Seneca Financial (SNNF) 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 14, 2020
Document And Entity Information [Abstract]
Entity Registrant Name	Seneca Financial Corp.
Entity Central Index Key	0001708715
Trading Symbol	snnf
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		1,912,959
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 4,607	$ 3,094
Securities, available-for-sale	28,462	27,959
Loans, net of allowance for loan losses of $1,299 and $1,241	163,214	164,388
Federal Home Loan Bank of New York stock, at cost	2,956	2,820
Premises and equipment, net	5,375	5,414
Bank owned life insurance	2,505	2,492
Pension assets	2,831	2,831
Accrued interest receivable	837	799
Other assets	1,014	441
Total assets	211,801	210,238
Deposits:
Non-interest bearing	17,826	16,719
Interest bearing	133,497	135,192
Total Deposits	151,323	151,911
Federal Home Loan Bank advances	36,500	32,900
Advances from borrowers for taxes and insurance	1,597	2,234
Other liabilities	1,625	2,124
Total liabilities	191,045	189,169
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 1,000,000 shares authorized and unissued
Common stock, $0.01 par value, 19,000,000 shares authorized, 1,978,923 shares issued and 1,912,959 shares outstanding at March 31, 2020 and 1,978,923 shares issued and 1,912,959 shares outstanding at December 31, 2019	9	9
Additional paid-in capital	7,864	7,858
Treasury stock, at cost (65,964 shares at March 31, 2020 and at December 31, 2019)	(579)	(579)
Retained earnings	16,781	16,604
Unearned ESOP shares, at cost	(719)	(725)
Accumulated other comprehensive loss	(2,600)	(2,098)
Total stockholders' equity	20,756	21,069
Total liabilities and stockholders' equity	$ 211,801	$ 210,238

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Allowance for loan losses	$ 1,299	$ 1,241
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	19,000,000	19,000,000
Common stock, shares issued	1,978,923	1,978,923
Common stock, shares outstanding	1,912,959	1,912,959
Treasury stock (in shares)	65,964	65,964

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
INTEREST INCOME
Loans, including fees	$ 1,918	$ 1,886
Securities	224	228
Other	6	7
Total interest income	2,148	2,121
INTEREST EXPENSE
Deposits	385	426
Advances and borrowings	186	199
Total interest expense	571	625
Net interest income	1,577	1,496
PROVISION FOR LOAN LOSSES	80	35
Net interest income after provision for loan losses	1,497	1,461
NON-INTEREST INCOME
Earnings on bank-owned life insurance	13	14
Net gains on sales of available-for-sale securities	2	0
Net gains on sale of residential mortgage loans	5	21
Total non-interest income	197	174
NON-INTEREST EXPENSE
Compensation and employee benefits	785	720
Core processing	182	198
Premises and equipment	197	122
Professional fees	66	86
Postage & office supplies	34	28
FDIC premiums	13	13
Advertising	72	48
Mortgage recording tax	0	1
Director fees	44	48
Other	89	90
Total non-interest expense	1,482	1,354
Income before provision for income taxes	212	281
PROVISION FOR INCOME TAXES	35	51
Net income	$ 177	$ 230
Net income per common share - basic and diluted	$ 0.10	$ 0.12
Weighted average number of common shares outstanding - basic and diluted	1,841,140	1,887,702
Service fees
NON-INTEREST INCOME
Income fees	$ 33	$ 33
Income from financial services
NON-INTEREST INCOME
Income fees	69	50
Fee income
NON-INTEREST INCOME
Income fees	$ 75	$ 56

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 177	$ 230
Available-for-sale securities:
Unrealized holding (losses) gains arising during period	(635)	321
Less reclassification adjustment for net gains included in net income	(2)	0
Net unrealized (losses) gains on available-for-sale securities	(637)	321
Defined benefit pension plan:
Net gains (losses) arising during the period	0	0
Less reclassification of amortization of net losses recognized in net pension expense	0	0
Net changes in defined benefit pension plan	0	0
OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX	(637)	321
Tax effect	(135)	67
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(502)	254
TOTAL COMPREHENSIVE INCOME	$ (325)	$ 484

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Unearned ESOP Shares	Accumulated Other Comprehensive Loss	Total
BALANCE at Dec. 31, 2018	$ 9	$ 7,846		$ 15,487	$ (747)	$ (3,184)	$ 19,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				230			230
Other comprehensive income (loss)						254	254
ESOP shares committed to be released					6		6
Purchase of treasury shares at cost			$ (148)				(148)
BALANCE at Mar. 31, 2019	9	7,846	(148)	15,717	(741)	(2,930)	19,753
BALANCE at Dec. 31, 2019	9	7,858	(579)	16,604	(725)	(2,098)	21,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				177			177
Other comprehensive income (loss)						(502)	(502)
ESOP shares committed to be released					6		6
Stock-based compensation		6					6
BALANCE at Mar. 31, 2020	$ 9	$ 7,864	$ (579)	$ 16,781	$ (719)	$ (2,600)	$ 20,756

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Number of ESOP shares purchased	647	647
Purchase of treasury shares	65,964	17,461

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 177	$ 230
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	91	49
Provision for loan losses	80	35
Net amortization of premiums and discounts on securities	51	54
Gain on sale of residential mortgage loans	(5)	(21)
Proceeds from sale of residential mortgage loans	227	985
Loans originated and sold	(222)	(964)
Deferred income tax (benefit) expense	(135)	67
Gain on sale of available-for-sale securities	(2)	0
Amortization of deferred loan fees	20	8
ESOP compensation expense	6	6
Stock based compensation expense	6
Earnings on investment in bank owned life insurance	(13)	(14)
Increase in accrued interest receivable	(53)	(1)
Increase in other assets	(558)	(633)
Decrease in other liabilities	(231)	(265)
Net cash flow provided by operating activities	(561)	(464)
Activity in securities available-for-sale:
Proceeds from sales	1,374
Principal repayments	534	435
Purchases	(3,095)	(1,001)
Purchase of Federal Home Loan Bank of New York stock	(442)	(525)
Redemption of Federal Home Loan Bank of New York stock	306	278
Loan originations and principal collections, net	1,074	(5,641)
Purchases of premises and equipment	(52)	(854)
Net cash flow used in investing activities	(301)	(7,308)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Decrease) increase in deposits	(588)	2,308
Decrease in advances from borrowers for taxes and insurance	(637)	(520)
Purchase of treasury stock		(148)
Proceeds from long-term FHLB advances	5,500	2,000
(Decrease) Increase in short-term FHLB advances	(1,900)	2,900
Net cash flow provided by financing activities	2,375	6,540
Net change in cash and cash equivalents	1,513	(1,232)
CASH AND CASH EQUIVALENTS - beginning of year	3,094	3,470
CASH AND CASH EQUIVALENTS - end of year	4,607	2,238
Cash paid for:
Interest on deposits and borrowed funds	602	608
Income taxes	$ 35	52
Transfer of loans to other real estate owned		$ 220

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Seneca Financial Corp. (the “Company”), a federal corporation that was organized in 2017, is a savings and loan holding company of Seneca Savings (the “Bank”). The Bank maintains its executive offices and main branch in Baldwinsville, New York, with branches in Liverpool, North Syracuse and BRIDGEPORT, New York. The Bank is a community-oriented savings bank whose business primarily consists of accepting deposits from customers within its market area and investing those funds primarily in residential mortgage loans. The Bank has one wholly-owned subsidiary: Seneca Savings Insurance Agency, Inc. dba Financial Quest ("Quest"). Quest offers financial planning and investment advisory services and sells various insurance and investment products through broker networks. The consolidated financial statements of the Company include the accounts of Quest and the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the consolidated financial position of the Company as of March 31, 2020 and the results of its operations and its cash flows for the periods presented. The interim financial information should be read in conjunction with the annual consolidated financial statements and the notes thereto included in the Form 10-K of the Company. The results of operations at and for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the full year or any other period. The United States, as well as many countries around the world, are presently in the midst of a global health emergency related to a virus, commonly known as Novel Coronavirus (COVID-19). The overall consequences of COVID-19 on a global, national, regional and local level are unknown, but it has the potential to result in a significant economic impact. The impact of this situation on the Company and its future results and financial position is not presently determinable. Use of Estimates – The preparation of consolidated financial statements in conformity with U. S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses, the estimation of fair values, pension plan and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. Summary of Significant Accounting Policies – The accounting and reporting policies of the Company conform to U.S. GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Company’s consolidated financial statements for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 30, 2020.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2020
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS The following accounting standard has been adopted in the first quarter ended March 31, 2020: On January 1, 2020, the Company adopted ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) related to premium amortization on purchased callable debt securities. This Update shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019. Early adoption was permitted, including adoption in an interim period. If an entity early adopted the amendments in an interim period, any adjustments were reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this guidance did not have a material impact on our consolidated results of operations or financial position. Accounting Pronouncements to be adopted in future periods: In June 2016, the FASB issued ASU 2016‑13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016‑13”). ASU 2016‑13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (“CECL”) model). Under the CECL model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists from the date of initial recognition of that instrument. Further, ASU 2016‑13 made certain targeted amendments to the existing impairment model for available for sale (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. ASU 2016‑13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019 for all public business entities that are SEC filers. Early application is permitted as of the annual reporting periods beginning after December 15, 2018, including interim periods within those periods. An entity will apply the amendments in this ASU 2016‑13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company’s management is evaluating the potential impact on our consolidated financial statements; however, due to the significant differences in the revised guidance from existing U.S. GAAP, the implementation of this guidance may result in material changes in our accounting for credit losses on financial instruments. We are also reviewing the impact of additional disclosures required under ASU 2016‑13 on our ongoing financial reporting. In July 2019, the FASB decided to add a project to its technical agenda to propose staggered effective dates for certain accounting standards, including ASU 2016-13. The FASB has proposed an approach that ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Company, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Company, ASU 2016-13 will be effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar-year-end companies). The FASB approved the proposal in October. The Company is currently a smaller reporting company, and the Company's expected adoption date for ASU 2016-13 will change from fiscal years beginning after December 15, 2019 to fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. In February 2016, the FASB issued ASU No. 2016‑02, Leases (Topic 842). ASU No. 2016‑02 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current U.S. GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend primarily on its classification as a finance or an operating lease (i.e., the classification criteria for distinguishing between finance leases and operating leases are substantially like the classification criteria for distinguishing between capital leases and operating leases under the previous guidance). However, unlike current U.S. GAAP, which requires only capital leases to be recognized on the consolidated statement of financial condition, ASU No. 2016‑02 will require both operating and finance leases to be recognized on the consolidated statement of financial condition. Additionally, the ASU will require disclosures to help investors and other consolidated financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. Lessor accounting will remain largely unchanged from current U.S. GAAP. However, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. The amendments in ASU No. 2016‑02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for (1) public business entities, (2) not-for-profit entities that have issued, or are conduit bond obligors for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market, and (3) employee benefit plans that file financial statements with the SEC. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and for interim periods within fiscal years beginning after December 15, 2021. Early application is permitted for all entities. The Company is currently evaluating the effects of the ASU 2016‑02 on its consolidated financial statements and disclosures, if any. In July 2018, the FASB issued ASU No. 2018‑11, Leases (Topic 842) : Targeted Improvements , which amends FASB Accounting Standards Codification (ASC) Topic 842, Leases, to (1) add an optional transition method that would permit entities to apply the new requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption, and (2) provide a practical expedient for lessors regarding the separation of the lease and non-lease components of a contract. This guidance did not change the Company’s assessment of the impact of ASU No. 2016‑02 on the consolidated financial statements as described above. In August 2018, the FASB has issued Accounting Standards Update (ASU) No. 2018‑15, Intangibles—Goodwill and Other—Internal Use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, a consensus of the FASB Emerging Issues Task Force, which amends the FASB Accounting Standards Codification (ASC) to provide guidance on accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. In April 2015, the FASB issued ASU No. 2015‑05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350‑40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provided guidance to customers concerning whether a cloud computing arrangement (e.g., software, platform, or infrastructure offered as a service) includes a software license. Pursuant to that guidance, (1) if a cloud computing arrangement includes a software license, the software license element of the arrangement should be accounted for in a manner consistent with the acquisition of other software licenses, or (2) if the arrangement does not include a software license, then the arrangement should be accounted for as a service contract, with the fees associated with the hosting element (service) of the arrangement expensed as they are incurred. Following the issuance of ASU No. 2015‑05, constituents requested that the FASB provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. Accordingly, because United States generally accepted accounting principles (U.S. GAAP) do not contain explicit guidance on accounting for such costs, and to address the resulting diversity in practice, the FASB has issued ASU No. 2018‑15 to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Note that the guidance on accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in ASU No. 2018‑15. For Public Business Entities, the amended guidance is effective for fiscal years beginning after December 15, 2019 (i.e., calendar-year 2020), and for interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for annual reporting periods beginning after December 30, 2020, and interim periods within annual periods beginning after December 15, 2021. The Company does not expect the new guidance to have a material impact on the consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. The FASB’s amendments primarily impact ASC 740, Income Taxes, and may impact both interim and annual reporting periods. This ASU is effective for the Company in 2022. Early adoption is permitted. The Company does not expect the new guidance to have a material impact on the consolidated financial statements and does not expect to early adopt.

