Bancorp of New Jersey (BKJ) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 08, 2015
Document and Entity Information
Entity Registrant Name	Bancorp of New Jersey, Inc.
Entity Central Index Key	1,390,312
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,240,241
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and due from banks	$ 2,019	$ 1,218
Interest bearing deposits	72,027	20,386
Federal funds sold	455	456
Total cash and cash equivalents	74,501	22,060
Interest bearing time deposits	1,000	1,000
Securities available for sale	55,813	58,451
Securities held to maturity (fair value approximates $8,717 and $15,921, at June 30, 2015 and December 31, 2014, respectively)	8,715	15,923
Restricted investment in bank stock, at cost	2,165	2,162
Loans receivable	651,574	633,958
Deferred loan fees and unamortized costs, net	(396)	(414)
Less: allowance for loan losses	(7,878)	(7,192)
Net loans	643,300	626,352
Premises and equipment, net	10,114	10,136
Accrued interest receivable	2,343	2,441
Other real estate owned	731	897
Other assets	4,261	4,266
TOTAL ASSETS	802,943	743,688
Deposits
Noninterest bearing	93,744	89,510
Savings and interest bearing transaction accounts	214,631	200,585
Time deposits under $100	62,616	54,396
Time deposits $100 and over	329,014	304,483
Total deposits	700,005	648,974
Borrowed funds	29,752	32,950
Accrued interest payable and other liabilities	1,943	1,870
TOTAL LIABILITIES	$ 731,700	$ 683,794
Commitments and Contingencies
Stockholders' equity:
Common stock, no par value, authorized 20,000,000 shares; issued and outstanding 6,240,241 and 5,369,984 at June 30, 2015 and December 31, 2014, respectively	$ 60,404	$ 50,998
Retained earnings	11,304	9,635
Accumulated other comprehensive loss	(465)	(739)
Total stockholders' equity	71,243	59,894
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 802,943	$ 743,688

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Securities held to maturity, fair value (in dollars)	$ 8,717	$ 15,921
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares	20,000,000	20,000,000
Common stock, issued shares	6,240,241	5,369,984
Common stock, outstanding shares	6,240,241	5,369,984

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
INTEREST INCOME
Loans, including fees	$ 7,844	$ 6,409	$ 15,412	$ 12,437
Securities	219	229	448	474
Federal funds sold and other	40	12	65	32
TOTAL INTEREST INCOME	8,103	6,650	15,925	12,943
INTEREST EXPENSE
Savings and money markets	306	237	603	464
Time deposits	1,618	1,323	3,142	2,610
Borrowed funds	119	1	245	1
TOTAL INTEREST EXPENSE	2,043	1,561	3,990	3,075
NET INTEREST INCOME	6,060	5,089	11,935	9,868
Provision for loan losses	413	344	783	784
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	5,647	4,745	11,152	9,084
NON-INTEREST INCOME
Fees and service charges	94	50	142	104
Losses on sales of securities	(10)	(2)	(15)	(2)
TOTAL NON-INTEREST INCOME	84	48	127	102
NON-INTEREST EXPENSE
Salaries and employee benefits	1,910	1,601	3,722	3,130
Occupancy and equipment expense	741	604	1,481	1,286
FDIC premiums and related expenses	159	89	279	182
Legal fees	45	51	180	97
Other real estate owned expenses	9	35	177	35
Professional fees	237	161	403	297
Data processing	241	187	476	392
Other expenses	431	293	883	552
TOTAL NON-INTEREST EXPENSE	3,773	3,021	7,601	5,971
Income before provision for income taxes	1,958	1,772	3,678	3,215
Income tax expense	664	694	1,260	1,266
Net income	$ 1,294	$ 1,078	$ 2,418	$ 1,949
PER SHARE OF COMMON STOCK
Basic (in dollars per share)	$ 0.21	$ 0.20	$ 0.41	$ 0.36
Diluted (in dollars per share)	$ 0.21	$ 0.20	$ 0.41	$ 0.36

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 1,294	$ 1,078	$ 2,418	$ 1,949
Other comprehensive income (loss)
Unrealized holding gains (losses) on securities available for sale, net of deferred income tax (expense) benefit of $131 and $(268) for the three months ended June 30, 2015 and June 30, 2014 and $(149) and $(409), for the six months ended June 30, 2015 and June 30, 2014 respectively	(232)	323	255	550
Less: Reclassification adjustment for (loss) gain on sale of securities, net of income tax benefit of $4 and $1 for the three months ended June 30, 2015 and June 30, 2014 and $6 and $1 for the six months ended June 30, 2015 and June 30, 2014, respectively	(6)	(2)	(9)	(2)
Comprehensive income	$ 1,068	$ 1,403	$ 2,682	$ 2,501

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Gross unrealized holding gains (losses) on securities available for sale, deferred income tax expense	$ 131	$ (268)	$ (149)	$ (409)
Reclassification adjustment for loss on sale of securities, tax expense	$ 4	$ 1	$ 6	$ 1

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,418	$ 1,949
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	783	784
Amortization of securities premiums	54	52
Deferred tax benefit	(571)	(14)
Depreciation and amortization	302	282
Stock based compensation	106	146
Accretion of net loan origination fees	(18)
Loss on sale of securities	15	2
Loss on sale of other real estate owned		36
Write down of other real estate owned	166
Changes in operating assets and liabilities:
Decrease (increase) in accrued interest receivable	98	(740)
Decrease in other assets	432	1,805
Increase in accrued interest payable and other liabilities	73	218
NET CASH PROVIDED BY OPERATING ACTIVITIES	3,858	4,520
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of securities available for sale	(3,998)
Purchases of securities held to maturity	(4,567)	(9,106)
Purchase of restricted investment in bank stock	(171)	(274)
Proceeds from maturities of securities held to maturity	11,775	14,014
Proceeds from sales of securities available for sale	6,985	4,998
Proceeds from call of restricted investments in bank stock	168
Proceeds from sale of other real estate owned		938
Net increase in loans	(17,713)	(67,024)
Purchases of premises and equipment	(280)	(91)
NET CASH USED IN INVESTING ACTIVITIES	(7,801)	(56,545)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	51,031	23,889
Net (decrease) increase in borrowed funds	(3,198)	5,434
Dividends	(749)	(642)
Proceeds from the sale of commons stock through the private placement	9,280
Proceeds from exercise of options	20	273
NET CASH PROVIDED BY FINANCING ACTIVITIES	56,384	28,954
Net increase (decrease) in cash and cash equivalents	52,441	(23,071)
Cash and cash equivalents, beginning of year	22,060	37,741
CASH AND CASH EQUIVALENTS, END OF PERIOD	74,501	14,670
Cash paid during the period for:
Interest	3,929	3,046
Income taxes	$ 1,416	1,214
Supplemental disclosure of non-cash investing and financing transactions:
Loans transferred to other real estate owned		$ 1,077

