Seneca Financial (SNNF) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 10, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	Seneca Financial Corp.
Entity Central Index Key	1,708,715
Trading Symbol	snnf
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,978,923
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and due from banks	$ 5,610	$ 1,762
Securities, available-for-sale	21,849	19,450
Loans, net of allowance for loan losses of $1,211 and $1,170	141,023	132,364
Federal Home Loan Bank of New York stock, at cost	2,157	2,090
Interest receivable	635	630
Premises and equipment, net	2,580	2,050
Bank owned life insurance	2,367	2,141
Other assets	2,127	924
Total assets	178,348	161,411
Deposits:
Non-interest bearing	19,053	12,393
Interest bearing	120,806	107,149
Total Deposits	139,859	119,542
Federal Home Loan Bank advances	22,500	28,000
Advances from borrowers for taxes and insurance	1,137	2,008
Pension liability	249	249
Other liabilities	2,804	832
Total liabilities	166,549	150,631
EQUITY
Retained earnings	14,030	13,567
Accumulated other comprehensive loss	(2,231)	(2,787)
Total equity	11,799	10,780
Total liabilities and equity	$ 178,348	$ 161,411

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for loan losses	$ 1,211	$ 1,135	$ 1,170	$ 1,285	$ 1,194	$ 1,218

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
INTEREST INCOME
Loans, including fees	$ 1,581	$ 1,428	$ 4,627	$ 4,023
Securities	130	87	381	275
Other	6	1	14	4
Total interest income	1,717	1,516	5,022	4,302
INTEREST EXPENSE
Deposits	268	178	718	491
Advances and borrowings	118	81	329	221
Total interest expense	386	259	1,047	712
Net interest income	1,331	1,257	3,975	3,590
PROVISION FOR LOAN LOSSES	60	171	150	208
Net interest income after provision for loan losses	1,271	1,086	3,825	3,382
NON-INTEREST INCOME
Service fees	42	30	128	72
Income from financial services	37	32	106	144
Fee income	24	19	71	60
Earnings on bank-owned life insurance	14	17	46	23
Net gains on sale of residential mortgage loans	49	37	122	91
Net gains on sales of available-for-sale securities		4	1	97
Net (loss) gain on sale of fixed assets	(3)	159	(3)	159
Gain on sale of foreclosed real estate	5		8	9
Other		1	1	1
Total non-interest income	168	299	480	656
NON-INTEREST EXPENSE
Compensation and employee benefits	634	687	1,960	2,061
Core processing	181	141	484	409
Premises and equipment	101	110	309	341
Professional fees	52	55	288	146
Postage & Office Supplies	29	44	96	119
FDIC premiums	31	29	89	91
Advertising	44	15	130	44
Mortgage recording tax	16	22	60	66
Other	90	101	308	323
Total non-interest expenses	1,178	1,204	3,724	3,600
Income before provision for income taxes	261	181	581	438
PROVISION FOR INCOME TAXES	55	15	118	49
Net income	$ 206	$ 166	$ 463	$ 389

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 206	$ 166	$ 463	$ 389
Available-for-sale securities:
Unrealized holding gains (losses) arising during period	(15)	(123)	286	222
Less reclassification adjustment for net gains included in net income	0	(4)	(1)	(97)
Net unrealized gains (losses) on available-for-sale securities	(15)	(127)	285	125
Defined benefit pension plan:
Net gains (losses) arising during the period	146	142	405	(2)
Less reclassification of amortization of net losses recognized in net pension expense	51	59	152	178
Net changes in defined benefit pension plan	197	201	557	176
OTHER COMPREHENSIVE INCOME, BEFORE TAX	182	74	842	301
Tax effect	62	18	286	110
OTHER COMPREHENSIVE INCOME, NET OF TAX	120	56	556	191
TOTAL COMPREHENSIVE INCOME	$ 326	$ 222	$ 1,019	$ 580

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2015	$ 13,040	$ (2,944)	$ 10,096
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	389		389
Other comprehensive income		191	191
Balance at Sep. 30, 2016	13,429	(2,753)	10,676
Balance at Dec. 31, 2016	13,567	(2,787)	10,780
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	463		463
Other comprehensive income		556	556
Balance at Sep. 30, 2017	$ 14,030	$ (2,231)	$ 11,799

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 463	$ 389
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	124	116
Provision for loan losses	150	208
Net amortization of premiums and discounts on securities	202	293
Gain on sale of residential mortgage loans	(122)	(91)
Proceeds from sale of residential mortgage loans	7,902	5,775
Gain on sale of foreclosed assets	(8)	(9)
Loss (gain) on sale of premises and equipment	3	(159)
Gain on sale of available-for-sale securities	(1)	(97)
Amortization (accretion) of deferred loan fees	14	(1)
Earnings on investment in bank owned life insurance	(46)	(23)
(Increase) decrease in accrued interest receivable	(5)	46
Increase in other assets	(917)	(739)
Increase (decrease) in other liabilities	1,972	(574)
Net cash flow provided by operating activities	9,731	5,134
Activity in securities available-for-sale
Proceeds from calls and maturities	825	6,395
Proceeds from sales	1,224	11,787
Principal repayments	1,598	1,693
Purchases	(5,962)	(15,913)
Purchases of Federal Home Loan Bank of New York stock	(963)	(750)
Redemptions of Federal Home Loan Bank of New York stock	896	135
Purchase of bank owned life insurance	(180)	(2,100)
Loan originations and principal collections, net	(17,089)	(24,433)
Proceeds from sales of foreclosed assets	424	237
Purchases or premises and equipment	(657)	(94)
Proceeds from sale of premises and equipment	1	452
Net cash flow used in investing activities	(19,883)	(22,591)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits	20,317	8,151
Decrease in advances from borrowers for taxes and insurance	(817)	(578)
Proceeds from long-term advances	5,900	2,000
Payments of long-term advances	(1,500)	(1,000)
(Decrease) increase in FHLBNY advances	(9,900)	7,200
Net cash flow provided by financing activities	14,000	15,773
Net change in cash and cash equivalents	3,848	(1,684)
CASH AND CASH EQUIVALENTS - beginning of year	1,762	4,045
CASH AND CASH EQUIVALENTS - end of year	5,610	2,361
Cash paid for:
Interest on deposits and borrowed funds	1,011	705
Income taxes	3	41
Transfer of loans to other real estate owned	$ 451	$ 564

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Seneca Federal Savings and Loan Association (the “Association”) maintains its executive offices and main branch in Baldwinsville, New York, with branches in Liverpool and North Syracuse, New York. The Association is a community-oriented savings and loan institution whose business primarily consists of accepting deposits from customers within its market area and investing those funds primarily in residential mortgage loans. The Association 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 Association include the accounts of Quest. 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 financial position of the Association as of December 31, 2016 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 financial statements and the notes thereto included in the Registration Statement on Form S-1 (“Form S-1”) of Seneca Financial Corp. (the “Company”), the holding company for the Association. The results of operations at and for the three and nine months ended September 30, 2017 and 2016, are not necessarily indicative of the results to be expected for the full year. Use of Estimates – The preparation of 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 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 valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans 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 Association 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 Association’s financial statements for the year ended December 31, 2016 included in the Company’s Form S-1. The Association has evaluated events and transactions occurring subsequent to the statement of financial condition as of September 30, 2017 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendment more closely aligns the interest income recorded on bonds held at a premium or a discount with the economics of the underlying instrument. Public companies will have to begin applying the revisions to FASB ASC 310-20, Receivables – Nonrefundable Fees and Other Costs, and the related amendments in their first fiscal years that start after December 15, 2018. The changes will have to be used for the quarterly reports for those years. The FASB issued the amendment in response to the concerns that were brought to it about the requirements in ASC 310-20 that sometimes forced bondholders to record a loss once a bond was called by its issuer. The amended guidance largely affects municipal bonds but also could affect the accounting treatment of some callable corporate debt. For Public Business Entities (“PBEs”) that are U.S. Securities and Exchange Commission (SEC) filers, such as the Company, the amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The provisions of this new accounting standard are complex and will require substantial analysis prior to the ASU’s implementation. The Company’s management is currently in the process of evaluating the impact that this standard will have on its consolidated financial statements, however, management does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and results of operations. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 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 similar to 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 balance sheet, ASU No. 2016-02 will require both operating and finance leases to be recognized on the balance sheet. Additionally, the ASU will require disclosures to help investors and other 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, 2019, and for interim periods within fiscal years beginning after December 15, 2020. 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 May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”.

