Melrose Bancorp (MELR) 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 10, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	MELR
Entity Registrant Name	MELROSE BANCORP, INC.
Entity Central Index Key	1,600,890
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,602,079

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Cash and due from banks	$ 14,385	$ 11,934
Money market funds	2,939	1,605
Federal funds sold	2,881	3,315
Cash and cash equivalents	20,205	16,854
Investments in available-for-sale securities (at fair value)	32,099	45,143
Federal Home Loan Bank stock, at cost	739	437
Loans, net of allowance for loan losses of $859 at September 30, 2016 and $580 at December 31, 2015	205,522	160,303
Premises and equipment, net	1,206	1,226
Co-operative Central Bank deposit	881	881
Bank-owned life insurance	5,337	5,230
Accrued interest receivable	542	440
Other assets	179	195
Total assets	266,710	230,709
Deposits:
Noninterest-bearing	19,294	13,400
Interest-bearing	198,583	171,127
Total deposits	217,877	184,527
Deferred tax liability, net	91	78
FHLB Borrowings	5,000
Other liabilities	468	559
Total liabilities	223,436	185,164
Stockholders' equity:
Common stock, par value $0.01 per share, authorized 15,000,000 shares; issued 2,605,579 shares at September 30, 2016 and 2,787,579 shares at December 31, 2015	26	28
Additional paid-in-capital	23,293	25,994
Retained earnings	21,343	20,490
Unearned compensation - ESOP (205,615 shares unallocated at September 30, 2016 and 211,274 at December 31, 2015)	(2,056)	(2,113)
Unearned Compensation - Restricted Stock (44,300 shares non-vested at September 30, 2016)	(614)
Accumulated other comprehensive income	1,282	1,146
Total stockholders' equity	43,274	45,545
Total liabilities and stockholders' equity	$ 266,710	$ 230,709

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Allowance for loan losses	$ 859	$ 580
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	2,605,579	2,787,579
ESOP number of shares unallocated	205,615	211,274
Restricted Stock [Member]
Number of shares nonvested	44,300

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest and dividend income:
Interest and fees on loans	$ 1,737	$ 1,289	$ 4,753	$ 3,648
Interest and dividends on securities:
Taxable	164	223	587	622
Tax-exempt	15	8	44	21
Other interest	13	7	41	27
Total interest and dividend income	1,929	1,527	5,425	4,318
Interest expense:
Interest on deposits	429	326	1,186	943
Total interest expense	429	326	1,186	943
Net interest and dividend income	1,500	1,201	4,239	3,375
Provision for loan losses	117	35	279	45
Net interest and dividend income after provision for loan losses	1,383	1,166	3,960	3,330
Noninterest income:
Fees and service charges	21	25	57	68
Gain on sales of securities, net	279		572	409
Writedown of securities				(377)
Income on bank-owned life insurance	22	23	68	65
Other income	2	56	9	60
Total noninterest income	324	104	706	225
Noninterest expense:
Salaries and employee benefits	708	617	2,071	1,777
Occupancy expense	80	73	227	231
Equipment expense	9	13	27	36
Data processing expense	97	84	269	235
Advertising expense	36	43	114	103
Printing and supplies	8	12	26	40
FDIC assessment	30	28	86	86
Audits and examinations	67	48	163	137
Other professional services	35	30	278	87
Other expense	29	25	104	82
Total noninterest expense	1,099	973	3,365	2,814
Income before income tax expense	608	297	1,301	741
Income tax expense	222	91	448	238
Net income	$ 386	$ 206	$ 853	$ 503
Weighted average common shares outstanding:
Basic	2,366,802	2,610,759	2,450,698	2,610,759
Diluted	2,367,225	2,610,759	2,450,920	2,610,759
Earnings per share:
Basic	$ 0.16	$ 0.08	$ 0.35	$ 0.19
Diluted	$ 0.16	$ 0.08	$ 0.35	$ 0.19

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 386	$ 206	$ 853	$ 503
Other comprehensive income (loss), net of tax:
Net unrealized holding gain (loss) on available-for-sale securities	31	(165)	721	(230)
Reclassification adjustment for net realized gains in net income	(279)		(572)	(32)
Other comprehensive (loss) income before income tax effect	(248)	(165)	149	(262)
Income tax benefit (expense)	86	83	(13)	126
Other comprehensive (loss) income, net of tax	(162)	(82)	136	(136)
Comprehensive income	$ 224	$ 124	$ 989	$ 367

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Unearned Compensation - ESOP [Member]	Unearned Compensation - RSA [Member]	Accumulated Other Comprehensive Income [Member]
Beginning balance at Dec. 31, 2014	$ 45,463	$ 28	$ 26,575	$ 19,832	$ (2,188)		$ 1,216
Beginning balance, shares at Dec. 31, 2014		2,829,579
Net income	503			503
Other comprehensive income (loss), net of tax	(136)						(136)
Common stock held by ESOP committed to be allocated (7,546 shares annually)	80		24		56
Ending balance at Sep. 30, 2015	45,910	$ 28	26,599	20,335	(2,132)		1,080
Ending balance, shares at Sep. 30, 2015		2,829,579
Beginning balance at Dec. 31, 2014	$ 45,463	$ 28	26,575	19,832	(2,188)		1,216
Beginning balance, shares at Dec. 31, 2014		2,829,579
Buyback of common stock, shares	(42,000)
Ending balance at Dec. 31, 2015	$ 45,545	$ 28	25,994	20,490	(2,113)		1,146
Ending balance, shares at Dec. 31, 2015		2,787,579
Net income	853			853
Other comprehensive income (loss), net of tax	136						136
Restricted stock awarded, value			670			$ (670)
Restricted stock awarded, shares		44,300
Restricted stock award expense	56					56
Stock option expense	64		64
Buyback of common stock	$ (3,465)	$ (2)	(3,463)
Buyback of common stock, shares	(226,300)	(226,300)
Common stock held by ESOP committed to be allocated (7,546 shares annually)	$ 85		28		57
Ending balance at Sep. 30, 2016	$ 43,274	$ 26	$ 23,293	$ 21,343	$ (2,056)	$ (614)	$ 1,282
Ending balance, shares at Sep. 30, 2016		2,605,579

Consolidated Statements of Cha7

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Common stock held by ESOP committed to be allocated, shares	7,546	7,546

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 853,000	$ 503,000
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of securities, net of accretion	38,000	28,000
Gain on sales of available for sale securities, net	(572,000)	(409,000)
Writedown of available for sale securities		377,000
Provision for loan losses	279,000	45,000
Change in net deferred loan costs/fees	(281,000)	1,000
Depreciation and amortization	63,000	73,000
Increase in accrued interest receivable	(102,000)	(68,000)
Decrease (increase) in other assets	16,000	(34,000)
Decrease in accrued expenses and other liabilities	(91,000)	(65,000)
Decrease in income taxes receivable		3,000
Deferred tax expense		3,000
Income on bank-owned life insurance	(68,000)	(65,000)
ESOP expense	85,000	80,000
Stock-based compensation expense	120,000
Net cash provided by operating activities	340,000	472,000
Cash flows from investing activities:
Purchases of available-for-sale securities	(3,670,000)	(13,218,000)
Proceeds from sales of available-for-sale securities	8,439,000	1,898,000
Proceeds from maturities and calls of available-for-sale securities	8,958,000	7,700,000
Purchase of Federal Home Loan Bank stock	(302,000)
Loan originations and principal collections, net	(15,969,000)	(16,931,000)
Loans purchased	(29,248,000)
Capital expenditures	(43,000)	(69,000)
Premiums paid on bank-owned life insurance	(39,000)	(40,000)
Net cash used in investing activities	(31,874,000)	(20,660,000)
Cash flows from financing activities:
Net increase in demand deposits, NOW and savings accounts	3,528,000	281,000
Net increase in time deposits	29,822,000	9,701,000
Increase in FHLB Borrowings	5,000,000
Repurchase of Melrose Bancorp, Inc. Common Stock	(3,465,000)
Net cash provided by financing activities	34,885,000	9,982,000
Net increase (decrease) in cash and cash equivalents	3,351,000	(10,206,000)
Cash and cash equivalents at beginning of period	16,854,000	29,491,000
Cash and cash equivalents at end of period	20,205,000	19,285,000
Supplemental disclosures:
Interest paid	1,186,000	943,000
Income taxes paid	$ 478,000	$ 232,000