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Significant Accounting Policies
Significant Accounting Policies	Note 1. Significant Accounting Policies Basis of Financial Statement Presentation The accompanying consolidated financial statements include the accounts of Bancorp of New Jersey, Inc. (together with its consolidated subsidiar ies , the “Company”), and its direct wholly-owned subsidiary, Bank of New Jersey (the “Bank”) and the Bank’s wholly-owned subsidiar ies , BONJ-New York Corp ., BONJ-New Jersey Investment Company, BONJ-Delaware Investment Company and BONJ REIT Inc. All significant inter-company accounts and transactions have been eliminated in consolidation. The Company was incorporated under the laws of the State of New Jersey to serve as a holding company for the Bank and to acquire all the capital stock of the Bank (referred to herein as the “holding company reorganization”). The Company’s class of common stock has no par value and the Bank’s class of common stock has a par value of $10 per share. The financial information in this quarterly report has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”); these financial statements have not been audited. Certain information and footnote disclosures required under GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission. Organization The Company is a New Jersey corporation and bank holding company registered with the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”). The Bank is a community bank which provides a full range of banking services to individuals and corporate customers in New Jersey. Both the Company and the Bank are subject to competition from other financial institutions. The Bank is regulated by state and federal agencies and is subject to periodic examinations by those regulatory authorities. The Bank conducts a traditional commercial banking business, accepting deposits from the general public, including individuals, businesses, non-profit organizations, and governmental units. The Bank makes commercial loans, consumer loans, and both residential and commercial real estate loans. In addition, the Bank provides other customer services and makes investments in securities, as permitted by law. The Bank has sought to offer an alternative, community-oriented style of banking in an area, that is presently dominated by larger, statewide and national institutions. The Bank continues to focus on establishing and retaining customer relationships by offering a broad range of traditional financial services and products, competitively-priced and delivered in a responsive manner to small businesses, professionals and individuals in its market area. As a community bank, the Bank endeavors to provide superior customer service that is highly personalized, efficient and responsive to local needs. To better serve its customers and expand its market reach, the Bank provides for the delivery of certain of its financial products and services to its local customers and to a broader market through the use of mail, telephone and internet banking. The Bank seeks to deliver these products and services with the care and professionalism expected of a community bank and with a special dedication to personalized customer service.

Stockholders' Equity and Relate

Stockholders' Equity and Related Transactions	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity and Related Transactions
Stockholders' Equity and Related Transactions	Note 2. Stockholders’ Equity and Related Transactions On March 2, 2015, the Company closed on a private placement of approximately $9.5 million (net of expenses, approximatley $9.3 million) or 868,057 shares of its common stock at a price of $10.95 per share. The shares of common stock were offered and were sold in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The shares have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. Each of the investors in the private placement was a member of the Company’s board of directors or related party. The Company contributed the proceeds of the private placement to the Bank .

Benefit Plans and Stock-Based C

Benefit Plans and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Benefit Plans and Stock-Based Compensation
Benefit Plans and Stock-Based Compensation	Note 3. Benefit Plans and Stock-Based Compensation 2006 Stock Option Plan During 2006, the Bank’s stockholders approved the 2006 Stock Option Plan. At the time of the holding company reorganization, the 2006 Stock Option Plan was assumed by the Company. The plan allows the Company to grant options to directors and employees of the Company to purchase up to 239,984 shares of the Company’s common stock. At June 30, 2015, incentive stock options to purchase 210,900 shares have been issued to employees of the Bank under the 2006 Stock Option Plan, of which options to purchase 159,700 shares were outstanding. Under the 2006 Stock Option Plan, there were no unvested options at June 30, 2015 and accordingly no unrecognized share based compensation expense. During the three and six months ended June 30, 2015, options to purchase 2,200 shares of common stock, at a weighted average price of $9.09 per share were exercised for a total price of $20,000. During the three and six months ended June 30, 2014, options to purchase 26,000 shares of common stock at a weighted average price $ 10.48 per share were exercised for a total price of $27 2 ,000. No options were granted or forfeited through the 2006 Stock Option Plan during the six months ended June 30, 2015. 2007 Director Plan During 2007, the Bank’s stockholders approved the 2007 Non-Qualified Stock Option Plan for Directors (the “2007 Director Plan”). At the time of the holding company reorganization, the 2007 Director Plan was assumed by the Company. This plan provides for 480,000 options to purchase shares of the Company’s common stock to be issued to non-employee directors of the Company. At June 30, 2015, non-qualified options to purchase 460,000 shares of the Company’s stock have been issued to non-employee directors of the Company under the 2007 Director Plan and approximately 331,334 were outstanding at June 30, 2015. No options were granted, exercised or forfeited through the 2007 Director Plan during the first six months of 2015. Under the 2007 Director Plan, there were no unvested options at June 30, 2015 and no unrecognized compensation expense. In connection with both the 2006 Stock Option Plan and the 2007 Director Plan, no share based compensation expense was recognized for the three months and six months ended June 30, 2015 and 2014, respectively. The aggregate intrinsic value of a stock option represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had they exercised their options on that date. This amount changes based on the changes in the market value in the Company’s stock. The aggregate intrinsic value of options outstanding as of June 30, 2015 under the 2006 Stock Option Plan and the 2007 Director Plan was approximately $214 thousand. The aggregate intrinsic value of options outstanding as of June 30, 2014 under the 2006 Stock Option Plan and the 2007 Director Plan was approximately $782 thousand. 2011 Equity Incentive Plan During 2011, the shareholders of the Company approved the Bancorp of New Jersey, Inc. 2011 Equity Incentive Plan ( the “2011 Plan”). This plan authorizes the issuance of up to 250,000 shares of the Company’s common stock, subject to adjustment in certain circumstances described in the 2011 Plan, pursuant to awards of incentive stock options or non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units or performance awards. Employees, directors, consultants, and other service providers of the Company and its affiliates (primarily the Bank) are eligible to receive awards under the 2011 Plan, provided, that only employees are eligible to receive incentive stock options. During the six months ended June 30, 2014, the Company issued 3,218 shares of stock to certain members of the Bank’s management team. These shares vested immediately and the expense was recorded during the first six months of 2014. For the three months ended June 30, 2015 and 2014, $52 thousand and $52 thousand, respectively, was recorded as expense for restricted stock that has been issued through the 2011 Plan in prior years. For the six months ended June 30, 2015 and 2014, $106 thousand and $146 thousand, respectively, was recorded as expense for restricted stock that has been issued through the 2011 Plan in prior years. At June 30, 2015, there were a total of approximately 48,000 shares of unvested restricted stock and approximately $558 thousand of compensation expense which will be recorded over the next three years. No options were granted, exercised or forfeited through the 2011 Plan during the first six months of 2015.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share
Earnings Per Share	Note 4. Earnings Per Share. Basic earnings per share is calculated by dividing the net income for a period by the weighted average number of common shares outstanding during that period. Diluted earnings per share is calculated by dividing the net income for a period by the weighted average number of outstanding common shares and dilutive common share equivalents during that period. Outstanding “common share equivalents” include options and warrants to purchase the Company’s common stock. The following table shows earnings per share for the three month periods presented: For the three months ended June 30, (In thousands except per share data) 2015 2014 Net income applicable to common stock $ $ Weighted average number of common shares outstanding - basic Basic earnings per share $ $ Net income applicable to common stock $ $ Weighted average number of common shares outstanding Effect of dilutive options Weighted average number of common shares and common share equivalents-diluted Diluted earnings per share $ $ Incentive stock options to purchase 84,700 shares of common stock at a weighted average price of $9.09; and 48,5 00 unvested shares of restricted common stock were included in the computation of diluted earnings per share for the three months ended June 30 , 20 15. Incentive stock options to purchase 75,000 shares of common stock at a weighted average price of $11.50 and non-qualified options to purchase 331,334 shares of common stock at a weighted average price of $11.50 were not included in the computation of diluted earnings per share for the three months ended June 30, 2015, because they were anti-dilutive. Non-qualified options to purchase 331,334 shares of common stock at a weighted average price of $11.50; incentive stock options to purchase 75 ,000 shares of common stock at a weighted average price of $11.50; incentive stock options to purchase 86 ,900 shares of common stock at a weighted average price of $9.09; and 64 ,000 unvested shares of restricted common stock were included in the computation of diluted earnings per share for the three months ended June 30 , 2014 The following table shows earnings per share for the six month periods presented: For the six months ended June 30, (In thousands except per share data) 2015 2014 Net income applicable to common stock $ $ Weighted average number of common shares outstanding - basic Basic earnings per share $ $ Net income applicable to common stock $ $ Weighted average number of common shares outstanding Effect of dilutive options Weighted average number of common shares and common share equivalents-diluted Diluted earnings per share $ $ Incentive stock options to purchase 84,700 shares of common stock at a weighted average price of $9.09; and 48,5 00 unvested shares of restricted common stock were included in the computation of diluted earnings per share for the three months ended June 30 , 20 15. Incentive stock options to purchase 75,000 shares of common stock at a weighted average price of $11.50 and non-qualified options to purchase 331,334 shares of common stock at a weighted average price of $11.50 were not included in the computation of diluted earnings per share for the six months ended June 30, 2015, because they were anti-dilutive. Non-qualified options to purchase 3 31 , 334 shares of common stock at a weighted average price of $11.50; 75 ,000 incentive stock options at a weighted average price of $11.50; incentive stock options to purchase 86 ,900 shares of common stock at a weighted average price of $9.09; and 64 ,000 unvested shares of restricted stock were included in the computation of diluted earnings per share for the six months ended June 30, 201 4 .