SECURITIES

SECURITIES	3 Months Ended
	Mar. 31, 2020
SECURITIES
SECURITIES	3. SECURITIES The amortized cost and fair values of securities, with gross unrealized gains and losses are as follows: Amortized Unrealized Unrealized Cost Gains Losses Fair Value (Dollars in Thousands) Available-for-sale securities: March 31, 2020 (Unaudited): Municipal securities $ 13,499 $ 5 $ (308) $ 13,196 Mortgage-backed securities and collateralized mortgage obligations 10,053 285 (18) 10,320 Corporate securities 5,309 — (363) 4,946 $ 28,861 $ 290 $ (689) $ 28,462 December 31, 2019: U.S. government agency securities $ 1,142 $ — $ (36) $ 1,106 Municipal securities 10,454 174 (5) 10,623 Mortgage-backed securities and collateralized mortgage obligations 10,816 69 (33) 10,852 Corporate securities 5,311 68 (1) 5,378 $ 27,723 $ 311 $ (75) $ 27,959 Mortgage-backed securities and collateralized mortgage obligations consist of securities that are issued by Fannie Mae (“FNMA”), Freddie Mac (“FHLMC”), and Ginnie Mae (“GNMA”), and are collateralized by residential mortgages. U.S. Government and agency obligations include notes and bonds with both fixed and variable rates. Municipal securities consist of government obligations and revenue bonds. Corporate securities consist of variable rate bonds with large financial institutions. Investment securities with carrying amounts of $9.5 million were pledged to secure advances and for other purposes required or permitted by law at March 31, 2020 and 2019, respectively. The amortized cost and fair value of debt securities based on the contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. March 31, 2020 (Unaudited) December 31, 2019 Amortized Amortized Cost Fair Value Cost Fair Value (Dollars in Thousands) Due in one year or less $ — $ — $ — $ — Due after one year through five years 8,193 7,861 6,716 6,772 Due after five years through ten years 6,294 6,113 6,448 6,552 Due after ten years 4,321 4,168 3,743 3,783 Mortgage-backed securities and collateralized mortgage obligations 10,053 10,320 10,816 10,852 $ 28,861 $ 28,462 $ 27,723 $ 27,959 During the three months ended March 31, 2020 the Company purchased $3.1 million of securities. During the three months ended March 31, 2020 the Company sold $1.4 million in securities with a gross realized gain of $1,835 and a gross realized loss of $20. The purchase and sales were a rebalancing of the investment portfolio that occurs when market conditions change. The Company did not sell or purchase securities for the three months ended March 31, 2019. Management has reviewed its loan, mortgage backed securities and collateralized mortgage obligations portfolios and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of investing in, or originating, these types of investments or loans. Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position follows: Less than Twelve Months Over Twelve Months Gross Gross Unrealized Unrealized Losses Fair Value Losses Fair Value (Dollars in Thousands) March 31, 2020 (Unaudited): Municipal securities (308) 9,748 — — Mortgage-backed securities and collateralized mortgage obligations — — (18) 1,151 Corporate Securities (363) 4,946 — — $ (671) $ 14,694 $ (18) $ 1,151 December 31, 2019: U.S. government agency securities (36) 1,106 — — Municipal securities (5) 1,885 — — Mortgage-backed securities and collateralized mortgage obligations — — (33) 2,969 Corporate Securities — — (1) 509 $ (41) $ 2,991 $ (34) $ 3,478 Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. For the three months ended March 31, 2020 and 2019, the Company did not record an other-than-temporary impairment charge. At March 31, 2020, one collateralized mortgage obligation was at a continuous loss position for more than twelve months. At March 31, 2020, twenty-three municipal securities and ten corporate securities were at a continuous loss for less than twelve months. At December 31, 2019, five collateralized mortgage obligations and a corporate security were in a continuous loss position for more than twelve months. At December 31, 2019, one U.S. government agency security and three municipal securities were at a continuous loss for less than twelve months. The mortgage-backed securities and collateralized mortgage obligations were issued by U.S. Government sponsored agencies. The municipal securities and corporate securities are rated investment grade by Standard and Poor’s BBB- or higher. All are paying in accordance with their terms with no deferrals of interest or defaults. Because the decline in fair value is attributable to changes in interest rates, not credit quality, and because management does not intend to sell and will not be required to sell these securities prior to recovery or maturity, no declines are deemed to be other-than-temporary. The short-term decline in the fair values is a result of market conditions related to the COVID-19 virus. Market values have since stabilized and as of April 30, 2020 the investment portfolio recognized an unrealized gain in investment fair values.