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	NOTE 1 - NATURE OF OPERATIONS Melrose Bancorp, Inc. (the “Company”) was incorporated in February 2014 under the laws of State of Maryland. The Company’s activity consists of owning and supervising its subsidiary, Melrose Cooperative Bank (the “Bank”). The Bank provides financial services to individuals, families and businesses through our full-service banking office. Our primary business activity consists of taking deposits from the general public in our market area and investing those deposits, together with funds generated from operations, in one- to four-family residential real estate loans, home equity loans and lines of credit, commercial real estate loans, and to a much lesser extent consumer loans. The Bank is a Massachusetts-chartered cooperative bank headquartered in Melrose, Massachusetts. The Bank is subject to the regulations of, and periodic examination by, the Massachusetts Division of Banks (“DOB”) and the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s deposits are insured by the FDIC. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and Rule 10-01 of Regulation S-X. Information included herein as of September 30, 2016 and for the interim periods ended September 30, 2016 and 2015 is unaudited; however, in the opinion of management, all adjustments considered necessary for a fair presentation have been included and were of a normal recurring nature. These statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission on March 30, 2016. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for future periods, including the year ended December 31, 2016. The significant accounting policies are summarized below to assist the reader in better understanding the consolidated financial statements and other data contained herein. BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary the Bank, and the Bank’s wholly-owned subsidiary, MCBSC, Inc., which is used to hold investment securities. All significant intercompany accounts and transactions have been eliminated in the consolidation. USE OF ESTIMATES: In preparing consolidated financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impairment of securities and deferred income taxes. CASH AND CASH EQUIVALENTS: As of September 30, 2016 (unaudited), the Company has total cash and cash equivalents in the following banks: Eastern Bank $6,202,000 which represents approximately 14.3% of total stockholders’ equity State Street Bank $2,992,000, which represents approximately 6.9% of total stockholders’ equity As of December 31, 2015, the Company has total cash and cash equivalents in the following banks: Eastern Bank $6,414,000, which represents approximately 14.0% of total stockholders’ equity State Street Bank $2,993,000, which represents approximately 6.6% of total stockholders’ equity EARNINGS PER SHARE (EPS): Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding adjusted to exclude the weighted average number of unallocated shares held by the ESOP. Diluted EPS reflects 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 earnings of the entity. For the purposes of computing diluted EPS, the treasury stock method is used. The calculation of basic and diluted EPS (unaudited) is presented below. Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (In Thousands, except share data) Net income $ 386 $ 206 $ 853 $ 503 Basic Common Shares: Weighted average common shares outstanding 2,573,360 2,829,579 2,658,828 2,829,579 Weighted average unallocated ESOP shares (206,558 ) (218,820 ) (208,130 ) (218,820 ) Basic weighted average shares outstanding 2,366,802 2,610,759 2,450,698 2,610,759 Dilutive effect of unvested restricted stock awards 423 — 222 — Diluted weighted average shares outstanding 2,367,225 2,610,759 2,450,920 2,610,759 Basic earnings per share $ 0.16 $ 0.08 $ 0.35 $ 0.19 Diluted earnings per share (1) $ 0.16 $ 0.08 $ 0.35 $ 0.19 (1) Options to purchase 224,200 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2016 because the effect is anti-dilutive. FAIR VALUES OF FINANCIAL INSTRUMENTS: Accounting Standards Codification (ASC) 825, “Financial Instruments,” requires that the Company disclose the estimated fair value for its financial instruments. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate fair value. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Loans held-for-sale: Fair values of loans held-for-sale are based on commitments on hand from investors or prevailing market prices. Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Accrued interest receivable: The carrying amount of accrued interest receivable approximates fair value. Deposit liabilities: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificate accounts are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on certificate accounts. Federal Home Loan Bank advances: Fair values for Federal Home Loan Bank advances are estimated using a discounted cash flow technique that applies interest rates currently being offered on advances to a schedule of aggregate expected monthly maturities on Federal Home Loan Bank advances. 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. RECENT ACCOUNTING PRONOUNCEMENTS: As an “emerging growth company,” as defined in Title 1 of Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of September 30, 2016, there is no significant difference in the comparability of the financial statements as a result of this extended transition period. In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and makes targeted improvements to GAAP as follows: 1. Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, the entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same manner. 2. Simplify the impairment assessment of equity investments without determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3. Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4. Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5. Require an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6. Require separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7. Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Under the extended transition period for an emerging growth company, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of item 5 above is permitted as of the beginning of fiscal years or interim periods for which financial statements have not been issued. Early adoption of all other amendments in this ASU is not permitted. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU was issued to increase transparency and comparability among organizations by requiring reporting entities to recognize all leases, including operating, as lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. Under the extended transition period for an emerging growth company, the amendments in this ASU are effective for fiscal years beginning after December 31, 2019, and interim periods within fiscal years being after December 15, 2020. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in-capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. Under the extended transition period for an emerging growth company, ASU No. 2016-09 is effective for annual reporting periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 31, 2018. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating the provisions of ASU No. 2016-09 to determine the potential impact the new standard will have on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgement to determine which loss estimation method is appropriate for their circumstances. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Under the extended transition period for an emerging growth company, this update will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted in interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the amendments of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments.” Current GAAP is unclear or does not include specific guidance on how to classify certain transactions in the statement of cash flows. This ASU is intended to reduce diversity in practice in how eight particular transactions are classified in the statement of cash flows. Under the extended transition period for an emerging growth company, this update will be effective for annual reporting periods beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, provided that all of the amendments are adopted in the same period. Entities will be required to apply the guidance retrospectively. If it is impracticable to apply to the guidance retrospectively for an issue, the amendments related to that issue would be applied prospectively. As this guidance only affects the classification with the statement of cash flows, ASU No. 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements.

Investments in Available-For-Sa

Investments in Available-For-Sale Securities	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Investments in Available-For-Sale Securities	NOTE 3 - INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost basis of securities and their approximate fair values are as follows: Amortized Gross Gross Fair Value (In Thousands) September 30, 2016: (unaudited) U.S. Government and federal agency obligations $ 5,909 $ 17 $ 65 $ 5,861 Debt securities issued by states of the United States and political subdivisions of the states 2,395 85 10 2,470 Corporate bonds and notes 11,538 93 13 11,618 Preferred stock 3,000 114 — 3,114 Mortgage-backed securities 1,693 — 66 1,627 Marketable equity securities 5,486 1,923 — 7,409 $ 30,021 $ 2,232 $ 154 $ 32,099 December 31, 2015: U.S. Government and federal agency obligations $ 8,851 $ 7 $ 88 $ 8,770 Debt securities issued by states of the United States and political subdivisions of the states 2,408 8 18 2,398 Corporate bonds and notes 13,540 12 44 13,508 Preferred stock 3,000 31 2 3,029 Mortgage-backed securities 2,232 — 66 2,166 Marketable equity securities 13,183 2,125 36 15,272 $ 43,214 $ 2,183 $ 254 $ 45,143 The scheduled maturities of debt securities were as follows as of September 30, 2016 (unaudited): Fair (In Thousands) Due within one year $ 2,001 Due after one year through five years 13,402 Due after five years through ten years 2,008 Due after ten years 3,082 Mortgage-backed securities 1,627 Asset-backed securities 1,533 $ 23,653 Not included in the maturity table above is preferred stock with no stated maturity of $1,037,000 at September 30, 2016 (unaudited). There were no securities of issuers whose aggregate carrying amount exceeded 10% of stockholders’ equity as of September 30, 2016 (unaudited) and December 31, 2015. During the three and nine months ended September 30, 2016 (unaudited) proceeds from the sales of available-for-sale securities were $576,000 and $8,439,000, respectively, and gross realized gains on these sales amounted to $279,000 and $572,000, respectively. The tax expense on the realized gains during the three and nine months ended September 30, 2016 was $92,000 and $188,000, respectively. During the three months ended September 30, 2015 (unaudited) there were no sales of available-for-sale securities. Proceeds from the sale of available-for-sale securities for the nine months ended September 30, 2015, amounted to $1.9 million. The gross realized gains on these sales amounted to $489,000 and the gross realized losses were $80,000. The tax expense applicable to these net realized gains amounted to $164,000. The Company had no pledged securities as of September 30, 2016 (unaudited) and December 31, 2015. The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and are not other-than-temporarily impaired, are as follows: Less than 12 months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands) September 30, 2016 (unaudited) U.S. government and federal agency obligations $ 1,921 $ 5 $ 1,401 $ 60 $ 3,322 $ 65 Debt securities issued by states of the United States and political subdivisions of the states — — 248 10 248 10 Corporate bonds and notes 1,987 12 500 1 2,487 13 Mortgage-backed securities 390 1 1,236 65 1,626 66 Total temporarily impaired securities $ 4,298 $ 18 $ 3,385 $ 136 $ 7,683 $ 154 December 31, 2015 U.S. government and federal agency obligations $ 5,366 $ 59 $ 1,403 $ 29 $ 6,769 $ 88 Debt securities issued by states of the United States and political subdivisions of the states 1,176 9 505 9 1,681 18 Corporate bonds and notes 9,012 38 993 6 10,005 44 Preferred stock 998 2 — — 998 2 Mortgage-backed securities 1,608 40 558 26 2,166 66 Marketable equity securities 5,160 36 — — 5,160 36 Total temporarily impaired securities $ 23,320 $ 184 $ 3,459 $ 70 $ 26,779 $ 254 The Company conducts periodic reviews of investment securities with unrealized losses to evaluate whether the impairment is other-than-temporary. The Company’s review for impairment generally includes a determination of the cause, severity and duration of the impairment; and an analysis of both positive and negative evidence available. The Company also determines if it has the ability and intent to hold the investment for a period of time sufficient to allow for anticipated recovery to cost basis. In regard to corporate debt, the Company also considers the issuer’s current financial condition and its ability to make future scheduled interest and principal payments on a timely basis in assessing other-than-temporary impairment. During the nine months ended September 30, 2016, the Company had no writedowns of securities. During the nine months ended 2015, there were five marketable equity securities that were declared other-than-temporarily impaired for which an impairment loss of $377,000 was recognized. A summary of the Company’s reviews of investment securities deemed to be temporarily impaired as of September 30, 2016 is as follows: Unrealized losses on U.S. Government and federal agency obligations amounted to $65,000 and consisted of six securities. The unrealized losses on all but one of these debt securities were individually less than 5.0% of amortized cost basis, with one U.S. government and federal agency obligation at 5.0%. Unrealized losses on municipal bonds amounted to $10,000 and consisted of one security. The unrealized loss on this debt security was 3.8% of amortized cost basis. Unrealized losses on corporate bonds amounted to $13,000 and consisted of four securities. The unrealized losses on all but one of these debt securities were individually less than 1.0% of amortized cost basis, with one corporate bond obligation at 1.6%. Unrealized losses on mortgage-backed securities amounted to $66,000 and consisted of four securities. The unrealized losses on these debt securities were 0.3%, 3.2%, 6.2% and 7.2% of amortized cost basis, respectively. The unrealized losses were primarily due to changes in interest rates.

