Seneca Financial (SNNF) 10-Q 14 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 13, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Seneca Financial Corp.
Entity Central Index Key	0001708715
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		1,912,959
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 3,732	$ 3,470
Securities, available-for-sale	25,792	26,174
Loans, net of allowance for loan losses of $1,155 and $1,234	163,868	154,650
Federal Home Loan Bank of New York stock, at cost	2,905	2,622
Accrued interest receivable	763	771
Premises and equipment, net	4,352	3,445
Other real estate owned	220
Bank owned life insurance	2,465	2,438
Pension assets	1,747	1,250
Other assets	494	487
Total assets	206,338	195,307
Deposits:
Non-interest bearing	16,961	13,201
Interest bearing	130,987	130,774
Total Deposits	147,948	143,975
Federal Home Loan Bank advances	33,850	28,350
Advances from borrowers for taxes and insurance	2,768	2,127
Other liabilities	1,647	1,444
Total liabilities	186,213	175,896
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 1,000,000 shares authorized and unissued
Common stock, $0.01 par value, 19,000,000 shares authorized, 1,978,923 shares issued and 1,934,414 shares outstanding at June 30, 2019 and 1,978,923 shares issued and outstanding at December 31, 2018	9	9
Additional paid-in capital	7,846	7,846
Treasury stock, at cost (44,509 shares at June 30, 2019)	(381)
Retained earnings	16,032	15,487
Unearned ESOP shares, at cost	(734)	(747)
Accumulated other comprehensive loss	(2,647)	(3,184)
Total stockholders' equity	20,125	19,411
Total liabilities and stockholders' equity	$ 206,338	$ 195,307

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for loan losses	$ 1,155	$ 1,234
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares unissued	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	19,000,000	19,000,000
Common stock, shares issued	1,978,923	1,978,923
Common stock, shares outstanding	1,934,414	1,978,923
Treasury stock (in shares)	44,509

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
INTEREST INCOME
Loans, including fees	$ 1,974	$ 1,724	$ 3,860	$ 3,325
Securities	219	188	447	353
Other	4	7	11	19
Total interest income	2,197	1,919	4,318	3,697
INTEREST EXPENSE
Deposits	445	303	871	579
Advances and borrowings	216	144	415	282
Total interest expense	661	447	1,286	861
Net interest income	1,536	1,472	3,032	2,836
PROVISION FOR LOAN LOSSES	55	0	90	10
Net interest income after provision for loan losses	1,481	1,472	2,942	2,826
NON-INTEREST INCOME
Earnings on bank-owned life insurance	13	14	27	28
Net gains on sale of residential mortgage loans	14	6	35	7
Total non-interest income	228	138	402	278
NON-INTEREST EXPENSE
Compensation and employee benefits	767	756	1,487	1,472
Core processing	136	199	334	390
Premises and equipment	129	123	251	235
Professional fees	128	73	214	145
Postage & office supplies	25	27	53	59
FDIC premiums	16	10	29	12
Advertising	45	67	93	99
Mortgage recording tax	(76)	17	(75)	26
Other	151	112	289	238
Total non-interest expense	1,321	1,384	2,675	2,676
Income before provision for income taxes	388	226	669	428
PROVISION FOR INCOME TAXES	73	33	124	68
Net income	$ 315	$ 193	$ 545	$ 360
Net income per common shares - basic (in dollars per share)	$ 0.17	$ 0.10	$ 0.29	$ 0.19
Weighted average number of common shares outstanding - basic (in shares)	1,895,824	1,902,261	1,861,301	1,902,585
Service fees
NON-INTEREST INCOME
Income fees	$ 34	$ 31	$ 67	$ 69
Income from financial services
NON-INTEREST INCOME
Income fees	99	38	149	90
Fee income
NON-INTEREST INCOME
Income fees	$ 68	$ 49	$ 124	$ 84

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 315	$ 193	$ 545	$ 360
Available-for-sale securities:
Unrealized holding gains (losses) arising during period	360	(18)	681	(318)
Less reclassification adjustment for net gains included in net income	0	0	0	0
Net unrealized (losses) gains on available-for-sale securities	360	(18)	681	(318)
Defined benefit pension plan:
Net gains (losses) arising during the period	0	0	0	0
Less reclassification of amortization of net losses recognized in net pension expense	0	0	0	0
Net changes in defined benefit pension plan	0	0	0	0
OTHER COMPREHENSIVE INCOME (LOSS), BEFORE TAX	360	(18)	681	(318)
Tax effect	77	(4)	144	(67)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	283	(14)	537	(251)
TOTAL COMPREHENSIVE INCOME	$ 598	$ 179	$ 1,082	$ 109

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Unearned ESOP Shares	Accumulated Other Comprehensive Loss	Total
BALANCE at Dec. 31, 2017	$ 9	$ 7,846	$ 0	$ 14,637	$ (770)	$ (3,320)	$ 18,402
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				360			360
Other comprehensive income (loss)						(251)	(251)
ESOP shares committed to be released (1,293 shares)					13		13
BALANCE at Jun. 30, 2018	9	7,846	0	14,997	(757)	(3,571)	18,524
BALANCE at Dec. 31, 2018	9	7,846	0	15,487	(747)	(3,184)	19,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				545			545
Other comprehensive income (loss)						537	537
ESOP shares committed to be released (1,293 shares)					13		13
Purchase of treasury shares at cost (44,509 shares)			(381)				(381)
BALANCE at Jun. 30, 2019	$ 9	$ 7,846	$ (381)	$ 16,032	$ (734)	$ (2,647)	$ 20,125

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) (UNAUDITED) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Number of ESOP shares purchased	1,293	1,293
Purchase of treasury shares	44,509

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 545	$ 360
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	107	100
Provision for loan losses	90	10
Net amortization of premiums and discounts on securities	105	135
Gain on sale of residential mortgage loans	(35)	(7)
Proceeds from sale of residential mortgage loans	1,441	1,780
Loans originated and sold	(1,406)	(1,780)
Amortization of deferred loan fees	13	13
ESOP compensation expense	13	13
Earnings on investment in bank owned life insurance	(27)	(28)
Decrease in accrued interest receivable	8	12
Increase in pension assets	(497)
Increase in other assets	(7)	(698)
Decrease in deferred income tax benefit	0	67
Increases (decrease) in other liabilities	60	(151)
Net cash flow provided by operating activities	410	(174)
Activity in securities available-for-sale
Proceeds from calls and maturities	280
Proceeds from sales	1,795
Principal repayments	874	1,236
Purchases	(1,991)	(6,538)
Purchase of Federal Home Loan Bank of New York stock	(830)	(762)
Redemption of Federal Home Loan Bank of New York stock	547	470
Loan originations and principal collections, net	(9,542)	(4,272)
Purchases or premises and equipment	(1,014)	(14)
Net cash flow used in investing activities	(9,881)	(9,880)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in deposits	3,973	3,209
Increase in advances from borrowers for taxes and insurance	641	650
Purchase of treasury stock	(381)
Repayments on long-term FHLB advances	(4,000)	(1,000)
Proceeds from long-term FHLB advances	10,500	2,350
(Decrease) increase in short-term FHLB advances	(1,000)	3,900
Net cash flow provided by financing activities	9,733	9,109
Net change in cash and cash equivalents	262	(945)
CASH AND CASH EQUIVALENTS - beginning of year	3,470	4,375
CASH AND CASH EQUIVALENTS - end of year	3,732	3,430
Cash paid for:
Interest on deposits and borrowed funds	1,223	870
Income taxes	125	$ 38
Transfer of loans to other real estate owned	$ 220

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Seneca Financial Corp. (the “Company”), a federal corporation that was organized in 2017, is a savings and loan holding company of Seneca Savings (the “Bank”). The Bank maintains its executive offices and main office in Baldwinsville, New York, with branches in Liverpool and North Syracuse, New York. The Bank is a community-oriented savings bank whose business primarily consists of accepting deposits from customers within its market area and investing those funds primarily in commercial and residential mortgage loans. The Bank has one wholly-owned subsidiary: Seneca Savings Insurance Agency, Inc. dba Financial Quest ("Quest"). Quest offers financial planning and investment advisory services and sells various insurance and investment products through broker networks. The consolidated financial statements of the Company include the accounts of Quest and the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the consolidated financial position of the Company as of June 30, 2019 and the results of its operations and its cash flows for the periods presented. The interim financial information should be read in conjunction with the annual consolidated financial statements and the notes thereto included in the Form 10-K of the Company. The results of operations at and for the three and six months ended June 30, 2019 and 2018 are not necessarily indicative of the results to be expected for the full year or any other period. Use of Estimates – The preparation of consolidated financial statements in conformity with U. S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses, the estimation of fair values, pension plan and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. Summary of Significant Accounting Policies – The accounting and reporting policies of the Company conform to U.S. GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Company’s consolidated financial statements for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on April 1, 2019.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	2. RECENT ACCOUNTING PRONOUNCEMENTS On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our consolidated financial statements may not be comparable to companies that comply with such new or revised accounting standards. 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 July 2019, the FASB decided to add a project to its technical agenda to propose staggered effective dates for certain accounting standards, including ASU 2016-13. The FASB has proposed an approach that ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Company, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Company, ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar-year-end companies). The FASB is currently in the process of drafting a proposed ASU for this project to be voted upon by FASB members after a 30 day comment period. The Company is currently a smaller reporting company, and if this proposal is approved and becomes effective, the Company’s expected adoption date for ASU 2016-13 would change from fiscal years beginning after December 15, 2019 to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. 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 like the classification criteria for distinguishing between capital leases and operating leases under the previous guidance). However, unlike current U.S. GAAP, which requires only capital leases to be recognized on the consolidated statement of financial condition, ASU No. 2016-02 will require both operating and finance leases to be recognized on the consolidated statement of financial condition. Additionally, the ASU will require disclosures to help investors and other consolidated financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. Lessor accounting will remain largely unchanged from current U.S. GAAP. However, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. The amendments in ASU No. 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for (1) public business entities, (2) not-for-profit entities that have issued, or are conduit bond obligors for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market, and (3) employee benefit plans that file financial statements with the SEC. For all other entities, the amendments are effective for fiscal years beginning after December 15, 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 July 2019, the FASB decided to add a project to its technical agenda to propose staggered effective dates for certain accounting standards, including ASU 2016-13. The FASB has proposed an approach that ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Company, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Company, ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar-year-end companies). The FASB is currently in the process of drafting a proposed ASU for this project to be voted upon by FASB members after a 30 day comment period. The Company is currently a smaller reporting company, and if this proposal is approved and becomes effective, the Company’s expected adoption date for ASU 2016-13 would change from fiscal years beginning after December 15, 2019 to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update also simplify the impairment assessment of equity investments without readily determinable fair values by requiring assessment for impairment qualitatively at each reporting period. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods with those fiscal years. The adoption had no impact on the consolidated financial statements and only impacted fair value measurement disclosures. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements which amends FASB Accounting Standards Codification (ASC) Topic 842, Leases In August 2018, the FASB has issued Accounting Standards Update (ASU) No. 2018-15, Intangibles—Goodwill and Other—Internal Use Software Following the issuance of ASU No. 2015-05, constituents requested that the FASB provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. Accordingly, because United States generally accepted accounting principles (U.S. GAAP) do not contain explicit guidance on accounting for such costs, and to address the resulting diversity in practice, the FASB has issued ASU No. 2018-15 to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Note that the guidance on accounting for the service element For Public Business Entities, the amended guidance is effective for fiscal years beginning after December 15, 2019 (i.e., calendar-year 2020), and for interim periods within those fiscal years. The Company does not expect the new guidance to have a material impact on the consolidated financial statements.