Securities Available for Sale a

Securities Available for Sale and Investment Securities	6 Months Ended
	Jun. 30, 2015
Securities Available for Sale and Investment Securities
Securities Available for Sale and Investment Securities	Note 5. Securities Available for Sale and Investment Securities A summary of securities held to maturity and securities available for sale at June 30, 2015 and December 31, 2014 is as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Fair June 30, 2015 Cost Gains Losses Value Securities Held to Maturity: Obligations of states and political subdivisions $ $ — $ — $ U.S. Treasury obligations — Total securities held to maturity — Securities Available for Sale: U.S. Treasury obligations — ) Government sponsored enterprise obligations — ) Total securities available for sale — ) Total securities $ $ $ ) $ Gross Gross Amortized Unrealized Unrealized Fair December 31, 2014 Cost Gains Losses Value Securities Held to Maturity: Obligations of states and political subdivisions $ $ — $ — $ Government sponsored enterprise obligations — — U.S. Treasury obligations — ) Total securities held to maturity — ) Securities Available for Sale: U.S. Treasury obligations — ) Government sponsored enterprise obligations — ) Total securities available for sale — ) Total securities $ $ — $ ) $ The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available for sale are as follows (in thousands): Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2015 Value Losses Value Losses Value Losses Securities Available for Sale: U.S. Treasury obligations $ — $ — $ $ ) $ $ ) Government sponsored enterprise obligations ) ) ) Total securities available for sale $ $ ) $ $ ) $ $ ) Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Value Losses Value Losses Value Losses Securities Held to Maturity: U.S. Treasury obligations $ — $ — $ $ ) $ $ ) Securities Available for Sale: U.S. Treasury obligation — — ) ) Government sponsored enterprise obligations ) ) ) Total securities available for sale ) ) ) Total securities $ $ ) $ $ ) $ $ ) The amortized cost and fair value of securities held to maturity and securities available for sale at June 30, 2015 by contractual maturity are shown below. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Securities Held to Maturity Securities Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value One year or less $ $ $ $ After one to five years — — After five to ten years — — Total $ $ $ $ Management evaluates securities for other-than-temporary-impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In determining OTTI management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than amortized cost; (2) the financial condition and near term prospects of the issuer; (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary-impairment decline exists involves a high degree of subjectivity and judgment and is based on information available to management at a point in time. An OTTI is deemed to have occurred if there has been an adverse change in the remaining expected future cash flows. When OTTI for debt securities occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis, the OTTI would be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If the Company does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, the OTTI would be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors would be recognized in other comprehensive income, net of applicable tax benefit. The previous amortized cost basis less the OTTI recognized in earnings would become the new amortized cost basis of the investment. At June 30, 2015, the Company’s available for sale securities portfolio consisted of twenty one securities, of which nineteen were in an unrealized loss position for more than twelve months and one was in a loss position for less than twelve months. No OTTI charges were recorded for the three or six months ended June 30, 2015. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities. Unrealized losses primarily relate to interest rate fluctuations and not credit concerns. Securities with an amortized cost of $16.3 million and a fair value of $16.1 million, respectively, were pledged to secure public funds on deposit at June 30, 2015. Securities with an amortized cost of $10.4 million and a fair value of $10.0 million, respectively, were pledged to secure public funds on deposit at December 31, 2014. During the three months ended June 30, 201 5 , the Company sold two securit ies from its available for sale portfolio and recognized a loss of approximately $ 10 thousand . For the six months ended June 30, 2015, the Company sold three securities from its available for sale portfolio and recognized a loss of approximately $15 thousand. For the three and six months ended June 30, 2015, the Company did not sell any securities from its held to maturity portfolio. During the three and six months ended June 30, 201 4 , the Company sold two securit ies from its available for sale portfolio and recognized a loss of approximately $ 2 thousand . For the three and six months ended June 30, 2014, the Company did not sell any securities from its held to maturity portfolio.