SECURITIES

SECURITIES	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
SECURITIES	3. SECURITIES The amortized cost and fair values of securities, with gross unrealized gains and losses are as follows: Amortized Unrealized Unrealized Fair Value (Dollars in Thousands) Available-for-sale Securities: September 30, 2017 (Unaudited): Municipal securities $ 8,998 $ 17 $ (84 ) $ 8,931 Mortgage-backed securities and collateralized mortgage obligations 10,974 13 (86 ) 10,901 US government and agency obligations 199 - (2 ) 197 Corporate securities 1,806 14 - 1,820 $ 21,977 $ 44 $ (172 ) $ 21,849 December 31, 2016: Municipal securities $ 10,903 $ 1 $ (312 ) $ 10,592 Mortgage-backed securities and collateralized mortgage obligations 7,839 6 (109 ) 7,736 US government and agency obligations 320 - (5 ) 315 Corporate securities 802 5 - 807 $ 19,864 $ 12 $ (426 ) $ 19,450 Mortgage backed securities and collateralized mortgage obligations consist of securities that are issued by Fannie Mae (“FNMA”), Freddie Mac (“FHLMC”), Ginnie Mae (“GNMA”), Small Business Administration (“SBIC”) 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 obligation and revenue bonds. Corporate securities consist of fixed and variable rate bonds with large financial institutions. Investment securities with carrying amounts of $10,011,817 and $7,022,571 were pledged to secure deposits and for other purposes required or permitted by law for the nine months ended September 30, 2017 and for the year ended December 31, 2016, 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. September 30, 2017 (Unaudited) December 31, 2016 Amortized Fair Value Amortized Fair Value (Dollars in Thousands) Due in one year or less $ - $ - $ 575 $ 575 Due after one year through five years 789 790 861 857 Due after five years through ten years 6,019 6,016 5,928 5,821 Due after ten years 4,195 4,142 4,661 4,461 Mortgage-backed securities and collateralized mortgage obligations 10,974 10,901 7,839 7,736 $ 21,977 $ 21,849 $ 19,864 $ 19,450 During the nine months ended September 30, 2017 and 2016, the Association sold available-for-sale securities with gross realized gains of $1,258 and $112,967, respectively, and gross realized losses of $118 and $16,521, respectively. 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 Association 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 Fair Value Gross Fair Value (Dollars in Thousands) September 30, 2017 (Unaudited): Municipal securities $ (20 ) $ 1,607 $ (64 ) $ 3,892 Mortgage-backed securities and collateralized mortgage obligations (24 ) 6,848 (62 ) 2,924 US government and agency obligations (2 ) 197 - - $ (46 ) $ 8,652 $ (126 ) $ 6,816 December 31, 2016: $ (312 ) $ 9,435 $ - $ - Municipal securities Mortgage-backed securities and collateralized mortgage obligations (108 ) 6,073 (1 ) 290 US government and agency obligations (5 ) 315 - - $ (425 ) $ 15,823 $ (1 ) $ 290 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 and nine months ended September 30, 2017 and for the year ended December 31, 2016, the Association did not record an other-than-temporary impairment charge. At September 30, 2017, ten municipal securities and three collateralized mortgage obligations were in a continuous loss position for more than twelve months. At September 30, 2017, five municipal securities, three mortgage-backed securities, eight collateralized mortgage obligations and one U.S. government and agency obligation were in a continuous loss position for less than twelve months. At December 31, 2016, one collateralized mortgage obligation was in a continuous loss position for more than twelve months. At December 31, 2016, twenty-seven municipal securities, one U.S. government and agency obligation and eight collateralized mortgage obligations were in a continuous loss position for less than twelve months. The mortgage-backed securities and collateralized mortgage obligations were issued by U.S. Government sponsored agencies. 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.

LOANS

LOANS	9 Months Ended
	Sep. 30, 2017
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
LOANS	4. LOANS Net loans at September 30, 2017 and December 31, 2016 are as follows: September 30, December 31, 2017 2016 (Unaudited) (Dollars in thousands) Mortgage loans on real estate: One-to-four family first lien residential $ 96,484 $ 93,443 Residential construction 5,320 3,091 Home equity loans and lines of credit 7,227 5,504 Commercial 21,215 18,879 Total mortgage loans on real estate $ 130,246 $ 120,917 Commercial and industrial 8,672 9,105 Consumer loans 2,731 2,907 Total loans 141,649 132,929 Allowance for credit losses (1,211 ) (1,170 ) Net deferred loan origination costs 585 605 Net loans $ 141,023 $ 132,364 Loan Origination / Risk Management The Association 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 Association 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, manufactured housing, commercial and home equity loans, comprise approximately 92% of the portfolio at September 30, 2017 and 91% of the portfolio at December 31, 2016. 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 Association 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 table presents the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings within the Association's internal risk rating system as of September 30, 2017 and December 31, 2016: September 30, 2017 (Unaudited) (Dollars in thousands) Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to-four family first lien residential $ 96,484 $ - $ - $ - $ 96,484 Residential construction 5,320 - - - 5,320 Home equity loans and lines of credit 7,227 - - - 7,227 Commercial 19,638 - 1,577 - 21,215 Total mortgage loans on real estate 128,669 - 1,577 - 130,246 Commercial and industrial 8,373 79 220 - 8,672 Consumer loans 2,731 - - - 2,731 Total loans $ 139,773 $ 79 $ 1,797 $ - $ 141,649 December 31, 2016 (Dollars in thousands) Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to-four family first lien residential $ 93,443 $ - $ - $ - $ 93,443 Residential construction 3,091 - - - 3,091 Home equity loans and lines of credit 5,504 - - - 5,504 Commercial 18,033 - 846 - 18,879 Total mortgage loans on real estate 120,071 - 846 - 120,917 Commercial and industrial 8,296 403 406 9,105 Consumer loans 2,907 - - - 2,907 Total loans $ 131,274 $ 403 $ 1,252 $ - $ 132,929 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: September 30, 2017 (Unaudited) (Dollars in thousands) 30-59 Days 60-89 Days 90+ Days Total Past Current Total Mortgage loans on real estate: One-to-four family first lien residential $ 1,337 $ 398 $ 793 $ 2,528 $ 93,956 $ 96,484 Residential construction - - - - 5,320 5,320 Home equity loans and lines of credit - - - - 7,227 7,227 Commercial 605 - - 605 20,610 21,215 Total mortgage loans on real estate 1,942 398 793 3,133 127,113 130,246 Commercial and industrial - - - - 8,672 8,672 Consumer loans 4 1 - 5 2,726 2,731 Total loans $ 1,946 $ 399 $ 793 $ 3,138 $ 138,511 $ 141,649 December 31, 2016 (Dollars in thousands) 30-59 Days 60-89 Days 90+ Days Total Past Current Total Mortgage loans on real estate: One-to-four family first lien residential $ 2,154 $ 439 $ 1,321 $ 3,914 $ 89,529 $ 93,443 Residential construction - - - - 3,091 3,091 Home equity loans and lines of credit - - - - 5,504 5,504 Commercial 577 - 269 846 18,033 18,879 Total mortgage loans on real estate 2,731 439 1,590 4,760 116,157 120,917 Commercial and industrial 110 - 104 214 8,891 9,105 Consumer loans 132 99 19 250 2,657 2,907 Total loans $ 2,973 $ 538 $ 1,713 $ 5,224 $ 127,705 $ 132,929 Nonaccrual loans, segregated by class of loan as of September 30, 2017 and December 31, 2016 are as follows: September 30, December 31, 2017 2016 (Unaudited) (Dollars in thousands) Mortgage loans on real estate $ 793 $ 1,321 Commercial and industrial loans - 354 Consumer loans - 19 Total nonaccrual loans $ 793 $ 1,694 The following table summarizes impaired loan information by portfolio class: September 30, 2017 (Unaudited) (Dollars in thousands) Recorded Unpaid Principal Related With an allowance recorded: Mortgage loans on real estate $ - $ - $ - Commercial and industrial loans - - - - - - With no allowance recorded: Mortgage loans on real estate 1,792 1,792 - Commercial and industrial loans - - - 1,792 1,792 - Total $ 1,792 $ 1,792 $ - December 31, 2016 (Dollars in thousands) Recorded Unpaid Principal Related With an allowance recorded: Mortgage loans on real estate $ 183 $ 183 $ 41 Commercial and industrial loans 85 340 52 268 523 93 With no allowance recorded: Mortgage loans on real estate 970 970 - Commercial and industrial loans 269 269 - 1,239 1,239 - Total $ 1,507 $ 1,762 $ 93 The following table presents the average recorded investment in impaired loans: September 30, December 31, 2017 2016 (Unaudited) (Dollars in thousands) Mortgage loans on real estate - commercial $ 1,607 $ 1,391 Commercial and industrial loans 43 298 Total $ 1,650 $ 1,689 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 that 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 Association 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 Association’s TDRs are impaired loans, which may result in specific allocations and subsequent charge-offs if appropriate. As of September 30, 2017, the Association modified two commercial mortgage loans valued at $1.0 million that are considered TDRs. We modified the terms to interest only for a two year period. These loans are paying according to their modified terms and are classified as substandard and impaired. There were no loans considered to be TDRs at September 30, 2016 and December 31, 2016. The following table presents interest income recognized on impaired loans for the three and nine months ended September 30, 2017 and 2016: For the three months ended For the nine months ended September 30, September 30, 2017 2016 2017 2016 (Unaudited) (Unaudited) (Dollars in thousands) (Dollars in thousands) Mortgage loans on real estate $ 14 $ - $ 40 $ - Commercial and industrial loans - - - 2 Total $ 14 $ - $ 40 $ 2 The following tables summarize the activity in the allowance for loan losses for the three and nine months ended September 30, 2017 and 2016 and the distribution of the allowance for loan losses and loans receivable by loan portfolio class and impairment method as of September 30, 2017 and December 31, 2016: Mortgage loans Commercial and Consumer Unallocated Total (Dollars in thousands) September 30, 2017 Allowance for loan losses: Beginning balance - July 1, 2017 $ 922 $ 92 $ 5 $ 116 $ 1,135 Charge-offs - - - - - Recoveries 13 3 - - 16 Provision (Credit) (52 ) (1 ) 1 112 60 Ending balance - September 30, 2017 $ 883 $ 94 $ 6 $ 228 $ 1,211 Beginning balance - January 1, 2017 $ 862 $ 180 $ 5 $ 123 $ 1,170 Charge-offs (64 ) (61 ) - - (125 ) Recoveries 13 3 - - 16 Provision (Credit) 72 (28 ) 1 105 150 Ending balance - September 30, 2017 $ 883 $ 94 $ 6 $ 228 $ 1,211 Ending balance: individually evaluated for impairment - - - - - Ending balance: collectively evaluated for impairment 883 94 6 228 1,211 Loans receivable balance: Ending balance: individually evaluated for impairment 1,792 - - - 1,792 Ending balance: collectively evaluated for impairment 128,454 8,672 2,731 - 139,857 Ending balance $ 130,246 $ 8,672 $ 2,731 $ - $ 141,649 Mortgage loans Commercial and Consumer Unallocated Total (Dollars in thousands) September 30, 2016 Allowance for loan losses: Beginning balance - July 1, 2016 $ 836 $ 278 $ 4 $ 76 $ 1,194 Charge-offs (80 ) - - - (80 ) Recoveries - - - - - Provision (Credit) 62 30 1 78 171 Ending balance - September 30, 2016 $ 818 $ 308 $ 5 $ 154 $ 1,285 Beginning balance - January 1, 2016 $ 843 $ 276 $ 6 $ 93 $ 1,218 Charge-offs (142 ) - - - (142 ) Recoveries 1 - - - 1 Provision (Credit) 116 32 (1 ) 61 208 Ending balance - September 30, 2016 $ 818 $ 308 $ 5 $ 154 $ 1,285 The following table summarizes the distribution of the allowance for loan losses and loans receivable by loan portfolio class as of December 31, 2016: Mortgage loans Commercial Consumer Unallocated Total (Dollars in Thousands) December 31, 2016 Ending balance - December 31, 2016 $ 862 $ 180 $ 5 $ 123 $ 1,170 Ending balance: individually evaluated for impairment 41 51 - - 92 Ending balance: collectively evaluated for impairment 834 119 5 120 1,078 Loans receivable balance: Ending balance: individually evaluated for impairment 1,153 354 - - 1,507 Ending balance: collectively evaluated for impairment 119,764 8,751 2,907 - 131,422 Ending balance $ 120,917 $ 9,105 $ 2,907 $ - $ 132,929