Loans

Loans	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Loans	NOTE 4 - LOANS Loans consisted of the following at: September 30, December 31, 2016 2015 (In Thousands) (unaudited) Real estate loans: One-to four-family residential $ 162,096 $ 132,237 Home equity loans and lines of credit 10,359 10,862 Commercial 21,780 13,251 Construction 11,674 4,303 Consumer loans 82 121 Total loans 205,991 160,774 Allowance for loan losses (859 ) (580 ) Deferred loan costs, net 390 109 Net loans $ 205,522 $ 160,303 The following tables set forth information on the allowance for loan losses at and for the nine months ended September 30, 2016 and 2015, and at December 31, 2015: Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Nine Months Ended September 30, 2016 (unaudited) Allowance for loan losses: Beginning balance $ 331 $ 49 $ 150 $ 40 $ 1 $ 9 $ 580 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 74 (2 ) 104 83 — 20 279 Ending balance $ 405 $ 47 $ 254 $ 123 $ 1 $ 29 $ 859 At September 30, 2016 (unaudited) Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 405 47 254 123 1 29 859 Total allowance for loan losses ending balance $ 405 $ 47 $ 254 $ 123 $ 1 $ 29 $ 859 Loans: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 162,096 10,359 21,780 11,674 82 — 205,991 Total loans ending balance $ 162,096 $ 10,359 $ 21,780 $ 11,674 $ 82 $ — $ 205,991 Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Nine months ended September 30, 2015 (unaudited) Allowance for loan losses: Beginning balance $ 414 $ 58 $ 25 $ 21 $ 1 $ 1 $ 520 Charge offs — — — — — — — Recoveries — — — — — — — (Benefit) provision (56 ) 1 102 (1 ) — (1 ) 45 Ending balance $ 358 $ 59 $ 127 $ 20 $ 1 $ — $ 565 At September 30, 2015 (unaudited) Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 358 59 127 20 1 — 565 Total allowance for loan losses ending balance $ 358 $ 59 $ 127 $ 20 $ 1 $ — $ 565 Loans: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 124,846 10,813 11,142 4,349 131 — 151,281 Total loans ending balance $ 124,846 $ 10,813 $ 11,142 $ 4,349 $ 131 $ — $ 151,281 Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) December 31, 2015 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 331 49 150 40 1 9 580 Total allowance for loan losses ending balance $ 331 $ 49 $ 150 $ 40 $ 1 $ 9 $ 580 Loans: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 132,237 10,862 13,251 4,303 121 — 160,774 Total loans ending balance $ 132,237 $ 10,862 $ 13,251 $ 4,303 $ 121 $ — $ 160,774 The following tables set forth information regarding nonaccrual loans and past-due loans: 30 - 59 60 - 89 90 Days or Total Past Total Total 90 Days or More Non- (In Thousands) At September 30, 2016 (unaudited) Real estate loans: One-to four-family residential $ 35 $ 323 $ — $ 358 $ 161,738 $ 162,096 $ — $ — Home equity loans and lines of credit — — — — 10,359 10,359 — — Commercial — — — — 21,780 21,780 — — Construction — — — — 11,674 11,674 — — Consumer loans — — — — 82 82 — — Total $ 35 $ 323 $ — $ 358 $ 205,633 $ 205,991 $ — $ — At December 31, 2015 Real estate loans: One-to four-family residential $ 600 $ — $ 68 $ 668 $ 131,569 $ 132,237 $ — $ 68 Home equity loans and lines of credit — — 197 197 10,665 10,862 — 197 Commercial — — — — 13,251 13,251 — — Construction — — — — 4,303 4,303 — — Consumer loans — — — — 121 121 — — Total $ 600 $ — $ 265 $ 865 $ 159,909 $ 160,774 $ — $ 265 As of and during the nine months ended September 30, 2016 and 2015 (unaudited) there were no loans that met the definition of an impaired loan in ASC 310-10-35. During the nine months ended September 30, 2016 and 2015 (unaudited) there were no loans modified that met the definition of a troubled debt restructured loan in ASC 310-10-50. As of September 30, 2016 (unaudited) there is one consumer mortgage loan with a recorded balance of $323,000 in the process of foreclosure. Credit Quality Information In early 2016, the Company implemented a new 10 point internal loan rating system for commercial real estate, construction and commercial loans. For residential real estate and consumer loans, the Company initially assesses credit quality based upon the borrower’s ability to pay and subsequently monitors these loans based on the borrower’s ability to pay. The new risk rating system will assist the Company in better understanding the risk inherent in each loan. The new loan ratings are as follows: Loans rated 1: Secured by cash collateral or highly liquid diversified marketable securities. Loans rated 2 – 3: Strongest quality loans in the portfolio not secured by cash. Defined by consistent, solid profits, strong cash flow and are well secured. Very little vulnerability to changing economic conditions and compare favorably to their industry. Loans rated 4 – 5: These loans are pass rated. Borrower will show average to strong cash flow, strong to adequate collateral coverage, and will have a generally sound balance sheet. Inclusive in the 5 rating are all open and closed – end residential and retail loans which are paying as agreed. Loans rated 6: Possess above average risk but still considered pass. Generally this rating is reserved for projects currently under construction or borrowers with modest cash flow, although still meeting all loan covenants. Loans rated 6W: Contain all the risks of a 6 rated credit but have an inherent weakness that requires close monitoring. This rating also generally includes open and closed-end residential and retail loans which are greater than 30 days past due but display no other inherent weakness. Loans rated 7: Potential weaknesses which warrant management’s close attention. If weaknesses are uncorrected, repayment prospects may be weakened. This is typically a transitional rating. Loans rated 8: Considered substandard. There is a likelihood of loss if the deficiencies are not corrected. Generally, open and closed – end retail loans, as well as automotive and other consumer loans past 90 cumulative days from the contractual due date should be classified as an 8. Loans rated 9: Borrower has a pronounced weakness and all current information indicates collection or liquidation of all debts in full is improbable and highly questionable. Loans rated 10: Uncollectable and a loss will be taken. Open and closed – end loans secured by residential real estate that are beyond 180 days past due will be assessed for value and any outstanding loan balance in excess of said value, less cost to sell, will be classified as a 10. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate and construction loans. As of September 30, 2016 (unaudited), one- to four- family residential real estate loans with balances totaling $289,000 had a risk rating of “8 - substandard” and all other loans outstanding had a risk rating of “1 to 6 - pass.” As of December 31, 2015, one- to four- family residential real estate loans with balances totaling $366,000 and home equity lines of credit totaling $197,000 had a risk rating of “8 - substandard” and all other loans outstanding had a risk rating of “1 to 6 - pass.”

Premises and Equipment

Premises and Equipment	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Premises and Equipment	NOTE 5 - PREMISES AND EQUIPMENT The following is a summary of premises and equipment: September 30, December 31, 2016 2015 (In Thousands) (unaudited) Land $ 393 $ 393 Building and improvements 1,817 1,817 Furniture and equipment 549 514 Data processing equipment 262 254 3,021 2,978 Accumulated depreciation (1,815 ) (1,752 ) $ 1,206 $ 1,226

Deposits

Deposits	9 Months Ended
	Sep. 30, 2016
Banking and Thrift [Abstract]
Deposits	NOTE 6 - DEPOSITS The aggregate amount of time deposit amounts in denominations that meet or exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000 as of September 30, 2016 (unaudited) and December 31, 2015 amounted to $23,718,000 and $16,876,000, respectively. For time deposits as of September 30, 2016 (unaudited) the scheduled maturities for each of the following years ended September 30 are as follows: (In Thousands) 2017 $ 76,964 2018 35,237 2019 2,097 2020 1,326 2021 1,533 $ 117,157 Deposits from related parties held by the Bank as of September 30, 2016 (unaudited) and December 31, 2015 amounted to $2,564,656 and $4,030,000, respectively.

Borrowed Funds

Borrowed Funds	9 Months Ended
	Sep. 30, 2016
Brokers and Dealers [Abstract]
Borrowed Funds	NOTE 7 - BORROWED FUNDS The Bank is a member of the Federal Home Loan Bank of Boston (FHLB). The FHLB Borrowings are secured by a blanket lien by the FHLB on certain residential loans or securities with a market value at least equal to the outstanding balances. The remaining maximum borrowing capacity with the FHLB at September 30, 2016 was approximately $104.9 million subject to the purchase of additional FHLB stock. At September 30, 2016 the Company had a three year fixed rate amortizing advance totaling $5.0 million, with an interest rate of 1.42%, which matures on September 19, 2019. In addition, the Company has the ability to borrow from the Co-operative Central Bank. The Company had no borrowings outstanding as of December 31, 2015.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2016
Investments, All Other Investments [Abstract]
Financial Instruments	NOTE 8 - FINANCIAL INSTRUMENTS The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to originate loans and unadvanced funds on loans. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheets. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments is represented by the contractual amounts of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include secured interests in mortgages, accounts receivable, inventory, property, plant and equipment and income-producing properties. Notional amounts of financial instrument liabilities with off-balance sheet credit risk are as follows: September 30, December 31, 2016 2015 (In Thousands) (unaudited) Commitments to originate loans $ 6,945 $ 5,214 Unused lines of credit 13,501 11,986 Due to borrowers on unadvanced construction loans 4,597 1,796 $ 25,043 $ 18,996

