7	5
Ending Balance	84	68	84	68
Ending balance: Collectively evaluated for impairment	84		84		77
Loans
Total Loans	5,492		5,492		4,828
Ending Balance: Collectively evaluated for impairment	5,492		5,492		4,828
Consumer
Allowance for loan losses
Beginning Balance			3	15
Charge-offs			(3)	(2)
Recoveries			3	2
(Benefit) provision			(1)	(11)
Ending Balance	2	4	2	4
Ending balance: Collectively evaluated for impairment	2		2		3
Loans
Total Loans	261		261		289
Ending Balance: Collectively evaluated for impairment	$ 261		$ 261		$ 289
Unallocated
Allowance for loan losses
Beginning Balance				45
(Benefit) provision				(34)
Ending Balance		$ 11		$ 11

Loans and Servicing (Details 3)

Loans and Servicing (Details 3) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Past-due and non-accrual loans
Loans delinquent for: 30 - 59 Days	$ 356	$ 333
Loans delinquent for: 60 - 89 Days	128	633
Loans delinquent for: 90 days or more	651	643
Total Past Due	1,135	1,609
Total Current	249,052	231,534
Total Loans	250,187	233,143
Non-accrual Loans	779	953
Residential loans:
Past-due and non-accrual loans
Total Loans	101,384	100,698
One- to four- family, residential loans
Past-due and non-accrual loans
Loans delinquent for: 60 - 89 Days	128	620
Loans delinquent for: 90 days or more	651	641
Total Past Due	779	1,261
Total Current	82,024	82,938
Total Loans	82,803	84,199
Non-accrual Loans	779	951
Home equity loans and lines of credit
Past-due and non-accrual loans
Loans delinquent for: 30 - 59 Days	47	38
Loans delinquent for: 60 - 89 Days		13
Total Past Due	47	51
Total Current	18,534	16,448
Total Loans	18,581	16,499
Commercial loans:
Past-due and non-accrual loans
Total Loans	120,718	103,430
One-to-four family investment property
Past-due and non-accrual loans
Total Current	12,260	8,345
Total Loans	12,260	8,345
Multi-family real estate
Past-due and non-accrual loans
Total Current	23,338	15,020
Total Loans	23,338	15,020
Commercial real estate
Past-due and non-accrual loans
Loans delinquent for: 30 - 59 Days	290	295
Total Past Due	290	295
Total Current	66,002	61,932
Total Loans	66,292	62,227
Commercial business loan
Past-due and non-accrual loans
Loans delinquent for: 30 - 59 Days	15
Total Past Due	15
Total Current	18,813	17,838
Total Loans	18,828	17,838
Construction loans:
Past-due and non-accrual loans
Total Loans	27,824	28,726
One-to-four family, construction loans
Past-due and non-accrual loans
Total Current	14,511	13,056
Total Loans	14,511	13,056
Multi-family
Past-due and non-accrual loans
Total Current	7,821	10,842
Total Loans	7,821	10,842
Non-residential
Past-due and non-accrual loans
Total Current	5,492	4,828
Total Loans	5,492	4,828
Consumer
Past-due and non-accrual loans
Loans delinquent for: 30 - 59 Days	4
Loans delinquent for: 90 days or more		2
Total Past Due	4	2
Total Current	257	287
Total Loans	$ 261	289
Non-accrual Loans		$ 2

Loans and Servicing (Details 4)