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
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 September 30, 2017 Unrealized Gains (Losses) on Net (Losses) on Accumulated Other (Dollars in thousands) Available for Sale Securities Pension Plan Comprehensive (Loss) Beginning balance $ (75 ) $ (2,276 ) $ (2,351 ) Other comprehensive income (loss) (10 ) 130 120 Ending balance $ (85 ) $ (2,146 ) $ (2,231 ) For the three months ended September 30, 2016 Unrealized Gains (Losses) on Net (Losses) on Accumulated Other (Dollars in thousands) Available for Sale Securities Pension Plan Comprehensive (Loss) Beginning balance $ 100 $ (2,910 ) $ (2,810 ) Other comprehensive income (loss) (76 ) 133 57 Ending balance $ 24 $ (2,777 ) $ (2,753 ) For the nine months ended September 30, 2017 Unrealized Gains (Losses) on Net (Losses) on Accumulated Other (Dollars in thousands) Available for Sale Securities Pension Plan Comprehensive (Loss) Beginning balance $ (273 ) $ (2,514 ) $ (2,787 ) Other comprehensive income 188 368 556 Ending balance $ (85 ) $ (2,146 ) $ (2,231 ) For the nine months ended September 30, 2016 Unrealized Gains (Losses) on Net (Losses) on Accumulated Other (Dollars in thousands) Available for Sale Securities Pension Plan Comprehensive (Loss) Beginning balance $ (51 ) $ (2,893 ) $ (2,944 ) Other comprehensive income 75 116 191 Ending balance $ 24 $ (2,777 ) $ (2,753 ) The amounts of income tax (expense) benefit allocated to each component of other comprehensive income (loss) are as follows: Components of Other Comprehensive Income (Loss) (Dollars in thousands) For the three months ended September 30, 2017 September 30, 2016 Before Tax Tax (Expense) Before Tax Tax (Expense) Amount Benefit Net Amount Benefit Net Available for sale securities: Unrealized holding (losses) arising during period $ (15 ) $ 5 $ (10 ) $ (123 ) $ 49 $ (74 ) Less reclassification adjustment for net gains included in net income - - - (4 ) 1 (3 ) Net unrealized (losses) on available for sale securities (15 ) 5 (10 ) (127 ) 50 (77 ) Pension Plan: Net gains arising during the period 146 (50 ) 96 142 (48 ) 94 Less reclassification of amortization of net losses recognized in net pension expense 51 (17 ) 34 59 (20 ) 39 Net changes in defined benefit pension plan 197 (67 ) 130 201 (68 ) 133 Other Comprehensive Income $ 182 $ (62 ) $ 120 $ 74 $ (18 ) $ 56 For the nine months ended September 30, 2017 September 30, 2016 Before Tax Tax (Expense) Before Tax Tax (Expense) Amount Benefit Net Amount Benefit Net Available for sale securities: Unrealized holding gains arising during period $ 286 $ (97 ) $ 189 $ 222 $ (83 ) $ 139 Reclassification adjustment for net gains included in net income (1 ) - (1 ) (97 ) 33 (64 ) Net unrealized gains on available for sale securities 285 (97 ) 188 125 (50 ) 75 Defined Benefit Pension Plan: Net gains (losses) arising during the period 405 (137 ) 268 (2 ) 1 (1 ) Less reclassification of amortization of net losses recognized in net pension expense 152 (52 ) 100 178 (61 ) 117 Net changes in defined benefit pension plan 557 (189 ) 368 176 (60 ) 116 Other Comprehensive Income $ 842 $ (286 ) $ 556 $ 301 $ (110 ) $ 191 The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss (AOCL): Amount Reclassified from AOCL Three Months Three Months Nine Months Nine Months September 30, September 30, September 30, September 30, Affected line item in the (Unaudited) (Dollars in thousands) Available-for-sale securities: Realized gains on sale of securities $ - $ 4 $ 1 $ 97 Net realized gains on sales of available-for-sale securities Tax effect - (1 ) - (33 ) (Provision) for income taxes - 3 1 64 Net income Defined benefit pension plan: Retirement plan net losses recognized in net period pension cost (51 ) (59 ) (152 ) 178 Compensation and employee benefits Tax effect 17 20 52 61 Benefit for income taxes $ (34 ) $ (39 ) $ (100 ) $ 239 Net income

FAIR VALUE MEASUREMENT AND FAIR

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS	6. FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS Management uses its best judgment in estimating the fair value of the Association’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 Association 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: September 30, 2017 (Unaudited): Municipal securities $ 8,931 $ - $ 8,931 $ - Mortgage-backed securities and collateralized mortgage obligations 10,901 - 10,901 - US government and agency obligations 197 - 197 - Corporate securities 1,820 - 1,820 - $ 21,849 $ - $ 21,849 $ - December 31, 2016: Municipal securities $ 10,592 $ - $ 10,592 $ - Mortgage-backed securities and collateralized mortgage obligations 7,736 - 7,736 - US government and agency obligations 315 - 315 - Corporate securities 807 - 807 - $ 19,450 $ - $ 19,450 $ - There were no securities transferred out of level 2 securities available-for-sale during the nine months ended September 30, 2017 and the year ended December 31, 2016. Required disclosures include fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, 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 Association. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Association’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 Association’s assets and liabilities at September 30, 2017 and December 31, 2016. 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 balance sheet 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. The carrying amounts and estimated fair values of the Association’s financial instruments at September 30, 2017 and December 31, 2016 are as follows: Fair Value Carrying Fair Hierarchy Amount Value (In Thousands of Dollars) September 30, 2017 (Unaudited): Financial assets: Cash and due from banks Level 1 $ 5,610 $ 5,610 Securities available-for-sale Level 2 21,849 21,849 Investment in FHLBNY stock Level 2 2,157 2,157 Loans, net Level 3 141,023 138,328 Accrued interest receivable Level 1 635 635 Financial liabilities: Deposits Level 1/2 139,859 135,854 Advances and borrowings from FHLBNY Level 2 22,500 22,500 Accrued interest payable Level 1 63 63 Advances from borrowers for taxes and insurance Level 1 1,137 1,137 December 31, 2016: Financial assets: Cash and due from banks Level 1 1,762 1,762 Securities available-for-sale Level 2 19,450 19,450 Investment in FHLBNY stock Level 2 2,090 2,090 Loans, net Level 3 132,364 130,581 Accrued interest receivable Level 1 630 630 Financial liabilities: Deposits Level 1/2 119,542 115,440 Advances and borrowings from FHLBNY Level 2 28,000 28,000 Accrued interest payable Level 1 27 27 Advances from borrowers for taxes and insurance Level 1 2,008 2,008 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 Association 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 For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2017 and December 31, 2016 were as follows: Total Level 1 Level 2 Level 3 (In Thousands of Dollars) September 30, 2017 (Unaudited): Impaired loans $ 1,039 $ - $ - $ 1,039 Foreclosed real estate - - - - December 31, 2016: Impaired loans $ 268 $ - $ - $ 268 Foreclosed real estate 23 - - 23 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% Foreclosed real estate Market Costs to sell 10% valuation of property At September 30, 2017, the fair value consists of impaired loan balances of $1,039,000, net of valuation allowance of $0 and at December 31, 2016, the fair value consists of loan balances of $268,000, net of a valuation allowance of $93,000. At September 30, 2017, there was no foreclosed real estate. By comparison at December 31, 2016, foreclosed real estate valued using Level 3 inputs had a carrying amount of $22,000 and a valuation allowance of $0. 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 September 30, 2017, there was no foreclosed real estate whose carrying value was written down utilizing Level 3 inputs during the nine months ended September 30, 2017. At December 31, 2016, foreclosed real estate whose carrying value was written down utilizing Level 3 inputs during the year ended December 31, 2016 comprised of one property with a fair value of $23,000 and resulted in an additional provision for loan losses of $30,000. 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 $373,370 and $247,000 at September 30, 2017 and December 31, 2016, respectively.

OFF-BALANCE SHEET CREDIT RISK

OFF-BALANCE SHEET CREDIT RISK	9 Months Ended
	Sep. 30, 2017
Off Balance Sheet Credit Risk [Abstract]
OFF-BALANCE SHEET CREDIT RISK	7. OFF-BALANCE SHEET CREDIT RISK The Association 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 Association'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 Association 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: September 30, December 31, 2017 2016 (Unaudited) (In Thousands of Dollars) Commitments to Grant Loans $ 1,795 $ 2,523 Unfunded Commitments Under Lines of Credit $ 4,264 $ 4,845 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 Association, 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 Association is committed.