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 9 - FAIR VALUE MEASUREMENTS ASC 820-10, “Fair Value Measurements and Disclosures,” provides a framework for measuring fair value under generally accepted accounting principles. This guidance also allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. In accordance with ASC 820-10, 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. Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. Level 3 - Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for September 30, 2016 (unaudited) and December 31, 2015. The Company did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the nine months ended September 30, 2016 (unaudited) and the year ended December 31, 2015. The Company’s investments in preferred stock and marketable equity securities are generally classified within level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company’s investment in debt securities available-for-sale is generally classified within level 2 of the fair value hierarchy. For these securities, we obtain fair value measurements from independent pricing services. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. The following summarizes assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using: Total Quoted Prices in Significant Significant (In Thousands) September 30, 2016 (unaudited): U.S. Government and federal agency obligations $ 5,861 $ — $ 5,861 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,470 — 2,470 — Corporate bonds and notes 11,618 — 11,618 — Preferred stock 3,114 3,114 — — Mortgage-backed securities 1,627 — 1,627 — Marketable equity securities 7,409 7,409 — — Totals $ 32,099 $ 10,523 $ 21,576 $ — December 31, 2015: U.S. Government and federal agency obligations $ 8,770 $ — $ 8,770 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,398 — 2,398 — Corporate bonds and notes 13,508 — 13,508 — Preferred stock 3,029 3,029 — — Mortgage-backed securities 2,166 — 2,166 — Marketable equity securities 15,272 15,272 — — Totals $ 45,143 $ 18,301 $ 26,842 $ — Under certain circumstances the Company makes adjustments to fair value for its assets and liabilities although they are not measured at fair value on a recurring basis. At September 30, 2016 (unaudited) and December 31, 2015, there were no assets or liabilities carried on the consolidated balance sheets for which a nonrecurring change in fair value has been recorded. The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows: September 30, 2016 (unaudited) Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 20,205 $ 20,205 $ — $ — $ 20,205 Available-for-sale securities 32,099 10,523 21,576 — 32,099 Federal Home Loan Bank stock 739 739 — — 739 Loans, net 205,522 — — 206,289 206,289 Co-operative Central Bank deposit 881 881 — — 881 Accrued interest receivable 542 542 — — 542 Financial liabilities: Deposits 217,877 — 218,484 — 218,484 FHLB Borrowings 5,000 — 5,013 — 5,013 December 31, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 16,854 $ 16,854 $ — $ — $ 16,854 Available-for-sale securities 45,143 18,301 26,842 — 45,143 Federal Home Loan Bank stock 437 437 — — 437 Loans, net 160,303 — — 161,206 161,206 Co-operative Central Bank deposit 881 881 — — 881 Accrued interest receivable 440 440 — — 440 Financial liabilities: Deposits 184,527 — 185,170 — 185,170 The carrying amounts of financial instruments shown in the above tables are included in the consolidated balance sheets under the indicated captions. Accounting policies related to financial instruments are described in Note 2.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Other Comprehensive (Loss) Income	NOTE 10 - OTHER COMPREHENSIVE (LOSS) INCOME Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. The components of other comprehensive (loss) income, included in stockholders’ equity, are as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (In Thousands) (unaudited) Net unrealized holding gains (losses) on available-for-sale securities $ 31 $ (165 ) $ 721 $ (230 ) Reclassification adjustment for net realized gain in net income (1) (279 ) — (572 ) (32 ) Other comprehensive income (loss) before income tax effect (248 ) (165 ) 149 (262 ) Income tax benefit (expense) 86 83 (13 ) 126 Other comprehensive income (loss), net of tax $ (162 ) $ (82 ) $ 136 $ (136 ) (1) Reclassification adjustments include net realized securities gains. Realized gains have been reclassified out of accumulated other comprehensive income and affect certain captions in the consolidated statements of income as follows: pre-tax amount for the three and nine months ended September 30, 2016 is reflected as a gain on sale of securities, net of $279,000 and $572,000, respectively. The tax effect, included in income tax expense for the three and nine months ended September 30, 2016 was $92,000 and $188,000, respectively. Pre-tax amount for the three and nine months ended September 30, 2015, is reflected as a gain on sale securities, net of $0 and $409,000, respectively, and a write-down of $0 and $377,000, respectively. The tax effect, included in income tax expense, for the three and nine months ended September 30, 2015 was approximately $11,000 for the period. The after tax amount is included in net income. Accumulated other comprehensive income as of September 30, 2016 (unaudited) and December 31, 2015 consists of net unrealized holding gains on available-for-sale securities, net of taxes.

Regulatory Matters

Regulatory Matters	9 Months Ended
	Sep. 30, 2016
Banking and Thrift [Abstract]
Regulatory Matters	NOTE 11 - REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Effective January 1, 2015, (with a phase-in period of two to four years for certain components), the Bank became subject to new capital regulations adopted by the Board of Governors of the Federal Reserve System (“FRB”) and the FDIC, which implement the Basel III regulatory capital reforms and the changes required by the Dodd-Frank Act. The new regulations require a new common equity Tier 1 (“CET1”) capital ratio of 4.5%, increase the minimum Tier 1 capital to risk-weighted assets ratio to 6.0% from 4.0%, require a minimum total capital to risk-weighted assets ratio of 8.0% and require a minimum Tier 1 leverage ratio of 4.0%. CET1 generally consists of common stock and retained earnings, subject to applicable adjustments and deductions. Under new prompt corrective action regulations, in order to be considered “well capitalized,” the Bank must maintain a CET1 capital ratio of 6.5% (new) and a Tier 1 ratio of 8.0% (increased from 6.0%), a total risk based capital ratio of 10.0% (unchanged) and a Tier 1 leverage ratio of 5.0% (unchanged). In addition, the regulations establish a capital conservation buffer above the required capital ratios that began phasing in beginning January 1, 2016 at 0.625% of risk-weighted assets and increases each year by 0.625% until it is fully phased in at 2.5% effective January 1, 2019. Beginning January 1, 2016, failure to maintain the capital conservation buffer will limit the ability of the Bank and the Company to pay dividends, repurchase shares or pay discretionary bonuses. The new regulation implemented changes to what constitutes regulatory capital. Certain instruments will no longer constitute qualifying capital, subject to phase-out periods. In addition, Tier 2 capital is no longer limited to the amount of Tier 1 capital included in total capital. Mortgage servicing rights, certain deferred tax assets and investments in unconsolidated subsidiaries over designated percentages of CET1 will be deducted from capital. The new regulations also changed the risk weights of certain assets, including an increase in the risk weight of certain high volatility commercial real estate acquisition, development and construction loans and non-residential mortgage loans that are 90 days past due or on non-accrual status to 150% from 100%, a credit conversion factor for the unused portion of the commitments with maturities of less than one year that are not cancellable to 20% from 0%, an increase in the risk weight for mortgage servicing rights and deferred tax assets that are not deducted from capital to 250% from 100%, and an increase in the risk weight for equity exposures to 600% from 100%. Management believes, as of September 30, 2016, that the Bank meets all capital adequacy requirements to which it is subject. As of September 30, 2016, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier 1 risk-based, Common Equity tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There were no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios (unaudited) are presented in the following table. Actual For Capital To Be Well Capitalized Under Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of September 30, 2016: Total Capital (to Risk Weighted Assets) $ 34,720 22.14 % $ 12,546 8.0 % $ 15,683 10.0 % Tier 1 Capital (to Risk Weighted Assets) 32,995 21.04 9,410 6.0 12,546 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 32,995 21.04 7,057 4.5 10,194 6.5 Tier 1 Capital (to Average Assets) 32,995 13.61 9,696 4.0 12,120 5.0

Common Stock Repurchases

Common Stock Repurchases	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Common Stock Repurchases	NOTE 12 – COMMON STOCK REPURCHASES From time to time, our board of directors authorizes stock repurchase plans. In general, stock repurchase plans allow us to proactively manage our capital position and return excess capital to shareholders. Shares purchased under such plans also provide us with shares of common stock necessary to satisfy obligations related to stock compensation awards. Our board of directors authorized a stock repurchase program, allowing us to repurchase up to 283,000 shares of our common stock from time to time at various prices in the open market or through private transactions. The actual amount and timing of future share repurchases, if any, will depend on market conditions, applicable SEC rules and various other factors. During the year ended December 31, 2015, 42,000 shares of common stock were repurchased at an average cost of $14.60. During the nine months ended September 30, 2016, a total of 226,300 shares of common stock were repurchased at an average cost of $15.31. In October and November 2016, a total of 3,500 shares of common stock were repurchased at an average cost of $15.45.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Based Compensation	NOTE 13 – STOCK BASED COMPENSATION Melrose Bancorp, Inc. adopted the Melrose Bancorp, Inc. 2015 Equity Incentive Plan (the “2015 Equity Incentive Plan”) to provide directors, officers, and employees of the Company and Melrose Cooperative Bank with additional incentives to promote growth and performance of the Company and Melrose Cooperative Bank. The 2015 Equity Incentive Plan authorizes the issuance or delivery to participants of up to 396,140 shares of Melrose Bancorp, Inc. common stock pursuant to grants of incentive and non-statutory stock options, restricted stock awards, and restricted stock units. Of this number, the maximum number of shares of Melrose Bancorp, Inc. common stock that may be issued under the 2015 Equity Incentive Plan pursuant to the exercise of stock options is 282,957 shares, and the maximum number of shares of Melrose Bancorp, Inc. common stock that may be issued as restricted stock awards or restricted stock units is 113,183 shares. The 2015 Equity Incentive Plan was effective upon approval by stockholders at the November 23, 2015 annual meeting. On May 12, 2016, the Company issued 44,300 shares of common stock restricted stock awards. The restricted stock award expense is based on $15.13 per share, and shares vest over 5 years commencing one year from the grant date. During the three and nine month periods ending September 30, 2016 the expense was $31,000 and $56,000, respectively. The recognized tax benefit was $11,000 and $19,000, respectively. On May 12, 2016, the Company granted 224,200 stock options. The stock options have an exercise price of $15.13 per share, and vest ratably over 5 years commencing one year from the date of the grant. The stock option expense is equal to the number of options expected to vest each year times the grant date fair value of the shares as determined using the Black-Scholes option pricing model. The Company completed an analysis of seven peer banks to determine the expected volatility of 20.24%. The exercise price used in the pricing model was $15.13, the closing price of the stock on the grant date. The expected life was estimated to be 6.5 years and the 7 year treasury rate of 1.54% was used as the annual risk free interest rate. Using these variables, the estimated fair value is $3.71 per share. During the three and nine month periods ending September 30, 2016 the stock option expense was $42,000 and $64,000, respectively. The recognized tax benefit was $16,000 and $22,000, respectively. At September 30, 2016 the unrecognized share based compensation expense related to the 44,300 unvested restricted stock awards amounted to $614,000. The unrecognized expense will be recognized over a weighted average life of 4.6 years. At September 30, 2016, none of the 224,200 stock options outstanding are exercisable, and the remaining contractual life is 9.6 years. The unrecognized expense related to the unvested options is $768,000, and will be recognized over a weighted average life of 4.6 years.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary the Bank, and the Bank’s wholly-owned subsidiary, MCBSC, Inc., which is used to hold investment securities. All significant intercompany accounts and transactions have been eliminated in the consolidation.
USE OF ESTIMATES	USE OF ESTIMATES: In preparing consolidated financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, impairment of securities and deferred income taxes.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS: As of September 30, 2016 (unaudited), the Company has total cash and cash equivalents in the following banks: Eastern Bank $6,202,000 which represents approximately 14.3% of total stockholders’ equity State Street Bank $2,992,000, which represents approximately 6.9% of total stockholders’ equity As of December 31, 2015, the Company has total cash and cash equivalents in the following banks: Eastern Bank $6,414,000, which represents approximately 14.0% of total stockholders’ equity State Street Bank $2,993,000, which represents approximately 6.6% of total stockholders’ equity
EARNINGS PER SHARE (EPS)	EARNINGS PER SHARE (EPS): Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding adjusted to exclude the weighted average number of unallocated shares held by the ESOP. Diluted EPS reflects 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 earnings of the entity. For the purposes of computing diluted EPS, the treasury stock method is used. The calculation of basic and diluted EPS (unaudited) is presented below. Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (In Thousands, except share data) Net income $ 386 $ 206 $ 853 $ 503 Basic Common Shares: Weighted average common shares outstanding 2,573,360 2,829,579 2,658,828 2,829,579 Weighted average unallocated ESOP shares (206,558 ) (218,820 ) (208,130 ) (218,820 ) Basic weighted average shares outstanding 2,366,802 2,610,759 2,450,698 2,610,759 Dilutive effect of unvested restricted stock awards 423 — 222 — Diluted weighted average shares outstanding 2,367,225 2,610,759 2,450,920 2,610,759 Basic earnings per share $ 0.16 $ 0.08 $ 0.35 $ 0.19 Diluted earnings per share (1) $ 0.16 $ 0.08 $ 0.35 $ 0.19 (1) Options to purchase 224,200 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2016 because the effect is anti-dilutive.
FAIR VALUES OF FINANCIAL INSTRUMENTS	FAIR VALUES OF FINANCIAL INSTRUMENTS: Accounting Standards Codification (ASC) 825, “Financial Instruments,” requires that the Company disclose the estimated fair value for its financial instruments. Fair value methods and assumptions used by the Company in estimating its fair value disclosures are as follows: Cash and cash equivalents: The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate fair value. Securities: Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. Loans held-for-sale: Fair values of loans held-for-sale are based on commitments on hand from investors or prevailing market prices. Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Accrued interest receivable: The carrying amount of accrued interest receivable approximates fair value. Deposit liabilities: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificate accounts are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on certificate accounts. Federal Home Loan Bank advances: Fair values for Federal Home Loan Bank advances are estimated using a discounted cash flow technique that applies interest rates currently being offered on advances to a schedule of aggregate expected monthly maturities on Federal Home Loan Bank advances. 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.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS: As an “emerging growth company,” as defined in Title 1 of Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of September 30, 2016, there is no significant difference in the comparability of the financial statements as a result of this extended transition period. In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in this ASU address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and makes targeted improvements to GAAP as follows: 1. Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, the entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same manner. 2. Simplify the impairment assessment of equity investments without determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3. Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4. Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5. Require an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6. Require separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7. Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. Under the extended transition period for an emerging growth company, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of item 5 above is permitted as of the beginning of fiscal years or interim periods for which financial statements have not been issued. Early adoption of all other amendments in this ASU is not permitted. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU was issued to increase transparency and comparability among organizations by requiring reporting entities to recognize all leases, including operating, as lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. Under the extended transition period for an emerging growth company, the amendments in this ASU are effective for fiscal years beginning after December 31, 2019, and interim periods within fiscal years being after December 15, 2020. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in-capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. Under the extended transition period for an emerging growth company, ASU No. 2016-09 is effective for annual reporting periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 31, 2018. Early adoption is permitted, but all of the guidance must be adopted in the same period. The Company is currently evaluating the provisions of ASU No. 2016-09 to determine the potential impact the new standard will have on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgement to determine which loss estimation method is appropriate for their circumstances. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Under the extended transition period for an emerging growth company, this update will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted in interim and annual reporting periods beginning after December 15, 2018. The Company is currently evaluating the amendments of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments.” Current GAAP is unclear or does not include specific guidance on how to classify certain transactions in the statement of cash flows. This ASU is intended to reduce diversity in practice in how eight particular transactions are classified in the statement of cash flows. Under the extended transition period for an emerging growth company, this update will be effective for annual reporting periods beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, provided that all of the amendments are adopted in the same period. Entities will be required to apply the guidance retrospectively. If it is impracticable to apply to the guidance retrospectively for an issue, the amendments related to that issue would be applied prospectively. As this guidance only affects the classification with the statement of cash flows, ASU No. 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Calculation of Basic and Diluted EPS	The calculation of basic and diluted EPS (unaudited) is presented below. Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (In Thousands, except share data) Net income $ 386 $ 206 $ 853 $ 503 Basic Common Shares: Weighted average common shares outstanding 2,573,360 2,829,579 2,658,828 2,829,579 Weighted average unallocated ESOP shares (206,558 ) (218,820 ) (208,130 ) (218,820 ) Basic weighted average shares outstanding 2,366,802 2,610,759 2,450,698 2,610,759 Dilutive effect of unvested restricted stock awards 423 — 222 — Diluted weighted average shares outstanding 2,367,225 2,610,759 2,450,920 2,610,759 Basic earnings per share $ 0.16 $ 0.08 $ 0.35 $ 0.19 Diluted earnings per share (1) $ 0.16 $ 0.08 $ 0.35 $ 0.19 (1) Options to purchase 224,200 shares, representing all outstanding options, were not included in the computation of diluted earnings per share for the three and nine months ended September 30, 2016 because the effect is anti-dilutive.