LOANS

LOANS	3 Months Ended
	Mar. 31, 2020
LOANS
LOANS	4. LOANS Net loans at March 31, 2020 and December 31, 2019 are as follows: March 31, 2020 December 31, 2019 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate: One-to four-family first lien residential $ 96,337 $ 99,248 Residential construction 3,759 3,710 Home equity loans and lines of credit 9,151 9,109 Commercial 35,942 34,432 Total mortgage loans on real estate 145,189 146,499 Commercial and industrial 16,666 16,814 Consumer loans 2,239 1,876 Total loans 164,094 165,189 Allowance for loan losses (1,299) (1,241) Net deferred loan origination costs 419 440 Net loans $ 163,214 $ 164,388 Loan Origination / Risk Management The Company has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by frequently providing management with reports related to loan production, loan quality, loan delinquencies, non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. Risk Characteristics of Portfolio Segments The risk characteristics within the loan portfolio vary depending on the loan segment. Consumer loans generally are repaid from personal sources of income. Risks associated with consumer loans primarily include general economic risks such as declines in the local economy creating higher rates of unemployment. Those conditions may also lead to a decline in collateral values should the Company be required to repossess the collateral securing consumer loans. These economic risks also impact the commercial loan segment, however commercial loans are considered to have greater risk than consumer loans as the primary source of repayment is from the cash flow of the business customer. Real estate loans, including residential mortgages, commercial, and home equity loans, comprise approximately 88% of the portfolio at March 31, 2020 and 89% of the portfolio at December 31, 2019. Loans secured by real estate provide collateral protection and thus significantly reduce the inherent risk in the portfolio. Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Description of Credit Quality Indicators Real estate, commercial and consumer loans are assigned a "Pass" rating unless a loan has demonstrated signs of weakness as indicated by the ratings below: · Special Mention: The relationship is protected but is potentially weak. These assets may constitute an undue and unwarranted credit risk but not to the point of justifying a substandard rating. All loans 60 days past due are classified Special Mention. The loan is not upgraded until it has been current for six consecutive months. · Substandard: The relationship is inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledge, if any. Assets so classified have a well-defined weakness or a weakness that jeopardized the liquidation of the debt. All loans 90 days past due are classified Substandard. The loan is not upgraded until it has been current for six consecutive months. · Doubtful: The relationship has all the weaknesses inherent in substandard with the added characteristic that the weaknesses make collection based on currently existing facts, conditions, and value, highly questionable or improbable. The possibility of some loss is extremely high. · Loss: Loans are considered uncollectible and of such little value that continuance as bankable assets are not warranted. It is not practicable or desirable to defer writing off this basically worthless asset even though partial recovery may be possible in the future. The risk ratings are evaluated at least annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, real estate or consumer loans. The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings within the Company's internal risk rating system as of March 31, 2020 and December 31, 2019. There were $134,000 of doubtful accounts at March 31, 2020 and no doubtful accounts at December 31, 2019. March 31, 2020 (Unaudited) (Dollars in Thousands) Doubtful/ Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to four-family first lien residential $ 96,337 $ — $ — $ — $ 96,337 Residential construction 3,759 — — — 3,759 Home equity loans and lines of credit 9,151 — — — 9,151 Commercial 32,663 — 3,279 — 35,942 Total mortgage loans on real estate 141,910 — 3,279 — 145,189 Commercial and industrial 16,053 154 325 134 16,666 Consumer loans 2,239 — — — 2,239 Total loans $ 160,202 $ 154 $ 3,604 $ 134 $ 164,094 December 31, 2019 (Dollars in Thousands) Doubtful/ Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to four-family first lien residential $ 99,248 $ — $ — $ — $ 99,248 Residential construction 3,710 — — — 3,710 Home equity loans and lines of credit 9,109 — — — 9,109 Commercial 31,072 58 3,302 — 34,432 Total mortgage loans on real estate 143,139 58 3,302 — 146,499 Commercial and industrial 16,214 565 35 16,814 Consumer loans 1,876 — — — 1,876 Total loans $ 161,229 $ 623 $ 3,337 $ — $ 165,189 Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past due loans, segregated by class of loans, are as follows: March 31, 2020 (Unaudited) (Dollars in Thousands) 30‑59 Days 60‑89 Days 90 Days Total Past Total Loans Past Due Past Due Past Due Due Current Receivable Mortgage loans on real estate: One-to four-family first lien residential $ 301 $ 859 $ 988 $ 2,148 $ 94,189 $ 96,337 Residential construction — — — — 3,759 3,759 Home equity loans and lines of credit 103 — 99 202 8,949 9,151 Commercial 296 — — 296 35,646 35,942 Total mortgage loans on real estate 700 859 1,087 2,646 142,543 145,189 Commercial and industrial 185 132 122 439 16,227 16,666 Consumer loans 38 — 1 39 2,200 2,239 Total loans $ 923 $ 991 $ 1,210 $ 3,124 $ 160,970 $ 164,094 December 31, 2019 (Dollars in Thousands) 30‑59 Days Past 60‑89 Days 90 Days Total Past Total Loans Due Past Due Past Due Due Current Receivable Mortgage loans on real estate: One-to four-family first lien residential $ 778 $ 946 $ 857 $ 2,581 $ 96,667 $ 99,248 Residential construction — — — — 3,710 3,710 Home equity loans and lines of credit 67 — 56 123 8,986 9,109 Commercial 245 120 — 365 34,067 34,432 Total mortgage loans on real estate 1,090 1,066 913 3,069 143,430 146,499 Commercial and industrial 52 — — 52 16,762 16,814 Consumer loans 12 — 8 20 1,856 1,876 Total loans $ 1,154 $ 1,066 $ 921 $ 3,141 $ 162,048 $ 165,189 Four loans totaling $122,000 migrated from 60-89 days past due to 90 Days or more past due. The loans were to a telecommunications company and are on non-accrual. Loan Modification/Troubled Debt Restructurings Under Section 4013 of the CARES Act, loans less than 30 days past due as of December 31, 2019 will be considered current for COVID-19 modifications. A financial institution can then suspend the requirements under GAAP for loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring (“TDR”), and suspend any determination of a loan modified as a result of COVID-19 as being a TDR, including the requirement to determine impairment for accounting purposes. Financial institutions wishing to utilize this authority must make a policy election, which applies to any COVID-19 modification made between March 1, 2020 and the earlier of either December 31, 2020 or the 60th day after the end of the COVID-19 national emergency. Similarly, the Financial Accounting Standards Board has confirmed that short-term modifications made on a good-faith basis in response to COVID-19 to loan customers who were current prior to any relief are not TDRs. Lastly, prior to the enactment of the CARES Act, the banking regulatory agencies provided guidance as to how certain short-term modifications would not be considered TDRs, and have subsequently confirmed that such guidance could be applicable for loans that do not qualify for favorable accounting treatment under Section 4013 of the CARES Act. As of April 30, 2020, we had received requests to modify 190 loans aggregating $29.7 million, primarily consisting of the deferral of principal and interest payments for a 90-day period. Of these modifications, $29.7 million, or 100%, were performing in accordance with their modified terms. Details with respect to actual loan modifications are as follows: Weighted Number Average Type of Loan of Loans Balance Interest Rate (In thousands) Mortgage loans on real estate: One-to four-family first lien residential 101 $ 14,500 4.1 % Residential construction — — — Home equity loans and lines of credit 13 786 3.3 % Commercial 44 12,011 5.8 % Total mortgage loans on real estate 158 27,297 4.8 % Commercial and industrial 31 2,405 5.3 % Consumer loans 1 14 4.5 % Total loans 190 $ 29,716 4.9 % Nonaccrual loans, segregated by class of loan as of March 31, 2020 and December 31, 2019 are as follows: March 31, 2020 December 31, 2019 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate $ 1,859 $ 1,671 Commercial and industrial — Consumer loans 1 — Total nonaccrual loans $ 1,994 $ 1,671 The increase in nonaccrual loans was mostly attributed to an increase in one-to four-family residential estate loans and several commercial and industrial loans at March 31, 2020. The following table summarizes impaired loan information by portfolio class: March 31, 2020 (Dollars in Thousands) Unpaid Principal Recorded Investment Balance Related Allowance With an allowance recorded: Mortgage loans on real estate $ 1,535 $ 1,535 $ 44 Commercial and industrial loans 134 134 46 1,669 1,669 90 With no allowance recorded: Mortgage loans on real estate 422 422 — Commercial and industrial loans — — — 422 422 — Total $ 2,091 $ 2,091 $ 90 December 31, 2019 (Dollars in Thousands) Unpaid Principal Recorded Investment Balance Related Allowance With an allowance recorded: Mortgage loans on real estate $ 327 $ 327 $ 17 327 327 17 With no allowance recorded: Mortgage loans on real estate 1,417 1,417 — 1,417 1,417 — Total $ 1,744 $ 1,744 $ 17 The following table presents the average recorded investment in impaired loans: March 31, 2020 December 31, 2019 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate $ 1,851 $ 1,919 Commercial and industrial loans 67 — Total $ 1,918 $ 1,919 Troubled debt restructurings (“TDRs”) occur when we grant borrowers concessions that we would not otherwise grant but for economic or legal reasons pertaining to the borrower’s financial difficulties. A concession is made when the terms of the loan modification are more favorable than the terms the borrower would have received in the current market under similar financial difficulties. These concessions may include, interest by the borrower to satisfy all or part of the debt, or the addition of borrower(s). The Company identifies loans for potential TDRs primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. Generally, we will not return a TDR to accrual status until the borrower has demonstrated the ability to make principal and interest payments under the restructured terms for at least six consecutive months. The Company’s TDRs are impaired loans, which may result in specific allocations and subsequent charge-offs if appropriate. As of March 31, 2018, the Company modified two commercial mortgage loans valued together at $1.0 million that are on non-accrual. We modified the terms to interest only for a two-year period. These TDRs are paying according to their modified terms and are classified as substandard and impaired at March 31, 2020. The following table presents interest income recognized on impaired loans for the three months ended March 31, 2020 and 2019: March 31, 2020 2019 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate - commercial $ — $ 6 Commercial and industrial loans — — Total $ — $ 6 The following tables summarize the activity in the allowance for loan losses for the three months ended March 31, 2020 and 2019. For the three months ended March 31, 2020 (Dollars In Thousands) Mortgage Loans on Commercial and Real Estate Industrial Loans Consumer Loans Unallocated Total Allowance for loan losses: Beginning balance $ 945 $ 121 $ 17 $ 158 $ 1,241 Charge-offs (14) — (8) — (22) Recoveries — — — — — Provision 166 46 15 (147) 80 Ending balance $ 1,097 $ 167 $ 24 $ 11 $ 1,299 For the three months ended March 31, 2019 (Dollars In Thousands) Mortgage Loans on Commercial and Real Estate Industrial Loans Consumer Loans Unallocated Total Allowance for loan losses: Beginning balance $ 933 $ 132 $ 17 $ 152 $ 1,234 Charge-offs (162) — (7) — (169) Recoveries — — — — — Provision 108 (29) (2) (42) 35 Ending balance $ 879 $ 103 $ 8 $ 110 $ 1,100 In addition to utilizing quantitative loss factors, we will consider qualitative factors, such as changes in underwriting policies, current economic conditions, delinquency statistics, the adequacy of the underlying collateral and the financial strength of the borrower. All of these factors are likely to be affected by the COVID-19 pandemic. To the extent that we increased our allowance for loan losses as of March 31, 2020 and expect to do so for future periods due to the COVID-19 pandemic. The charge-offs of $22,000 for the three months ended March 31, 2020 consisted of a $14,000 charge-off of a commercial real estate loan and a $ 8,000 charge-off of a consumer loan.

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2020
COMPREHENSIVE INCOME (LOSS)
COMPREHENSIVE INCOME (LOSS)	5. COMPREHENSIVE INCOME (LOSS) The balances and changes in the components of accumulated other comprehensive loss, net of tax, are as follows: For the three months ended March 31, 2020 (Unaudited) Unrealized Gains Accumulated (Losses) on Other Available-for-Sale Net Losses on Comprehensive ` Securities Pension Plan (Loss) (Dollars in Thousands) Beginning balance $ 186 $ (2,284) $ (2,098) Other comprehensive loss (502) — (502) Ending balance $ (316) $ (2,284) $ (2,600) For the three months ended March 31, 2019 (Unaudited) Unrealized Gains Accumulated on Other Available-for-Sale Net Loss on Comprehensive Securities Pension Plan (Loss) Gain (Dollars in Thousands) Beginning balance $ (436) $ (2,748) $ (3,184) Other comprehensive income 254 — 254 Ending balance $ (182) $ (2,748) $ (2,930)

FAIR VALUE MEASUREMENT AND FAIR

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS	6. Management uses its best judgment in estimating the fair value of the Company’s assets and liabilities; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all assets and liabilities, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of assets and liabilities subsequent to the respective reporting dates may be different than the amounts reported at each year-end. Accounting guidance establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity). An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: Total Level 1 Level 2 Level 3 (In Thousands of Dollars) Available-for-sale Securities: March 31, 2020 (Unaudited): Municipal securities $ 13,196 $ — $ 13,196 $ — Mortgage-backed securities and collateralized mortgage obligations 10,320 — 10,320 — Corporate securities 4,946 — 4,946 — $ 28,462 $ — $ 28,462 $ — December 31, 2019: U.S. Government Agency Securities $ 1,106 $ — $ 1,106 $ — Municipal securities 10,623 — 10,623 — Mortgage-backed securities and collateralized mortgage obligations 10,852 — 10,852 — Corporate securities 5,378 — 5,378 — $ 27,959 $ — $ 27,959 $ — There were no securities transferred out of level 2 securities available-for-sale during the three months ended March 31, 2020 or the year ended December 31, 2019. Required disclosures include fair value information about financial instruments, whether or not recognized in the consolidated statement of financial condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate, and estimates of future cash flows. In that regard, the fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. FASB ASU Topic 820 fair value measurements and disclosures, the financial assets and liabilities were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of certain of the Company’s assets and liabilities at March 31, 2020 and December 31, 2019. Cash and due from banks The carrying amounts of these assets approximate their fair values. Investment Securities The fair value of securities available-for-sale (carried at fair value) are determined by matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted prices and is a Level 2 measurement. Investment in FHLBNY Stock The carrying value of FHLBNY stock approximates its fair value based on the redemption provisions of the FHLBNY stock, resulting in a Level 2 classification. Loans The fair values of loans held in portfolio are estimated using discounted cash flow analyses, using market rates at the consolidated statement of financial position date that reflect the credit and interest rate-risk inherent in the loans, resulting in a Level 3 classification. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments, and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Accrued Interest Receivable and Payable and Advances from Borrowers for Taxes and Insurance The carrying amount approximates fair value. Deposits The fair values disclosed for demand deposits (e.g., NOW accounts, non-interest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts), resulting in a Level 1 classification. The carrying amounts for variable-rate certificates of deposit approximate their fair values at the reporting date, resulting in a Level 1 classification. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits, resulting in a Level 2 classification. Advances and borrowings from FHLBNY The fair values of FHLBNY long-term borrowings are estimated using discounted cash flow analyses, based on the quoted rates for new FHLBNY advances with similar credit risk characteristics, terms and remaining maturity, resulting in a Level 2 classification. Other Real Estate Owned Assets taken in foreclosure of defaulted loans generally measured at the lower cost or fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace, and the related nonrecurring fair value measurement adjustments have generally been classified as Level 3. The carrying amounts and estimated fair values of the Company’s financial instruments at March 31, 2020 and December 31, 2019 are as follows: Carrying Fair Hierarchy Amount Value (In Thousands of Dollars) March 31, 2020 (Unaudited) : Financial assets: Cash and due from banks Level 1 $ 4,607 $ 4,607 Securities available-for-sale Level 2 28,462 28,462 Investment in FHLB stock Level 2 2,956 2,956 Loans, net Level 3 163,214 162,896 Accrued interest receivable Level 1 837 837 Carrying Fair Hierarchy Amount Value (In Thousands of Dollars) Financial liabilities: Deposits Level 1/2 151,323 152,468 Advances and borrowings from FHLB Level 2 36,500 36,500 Accrued interest payable Level 1 121 121 Advances from borrowers for taxes and insurance Level 1 1,597 1,597 December 31, 2019: Financial assets: Cash and due from banks Level 1 $ 3,094 $ 3,094 Securities available-for-sale Level 2 27,959 27,959 Investment in FHLB stock Level 2 2,820 2,820 Loans, net Level 3 164,388 160,972 Accrued interest receivable Level 1 799 799 Financial liabilities: Deposits Level 1/2 151,911 150,792 Advances and borrowings from FHLB Level 2 32,900 32,900 Accrued interest payable Level 1 106 106 Advances from borrowers for taxes and insurance Level 1 2,234 2,234 Assets Measured at Fair Value on a Nonrecurring Basis In addition to disclosure of the fair value of assets on a recurring basis, ASC Topic 820 requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as impaired assets and foreclosed real estate. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of these loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated as required by ASC Topic 310, “Receivables- Loan Impairment ” when establishing the allowance for loan losses. Impaired loans are those in which the Company has measured impairment generally based on the fair value of the loan’s collateral less estimated selling costs. Fair value of real estate collateral is generally determined based upon independent third-party appraisals of the properties, which consider sales prices of similar properties in the proximate vicinity or by discounting expected cash flows from the properties by an appropriate risk adjusted discount rate. Management may adjust the appraised values as deemed appropriate. Fair values of collateral other than real estate is based on an estimate of the liquidation proceeds. Impaired loans and foreclosed real estate are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value consists of the asset balances net of a valuation allowance. For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2020 and December 31, 2019 were as follows: Total Level 1 Level 2 Level 3 (In Thousands of Dollars) March 31, 2020 (Unaudited): Impaired loans $ 1,579 $ — $ — $ 1,579 December 31, 2019: Impaired loans $ 310 $ — $ — $ 310 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Techniques Input Adjustment Impaired loans Lower of Appraisal appraisal of adjustments 10 % collateral or Discounted cash flow analysis asking price less selling costs Costs to sell 10 % Other real estate owned Market Costs to sell 10 % valuation of property At March 31, 2020, the fair value consists of impaired loan balances of $1.7 million net of valuation allowance of $90,000 and at December 31, 2019, the fair value consists of loan balances of $327,000, net of a valuation allowance of $17,000. At March 31, 2020 and at December 31, 2019, the Company did not have foreclosed real estate. Once a loan is foreclosed, the fair value of the real estate continues to be evaluated based upon the market value of the repossessed real estate originally securing the loan. At March 31, 2020 and December 31, 2019, there was no foreclosed real estate whose carrying value was written down utilizing Level 3 inputs. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction was $637,000 at March 31, 2020 and December 31, 2019, respectively.