REGULATORY CAPITAL REQUIREMENTS

REGULATORY CAPITAL REQUIREMENTS	9 Months Ended
	Sep. 30, 2017
Regulatory Capital Requirements [Abstract]
REGULATORY CAPITAL REQUIREMENTS	8. REGULATORY CAPITAL REQUIREMENTS The Association 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 Association's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Association must meet specific capital guidelines that involve quantitative measures of the Association'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 Association 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 Association'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 Association 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 September 30, 2017, that the Association 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 being phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and increasing each year until fully implemented at 2.5% on January 1, 2019. For 2017, the capital conservation buffer requirement is 1.25% of risk-weighted assets. As of September 30, 2017, the most recent notification from the Office of the Comptroller of the Currency categorized the Association as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Association 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 Association's category. The Association's actual capital amounts and ratios as of September 30, 2017 and December 31, 2016 are as follows: Minimum to be Well Capitalized Under Minimum Capital for Prompt Minimum Capital Adequacy with Corrective Action Actual Requirement Capital Buffer Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (In Thousands of Dollars) As of September 30, 2017 (Unaudited): Total core capital to risk weighted assets $ 15,241 14.77 % $ 8,253 8.00 % $ 9,542 9.25 % $ 10,316 10.00 % Tier 1 capital to risk weighted assets 14,030 13.60 % 6,190 6.00 % 7,479 7.25 % 8,253 8.00 % Tier 1 common equity to risk weighted assets 14,030 13.60 % 4,642 4.50 % 5,932 5.75 % 6,705 6.50 % Tier 1 capital to assets 14,030 8.11 % 6,924 4.00 % N/A N/A 8,655 5.00 % As of December 31, 2016: Total core capital to risk weighted assets $ 14,737 15.56 % $ 7,575 8.00 % $ 8,167 8.63 % $ 9,469 10.00 % Tier 1 capital to risk weighted assets 13,567 14.32 % 5,681 6.00 % 6,273 6.63 % 7,575 8.00 % Tier 1 common equity to risk weighted assets 13,567 14.32 % 4,261 4.50 % 4,853 5.13 % 6,155 6.50 % Tier 1 capital to assets 13,567 8.65 % 6,276 4.00 % N/A N/A 7,469 5.00 %

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2017
Defined Benefit Plan [Abstract]
EMPLOYEE BENEFIT PLANS	9. EMPLOYEE BENEFIT PLANS Supplemental Executive Retirement Plan (SERP) Beginning in 2016, the Association established a SERP for its executive officers. All benefits provided under the SERP are unfunded and, as the executive officers retire, the Association will make a payment to the participant. At September 30, 2017 and December 31, 2016, the Association recorded $41,772 and $17,775, respectively for the SERP in other liabilities. For the three and nine months ended September 30, 2017, the expenses included in employee benefits for the SERP totaled $7,999 and $23,997, respectively. There were no expenses for the three and nine months ended September 30, 2016. Defined Benefit Plan The Association 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 Association’s Defined Benefit Pension Plan (the “Pension Plan”) for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) Service Cost $ 63 $ 62 $ 189 $ 187 Interest Cost 106 108 317 323 Expected return on assets (177 ) (167 ) (528 ) (501 ) Amortization of net actuarial loss 51 59 152 178 Net pension expense included in employee benefits $ 43 $ 62 $ 130 $ 187 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 Association 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 first nine months of 2017.

RECENT EVENTS

RECENT EVENTS	9 Months Ended
	Sep. 30, 2017
Reorganizations [Abstract]
RECENT EVENTS	10. RECENT EVENTS On October 11, 2017, the Association completed its reorganization into the mutual holding company structure and the related stock offering of the Company, the Association’s new holding company. As a result of the reorganization, the Association became a wholly-owned subsidiary of the Company, the Company has issued and sold 46% of its outstanding shares to subscribers in the stock offering, including the Association’s ESOP, and the Company has issued 54% of its outstanding shares to Seneca Financial MHC, the Company’s mutual holding company. The Company has 1,978,923 shares of common stock outstanding, including 910,305 shares which have been sold to the public for $10.00 per share. Gross offering proceeds totaled $9.1 million. For the nine-month period ended September 30, 2017, and the year ended December 31, 2016, the Association incurred fees and expenses related to the reorganization of $644,126 and $0, respectively. These fees and expenses were deferred and included in other assets in the consolidated statements of financial position. On October 13, 2017, the Compensation Committee elected to soft-freeze the defined benefit pension plan effective January 1, 2018. Under the terms of this election, any employee hired after January 1, 2018 will not be eligible to participate in the defined benefit pension plan. All new employees will be able to participate in a 401k plan that the Company will match up to 50% of the employee elected contribution amount capped at 3% of the employee’s earnings.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Seneca Federal Savings and Loan Association (the “Association”) maintains its executive offices and main branch in Baldwinsville, New York, with branches in Liverpool and North Syracuse, New York. The Association is a community-oriented savings and loan institution whose business primarily consists of accepting deposits from customers within its market area and investing those funds primarily in residential mortgage loans. The Association 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 Association include the accounts of Quest. 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 financial position of the Association as of December 31, 2016 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 financial statements and the notes thereto included in the Registration Statement on Form S-1 (“Form S-1”) of Seneca Financial Corp. (the “Company”), the holding company for the Association. The results of operations at and for the three and nine months ended September 30, 2017 and 2016, are not necessarily indicative of the results to be expected for the full year.
Use of Estimates	Use of Estimates – The preparation of 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 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 valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies – The accounting and reporting policies of the Association 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 Association’s financial statements for the year ended December 31, 2016 included in the Company’s Form S-1. The Association has evaluated events and transactions occurring subsequent to the statement of financial condition as of September 30, 2017 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

SECURITIES (Tables)

SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of amortized cost and fair value of securities available-for-sale	Amortized Cost Unrealized Gains Unrealized Losses Fair Value (Dollars in Thousands) Available-for-sale Securities: September 30, 2017 (Unaudited): Municipal securities $ 8,998 $ 17 $ (84 ) $ 8,931 Mortgage-backed securities and collateralized mortgage obligations 10,974 13 (86 ) 10,901 US government and agency obligations 199 - (2 ) 197 Corporate securities 1,806 14 - 1,820 $ 21,977 $ 44 $ (172 ) $ 21,849 December 31, 2016: Municipal securities $ 10,903 $ 1 $ (312 ) $ 10,592 Mortgage-backed securities and collateralized mortgage obligations 7,839 6 (109 ) 7,736 US government and agency obligations 320 - (5 ) 315 Corporate securities 802 5 - 807 $ 19,864 $ 12 $ (426 ) $ 19,450
Schedule of amortized cost and fair value of debt securities based on the contractual maturity.	September 30, 2017 (Unaudited) December 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in Thousands) Due in one year or less $ - $ - $ 575 $ 575 Due after one year through five years 789 790 861 857 Due after five years through ten years 6,019 6,016 5,928 5,821 Due after ten years 4,195 4,142 4,661 4,461 Mortgage-backed securities and collateralized mortgage obligations 10,974 10,901 7,839 7,736 $ 21,977 $ 21,849 $ 19,864 $ 19,450
Schedule of Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time.	Less than Twelve Months Over Twelve Months Gross Fair Value Gross Fair Value (Dollars in Thousands) September 30, 2017 (Unaudited): Municipal securities $ (20 ) $ 1,607 $ (64 ) $ 3,892 Mortgage-backed securities and collateralized mortgage obligations (24 ) 6,848 (62 ) 2,924 US government and agency obligations (2 ) 197 - - $ (46 ) $ 8,652 $ (126 ) $ 6,816 December 31, 2016: $ (312 ) $ 9,435 $ - $ - Municipal securities Mortgage-backed securities and collateralized mortgage obligations (108 ) 6,073 (1 ) 290 US government and agency obligations (5 ) 315 - - $ (425 ) $ 15,823 $ (1 ) $ 290