Investments in Available-For-24

Investments in Available-For-Sale Securities (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Amortized Cost Basis of Securities and Their Approximate Fair Values	The amortized cost basis of securities and their approximate fair values are as follows: Amortized Gross Gross Fair Value (In Thousands) September 30, 2016: (unaudited) U.S. Government and federal agency obligations $ 5,909 $ 17 $ 65 $ 5,861 Debt securities issued by states of the United States and political subdivisions of the states 2,395 85 10 2,470 Corporate bonds and notes 11,538 93 13 11,618 Preferred stock 3,000 114 — 3,114 Mortgage-backed securities 1,693 — 66 1,627 Marketable equity securities 5,486 1,923 — 7,409 $ 30,021 $ 2,232 $ 154 $ 32,099 December 31, 2015: U.S. Government and federal agency obligations $ 8,851 $ 7 $ 88 $ 8,770 Debt securities issued by states of the United States and political subdivisions of the states 2,408 8 18 2,398 Corporate bonds and notes 13,540 12 44 13,508 Preferred stock 3,000 31 2 3,029 Mortgage-backed securities 2,232 — 66 2,166 Marketable equity securities 13,183 2,125 36 15,272 $ 43,214 $ 2,183 $ 254 $ 45,143
Scheduled Maturities of Debt Securities	The scheduled maturities of debt securities were as follows as of September 30, 2016 (unaudited): Fair (In Thousands) Due within one year $ 2,001 Due after one year through five years 13,402 Due after five years through ten years 2,008 Due after ten years 3,082 Mortgage-backed securities 1,627 Asset-backed securities 1,533 $ 23,653
Aggregate Fair Value and Unrealized Losses of Securities in Continuous Unrealized Loss Position	The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and are not other-than-temporarily impaired, are as follows: Less than 12 months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In Thousands) September 30, 2016 (unaudited) U.S. government and federal agency obligations $ 1,921 $ 5 $ 1,401 $ 60 $ 3,322 $ 65 Debt securities issued by states of the United States and political subdivisions of the states — — 248 10 248 10 Corporate bonds and notes 1,987 12 500 1 2,487 13 Mortgage-backed securities 390 1 1,236 65 1,626 66 Total temporarily impaired securities $ 4,298 $ 18 $ 3,385 $ 136 $ 7,683 $ 154 December 31, 2015 U.S. government and federal agency obligations $ 5,366 $ 59 $ 1,403 $ 29 $ 6,769 $ 88 Debt securities issued by states of the United States and political subdivisions of the states 1,176 9 505 9 1,681 18 Corporate bonds and notes 9,012 38 993 6 10,005 44 Preferred stock 998 2 — — 998 2 Mortgage-backed securities 1,608 40 558 26 2,166 66 Marketable equity securities 5,160 36 — — 5,160 36 Total temporarily impaired securities $ 23,320 $ 184 $ 3,459 $ 70 $ 26,779 $ 254

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Summary of Loans	Loans consisted of the following at: September 30, December 31, 2016 2015 (In Thousands) (unaudited) Real estate loans: One-to four-family residential $ 162,096 $ 132,237 Home equity loans and lines of credit 10,359 10,862 Commercial 21,780 13,251 Construction 11,674 4,303 Consumer loans 82 121 Total loans 205,991 160,774 Allowance for loan losses (859 ) (580 ) Deferred loan costs, net 390 109 Net loans $ 205,522 $ 160,303
Information Regarding Nonaccrual Loans and Past-due Loans	The following tables set forth information on the allowance for loan losses at and for the nine months ended September 30, 2016 and 2015, and at December 31, 2015: Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Nine Months Ended September 30, 2016 (unaudited) Allowance for loan losses: Beginning balance $ 331 $ 49 $ 150 $ 40 $ 1 $ 9 $ 580 Charge offs — — — — — — — Recoveries — — — — — — — Provision (benefit) 74 (2 ) 104 83 — 20 279 Ending balance $ 405 $ 47 $ 254 $ 123 $ 1 $ 29 $ 859 At September 30, 2016 (unaudited) Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 405 47 254 123 1 29 859 Total allowance for loan losses ending balance $ 405 $ 47 $ 254 $ 123 $ 1 $ 29 $ 859 Loans: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 162,096 10,359 21,780 11,674 82 — 205,991 Total loans ending balance $ 162,096 $ 10,359 $ 21,780 $ 11,674 $ 82 $ — $ 205,991 Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) Nine months ended September 30, 2015 (unaudited) Allowance for loan losses: Beginning balance $ 414 $ 58 $ 25 $ 21 $ 1 $ 1 $ 520 Charge offs — — — — — — — Recoveries — — — — — — — (Benefit) provision (56 ) 1 102 (1 ) — (1 ) 45 Ending balance $ 358 $ 59 $ 127 $ 20 $ 1 $ — $ 565 At September 30, 2015 (unaudited) Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 358 59 127 20 1 — 565 Total allowance for loan losses ending balance $ 358 $ 59 $ 127 $ 20 $ 1 $ — $ 565 Loans: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 124,846 10,813 11,142 4,349 131 — 151,281 Total loans ending balance $ 124,846 $ 10,813 $ 11,142 $ 4,349 $ 131 $ — $ 151,281 Real Estate: One- to four- Home Equity Loans Commercial Construction Consumer Unallocated Total (In Thousands) December 31, 2015 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 331 49 150 40 1 9 580 Total allowance for loan losses ending balance $ 331 $ 49 $ 150 $ 40 $ 1 $ 9 $ 580 Loans: Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: Collectively evaluated for impairment 132,237 10,862 13,251 4,303 121 — 160,774 Total loans ending balance $ 132,237 $ 10,862 $ 13,251 $ 4,303 $ 121 $ — $ 160,774
Summary of Changes in Allowance for Loan Losses	The following tables set forth information regarding nonaccrual loans and past-due loans: 30 - 59 60 - 89 90 Days or Total Past Total Total 90 Days or More Non- (In Thousands) At September 30, 2016 (unaudited) Real estate loans: One-to four-family residential $ 35 $ 323 $ — $ 358 $ 161,738 $ 162,096 $ — $ — Home equity loans and lines of credit — — — — 10,359 10,359 — — Commercial — — — — 21,780 21,780 — — Construction — — — — 11,674 11,674 — — Consumer loans — — — — 82 82 — — Total $ 35 $ 323 $ — $ 358 $ 205,633 $ 205,991 $ — $ — At December 31, 2015 Real estate loans: One-to four-family residential $ 600 $ — $ 68 $ 668 $ 131,569 $ 132,237 $ — $ 68 Home equity loans and lines of credit — — 197 197 10,665 10,862 — 197 Commercial — — — — 13,251 13,251 — — Construction — — — — 4,303 4,303 — — Consumer loans — — — — 121 121 — — Total $ 600 $ — $ 265 $ 865 $ 159,909 $ 160,774 $ — $ 265