SECURITIES

SECURITIES	6 Months Ended
	Jun. 30, 2019
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: June 30, 2019 (Unaudited): Municipal securities $ 10,035 $ 120 $ (21 ) $ 10,134 Mortgage-backed securities and collateralized mortgage obligations 9,309 75 (65 ) 9,319 Corporate securities 6,318 37 (16 ) 6,339 $ 25,662 $ 232 $ (102 ) $ 25,792 December 31, 2018: Municipal securities $ 9,850 $ 10 $ (181 ) $ 9,679 Mortgage-backed securities and collateralized mortgage obligations 11,022 - (243 ) 10,779 Corporate securities 5,853 - (137 ) 5,716 $ 26,725 $ 10 $ (561 ) $ 26,174 Mortgage backed securities and collateralized mortgage obligations consist of securities that are issued by Fannie Mae (“FNMA”), Freddie Mac (“FHLMC”), Ginnie Mae (“GNMA”), and are collateralized by residential mortgages. U.S. Government and agency obligations include notes and bonds with both fixed and variable rates. Municipal securities consist of government obligation and revenue bonds. Corporate securities consist of variable rate bonds with large financial institutions. Investment securities with carrying amounts of $8.7 million and $9.8 million were pledged to secure advances and for other purposes required or permitted by law at June 30, 2019 and December 31, 2018, 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. June 30, 2019 December 31, 2018 (Unaudited) Amortized Fair Value Amortized Fair Value (Dollars in Thousands) Due in one year or less $ 500 $ 501 $ 500 $ 501 Due after one year through five years 6,228 6,258 3,372 3,313 Due after five years through ten years 5,833 5,894 7,481 7,357 Due after ten years 3,792 3,820 4,350 4,225 Mortgage-backed securities and collateralized mortgage obligations 9,309 9,319 11,022 10,778 $ 25,662 $ 25,792 $ 26,725 $ 26,174 During the three months ended June 30, 2019 the Company sold $1.8 million of available-for-sale securities with a cross realized gain of $6,364 and a gross realized loss of $5,568. During the three months ended June 30, 2018 the Company did not sell available-for-sale securities. During the six months ended June 30, 2019 the Company sold $1.8 million of available-for-sale securities with gross realized gain of $6,364 and gross realized loss of $5,568. During the six months ended June 30, 2018, the Company did not sell available-for-sale securities. Management has reviewed its loan, mortgage backed securities and collateralized mortgage obligations portfolios and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of investing in, or originating, these types of investments or loans. Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position follows: Less than Twelve Months Over Twelve Months Gross Fair Value Gross Fair Value (Dollars in Thousands) June 30, 2019 (Unaudited): Municipal securities $ (1 ) $ 314 $ (20 ) $ 1,432 Mortgage-backed securities and collateralized mortgage obligations - - (65 ) 4,988 Corporate Securities (3 ) 1,001 (13 ) 2,525 $ (4 ) $ 1,315 $ (98 ) $ 8,945 December 31, 2018: Municipal securities $ (7 ) $ 1,786 $ (173 ) $ 6,636 Mortgage-backed securities and collateralized mortgage obligations (19 ) 3,249 (225 ) 7,530 Corporate Securities (137 ) 5,716 - - $ (163 ) $ 10,751 $ (397 ) $ 14,166 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 six months ended June 30, 2019 and 2018, the Company did not record an other-than-temporary impairment charge. At June 30, 2019, three municipal securities, eight mortgage-backed securities and collateralized mortgage obligations and five corporate securities were in a continuous loss position for more than twelve months. At June 30, 2019, one municipal and two corporate securities were in a continuous loss position for less than twelve months. At December 31, 2018, eleven collateralized mortgage obligations, three mortgage backed securities, and eighteen municipal securities were in a continuous loss position for more than twelve months. At December 31, 2018, five municipal obligations, two collateralized mortgage obligations, three mortgage backed securities, and ten corporate securities 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. The municipal securities and corporate securities are rated investment grade by Standard and Poor’s BBB- or higher. All are paying in accordance with their terms with no deferrals of interest or defaults. Because the decline in fair value is attributable to changes in interest rates, not credit quality, and because management does not intend to sell and will not be required to sell these securities prior to recovery or maturity, no declines are deemed to be other-than-temporary.

LOANS

LOANS	6 Months Ended
	Jun. 30, 2019
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
LOANS	4. LOANS Net loans at June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 December 31, 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate: One-to-four family first lien residential $ 99,458 $ 102,617 Residential construction 6,649 3,500 Home equity loans and lines of credit 9,538 9,212 Commercial 31,059 23,409 Total mortgage loans on real estate $ 146,704 $ 138,738 Commercial and industrial 15,654 14,134 Consumer loans 2,185 2,519 Total loans 164,543 155,391 Allowance for credit losses (1,155 ) (1,234 ) Net deferred loan origination costs 480 493 Net loans $ 163,868 $ 154,650 Loan Origination / Risk Management The Company has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by frequently providing management with reports related to loan production, loan quality, loan delinquencies, non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. Risk Characteristics of Portfolio Segments The risk characteristics within the loan portfolio vary depending on the loan segment. Consumer loans generally are repaid from personal sources of income. Risks associated with consumer loans primarily include general economic risks such as declines in the local economy creating higher rates of unemployment. Those conditions may also lead to a decline in collateral values should the Company be required to repossess the collateral securing consumer loans. These economic risks also impact the commercial loan segment, however commercial loans are considered to have greater risk than consumer loans as the primary source of repayment is from the cash flow of the business customer. Real estate loans, including residential mortgages, commercial, and home equity loans, comprise approximately 89% of the portfolio at June 30, 2019 and 90% of the portfolio at December 31, 2018. Loans secured by real estate provide collateral protection and thus significantly reduce the inherent risk in the portfolio. Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Description of Credit Quality Indicators Real estate, commercial and consumer loans are assigned a "Pass" rating unless a loan has demonstrated signs of weakness as indicated by the ratings below: • Special Mention: The relationship is protected but is potentially weak. These assets may constitute an undue and unwarranted credit risk but not to the point of justifying a substandard rating. All loans 60 days past due are classified Special Mention. The loan is not upgraded until it has been current for six consecutive months. • Substandard: The relationship is inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledge, if any. Assets so classified have a well-defined weakness or a weakness that jeopardized the liquidation of the debt. All loans 90 days past due are classified Substandard. The loan is not upgraded until it has been current for six consecutive months. • Doubtful: The relationship has all the weaknesses inherent in substandard with the added characteristic that the weaknesses make collection based on currently existing facts, conditions, and value, highly questionable or improbable. The possibility of some loss is extremely high. • Loss: Loans are considered uncollectible and of such little value that continuance as bankable assets are not warranted. It is not practicable or desirable to defer writing off this basically worthless asset even though partial recovery may be possible in the future. The risk ratings are evaluated at least annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, real estate or consumer loans. The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings within the Company's internal risk rating system as of June 30, 2019 and December 31, 2018. There were no doubtful accounts at June 30, 2019 or December 31, 2018. June 30,2019 (Unaudited) (Dollars in Thousands) Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to four-family first lien residential $ 99,458 $ - $ - $ - $ 99,458 Residential construction 6,649 - - - 6,649 Home equity loans and lines of credit 9,538 - - - 9,538 Commercial 28,662 59 2,338 - 31,059 Total mortgage loans on real estate 144,307 59 2,338 - 146,704 Commercial and industrial 15,162 482 10 15,654 Consumer loans 2,185 - - - 2,185 Total loans $ 161,654 $ 541 $ 2,348 $ - $ 164,543 December 31, 2018 (Dollars in Thousands) Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to four-family first lien residential $ 102,617 $ - $ - $ - $ 102,617 Residential construction 3,500 - - - 3,500 Home equity loans and lines of credit 9,212 - - - 9,212 Commercial 21,260 - 2,149 - 23,409 Total mortgage loans on real estate 136,589 - 2,149 - 138,738 Commercial and industrial 13,887 - 247 14,134 Consumer loans 2,519 - - - 2,519 Total loans $ 152,995 $ - $ 2,396 $ - $ 155,391 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: June 30,2019 (Unaudited) (Dollars in Thousands) 30-59 Days 60-89 Days 90 Days Total Current Total Loans Mortgage loans on real estate: One-to four-family first lien residential $ 1,074 $ 56 $ 636 $ 1,766 $ 97,692 $ 99,458 Residential construction - - - - 6,649 6,649 Home equity loans and lines of credit - - - - 9,538 9,538 Commercial - - - - 31,059 31,059 Total mortgage loans on real estate 1,074 56 636 1,766 144,938 146,704 Commercial and industrial - - - - 15,654 15,654 Consumer loans 33 - - 33 2,152 2,185 Total loans $ 1,107 $ 56 $ 636 $ 1,799 $ 162,744 $ 164,543 December 31, 2018 (Dollars in Thousands) 30-59 Days 60-89 Days 90 Days Total Current Total Loans Mortgage loans on real estate: One-to four-family first lien residential $ 1,331 $ 628 $ 670 $ 2,629 $ 99,988 $ 102,617 Residential construction - - 462 462 3,038 3,500 Home equity loans and lines of credit - - - - 9,212 9,212 Commercial - 364 - 364 23,045 23,409 Total mortgage loans on real estate 1,331 992 1,132 3,455 135,283 138,738 Commercial and industrial - - - - 14,134 14,134 Consumer loans 3 - 13 16 2,503 2,519 Total loans $ 1,334 $ 992 $ 1,145 $ 3,471 $ 151,920 $ 155,391 Nonaccrual loans, segregated by class of loan as of June 30, 2019 and December 31, 2018 are as follows: June 30, 2019 December 31, 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate $ 706 $ 1,201 Commercial and industrial loans - - Consumer loans - 13 Total nonaccrual loans $ 706 $ 1,214 The decrease in nonaccrual loans was mostly attributed to the sale of a one-to four-family residence under construction and the foreclosure of a one-to four-family residence reported as other real estate owned at June 30, 2019. The following tables summarize impaired loan information by portfolio class: June 30, 2019 (Unaudited) (Dollars in Thousands) Recorded Unpaid Principal Related With an allowance recorded: Mortgage loans on real estate $ 313 $ 313 $ 24 Commercial and industrial loans - - - 313 313 24 With no allowance recorded: Mortgage loans on real estate 1,344 1,344 - Commercial and industrial loans - - - 1,344 1,344 - Total $ 1,657 $ 1,657 $ 24 December 31, 2018 (Dollars in Thousands) Recorded Unpaid Principal Related With an allowance recorded: Mortgage loans on real estate $ 780 $ 780 $ 38 Commercial and industrial loans - - - 780 780 38 With no allowance recorded: Mortgage loans on real estate 1,313 1,313 - Commercial and industrial loans - - - 1,313 1,313 - Total $ 2,093 $ 2,093 $ 38 The following table presents the average recorded investment in impaired loans: June 30, 2019 December 31, 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate $ 1,657 $ 2,026 Commercial and industrial loans - - Total $ 1,657 $ 2,026 Troubled debt restructurings (“TDRs”) occur when we grant borrowers concessions that we would not otherwise grant but for economic or legal reasons pertaining to the borrower’s financial difficulties. A concession is made when the terms of the loan modification are more favorable than the terms the borrower would have received in the current market under similar financial difficulties. These concessions may include, interest by the borrower to satisfy all or part of the debt, or the addition of borrower(s). The Company identifies loans for potential TDRs primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. Generally, we will not return a TDR to accrual status until the borrower has demonstrated the ability to make principal and interest payments under the restructured terms for at least six consecutive months. The Company’s TDRs are impaired loans, which may result in specific allocations and subsequent charge-offs if appropriate. As of March 31, 2018, the Company modified two commercial mortgage loans valued together at $1.0 million that are considered accruing TDRs. We modified the terms to interest only for a two-year period. At the three and six month periods ending June 30, 2019 and 2018 we had two commercial mortgage loans totaling $1.0 million that are considered TDRs. These TDRs are paying according to their modified terms and are classified as substandard and impaired at June 30, 2019. The following table presents interest income recognized on impaired loans for the three months ended June 30, 2019 and 2018: June 30, 2019 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate - commercial $ 8 $ 8 Commercial and industrial loans - - Total $ 8 $ 8 The following table presents interest income recognized on impaired loans for the six months ended June 30, 2019 and 2018: June 30, 2019 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate - commercial $ 19 $ 18 Commercial and industrial loans - - Total $ 19 $ 18 The following tables summarize the activity in the allowance for loan losses for the three and six months ended June 30, 2019 and 2018. For the three months ended June 30, 2019 (Unaudited) (In thousands) Mortgage loans on Commercial and Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 879 $ 103 $ 8 $ 110 $ 1,100 Charge-offs - - - - - Recoveries - - - - - Provision 15 10 13 17 55 Ending balance $ 894 $ 113 $ 21 $ 127 $ 1,155 For the three months ended June 30, 2018 (Unaudited) (In thousands) Mortgage loans on Commercial and Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 881 $ 129 $ 3 $ 238 $ 1,251 Charge-offs - - (9 ) - (9 ) Recoveries - - - - - Provision (14 ) (2 ) 11 5 - Ending balance $ 867 $ 127 $ 5 $ 243 $ 1,242 For the six months ended June 30, 2019 (Unaudited) (In thousands) Mortgage loans on Commercial and Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 933 $ 132 $ 17 $ 152 $ 1,234 Charge-offs (169 ) - - - (169 ) Recoveries - - - - - Provision 130 (19 ) 4 (25 ) 90 Ending balance $ 894 $ 113 $ 21 $ 127 $ 1,155 For the six months ended June 30, 2018 (Unaudited) (In thousands) Mortgage loans on Commercial and Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 870 $ 116 $ 5 $ 250 $ 1,241 Charge-offs - - (9 ) - (9 ) Recoveries - - - - - Provision (3 ) 11 9 (7 ) 10 Ending balance $ 867 $ 127 $ 5 $ 243 $ 1,242 The charge-offs of $169,000, for the six months ended June 30, 2019 consisted of a $16,000 charge-off of a one-to-four family construction loan, charge-off of three consumer loans totaling $7,000, and a charge-off of a one-to four-family residence for $146,000. The one-to four-family residence of $220,000 is reported as other real estate owned at June 30, 2019.