Loans

Loans	6 Months Ended
	Jun. 30, 2015
Loans
Loans	Note 6. Loans. The components of the loan portfolio at June 30, 2015 and December 31, 2014 are summarized as follows (in thousands): June 30, 2015 December 31, 2014 Commercial real estate $ $ Residential mortgages Commercial Home equity Consumer $ $ The Company grants commercial, mortgage and installment loans to those New Jersey residents and businesses within its local trading area. Its borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the underlying collateral, value of the underlying collateral and priority of the Company’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the Company’s control; the Company is therefore subject to risk of loss. The Company believes its lending policies and procedures adequately manage the potential exposure to such risks and that an allowance for loan losses is provided for management’s best estimate of probable loan losses. The activity in the allowance for loan losses and recorded investment in loan receivables as of and for the periods indicated are as follows (in thousands): For the three months ended and as of: June 30, 2015 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs ) ) Recoveries — — — — Provisions ) Transfer — Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluated for impairment $ — $ $ — $ — $ — $ — $ Ending balance: collectively evaluted for impairment $ $ $ $ $ $ — $ Loans receivables: Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluted for impairment — — Ending balance: collectively evaluated for impairment $ $ $ $ $ $ — $ June 30, 2014 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs ) ) ) — — — ) Recoveries — — — — — Provisions ) ) ) ) Ending balance $ $ $ $ $ $ $ December 31, 2014 Allowance for loan losses: Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Loans receivables: Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluted for impairment $ $ $ — $ $ — $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ — $ The following tables present the activity in the allowance for loan losses for the periods indicated (in thousands): For the six months ended: Commercial Residential June 30, 2015 Real Estate Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses Beginning Balance $ $ $ $ $ $ $ Charge-offs ) — ) — — — ) Recoveries — — — — Provisions — ) Transfer — — — — — — — Ending balance $ $ $ $ $ $ — $ Commercial Residential June 30, 2014 Real Estate Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses Beginning Balance $ $ $ $ $ $ $ Charge-offs ) ) ) — — — ) Recoveries — — — — — Provisions ) ) Transfer — — — — — ) ) Ending balance $ $ $ $ $ $ $ The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2015 and December 31, 2014, (in thousands): June 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivables Nonaccrual Loans Commercial real estate $ — $ — $ $ $ $ $ Residential mortgages — — Commercial — — Home equity Consumer — — — Total $ $ $ $ $ $ $ December 31, 2014 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivables Nonaccrual Loans Commercial real estate $ — $ $ — $ $ $ $ Residential mortgages — Commercial — — — — — Home equity — Consumer — — — — — Total $ $ $ $ $ $ $ The Company had no loans greater than ninety days delinquent and accruing interest at June 30, 2015 and December 31, 2014. If nonaccrual loans had been current in accordance with their original terms and had been outstanding throughout the three and six month periods ended June 30, 2015, the gross interest income would have been $103 thousand and $198 thousand, respectively. If nonaccrual loans had been current in accordance with their original terms and had been outstanding throughout the three and six month periods ended June 30, 2014, the gross interest income would have been $112 thousand and $207 thousand, respectively. Actual interest income recognized on these loans during the three and six months ended June 30 , 201 5 was $17 thousand. Actual interest income recognized on these loans during the three and six months ended June 30 , 2014 was $0. The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — Doubtful — — — — — — Total $ $ $ $ $ $ December 31, 2014 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — Doubtful — — — — — — Total $ $ $ $ $ $ A loan is considered impaired when based on current information and events, it is probable that the Company will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. The following table provides information about the Company’s impaired loans at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Impaired loans with specific reserves: Residential mortgages $ $ $ Total impaired loans with specific reserves Impaired loans with no specific reserves: Commercial real estate — Residential mortgages — Commercial — Home equity — Total impaired loans with no specific reserves — Total impaired loans $ $ $ December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Impaired loans with no specific reserves: Commercial real estate — Residential mortgages — Home equity — Total impaired loans with no specific reserves $ $ $ — The following table provides information about the Company’s impaired loans for the three month and six month periods ended June 30, 2015 and 2014 (in thousands): Three Months Ended Three Months Ended June 30, 2015 June 30, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Commercial real estate $ — $ — $ $ — Residential mortgages — — Commercial — — — Home equity — — Total impaired loans with specific reserves — Impaired loans with no specific reserves: Commercial real estate — Residential mortgages Commercial — — — Home equity Consumer — — — Total impaired loans with no specific reserves Total impaired loans $ $ $ $ Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Commercial real estate $ — $ — $ $ — Residential mortgages — — Commercial — — — Home equity — — Total impaired loans with specific reserves — Impaired loans with no specific reserves: Commercial real estate — Residential mortgages Commercial — — — Home equity Consumer — — — Total impaired loans with no specific reserves Total impaired loans $ $ $ $ Troubled debt restructured loans (“TDRs”) are loans where the contractual terms of the loan have been modified for a borrower experiencing financial difficulties. These modifications could include a reduction in the interest rate of the loan, payment extensions, forgiveness of principal, a combination of these concessions or other actions to maximize collection. The following table summarizes information in regards to TDRs by loan portfolio class as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Accrual Status Number of Loans Nonaccrual Status Number of Loans Total Residential mortgages $ $ $ Commercial real estate — — Home equity $ $ $ December 31, 2014 Accrual Status Number of Loans Nonaccrual Status Number of Loans Total Residential mortgages $ $ $ Commercial real estate — — Home equity $ $ $ For the three months ended June 30, 2015 and 2014, there were no new TDRs that occurred. For the six months ended June 30, 2015, there were no new TDRs that occurred. The following table summarizes information in regards to TDRs that occurred during the six months ended June 30, 2014 (in thousands): Pre-Modification Post- Modification Outstanding Outstanding Number of Recorded Recorded 2014 Loans Investments Investments Residential mortgages $ $ During the three and six months ended June 30, 2015 and 2014, there were no defaults of loans modified in troubled debt restructurings during the previous twelve months. We may obtain physical possession of real estate collateralizing a residential mortgage loan or home equity loan via foreclosure or an in-substance repossession. As of June 30, 2015, we have foreclosed residential real estate properties with a carrying value of $731 thousand as a result of obtaining physical possession. In addition, as of June 30, 2015, we had residential mortgage loans and home equity loans with a carrying value of $2.3 million collateralized by residential real estate property for which formal foreclosure proceedings were in process.

Guarantees

Guarantees	6 Months Ended
	Jun. 30, 2015
Guarantees
Guarantees	Note 7. Guarantees The Company does not issue any guarantees that would require liability recognition or disclosure, other than the Company’s standby letters of credit. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Generally, all letters of credit, when issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as those that are involved in extending loan facilities to customers. The Company generally holds collateral and/or personal guarantees supporting these commitments. As of June 30, 2015, the Company had $1.7 million of commercial and similar letters of credit. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payment required under the corresponding guarantees. Management believes that the current amount of the liability as of June 30, 2015 for guarantees under standby letters of credit issued is not material.