Premises and Equipment (Tables)

Premises and Equipment (Tables)	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Summary of Premises and Equipment	The following is a summary of premises and equipment: September 30, December 31, 2016 2015 (In Thousands) (unaudited) Land $ 393 $ 393 Building and improvements 1,817 1,817 Furniture and equipment 549 514 Data processing equipment 262 254 3,021 2,978 Accumulated depreciation (1,815 ) (1,752 ) $ 1,206 $ 1,226

Deposits (Tables)

Deposits (Tables)	9 Months Ended
	Sep. 30, 2016
Banking and Thrift [Abstract]
Scheduled Maturities of Time Deposits	For time deposits as of September 30, 2016 (unaudited) the scheduled maturities for each of the following years ended September 30 are as follows: (In Thousands) 2017 $ 76,964 2018 35,237 2019 2,097 2020 1,326 2021 1,533 $ 117,157

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Investments, All Other Investments [Abstract]
Summary of Notional Amounts of Financial Instrument Liabilities with off-Balance Sheet Credit Risk	Notional amounts of financial instrument liabilities with off-balance sheet credit risk are as follows: September 30, December 31, 2016 2015 (In Thousands) (unaudited) Commitments to originate loans $ 6,945 $ 5,214 Unused lines of credit 13,501 11,986 Due to borrowers on unadvanced construction loans 4,597 1,796 $ 25,043 $ 18,996

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Summary of Assets Measured at Fair Value on Recurring Basis	The following summarizes assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using: Total Quoted Prices in Significant Significant (In Thousands) September 30, 2016 (unaudited): U.S. Government and federal agency obligations $ 5,861 $ — $ 5,861 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,470 — 2,470 — Corporate bonds and notes 11,618 — 11,618 — Preferred stock 3,114 3,114 — — Mortgage-backed securities 1,627 — 1,627 — Marketable equity securities 7,409 7,409 — — Totals $ 32,099 $ 10,523 $ 21,576 $ — December 31, 2015: U.S. Government and federal agency obligations $ 8,770 $ — $ 8,770 $ — Debt securities issued by states of the United States and political subdivisions of the states 2,398 — 2,398 — Corporate bonds and notes 13,508 — 13,508 — Preferred stock 3,029 3,029 — — Mortgage-backed securities 2,166 — 2,166 — Marketable equity securities 15,272 15,272 — — Totals $ 45,143 $ 18,301 $ 26,842 $ —
Summary of Estimated Fair Values of Bank's Financial Instruments	The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows: September 30, 2016 (unaudited) Carrying Fair Value Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 20,205 $ 20,205 $ — $ — $ 20,205 Available-for-sale securities 32,099 10,523 21,576 — 32,099 Federal Home Loan Bank stock 739 739 — — 739 Loans, net 205,522 — — 206,289 206,289 Co-operative Central Bank deposit 881 881 — — 881 Accrued interest receivable 542 542 — — 542 Financial liabilities: Deposits 217,877 — 218,484 — 218,484 FHLB Borrowings 5,000 — 5,013 — 5,013 December 31, 2015 Carrying Fair Value Amount Level 1 Level 2 Level 3 Total (In Thousands) Financial assets: Cash and cash equivalents $ 16,854 $ 16,854 $ — $ — $ 16,854 Available-for-sale securities 45,143 18,301 26,842 — 45,143 Federal Home Loan Bank stock 437 437 — — 437 Loans, net 160,303 — — 161,206 161,206 Co-operative Central Bank deposit 881 881 — — 881 Accrued interest receivable 440 440 — — 440 Financial liabilities: Deposits 184,527 — 185,170 — 185,170

Other Comprehensive (Loss) In30

Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Components of Other Comprehensive (Loss) Income Included in Stockholders' Equity	The components of other comprehensive (loss) income, included in stockholders’ equity, are as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (In Thousands) (unaudited) Net unrealized holding gains (losses) on available-for-sale securities $ 31 $ (165 ) $ 721 $ (230 ) Reclassification adjustment for net realized gain in net income (1) (279 ) — (572 ) (32 ) Other comprehensive income (loss) before income tax effect (248 ) (165 ) 149 (262 ) Income tax benefit (expense) 86 83 (13 ) 126 Other comprehensive income (loss), net of tax $ (162 ) $ (82 ) $ 136 $ (136 ) (1) Reclassification adjustments include net realized securities gains. Realized gains have been reclassified out of accumulated other comprehensive income and affect certain captions in the consolidated statements of income as follows: pre-tax amount for the three and nine months ended September 30, 2016 is reflected as a gain on sale of securities, net of $279,000 and $572,000, respectively. The tax effect, included in income tax expense for the three and nine months ended September 30, 2016 was $92,000 and $188,000, respectively. Pre-tax amount for the three and nine months ended September 30, 2015, is reflected as a gain on sale securities, net of $0 and $409,000, respectively, and a write-down of $0 and $377,000, respectively. The tax effect, included in income tax expense, for the three and nine months ended September 30, 2015 was approximately $11,000 for the period. The after tax amount is included in net income.

Regulatory Matters (Tables)

Regulatory Matters (Tables)	9 Months Ended
	Sep. 30, 2016
Banking and Thrift [Abstract]
Summary of Actual Capital Amounts and Ratios	The Bank’s actual capital amounts and ratios (unaudited) are presented in the following table. Actual For Capital To Be Well Capitalized Under Amount Ratio Amount Ratio Amount Ratio (Dollars In Thousands) As of September 30, 2016: Total Capital (to Risk Weighted Assets) $ 34,720 22.14 % $ 12,546 8.0 % $ 15,683 10.0 % Tier 1 Capital (to Risk Weighted Assets) 32,995 21.04 9,410 6.0 12,546 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 32,995 21.04 7,057 4.5 10,194 6.5 Tier 1 Capital (to Average Assets) 32,995 13.61 9,696 4.0 12,120 5.0

Nature of Operations - Addition

Nature of Operations - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016
Variable Interests And Equity Method Investments Disclosure [Abstract]
Entity incorporation date	Feb. 1, 2014

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Eastern Bank [Member]
Significant Accounting Policies [Line Items]
Total cash and cash equivalents	$ 6,202,000	$ 6,414,000
Percentage of cash and cash equivalent of stockholders equity	14.30%	14.00%
State Street Bank [Member]
Significant Accounting Policies [Line Items]
Total cash and cash equivalents	$ 2,992,000	$ 2,993,000
Percentage of cash and cash equivalent of stockholders equity	6.90%	6.60%

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net income	$ 386	$ 206	$ 853	$ 503
Basic Common Shares:
Weighted average common shares outstanding	2,573,360	2,829,579	2,658,828	2,829,579
Weighted average unallocated ESOP shares	(206,558)	(218,820)	(208,130)	(218,820)
Basic weighted average shares outstanding	2,366,802	2,610,759	2,450,698	2,610,759
Dilutive effect of unvested restricted stock awards	423		222
Diluted weighted average shares outstanding	2,367,225	2,610,759	2,450,920	2,610,759
Basic earnings per share	$ 0.16	$ 0.08	$ 0.35	$ 0.19
Diluted earnings per share	$ 0.16	$ 0.08	$ 0.35	$ 0.19

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted EPS (Parenthetical) (Detail) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted earnings	224,200	224,200

Investments in Available-For-36

Investments in Available-For-Sale Securities - Amortized Cost Basis of Securities and Their Approximate Fair Values (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$ 30,021	$ 43,214
Gross Unrealized Gains	2,232	2,183
Gross Unrealized Losses	154	254
Fair Value	32,099	45,143
U.S Government and Federal Agency Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	5,909	8,851
Gross Unrealized Gains	17	7
Gross Unrealized Losses	65	88
Fair Value	5,861	8,770
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	2,395	2,408
Gross Unrealized Gains	85	8
Gross Unrealized Losses	10	18
Fair Value	2,470	2,398
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	11,538	13,540
Gross Unrealized Gains	93	12
Gross Unrealized Losses	13	44
Fair Value	11,618	13,508
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	3,000	3,000
Gross Unrealized Gains	114	31
Gross Unrealized Losses		2
Fair Value	3,114	3,029
Mortgage-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	1,693	2,232
Gross Unrealized Losses	66	66
Fair Value	1,627	2,166
Marketable Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	5,486	13,183
Gross Unrealized Gains	1,923	2,125
Gross Unrealized Losses		36
Fair Value	$ 7,409	$ 15,272

Investments in Available-For-37

Investments in Available-For-Sale Securities - Scheduled Maturities of Debt Securities (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Available-for-sale Securities [Abstract]
Due within one year	$ 2,001
Due after one year through five years	13,402
Due after five years through ten years	2,008
Due after ten years	3,082
Mortgage-backed securities	1,627
Asset-backed securities	1,533
Debt security, fair value	$ 23,653

