EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 21 –EARNINGS PER SHARE

Basic earnings per share have been calculated based upon the weighted-average number of common shares outstanding. For earning per share computations, unallocated ESOP shares and treasury shares are not considered outstanding. The calculation of diluted weighted-average shares outstanding for the year ended December 31, 2015 excludes 36,892 shares issuable pursuant to outstanding stock options because their effect would be anti-dilutive.

	Years Ended December 31,
	2016		2015
Net income	$	5,295,127	$	320,614
Weighted-average shares outstanding:
Basic		3,369,496		3,397,185
Diluted		3,373,492		3,397,185
Income per common share:
Basic	$	1.57	$	0.09
Diluted	$	1.57	$	0.09

Shares outstanding and basic and diluted income per common share in the above discussion and table for all periods prior to October 2016 have been restated at the second-step conversion exchange rate of 2.0473 to one.