Loans and Servicing (Details 4) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Recorded Investment
Impaired loans without a valuation allowance	$ 1,001	$ 322
Impaired loans with a valuation allowance	402	317
Unpaid Principal Balance
Impaired loans without a valuation allowance	1,001	322
Impaired loans with a valuation allowance	402	317
Related Allowance
Impaired loans with a valuation allowance	14	7
Average Recorded Investment
Impaired loans without a valuation allowance	484	326
Impaired loans with a valuation allowance	359	868
Interest Income Recognized
Impaired loans without a valuation allowance	27	19
Impaired loans with a valuation allowance	14	24
One- to four- family, residential loans
Recorded Investment
Impaired loans without a valuation allowance	606
Impaired loans with a valuation allowance	313	317
Unpaid Principal Balance
Impaired loans without a valuation allowance	606
Impaired loans with a valuation allowance	313	317
Related Allowance
Impaired loans with a valuation allowance	7	7
Average Recorded Investment
Impaired loans without a valuation allowance	61
Impaired loans with a valuation allowance	314	319
Interest Income Recognized
Impaired loans without a valuation allowance	4
Impaired loans with a valuation allowance	12	16
Home equity loans and lines of credit
Recorded Investment
Impaired loans without a valuation allowance	105	27
Unpaid Principal Balance
Impaired loans without a valuation allowance	105	27
Average Recorded Investment
Impaired loans without a valuation allowance	34	28
Impaired loans with a valuation allowance		123
Interest Income Recognized
Impaired loans without a valuation allowance	1	1
One-to-four family investment property
Recorded Investment
Impaired loans with a valuation allowance	89
Unpaid Principal Balance
Impaired loans with a valuation allowance	89
Related Allowance
Impaired loans with a valuation allowance	7
Average Recorded Investment
Impaired loans with a valuation allowance	45
Interest Income Recognized
Impaired loans with a valuation allowance	2
Commercial real estate
Recorded Investment
Impaired loans without a valuation allowance	290	295
Unpaid Principal Balance
Impaired loans without a valuation allowance	290	295
Average Recorded Investment
Impaired loans without a valuation allowance	293	298
Impaired loans with a valuation allowance		426
Interest Income Recognized
Impaired loans without a valuation allowance	13	18
Impaired loans with a valuation allowance		$ 8
Commercial business loan
Average Recorded Investment
Impaired loans without a valuation allowance	96
Interest Income Recognized
Impaired loans without a valuation allowance	$ 9

Loans and Servicing (Details 5)

Loans and Servicing (Details 5)	9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)item	Sep. 30, 2014item	Dec. 31, 2014USD ($)item
Loans modified and classified as troubled debt restructures
Number of relationships with TDR loans | item	2
Loan modifications	$ 776,000
Loans receivable	$ 250,187,000		$ 233,143,000
Number of loan modifications that resulted in the classification of TDR | item		0
Percentage of proceeds, tdr	100.00%
Commitments to lend additional funds to borrowers with modified loans	$ 0
Number of TDRs in default of their modified terms | item	0		0
Commercial portfolio segment
Loans modified and classified as troubled debt restructures
Number of loans | item	2
Loans receivable	$ 235,000
Number of individuals guaranteeing the loans | item	2
Sale of loans receivable	$ 100,000
Pre-modification balance in recorded investment	$ 135,000
Number of loan modifications that resulted in the classification of TDR | item	2
Commercial business loan one
Loans modified and classified as troubled debt restructures
Pre-modification balance in recorded investment	$ 45,000
Proceeds from loans by payment of guarantor	22,500
Allowances for credit losses	22,500
Post-modification balance in recorded investment	0
Commercial business loan two
Loans modified and classified as troubled debt restructures
Post-modification balance in recorded investment	90,000
Residential loans:
Loans modified and classified as troubled debt restructures
Loans receivable	101,384,000		$ 100,698,000
One- to four- family, residential loans
Loans modified and classified as troubled debt restructures
Loans receivable	$ 82,803,000		84,199,000
Number of individuals guaranteeing the loans | item	1
Pre-modification balance in recorded investment	$ 606,000
Post-modification balance in recorded investment	606,000
Home equity loans and lines of credit
Loans modified and classified as troubled debt restructures
Loans receivable	18,581,000		16,499,000
Post-modification balance in recorded investment	80,000
Commercial loans:
Loans modified and classified as troubled debt restructures
Loans receivable	120,718,000		103,430,000
One-to-four family investment property
Loans modified and classified as troubled debt restructures
Loans receivable	12,260,000		8,345,000
Multi-family real estate
Loans modified and classified as troubled debt restructures
Loans receivable	23,338,000		15,020,000
Commercial real estate
Loans modified and classified as troubled debt restructures
Loans receivable	66,292,000		62,227,000
Commercial business loan
Loans modified and classified as troubled debt restructures
Loans receivable	18,828,000		17,838,000
Construction loans:
Loans modified and classified as troubled debt restructures
Loans receivable	27,824,000		28,726,000
One-to-four family, construction loans
Loans modified and classified as troubled debt restructures
Loans receivable	14,511,000		13,056,000
Multi-family
Loans modified and classified as troubled debt restructures
Loans receivable	7,821,000		10,842,000
Non-residential
Loans modified and classified as troubled debt restructures
Loans receivable	5,492,000		4,828,000
Consumer
Loans modified and classified as troubled debt restructures
Loans receivable	$ 261,000		$ 289,000