Investments in Available-For-38

Investments in Available-For-Sale Securities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Securitiesshares	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)Securitiesshares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)shares
Schedule of Available-for-sale Securities [Line Items]
Number of securities with aggregate carrying value exceeding 10% of stockholders' equity | shares	0		0		0
Proceeds from sales of available-for-sale securities	$ 576,000	$ 0	$ 8,439,000	$ 1,898,000
Gain on sales of available for sale securities, net	279,000		572,000	409,000
Tax expense applicable to net realized gain	92,000		188,000	164,000
Gross realized gain on sale of available-for-sale security				489,000
Gross realized losses on sales of available-for-sale securities				80,000
Pledged securities	$ 0		0		$ 0
Loss recognized on write down of securities			$ 0	$ 377,000
U.S Government and Federal Agency Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	5.00%		5.00%
Unrealized losses	$ 65,000		$ 65,000
Unrealized losses, securities | Securities	6		6
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	5.00%		5.00%
Mortgage-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses	$ 66,000		$ 66,000
Unrealized losses, securities | Securities	4		4
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Preferred stock, no stated maturity	$ 1,037,000		$ 1,037,000
Mortgage Backed Securities One [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	0.30%		0.30%
Mortgage Backed Securities Two [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	3.20%		3.20%
Mortgage Backed Securities Three [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	6.20%		6.20%
Mortgage Backed Securities Four [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	7.20%		7.20%
Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	3.80%		3.80%
Unrealized losses	$ 13,000		$ 13,000
Unrealized losses, securities | Securities	4		4
Corporate Bond Securities [Member] | Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	1.00%		1.00%
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	3.80%		3.80%
Unrealized losses	$ 10,000		$ 10,000
Unrealized losses, securities | Securities	1		1
Corporate Bond Securities One [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of unrealized losses of debt securities with amortized cost	1.60%		1.60%

Investments in Available-For-39

Investments in Available-For-Sale Securities - Aggregate Fair Value and Unrealized Losses of Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months Fair Value	$ 4,298	$ 23,320
Less than 12 Months Unrealized Losses	18	184
12 Months or Longer Fair Value	3,385	3,459
12 Months or Longer Unrealized Losses	136	70
Total Fair Value	7,683	26,779
Total Unrealized Losses	154	254
U.S Government and Federal Agency Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months Fair Value	1,921	5,366
Less than 12 Months Unrealized Losses	5	59
12 Months or Longer Fair Value	1,401	1,403
12 Months or Longer Unrealized Losses	60	29
Total Fair Value	3,322	6,769
Total Unrealized Losses	65	88
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months Fair Value		1,176
Less than 12 Months Unrealized Losses		9
12 Months or Longer Fair Value	248	505
12 Months or Longer Unrealized Losses	10	9
Total Fair Value	248	1,681
Total Unrealized Losses	10	18
Corporate Bonds and Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months Fair Value	1,987	9,012
Less than 12 Months Unrealized Losses	12	38
12 Months or Longer Fair Value	500	993
12 Months or Longer Unrealized Losses	1	6
Total Fair Value	2,487	10,005
Total Unrealized Losses	13	44
Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months Fair Value		998
Less than 12 Months Unrealized Losses		2
Total Fair Value		998
Total Unrealized Losses		2
Mortgage-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months Fair Value	390	1,608
Less than 12 Months Unrealized Losses	1	40
12 Months or Longer Fair Value	1,236	558
12 Months or Longer Unrealized Losses	65	26
Total Fair Value	1,626	2,166
Total Unrealized Losses	$ 66	66
Marketable Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months Fair Value		5,160
Less than 12 Months Unrealized Losses		36
Total Fair Value		5,160
Total Unrealized Losses		$ 36

Loans - Summary of Loans (Detai

Loans - Summary of Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable	$ 205,991	$ 160,774	$ 151,281
Allowance for loan losses	(859)	(580)	(565)	$ (520)
Deferred loan costs, net	390	109
Net loans	205,522	160,303
One- to Four- Family Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable	162,096	132,237	124,846
Allowance for loan losses	(405)	(331)	(358)	(414)
Home Equity Loans and Lines of Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable	10,359	10,862	10,813
Allowance for loan losses	(47)	(49)	(59)	(58)
Commercial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable	21,780	13,251	11,142
Allowance for loan losses	(254)	(150)	(127)	(25)
Construction Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable	11,674	4,303	4,349
Allowance for loan losses	(123)	(40)	(20)	(21)
Consumer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and leases receivable	82	121	131
Allowance for loan losses	$ (1)	$ (1)	$ (1)	$ (1)

Loans - Summary of Changes in A

Loans - Summary of Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schedule Of Allowance For Loan Losses [Line Items]
Beginning balance			$ 580	$ 520
Charge offs			0	0
Recoveries			0	0
Provision (benefit)	$ 117	$ 35	279	45
Ending balance	859	565	859	565
Individually evaluated for impairment	0	0	0	0	$ 0
Collectively evaluated for impairment	859	565	859	565	580
Total allowance for loan losses ending balance	859	565	859	565	580
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	205,991	151,281	205,991	151,281	160,774
Total	205,991	151,281	205,991	151,281	160,774
One- to Four- Family Residential [Member]
Schedule Of Allowance For Loan Losses [Line Items]
Beginning balance			331	414
Charge offs			0	0
Recoveries			0	0
Provision (benefit)			74	(56)
Ending balance	405	358	405	358
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	405	358	405	358	331
Total allowance for loan losses ending balance	405	358	405	358	331
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	162,096	124,846	162,096	124,846	132,237
Total	162,096	124,846	162,096	124,846	132,237
Home Equity Loans and Lines of Credit [Member]
Schedule Of Allowance For Loan Losses [Line Items]
Beginning balance			49	58
Charge offs			0	0
Recoveries			0	0
Provision (benefit)			(2)	1
Ending balance	47	59	47	59
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	47	59	47	59	49
Total allowance for loan losses ending balance	47	59	47	59	49
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	10,359	10,813	10,359	10,813	10,862
Total	10,359	10,813	10,359	10,813	10,862
Commercial [Member]
Schedule Of Allowance For Loan Losses [Line Items]
Beginning balance			150	25
Charge offs			0	0
Recoveries			0	0
Provision (benefit)			104	102
Ending balance	254	127	254	127
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	254	127	254	127	150
Total allowance for loan losses ending balance	254	127	254	127	150
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	21,780	11,142	21,780	11,142	13,251
Total	21,780	11,142	21,780	11,142	13,251
Construction Loans [Member]
Schedule Of Allowance For Loan Losses [Line Items]
Beginning balance			40	21
Charge offs			0	0
Recoveries			0	0
Provision (benefit)			83	(1)
Ending balance	123	20	123	20
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	123	20	123	20	40
Total allowance for loan losses ending balance	123	20	123	20	40
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	11,674	4,349	11,674	4,349	4,303
Total	11,674	4,349	11,674	4,349	4,303
Consumer Loans [Member]
Schedule Of Allowance For Loan Losses [Line Items]
Beginning balance			1	1
Charge offs			0	0
Recoveries			0	0
Ending balance	1	1	1	1
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	1	1	1	1	1
Total allowance for loan losses ending balance	1	1	1	1	1
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	82	131	82	131	121
Total	82	131	82	131	121
Unallocated [Member]
Schedule Of Allowance For Loan Losses [Line Items]
Beginning balance			9	1
Charge offs			0	0
Recoveries			0	0
Provision (benefit)			20	(1)
Ending balance	29		29
Individually evaluated for impairment	0	0	0	0	0
Collectively evaluated for impairment	29		29		9
Total allowance for loan losses ending balance	29		29		9
Individually evaluated for impairment	$ 0	$ 0	$ 0	$ 0	$ 0

Loans - Information Regarding N

Loans - Information Regarding Nonaccrual Loans and Past-due Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 358	$ 865
Total Current	205,633	159,909
Total	205,991	160,774	$ 151,281
90 Days Or More Past Due and Accruing	0	0
Non-Accrual		265
30 to 59 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	35	600
60 to 89 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	323
90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		265
One- to Four- Family Residential [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	358	668
Total Current	161,738	131,569
Total	162,096	132,237	124,846
90 Days Or More Past Due and Accruing	0	0
Non-Accrual		68
One- to Four- Family Residential [Member] | 30 to 59 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	35	600
One- to Four- Family Residential [Member] | 60 to 89 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	323
One- to Four- Family Residential [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		68
Home Equity Loans and Lines of Credit [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		197
Total Current	10,359	10,665
Total	10,359	10,862	10,813
90 Days Or More Past Due and Accruing	0	0
Non-Accrual		197
Home Equity Loans and Lines of Credit [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		197
Commercial [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Current	21,780	13,251
Total	21,780	13,251	11,142
90 Days Or More Past Due and Accruing	0	0
Construction Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Current	11,674	4,303
Total	11,674	4,303	4,349
90 Days Or More Past Due and Accruing	0	0
Consumer Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Current	82	121
Total	82	121	$ 131
90 Days Or More Past Due and Accruing	$ 0	$ 0

Loans - Additional Information

Loans - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired loan	$ 0	$ 0
Troubled debt restructured loan	0	$ 0
Consumer mortgage loans in the process of foreclosure	323,000
One- to Four- Family Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans acquired with deteriorated credit quality	$ 289,000		$ 366,000
Home Equity Loans and Lines of Credit [Member] | Receivables Acquired with Deteriorated Credit Quality [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans acquired with deteriorated credit quality			$ 197,000

Premises and Equipment - Summar

Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 3,021	$ 2,978
Accumulated depreciation	(1,815)	(1,752)
Premises and equipment, net	1,206	1,226
Land [Member]
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	393	393
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	1,817	1,817
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	549	514
Data Processing Equipment [Member]
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 262	$ 254

Deposits - Additional Informati

Deposits - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Banking and Thrift [Abstract]
FDIC insurance limit	$ 250,000	$ 250,000
Aggregate amount of time deposit	23,718,000	16,876,000
Deposits from related parties held by bank	$ 2,564,656	$ 4,030,000

Deposits - Scheduled Maturities

Deposits - Scheduled Maturities of Time Deposits (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Banking and Thrift [Abstract]
2,017	$ 76,964
2,018	35,237
2,019	2,097
2,020	1,326
2,021	1,533
Total	$ 117,157

Borrowed Funds - Additional Inf

Borrowed Funds - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
FHLB Borrowings	$ 5,000,000
Federal Home Loan Bank of Boston [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Federal Home Loan Bank, remaining maximum borrowing capacity	$ 104,900,000
Federal Home Loan Bank, fixed rate amortizing period	3 years
FHLB Borrowings	$ 5,000,000	$ 0
Federal Home Loan Bank, interest rate	1.42%
Federal Home Loan Bank, maturity date	Sep. 19, 2019