OFF-BALANCE SHEET CREDIT RISK

OFF-BALANCE SHEET CREDIT RISK	3 Months Ended
	Mar. 31, 2020
OFF-BALANCE SHEET CREDIT RISK
OFF-BALANCE SHEET CREDIT RISK	7. OFF-BALANCE SHEET CREDIT RISK The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and involve, to varying degrees, elements of credit, market, and interest rate risk more than the amounts recognized in the consolidated statements of financial condition. 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 amount of these instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. As of the dates indicated, the following financial instruments were outstanding whose contract amounts represent credit risk: Commitments to extend credit are agreements to lend to a customer if there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. March 31, December 31, 2020 2019 (Unaudited) (In Thousands of Dollars) Commitments to Grant Loans $ 388 $ 816 Unfunded Commitments Under Lines of Credit $ 6,057 $ 5,887

REGULATORY CAPITAL REQUIREMENTS

REGULATORY CAPITAL REQUIREMENTS	3 Months Ended
	Mar. 31, 2020
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS	8. REGULATORY CAPITAL REQUIREMENTS The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators, which if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Bank on January 1, 2015 with full compliance with all the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios set forth in the table below of total, Tier 1, and Tier 1 common equity capital (as defined in the regulations) to risk weighted assets (as defined), and of Tier 1 capital to average assets (as defined). Management believes, as of March 31, 2020, that the Bank met all capital adequacy requirements to which it is subject. The Basel III rules limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier I capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement is 2.5% of risk-weighted assets. As a result of the recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies are required to develop a “Community Bank Leverage Ratio” (the ratio of a Bank’s Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution’s risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. A financial institution can elect to be subject to this new definition. The federal banking agencies set the minimum capital for the Community Bank Leverage Ratio at 9.00%. Pursuant to the CARES Act, the federal banking agencies in April 2020 issued interim final rules to set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. Beginning in 2021, the Community Bank Leverage Ratio will increase to 8.5% for the calendar year. Community banks will have until Jan. 1, 2022, before the Community Bank Leverage Ratio requirement will return to 9%. The Bank elected not to adopt the Community Bank Leverage Ratio as of January 1, 2020. As of March 31, 2020, the most recent notification from the Office of the Comptroller of the Currency 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, Tier 1 common equity risk-based and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and ratios as of March 31, 2020 and December 31, 2019 are as follows: To be Well Capitalized Under Prompt and Capital Adequacy Corrective Action Minimum Capital Actual Purposes Provisions Adequacy with Buffer Amount Ratio Amount Ratio Amount Ratio Amount Ratio (In Thousands of Dollars) As of December 31, 2019 (Unaudited): Total core capital to risk weighted assets $ 22,679 16.75 % $ 10,832 8.00 % $ 13,540 10.00 % $ 14,217 10.50 % Tier 1 capital to risk weighted assets 21,380 15.79 % 8,124 6.00 % 10,832 8.00 % 11,509 8.50 % Tier 1 common equity to risk weighted assets 21,380 15.79 % 6,093 4.50 % 8,801 6.50 % 9,478 7.00 % Tier 1 capital to assets 21,380 10.15 % 8,424 4.00 % 10,530 5.00 % 10,530 5.00 % As of December 31, 2018: Total core capital to risk weighted assets $ 22,427 16.32 % $ 10,992 8.00 % $ 13,740 10.00 % $ 14,427 10.50 % Tier 1 capital to risk weighted assets 21,186 15.42 % 8,244 6.00 % 10,992 8.00 % 11,679 8.50 % Tier 1 common equity to risk weighted assets 21,186 15.42 % 6,183 4.50 % 8,931 6.50 % 9,618 7.00 % Tier 1 capital to assets 21,186 10.10 % 8,394 4.00 % 10,493 5.00 % 10,493 5.00 %

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2020
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	9. EMPLOYEE BENEFIT PLANS Supplemental Executive Retirement Plan (SERP) Beginning in 2016, the Bank established a SERP for its executive officers. All benefits provided under the SERP are unfunded and, as the executive officers retire, the Company will make a payment to the participant. At March 31, 2020 and December 31, 2019, the Company recorded $125,000 and $119,000, respectively for the SERP in other liabilities. For the three months ended March 31, 2020 and 2019, the expense included in employee benefits for the SERP totaled $6,000 and $9,000 respectively. Defined Benefit Plan The Company provides pension benefits for eligible employees through a noncontributory defined benefit pension plan. Substantially all employees participate in the retirement plan on a noncontributing basis and are fully vested after five years of service. The following table presents the components of the net periodic pension plan cost for the Company’s Defined Benefit Pension Plan (the “Pension Plan”) for the periods indicated: For the Three Months Ended March 31, 2020 2019 (In thousands) Service cost $ 71 $ 71 Interest cost 110 119 Expected return on assets (234) (214) Amortization of unrecognized loss 45 26 Net periodic pension benefit cost $ (8) $ 2 The benefit obligation activity for the Pension Plan was calculated using an actuarial measurement date of January 1. Plan assets and the benefit obligations were calculated using an actuarial measurement date of December 31. The Company will assess the need for future annual contributions to the Pension Plan based upon its funded status and an evaluation of the future benefits to be provided thereunder. A contribution of $500,000 was made to the pension plan during the three months ended March 31, 2020 Employee stock ownership plan (“ESOP”) Effective upon the completion of the Company’s initial public stock offering in October 2017, the Bank established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees. The ESOP used $775,740 in proceeds from a term loan obtained from the Company to purchase 77,574 shares of common stock in the initial public offering at a price of $10.00 per share. The ESOP loan will be repaid principally from the Bank’s contribution to the ESOP in annual payments through 2047 based on the prime rate of interest on the first business day each year. Shares are released to participants on a straight-line basis over the loan term and allocated based on participant compensation. The Bank recognizes compensation benefit expense as shares are committed for release at their current market price. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital. Dividends on allocated shares would be recorded as a reduction of retained earnings and dividends on unallocated shares would be recorded as a reduction of debt. The Company recognized $5,695 for the three months ended March 31, 2020. At December 31, 2019, there were 71,820 shares not yet released having an aggregate market value of approximately $675,117. Participant vesting provisions for the ESOP are 20% per year and will be fully vested upon completion of six years of credited service. Eligible employees who were employed with the Bank shall receive credit for vesting purposes for each year of continuous employment prior to adoption of the ESOP. STOCK BASED COMPENSATION A summary of the Company’s stock option activity and related information for its equity incentive plan for the three months ended March 31, 2020 is as follows: For the three months ended March 31, 2020 Weighted Average Exercise Price Per Options Share Outstanding at the beginning of the period 47,500 $ 9.20 Grants — — Exercised — — Outstanding at period end 47,500 $ 9.20 Exercisable at quarter end — — The grants to senior management and directors vest over a five-year period in equal installments, with the first installment vesting on the anniversary date of the grant and succeeding installments on each anniversary thereafter, through 2024. The compensation expense of the awards is based on the fair value of the instruments on the date of the grant. The Company recorded compensation expense in the amount of $6,000 for the three months ended March 31, 2020. There were no grants of awards during the three months ended March 31, 2020. Compensation costs related to share-based payments transactions are recognized based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period than an employee provides service in exchange for the award. Compensation costs related to the employee Stock Ownership plan are dependent upon the average stock price and the shares committed to be released to the plan participants through the period in which income is reported. In August of 2019, the board of directors of the Company approved the grant of stock option awards to its directors and executive officers under the 2019 Equity Plan that had 96,967 shares authorized for option awards. A total of 47,500 stock option awards were granted to five directors and nine officers of the Company at an exercise price of $9.20 per share. The awards will vest ratably over five years (20% per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or September 2029. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.5%;volatility factors of the expected market price of the Company's common stock of 21.23%; weighted average expected lives of the options of 7.5 years. Based upon these assumptions, the weighted average fair value of options granted was $2.52.