Borrowed Funds

Borrowed Funds	6 Months Ended
	Jun. 30, 2015
Borrowed Funds.
Borrowed Funds	Note 8 — Borrowed Funds Borrowings may consist of long-term debt fixed rate advances from the Federal Home Loan Bank of New York (“FHLBNY”) as well as short term borrowings through lines of credit with other financial institutions. Information concerning long-term borrowings at March 31, 2015 and December 31, 2014, is as follows (in thousands): June 30, 2015 Amount Rate Original Term (years) Maturity Fixed Rate Amortizing Note $ % June 2019 Fixed Rate Amortizing Note % July 2019 Fixed Rate Amortizing Note % August 2019 Fixed Rate Amortizing Note % August 2021 Fixed Rate Amortizing Note % October 2019 Total FHLB Advances $ % December 31, 2014 Amount Rate Original Term (years) Maturity Fixed Rate Amortizing Note $ % June 2019 Fixed Rate Amortizing Note % July 2019 Fixed Rate Amortizing Note % August 2019 Fixed Rate Amortizing Note % August 2021 Fixed Rate Amortizing Note % October 2019 $ % The Bank has an overnight line of credit with Atlantic Community Bankers Bank (“ACBB”) for $10.0 million and an overnight line of credit with First Tennessee Bank for $12.0 million for the purchase of federal funds in the event that temporary liquidity needs arise. Additionally, the Bank is a member of the FHLBNY. The FHLBNY relationship provides additional borrowing capacity. There were no borrowings on any of the lines of credit at June 30, 2015 and December 31, 2014.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2015
Fair Value Measurement
Fair Value Measurement	Note 9. Fair Value Measurements U. S. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: · Level 1 Inputs - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. · Level 2 Inputs - 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 Inputs - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (that is, supported with little or no market activity). The level of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement of that asset or liability. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2015 and December 31, 2014, respectively, are as follows (in thousands): (Level 1) (Level 2) (Level 3) Description June 30, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Securities available for sale: U.S. Treasury obligations $ $ — $ $ — Government sponsored enterprise obligations — — Total securities available for sale $ $ — $ $ — (Level 1) (Level 2) (Level 3) Description December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Securities available for sale: U.S. Treasury obligations $ $ — $ $ — Government sponsored enterprise obligations — — Total securities available for sale $ $ — $ $ — For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2015 and December 31, 2014, respectively, follows (in thousands): (Level 1) (Level 2) (Level 3) Description March 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ $ — $ — $ Other real estate owned $ $ — $ — $ (Level 1) (Level 2) (Level 3) Description December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ $ — $ — $ The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value (in thousands): June 30, 2015 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ Appraisal of Collateral (1) Appraisal Adjustments (2) 35.0% Liquidation Expenses (2) 9.4% Other real estate owned $ Appraisal of Collateral (1) Appraisal Adjustments (2) 0% - 40.8% (-21.34%) Liquidation Expenses (2) 0% - 7.3% (-6.7%) December 31, 2014 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ Appraisal of Collateral (1) Appriasal Adjustments (2) 0% - 46.3% (-38.4%) Liquidation Expenses (2) 0% - 60.2% (-20.2%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. Other real estate owned assets are adjusted to fair value less estimated selling costs upon transfer of the loans to other real estate owned. The fair value of other real estate owned is based upon independent third party appraisal values of the collateral or management’s estimation of the value of the collateral. These assets are included as Level 3 fair values. Management uses its best judgment in estimating the fair value of the Company’s financial instruments, however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transactions on the dates indicated. The estimated fair value amounts have been measured as of their respective period end and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period end. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. 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 the Company’s finanical instruments at June 30, 2015 and December 31, 2014: Fair value estimates and assumptions are set forth below for the Company’s financial instruments at June 30, 2015 and December 31, 2014 (in thousands): (Level 1) (Level 2) (Level 3) June 30, 2015 Quoted Prices in Active Markets for Significant Other Significant Unobservable Carrying amount Fair Value Identical Assets Observable Inputs Inputs Financial assets: Cash and cash equivalents $ $ $ $ — $ — Interest bearing time deposits — — Securities available for sale — Securities held to maturity — Restricted investment in bank stock — — Loans receivable, net — — Accrued interest receivable — — Financial liabilities: Deposits — Borrowed funds — — Accrued interest payable — — (Level 1) (Level 2) (Level 3) December 31, 2014 Quoted Prices in Active Markets for Significant Other Significant Unobservable Carrying amount Fair Value Identical Assets Observable Inputs Inputs Financial assets: Cash and cash equivalents $ $ $ $ — $ — Interest bearing time deposits — — Securities available for sale — Securities held to maturity — Restricted investment in bank stock — — Loans receivable, net — — Accrued interest receivable — — Financial liabilities: Deposits — Borrowed funds — — Accrued interest payable — — Cash and Cash Equivalents and Interest Bearing Time Deposits The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values. Securities The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), 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 by relying on the securities’ relationship to other benchmark quoted prices. For certain securities which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquiditiy and/or non-transferability, and such adjustments are generally based on available market evidence (Level 3). In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Internal cash flow models using a present value formula that includes assumptions market participants would use along with indicative exit pricing obtained from broker/dealers (where available) were used to support fair values of certain Level 3 investments. Restricted Investment in Bank Stock The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities. Loans Receivable The fair value of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and the interest rate-risk inherent in the loans. 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 re-price frequently and with no significant change in credit risk, fair values approximate carrying values. Impaired loans Impaired loans are those for which the Company has measured impairment generally based on the fair value of the loan’s collateral or discounted cash flows based upon the expected proceeds. Fair value is generally based upon independent third-party appraisals of the properties. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and accrued interest payable approximates fair value. Deposits The fair values disclosed for demand deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities of time deposits. Borrowed Funds Fair values of FHLBNY amortizing advances are based on the discounted value of contractual cash flows using discount rates determined by where the cash flow falls on the FHLBNY advance curve. These discount rates (curve) are found on one of the various FHLBNY web sites. Fair values disclosed for short term advances on lines of credit are equal to their carrying value due to their term generally being no more than 14 days. Limitation The preceding fair value estimates were made at June 30, 2015 and December 31, 2014 based on pertinent market data and relevant information on the financial instrument. These estimates do not include any premium or discount that could result from an offer to sell at one time the Company’s entire holdings of a particular financial instrument or category thereof. Since no market exists for a substantial portion of the Company’s financial instruments, fair value estimates were necessarily based on judgments regarding future expected loss experience, current economic conditions, risk assessment of various financial instruments, and other factors. Given the innately subjective nature of these estimates, the uncertainties surrounding them and the matter of significant judgment that must be applied, these fair value estimates cannot be calculated with precision. Modifications in such assumptions could meaningfully alter these estimates. Since these fair value approximations were made solely for on and off balance sheet financial instruments at June 30, 2015 and December 31, 2014, no attempt was made to estimate the value of anticipated future business. Furthermore, certain tax implications related to the realization of the unrealized gains and losses could have a substantial impact on these fair value estimates and have not been incorporated into the estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 10. Recent Accounting Pronouncements This note provides a summary description of recent accounting standards that have significant implications (elected or required) within the consolidated financial statements, or that management expects may have a significant impact on financial statements issued in the near future. ASU 2014 - 04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure In January, 2014, the FASB issued ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. This ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The ASU also requires additional related interim and annual disclosures. The guidance in this ASU is effective for annual and interim periods beginning after December 15, 2014. The implementation of ASU 2014-01 did not have a material impact on the Company’s financial position or results of operations. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . The amendments in this ASU establish a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Public entities will apply the new standard for annual periods beginning after December 15, 201 7 , including interim periods therein. Three basic transition methods are available — full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the third alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application (e.g. January 1, 201 8 ) and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. That is, prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP. Early adoption is prohibited under U.S. GAAP. The same three transition alternatives apply. The implementation of ASU 2014-09 should not have a material impact on the Company’s financial position or results of operations. ASU 2014-14, Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force In August 2014 the FASB issued ASU 2014-14, Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force . The amendments in this ASU address a practice issue related to the classification of certain foreclosed residential and nonresidential mortgage loans that are either fully or partially guaranteed under government programs. Specifically, creditors should reclassify loans that meet certain conditions to “other receivables” upon foreclosure, rather than reclassifying them to other real estate owned (OREO). The separate other receivable recorded upon foreclosure is to be measured based on the amount of the loan balance (principal and interest) the creditor expects to recover from the guarantor. The ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The implementation of ASU 2014-14 did not have a material impact on the Company’s financial position or results of operations.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	Note 11. Accumulated Other Comprehensive Income Reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2015 are as follows: Details About Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statements of Income Three months ended June 30, 2015 Available for Sale Securities Realized loss on sale of securities $ ) Losses on sale of securities Income tax expense Total reclassifications $ ) Net of tax Six months ended June 30, 2015 Available for Sale Securities Realized loss on sale of securities $ ) Losses on sale of securities Income tax expense Total reclassifications $ ) Net of tax