Financial Instruments - Summary

Financial Instruments - Summary of Notional Amounts of Financial Instrument Liabilities with off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument liabilities with off-balance sheet credit risk	$ 25,043	$ 18,996
Commitments to Originate Loans [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument liabilities with off-balance sheet credit risk	6,945	5,214
Unused Lines of Credit [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument liabilities with off-balance sheet credit risk	13,501	11,986
Due to Borrowers on Unadvanced Construction Loans [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instrument liabilities with off-balance sheet credit risk	$ 4,597	$ 1,796

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	$ 32,099	$ 45,143
U.S Government and Federal Agency Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	5,861	8,770
Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	2,470	2,398
Corporate Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	11,618	13,508
Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	3,114	3,029
Mortgage-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	1,627	2,166
Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	7,409	15,272
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	10,523	18,301
Level 1 [Member] | Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	3,114	3,029
Level 1 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	7,409	15,272
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	21,576	26,842
Level 2 [Member] | U.S Government and Federal Agency Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	5,861	8,770
Level 2 [Member] | Debt Securities Issued by States of the United States and Political Subdivisions of the States [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	2,470	2,398
Level 2 [Member] | Corporate Bonds and Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	11,618	13,508
Level 2 [Member] | Mortgage-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value on a recurring basis	$ 1,627	$ 2,166

Fair Value Measurements - Sum50

Fair Value Measurements - Summary of Estimated Fair Values of Bank's Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Financial assets:
Cash and cash equivalents	$ 20,205	$ 16,854	$ 19,285	$ 29,491
Available-for-sale securities	32,099	45,143
Federal Home Loan Bank stock	739	437
Co-operative Central Bank deposit	881	881
Accrued interest receivable	542	440
Financial liabilities:
Deposits	217,877	184,527
Carrying Amount [Member]
Financial assets:
Cash and cash equivalents	20,205	16,854
Cash and cash equivalents	0	0
Available-for-sale securities	32,099	45,143
Federal Home Loan Bank stock	739	437
Loans, net	205,522	160,303
Co-operative Central Bank deposit	881	881
Accrued interest receivable	542	440
Financial liabilities:
Deposits	217,877	184,527
Deposits	0	0
FHLB Borrowings	5,000
Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	20,205	16,854
Cash and cash equivalents	0	0
Available-for-sale securities	32,099	45,143
Federal Home Loan Bank stock	739	437
Loans, net	206,289	161,206
Co-operative Central Bank deposit	881	881
Accrued interest receivable	542	440
Financial liabilities:
Deposits	218,484	185,170
Deposits	0	0
FHLB Borrowings	5,013
Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	20,205	16,854
Cash and cash equivalents	0	0
Available-for-sale securities	10,523	18,301
Federal Home Loan Bank stock	739	437
Co-operative Central Bank deposit	881	881
Accrued interest receivable	542	440
Financial liabilities:
Deposits	0	0
Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	0	0
Available-for-sale securities	21,576	26,842
Financial liabilities:
Deposits	218,484	185,170
Deposits	0	0
FHLB Borrowings	5,013
Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Financial assets:
Cash and cash equivalents	0	0
Loans, net	206,289	161,206
Financial liabilities:
Deposits	$ 0	$ 0

Other Comprehensive (Loss) In51

Other Comprehensive (Loss) Income - Components of Other Comprehensive (Loss) Income Included in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Net unrealized holding gains (losses) on available-for-sale securities	$ 31	$ (165)	$ 721	$ (230)
Reclassification adjustment for net realized gain in net income	(279)		(572)	(32)
Other comprehensive income (loss) before income tax effect	(248)	(165)	149	(262)
Income tax benefit (expense)	86	83	(13)	126
Other comprehensive income (loss), net of tax	$ (162)	$ (82)	$ 136	$ (136)

Other Comprehensive (Loss) In52

Other Comprehensive (Loss) Income - Components of Other Comprehensive (Loss) Income Included in Stockholders' Equity (Parenthetical) (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Write down of securities		$ 0		$ 377,000
Pre-tax amount reflected as a gain on sale of securities, net	$ 279,000		$ 572,000	32,000
Reclassified Out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax amount reflected as a gain on sale of securities, net	279,000	0	572,000	409,000
Tax effect, included in income tax expense	$ 92,000	$ 11,000	$ 188,000	$ 11,000

Regulatory Matters - Additional

Regulatory Matters - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity tier 1 capital, minimum capital requirement ratio	4.50%
Tier 1 capital to risk weighted assets, minimum capital requirement ratio	6.00%	4.00%
Tier 1 leverage ratio, minimum capital requirement ratio	4.00%
Common equity tier 1 capital, minimum to be well capitalized ratio	6.50%
Total capital to risk weighted assets, minimum to be well capitalized ratio	10.00%
Tier 1 capital to risk weighted assets, minimum to be well capitalized ratio	8.00%	6.00%
Tier 1 leverage ratio, minimum to be well capitalized ratio	5.00%
Tier 1 capital to risk-weighted assets	21.04%
Non accrual status of loans, percentage	100.00%
Non cancellable unused portion of commitments, percentage	0.00%
Risk weight for mortgage servicing rights and deferred tax assets non deductible from capital, percentage	100.00%
Risk weight for equity exposures, percentage	100.00%
Loans past due period	90 days
Non cancellable unused portion of commitments, description	Less than one year
New Capital Regulations [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity tier 1 capital, minimum capital requirement ratio	4.50%
Total capital to risk weighted assets, minimum capital requirement ratio	8.00%
Tier 1 capital to risk weighted assets, minimum capital requirement ratio	6.00%
Tier 1 leverage ratio, minimum capital requirement ratio	4.00%
Common equity tier 1 capital, minimum to be well capitalized ratio	6.50%
Total capital to risk weighted assets, minimum to be well capitalized ratio	10.00%
Tier 1 capital to risk weighted assets, minimum to be well capitalized ratio	8.00%
Tier 1 leverage ratio, minimum to be well capitalized ratio	5.00%
Non accrual status of loans, percentage	150.00%
Non cancellable unused portion of commitments, percentage	20.00%
Risk weight for mortgage servicing rights and deferred tax assets non deductible from capital, percentage	250.00%
Risk weight for equity exposures, percentage	600.00%
Maximum [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Phase in period term	4 years
Minimum [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Phase in period term	2 years
January 1, 2016 [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 capital to risk-weighted assets	0.625%
Subsequent Period [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 capital to risk-weighted assets	0.625%
January 1, 2019 [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 capital to risk-weighted assets	2.50%

Regulatory Matters - Summary of

Regulatory Matters - Summary of Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
Debt Instrument Fair Value Carrying Value [Abstract]
Total Capital (to Risk Weighted Assets), Actual	$ 34,720
Tier 1 Capital (to Risk Weighted Assets), Actual	32,995
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual	32,995
Tier 1 Capital (to Average Assets), Actual	$ 32,995
Total Capital (to Risk Weighted Assets), Actual Ratio	22.14%
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio	21.04%
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Ratio	21.04%
Tier 1 Capital (to Average Assets), Actual Ratio	13.61%
Total Capital (to Risk Weighted Assets), For Capital Adequacy purpose Amount	$ 12,546
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy purpose Amount	9,410
Common Equity Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy purpose Amount	7,057
Tier 1 Capital (to Average Assets) For Capital Adequacy purpose Amount	$ 9,696
Total Capital (to Risk Weighted Assets), For Capital Adequacy purpose Ratio	8.00%
Tier 1 Capital (to Risk Weighted Assets) For Capital Adequacy purpose Ratio	6.00%	4.00%
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy purpose Ratio	4.50%
Tier 1 Capital (to Average Assets) For Capital Adequacy purpose Ratio	4.00%
Total Capital (to Risk Weighted Assets), Capitalized Under Prompt Corrective Action Provisions Amount	$ 15,683
Tier 1 Capital (to Risk Weighted Assets), Capitalized Under Prompt Corrective Action Provisions Amount	12,546
Common Equity Tier 1 Capital (to Risk Weighted Assets), Capitalized Under Prompt Corrective Action Provisions Amount	10,194
Tier 1 Capital (to Average Assets), Capitalized Under Prompt Corrective Action Provisions Amount	$ 12,120
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	10.00%
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	8.00%	6.00%
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	6.50%
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	5.00%

Common Stock Repurchases - Addi

Common Stock Repurchases - Additional Information (Detail) - $ / shares	1 Months Ended	9 Months Ended	12 Months Ended
	Nov. 10, 2016	Sep. 30, 2016	Dec. 31, 2015
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased		226,300	42,000
Average cost of shares repurchased		$ 15.31	$ 14.60
Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	3,500
Average cost of shares repurchased	$ 15.45
Maximum [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased		283,000

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	May 12, 2016	Sep. 30, 2016	Sep. 30, 2016
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested restricted stock awarded		44,300	44,300
2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan		396,140	396,140
2015 Equity Incentive Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan		282,957	282,957
Stock-based compensation expense, related tax benefits		$ 16,000	$ 22,000
Number of shares granted	224,200
Stock options granted, exercise price	$ 15.13
Weighted average remaining years to vest	5 years
Expected volatility	20.24%
Stock options granted, fair value	$ 15.13
Expected option life	6 years 6 months
Period of U.S. Treasury rate	7 years
Annual risk free interest rate	1.54%
Estimated fair value of award determined by Black-Scholes option pricing model	$ 3.71
Stock option expense		$ 42,000	$ 64,000
Unrecognized compensation costs, weighted-average recognition period			4 years 7 months 6 days
Number of shares outstanding		224,200	224,200
Number of shares exercisable		0	0
Weighted average remaining contractual terms, Exercisable			9 years 7 months 6 days
Unrecognized compensation costs		$ 768,000	$ 768,000
2015 Equity Incentive Plan [Member] | Restricted Stock Awards And Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under plan		113,183	113,183
2015 Equity Incentive Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded	44,300
Weighted-average grant-date fair values of options granted per share	$ 15.13
Award vesting period	5 years
Minimum vesting period from date of grant	1 year
Stock-based compensation expense		$ 31,000	$ 56,000
Stock-based compensation expense, related tax benefits		$ 11,000	$ 19,000
Number of unvested restricted stock awarded		44,300	44,300
Unrecognized share based compensation expense		$ 614,000	$ 614,000
Unrecognized compensation costs, weighted-average recognition period			4 years 7 months 6 days