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 (Unaudited) Unrealized Gains Net Gain Accumulated Available for Sale Losses on Comprehensive (Dollars in Thousands) Beginning balance $ (182 ) $ (2,748 ) $ (2,930 ) Other comprehensive (loss) income 283 - 283 Ending balance $ 101 $ (2,748 ) $ (2,647 ) For the three months ended June 30, 2018 (Unaudited) Unrealized Gains Net (Losses) Accumulated Available for Sale on Pension Comprehensive (Dollars in Thousands) Beginning balance $ (443 ) $ (3,114 ) $ (3,557 ) Other comprehensive income (loss) (14 ) - (14 ) Ending balance $ (457 ) $ (3,114 ) $ (3,571 ) For the six months ended June 30, 2019 (Unaudited) Unrealized Gains Net Loss Accumulated Available for Sale on Pension Comprehensive (Dollars in Thousands) Beginning balance $ (436 ) $ (2,748 ) $ (3,184 ) Other comprehensive (loss) income 537 - 537 Ending balance $ 101 $ (2,748 ) $ (2,647 ) For the six months ended June 30, 2018 (Unaudited) Unrealized Loss on Net (Losses) Accumulated Available for Sale on Pension Comprehensive (Dollars in Thousands) Beginning balance $ (206 ) $ (3,114 ) $ (3,320 ) Other comprehensive income (loss) (251 ) - (251 ) Ending balance $ (457 ) $ (3,114 ) $ (3,571 )

FAIR VALUE MEASUREMENT AND FAIR

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2019
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 Company’s assets and liabilities; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all assets and liabilities, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of assets and liabilities subsequent to the respective reporting dates may be different than the amounts reported at each year-end. Accounting guidance establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity). An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: Total Level 1 Level 2 Level 3 (In Thousands of Dollars) Available-for-sale Securities: June 30, 2019: Municipal securities $ 10,134 $ - $ 10,134 $ - Mortgage-backed securities and collateralized mortgage obligations 9,319 - 9,319 - Corporate securities 6,339 - 6,339 - $ 25,792 $ - $ 25,792 $ - December 31, 2018: Municipal securities $ 9,679 $ - $ 9,679 $ - Mortgage-backed securities and collateralized mortgage obligations 10,779 - 10,779 - Corporate securities 5,716 - 5,716 - $ 26,174 $ - $ 26,174 $ - There were no securities transferred out of level 2 securities available-for-sale during the three and six months ended June 30, 2019 or the year ended December 31, 2018. Required disclosures include fair value information about financial instruments, whether or not recognized in the consolidated statement of financial condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate, and estimates of future cash flows. In that regard, the fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Certain financial instruments and all non-financial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. FASB ASU Topic 820 fair value measurements and disclosures, the financial assets and liabilities were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of certain of the Company’s assets and liabilities at June 30, 2019 and December 31, 2018. Cash and due from banks The carrying amounts of these assets approximate their fair value and is a Level 1 measurement. Investment Securities The fair value of securities available-for-sale (carried at fair value) are determined by matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted prices and is a Level 2 measurement. Investment in FHLBNY Stock The carrying value of FHLBNY stock approximates its fair value based on the redemption provisions of the FHLBNY stock, resulting in a Level 2 classification. Loans The fair values of loans held in portfolio are estimated using discounted cash flow analyses, using market rates at the consolidated statement of financial position date that reflect the credit and interest rate-risk inherent in the loans, resulting in a Level 3 classification. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments, and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Accrued Interest Receivable and Payable and Advances from Borrowers for Taxes and Insurance The carrying amount approximates fair value and is a Level 1 measurement. Deposits The fair values disclosed for demand deposits (e.g., NOW accounts, non-interest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts), resulting in a Level 1 classification. The carrying amounts for variable-rate certificates of deposit approximate their fair values at the reporting date, resulting in a Level 1 classification. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits, resulting in a Level 2 classification. Advances and borrowings from FHLBNY The fair values of FHLBNY long-term borrowings are estimated using discounted cash flow analyses, based on the quoted rates for new FHLBNY advances with similar credit risk characteristics, terms and remaining maturity, resulting in a Level 2 classification. Other Real Estate Owned Assets taken in foreclosure of defaulted loans generally measured at the lower cost or fair value less costs to sell. The fair value of the real property is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace, and the related nonrecurring fair value measurement adjustments have generally been classified as Level 3. The carrying amounts and estimated fair values of the Company’s financial instruments at June 30, 2019 and December 31, 2018 are as follows: Fair Value Carrying Fair Hierarchy Amount Value (In Thousands of Dollars) June 30, 2019: Financial assets: Cash and due from banks Level 1 $ 3,732 $ 3,732 Securities available-for-sale Level 2 25,792 25,792 Investment in FHLB stock Level 2 2,905 2,905 Loans, net Level 3 163,868 159,206 Accrued interest receivable Level 1 763 763 Other Real Estate Owned Level 2 220 220 Financial liabilities: Deposits Level 1/2 147,948 146,687 Advances and borrowings from FHLB Level 2 33,850 33,850 Accrued interest payable Level 1 62 62 Advances from borrowers for taxes and insurance Level 1 2,768 2,768 December 31, 2018: Financial assets: Cash and due from banks Level 1 $ 3,470 $ 3,470 Securities available-for-sale Level 2 26,174 26,174 Investment in FHLB stock Level 2 2,622 2,622 Loans, net Level 3 154,650 150,337 Accrued interest receivable Level 1 771 771 Financial liabilities: Deposits Level 1/2 143,975 139,742 Advances and borrowings from FHLB Level 2 28,350 28,350 Accrued interest payable Level 1 62 62 Advances from borrowers for taxes and insurance Level 1 2,127 2,127 Assets Measured at Fair Value on a Nonrecurring Basis In addition to disclosure of the fair value of assets on a recurring basis, ASC Topic 820 requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as impaired assets and foreclosed real estate. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of these loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated as required by ASC Topic 310, “Receivables- Loan Impairment For assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2019 and December 31, 2018 were as follows: Total Level 1 Level 2 Level 3 (In Thousands of Dollars) June 30, 2019: Impaired loans $ 289 $ - $ - $ 289 Other real estate owned $ 220 - - $ 220 $ 509 - - $ 509 December 31, 2018: Impaired loans $ 742 $ - $ - $ 742 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 Valuation Unobservable Techniques Input Adjustment Impaired loans Lower of Appraisal appraisal of adjustments 10 % collateral or Discounted cash flow analysis asking price less selling costs Costs to sell 10 % Other real estate owned Market Costs to sell 10 % valuation of property At June 30, 2019, the fair value consists of impaired loan balances of $313,000, net of valuation allowance of $24,000 and at December 31, 2018, the fair value consists of loan balances of $780,000, net of a valuation allowance $38,000. At June 30, 2019 we had other real estate owned of $220,000 and at December 31, 2018, there was no foreclosed real estate. At June 30, 2019 we had impaired loans of $1.7 million and at December 31, 2018 we had impaired loans of $1.3 million. 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 June 30, 2019 and December 31, 2018, there was no foreclosed real estate whose carrying value was written down utilizing Level 3 inputs. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction was $162,000 and $444,000 at June 30, 2019 and December 31, 2018, respectively.