EARNINGS PER SHARE COMMON

EARNINGS PER SHARE COMMON	3 Months Ended
	Mar. 31, 2020
EARNINGS PER SHARE COMMON
EARNINGS PER SHARE COMMON	10. EARNINGS PER SHARE COMMON Basic and diluted earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Net income available to common stockholders is net income to the Company. The Company has not granted any restricted stock awards or stock options and had no dilutive common stock equivalents during the three months ended March 31, 2020 and 2019. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released. The following table sets forth the calculation of basic and diluted earnings per share: Three months ended March 31, (In thousands of dollars except per share data, unaudited) 2020 2019 Basic and diluted earnings per common share: Net income available to common stockholders $ 177 $ 230 Weighted average common shares outstanding - basic and diluted 1,841,140 1,887,702 $ 0.10 $ 0.12

NON-INTEREST INCOME

NON-INTEREST INCOME	3 Months Ended
	Mar. 31, 2020
NON-INTEREST INCOME
NON-INTEREST INCOME	11. NON-INTEREST INCOME The Company has included the following table regarding the Company’s non-interest income for the periods presented: (Unaudited) For the Three Months Ended March 31, 2020 2019 (Dollars in Thousands) Service fees Deposit related fees $ 9 $ 10 Loan servicing income 24 23 Total service fees 33 33 Income from financial services Securities commission income 67 46 Insurance commission income 2 4 Total insurance and securities commission income 69 50 Card income Debit card interchange fee income 25 21 ATM fees 5 5 Insufficient fund fees 40 25 Total card and insufficient funds income 70 51 Realized gain on sale of residential mortgage loans and available-for-sale securities Realized gain on sales of residential mortgage loans 5 21 Realized net gain on available-for-sales securities 2 — Bank owned life insurance 13 14 Other miscellaneous income 5 5 Total non-interest income $ 197 $ 174 The Company recognizes revenue as it is earned. The following is a discussion of key revenues within the scope of the new revenue guidance: · Service fees – Revenue from fees on deposit accounts is earned at the time that the charge is assessed to the customer’s account. Fee waivers are discretionary and usually reversed within the same reporting period as assessed. · Fee income – Fee income is earned through commissions and is satisfied over the time which the fee has been assessed. · Card income and insufficient funds fees – Card income consists of interchange fees from consumer debit card networks and other card related services. Interchange rates are set by the card networks. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur. Insufficient funds fees are satisfied at the time the charge is assessed to the customer’s account. · Realized gains on sale of residential mortgage loans and available-for-sale securities are realized at the time the transaction occurs.

SECURITIES (Tables)

SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2020
SECURITIES
Schedule of amortized cost and fair value of securities available-for-sale	Amortized Unrealized Unrealized Cost Gains Losses Fair Value (Dollars in Thousands) Available-for-sale securities: March 31, 2020 (Unaudited): Municipal securities $ 13,499 $ 5 $ (308) $ 13,196 Mortgage-backed securities and collateralized mortgage obligations 10,053 285 (18) 10,320 Corporate securities 5,309 — (363) 4,946 $ 28,861 $ 290 $ (689) $ 28,462 December 31, 2019: U.S. government agency securities $ 1,142 $ — $ (36) $ 1,106 Municipal securities 10,454 174 (5) 10,623 Mortgage-backed securities and collateralized mortgage obligations 10,816 69 (33) 10,852 Corporate securities 5,311 68 (1) 5,378 $ 27,723 $ 311 $ (75) $ 27,959
Schedule of amortized cost and fair value of debt securities based on the contractual maturity	March 31, 2020 (Unaudited) December 31, 2019 Amortized Amortized Cost Fair Value Cost Fair Value (Dollars in Thousands) Due in one year or less $ — $ — $ — $ — Due after one year through five years 8,193 7,861 6,716 6,772 Due after five years through ten years 6,294 6,113 6,448 6,552 Due after ten years 4,321 4,168 3,743 3,783 Mortgage-backed securities and collateralized mortgage obligations 10,053 10,320 10,816 10,852 $ 28,861 $ 28,462 $ 27,723 $ 27,959
Schedule of information of gross unrealized losses aggregated by investment category	Less than Twelve Months Over Twelve Months Gross Gross Unrealized Unrealized Losses Fair Value Losses Fair Value (Dollars in Thousands) March 31, 2020 (Unaudited): Municipal securities (308) 9,748 — — Mortgage-backed securities and collateralized mortgage obligations — — (18) 1,151 Corporate Securities (363) 4,946 — — $ (671) $ 14,694 $ (18) $ 1,151 December 31, 2019: U.S. government agency securities (36) 1,106 — — Municipal securities (5) 1,885 — — Mortgage-backed securities and collateralized mortgage obligations — — (33) 2,969 Corporate Securities — — (1) 509 $ (41) $ 2,991 $ (34) $ 3,478

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2020
LOANS
Schedule of net loans	March 31, 2020 December 31, 2019 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate: One-to four-family first lien residential $ 96,337 $ 99,248 Residential construction 3,759 3,710 Home equity loans and lines of credit 9,151 9,109 Commercial 35,942 34,432 Total mortgage loans on real estate 145,189 146,499 Commercial and industrial 16,666 16,814 Consumer loans 2,239 1,876 Total loans 164,094 165,189 Allowance for loan losses (1,299) (1,241) Net deferred loan origination costs 419 440 Net loans $ 163,214 $ 164,388
Schedule of classes of the loan portfolio	March 31, 2020 (Unaudited) (Dollars in Thousands) Doubtful/ Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to four-family first lien residential $ 96,337 $ — $ — $ — $ 96,337 Residential construction 3,759 — — — 3,759 Home equity loans and lines of credit 9,151 — — — 9,151 Commercial 32,663 — 3,279 — 35,942 Total mortgage loans on real estate 141,910 — 3,279 — 145,189 Commercial and industrial 16,053 154 325 134 16,666 Consumer loans 2,239 — — — 2,239 Total loans $ 160,202 $ 154 $ 3,604 $ 134 $ 164,094 December 31, 2019 (Dollars in Thousands) Doubtful/ Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to four-family first lien residential $ 99,248 $ — $ — $ — $ 99,248 Residential construction 3,710 — — — 3,710 Home equity loans and lines of credit 9,109 — — — 9,109 Commercial 31,072 58 3,302 — 34,432 Total mortgage loans on real estate 143,139 58 3,302 — 146,499 Commercial and industrial 16,214 565 35 16,814 Consumer loans 1,876 — — — 1,876 Total loans $ 161,229 $ 623 $ 3,337 $ — $ 165,189
Schedule of age analysis of past due loans, segregated by class of loans	March 31, 2020 (Unaudited) (Dollars in Thousands) 30‑59 Days 60‑89 Days 90 Days Total Past Total Loans Past Due Past Due Past Due Due Current Receivable Mortgage loans on real estate: One-to four-family first lien residential $ 301 $ 859 $ 988 $ 2,148 $ 94,189 $ 96,337 Residential construction — — — — 3,759 3,759 Home equity loans and lines of credit 103 — 99 202 8,949 9,151 Commercial 296 — — 296 35,646 35,942 Total mortgage loans on real estate 700 859 1,087 2,646 142,543 145,189 Commercial and industrial 185 132 122 439 16,227 16,666 Consumer loans 38 — 1 39 2,200 2,239 Total loans $ 923 $ 991 $ 1,210 $ 3,124 $ 160,970 $ 164,094 December 31, 2019 (Dollars in Thousands) 30‑59 Days Past 60‑89 Days 90 Days Total Past Total Loans Due Past Due Past Due Due Current Receivable Mortgage loans on real estate: One-to four-family first lien residential $ 778 $ 946 $ 857 $ 2,581 $ 96,667 $ 99,248 Residential construction — — — — 3,710 3,710 Home equity loans and lines of credit 67 — 56 123 8,986 9,109 Commercial 245 120 — 365 34,067 34,432 Total mortgage loans on real estate 1,090 1,066 913 3,069 143,430 146,499 Commercial and industrial 52 — — 52 16,762 16,814 Consumer loans 12 — 8 20 1,856 1,876 Total loans $ 1,154 $ 1,066 $ 921 $ 3,141 $ 162,048 $ 165,189
Schedule of nonaccrual loans, segregated by class of loan	March 31, 2020 December 31, 2019 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate $ 1,859 $ 1,671 Commercial and industrial — Consumer loans 1 — Total nonaccrual loans $ 1,994 $ 1,671
Schedule of summary of impaired loans by portfolio class	March 31, 2020 (Dollars in Thousands) Unpaid Principal Recorded Investment Balance Related Allowance With an allowance recorded: Mortgage loans on real estate $ 1,535 $ 1,535 $ 44 Commercial and industrial loans 134 134 46 1,669 1,669 90 With no allowance recorded: Mortgage loans on real estate 422 422 — Commercial and industrial loans — — — 422 422 — Total $ 2,091 $ 2,091 $ 90 December 31, 2019 (Dollars in Thousands) Unpaid Principal Recorded Investment Balance Related Allowance With an allowance recorded: Mortgage loans on real estate $ 327 $ 327 $ 17 327 327 17 With no allowance recorded: Mortgage loans on real estate 1,417 1,417 — 1,417 1,417 — Total $ 1,744 $ 1,744 $ 17
Schedule of average recorded investment in impaired loans	March 31, 2020 December 31, 2019 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate $ 1,851 $ 1,919 Commercial and industrial loans 67 — Total $ 1,918 $ 1,919
Schedule of interest income recognized on impaired loans	The following table presents interest income recognized on impaired loans for the three months ended March 31, 2020 and 2019: March 31, 2020 2019 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate - commercial $ — $ 6 Commercial and industrial loans — — Total $ — $ 6
Schedule for changes in the allowance for loan losses	For the three months ended March 31, 2020 (Dollars In Thousands) Mortgage Loans on Commercial and Real Estate Industrial Loans Consumer Loans Unallocated Total Allowance for loan losses: Beginning balance $ 945 $ 121 $ 17 $ 158 $ 1,241 Charge-offs (14) — (8) — (22) Recoveries — — — — — Provision 166 46 15 (147) 80 Ending balance $ 1,097 $ 167 $ 24 $ 11 $ 1,299 For the three months ended March 31, 2019 (Dollars In Thousands) Mortgage Loans on Commercial and Real Estate Industrial Loans Consumer Loans Unallocated Total Allowance for loan losses: Beginning balance $ 933 $ 132 $ 17 $ 152 $ 1,234 Charge-offs (162) — (7) — (169) Recoveries — — — — — Provision 108 (29) (2) (42) 35 Ending balance $ 879 $ 103 $ 8 $ 110 $ 1,100

COMPREHENSIVE INCOME (LOSS) (Ta

COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Mar. 31, 2020
COMPREHENSIVE INCOME (LOSS)
Schedule of balances and changes in components of accumulated other comprehensive loss, net of tax	For the three months ended March 31, 2020 (Unaudited) Unrealized Gains Accumulated (Losses) on Other Available-for-Sale Net Losses on Comprehensive ` Securities Pension Plan (Loss) (Dollars in Thousands) Beginning balance $ 186 $ (2,284) $ (2,098) Other comprehensive loss (502) — (502) Ending balance $ (316) $ (2,284) $ (2,600) For the three months ended March 31, 2019 (Unaudited) Unrealized Gains Accumulated on Other Available-for-Sale Net Loss on Comprehensive Securities Pension Plan (Loss) Gain (Dollars in Thousands) Beginning balance $ (436) $ (2,748) $ (3,184) Other comprehensive income 254 — 254 Ending balance $ (182) $ (2,748) $ (2,930)

