STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2015

Stockholders Equity Note [Abstract]

Stockholders Equity Note Disclosure [Text Block]

NOTE 10 – STOCKHOLDERS’ EQUITY

Income (Loss) Per Share

Basic net income (loss) per common share is calculated by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed in a manner similar to basic net income (loss) per common share except that the weighted-average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. The Company’s common stock equivalents relate solely to stock option and restricted stock awards. Anti-dilutive shares are common stock equivalents with weighted-average exercise prices in excess of the weighted-average market value for the periods presented. For the three months ended March 31, 2015, anti-dilutive options excluded from the calculations totaled 95,718 options (with an exercise price of $11.12 per share), and 3,392 options (with an exercise price of $12.51 per share). For the three months ended March 31, 2014, anti-dilutive options excluded from the calculations totaled 102,996 options (with an exercise price of $11.12 per share) and 4,290 options (with an exercise price of $12.51 per share), respectively. Unreleased common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating either basic or diluted net income per common share.

	Three Months Ended
	March 31,
	2015		2014
Net income (loss) ($000s omitted)	$	263	$	(809)
Weighted-average common shares outstanding:
Basic		6,679,360		6,675,457
Diluted		6,703,254		6,675,457
Earnings (loss) per common share;
Basic	$	0.04	$	(0.12)
Diluted	$	0.04	$	(0.12)

Dividends

The ability of the Company to pay dividends depends, in part, on the ability of the Bank to pay dividends to the Company. Due to current regulatory restrictions, the Company is not allowed to pay dividends to the Company’s shareholders and the Bank is not allowed to pay dividends to the Company.