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2017
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Schedule of net loans	September 30, December 31, 2017 2016 (Unaudited) (Dollars in thousands) Mortgage loans on real estate: One-to-four family first lien residential $ 96,484 $ 93,443 Residential construction 5,320 3,091 Home equity loans and lines of credit 7,227 5,504 Commercial 21,215 18,879 Total mortgage loans on real estate $ 130,246 $ 120,917 Commercial and industrial 8,672 9,105 Consumer loans 2,731 2,907 Total loans 141,649 132,929 Allowance for credit losses (1,211 ) (1,170 ) Net deferred loan origination costs 585 605 Net loans $ 141,023 $ 132,364
Schedule of classes of the loan portfolio	September 30, 2017 (Unaudited) (Dollars in thousands) Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to-four family first lien residential $ 96,484 $ - $ - $ - $ 96,484 Residential construction 5,320 - - - 5,320 Home equity loans and lines of credit 7,227 - - - 7,227 Commercial 19,638 - 1,577 - 21,215 Total mortgage loans on real estate 128,669 - 1,577 - 130,246 Commercial and industrial 8,373 79 220 - 8,672 Consumer loans 2,731 - - - 2,731 Total loans $ 139,773 $ 79 $ 1,797 $ - $ 141,649 December 31, 2016 (Dollars in thousands) Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to-four family first lien residential $ 93,443 $ - $ - $ - $ 93,443 Residential construction 3,091 - - - 3,091 Home equity loans and lines of credit 5,504 - - - 5,504 Commercial 18,033 - 846 - 18,879 Total mortgage loans on real estate 120,071 - 846 - 120,917 Commercial and industrial 8,296 403 406 9,105 Consumer loans 2,907 - - - 2,907 Total loans $ 131,274 $ 403 $ 1,252 $ - $ 132,929
Schedule of age analysis of past due loans, segregated by class of loans.	September 30, 2017 (Unaudited) (Dollars in thousands) 30-59 Days 60-89 Days 90+ Days Total Past Current Total Mortgage loans on real estate: One-to-four family first lien residential $ 1,337 $ 398 $ 793 $ 2,528 $ 93,956 $ 96,484 Residential construction - - - - 5,320 5,320 Home equity loans and lines of credit - - - - 7,227 7,227 Commercial 605 - - 605 20,610 21,215 Total mortgage loans on real estate 1,942 398 793 3,133 127,113 130,246 Commercial and industrial - - - - 8,672 8,672 Consumer loans 4 1 - 5 2,726 2,731 Total loans $ 1,946 $ 399 $ 793 $ 3,138 $ 138,511 $ 141,649 December 31, 2016 (Dollars in thousands) 30-59 Days 60-89 Days 90+ Days Total Past Current Total Mortgage loans on real estate: One-to-four family first lien residential $ 2,154 $ 439 $ 1,321 $ 3,914 $ 89,529 $ 93,443 Residential construction - - - - 3,091 3,091 Home equity loans and lines of credit - - - - 5,504 5,504 Commercial 577 - 269 846 18,033 18,879 Total mortgage loans on real estate 2,731 439 1,590 4,760 116,157 120,917 Commercial and industrial 110 - 104 214 8,891 9,105 Consumer loans 132 99 19 250 2,657 2,907 Total loans $ 2,973 $ 538 $ 1,713 $ 5,224 $ 127,705 $ 132,929
Schedule of nonaccrual loans	September 30, December 31, 2017 2016 (Unaudited) (Dollars in thousands) Mortgage loans on real estate $ 793 $ 1,321 Commercial and industrial loans - 354 Consumer loans - 19 Total nonaccrual loans $ 793 $ 1,694
Schedule of summary of impaired loans.	September 30, 2017 (Unaudited) (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Mortgage loans on real estate $ - $ - $ - Commercial and industrial loans - - - - - - With no allowance recorded: Mortgage loans on real estate 1,792 1,792 - Commercial and industrial loans - - - 1,792 1,792 - Total $ 1,792 $ 1,792 $ - December 31, 2016 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance With an allowance recorded: Mortgage loans on real estate $ 183 $ 183 $ 41 Commercial and industrial loans 85 340 52 268 523 93 With no allowance recorded: Mortgage loans on real estate 970 970 - Commercial and industrial loans 269 269 - 1,239 1,239 - Total $ 1,507 $ 1,762 $ 93
Schedule of average recorded investment in impaired loans.	September 30, December 31, 2017 2016 (Unaudited) (Dollars in thousands) Mortgage loans on real estate - commercial $ 1,592 $ 1,391 Commercial and industrial loans 43 298 Total $ 1,635 $ 1,689
Schedule of interest income recognized on impaired loans.	For the three months ended For the nine months ended September 30, September 30, 2017 2016 2017 2016 (Unaudited) (Unaudited) (Dollars in thousands) (Dollars in thousands) Mortgage loans on real estate $ 14 $ - $ 40 $ - Commercial and industrial loans - - - 2 Total $ 14 $ - $ 40 $ 2
Schedule for changes in the allowance for loan losses	Mortgage loans Commercial and Consumer Unallocated Total (Dollars in thousands) September 30, 2017 Allowance for loan losses: Beginning balance - July 1, 2017 $ 922 $ 92 $ 5 $ 116 $ 1,135 Charge-offs - - - - - Recoveries 13 3 - - 16 Provision (Credit) (52 ) (1 ) 1 112 60 Ending balance - September 30, 2017 $ 883 $ 94 $ 6 $ 228 $ 1,211 Beginning balance - January 1, 2017 $ 862 $ 180 $ 5 $ 123 $ 1,170 Charge-offs (64 ) (61 ) - - (125 ) Recoveries 13 3 - - 16 Provision (Credit) 72 (28 ) 1 105 150 Ending balance - September 30, 2017 $ 883 $ 94 $ 6 $ 228 $ 1,211 Ending balance: individually evaluated for impairment - - - - - Ending balance: collectively evaluated for impairment 883 94 6 228 1,211 Loans receivable balance: Ending balance: individually evaluated for impairment 1,792 - - - 1,792 Ending balance: collectively evaluated for impairment 128,454 8,672 2,731 - 139,857 Ending balance $ 130,246 $ 8,672 $ 2,731 $ - $ 141,649 Mortgage loans Commercial and Consumer Unallocated Total (Dollars in thousands) September 30, 2016 Allowance for loan losses: Beginning balance - July 1, 2016 $ 836 $ 278 $ 4 $ 76 $ 1,194 Charge-offs (80 ) - - - (80 ) Recoveries - - - - - Provision (Credit) 62 30 1 78 171 Ending balance - September 30, 2016 $ 818 $ 308 $ 5 $ 154 $ 1,285 Beginning balance - January 1, 2016 $ 843 $ 276 $ 6 $ 93 $ 1,218 Charge-offs (142 ) - - - (142 ) Recoveries 1 - - - 1 Provision (Credit) 116 32 (1 ) 61 208 Ending balance - September 30, 2016 $ 818 $ 308 $ 5 $ 154 $ 1,285 Mortgage loans Commercial Consumer Unallocated Total (Dollars in Thousands) December 31, 2016 Ending balance - December 31, 2016 $ 862 $ 180 $ 5 $ 123 $ 1,170 Ending balance: individually evaluated for impairment 41 51 - - 92 Ending balance: collectively evaluated for impairment 834 119 5 120 1,078 Loans receivable balance: Ending balance: individually evaluated for impairment 1,153 354 - - 1,507 Ending balance: collectively evaluated for impairment 119,764 8,751 2,907 - 131,422 Ending balance $ 120,917 $ 9,105 $ 2,907 $ - $ 132,929

COMPREHENSIVE INCOME (LOSS) (Ta

COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of balances and changes in components of accumulated other comprehensive loss, net of tax	For the three months ended September 30, 2017 Unrealized Gains (Losses) on Net (Losses) on Accumulated Other (Dollars in thousands) Available for Sale Securities Pension Plan Comprehensive (Loss) Beginning balance $ (75 ) $ (2,276 ) $ (2,351 ) Other comprehensive income (loss) (10 ) 130 120 Ending balance $ (85 ) $ (2,146 ) $ (2,231 ) For the three months ended September 30, 2016 Unrealized Gains (Losses) on Net (Losses) on Accumulated Other (Dollars in thousands) Available for Sale Securities Pension Plan Comprehensive (Loss) Beginning balance $ 100 $ (2,910 ) $ (2,810 ) Other comprehensive income (loss) (76 ) 133 57 Ending balance $ 24 $ (2,777 ) $ (2,753 ) For the nine months ended September 30, 2017 Unrealized Gains (Losses) on Net (Losses) on Accumulated Other (Dollars in thousands) Available for Sale Securities Pension Plan Comprehensive (Loss) Beginning balance $ (273 ) $ (2,514 ) $ (2,787 ) Other comprehensive income 188 368 556 Ending balance $ (85 ) $ (2,146 ) $ (2,231 ) For the nine months ended September 30, 2016 Unrealized Gains (Losses) on Net (Losses) on Accumulated Other (Dollars in thousands) Available for Sale Securities Pension Plan Comprehensive (Loss) Beginning balance $ (51 ) $ (2,893 ) $ (2,944 ) Other comprehensive income 75 116 191 Ending balance $ 24 $ (2,777 ) $ (2,753 )
Schedule of income tax (expense) benefit allocated to each component of other comprehensive income (loss)	Components of Other Comprehensive Income (Loss) (Dollars in thousands) For the three months ended September 30, 2017 September 30, 2016 Before Tax Tax (Expense) Before Tax Tax (Expense) Amount Benefit Net Amount Benefit Net Available for sale securities: Unrealized holding (losses) arising during period $ (15 ) $ 5 $ (10 ) $ (123 ) $ 49 $ (74 ) Less reclassification adjustment for net gains included in net income - - - (4 ) 1 (3 ) Net unrealized (losses) on available for sale securities (15 ) 5 (10 ) (127 ) 50 (77 ) Pension Plan: Net gains arising during the period 146 (50 ) 96 142 (48 ) 94 Less reclassification of amortization of net losses recognized in net pension expense 51 (17 ) 34 59 (20 ) 39 Net changes in defined benefit pension plan 197 (67 ) 130 201 (68 ) 133 Other Comprehensive Income $ 182 $ (62 ) $ 120 $ 74 $ (18 ) $ 56 For the nine months ended September 30, 2017 September 30, 2016 Before Tax Tax (Expense) Before Tax Tax (Expense) Amount Benefit Net Amount Benefit Net Available for sale securities: Unrealized holding gains arising during period $ 286 $ (97 ) $ 189 $ 222 $ (83 ) $ 139 Reclassification adjustment for net gains included in net income (1 ) - (1 ) (97 ) 33 (64 ) Net unrealized gains on available for sale securities 285 (97 ) 188 125 (50 ) 75 Defined Benefit Pension Plan: Net gains (losses) arising during the period 405 (137 ) 268 (2 ) 1 (1 ) Less reclassification of amortization of net losses recognized in net pension expense 152 (52 ) 100 178 (61 ) 117 Net changes in defined benefit pension plan 557 (189 ) 368 176 (60 ) 116 Other Comprehensive Income $ 842 $ (286 ) $ 556 $ 301 $ (110 ) $ 191
Schedule of reclassification of accumulated other comprehensive loss	Amount Reclassified from AOCL Three Months Three Months Nine Months Nine Months September 30, September 30, September 30, September 30, Affected line item in the (Unaudited) (Dollars in thousands) Available-for-sale securities: Realized gains on sale of securities $ - $ 4 $ 1 $ 97 Net realized gains on sales of available-for-sale securities Tax effect - (1 ) - (33 ) (Provision) for income taxes - 3 1 64 Net income Defined benefit pension plan: Retirement plan net losses recognized in net period pension cost (51 ) (59 ) (152 ) 178 Compensation and employee benefits Tax effect 17 20 52 61 Benefit for income taxes $ (34 ) $ (39 ) $ (100 ) $ 239 Net income

FAIR VALUE MEASUREMENT AND FA22

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
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: September 30, 2017 (Unaudited): Municipal securities $ 8,931 $ - $ 8,931 $ - Mortgage-backed securities and collateralized mortgage obligations 10,901 - 10,901 - US government and agency obligations 197 - 197 - Corporate securities 1,820 - 1,820 - $ 21,849 $ - $ 21,849 $ - December 31, 2016: Municipal securities $ 10,592 $ - $ 10,592 $ - Mortgage-backed securities and collateralized mortgage obligations 7,736 - 7,736 - US government and agency obligations 315 - 315 - Corporate securities 807 - 807 - $ 19,450 $ - $ 19,450 $ -
Schedule of carrying amounts and estimated fair values of financial instruments	Fair Value Carrying Fair Hierarchy Amount Value (In Thousands of Dollars) September 30, 2017 (Unaudited): Financial assets: Cash and due from banks Level 1 $ 5,610 $ 5,610 Securities available-for-sale Level 2 21,849 21,849 Investment in FHLBNY stock Level 2 2,157 2,157 Loans, net Level 3 141,023 138,328 Accrued interest receivable Level 1 635 635 Financial liabilities: Deposits Level 1/2 139,859 135,854 Advances and borrowings from FHLBNY Level 2 22,500 22,500 Accrued interest payable Level 1 63 63 Advances from borrowers for taxes and insurance Level 1 1,137 1,137 December 31, 2016: Financial assets: Cash and due from banks Level 1 1,762 1,762 Securities available-for-sale Level 2 19,450 19,450 Investment in FHLBNY stock Level 2 2,090 2,090 Loans, net Level 3 132,364 130,581 Accrued interest receivable Level 1 630 630 Financial liabilities: Deposits Level 1/2 119,542 115,440 Advances and borrowings from FHLBNY Level 2 28,000 28,000 Accrued interest payable Level 1 27 27 Advances from borrowers for taxes and insurance Level 1 2,008 2,008
Schedule of assets measured at fair value on a nonrecurring basis	Total Level 1 Level 2 Level 3 (In Thousands of Dollars) September 30, 2017 (Unaudited): Impaired loans $ 1,039 $ - $ - $ 1,039 Foreclosed real estate - - - - December 31, 2016: Impaired loans $ 268 $ - $ - $ 268 Foreclosed real estate 23 - - 23
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% Foreclosed real estate Market Costs to sell 10% valuation of property