FAIR VALUE MEASUREMENT AND FA_2

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of financial assets measured at fair value on a recurring basis	Total Level 1 Level 2 Level 3 (In Thousands of Dollars) Available-for-sale Securities: March 31, 2020 (Unaudited): Municipal securities $ 13,196 $ — $ 13,196 $ — Mortgage-backed securities and collateralized mortgage obligations 10,320 — 10,320 — Corporate securities 4,946 — 4,946 — $ 28,462 $ — $ 28,462 $ — December 31, 2019: U.S. Government Agency Securities $ 1,106 $ — $ 1,106 $ — Municipal securities 10,623 — 10,623 — Mortgage-backed securities and collateralized mortgage obligations 10,852 — 10,852 — Corporate securities 5,378 — 5,378 — $ 27,959 $ — $ 27,959 $ —
Schedule of carrying amounts and estimated fair values of financial instruments	Carrying Fair Hierarchy Amount Value (In Thousands of Dollars) March 31, 2020 (Unaudited) : Financial assets: Cash and due from banks Level 1 $ 4,607 $ 4,607 Securities available-for-sale Level 2 28,462 28,462 Investment in FHLB stock Level 2 2,956 2,956 Loans, net Level 3 163,214 162,896 Accrued interest receivable Level 1 837 837 Carrying Fair Hierarchy Amount Value (In Thousands of Dollars) Financial liabilities: Deposits Level 1/2 151,323 152,468 Advances and borrowings from FHLB Level 2 36,500 36,500 Accrued interest payable Level 1 121 121 Advances from borrowers for taxes and insurance Level 1 1,597 1,597 December 31, 2019: Financial assets: Cash and due from banks Level 1 $ 3,094 $ 3,094 Securities available-for-sale Level 2 27,959 27,959 Investment in FHLB stock Level 2 2,820 2,820 Loans, net Level 3 164,388 160,972 Accrued interest receivable Level 1 799 799 Financial liabilities: Deposits Level 1/2 151,911 150,792 Advances and borrowings from FHLB Level 2 32,900 32,900 Accrued interest payable Level 1 106 106 Advances from borrowers for taxes and insurance Level 1 2,234 2,234
Schedule of assets measured at fair value on a nonrecurring basis	Total Level 1 Level 2 Level 3 (In Thousands of Dollars) March 31, 2020 (Unaudited): Impaired loans $ 1,579 $ — $ — $ 1,579 December 31, 2019: Impaired loans $ 310 $ — $ — $ 310
Schedule of quantitative information of assets measured at fair value on a nonrecurring basis	Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Techniques Input Adjustment Impaired loans Lower of Appraisal appraisal of adjustments 10 % collateral or Discounted cash flow analysis asking price less selling costs Costs to sell 10 % Other real estate owned Market Costs to sell 10 % valuation of property

OFF-BALANCE SHEET CREDIT RISK (

OFF-BALANCE SHEET CREDIT RISK (Tables)	3 Months Ended
	Mar. 31, 2020
OFF-BALANCE SHEET CREDIT RISK
Schedule of outstanding contract amounts of off-balance sheet credit risk financial instruments	March 31, December 31, 2020 2019 (Unaudited) (In Thousands of Dollars) Commitments to Grant Loans $ 388 $ 816 Unfunded Commitments Under Lines of Credit $ 6,057 $ 5,887

REGULATORY CAPITAL REQUIREMEN_2

REGULATORY CAPITAL REQUIREMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
REGULATORY CAPITAL REQUIREMENTS
Schedule of company's actual capital amounts and ratios	To be Well Capitalized Under Prompt and Capital Adequacy Corrective Action Minimum Capital Actual Purposes Provisions Adequacy with Buffer Amount Ratio Amount Ratio Amount Ratio Amount Ratio (In Thousands of Dollars) As of December 31, 2019 (Unaudited): Total core capital to risk weighted assets $ 22,679 16.75 % $ 10,832 8.00 % $ 13,540 10.00 % $ 14,217 10.50 % Tier 1 capital to risk weighted assets 21,380 15.79 % 8,124 6.00 % 10,832 8.00 % 11,509 8.50 % Tier 1 common equity to risk weighted assets 21,380 15.79 % 6,093 4.50 % 8,801 6.50 % 9,478 7.00 % Tier 1 capital to assets 21,380 10.15 % 8,424 4.00 % 10,530 5.00 % 10,530 5.00 % As of December 31, 2018: Total core capital to risk weighted assets $ 22,427 16.32 % $ 10,992 8.00 % $ 13,740 10.00 % $ 14,427 10.50 % Tier 1 capital to risk weighted assets 21,186 15.42 % 8,244 6.00 % 10,992 8.00 % 11,679 8.50 % Tier 1 common equity to risk weighted assets 21,186 15.42 % 6,183 4.50 % 8,931 6.50 % 9,618 7.00 % Tier 1 capital to assets 21,186 10.10 % 8,394 4.00 % 10,493 5.00 % 10,493 5.00 %

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2020
EMPLOYEE BENEFIT PLANS
Schedule of net periodic pension plan cost	For the Three Months Ended March 31, 2020 2019 (In thousands) Service cost $ 71 $ 71 Interest cost 110 119 Expected return on assets (234) (214) Amortization of unrecognized loss 45 26 Net periodic pension benefit cost $ (8) $ 2
Summary of stock option activity and related information for equity incentive plan	For the three months ended March 31, 2020 Weighted Average Exercise Price Per Options Share Outstanding at the beginning of the period 47,500 $ 9.20 Grants — — Exercised — — Outstanding at period end 47,500 $ 9.20 Exercisable at quarter end — —

EARNINGS PER SHARE COMMON (Tabl

EARNINGS PER SHARE COMMON (Tables)	3 Months Ended
	Mar. 31, 2020
EARNINGS PER SHARE COMMON
Schedule of basic earnings per share	Three months ended March 31, (In thousands of dollars except per share data, unaudited) 2020 2019 Basic and diluted earnings per common share: Net income available to common stockholders $ 177 $ 230 Weighted average common shares outstanding - basic and diluted 1,841,140 1,887,702 $ 0.10 $ 0.12

NON-INTEREST INCOME (Tables)

NON-INTEREST INCOME (Tables)	3 Months Ended
	Mar. 31, 2020
NON-INTEREST INCOME
Schedule of non-interest income	(Unaudited) For the Three Months Ended March 31, 2020 2019 (Dollars in Thousands) Service fees Deposit related fees $ 9 $ 10 Loan servicing income 24 23 Total service fees 33 33 Income from financial services Securities commission income 67 46 Insurance commission income 2 4 Total insurance and securities commission income 69 50 Card income Debit card interchange fee income 25 21 ATM fees 5 5 Insufficient fund fees 40 25 Total card and insufficient funds income 70 51 Realized gain on sale of residential mortgage loans and available-for-sale securities Realized gain on sales of residential mortgage loans 5 21 Realized net gain on available-for-sales securities 2 — Bank owned life insurance 13 14 Other miscellaneous income 5 5 Total non-interest income $ 197 $ 174

SECURITIES - Summary of amortiz

SECURITIES - Summary of amortized cost and fair values of securities, with gross unrealized gains and losses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Available-for-sale Securities:
Amortized Cost	$ 28,861	$ 27,723
Unrealized Gains	290	311
Unrealized Losses	(689)	(75)
Total	28,462	27,959
U.S. Government Agency Securities
Available-for-sale Securities:
Amortized Cost		1,142
Unrealized Gains		0
Unrealized Losses		(36)
Total		1,106
Municipal securities
Available-for-sale Securities:
Amortized Cost	13,499	10,454
Unrealized Gains	5	174
Unrealized Losses	(308)	(5)
Total	13,196	10,623
Mortgage-backed securities and collateralized mortgage obligations
Available-for-sale Securities:
Amortized Cost	10,053	10,816
Unrealized Gains	285	69
Unrealized Losses	(18)	(33)
Total	10,320	10,852
Corporate securities
Available-for-sale Securities:
Amortized Cost	5,309	5,311
Unrealized Gains	0	68
Unrealized Losses	(363)	(1)
Total	$ 4,946	$ 5,378

SECURITIES - Summary of amort_2

SECURITIES - Summary of amortized cost and fair value of debt securities by contractual maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Available for Sale, Amortized Cost
Due after one year through five years	$ 8,193	$ 6,716
Due after five years through ten years	6,294	6,448
Due after ten years	4,321	3,743
Amortized Cost	28,861	27,723
Available for Sale, Fair Value
Due after one year through five years	7,861	6,772
Due after five years through ten years	6,113	6,552
Due after ten years	4,168	3,783
Fair Value	28,462	27,959
Mortgage-backed securities and collateralized mortgage obligations
Available for Sale, Amortized Cost
Amortized Cost	10,053	10,816
Available for Sale, Fair Value
Fair Value	$ 10,320	$ 10,852

SECURITIES - Summary of securit

SECURITIES - Summary of securities in unrealized loss position (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Gross Unrealized Losses	$ (671)	$ (41)
Less than Twelve Months, Fair Value	14,694	2,991
Twelve Months and Over, Gross Unrealized Losses	(18)	(34)
Twelve Months and Over, Fair Value	1,151	3,478
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Gross Unrealized Losses	(308)	(5)
Less than Twelve Months, Fair Value	9,748	1,885
Twelve Months and Over, Gross Unrealized Losses	0	0
Twelve Months and Over, Fair Value	0	0
Mortgage-backed securities and collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Gross Unrealized Losses	0	0
Less than Twelve Months, Fair Value	0	0
Twelve Months and Over, Gross Unrealized Losses	(18)	(33)
Twelve Months and Over, Fair Value	1,151	2,969
U.S. Government Agency Securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Gross Unrealized Losses		(36)
Less than Twelve Months, Fair Value		1,106
Twelve Months and Over, Gross Unrealized Losses		0
Twelve Months and Over, Fair Value		0
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Gross Unrealized Losses	(363)	0
Less than Twelve Months, Fair Value	4,946	0
Twelve Months and Over, Gross Unrealized Losses	0	(1)
Twelve Months and Over, Fair Value	$ 0	$ 509

SECURITIES - Additional Informa

SECURITIES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)security	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)security
Debt Securities, Available-for-sale [Line Items]
Carrying value of investment securities pledged to secure deposits | $	$ 9,500,000		$ 9,500,000
Purchases of securities | $	3,095,000	$ 1,001,000
Proceeds from sale of available-for-sale securities | $	1,374,000
Gross realized gains on sale of available-for-sale securities | $	1,835
Gross realized losses on sale of available-for-sale securities | $	$ 20,000
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in a continuous loss position for less than twelve months | security	23		3
Collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Number of securities in a continuous loss position for more than twelve months | security	1		5
U.S. Government Agency Securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in a continuous loss position for less than twelve months | security			1
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in a continuous loss position for more than twelve months | security			1
Number of securities in a continuous loss position for less than twelve months | security	10

LOANS - Components of net loans

LOANS - Components of net loans (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 164,094	$ 165,189
Allowance for loan losses	(1,299)	(1,241)	$ (1,100)	$ (1,234)
Net deferred loan origination costs	419	440
Net loans	163,214	164,388
Mortgage loans on real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	145,189	146,499
Allowance for loan losses	(1,097)	(945)	(879)	(933)
Mortgage loans on real estate | One-to-four family first lien residential
Loans and Leases Receivable Disclosure [Line Items]
Total loans	96,337	99,248
Mortgage loans on real estate | Residential construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans	3,759	3,710
Mortgage loans on real estate | Home equity loans and lines of credit
Loans and Leases Receivable Disclosure [Line Items]
Total loans	9,151	9,109
Mortgage loans on real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	35,942	34,432
Commercial and industrial loans
Loans and Leases Receivable Disclosure [Line Items]
Total loans	16,666	16,814
Allowance for loan losses	(167)	(121)	(103)	(132)
Consumer loans
Loans and Leases Receivable Disclosure [Line Items]
Total loans	2,239	1,876
Allowance for loan losses	$ (24)	$ (17)	$ (8)	$ (17)

