INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

The amortized cost and fair value of available for sale investments (“AFS”), with gross unrealized gains and losses, follow:

	December 31, 2014
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	28,180	$	61	$	(320)	$	27,921
Mortgage-backed securities – GSE’s		52,278		1,115		(89)		53,304
Municipal bonds		20,496		516		(2)		21,010
	$	100,954	$	1,692	$	(411)	$	102,235

As of December 31, 2014, accumulated other comprehensive gains included net unrealized gains totaling $1.3 million. Deferred tax liabilities resulting from these net unrealized gains totaled $481,000.

	December 31, 2013
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	35,240	$	53	$	(628)	$	34,665
Mortgage-backed securities – GSE’s		40,801		666		(402)		41,065
Municipal bonds		7,968		281		(143)		8,106
	$	84,009	$	1,000	$	(1,173)	$	83,836

Schedule of Unrealized Loss on Investments [Table Text Block]

The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position as of December 31, 2014 and 2013.

	2014
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	2,926	$	(24)	$	12,731	$	(296)	$	15,657	$	(320)
Mortgage-backed securities- GSE’s		1,965		(28)		4,590		(61)		6,555		(89)
Municipal bonds		-		-		112		(2)		112		(2)
Total temporarily impaired securities	$	4,891	$	(52)	$	17,433	$	(359)	$	22,324	$	(411)

	2013
	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	value		losses		value		losses		value		losses
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s	$	11,908	$	(239)	$	3,611	$	(389)	$	15,519	$	(628)
Mortgage-backed securities- GSE’s		21,762		(312)		1,777		(90)		23,539		(402)
Municipal bonds		2,719		(143)		-		-		2,719		(143)
Total temporarily impaired securities	$	36,389	$	(694)	$	5,388	$	(479)	$	41,777	$	(1,173)

Investments Classified by Contractual Maturity Date [Table Text Block]

The following table sets forth certain information regarding the amortized costs, carrying values and contractual maturities of the Company’s investment portfolio at December 31, 2014.

	Amortized		Fair
	Cost		Value
	(dollars in thousands)
Securities available for sale:
U.S. government agencies – GSE’s
Due within one year	$	6,352	$	6,360
Due after one but within five years		6,018		6,015
Due after five but within ten years		10,032		9,837
Due after ten years		5,778		5,709
		28,180		27,921
Mortgage-backed securities – GSE’s
Due within one year		21		22
Due after one but within five years		35,114		36,049
Due after five but within ten years		17,143		17,233
Due after ten years		-		-
		52,278		53,304
Municipal bonds
Due within one year		576		579
Due after one but within five years		3,806		3,950
Due after five but within ten years		6,351		6,465
Due after ten years		9,763		10,016
		20,496		21,010
Total securities available for sale
Due within one year		6,949		6,961
Due after one but within five years		44,938		46,014
Due after five but within ten years		33,526		33,535
Due after ten years		15,541		15,725
	$	100,954	$	102,235