Loans and Servicing (Details 6)

Loans and Servicing (Details 6) $ in Thousands	Sep. 30, 2015USD ($)grade	Dec. 31, 2014USD ($)
Loans by risk rating
Loans receivable	$ 250,187	$ 233,143
Internal Loan Rating System
Number of grades in internal loan rating system | grade	9
Not formally rated
Loans by risk rating
Loans receivable	$ 99,868	99,097
Pass
Loans by risk rating
Loans receivable	$ 148,453	132,156
Pass | Minimum
Internal Loan Rating System
Grade assigned in internal loan rating system | grade	1
Pass | Maximum
Internal Loan Rating System
Grade assigned in internal loan rating system | grade	5
Special mention
Internal Loan Rating System
Grade assigned in internal loan rating system | grade	6
Substandard
Loans by risk rating
Loans receivable	$ 1,866	1,890
Internal Loan Rating System
Grade assigned in internal loan rating system | grade	7
Doubtful
Internal Loan Rating System
Grade assigned in internal loan rating system | grade	8
Loss
Loans by risk rating
Loans receivable	$ 250,187	233,143
Internal Loan Rating System
Grade assigned in internal loan rating system | grade	9
Residential loans:
Loans by risk rating
Loans receivable	$ 101,384	100,698
One- to four- family, residential loans
Loans by risk rating
Loans receivable	82,803	84,199
One- to four- family, residential loans | Not formally rated
Loans by risk rating
Loans receivable	81,106	82,311
One- to four- family, residential loans | Substandard
Loans by risk rating
Loans receivable	1,697	1,888
One- to four- family, residential loans | Loss
Loans by risk rating
Loans receivable	82,803	84,199
Home equity loans and lines of credit
Loans by risk rating
Loans receivable	18,581	16,499
Home equity loans and lines of credit | Not formally rated
Loans by risk rating
Loans receivable	18,501	16,499
Home equity loans and lines of credit | Substandard
Loans by risk rating
Loans receivable	80
Home equity loans and lines of credit | Loss
Loans by risk rating
Loans receivable	18,581	16,499
Commercial loans:
Loans by risk rating
Loans receivable	120,718	103,430
One-to-four family investment property
Loans by risk rating
Loans receivable	12,260	8,345
One-to-four family investment property | Pass
Loans by risk rating
Loans receivable	12,171	8,345
One-to-four family investment property | Substandard
Loans by risk rating
Loans receivable	89
One-to-four family investment property | Loss
Loans by risk rating
Loans receivable	12,260	8,345
Multi-family real estate
Loans by risk rating
Loans receivable	23,338	15,020
Multi-family real estate | Pass
Loans by risk rating
Loans receivable	23,338	15,020
Multi-family real estate | Loss
Loans by risk rating
Loans receivable	23,338	15,020
Commercial real estate
Loans by risk rating
Loans receivable	66,292	62,227
Commercial real estate | Pass
Loans by risk rating
Loans receivable	66,292	62,227
Commercial real estate | Loss
Loans by risk rating
Loans receivable	66,292	62,227
Commercial business loan
Loans by risk rating
Loans receivable	18,828	17,838
Commercial business loan | Pass
Loans by risk rating
Loans receivable	18,828	17,838
Commercial business loan | Loss
Loans by risk rating
Loans receivable	18,828	17,838
Construction loans:
Loans by risk rating
Loans receivable	27,824	28,726
One-to-four family, construction loans
Loans by risk rating
Loans receivable	14,511	13,056
One-to-four family, construction loans | Pass
Loans by risk rating
Loans receivable	14,511	13,056
One-to-four family, construction loans | Loss
Loans by risk rating
Loans receivable	14,511	13,056
Multi-family
Loans by risk rating
Loans receivable	7,821	10,842
Multi-family | Pass
Loans by risk rating
Loans receivable	7,821	10,842
Multi-family | Loss
Loans by risk rating
Loans receivable	7,821	10,842
Non-residential
Loans by risk rating
Loans receivable	5,492	4,828
Non-residential | Pass
Loans by risk rating
Loans receivable	5,492	4,828
Non-residential | Loss
Loans by risk rating
Loans receivable	5,492	4,828
Consumer
Loans by risk rating
Loans receivable	261	289
Consumer | Not formally rated
Loans by risk rating
Loans receivable	261	287
Consumer | Substandard
Loans by risk rating
Loans receivable		2
Consumer | Loss
Loans by risk rating
Loans receivable	$ 261	$ 289