Significant Accounting Polici19

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Significant Accounting Policies
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation The accompanying consolidated financial statements include the accounts of Bancorp of New Jersey, Inc. (together with its consolidated subsidiar ies , the “Company”), and its direct wholly-owned subsidiary, Bank of New Jersey (the “Bank”) and the Bank’s wholly-owned subsidiar ies , BONJ-New York Corp ., BONJ-New Jersey Investment Company, BONJ-Delaware Investment Company and BONJ REIT Inc. All significant inter-company accounts and transactions have been eliminated in consolidation. The Company was incorporated under the laws of the State of New Jersey to serve as a holding company for the Bank and to acquire all the capital stock of the Bank (referred to herein as the “holding company reorganization”). The Company’s class of common stock has no par value and the Bank’s class of common stock has a par value of $10 per share. The financial information in this quarterly report has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”); these financial statements have not been audited. Certain information and footnote disclosures required under GAAP have been condensed or omitted, as permitted by rules and regulations of the Securities and Exchange Commission.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share
Schedule showing earnings per share	For the three months ended June 30, (In thousands except per share data) 2015 2014 Net income applicable to common stock $ $ Weighted average number of common shares outstanding - basic Basic earnings per share $ $ Net income applicable to common stock $ $ Weighted average number of common shares outstanding Effect of dilutive options Weighted average number of common shares and common share equivalents-diluted Diluted earnings per share $ $ For the six months ended June 30, (In thousands except per share data) 2015 2014 Net income applicable to common stock $ $ Weighted average number of common shares outstanding - basic Basic earnings per share $ $ Net income applicable to common stock $ $ Weighted average number of common shares outstanding Effect of dilutive options Weighted average number of common shares and common share equivalents-diluted Diluted earnings per share $ $

Securities Available for Sale21

Securities Available for Sale and Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Securities Available for Sale and Investment Securities
Summary of securities held to maturity and securities available for sale	A summary of securities held to maturity and securities available for sale at June 30, 2015 and December 31, 2014 is as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Fair June 30, 2015 Cost Gains Losses Value Securities Held to Maturity: Obligations of states and political subdivisions $ $ — $ — $ U.S. Treasury obligations — Total securities held to maturity — Securities Available for Sale: U.S. Treasury obligations — ) Government sponsored enterprise obligations — ) Total securities available for sale — ) Total securities $ $ $ ) $ Gross Gross Amortized Unrealized Unrealized Fair December 31, 2014 Cost Gains Losses Value Securities Held to Maturity: Obligations of states and political subdivisions $ $ — $ — $ Government sponsored enterprise obligations — — U.S. Treasury obligations — ) Total securities held to maturity — ) Securities Available for Sale: U.S. Treasury obligations — ) Government sponsored enterprise obligations — ) Total securities available for sale — ) Total securities $ $ — $ ) $
Schedule of unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities	The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available for sale are as follows (in thousands): Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2015 Value Losses Value Losses Value Losses Securities Available for Sale: U.S. Treasury obligations $ — $ — $ $ ) $ $ ) Government sponsored enterprise obligations ) ) ) Total securities available for sale $ $ ) $ $ ) $ $ ) Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2014 Value Losses Value Losses Value Losses Securities Held to Maturity: U.S. Treasury obligations $ — $ — $ $ ) $ $ ) Securities Available for Sale: U.S. Treasury obligation — — ) ) Government sponsored enterprise obligations ) ) ) Total securities available for sale ) ) ) Total securities $ $ ) $ $ ) $ $ )
Schedule of maturity distribution of the Company's held to maturity and available for sale portfolios	Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Securities Held to Maturity Securities Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value One year or less $ $ $ $ After one to five years — — After five to ten years — — Total $ $ $ $

Loans (Tables)