LOANS - Summary of internal ris

LOANS - Summary of internal risk rating of loans (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 164,094	$ 165,189
Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	160,202	161,229
Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	154	623
Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	3,604	3,337
Doubtful/Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	134	0
Mortgage loans on real estate
Financing Receivable, Recorded Investment [Line Items]
Total loans	145,189	146,499
Mortgage loans on real estate | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	141,910	143,139
Mortgage loans on real estate | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	58
Mortgage loans on real estate | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	3,279	3,302
Mortgage loans on real estate | Doubtful/Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | One-to-four family first lien residential
Financing Receivable, Recorded Investment [Line Items]
Total loans	96,337	99,248
Mortgage loans on real estate | One-to-four family first lien residential | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	96,337	99,248
Mortgage loans on real estate | One-to-four family first lien residential | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | One-to-four family first lien residential | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | One-to-four family first lien residential | Doubtful/Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | Residential construction
Financing Receivable, Recorded Investment [Line Items]
Total loans	3,759	3,710
Mortgage loans on real estate | Residential construction | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	3,759	3,710
Mortgage loans on real estate | Residential construction | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | Residential construction | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | Residential construction | Doubtful/Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | Home equity loans and lines of credit
Financing Receivable, Recorded Investment [Line Items]
Total loans	9,151	9,109
Mortgage loans on real estate | Home equity loans and lines of credit | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	9,151	9,109
Mortgage loans on real estate | Home equity loans and lines of credit | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | Home equity loans and lines of credit | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | Home equity loans and lines of credit | Doubtful/Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | Commercial
Financing Receivable, Recorded Investment [Line Items]
Total loans	35,942	34,432
Mortgage loans on real estate | Commercial | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	32,663	31,072
Mortgage loans on real estate | Commercial | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	58
Mortgage loans on real estate | Commercial | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	3,279	3,302
Mortgage loans on real estate | Commercial | Doubtful/Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Commercial and industrial loans
Financing Receivable, Recorded Investment [Line Items]
Total loans	16,666	16,814
Commercial and industrial loans | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	16,053	16,214
Commercial and industrial loans | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	154	565
Commercial and industrial loans | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	325	35
Commercial and industrial loans | Doubtful/Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	134	0
Consumer loans
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,239	1,876
Consumer loans | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,239	1,876
Consumer loans | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Consumer loans | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Consumer loans | Doubtful/Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 0	$ 0

LOANS - Summary of age analysis

LOANS - Summary of age analysis of past due loans, segregated by class of loans (Details) $ in Thousands	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 3,124	$ 3,141
Current	160,970	162,048
Total Loans Receivable	164,094	165,189
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	923	1,154
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	991	1,066
90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 1,210	921
Number of Loans receivables migrated to other past due status | loan	4
Financing Receivable, Past Due, Migrated to Another Past Due Status	$ 122
Mortgage loans on real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	2,646	3,069
Current	142,543	143,430
Total Loans Receivable	145,189	146,499
Mortgage loans on real estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	700	1,090
Mortgage loans on real estate | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	859	1,066
Mortgage loans on real estate | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,087	913
Mortgage loans on real estate | One-to-four family first lien residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	2,148	2,581
Current	94,189	96,667
Total Loans Receivable	96,337	99,248
Mortgage loans on real estate | One-to-four family first lien residential | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	301	778
Mortgage loans on real estate | One-to-four family first lien residential | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	859	946
Mortgage loans on real estate | One-to-four family first lien residential | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	988	857
Mortgage loans on real estate | Residential construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	3,759	3,710
Total Loans Receivable	3,759	3,710
Mortgage loans on real estate | Residential construction | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Residential construction | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Residential construction | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Home equity loans and lines of credit
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	202	123
Current	8,949	8,986
Total Loans Receivable	9,151	9,109
Mortgage loans on real estate | Home equity loans and lines of credit | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	103	67
Mortgage loans on real estate | Home equity loans and lines of credit | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Home equity loans and lines of credit | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	99	56
Mortgage loans on real estate | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	296	365
Current	35,646	34,067
Total Loans Receivable	35,942	34,432
Mortgage loans on real estate | Commercial | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	296	245
Mortgage loans on real estate | Commercial | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	120
Mortgage loans on real estate | Commercial | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Commercial and industrial loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	439	52
Current	16,227	16,762
Total Loans Receivable	16,666	16,814
Commercial and industrial loans | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	185	52
Commercial and industrial loans | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	132	0
Commercial and industrial loans | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	122	0
Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	39	20
Current	2,200	1,856
Total Loans Receivable	2,239	1,876
Consumer loans | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	38	12
Consumer loans | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Consumer loans | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 1	$ 8

LOANS - Summary of actual loan

LOANS - Summary of actual loan modifications (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2020USD ($)loan	Mar. 31, 2018loan	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Financing Receivable, Recorded Investment [Line Items]
Ending balance			$ 164,094	$ 165,189
Payment Deferral
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | loan	190
Ending balance	$ 29,716
Weighted average interest rate	4.90%
Mortgage loans on real estate
Financing Receivable, Recorded Investment [Line Items]
Ending balance			145,189	146,499
Mortgage loans on real estate | Payment Deferral
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | loan	158
Ending balance	$ 27,297
Weighted average interest rate	4.80%
Commercial and industrial loans
Financing Receivable, Recorded Investment [Line Items]
Ending balance			16,666	16,814
Commercial and industrial loans | Payment Deferral
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | loan	31
Ending balance	$ 2,405
Weighted average interest rate	5.30%
Consumer loans
Financing Receivable, Recorded Investment [Line Items]
Ending balance			2,239	1,876
Consumer loans | Payment Deferral
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | loan	1
Ending balance	$ 14
Weighted average interest rate	4.50%
One-to-four family first lien residential | Mortgage loans on real estate
Financing Receivable, Recorded Investment [Line Items]
Ending balance			96,337	99,248
One-to-four family first lien residential | Mortgage loans on real estate | Payment Deferral
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | loan	101
Ending balance	$ 14,500
Weighted average interest rate	4.10%
Residential construction | Mortgage loans on real estate
Financing Receivable, Recorded Investment [Line Items]
Ending balance			3,759	3,710
Home equity loans and lines of credit | Mortgage loans on real estate
Financing Receivable, Recorded Investment [Line Items]
Ending balance			9,151	9,109
Home equity loans and lines of credit | Mortgage loans on real estate | Payment Deferral
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | loan	13
Ending balance	$ 786
Weighted average interest rate	3.30%
Commercial | Mortgage loans on real estate
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | loan		2
Ending balance			$ 35,942	$ 34,432
Commercial | Mortgage loans on real estate | Payment Deferral
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | loan	44
Ending balance	$ 12,011
Weighted average interest rate	5.80%

LOANS - Summary of Nonaccrual l

LOANS - Summary of Nonaccrual loans (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	$ 1,994	$ 1,671
Mortgage loans on real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	1,859	1,671
Commercial and industrial loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	134	0
Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	$ 1	$ 0

LOANS - Impaired loans informat

LOANS - Impaired loans information by portfolio class (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
With an allowance recorded:
Recorded Investment	$ 1,669	$ 327
Unpaid Principal Balance	1,669	327
Related Allowance	90	17
With no allowance recorded:
Recorded Investment	422	1,417
Unpaid Principal Balance	422	1,417
Total Recorded Investment	2,091	1,744
Total Unpaid Principal Balance	2,091	1,744
Total Related Allowance	90	17
Mortgage loans on real estate
With an allowance recorded:
Recorded Investment	1,535	327
Unpaid Principal Balance	1,535	327
Related Allowance	44	17
With no allowance recorded:
Recorded Investment	422	1,417
Unpaid Principal Balance	422	$ 1,417
Commercial and industrial loans
With an allowance recorded:
Recorded Investment	134
Unpaid Principal Balance	134
Related Allowance	46
With no allowance recorded:
Recorded Investment	0
Unpaid Principal Balance	$ 0

LOANS - Average recorded invest

LOANS - Average recorded investment in impaired loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Impaired [Line Items]
Average recorded investment in impaired loans	$ 1,918	$ 1,919
Mortgage loans on real estate
Financing Receivable, Impaired [Line Items]
Average recorded investment in impaired loans	1,851	1,919
Commercial and industrial loans
Financing Receivable, Impaired [Line Items]
Average recorded investment in impaired loans	$ 67	$ 0

LOANS - Interest income recogni

LOANS - Interest income recognized on impaired loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Financing Receivable, Impaired [Line Items]
Interest income recognized on impaired loans	$ 6
Mortgage loans on real estate | Commercial
Financing Receivable, Impaired [Line Items]
Interest income recognized on impaired loans	$ 6

LOANS - Changes in allowance fo

LOANS - Changes in allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Allowance for loan losses:
Beginning balance	$ 1,241	$ 1,234
Charge-offs	(22)	(169)
Recoveries	0	0
Provision	80	35
Ending balance	1,299	1,100
Loans receivable balance:
Ending balance	164,094		$ 165,189
Mortgage loans on real estate
Allowance for loan losses:
Beginning balance	945	933
Charge-offs	(14)	(162)
Recoveries	0	0
Provision	166	108
Ending balance	1,097	879
Loans receivable balance:
Ending balance	145,189		146,499
Commercial and industrial loans
Allowance for loan losses:
Beginning balance	121	132
Charge-offs	0	0
Recoveries	0	0
Provision	46	(29)
Ending balance	167	103
Loans receivable balance:
Ending balance	16,666		16,814
Consumer loans
Allowance for loan losses:
Beginning balance	17	17
Charge-offs	(8)	(7)
Recoveries	0	0
Provision	15	(2)
Ending balance	24	8
Loans receivable balance:
Ending balance	2,239		$ 1,876
Unallocated
Allowance for loan losses:
Beginning balance	158	152
Charge-offs	0	0
Recoveries	0	0
Provision	(147)	(42)
Ending balance	$ 11	$ 110

LOANS - Additional Information

LOANS - Additional Information (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)loan	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Percentage of real estate loans	88.00%			89.00%
Charge-offs	$ 22	$ 169
Mortgage loans on real estate
Loans and Leases Receivable Disclosure [Line Items]
Charge-offs	14	162
Mortgage loans on real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Number of loan considered to be troubled debt restructuring | loan			2
Value of loan considered to be troubled debt restructuring			$ 1,000
Commercial and industrial loans
Loans and Leases Receivable Disclosure [Line Items]
Charge-offs	0	0
Consumer loans
Loans and Leases Receivable Disclosure [Line Items]
Charge-offs	$ 8	$ 7

COMPREHENSIVE INCOME (LOSS) - C

COMPREHENSIVE INCOME (LOSS) - Components of accumulated other comprehensive loss, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ (2,098)
Other comprehensive loss	(502)	$ 254
Ending Balance	(2,600)
Unrealized Gains (Losses) on Available for Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	186	(436)
Other comprehensive loss	(502)	254
Ending Balance	(316)	(182)
Net Gain Losses on Pension Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(2,284)	(2,748)
Other comprehensive loss	0	0
Ending Balance	(2,284)	(2,748)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(2,098)	(3,184)
Other comprehensive loss	(502)	254
Ending Balance	$ (2,600)	$ (2,930)