Loans and Servicing (Details 7)

Loans and Servicing (Details 7) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Loans serviced for others
Unpaid principal balances of mortgage loans serviced for others not included in the accompanying consolidated balance sheets	$ 103,700		$ 113,400
Moving average term of U.S. Treasury rate used to estimate the discount rate in order to determine the fair value of servicing rights (in years)	10 years		10 years
Percentage added to the moving average 10-year U.S. Treasury rate to estimate the discount rate used to determine the fair value of servicing rights	5.00%		5.00%
Mortgage servicing rights capitalized and amortized
Balance at beginning of period	$ 840	$ 1,084	$ 1,084
Additions	10	62
Amortization	(255)	(266)
Balance at end of period	595	880	840
Valuation allowances:
Balance at beginning of period	6	26	26
Additions	13
Reductions	(15)	(24)
Balance at end of period	4	2	6
Mortgage servicing assets, net	591	878
Fair value of mortgage servicing assets	$ 1,140	$ 1,364	$ 1,300

Secured Borrowings and Collat34

Secured Borrowings and Collateral (Details) $ in Millions	Sep. 30, 2015USD ($)
Residential loans:
Secured borrowings and collateral
Amount of qualified collateral pledged on FHLB advances	$ 70.5
Commercial real estate
Secured borrowings and collateral
Amount of qualified collateral pledged on FHLB advances	26.3
Mortgage-backed securities
Secured borrowings and collateral
Amount of qualified collateral pledged on FHLB advances	$ 18.3

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets measured at fair value on a recurring basis
Securities available for sale	$ 20,078	$ 19,526
Residential mortgage-backed securities
Assets measured at fair value on a recurring basis
Securities available for sale	17,603	17,019
State and municipal
Assets measured at fair value on a recurring basis
Securities available for sale	2,475	2,507
Level 2
Assets measured at fair value on a recurring basis
Securities available for sale	20,078	19,526
Recurring basis | Total Assets at Fair Value
Assets measured at fair value on a recurring basis
Securities available for sale	20,078	19,526
Recurring basis | Total Assets at Fair Value | Residential mortgage-backed securities
Assets measured at fair value on a recurring basis
Securities available for sale	17,603	17,019
Recurring basis | Total Assets at Fair Value | State and municipal
Assets measured at fair value on a recurring basis
Securities available for sale	2,475	2,507
Recurring basis | Level 2
Assets measured at fair value on a recurring basis
Securities available for sale	20,078	19,526
Recurring basis | Level 2 | Residential mortgage-backed securities
Assets measured at fair value on a recurring basis
Securities available for sale	17,603	17,019
Recurring basis | Level 2 | State and municipal
Assets measured at fair value on a recurring basis
Securities available for sale	$ 2,475	$ 2,507