OFF-BALANCE SHEET CREDIT RISK

OFF-BALANCE SHEET CREDIT RISK	6 Months Ended
	Jun. 30, 2019
Off Balance Sheet Credit Risk [Abstract]
OFF-BALANCE SHEET CREDIT RISK	7. OFF-BALANCE SHEET CREDIT RISK The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and involve, to varying degrees, elements of credit, market, and interest rate risk more than the amounts recognized in the consolidated statements of financial condition. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. As of the dates indicated, the following financial instruments were outstanding whose contract amounts represent credit risk: Commitments to extend credit are agreements to lend to a customer if there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by the Company, is based on management's credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit are uncollateralized and usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. June 30, December 31, 2019 2018 (Unaudited) (In Thousands of Dollars) Commitments to Grant Loans $ 2,264 $ 2,698 Unfunded Commitments Under Lines of Credit $ 5,445 $ 5,349

REGULATORY CAPITAL REQUIREMENTS

REGULATORY CAPITAL REQUIREMENTS	6 Months Ended
	Jun. 30, 2019
Regulatory Capital Requirements [Abstract]
REGULATORY CAPITAL REQUIREMENTS	8. REGULATORY CAPITAL REQUIREMENTS The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators, which if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective for the Bank on January 1, 2015 with full compliance with all the requirements being phased in over a multi-year schedule, and fully phased on by January 1, 2019. The Bank's capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios set forth in the table below of total, Tier 1, and Tier 1 common equity capital (as defined in the regulations) to risk weighted assets (as defined), and of Tier 1 capital to average assets (as defined). Management believes, as of June 30, 2019, that the Bank met all capital adequacy requirements to which it is subject. The Basel III rules limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier I capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement is 2.5% of risk-weighted assets. As a result of the recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies are required to develop a “Community Bank Leverage Ratio” (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution’s risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies must set the minimum capital for the new Community Bank Leverage Ratio at not less than 8% and not more than 10%. The federal banking agencies have proposed the Community Bank Leverage Ratio be set at 9%. A financial institution can elect to be subject to this new definition. However, until the federal banking agencies finalize the proposed rule, the Basel III rules remain in effect. As of June 30, 2019, the most recent notification from the Office of the Comptroller of the Currency categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk- based, Tier 1 risk-based, Tier 1 common equity risk-based and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank's category. The Bank's actual capital amounts and ratios as of June 30, 2019 and December 31, 2018 are as follows: Actual Capital Adequacy To be Well Capitalized Minimum Capital Amount Ratio Amount Ratio Amount Ratio Amount Ratio (In Thousands of Dollars) As of June 30, 2019 (Unaudited): Total core capital to risk weighted assets $ 21,686 16.32 % $ 10,628 8.00 % $ 13,285 10.00 % $ 13,949 10.50 % Tier 1 capital to risk weighted assets 20,531 15.45 % 7,971 6.00 % 10,628 8.00 % 11,292 8.50 % Tier 1 common equity to risk weighted assets 20,531 15.45 % 5,978 4.50 % 8,635 6.50 % 9,299 7.00 % Tier 1 capital to assets 20,531 10.08 % 8,151 4.00 % 10,189 5.00 % 10,189 5.00 % As of December 31, 2018: Total core capital to risk weighted assets $ 21,128 17.51 % $ 9,655 8.00 % $ 12,069 10.00 % $ 12,673 10.50 % Tier 1 capital to risk weighted assets 19,894 16.48 % 7,242 6.00 % 9,655 8.00 % 10,259 8.50 % Tier 1 common equity to risk weighted assets 19,894 16.48 % 5,431 4.50 % 7,845 6.50 % 8,448 7.00 % Tier 1 capital to assets 19,894 10.27 % 7,745 4.00 % 9,681 5.00 % 9,681 5.00 %

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2019
Defined Benefit Plan [Abstract]
EMPLOYEE BENEFIT PLANS	9. EMPLOYEE BENEFIT PLANS Supplemental Executive Retirement Plan (SERP) Beginning in 2016, the Bank established a SERP for its executive officers. All benefits provided under the SERP are unfunded and, as the executive officers retire, the Company will make a payment to the participant. At June 30, 2019 and December 31, 2018, the Company recorded $101,000 and $83,000, respectively for the SERP in other liabilities. For the three months ended June 30, 2019 and 2018, the expense included in employee benefits for the SERP totaled $9,000 for both periods. For the six months ended June 30, 2019 and 2018, the expense included in employee benefits for the SERP totaled $18,000 for both periods. Defined Benefit Plan The Company provides pension benefits for eligible employees through a noncontributory defined benefit pension plan. Substantially all employees participate in the retirement plan on a noncontributing basis and are fully vested after five years of service. The following table presents the components of the net periodic pension plan cost for the Company’s Defined Benefit Pension Plan (the “Pension Plan”) for the periods indicated: For the three months ended June 30, 2019 2018 (In thousands) Service cost $ 71 $ 84 Interest cost 119 103 Expected return on assets (214 ) (197 ) Amortization of unrecognized loss 26 54 Net periodic pension cost $ 2 $ 44 For the six months ended June 30, 2019 2018 (In thousands) Service cost $ 142 $ 168 Interest cost 238 206 Expected return on assets (428 ) (394 ) Amortization of unrecognized loss 52 108 Net periodic pension cost $ 4 $ 88 The benefit obligation activity for the Pension Plan was calculated using an actuarial measurement date of January 1. Plan assets and the benefit obligations were calculated using an actuarial measurement date of December 31. The Company will assess the need for future annual contributions to the Pension Plan based upon its funded status and an evaluation of the future benefits to be provided thereunder. A contribution of $500,000 was made to the pension plan during the six months ended June 30, 2019. Employee stock ownership plan (“ESOP”) Effective upon the completion of the Company's initial public stock offering in October 2017, the Bank established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees. The ESOP used $775,740 in proceeds from a term loan obtained from the Company to purchase 77,574 shares of common stock in the initial public offering at a price of $10.00 per share. The ESOP loan will be repaid principally from the Bank's contribution to the ESOP in annual payments through 2047 based on the prime rate of interest on the first business day each year. Shares are released to participants on a straight-line basis over the loan term and allocated based on participant compensation. The Bank recognizes compensation benefit expense as shares are committed for release at their current market price. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in capital. Dividends on allocated shares would be recorded as a reduction of retained earnings and dividends on unallocated shares would be recorded as a reduction of debt. The Company recognized $7,500 and $15,000 for the three and six months ended June 30, 2019 and 2018 respectively. At December 31, 2018, there were 74,407 shares not yet released having an aggregate market value of approximately $592,000. Participant vesting provisions for the ESOP are 20% per year and will be fully vested upon completion of six years of credited service. Eligible employees who were employed with the Bank shall receive credit for vesting purposes for each year of continuous employment prior to adoption of the ESOP.

EARNINGS PER SHARE COMMON

EARNINGS PER SHARE COMMON	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE COMMON	10. EARNINGS PER SHARE COMMON Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Net income available to common stockholders is net income to the Company. The Company has not granted any restricted stock awards or stock options and, during the six months ended June 30, 2019 and 2018, had no potentially dilutive common stock equivalents. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released. The following tables set forth the calculation of basic earnings per share. Three months ended June 30, (Unaudited) (Dollars in Thousands Except per Share Data) 2019 2018 Basic earnings per common share: Net income available to common stockholders $ 337 $ 193 Weighted average common shares outstanding 1,895,824 1,902,261 $ 0.18 $ 0.10 Six months ended June 30, (Unaudited) (Dollars in Thousands Except per Share Data) 2019 2018 Basic earnings per common share: Net income available to common stockholders $ 545 $ 360 Weighted average common shares outstanding 1,861,301 1,902,585 $ 0.29 $ 0.19

NON-INTEREST INCOME

NON-INTEREST INCOME	6 Months Ended
	Jun. 30, 2019
Noninterest Income, Other [Abstract]
NON-INTEREST INCOME	11. NON-INTEREST INCOME The Company has included the following tables regarding the Company's non-interest income for the periods presented. (Unaudited) For the three months ended June 30, 2019 2018 (Dollars in Thousands) Service fees Deposit related fees $ 10 $ 10 Loan servicing income 24 21 Total service fees 34 31 Income from financial services Securities commission income 97 34 Insurance commission income 2 4 Total insurance and securities commission income 99 38 Card income Debit card interchange fee income 24 22 ATM fees 4 2 Insufficient fund fees 32 19 Total card and insufficient funds income 60 43 Realized gain on sale of residential mortgage loans Realized gain on sales of residential mortgage loans 14 6 Bank owned life insurance 13 14 Other miscellaneous income 8 6 Total non-interest income $ 228 $ 138 (Unaudited) For the six months ended June 30, 2019 2018 (Dollars in Thousands) Service fees Deposit related fees $ 20 $ 28 Loan servicing income 47 41 Total service fees 67 69 Income from financial services Securities commission income 143 82 Insurance commission income 6 8 Total insurance and securities commission income 149 90 Card income Debit card interchange fee income 45 39 ATM fees 9 4 Insufficient fund fees 57 28 Total card and insufficient funds income 111 71 Realized gain on sale of residential mortgage loans Realized gain on sales of residential mortgage loans 35 7 Bank owned life insurance 27 28 Other miscellaneous income 13 13 Total non-interest income $ 402 $ 278 The Company recognizes revenue as it is earned. The following is a discussion of key revenues within the scope of the new revenue guidance: · Service fees – Revenue from fees on deposit accounts is earned at the time that the charge is assessed to the customer's account. Fee waivers are discretionary and usually reversed within the same reporting period as assessed. · Fee income – Fee income is earned through commissions and is satisfied over the time which the fee has been assessed. · Card income and insufficient funds fees – Card income consists of interchange fees from consumer debit card networks and other card related services. Interchange rates are set by the card networks. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur. Insufficient funds fees are satisfied at the time the charge is assessed to the customer's account. · Realized gains on sale of residential mortgage loans and available-for-sale securities are realized at the time the transaction occurs.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Seneca Financial Corp. (the “Company”), a federal corporation that was organized in 2017, is a savings and loan holding company of Seneca Savings (the “Bank”). The Bank maintains its executive offices and main office in Baldwinsville, New York, with branches in Liverpool and North Syracuse, New York. The Bank is a community-oriented savings bank whose business primarily consists of accepting deposits from customers within its market area and investing those funds primarily in commercial and residential mortgage loans. The Bank has one wholly-owned subsidiary: Seneca Savings Insurance Agency, Inc. dba Financial Quest ("Quest"). Quest offers financial planning and investment advisory services and sells various insurance and investment products through broker networks. The consolidated financial statements of the Company include the accounts of Quest and the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the consolidated financial position of the Company as of June 30, 2019 and the results of its operations and its cash flows for the periods presented. The interim financial information should be read in conjunction with the annual consolidated financial statements and the notes thereto included in the Form 10-K of the Company. The results of operations at and for the three and six months ended June 30, 2019 and 2018 are not necessarily indicative of the results to be expected for the full year or any other period. Use of Estimates – The preparation of consolidated financial statements in conformity with U. S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses, the estimation of fair values, pension plan and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income. Summary of Significant Accounting Policies – The accounting and reporting policies of the Company conform to U.S. GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Company’s consolidated financial statements for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on April 1, 2019.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our consolidated financial statements may not be comparable to companies that comply with such new or revised accounting standards. 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 July 2019, the FASB decided to add a project to its technical agenda to propose staggered effective dates for certain accounting standards, including ASU 2016-13. The FASB has proposed an approach that ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Company, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Company, ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar-year-end companies). The FASB is currently in the process of drafting a proposed ASU for this project to be voted upon by FASB members after a 30 day comment period. The Company is currently a smaller reporting company, and if this proposal is approved and becomes effective, the Company’s expected adoption date for ASU 2016-13 would change from fiscal years beginning after December 15, 2019 to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. 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 like the classification criteria for distinguishing between capital leases and operating leases under the previous guidance). However, unlike current U.S. GAAP, which requires only capital leases to be recognized on the consolidated statement of financial condition, ASU No. 2016-02 will require both operating and finance leases to be recognized on the consolidated statement of financial condition. Additionally, the ASU will require disclosures to help investors and other consolidated financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. Lessor accounting will remain largely unchanged from current U.S. GAAP. However, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. The amendments in ASU No. 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for (1) public business entities, (2) not-for-profit entities that have issued, or are conduit bond obligors for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market, and (3) employee benefit plans that file financial statements with the SEC. For all other entities, the amendments are effective for fiscal years beginning after December 15, 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 July 2019, the FASB decided to add a project to its technical agenda to propose staggered effective dates for certain accounting standards, including ASU 2016-13. The FASB has proposed an approach that ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Company, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Company, ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar-year-end companies). The FASB is currently in the process of drafting a proposed ASU for this project to be voted upon by FASB members after a 30 day comment period. The Company is currently a smaller reporting company, and if this proposal is approved and becomes effective, the Company’s expected adoption date for ASU 2016-13 would change from fiscal years beginning after December 15, 2019 to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update also simplify the impairment assessment of equity investments without readily determinable fair values by requiring assessment for impairment qualitatively at each reporting period. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods with those fiscal years. The adoption had no impact on the consolidated financial statements and only impacted fair value measurement disclosures. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements which amends FASB Accounting Standards Codification (ASC) Topic 842, Leases In August 2018, the FASB has issued Accounting Standards Update (ASU) No. 2018-15, Intangibles—Goodwill and Other—Internal Use Software Following the issuance of ASU No. 2015-05, constituents requested that the FASB provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. Accordingly, because United States generally accepted accounting principles (U.S. GAAP) do not contain explicit guidance on accounting for such costs, and to address the resulting diversity in practice, the FASB has issued ASU No. 2018-15 to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Note that the guidance on accounting for the service element For Public Business Entities, the amended guidance is effective for fiscal years beginning after December 15, 2019 (i.e., calendar-year 2020), and for interim periods within those fiscal years. The Company does not expect the new guidance to have a material impact on the consolidated financial statements.