FAIR VALUE MEASUREMENT AND FA_3

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	$ 28,462	$ 27,959
U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale		1,106
Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	13,196	10,623
Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	10,320	10,852
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	4,946	5,378
Level 1 | U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale		0
Level 2 | U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale		1,106
Level 3 | U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale		0
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	28,462	27,959
Recurring basis | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	13,196	10,623
Recurring basis | Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	10,320	10,852
Recurring basis | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	4,946	5,378
Recurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	0	0
Recurring basis | Level 1 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	0	0
Recurring basis | Level 1 | Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	0	0
Recurring basis | Level 1 | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	0	0
Recurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	28,462	27,959
Recurring basis | Level 2 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	13,196	10,623
Recurring basis | Level 2 | Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	10,320	10,852
Recurring basis | Level 2 | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	4,946	5,378
Recurring basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	0	0
Recurring basis | Level 3 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	0	0
Recurring basis | Level 3 | Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	0	0
Recurring basis | Level 3 | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities, available-for-sale	$ 0	$ 0

FAIR VALUE MEASUREMENT AND FA_4

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying amounts and estimated fair values of financial instruments (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Financial assets:
Cash and due from banks		$ 4,607	$ 3,094
Securities, available-for-sale		28,462	27,959
Investment in FHLB stock		2,956	2,820
Loans, net		163,214	164,388
Accrued interest receivable		837	799
Financial liabilities:
Deposits		151,323	151,911
Advances and borrowings from FHLB		36,500	32,900
Advances from borrowers for taxes and insurance		1,597	2,234
Carrying Amount
Financial assets:
Cash and due from banks	[1]	4,607	3,094
Securities, available-for-sale	[2]	28,462	27,959
Investment in FHLB stock	[2]	2,956	2,820
Loans, net	[3]	163,214	164,388
Accrued interest receivable	[1]	837	799
Financial liabilities:
Deposits	[1],[2]	151,323	151,911
Advances and borrowings from FHLB	[2]	36,500	32,900
Accrued interest payable	[1]	121	106
Advances from borrowers for taxes and insurance	[1]	1,597	2,234
Fair Value
Financial assets:
Cash and due from banks	[1]	4,607	3,094
Securities, available-for-sale	[2]	28,462	27,959
Investment in FHLB stock	[2]	2,956	2,820
Loans, net	[3]	162,896	160,972
Accrued interest receivable	[1]	837	799
Financial liabilities:
Deposits	[1],[2]	152,468	150,792
Advances and borrowings from FHLB	[2]	36,500	32,900
Accrued interest payable	[1]	121	106
Advances from borrowers for taxes and insurance	[1]	$ 1,597	$ 2,234
[1]	Level 1
[2]	Level 2
[3]	Level 3

FAIR VALUE MEASUREMENT AND FA_5

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring basis - Impaired loans - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 1,579	$ 310
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 1,579	$ 310

FAIR VALUE MEASUREMENT AND FA_6

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative information of assets measured at fair value on a nonrecurring basis (Details) - Nonrecurring basis - Level 3	Mar. 31, 2020
Lower of appraisal of collateral or asking price less selling costs | Appraisal adjustments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	10
Lower of appraisal of collateral or asking price less selling costs | Costs to sell
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans	10
Market valuation of property | Costs to sell
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Foreclosed real estate	10

FAIR VALUE MEASUREMENT AND FA_7

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of impaired loan balance	$ 1,700,000	$ 327,000
Amount of foreclosures of mortgage loans on real estate	637,000,000	637,000,000
Net loans	163,214,000	164,388,000
Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net loans	0	0
Other real estate owned | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net loans	$ 0	$ 0

OFF-BALANCE SHEET CREDIT RISK -

OFF-BALANCE SHEET CREDIT RISK - Contract amounts of financial instruments represent credit risk (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Commitments to Grant Loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, asset, face amount	$ 388	$ 816
Unfunded Commitments Under Lines of Credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, liability, face amount	$ 6,057	$ 5,887

REGULATORY CAPITAL REQUIREMEN_3

REGULATORY CAPITAL REQUIREMENTS - Actual capital amounts and ratios (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
REGULATORY CAPITAL REQUIREMENTS
Total core capital to risk weighted assets Amount	$ 22,679	$ 22,427
Total core capital to risk weighted assets Ratio	16.75%	16.32%
Total core capital to risk weighted assets Minimum Capital Requirement Amount	$ 10,832	$ 10,992
Total core capital to risk weighted assets Minimum Capital Requirement Ratio	8.00%	8.00%
Total core capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 13,540	$ 13,740
Total core capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	10.00%	10.00%
Total core capital to risk weighted assets, Minimum Capital Adequacy with Buffer Amount	$ 14,217	$ 14,427
Total core capital to risk weighted assets, Minimum Capital Adequacy with Buffer Ratio	10.50%	10.50%
Tier 1 capital to risk weighted assets Amount	$ 21,380	$ 21,186
Tier 1 capital to risk weighted assets Ratio	15.79%	15.42%
Tier 1 capital to risk weighted assets Minimum Capital Requirement Amount	$ 8,124	$ 8,244
Tier 1 capital to risk weighted assets Minimum Capital Requirement Ratio	6.00%	6.00%
Tier 1 capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 10,832	$ 10,992
Tier 1 capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	8.00%	8.00%
Tier 1 capital to risk weighted assets, Minimum Capital Adequacy with Buffer Amount	$ 11,509	$ 11,679
Tier 1 capital to risk weighted assets, Minimum Capital Adequacy with Buffer Ratio	8.50%	8.50%
Tier 1 common equity to risk weighted assets Amount	$ 21,380	$ 21,186
Tier 1 common equity to risk weighted assets Ratio	15.79%	15.42%
Tier 1 common equity to risk weighted assets, Minimum Capital Requirement Amount	$ 6,093	$ 6,183
Tier 1 common equity to risk weighted assets, Minimum Capital Requirement Ratio	4.50%	4.50%
Tier 1 common equity to risk weighted assets, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 8,801	$ 8,931
Tier 1 common equity to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	6.50%	6.50%
Tier 1 common equity to risk weighted assets, Minimum Capital Adequacy with Buffer Amount	$ 9,478	$ 9,618
Tier 1 common equity to risk weighted assets, Minimum Capital Adequacy with Buffer Ratio	7.00%	7.00%
Tier 1 capital to assets Amount	$ 21,380	$ 21,186
Tier 1 capital to assets Ratio	10.15%	10.10%
Tier 1 capital to assets, Minimum Capital Requirement Amount	$ 8,424	$ 8,394
Tier 1 capital to assets, Minimum Capital Requirement Ratio	4.00%	4.00%
Tier 1 capital to assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 10,530	$ 10,493
Tier 1 capital to assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	5.00%	5.00%
Tier 1 capital to assets, Minimum Capital Adequacy with Buffer Amount	$ 10,530	$ 10,493
Tier 1 capital to assets, Minimum Capital Adequacy with Buffer Ratio	5.00%	5.00%

REGULATORY CAPITAL REQUIREMEN_4

REGULATORY CAPITAL REQUIREMENTS - Narrative (Details) $ in Billions	Mar. 31, 2020USD ($)
REGULATORY CAPITAL REQUIREMENTS
Capital conservation buffer requirement for Tier 1 common equity to risk weighted assets	2.50%
Capital conservation buffer requirement for total core capital to risk weighted assets	2.50%
Leverage ratio, assets value	$ 10

EMPLOYEE BENEFIT PLANS - Compon

EMPLOYEE BENEFIT PLANS - Components of net periodic pension plan cost for Association's Defined Benefit Pension Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
EMPLOYEE BENEFIT PLANS
Service cost	$ 71	$ 71
Interest cost	110	119
Expected return on assets	(234)	(214)
Amortization of unrecognized loss	45	26
Net periodic pension cost	$ (8)	$ 2

EMPLOYEE BENEFIT PLANS - STOCK-

EMPLOYEE BENEFIT PLANS - STOCK-BASED COMPENSATION (Details)	1 Months Ended	3 Months Ended
	Aug. 31, 2019itemdirector$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019shares
Options
Grants		0	0
Weighted Average Exercise Price Per Share
Compensation expense | $		$ 6,000
Options granted		0	0
Award vesting period (in years)		5 years
Stock options
Options
Outstanding at the beginning of the year		47,500
Outstanding at year-end		47,500
Weighted Average Exercise Price Per Share
Outstanding at the beginning of the year (in dollars per share) | $ / shares		$ 9.20
Outstanding at quarter end (in dollars per share) | $ / shares		$ 9.20
Stock options | Directors and executive officers
Options
Grants	47,500
Weighted Average Exercise Price Per Share
Grants (in dollars per share) | $ / shares	$ 9.20
Number of shares authorized for issuance	96,967
Options granted	47,500
Number of Directors | director	5
Number of Officers | item	9
Exercise price (in dollars per share) | $ / shares	$ 9.20
Award vesting period (in years)	5 years
Award vesting percentage	20.00%
Risk-free interest rate	1.50%
Volatility factors (as a percent)	21.23%
Weighted average expected lives (in years)	7 years 6 months
Weighted average fair value of options granted | $ / shares	$ 2.52

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan vesting period	5 years		6 years
Proceeds from term loan	$ 775,740
Number of shares purchase	77,574
Share price (in dollars per share)	$ 10
Compensation expense	$ 5,695
Shares not yet released			71,820
Defined contribution plan vesting percentage			20.00%
Aggregate market value of shares not yet released			$ 675,117
Supplemental Executive Retirement Plan (SERP) | Executive Officer
Defined Benefit Plan Disclosure [Line Items]
Other liabilities included in SERP	125,000		$ 119,000
Expenses included in employee benefits	6,000	$ 9,000
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution made to the pension plan	$ 500,000

EARNINGS PER SHARE COMMON (Deta

EARNINGS PER SHARE COMMON (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic and diluted earnings per common share:
Net income available to common stockholders	$ 177	$ 230
Weighted average common shares outstanding - basic and diluted	1,841,140	1,887,702
Earnings per share, basic	$ 0.10	$ 0.12
Options granted	0	0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

NON-INTEREST INCOME (Details)

NON-INTEREST INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Realized gain on sale of residential mortgage loans
Realized gain on sales of residential mortgage loans	$ 5	$ 21
Realized net gain on available-for-sales securities	2
Bank owned life insurance	13	14
Other miscellaneous income	5	5
Total non-interest income	197	174
Service fees
Service, fee and card income and insufficient funds fees	33	33
Deposit related fees
Service, fee and card income and insufficient funds fees	9	10
Loan servicing income
Service, fee and card income and insufficient funds fees	24	23
Income from financial services
Service, fee and card income and insufficient funds fees	69	50
Securities commission income
Service, fee and card income and insufficient funds fees	67	46
Insurance commission income
Service, fee and card income and insufficient funds fees	2	4
Total card and insufficient funds income
Service, fee and card income and insufficient funds fees	70	51
Debit card interchange fee income
Service, fee and card income and insufficient funds fees	25	21
ATM fees
Service, fee and card income and insufficient funds fees	5	5
Insufficient fund fees
Service, fee and card income and insufficient funds fees	$ 40	$ 25