Fair Value Measurements (Deta36

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Capitalized mortgage servicing rights
Moving average term of U.S. Treasury rate used to estimate the discount rate in order to determine the fair value of servicing rights (in years)	10 years	10 years
Servicing Assets at Fair Value Assumptions Used to Estimate Fair Value Discount Rate Basis Spread on Variable Rate	5.00%	5.00%
Short-term FHLB advances
Maturity period of short-term FHLB advances	90 days
Non-recurring basis | Impaired Loans
Fair value measurements
Adjustments to Fair Value	$ (14)	$ (7)
Non-recurring basis | Level 3 | Impaired Loans
Fair value measurements
Assets at Fair Value	388	310
Non-recurring basis | Total Assets at Fair Value | Impaired Loans
Fair value measurements
Assets at Fair Value	$ 388	$ 310

Fair Value Measurements (Deta37

Fair Value Measurements (Details 3) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financial assets:
Cash and cash equivalents	$ 6,527	$ 4,918
Securities available for sale	20,078	19,526
Fair Value	739	916
FHLB stock	2,917	2,907
Bankers Bank Northeast stock	60
Loans held for sale		1,016
Loans, net	248,853	231,971
Accrued interest receivable	825	752
Capitalized mortgage servicing rights	1,140	1,335
Financial liabilities:
Deposits	194,400	182,799
Short-term FHLB advances	31,000	30,000
Long-term FHLB advances	27,309	24,847
Mortgagor's escrow accounts	1,623	1,194
Accrued interest payable	56	52
Carrying Amount
Financial assets:
Cash and cash equivalents	6,527	4,918
Securities available for sale	20,078	19,526
Fair Value	677	837
FHLB stock	2,917	2,907
Bankers Bank Northeast stock	60
Loans held for sale		990
Loans, net	248,156	231,293
Accrued interest receivable	825	752
Capitalized mortgage servicing rights	591	834
Financial liabilities:
Deposits	194,184	182,354
Short-term FHLB advances	31,000	30,000
Long-term FHLB advances	27,100	24,600
Mortgagor's escrow accounts	1,623	1,194
Accrued interest payable	56	52
Level 1
Financial assets:
Cash and cash equivalents	6,527	4,918
FHLB stock	2,917	2,907
Bankers Bank Northeast stock	60
Loans held for sale		1,016
Accrued interest receivable	825	752
Financial liabilities:
Short-term FHLB advances	31,000	30,000
Mortgagor's escrow accounts	1,623	1,194
Accrued interest payable	56	52
Level 2
Financial assets:
Securities available for sale	20,078	19,526
Fair Value	739	916
Capitalized mortgage servicing rights	1,140	1,335
Financial liabilities:
Deposits	194,400	182,799
Long-term FHLB advances	27,309	24,847
Level 3
Financial assets:
Loans, net	$ 248,853	$ 231,971

Equity Incentive Plans (Details

Equity Incentive Plans (Details)	9 Months Ended
	Sep. 30, 2015item$ / sharesshares	Sep. 30, 2014shares
Equity Incentive Plans
Number of equity incentive plans | item	2
Number of Shares
Exercised (in shares)	(1,198)	(3,813)
Stock Options | 2009 and 2014 Equity Plan
Number of Shares
Outstanding at beginning of year (in shares)	61,681
Granted (in shares)	30,000
Exercised (in shares)	(1,198)
Outstanding at end of period (in shares)	90,483
Exercisable at end of period (in shares)	35,625
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share) | $ / shares	$ 12.13
Granted (in dollars per share) | $ / shares	17.55
Exercised (in dollars per share) | $ / shares	9.48
Outstanding at end of period (in dollars per share) | $ / shares	13.96
Weighted average fair value of options granted during the period (in dollars per share) | $ / shares	$ 5.91