SECURITIES (Tables)

SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of amortized cost and fair value of securities available-for-sale	Amortized Unrealized Unrealized Fair Value (Dollars in Thousands) Available-for-sale securities: June 30, 2019 (Unaudited): Municipal securities $ 10,035 $ 120 $ (21 ) $ 10,134 Mortgage-backed securities and collateralized mortgage obligations 9,309 75 (65 ) 9,319 Corporate securities 6,318 37 (16 ) 6,339 $ 25,662 $ 232 $ (102 ) $ 25,792 December 31, 2018: Municipal securities $ 9,850 $ 10 $ (181 ) $ 9,679 Mortgage-backed securities and collateralized mortgage obligations 11,022 - (243 ) 10,779 Corporate securities 5,853 - (137 ) 5,716 $ 26,725 $ 10 $ (561 ) $ 26,174
Schedule of amortized cost and fair value of debt securities based on the contractual maturity	June 30, 2019 December 31, 2018 (Unaudited) Amortized Fair Value Amortized Fair Value (Dollars in Thousands) Due in one year or less $ 500 $ 501 $ 500 $ 501 Due after one year through five years 6,228 6,258 3,372 3,313 Due after five years through ten years 5,833 5,894 7,481 7,357 Due after ten years 3,792 3,820 4,350 4,225 Mortgage-backed securities and collateralized mortgage obligations 9,309 9,319 11,022 10,778 $ 25,662 $ 25,792 $ 26,725 $ 26,174
Schedule of information of gross unrealized losses aggregated by investment category	Less than Twelve Months Over Twelve Months Gross Fair Value Gross Fair Value (Dollars in Thousands) June 30, 2019 (Unaudited): Municipal securities $ (1 ) $ 314 $ (20 ) $ 1,432 Mortgage-backed securities and collateralized mortgage obligations - - (65 ) 4,988 Corporate Securities (3 ) 1,001 (13 ) 2,525 $ (4 ) $ 1,315 $ (98 ) $ 8,945 December 31, 2018: Municipal securities $ (7 ) $ 1,786 $ (173 ) $ 6,636 Mortgage-backed securities and collateralized mortgage obligations (19 ) 3,249 (225 ) 7,530 Corporate Securities (137 ) 5,716 - - $ (163 ) $ 10,751 $ (397 ) $ 14,166

LOANS (Tables)

LOANS (Tables)	6 Months Ended
	Jun. 30, 2019
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Schedule of net loans	June 30, 2019 December 31, 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate: One-to-four family first lien residential $ 99,458 $ 102,617 Residential construction 6,649 3,500 Home equity loans and lines of credit 9,538 9,212 Commercial 31,059 23,409 Total mortgage loans on real estate $ 146,704 $ 138,738 Commercial and industrial 15,654 14,134 Consumer loans 2,185 2,519 Total loans 164,543 155,391 Allowance for credit losses (1,155 ) (1,234 ) Net deferred loan origination costs 480 493 Net loans $ 163,868 $ 154,650
Schedule of classes of the loan portfolio	June 30,2019 (Unaudited) (Dollars in Thousands) Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to four-family first lien residential $ 99,458 $ - $ - $ - $ 99,458 Residential construction 6,649 - - - 6,649 Home equity loans and lines of credit 9,538 - - - 9,538 Commercial 28,662 59 2,338 - 31,059 Total mortgage loans on real estate 144,307 59 2,338 - 146,704 Commercial and industrial 15,162 482 10 15,654 Consumer loans 2,185 - - - 2,185 Total loans $ 161,654 $ 541 $ 2,348 $ - $ 164,543 December 31, 2018 (Dollars in Thousands) Pass Special Mention Substandard Loss Total Mortgage loans on real estate: One-to four-family first lien residential $ 102,617 $ - $ - $ - $ 102,617 Residential construction 3,500 - - - 3,500 Home equity loans and lines of credit 9,212 - - - 9,212 Commercial 21,260 - 2,149 - 23,409 Total mortgage loans on real estate 136,589 - 2,149 - 138,738 Commercial and industrial 13,887 - 247 14,134 Consumer loans 2,519 - - - 2,519 Total loans $ 152,995 $ - $ 2,396 $ - $ 155,391
Schedule of age analysis of past due loans, segregated by class of loans	June 30,2019 (Unaudited) (Dollars in Thousands) 30-59 Days 60-89 Days 90 Days Total Current Total Loans Mortgage loans on real estate: One-to four-family first lien residential $ 1,074 $ 56 $ 636 $ 1,766 $ 97,692 $ 99,458 Residential construction - - - - 6,649 6,649 Home equity loans and lines of credit - - - - 9,538 9,538 Commercial - - - - 31,059 31,059 Total mortgage loans on real estate 1,074 56 636 1,766 144,938 146,704 Commercial and industrial - - - - 15,654 15,654 Consumer loans 33 - - 33 2,152 2,185 Total loans $ 1,107 $ 56 $ 636 $ 1,799 $ 162,744 $ 164,543 December 31, 2018 (Dollars in Thousands) 30-59 Days 60-89 Days 90 Days Total Current Total Loans Mortgage loans on real estate: One-to four-family first lien residential $ 1,331 $ 628 $ 670 $ 2,629 $ 99,988 $ 102,617 Residential construction - - 462 462 3,038 3,500 Home equity loans and lines of credit - - - - 9,212 9,212 Commercial - 364 - 364 23,045 23,409 Total mortgage loans on real estate 1,331 992 1,132 3,455 135,283 138,738 Commercial and industrial - - - - 14,134 14,134 Consumer loans 3 - 13 16 2,503 2,519 Total loans $ 1,334 $ 992 $ 1,145 $ 3,471 $ 151,920 $ 155,391
Schedule of nonaccrual loans, segregated by class of loan	June 30, 2019 December 31, 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate $ 706 $ 1,201 Commercial and industrial loans - - Consumer loans - 13 Total nonaccrual loans $ 706 $ 1,214
Schedule of summary of impaired loans by portfolio class	June 30, 2019 (Unaudited) (Dollars in Thousands) Recorded Unpaid Principal Related With an allowance recorded: Mortgage loans on real estate $ 313 $ 313 $ 24 Commercial and industrial loans - - - 313 313 24 With no allowance recorded: Mortgage loans on real estate 1,344 1,344 - Commercial and industrial loans - - - 1,344 1,344 - Total $ 1,657 $ 1,657 $ 24 December 31, 2018 (Dollars in Thousands) Recorded Unpaid Principal Related With an allowance recorded: Mortgage loans on real estate $ 780 $ 780 $ 38 Commercial and industrial loans - - - 780 780 38 With no allowance recorded: Mortgage loans on real estate 1,313 1,313 - Commercial and industrial loans - - - 1,313 1,313 - Total $ 2,093 $ 2,093 $ 38
Schedule of average recorded investment in impaired loans	June 30, 2019 December 31, 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate $ 1,657 $ 2,026 Commercial and industrial loans - - Total $ 1,657 $ 2,026
Schedule of interest income recognized on impaired loans	The following table presents interest income recognized on impaired loans for the three months ended June 30, 2019 and 2018: June 30, 2019 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate - commercial $ 8 $ 8 Commercial and industrial loans - - Total $ 8 $ 8 The following table presents interest income recognized on impaired loans for the six months ended June 30, 2019 and 2018: June 30, 2019 2018 (Unaudited) (Dollars in Thousands) Mortgage loans on real estate - commercial $ 19 $ 18 Commercial and industrial loans - - Total $ 19 $ 18
Schedule for changes in the allowance for loan losses	For the three months ended June 30, 2019 (Unaudited) (In thousands) Mortgage loans on Commercial and Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 879 $ 103 $ 8 $ 110 $ 1,100 Charge-offs - - - - - Recoveries - - - - - Provision 15 10 13 17 55 Ending balance $ 894 $ 113 $ 21 $ 127 $ 1,155 For the three months ended June 30, 2018 (Unaudited) (In thousands) Mortgage loans on Commercial and Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 881 $ 129 $ 3 $ 238 $ 1,251 Charge-offs - - (9 ) - (9 ) Recoveries - - - - - Provision (14 ) (2 ) 11 5 - Ending balance $ 867 $ 127 $ 5 $ 243 $ 1,242 For the six months ended June 30, 2019 (Unaudited) (In thousands) Mortgage loans on Commercial and Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 933 $ 132 $ 17 $ 152 $ 1,234 Charge-offs (169 ) - - - (169 ) Recoveries - - - - - Provision 130 (19 ) 4 (25 ) 90 Ending balance $ 894 $ 113 $ 21 $ 127 $ 1,155 For the six months ended June 30, 2018 (Unaudited) (In thousands) Mortgage loans on Commercial and Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 870 $ 116 $ 5 $ 250 $ 1,241 Charge-offs - - (9 ) - (9 ) Recoveries - - - - - Provision (3 ) 11 9 (7 ) 10 Ending balance $ 867 $ 127 $ 5 $ 243 $ 1,242