Loans (Tables)	6 Months Ended
	Jun. 30, 2015
Loans
Summary of loans	The components of the loan portfolio at June 30, 2015 and December 31, 2014 are summarized as follows (in thousands): June 30, 2015 December 31, 2014 Commercial real estate $ $ Residential mortgages Commercial Home equity Consumer $ $
Schedule of activity in the allowance for loan losses and recorded investment in loan receivables	The activity in the allowance for loan losses and recorded investment in loan receivables as of and for the periods indicated are as follows (in thousands): For the three months ended and as of: June 30, 2015 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs ) ) Recoveries — — — — Provisions ) Transfer — Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluated for impairment $ — $ $ — $ — $ — $ — $ Ending balance: collectively evaluted for impairment $ $ $ $ $ $ — $ Loans receivables: Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluted for impairment — — Ending balance: collectively evaluated for impairment $ $ $ $ $ $ — $ June 30, 2014 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs ) ) ) — — — ) Recoveries — — — — — Provisions ) ) ) ) Ending balance $ $ $ $ $ $ $ December 31, 2014 Allowance for loan losses: Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Loans receivables: Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluted for impairment $ $ $ — $ $ — $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ — $ The following tables present the activity in the allowance for loan losses for the periods indicated (in thousands): For the six months ended: Commercial Residential June 30, 2015 Real Estate Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses Beginning Balance $ $ $ $ $ $ $ Charge-offs ) — ) — — — ) Recoveries — — — — Provisions — ) Transfer — — — — — — — Ending balance $ $ $ $ $ $ — $ Commercial Residential June 30, 2014 Real Estate Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses Beginning Balance $ $ $ $ $ $ $ Charge-offs ) ) ) — — — ) Recoveries — — — — — Provisions ) ) Transfer — — — — — ) ) Ending balance $ $ $ $ $ $ $
Schedule of classes of the loan portfolio summarized by the past due status	The following table presents the classes of the loan portfolio summarized by the past due status as of June 30, 2015 and December 31, 2014, (in thousands): June 30, 2015 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivables Nonaccrual Loans Commercial real estate $ — $ — $ $ $ $ $ Residential mortgages — — Commercial — — Home equity Consumer — — — Total $ $ $ $ $ $ $ December 31, 2014 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivables Nonaccrual Loans Commercial real estate $ — $ $ — $ $ $ $ Residential mortgages — Commercial — — — — — Home equity — Consumer — — — — — Total $ $ $ $ $ $ $
Summary of loan portfolio by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system	The following table presents the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — Doubtful — — — — — — Total $ $ $ $ $ $ December 31, 2014 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — Doubtful — — — — — — Total $ $ $ $ $ $
Schedule of information about Company's impaired loans	The following table provides information about the Company’s impaired loans at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Impaired loans with specific reserves: Residential mortgages $ $ $ Total impaired loans with specific reserves Impaired loans with no specific reserves: Commercial real estate — Residential mortgages — Commercial — Home equity — Total impaired loans with no specific reserves — Total impaired loans $ $ $ December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Impaired loans with no specific reserves: Commercial real estate — Residential mortgages — Home equity — Total impaired loans with no specific reserves $ $ $ — The following table provides information about the Company’s impaired loans for the three month and six month periods ended June 30, 2015 and 2014 (in thousands): Three Months Ended Three Months Ended June 30, 2015 June 30, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Commercial real estate $ — $ — $ $ — Residential mortgages — — Commercial — — — Home equity — — Total impaired loans with specific reserves — Impaired loans with no specific reserves: Commercial real estate — Residential mortgages Commercial — — — Home equity Consumer — — — Total impaired loans with no specific reserves Total impaired loans $ $ $ $ Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Commercial real estate $ — $ — $ $ — Residential mortgages — — Commercial — — — Home equity — — Total impaired loans with specific reserves — Impaired loans with no specific reserves: Commercial real estate — Residential mortgages Commercial — — — Home equity Consumer — — — Total impaired loans with no specific reserves Total impaired loans $ $ $ $
Schedule of TDR loans	The following table summarizes information in regards to TDRs by loan portfolio class as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Accrual Status Number of Loans Nonaccrual Status Number of Loans Total Residential mortgages $ $ $ Commercial real estate — — Home equity $ $ $ December 31, 2014 Accrual Status Number of Loans Nonaccrual Status Number of Loans Total Residential mortgages $ $ $ Commercial real estate — — Home equity $ $ $
Summary of pre and post modification troubled debt restructurings recorded investments	The following table summarizes information in regards to TDRs that occurred during the six months ended June 30, 2014 (in thousands): Pre-Modification Post- Modification Outstanding Outstanding Number of Recorded Recorded 2014 Loans Investments Investments Residential mortgages $ $

Borrowed Funds (Tables)

Borrowed Funds (Tables)	6 Months Ended
	Jun. 30, 2015
Borrowed Funds.
Schedule of information concerning long-term borrowings	Information concerning long-term borrowings at March 31, 2015 and December 31, 2014, is as follows (in thousands): June 30, 2015 Amount Rate Original Term (years) Maturity Fixed Rate Amortizing Note $ % June 2019 Fixed Rate Amortizing Note % July 2019 Fixed Rate Amortizing Note % August 2019 Fixed Rate Amortizing Note % August 2021 Fixed Rate Amortizing Note % October 2019 Total FHLB Advances $ % December 31, 2014 Amount Rate Original Term (years) Maturity Fixed Rate Amortizing Note $ % June 2019 Fixed Rate Amortizing Note % July 2019 Fixed Rate Amortizing Note % August 2019 Fixed Rate Amortizing Note % August 2021 Fixed Rate Amortizing Note % October 2019 $ %

Fair Value Measurement and Fair

Fair Value Measurement and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurement
Schedule of financial assets measured at fair value on a recurring basis	For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2015 and December 31, 2014, respectively, are as follows (in thousands): (Level 1) (Level 2) (Level 3) Description June 30, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Securities available for sale: U.S. Treasury obligations $ $ — $ $ — Government sponsored enterprise obligations — — Total securities available for sale $ $ — $ $ — (Level 1) (Level 2) (Level 3) Description December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Securities available for sale: U.S. Treasury obligations $ $ — $ $ — Government sponsored enterprise obligations — — Total securities available for sale $ $ — $ $ —
Schedule of financial assets measured at fair value on a nonrecurring basis	For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2015 and December 31, 2014, respectively, follows (in thousands): (Level 1) (Level 2) (Level 3) Description March 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ $ — $ — $ Other real estate owned $ $ — $ — $ (Level 1) (Level 2) (Level 3) Description December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ $ — $ — $
Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value	The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value (in thousands): June 30, 2015 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ Appraisal of Collateral (1) Appraisal Adjustments (2) 35.0% Liquidation Expenses (2) 9.4% Other real estate owned $ Appraisal of Collateral (1) Appraisal Adjustments (2) 0% - 40.8% (-21.34%) Liquidation Expenses (2) 0% - 7.3% (-6.7%) December 31, 2014 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ Appraisal of Collateral (1) Appriasal Adjustments (2) 0% - 46.3% (-38.4%) Liquidation Expenses (2) 0% - 60.2% (-20.2%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
Schedule of fair value estimates and assumptions of financial instruments	Fair value estimates and assumptions are set forth below for the Company’s financial instruments at June 30, 2015 and December 31, 2014 (in thousands): (Level 1) (Level 2) (Level 3) June 30, 2015 Quoted Prices in Active Markets for Significant Other Significant Unobservable Carrying amount Fair Value Identical Assets Observable Inputs Inputs Financial assets: Cash and cash equivalents $ $ $ $ — $ — Interest bearing time deposits — — Securities available for sale — Securities held to maturity — Restricted investment in bank stock — — Loans receivable, net — — Accrued interest receivable — — Financial liabilities: Deposits — Borrowed funds — — Accrued interest payable — — (Level 1) (Level 2) (Level 3) December 31, 2014 Quoted Prices in Active Markets for Significant Other Significant Unobservable Carrying amount Fair Value Identical Assets Observable Inputs Inputs Financial assets: Cash and cash equivalents $ $ $ $ — $ — Interest bearing time deposits — — Securities available for sale — Securities held to maturity — Restricted investment in bank stock — — Loans receivable, net — — Accrued interest receivable — — Financial liabilities: Deposits — Borrowed funds — — Accrued interest payable — —

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income
Schedule of Reclassifications out of accumulated other comprehensive income	Details About Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statements of Income Three months ended June 30, 2015 Available for Sale Securities Realized loss on sale of securities $ ) Losses on sale of securities Income tax expense Total reclassifications $ ) Net of tax Six months ended June 30, 2015 Available for Sale Securities Realized loss on sale of securities $ ) Losses on sale of securities Income tax expense Total reclassifications $ ) Net of tax

Significant Accounting Polici26

Significant Accounting Policies (Details) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Significant accounting policies.
Class of common stock par value (in dollars per share)	$ 0	$ 0
Bank
Significant accounting policies.
Class of common stock par value (in dollars per share)	$ 10