Equity Incentive Plans (Detai39

Equity Incentive Plans (Details 2)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
2009 and 2014 Equity Plan
Options Outstanding
Number Outstanding at the end of the period (in shares) | shares	90,483
Weighted-Average Remaining Contractual Life	7 years 7 months 17 days
Weighted Average Exercise Price (in dollars per share)	$ 13.96
Options Exercisable
Number Exercisable at the end of the period (in shares) | shares	35,625
Weighted Average Exercise Price (in dollars per share)	$ 11.02
Weighted Average Exercise Price - $9.33 | 2009 and 2014 Equity Plan
Options Outstanding
Number Outstanding at the end of the period (in shares) | shares	9,162
Weighted-Average Remaining Contractual Life	4 years 4 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 9.33
Options Exercisable
Number Exercisable at the end of the period (in shares) | shares	9,162
Weighted Average Exercise Price (in dollars per share)	$ 9.33
Weighted Average Exercise Price - $9.55 | 2009 and 2014 Equity Plan
Options Outstanding
Number Outstanding at the end of the period (in shares) | shares	10,117
Weighted-Average Remaining Contractual Life	5 years 4 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 9.55
Options Exercisable
Number Exercisable at the end of the period (in shares) | shares	8,856
Weighted Average Exercise Price (in dollars per share)	$ 9.55
Weighted Average Exercise Price - $9.58 | 2009 and 2014 Equity Plan
Options Outstanding
Number Outstanding at the end of the period (in shares) | shares	8,778
Weighted-Average Remaining Contractual Life	6 years 4 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 9.58
Options Exercisable
Number Exercisable at the end of the period (in shares) | shares	6,358
Weighted Average Exercise Price (in dollars per share)	$ 9.58
Weighted Average Exercise Price $14.00 | 2009 and 2014 Equity Plan
Options Outstanding
Number Outstanding at the end of the period (in shares) | shares	15,316
Weighted-Average Remaining Contractual Life	7 years 4 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 14
Options Exercisable
Number Exercisable at the end of the period (in shares) | shares	7,106
Weighted Average Exercise Price (in dollars per share)	$ 14
Weighted Average Exercise Price $14.98 | 2009 and 2014 Equity Plan
Options Outstanding
Number Outstanding at the end of the period (in shares) | shares	17,110
Weighted-Average Remaining Contractual Life	8 years 4 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 14.98
Options Exercisable
Number Exercisable at the end of the period (in shares) | shares	4,143
Weighted Average Exercise Price (in dollars per share)	$ 15
Weighted Average Exercise Price $17.55
Options Outstanding
Number Outstanding at the end of the period (in shares) | shares	30,000
Weighted-Average Remaining Contractual Life	9 years 4 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 17.55

Equity Incentive Plans (Detai40

Equity Incentive Plans (Details 3)	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Number of Shares
Outstanding at beginning of year (in shares)	37,071
Outstanding at end of period (in shares)	44,866
Stock Options
Additional Disclosures
Unrecognized share-based compensation expense related to non-vested options (in dollars) | $	$ 254,000
Weighted average period for recognition of share-based compensation	3 years 3 months 18 days
Share-based compensation expense recognized (in dollars) | $	$ 66,000
Tax benefit from recognized compensation expense (in dollars) | $	$ 9,000
Restricted stock award
Number of Shares
Outstanding at beginning of year (in shares)	37,071
Granted (in shares)	20,000
Vested (in shares)	(12,205)
Outstanding at end of period (in shares)	44,866
Weighted Average Grant Date Value
Outstanding at beginning of year (in dollars per share) | $ / shares	$ 12.85
Granted (in dollars per share) | $ / shares	17.55
Vested (in dollars per share) | $ / shares	11.89
Outstanding at end of period (in dollars per share) | $ / shares	$ 15.21
Additional Disclosures
Unrecognized share-based compensation expense related to non-vested restricted stock (in dollars) | $	$ 565,000
Share-based compensation expense recognized (in dollars) | $	155,000
Tax benefit from recognized compensation expense (in dollars) | $	$ 62,000