COMPREHENSIVE INCOME (LOSS) (Ta

COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 (Unaudited) Unrealized Gains Net Gain Accumulated Available for Sale Losses on Comprehensive (Dollars in Thousands) Beginning balance $ (182 ) $ (2,748 ) $ (2,930 ) Other comprehensive (loss) income 283 - 283 Ending balance $ 101 $ (2,748 ) $ (2,647 ) For the three months ended June 30, 2018 (Unaudited) Unrealized Gains Net (Losses) Accumulated Available for Sale on Pension Comprehensive (Dollars in Thousands) Beginning balance $ (443 ) $ (3,114 ) $ (3,557 ) Other comprehensive income (loss) (14 ) - (14 ) Ending balance $ (457 ) $ (3,114 ) $ (3,571 ) For the six months ended June 30, 2019 (Unaudited) Unrealized Gains Net Loss Accumulated Available for Sale on Pension Comprehensive (Dollars in Thousands) Beginning balance $ (436 ) $ (2,748 ) $ (3,184 ) Other comprehensive (loss) income 537 - 537 Ending balance $ 101 $ (2,748 ) $ (2,647 ) For the six months ended June 30, 2018 (Unaudited) Unrealized Loss on Net (Losses) Accumulated Available for Sale on Pension Comprehensive (Dollars in Thousands) Beginning balance $ (206 ) $ (3,114 ) $ (3,320 ) Other comprehensive income (loss) (251 ) - (251 ) Ending balance $ (457 ) $ (3,114 ) $ (3,571 )

FAIR VALUE MEASUREMENT AND FA_2

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
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: June 30, 2019: Municipal securities $ 10,134 $ - $ 10,134 $ - Mortgage-backed securities and collateralized mortgage obligations 9,319 - 9,319 - Corporate securities 6,339 - 6,339 - $ 25,792 $ - $ 25,792 $ - December 31, 2018: Municipal securities $ 9,679 $ - $ 9,679 $ - Mortgage-backed securities and collateralized mortgage obligations 10,779 - 10,779 - Corporate securities 5,716 - 5,716 - $ 26,174 $ - $ 26,174 $ -
Schedule of carrying amounts and estimated fair values of financial instruments	Fair Value Carrying Fair Hierarchy Amount Value (In Thousands of Dollars) June 30, 2019: Financial assets: Cash and due from banks Level 1 $ 3,732 $ 3,732 Securities available-for-sale Level 2 25,792 25,792 Investment in FHLB stock Level 2 2,905 2,905 Loans, net Level 3 163,868 159,206 Accrued interest receivable Level 1 763 763 Other Real Estate Owned Level 2 220 220 Financial liabilities: Deposits Level 1/2 147,948 146,687 Advances and borrowings from FHLB Level 2 33,850 33,850 Accrued interest payable Level 1 62 62 Advances from borrowers for taxes and insurance Level 1 2,768 2,768 December 31, 2018: Financial assets: Cash and due from banks Level 1 $ 3,470 $ 3,470 Securities available-for-sale Level 2 26,174 26,174 Investment in FHLB stock Level 2 2,622 2,622 Loans, net Level 3 154,650 150,337 Accrued interest receivable Level 1 771 771 Financial liabilities: Deposits Level 1/2 143,975 139,742 Advances and borrowings from FHLB Level 2 28,350 28,350 Accrued interest payable Level 1 62 62 Advances from borrowers for taxes and insurance Level 1 2,127 2,127
Schedule of assets measured at fair value on a nonrecurring basis	Total Level 1 Level 2 Level 3 (In Thousands of Dollars) June 30, 2019: Impaired loans $ 289 $ - $ - $ 289 Other real estate owned $ 220 - - $ 220 $ 509 - - $ 509 December 31, 2018: Impaired loans $ 742 $ - $ - $ 742
Schedule of quantitative information of assets measured at fair value on a nonrecurring basis	Quantitative Information about Valuation Unobservable Techniques Input Adjustment Impaired loans Lower of Appraisal appraisal of adjustments 10 % collateral or Discounted cash flow analysis asking price less selling costs Costs to sell 10 % Other real estate owned Market Costs to sell 10 % valuation of property

OFF-BALANCE SHEET CREDIT RISK (

OFF-BALANCE SHEET CREDIT RISK (Tables)	6 Months Ended
	Jun. 30, 2019
Off Balance Sheet Credit Risk [Abstract]
Schedule of outstanding contract amounts of off-balance sheet credit risk financial instruments	June 30, December 31, 2019 2018 (Unaudited) (In Thousands of Dollars) Commitments to Grant Loans $ 2,264 $ 2,698 Unfunded Commitments Under Lines of Credit $ 5,445 $ 5,349

REGULATORY CAPITAL REQUIREMEN_2

REGULATORY CAPITAL REQUIREMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Regulatory Capital Requirements [Abstract]
Schedule of company's actual capital amounts and ratios	Actual Capital Adequacy To be Well Capitalized Minimum Capital Amount Ratio Amount Ratio Amount Ratio Amount Ratio (In Thousands of Dollars) As of June 30, 2019 (Unaudited): Total core capital to risk weighted assets $ 21,686 16.32 % $ 10,628 8.00 % $ 13,285 10.00 % $ 13,949 10.50 % Tier 1 capital to risk weighted assets 20,531 15.45 % 7,971 6.00 % 10,628 8.00 % 11,292 8.50 % Tier 1 common equity to risk weighted assets 20,531 15.45 % 5,978 4.50 % 8,635 6.50 % 9,299 7.00 % Tier 1 capital to assets 20,531 10.08 % 8,151 4.00 % 10,189 5.00 % 10,189 5.00 % As of December 31, 2018: Total core capital to risk weighted assets $ 21,128 17.51 % $ 9,655 8.00 % $ 12,069 10.00 % $ 12,673 10.50 % Tier 1 capital to risk weighted assets 19,894 16.48 % 7,242 6.00 % 9,655 8.00 % 10,259 8.50 % Tier 1 common equity to risk weighted assets 19,894 16.48 % 5,431 4.50 % 7,845 6.50 % 8,448 7.00 % Tier 1 capital to assets 19,894 10.27 % 7,745 4.00 % 9,681 5.00 % 9,681 5.00 %

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2019
Defined Benefit Plan [Abstract]
Schedule of net periodic pension plan cost	For the three months ended June 30, 2019 2018 (In thousands) Service cost $ 71 $ 84 Interest cost 119 103 Expected return on assets (214 ) (197 ) Amortization of unrecognized loss 26 54 Net periodic pension cost $ 2 $ 44 For the six months ended June 30, 2019 2018 (In thousands) Service cost $ 142 $ 168 Interest cost 238 206 Expected return on assets (428 ) (394 ) Amortization of unrecognized loss 52 108 Net periodic pension cost $ 4 $ 88

EARNINGS PER SHARE COMMON (Tabl

EARNINGS PER SHARE COMMON (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of basic earnings per share	Three months ended June 30, (Unaudited) (Dollars in Thousands Except per Share Data) 2019 2018 Basic earnings per common share: Net income available to common stockholders $ 337 $ 193 Weighted average common shares outstanding 1,895,824 1,902,261 $ 0.18 $ 0.10 Six months ended June 30, (Unaudited) (Dollars in Thousands Except per Share Data) 2019 2018 Basic earnings per common share: Net income available to common stockholders $ 545 $ 360 Weighted average common shares outstanding 1,861,301 1,902,585 $ 0.29 $ 0.19

NON-INTEREST INCOME (Tables)

NON-INTEREST INCOME (Tables)	6 Months Ended
	Jun. 30, 2019
Noninterest Income, Other [Abstract]
Schedule of non-interest income	(Unaudited) For the three months ended June 30, 2019 2018 (Dollars in Thousands) Service fees Deposit related fees $ 10 $ 10 Loan servicing income 24 21 Total service fees 34 31 Income from financial services Securities commission income 97 34 Insurance commission income 2 4 Total insurance and securities commission income 99 38 Card income Debit card interchange fee income 24 22 ATM fees 4 2 Insufficient fund fees 32 19 Total card and insufficient funds income 60 43 Realized gain on sale of residential mortgage loans Realized gain on sales of residential mortgage loans 14 6 Bank owned life insurance 13 14 Other miscellaneous income 8 6 Total non-interest income $ 228 $ 138 (Unaudited) For the six months ended June 30, 2019 2018 (Dollars in Thousands) Service fees Deposit related fees $ 20 $ 28 Loan servicing income 47 41 Total service fees 67 69 Income from financial services Securities commission income 143 82 Insurance commission income 6 8 Total insurance and securities commission income 149 90 Card income Debit card interchange fee income 45 39 ATM fees 9 4 Insufficient fund fees 57 28 Total card and insufficient funds income 111 71 Realized gain on sale of residential mortgage loans Realized gain on sales of residential mortgage loans 35 7 Bank owned life insurance 27 28 Other miscellaneous income 13 13 Total non-interest income $ 402 $ 278

SECURITIES - Summary of amortiz

SECURITIES - Summary of amortized cost and fair values of securities, with gross unrealized gains and losses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Available-for-sale Securities:
Amortized Cost	$ 25,662	$ 26,725
Unrealized Gains	232	10
Unrealized Losses	(102)	(561)
Total	25,792	26,174
Municipal securities
Available-for-sale Securities:
Amortized Cost	10,035	9,850
Unrealized Gains	120	10
Unrealized Losses	(21)	(181)
Total	10,134	9,679
Mortgage-backed securities and collateralized mortgage obligations
Available-for-sale Securities:
Amortized Cost	9,309	11,022
Unrealized Gains	75	0
Unrealized Losses	(65)	(243)
Total	9,319	10,779
Corporate securities
Available-for-sale Securities:
Amortized Cost	6,318	5,853
Unrealized Gains	37	0
Unrealized Losses	(16)	(137)
Total	$ 6,339	$ 5,716

SECURITIES - Summary of amort_2

SECURITIES - Summary of amortized cost and fair value of debt securities by contractual maturity (Details 1) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Available for Sale, Amortized Cost
Due in one year or less	$ 500	$ 500
Due after one year through five years	6,228	3,372
Due after five years through ten years	5,833	7,481
Due after ten years	3,792	4,350
Amortized Cost	25,662	26,725
Available for Sale, Fair Value
Due in one year or less	501	501
Due after one year through five years	6,258	3,313
Due after five years through ten years	5,894	7,357
Due after ten years	3,820	4,225
Fair Value	25,792	26,174
Mortgage-backed securities and collateralized mortgage obligations
Available for Sale, Amortized Cost
Amortized Cost	9,309	11,022
Available for Sale, Fair Value
Fair Value	$ 9,319	$ 10,779