OFF-BALANCE SHEET CREDIT RISK (

OFF-BALANCE SHEET CREDIT RISK (Tables)	9 Months Ended
	Sep. 30, 2017
Off Balance Sheet Credit Risk [Abstract]
Schedule of outstanding contract amounts of off-balance sheet credit risk financial instruments	September 30, December 31, 2017 2016 (Unaudited) (In Thousands of Dollars) Commitments to Grant Loans $ 1,795 $ 2,523 Unfunded Commitments Under Lines of Credit $ 4,264 $ 4,845

REGULATORY CAPITAL REQUIREMEN24

REGULATORY CAPITAL REQUIREMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Regulatory Capital Requirements [Abstract]
Schedule of company's actual capital amounts and ratios	Minimum to be Well Minimum Capital for Capitalized Under Prompt Actual Minimum Capital Adequacy with Corrective Action Amount Ratio Amount Ratio Amount Ratio Amount Ratio (In Thousands of Dollars) As of September 30, 2017 (Unaudited): Total core capital to risk weighted assets $ 15,241 14.77 % $ 8,253 8.00 % $ 9,542 9.25 % $ 10,316 10.00 % Tier 1 capital to risk weighted assets 14,030 13.60 % 6,190 6.00 % 7,479 7.25 % 8,253 8.00 % Tier 1 common equity to risk weighted assets 14,030 13.60 % 4,642 4.50 % 5,932 5.75 % 6,705 6.50 % Tier 1 capital to assets 14,030 8.11 % 6,924 4.00 % N/A N/A 8,655 5.00 % As of December 31, 2016: Total core capital to risk weighted assets $ 14,737 15.56 % $ 7,575 8.00 % $ 8,167 8.63 % $ 9,469 10.00 % Tier 1 capital to risk weighted assets 13,567 14.32 % 5,681 6.00 % 6,273 6.63 % 7,575 8.00 % Tier 1 common equity to risk weighted assets 13,567 14.32 % 4,261 4.50 % 4,853 5.13 % 6,155 6.50 % Tier 1 capital to assets 13,567 8.65 % 6,276 4.00 % N/A N/A 7,469 5.00 %

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2017
Defined Benefit Plan [Abstract]
Schedule of net periodic pension plan cost	For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (Dollars in thousands) Service Cost $ 63 $ 62 $ 189 $ 187 Interest Cost 106 108 317 323 Expected return on assets (177 ) (167 ) (528 ) (501 ) Amortization of net actuarial loss 51 59 152 178 Net pension expense included in employee benefits $ 43 $ 62 $ 130 $ 187

SECURITIES - Summary of amortiz

SECURITIES - Summary of amortized cost and fair values of securities, with gross unrealized gains and losses (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Available-for-sale Securities:
Amortized Cost	$ 21,977	$ 19,864
Unrealized Gains	44	12
Unrealized Losses	(172)	(426)
Fair Value	21,849	19,450
Municipal securities
Available-for-sale Securities:
Amortized Cost	8,998	10,903
Unrealized Gains	17	1
Unrealized Losses	(84)	(312)
Fair Value	8,931	10,592
Mortgage-backed securities and collateralized mortgage obligations
Available-for-sale Securities:
Amortized Cost	10,974	7,839
Unrealized Gains	13	6
Unrealized Losses	(86)	(109)
Fair Value	10,901	7,736
US government and agency obligations
Available-for-sale Securities:
Amortized Cost	199	320
Unrealized Gains	0	0
Unrealized Losses	(2)	(5)
Fair Value	197	315
Corporate securities
Available-for-sale Securities:
Amortized Cost	1,806	802
Unrealized Gains	14	5
Unrealized Losses	0	0
Fair Value	$ 1,820	$ 807

SECURITIES - Summary of amort27

SECURITIES - Summary of amortized cost and fair value of debt securities by contractual maturity (Details 1) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Available for Sale, Amortized Cost
Due in one year or less	$ 0	$ 575
Due after one year through five years	789	861
Due after five years through ten years	6,019	5,928
Due after ten years	4,195	4,661
Mortgage-backed securities and collateralized mortgage obligations	10,974	7,839
Total	21,977	19,864
Available for Sale, Fair Value
Due in one year or less	0	575
Due after one year through five years	790	857
Due after five years through ten years	6,016	5,821
Due after ten years	4,142	4,461
Mortgage-backed securities and collateralized mortgage obligations	10,901	7,736
Total	$ 21,849	$ 19,450

SECURITIES - Summary of securit

SECURITIES - Summary of securities in unrealized loss position (Details 2) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Gross Unrealized Losses	$ (46)	$ (425)
Less than Twelve Months, Fair Value	8,652	15,823
Over Twelve Months, Gross Unrealized Losses	(126)	(1)
Over Twelve Months, Fair Value	6,816	290
Municipal securities
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Gross Unrealized Losses	(20)	(312)
Less than Twelve Months, Fair Value	1,607	9,435
Over Twelve Months, Gross Unrealized Losses	(64)	0
Over Twelve Months, Fair Value	3,892	0
Mortgage-backed securities and collateralized mortgage obligations
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Gross Unrealized Losses	(24)	(108)
Less than Twelve Months, Fair Value	6,848	6,073
Over Twelve Months, Gross Unrealized Losses	(62)	(1)
Over Twelve Months, Fair Value	2,924	290
US government and agency obligations
Schedule of Available-for-sale Securities [Line Items]
Less than Twelve Months, Gross Unrealized Losses	(2)	(5)
Less than Twelve Months, Fair Value	197	315
Over Twelve Months, Gross Unrealized Losses	0	0
Over Twelve Months, Fair Value	$ 0	$ 0

SECURITIES (Detail Textuals)

SECURITIES (Detail Textuals)	9 Months Ended
	Sep. 30, 2017USD ($)Security	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Carrying value of investment securities pledged to secure deposits | $	$ 10,011,817		$ 7,022,571
Gross realized gains on sale of available-for-sale securities | $	1,258	$ 112,967
Gross realized losses on sale of available-for-sale securities | $	$ 118	$ 16,521
Municipal securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities in a continuous loss position for more than twelve months	10
Number of securities in a continuous loss position for less than twelve months	5		27
Mortgage-backed security
Schedule of Available-for-sale Securities [Line Items]
Number of securities in a continuous loss position for less than twelve months	3
Collateralized mortgage obligations
Schedule of Available-for-sale Securities [Line Items]
Number of securities in a continuous loss position for more than twelve months	3
Number of securities in a continuous loss position for less than twelve months	8		1
US government and agency obligations
Schedule of Available-for-sale Securities [Line Items]
Number of securities in a continuous loss position for less than twelve months	1		1
Corporate securities
Schedule of Available-for-sale Securities [Line Items]
Number of securities in a continuous loss position for less than twelve months			8

LOANS - Components of net loans

LOANS - Components of net loans (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 141,649		$ 132,929
Allowance for credit losses	(1,211)	$ (1,135)	(1,170)	$ (1,285)	$ (1,194)	$ (1,218)
Net deferred loan origination costs	585		605
Net loans	141,023		132,364
Mortgage loans on real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	130,246		120,917
Allowance for credit losses	(887)	(922)	(862)	(818)	(836)	(843)
Mortgage loans on real estate | One-to-four family first lien residential
Loans and Leases Receivable Disclosure [Line Items]
Total loans	96,484		93,443
Mortgage loans on real estate | Residential construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans	5,320		3,091
Mortgage loans on real estate | Home equity loans and lines of credit
Loans and Leases Receivable Disclosure [Line Items]
Total loans	7,227		5,504
Mortgage loans on real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	21,215		18,879
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	8,672		9,105
Allowance for credit losses	(94)	(92)	(180)	(308)	(278)	(276)
Consumer loans
Loans and Leases Receivable Disclosure [Line Items]
Total loans	2,731		2,907
Allowance for credit losses	$ (6)	$ (5)	$ (5)	$ (5)	$ (4)	$ (6)