SECURITIES - Summary of securit

SECURITIES - Summary of securities in unrealized loss position (Details 2) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Gross Unrealized Losses	$ (4)	$ (163)
Less than Twelve Months, Fair Value	1,315	10,751
Over Twelve Months, Gross Unrealized Losses	(98)	(397)
Over Twelve Months, Fair Value	8,945	14,166
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Gross Unrealized Losses	(1)	(7)
Less than Twelve Months, Fair Value	314	1,786
Over Twelve Months, Gross Unrealized Losses	(20)	(173)
Over Twelve Months, Fair Value	1,432	6,636
Mortgage-backed securities and collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Gross Unrealized Losses	0	(19)
Less than Twelve Months, Fair Value	0	3,249
Over Twelve Months, Gross Unrealized Losses	(65)	(225)
Over Twelve Months, Fair Value	4,988	7,530
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than Twelve Months, Gross Unrealized Losses	(3)	(137)
Less than Twelve Months, Fair Value	1,001	5,716
Over Twelve Months, Gross Unrealized Losses	(13)	0
Over Twelve Months, Fair Value	$ 2,525	$ 0

SECURITIES (Detail Textuals)

SECURITIES (Detail Textuals) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)Security	Jun. 30, 2019USD ($)Security	Dec. 31, 2018USD ($)Security
Debt Securities, Available-for-sale [Line Items]
Carrying value of investment securities pledged to secure deposits | $	$ 8,700	$ 8,700	$ 9,800
Proceeds from sales | $	1,800	1,795
Gross realized gain of available-for-sale securities | $	6,364	6,364
Gross realized loss of available-for-sale securities | $	$ 5,568	$ 5,568
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in a continuous loss position for more than twelve months	3	3	18
Number of securities in a continuous loss position for less than twelve months	1	1	5
Mortgage-backed security
Debt Securities, Available-for-sale [Line Items]
Number of securities in a continuous loss position for more than twelve months	8	8	3
Number of securities in a continuous loss position for less than twelve months			3
Collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Number of securities in a continuous loss position for more than twelve months	8	8	11
Number of securities in a continuous loss position for less than twelve months			2
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Number of securities in a continuous loss position for more than twelve months	5	5
Number of securities in a continuous loss position for less than twelve months	2	2	10

LOANS - Components of net loans

LOANS - Components of net loans (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 164,543		$ 155,391
Allowance for credit losses	(1,155)	$ (1,100)	(1,234)	$ (1,242)	$ (1,251)	$ (1,241)
Net deferred loan origination costs	480		493
Net loans	163,868		154,650
Mortgage loans on real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	146,704		138,738
Allowance for credit losses	(894)	(879)	(933)	(867)	(881)	(870)
Mortgage loans on real estate | One-to-four family first lien residential
Loans and Leases Receivable Disclosure [Line Items]
Total loans	99,458		102,617
Mortgage loans on real estate | Residential construction
Loans and Leases Receivable Disclosure [Line Items]
Total loans	6,649		3,500
Mortgage loans on real estate | Home equity loans and lines of credit
Loans and Leases Receivable Disclosure [Line Items]
Total loans	9,538		9,212
Mortgage loans on real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	31,059		23,409
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	15,654		14,134
Allowance for credit losses	(113)	(103)	(132)	(127)	(129)	(116)
Consumer loans
Loans and Leases Receivable Disclosure [Line Items]
Total loans	2,185		2,519
Allowance for credit losses	$ (21)	$ (8)	$ (17)	$ (5)	$ (3)	$ (5)

LOANS - Summary of internal ris

LOANS - Summary of internal risk rating of loans (Details 1) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 164,543	$ 155,391
Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	161,654	152,995
Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	541	0
Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,348	2,396
Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Mortgage loans on real estate
Financing Receivable, Recorded Investment [Line Items]
Total loans	146,704	138,738
Mortgage loans on real estate | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	144,307	136,589
Mortgage loans on real estate | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	59	0
Mortgage loans on real estate | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,338	2,149
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	99,458	102,617
Mortgage loans on real estate | One-to-four family first lien residential | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	99,458	102,617
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	6,649	3,500
Mortgage loans on real estate | Residential construction | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	6,649	3,500
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	9,538	9,212
Mortgage loans on real estate | Home equity loans and lines of credit | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	9,538	9,212
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	31,059	23,409
Mortgage loans on real estate | Commercial | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	28,662	21,260
Mortgage loans on real estate | Commercial | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	59	0
Mortgage loans on real estate | Commercial | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,338	2,149
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	15,654	14,134
Commercial and industrial | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	15,162	13,887
Commercial and industrial | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans	482	0
Commercial and industrial | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans	10	247
Commercial and industrial | Loss
Financing Receivable, Recorded Investment [Line Items]
Total loans	0	0
Consumer loans
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,185	2,519
Consumer loans | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,185	2,519
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	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 1,799	$ 3,471
Current	162,744	151,920
Total Loans Receivable	164,543	155,391
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,107	1,334
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	56	992
90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	636	1,145
Mortgage loans on real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,766	3,455
Current	144,938	135,283
Total Loans Receivable	146,704	138,738
Mortgage loans on real estate | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,074	1,331
Mortgage loans on real estate | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	56	992
Mortgage loans on real estate | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	636	1,132
Mortgage loans on real estate | One-to-four family first lien residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,766	2,629
Current	97,692	99,988
Total Loans Receivable	99,458	102,617
Mortgage loans on real estate | One-to-four family first lien residential | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,074	1,331
Mortgage loans on real estate | One-to-four family first lien residential | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	56	628
Mortgage loans on real estate | One-to-four family first lien residential | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	636	670
Mortgage loans on real estate | Residential construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	462
Current	6,649	3,038
Total Loans Receivable	6,649	3,500
Mortgage loans on real estate | Residential construction | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Residential construction | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Residential construction | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	462
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	9,538	9,212
Total Loans Receivable	9,538	9,212
Mortgage loans on real estate | Home equity loans and lines of credit | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Home equity loans and lines of credit | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Home equity loans and lines of credit | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	364
Current	31,059	23,045
Total Loans Receivable	31,059	23,409
Mortgage loans on real estate | Commercial | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Mortgage loans on real estate | Commercial | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	364
Mortgage loans on real estate | Commercial | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	15,654	14,134
Total Loans Receivable	15,654	14,134
Commercial and industrial | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Commercial and industrial | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Commercial and industrial | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	33	16
Current	2,152	2,503
Total Loans Receivable	2,185	2,519
Consumer loans | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	33	3
Consumer loans | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Consumer loans | 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 0	$ 13

LOANS - Summary of Nonaccrual l

LOANS - Summary of Nonaccrual loans (Details 3) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	$ 706	$ 1,214
Mortgage loans on real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	706	1,201
Commercial and industrial loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	0	0
Consumer loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total nonaccrual loans	$ 0	$ 13

LOANS - Impaired loans informat

LOANS - Impaired loans information by portfolio class (Details 4) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
With an allowance recorded:
Recorded Investment	$ 313	$ 780
Unpaid Principal Balance	313	780
Related Allowance	24	38
With no allowance recorded:
Recorded Investment	1,344	1,313
Unpaid Principal Balance	1,344	1,313
Total Recorded Investment	1,657	2,093
Total Unpaid Principal Balance	1,657	2,093
Total Related Allowance	24	38
Mortgage loans on real estate
With an allowance recorded:
Recorded Investment	313	780
Unpaid Principal Balance	313	780
Related Allowance	24	38
With no allowance recorded:
Recorded Investment	1,344	1,313
Unpaid Principal Balance	1,344	1,313
Commercial and industrial loans
With an allowance recorded:
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
With no allowance recorded:
Recorded Investment	0	0
Unpaid Principal Balance	$ 0	$ 0

LOANS - Average recorded invest

LOANS - Average recorded investment in impaired loans (Details 5) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Impaired [Line Items]
Average recorded investment in impaired loans	$ 1,657	$ 2,026
Mortgage loans on real estate
Financing Receivable, Impaired [Line Items]
Average recorded investment in impaired loans	1,657	2,026
Commercial and industrial loans
Financing Receivable, Impaired [Line Items]
Average recorded investment in impaired loans	$ 0	$ 0

LOANS - Interest income recogni

LOANS - Interest income recognized on impaired loans (Details 6) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Financing Receivable, Impaired [Line Items]
Interest income recognized on impaired loans	$ 8	$ 8	$ 19	$ 18
Mortgage loans on real estate | Commercial
Financing Receivable, Impaired [Line Items]
Interest income recognized on impaired loans	8	8	19	18
Commercial and industrial loans
Financing Receivable, Impaired [Line Items]
Interest income recognized on impaired loans	$ 0	$ 0	$ 0	$ 0

LOANS - Changes in allowance fo

LOANS - Changes in allowance for loan losses (Details 7) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Allowance for loan losses:
Beginning balance	$ 1,100	$ 1,251	$ 1,234	$ 1,241
Charge-offs	0	(9)	(169)	(9)
Recoveries	0	0	0	0
Provision	55	0	90	10
Ending balance	1,155	1,242	1,155	1,242
Mortgage loans on Real Estate
Allowance for loan losses:
Beginning balance	879	881	933	870
Charge-offs	0	0	169	0
Recoveries	0	0	0	0
Provision	15	(14)	130	(3)
Ending balance	894	867	894	867
Commercial and Industrial Loans
Allowance for loan losses:
Beginning balance	103	129	132	116
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision	10	(2)	(19)	11
Ending balance	113	127	113	127
Consumer Loans
Allowance for loan losses:
Beginning balance	8	3	17	5
Charge-offs	0	(9)	0	(9)
Recoveries	0	0	0	0
Provision	13	11	4	9
Ending balance	21	5	21	5
Unallocated
Allowance for loan losses:
Beginning balance	110	238	152	250
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision	17	5	(25)	(7)
Ending balance	$ 127	$ 243	$ 127	$ 243

LOANS (Detail Textuals)

LOANS (Detail Textuals)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)Loans	Jun. 30, 2019USD ($)Loans	Jun. 30, 2018USD ($)Loans	Jun. 30, 2019USD ($)Loans	Jun. 30, 2018USD ($)Loans	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Percentage of real estate loans				89.00%		90.00%
Charge-offs		$ 0	$ 9,000	$ 169,000	$ 9,000
Other real estate owned		220,000		220,000
Mortgage loans on real estate
Loans and Leases Receivable Disclosure [Line Items]
Charge-offs		$ 0	$ 0	$ (169,000)	$ 0
Mortgage loans on real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Number of loan considered to be troubled debt restructuring | Loans	2	2	2	2	2
Value of loan considered to be troubled debt restructuring	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000
Mortgage loans on real estate | One-to-four family construction loan
Loans and Leases Receivable Disclosure [Line Items]
Charge-offs				16,000
Mortgage loans on real estate | One-to four-family residence
Loans and Leases Receivable Disclosure [Line Items]
Charge-offs				146,000
Consumer loans
Loans and Leases Receivable Disclosure [Line Items]
Charge-offs		$ 0	$ 9,000	$ 0	$ 9,000