LOANS - Summary of internal ris

LOANS - Summary of internal risk rating of loans (Details 1) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 141,649	$ 132,929
Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	139,773	131,274
Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	79	403
Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	1,797	1,252
Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate
Financing Receivable, Recorded Investment [Line Items]
Total loans	130,246	120,917
Mortgage loans on real estate | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	128,669	120,071
Mortgage loans on real estate | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	1,577	846
Mortgage loans on real estate | 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	96,484	93,443
Mortgage loans on real estate | One-to-four family first lien residential | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	96,484	93,443
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 | 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	5,320	3,091
Mortgage loans on real estate | Residential construction | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	5,320	3,091
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 | 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	7,227	5,504
Mortgage loans on real estate | Home equity loans and lines of credit | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	7,227	5,504
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 | 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	21,215	18,879
Mortgage loans on real estate | Commercial | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	19,638	18,033
Mortgage loans on real estate | Commercial | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate | Commercial | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	1,577	846
Mortgage loans on real estate | Commercial | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Commercial and industrial
Financing Receivable, Recorded Investment [Line Items]
Total loans	8,672	9,105
Commercial and industrial | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	8,373	8,296
Commercial and industrial | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	79	403
Commercial and industrial | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	220	406
Commercial and industrial | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Consumer loans
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,731	2,907
Consumer loans | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,731	2,907
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 | 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 2) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 3,138	$ 5,224
Current	138,511	127,705
Total Loans Receivable	141,649	132,929
Mortgage loans on real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	3,133	4,760
Current	127,113	116,157
Total Loans Receivable	130,246	120,917
Mortgage loans on real estate | One-to-four family first lien residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	2,528	3,914
Current	93,956	89,529
Total Loans Receivable	96,484	93,443
Mortgage loans on real estate | Residential construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	5,320	3,091
Total Loans Receivable	5,320	3,091
Mortgage loans on real estate | Home equity loans and lines of credit
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	7,227	5,504
Total Loans Receivable	7,227	5,504
Mortgage loans on real estate | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	605	846
Current	20,610	18,033
Total Loans Receivable	21,215	18,879
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	214
Current	8,672	8,891
Total Loans Receivable	8,672	9,105
Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	5	250
Current	2,726	2,657
Total Loans Receivable	2,731	2,907
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,946	2,973
30-59 Days Past Due | Mortgage loans on real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,942	2,731
30-59 Days Past Due | Mortgage loans on real estate | One-to-four family first lien residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,337	2,154
30-59 Days Past Due | Mortgage loans on real estate | Residential construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
30-59 Days Past Due | Mortgage loans on real estate | Home equity loans and lines of credit
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
30-59 Days Past Due | Mortgage loans on real estate | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	605	577
30-59 Days Past Due | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	110
30-59 Days Past Due | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	4	132
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	399	538
60-89 Days Past Due | Mortgage loans on real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	398	439
60-89 Days Past Due | Mortgage loans on real estate | One-to-four family first lien residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	398	439
60-89 Days Past Due | Mortgage loans on real estate | Residential construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
60-89 Days Past Due | Mortgage loans on real estate | Home equity loans and lines of credit
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
60-89 Days Past Due | Mortgage loans on real estate | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
60-89 Days Past Due | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
60-89 Days Past Due | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1	99
90+ Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	793	1,713
90+ Days Past Due | Mortgage loans on real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	793	1,590
90+ Days Past Due | Mortgage loans on real estate | One-to-four family first lien residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	793	1,321
90+ Days Past Due | Mortgage loans on real estate | Residential construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
90+ Days Past Due | Mortgage loans on real estate | Home equity loans and lines of credit
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
90+ Days Past Due | Mortgage loans on real estate | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	269
90+ Days Past Due | Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	104
90+ Days Past Due | Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 0	$ 19

LOANS - Summary of Nonaccrual l

LOANS - Summary of Nonaccrual loans (Details 3) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	$ 793	$ 1,694
Mortgage loans on real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	793	1,321
Commercial and industrial loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	0	354
Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	$ 0	$ 19

LOANS - Impaired loans informat

LOANS - Impaired loans information by portfolio class (Details 4) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
With an allowance recorded:
Recorded Investment	$ 0	$ 268
Unpaid Principal Balance	0	523
Related Allowance	0	93
With no allowance recorded:
Recorded Investment	1,792	1,239
Unpaid Principal Balance	1,792	1,239
Total Recorded Investment	1,792	1,507
Total Unpaid Principal Balance	1,792	1,762
Total Related Allowance	0	93
Mortgage loans on real estate
With an allowance recorded:
Recorded Investment	0	183
Unpaid Principal Balance	0	183
Related Allowance	0	41
With no allowance recorded:
Recorded Investment	1,792	970
Unpaid Principal Balance	1,792	970
Commercial and industrial loans
With an allowance recorded:
Recorded Investment	0	85
Unpaid Principal Balance	0	340
Related Allowance	0	52
With no allowance recorded:
Recorded Investment	0	269
Unpaid Principal Balance	$ 0	$ 269

LOANS - Average recorded invest

LOANS - Average recorded investment in impaired loans (Details 5) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Financing Receivable, Impaired [Line Items]
Average recorded investment in impaired loans	$ 1,650	$ 1,689
Mortgage loans on real estate | Commercial
Financing Receivable, Impaired [Line Items]
Average recorded investment in impaired loans	1,607	1,391
Commercial and industrial loans
Financing Receivable, Impaired [Line Items]
Average recorded investment in impaired loans	$ 43	$ 298

LOANS - Interest income recogni

LOANS - Interest income recognized on impaired loans (Details 6) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Financing Receivable, Impaired [Line Items]
Interest income recognized on impaired loans	$ 14	$ 0	$ 40	$ 2
Mortgage loans on real estate
Financing Receivable, Impaired [Line Items]
Interest income recognized on impaired loans	14	0	40	0
Commercial and industrial loans
Financing Receivable, Impaired [Line Items]
Interest income recognized on impaired loans	$ 0	$ 0	$ 0	$ 2

LOANS - Changes in the allowanc

LOANS - Changes in the allowance for loan losses (Details 7) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
Allowance for loan losses:
Beginning balance	$ 1,135	$ 1,194	$ 1,170	$ 1,218
Charge-offs	0	(80)	(125)	(142)
Recoveries	16	0	16	1
Provision (Credit)	60	171	150	208
Ending balance	1,211	1,285	1,211	1,285
Ending balance:
Ending balance:	1,211	1,194	1,170	1,285	$ 1,211	$ 1,170
Ending balance: individually evaluated for impairment					0	92
Ending balance: collectively evaluated for impairment					1,211	1,078
Loans receivable balance:
Ending balance: individually evaluated for impairment					1,792	1,507
Ending balance: collectively evaluated for impairment					139,857	131,422
Ending balance					141,649	132,929
Mortgage loans on real estate
Allowance for loan losses:
Beginning balance	922	836	862	843
Charge-offs	0	(80)	(64)	(142)
Recoveries	13	0	13	1
Provision (Credit)	(52)	62	72	116
Ending balance	887	818	887	818
Ending balance:
Ending balance:	887	836	862	818	887	862
Ending balance: individually evaluated for impairment					0	41
Ending balance: collectively evaluated for impairment					887	834
Loans receivable balance:
Ending balance: individually evaluated for impairment					1,792	1,153
Ending balance: collectively evaluated for impairment					128,454	119,764
Ending balance					130,246	120,917
Commercial and industrial loans
Allowance for loan losses:
Beginning balance	92	278	180	276
Charge-offs	0	0	(61)	0
Recoveries	3	0	3	0
Provision (Credit)	(1)	30	(28)	32
Ending balance	94	308	94	308
Ending balance:
Ending balance:	94	278	180	308	94	180
Ending balance: individually evaluated for impairment					0	51
Ending balance: collectively evaluated for impairment					94	119
Loans receivable balance:
Ending balance: individually evaluated for impairment					0	354
Ending balance: collectively evaluated for impairment					8,672	8,751
Ending balance					8,672	9,105
Consumer loans
Allowance for loan losses:
Beginning balance	5	4	5	6
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision (Credit)	1	1	1	(1)
Ending balance	6	5	6	5
Ending balance:
Ending balance:	6	4	5	5	6	5
Ending balance: individually evaluated for impairment					0	0
Ending balance: collectively evaluated for impairment					6	5
Loans receivable balance:
Ending balance: individually evaluated for impairment					0	0
Ending balance: collectively evaluated for impairment					2,731	2,907
Ending balance					2,731	2,907
Unallocated
Allowance for loan losses:
Beginning balance	116	76	123	93
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision (Credit)	112	78	105	61
Ending balance	228	154	228	154
Ending balance:
Ending balance:	$ 228	$ 76	$ 123	$ 154	228	123
Ending balance: individually evaluated for impairment					0	0
Ending balance: collectively evaluated for impairment					228	120
Loans receivable balance:
Ending balance: individually evaluated for impairment					0	0
Ending balance: collectively evaluated for impairment					0	0
Ending balance					$ 0	$ 0

LOANS (Detail Textuals)

LOANS (Detail Textuals) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)Loan	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Line Items]
Percentage of real estate loans	92.00%	91.00%
Mortgage loans on real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Number of loans | Loan	2
Loan classified as substandard and impaired | $	$ 1

COMPREHENSIVE INCOME (LOSS) - C

COMPREHENSIVE INCOME (LOSS) - Components of accumulated other comprehensive loss, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (2,351)	$ (2,810)	$ (2,787)	$ (2,944)
Other Comprehensive Income, Tax (Expense) Benefit	120	56	556	191
Ending balance	(2,231)	(2,753)	(2,231)	(2,753)
Unrealized Gains (Losses) on Available for Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(75)	100	(273)	(51)
Other Comprehensive Income, Tax (Expense) Benefit	(10)	(76)	188	75
Ending balance	(85)	24	(85)	24
Net (Losses) on Pension Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,276)	(2,910)	(2,514)	(2,893)
Other Comprehensive Income, Tax (Expense) Benefit	130	133	368	116
Ending balance	$ (2,146)	$ (2,777)	$ (2,146)	$ (2,777)

COMPREHENSIVE INCOME (LOSS) - I

COMPREHENSIVE INCOME (LOSS) - Income tax (expense) benefit allocated to each component of other comprehensive income (loss) (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Available for sale securities:
Unrealized holding gains (losses) arising during period	$ (15)	$ (123)	$ 286	$ 222
Unrealized holding (losses) arising during period, Tax (Expense) Benefit	5	49	(97)	(83)
Unrealized holding (losses) arising during period, Net	(10)	(74)	189	139
Less reclassification adjustment for net gains included in net income, Before Tax Amount	0	(4)	(1)	(97)
Less reclassification adjustment for net gains included in net income, Tax (Expense) Benefit	0	1	0	33
Less reclassification adjustment for net gains included in net income, Net	0	(3)	(1)	(64)
Net unrealized (losses) on available for sale securities, Before Tax Amount	(15)	(127)	285	125
Net unrealized (losses) on available for sale securities, Tax (Expense) Benefit	5	50	(97)	(50)
Net unrealized (losses) on available for sale securities, Net	(10)	(77)	188	75
Pension Plan:
Net gains (losses) arising during the period, Before Tax Amount	146	142	405	(2)
Tax effect	(50)	(48)	(137)	1
Net gains arising during the period, Net	96	94	268	(1)
Less reclassification of amortization of net losses recognized in net pension expense, Before Tax Amount	(51)	(59)	(152)	(178)
Less reclassification of amortization of net losses recognized in net pension expense, Tax (Expense) Benefit	(17)	(20)	(52)	(61)
Less reclassification of amortization of net losses recognized in net pension expense, Net	34	39	100	117
Net changes in defined benefit pension plan, Before Tax Amount	197	201	557	176
Net changes in defined benefit pension plan, Tax (Expense) Benefit	(67)	(68)	(189)	(60)
Net changes in defined benefit pension plan, Net	130	133	368	116
Other Comprehensive Income, Before Tax Amount	182	74	842	301
Tax effect	(62)	(18)	(286)	(110)
Other comprehensive income	$ 120	$ 56	$ 556	$ 191

COMPREHENSIVE INCOME (LOSS) - R

COMPREHENSIVE INCOME (LOSS) - Reclassification out of each component of accumulated other comprehensive loss (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Available-for-sale securities:
Realized gains on sale of securities, before tax	$ (15)	$ (123)	$ 286	$ 222
Tax effect	5	49	(97)	(83)
Available-for-sale Securities Adjustment, Net of Tax	(10)	(77)	188	75
Defined benefit pension plan:
Retirement plan net losses recognized in net period pension cost, before tax	(146)	(142)	(405)	2
Tax effect	50	48	137	(1)
Reclassification from Accumulated other comprehensive income
Available-for-sale securities:
Realized gains on sale of securities, before tax	0	4	1	97
Tax effect	0	(1)	0	(33)
Available-for-sale Securities Adjustment, Net of Tax	0	3	1	64
Defined benefit pension plan:
Retirement plan net losses recognized in net period pension cost, before tax	(51)	(59)	(152)	178
Tax effect	17	20	52	61
Defined benefit pension plan, after tax	$ (34)	$ (39)	$ (100)	$ 239

FAIR VALUE MEASUREMENT AND FA42

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	$ 21,849	$ 19,450
Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	8,931	10,592
Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	10,901	7,736
US government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	197	315
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	1,820	807
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	21,849	19,450
Recurring basis | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	8,931	10,592
Recurring basis | Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	10,901	7,736
Recurring basis | US government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	197	315
Recurring basis | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	1,820	807
Recurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Recurring basis | Level 1 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	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]
Available-for-Sale Securities	0	0
Recurring basis | Level 1 | US government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Recurring basis | Level 1 | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Recurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	21,849	19,450
Recurring basis | Level 2 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	8,931	10,592
Recurring basis | Level 2 | Mortgage-backed securities and collateralized mortgage obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	10,901	7,736
Recurring basis | Level 2 | US government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	197	315
Recurring basis | Level 2 | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	1,820	807
Recurring basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Recurring basis | Level 3 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	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]
Available-for-Sale Securities	0	0
Recurring basis | Level 3 | US government and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	0	0
Recurring basis | Level 3 | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	$ 0	$ 0

FAIR VALUE MEASUREMENT AND FA43

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying amounts and estimated fair values of financial instruments (Details 1) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Financial assets:
Cash and due from banks		$ 5,610	$ 1,762
Securities, available-for-sale		21,849	19,450
Investment in FHLBNY stock		2,157	2,090
Loans, net		141,023	132,364
Accrued interest receivable		635	630
Financial liabilities:
Deposits		139,859	119,542
Advances and borrowings from FHLBNY		22,500	28,000
Advances from borrowers for taxes and insurance		1,137	2,008
Carrying Amount
Financial assets:
Cash and due from banks	[1]	5,610	1,762
Securities, available-for-sale	[2]	21,849	19,450
Investment in FHLBNY stock	[2]	2,157	2,090
Loans, net	[3]	141,023	132,364
Accrued interest receivable	[1]	635	630
Financial liabilities:
Deposits	[1],[2]	139,859	119,542
Advances and borrowings from FHLBNY	[2]	22,500	28,000
Accrued interest payable	[1]	63	27
Advances from borrowers for taxes and insurance	[1]	1,137	2,008
Fair Value
Financial assets:
Cash and due from banks	[1]	5,610	1,762
Securities, available-for-sale	[2]	21,849	19,450
Investment in FHLBNY stock	[2]	2,157	2,090
Loans, net	[3]	138,328	130,581
Accrued interest receivable	[1]	635	630
Financial liabilities:
Deposits	[1],[2]	135,854	115,440
Advances and borrowings from FHLBNY	[2]	22,500	28,000
Accrued interest payable	[1]	63	27
Advances from borrowers for taxes and insurance	[1]	$ 1,137	$ 2,008
[1]	Level 1
[2]	Level 2
[3]	Level 3

FAIR VALUE MEASUREMENT AND FA44

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured at Fair Value on a Nonrecurring Basis (Details 2) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreclosed real estate		$ 23,000
Nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	$ 1,039,000	268,000
Foreclosed real estate	0	23,000
Nonrecurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0	0
Foreclosed real estate	0	0
Nonrecurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	0	0
Foreclosed real estate	0	0
Nonrecurring basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	1,039,000	268,000
Foreclosed real estate	$ 0	$ 23,000

FAIR VALUE MEASUREMENT AND FA45

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative information of assets measured at fair value on a nonrecurring basis(Details 3) - Level 3	9 Months Ended
	Sep. 30, 2017
Impaired loans | Lower of appraisal of collateral or asking price less selling costs
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Appraisal adjustments	10.00%
Costs to sell	10.00%
Foreclosed real estate | Market valuation of property
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Costs to sell	10.00%

FAIR VALUE MEASUREMENT AND FA46

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Detail Textuals) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair value of impaired loan balance	$ 1,039,000	$ 268,000
Valuation allowance of impaired loans	0	93,000
Foreclosed real estate, fair value		23,000
Foreclosed real estate, carrying amount		22,000
Foreclosed real estate, valuation allowance		0
Additional provision for loan loss on foreclosed real estate		30,000
Amount of foreclosures of mortgage loans on real estate	$ 373,370	$ 247,000

OFF-BALANCE SHEET CREDIT RISK -

OFF-BALANCE SHEET CREDIT RISK - Contract amounts of financial instruments represent credit risk (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Commitments to Grant Loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, asset, face amount	$ 1,795	$ 2,523
Unfunded Commitments Under Lines of Credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, liability, face amount	$ 4,264	$ 4,845

REGULATORY CAPITAL REQUIREMEN48

REGULATORY CAPITAL REQUIREMENTS - Actual capital amounts and ratios (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Regulatory Capital Requirements [Abstract]
Total core capital to risk weighted assets Amount	$ 15,241	$ 14,737
Total core capital to risk weighted assets Ratio	14.77%	15.56%
Total core capital to risk weighted assets Minimum Capital Requirement Amount	$ 8,253	$ 7,575
Total core capital to risk weighted assets Minimum Capital Requirement Ratio	8.00%	8.00%
Total core capital to risk weighted assets Minimum Capital For Adequacy With Capital Buffer Amount	$ 9,542	$ 8,167
Total core capital to risk weighted assets Minimum Capital For Adequacy With Capital Buffer Ratio	9.25%	8.63%
Total core capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 10,316	$ 9,469
Total core capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	10.00%	10.00%
Tier 1 capital to risk weighted assets Amount	$ 14,030	$ 13,567
Tier 1 capital to risk weighted assets Ratio	13.60%	14.32%
Tier 1 capital to risk weighted assets Minimum Capital Requirement Amount	$ 6,190	$ 5,681
Tier 1 capital to risk weighted assets Minimum Capital Requirement Ratio	6.00%	6.00%
Tier 1 capital to risk weighted assets Minimum Capital For Adequacy With Capital Buffer Amount	$ 7,479	$ 6,273
Tier 1 capital to risk weighted assets Minimum Capital For Adequacy With Capital Buffer Ratio	7.25%	6.63%
Tier 1 capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 8,253	$ 7,575
Tier 1 capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	8.00%	8.00%
Tier 1 common equity to risk weighted assets Amount	$ 14,030	$ 13,567
Tier 1 common equity to risk weighted assets Ratio	13.60%	14.32%
Tier 1 common equity to risk weighted assets, Minimum Capital Requirement Amount	$ 4,642	$ 4,261
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 Capital For Adequacy With Capital Buffer Amount	$ 5,932	$ 4,853
Tier 1 common equity to risk weighted assets Minimum Capital For Adequacy With Capital Buffer Ratio	5.75%	5.13%
Tier 1 common equity to risk weighted assets, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 6,705	$ 6,155
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 capital to assets Amount	$ 14,030	$ 13,567
Tier 1 capital to assets Ratio	8.11%	8.65%
Tier 1 capital to assets, Minimum Capital Requirement Amount	$ 6,924	$ 6,276
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	$ 8,655	$ 7,469
Tier 1 capital to assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	5.00%	5.00%

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Defined Benefit Plan [Abstract]
Service Cost	$ 63	$ 62	$ 189	$ 187
Interest Cost	106	108	317	323
Expected return on assets	(177)	(167)	(528)	(501)
Amortization of net actuarial loss	51	59	152	178
Net pension expense included in employee benefits	$ 43	$ 62	$ 130	$ 187

EMPLOYEE BENEFIT PLANS (Detail

EMPLOYEE BENEFIT PLANS (Detail Textuals) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Supplemental Executive Retirement Plan (SERP) | Executive Officer
Defined Benefit Plan Disclosure [Line Items]
Other liabilities included in SERP	$ 41,772	$ 41,772	$ 17,775
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Expenses included in employee benefits		500,000
Pension Plan | Executive Officer
Defined Benefit Plan Disclosure [Line Items]
Contribution made to the pension plan	$ 7,999	$ 23,997

RECENT EVENTS (Detail Textuals)

RECENT EVENTS (Detail Textuals) - USD ($)	Oct. 13, 2017	Oct. 11, 2017	Sep. 30, 2017	Dec. 31, 2016
Subsequent Event
Plan Of Reorganization [Line Items]
Percentage of outstanding shares issued and sold		46.00%
Common stock, shares, outstanding		1,978,923
Common stock issued to public		910,305
Stock price per share (in dollars per share)		$ 10
Proceeds from issuance of common stock		$ 9,100,000
Percentage of employee elected contribution	50.00%
Percentage of amount capped of employee's earnings	3.00%
Other assets
Plan Of Reorganization [Line Items]
Plan of reorganization, Deferred fees and expenses			$ 644,126	$ 0
Seneca Financial MHC | Subsequent Event
Plan Of Reorganization [Line Items]
Percentage of outstanding shares issued and sold		54.00%