COMPREHENSIVE INCOME (LOSS) - C

COMPREHENSIVE INCOME (LOSS) - Components of accumulated other comprehensive loss, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ (2,930)	$ (3,557)	$ (3,184)	$ (3,320)
Other comprehensive income	283	(14)	537	(251)
Ending Balance	(2,647)	(3,571)	(2,647)	(3,571)
Unrealized Gains (Losses) on Available for Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(182)	(443)	(436)	(206)
Other comprehensive income	283	(14)	537	(251)
Ending Balance	101	(457)	101	(457)
Net Loss on Pension Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(2,748)	(3,114)	(2,748)	(3,114)
Other comprehensive income	0	0	0	0
Ending Balance	$ (2,748)	$ (3,114)	$ (2,748)	$ (3,114)

FAIR VALUE MEASUREMENT AND FA_3

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	$ 25,792	$ 26,174
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	25,792	26,174
Recurring basis | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	10,134	9,679
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	9,319	10,779
Recurring basis | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	6,339	5,716
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 | 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	25,792	26,174
Recurring basis | Level 2 | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	10,134	9,679
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	9,319	10,779
Recurring basis | Level 2 | Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-Sale Securities	6,339	5,716
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 | 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 FA_4

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying amounts and estimated fair values of financial instruments (Details 1) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Financial assets:
Cash and due from banks		$ 3,732	$ 3,470	$ 3,430	$ 4,375
Securities available-for-sale		25,792	26,174
Investment in FHLB stock		2,905	2,622
Loans, net		163,868	154,650
Accrued interest receivable		763	771
Other real estate owned		220
Financial liabilities:
Deposits		147,948	143,975
Advances and borrowings from FHLB		33,850	28,350
Advances from borrowers for taxes and insurance		2,768	2,127
Carrying Amount
Financial assets:
Cash and due from banks	[1]	3,732	3,470
Securities available-for-sale	[2]	25,792	26,174
Investment in FHLB stock	[2]	2,905	2,622
Loans, net	[3]	163,868	154,650
Accrued interest receivable	[1]	763	771
Other real estate owned	[2]	220
Financial liabilities:
Deposits	[1],[2]	147,948	143,975
Advances and borrowings from FHLB	[2]	33,850	28,350
Accrued interest payable	[1]	62	62
Advances from borrowers for taxes and insurance	[1]	2,768	2,127
Fair Value
Financial assets:
Cash and due from banks	[1]	3,732	3,470
Securities available-for-sale	[2]	25,792	26,174
Investment in FHLB stock	[2]	2,905	2,622
Loans, net	[3]	159,206	150,337
Accrued interest receivable	[1]	763	771
Other real estate owned	[2]	220
Financial liabilities:
Deposits	[1],[2]	146,687	139,742
Advances and borrowings from FHLB	[2]	33,850	28,350
Accrued interest payable	[1]	62	62
Advances from borrowers for taxes and insurance	[1]	$ 2,768	$ 2,127
[1]	Level 1
[2]	Level 2
[3]	Level 3

FAIR VALUE MEASUREMENT AND FA_5

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets Measured at Fair Value on a Nonrecurring Basis (Details 2) - Nonrecurring basis - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 509
Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	289	$ 742
Other real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	220
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0
Level 1 | Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Level 1 | Other real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0
Level 2 | Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0	0
Level 2 | Other real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	509
Level 3 | Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	289	$ 742
Level 3 | Other real estate owned
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 220

FAIR VALUE MEASUREMENT AND FA_6

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Quantitative information of assets measured at fair value on a nonrecurring basis (Details 3) - Nonrecurring basis - Level 3	Jun. 30, 2019Percent
Lower of appraisal of collateral or asking price less selling costs | Appraisal adjustments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, measurement input	10
Lower of appraisal of collateral or asking price less selling costs | Discounted cash flow analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, measurement input	10
Lower of appraisal of collateral or asking price less selling costs | Costs to sell
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, measurement input	10
Market valuation of property | Costs to sell
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other real estate owned, measurement input	10

FAIR VALUE MEASUREMENT AND FA_7

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Detail Textuals) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of impaired loan balance	$ 313,000	$ 780,000
Valuation allowance of impaired loans	24,000	38,000
Other real estate owned	220,000
Net loans	163,868,000	154,650,000
Amount of foreclosures of mortgage loans on real estate	162,000,000	444,000,000
Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net loans	$ 1,700,000	$ 1,300,000

OFF-BALANCE SHEET CREDIT RISK -

OFF-BALANCE SHEET CREDIT RISK - Contract amounts of financial instruments represent credit risk (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Commitments to Grant Loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, asset, face amount	$ 2,264	$ 2,698
Unfunded Commitments Under Lines of Credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Off-balance sheet risks, liability, face amount	$ 5,445	$ 5,349

REGULATORY CAPITAL REQUIREMEN_3

REGULATORY CAPITAL REQUIREMENTS - Actual capital amounts and ratios (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Regulatory Capital Requirements [Abstract]
Total core capital to risk weighted assets Amount	$ 21,686	$ 21,128
Total core capital to risk weighted assets Ratio	16.32%	17.51%
Total core capital to risk weighted assets Minimum Capital Requirement Amount	$ 10,628	$ 9,655
Total core capital to risk weighted assets Minimum Capital Requirement Ratio	8.00%	8.00%
Total core capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 13,285	$ 12,069
Total core capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	10.00%	10.00%
Total core capital to risk weighted assets, Minimum Capital Adequacy with Buffer Amount	$ 13,949	$ 12,673
Total core capital to risk weighted assets, Minimum Capital Adequacy with Buffer Ratio	10.50%	10.50%
Tier 1 capital to risk weighted assets Amount	$ 20,531	$ 19,894
Tier 1 capital to risk weighted assets Ratio	15.45%	16.48%
Tier 1 capital to risk weighted assets Minimum Capital Requirement Amount	$ 7,971	$ 7,242
Tier 1 capital to risk weighted assets Minimum Capital Requirement Ratio	6.00%	6.00%
Tier 1 capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 10,628	$ 9,655
Tier 1 capital to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	8.00%	8.00%
Tier 1 capital to risk weighted assets, Minimum Capital Adequacy with Buffer Amount	$ 11,292	$ 10,259
Tier 1 capital to risk weighted assets, Minimum Capital Adequacy with Buffer Ratio	8.50%	8.50%
Tier 1 common equity to risk weighted assets Amount	$ 20,531	$ 19,894
Tier 1 common equity to risk weighted assets Ratio	15.45%	16.48%
Tier 1 common equity to risk weighted assets, Minimum Capital Requirement Amount	$ 5,978	$ 5,431
Tier 1 common equity to risk weighted assets, Minimum Capital Requirement Ratio	4.50%	4.50%
Tier 1 common equity to risk weighted assets, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 8,635	$ 7,845
Tier 1 common equity to risk weighted assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	6.50%	6.50%
Tier 1 common equity to risk weighted assets, Minimum Capital Adequacy with Buffer Amount	$ 9,299	$ 8,448
Tier 1 common equity to risk weighted assets, Minimum Capital Adequacy with Buffer Ratio	7.00%	7.00%
Tier 1 capital to assets Amount	$ 20,531	$ 19,894
Tier 1 capital to assets Ratio	10.08%	10.27%
Tier 1 capital to assets, Minimum Capital Requirement Amount	$ 8,151	$ 7,745
Tier 1 capital to assets, Minimum Capital Requirement Ratio	4.00%	4.00%
Tier 1 capital to assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 10,189	$ 9,681
Tier 1 capital to assets Minimum to be Well Capitalized Under Prompt Corrective Action Provisions Ratio	5.00%	5.00%
Tier 1 capital to assets, Minimum Capital Adequacy with Buffer Amount	$ 10,189	$ 9,681
Tier 1 capital to assets, Minimum Capital Adequacy with Buffer Ratio	5.00%	5.00%

REGULATORY CAPITAL REQUIREMEN_4

REGULATORY CAPITAL REQUIREMENTS (Detail Textuals) $ in Billions	Jun. 30, 2019USD ($)
Regulatory Capital Requirements [Abstract]
Capital conservation buffer requirement for Tier 1 common equity to risk weighted assets	2.50%
Capital conservation buffer requirement for total core capital to risk weighted assets	2.50%
Leverage ratio, assets value	$ 10

EMPLOYEE BENEFIT PLANS - Compon

EMPLOYEE BENEFIT PLANS - Components of net periodic pension plan cost for Association's Defined Benefit Pension Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plan [Abstract]
Service cost	$ 71	$ 84	$ 142	$ 168
Interest cost	119	103	238	206
Expected return on assets	(214)	(197)	(428)	(394)
Amortization of unrecognized loss	26	54	52	108
Net periodic pension cost	$ 2	$ 44	$ 4	$ 88

EMPLOYEE BENEFIT PLANS (Detail

EMPLOYEE BENEFIT PLANS (Detail Textuals) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan vesting period			5 years		6 years
Proceeds from term loan			$ 775,740
Number of shares purchase	77,574		77,574
Share price (in dollars per share)	$ 10		$ 10
Compensation expense	$ 7,500	$ 7,500	$ 15,000	$ 15,000
Shares not yet released					74,407
Aggregate market value of shares not yet released					$ 592,000
Defined contribution plan vesting percentage					20.00%
Supplemental Executive Retirement Plan (SERP) | Executive Officer
Defined Benefit Plan Disclosure [Line Items]
Other liabilities included in SERP	101,000		101,000		$ 83,000
Expenses included in employee benefits	$ 9,000	$ 9,000	18,000	$ 18,000
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contribution made to the pension plan			$ 500,000

EARNINGS PER SHARE COMMON (Deta

EARNINGS PER SHARE COMMON (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic earnings per common share:
Net income available to common stockholders	$ 337	$ 193	$ 545	$ 360
Weighted average common shares outstanding	1,895,824	1,902,261	1,861,301	1,902,585
Earnings per share, basic	$ 0.17	$ 0.10	$ 0.29	$ 0.19

NON-INTEREST INCOME (Details)

NON-INTEREST INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Realized gain on sale of residential mortgage loans
Realized gain on sales of residential mortgage loans	$ 14	$ 6	$ 35	$ 7
Bank owned life insurance	13	14	27	28
Other miscellaneous income	8	6	13	13
Total non-interest income	228	138	402	278
Total service fees
Service, fee and card income and insufficient funds fees	34	31	67	69
Deposit related fees
Service, fee and card income and insufficient funds fees	10	10	20	28
Loan servicing income
Service, fee and card income and insufficient funds fees	24	21	47	41
Total insurance and securities commission income
Service, fee and card income and insufficient funds fees	99	38	149	90
Securities commission income
Service, fee and card income and insufficient funds fees	97	34	143	82
Insurance commission income
Service, fee and card income and insufficient funds fees	2	4	6	8
Total card and insufficient funds income
Service, fee and card income and insufficient funds fees	60	43	111	71
Debit card interchange fee income
Service, fee and card income and insufficient funds fees	24	22	45	39
ATM fees
Service, fee and card income and insufficient funds fees	4	2	9	4
Insufficient fund fees
Service, fee and card income and insufficient funds fees	$ 32	$ 19	$ 57	$ 28