Stockholders' Equity and Rela27

Stockholders' Equity and Related Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 02, 2015	Jun. 30, 2015
Stockholders' equity and related transactions
Proceeds from the sale of commons stock through the private placement		$ 9,280
Private Placement
Stockholders' equity and related transactions
Gross proceeds from the sale of common stock through the private placement	$ 9,500
Proceeds from the sale of commons stock through the private placement	$ 9,300
Shares of common stock issued	868,057
Sale price of common stock (in dollars per share)	$ 10.95

Benefit Plans and Stock-Based28

Benefit Plans and Stock-Based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Number of Shares
Aggregate intrinsic value of options outstanding	$ 214,000	$ 782,000	$ 214,000	$ 782,000
2006 Stock Option Plan
Benefit Plans and Stock-Based Compensation
Maximum number of shares authorized to be purchased	239,984		239,984
Number of unvested options (in shares)	0		0
2006 Stock Option Plan | Incentive stock options
Benefit Plans and Stock-Based Compensation
Common stock options issued			210,900
Number of shares outstanding under the plan	159,700		159,700
Unrecognized compensation expenses related to unvested stock options	$ 0		$ 0
Number of Shares
Granted (in shares)			0
Exercised (in shares)	2,200	26,000	2,200	26,000
Forfeited (in shares)			0
Share based compensation expense			$ 0	$ 0
Exercised price of options (in dollars per share)	$ 9.09	$ 10.48	$ 9.09	$ 10.48
Exercise of stock options	$ 20,000	$ 272,000	$ 20,000	$ 272,000
2007 Director Plan
Benefit Plans and Stock-Based Compensation
Number of unvested options (in shares)	0		0
2007 Director Plan | Non-qualified options
Benefit Plans and Stock-Based Compensation
Maximum number of shares authorized to be purchased	480,000		480,000
Common stock options issued			460,000
Number of shares outstanding under the plan		331,334		331,334
Unrecognized compensation expenses related to unvested stock options	$ 0		$ 0
Number of Shares
Granted (in shares)			0
Exercised (in shares)			0
Forfeited (in shares)			0
Share based compensation expense			$ 0	$ 0
2011 Equity Incentive Plan
Benefit Plans and Stock-Based Compensation
Maximum number of shares authorized to be purchased	250,000		250,000
2011 Equity Incentive Plan | Certain members of management
Number of Shares
Exercised (in shares)				3,218
2011 Equity Incentive Plan | Incentive stock options
Number of Shares
Granted (in shares)			0
Exercised (in shares)			0
Forfeited (in shares)			0
2011 Equity Incentive Plan | Restricted stock
Number of Shares
Share based compensation expense	$ 52,000	$ 52,000	$ 106,000	$ 146,000
Unvested restricted stock (in shares)	48,000		48,000
Unrecognized compensation expense related to unvested restricted stock granted	$ 558,000		$ 558,000
Period over which unrecognized compensation expense is expected to be recognized			3 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic earnings per share
Net income applicable to common stock	$ 1,294	$ 1,078	$ 2,418	$ 1,949
Weighted average number of common shares outstanding - basic	6,240	5,368	5,951	5,355
Basic earnings per share (in dollars per share)	$ 0.21	$ 0.20	$ 0.41	$ 0.36
Diluted earnings per share
Net income applicable to common stock	$ 1,294	$ 1,078	$ 2,418	$ 1,949
Weighted average number of common shares outstanding	6,240	5,368	5,951	5,355
Effect of dilutive options (in shares)	17	68	16	69
Weighted average number of common shares and common share equivalents- diluted	6,257	5,436	5,967	5,424
Diluted earnings per share (in dollars per share)	$ 0.21	$ 0.20	$ 0.41	$ 0.36

Earnings Per Share (Details 2)

Earnings Per Share (Details 2) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share
Number of shares of common stock issued, upon exercise of incentive stock options	17,000	68,000	16,000	69,000
Non-qualified options
Earnings Per Share
Number of shares of common stock issued, upon exercise of incentive stock options	331,334	331,334	331,334	331,334
Weighted average price of incentive stock options included in computation of diluted earnings per share (in dollars per share)	$ 11.50	$ 11.50	$ 11.50	$ 11.50
Incentive stock options at a weighted average price of $11.50
Earnings Per Share
Number of shares of common stock issued, upon exercise of incentive stock options	75,000	75,000	75,000	75,000
Weighted average price of incentive stock options included in computation of diluted earnings per share (in dollars per share)	$ 11.50	$ 11.50	$ 11.50	$ 11.50
Incentive stock options at a weighted average price of $9.09
Earnings Per Share
Number of shares of common stock issued, upon exercise of incentive stock options	84,700	86,900		86,900
Weighted average price of incentive stock options included in computation of diluted earnings per share (in dollars per share)	$ 9.09	$ 9.09		$ 9.09
Restricted stock
Earnings Per Share
Number of shares of common stock issued, upon exercise of incentive stock options	48,500	64,000	48,500	64,000

Securities Available for Sale31

Securities Available for Sale and Investment Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Securities Held to Maturity:
Amortized Cost	$ 8,715	$ 15,923
Gross Unrealized Gains	2
Gross Unrealized Losses		(2)
Total	8,717	15,921
Securities Available for Sale:
Amortized Cost	56,566	59,623
Gross Unrealized Losses	(753)	(1,172)
Total	55,813	58,451
Total securities
Amortized Cost	65,281	75,546
Gross Unrealized Gains	2
Gross Unrealized Losses	(753)	(1,174)
Fair Value	64,530	74,372
Obligations of states and political subdivisions
Securities Held to Maturity:
Amortized Cost	4,715	11,923
Total	4,715	11,923
U.S. Treasury obligations
Securities Held to Maturity:
Amortized Cost	4,000	4,000
Gross Unrealized Gains	2
Gross Unrealized Losses		(2)
Total	4,002	3,998
Securities Available for Sale:
Amortized Cost	6,568	6,623
Gross Unrealized Losses	(190)	(221)
Total	6,378	6,402
Government sponsored enterprise obligations
Securities Available for Sale:
Amortized Cost	49,998	53,000
Gross Unrealized Losses	(563)	(951)
Total	$ 49,435	$ 52,049

Securities Available for Sale32

Securities Available for Sale and Investment Securities (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
Fair Value
Less than 12 Months	$ 2,994	$ 2,975
More than 12 Months	55,457	48,839
Total	58,451	51,814
Unrealized Losses
Less than 12 Months	(6)	(24)
More than 12 Months	(1,166)	(729)
Total	(1,172)	(753)
Fair Value
Less than 12 Months	2,994
More than 12 Months	59,455
Total	62,449
Unrealized Losses
Less than 12 Months	(6)
More than 12 Months	(1,168)
Total	(1,174)
U.S. Treasury obligations
Fair Value
more than 12 months	3,998
Total	3,998
Unrealized Losses
more than 12 months	(2)
Total	(2)
Fair Value
More than 12 Months	6,402	6,378
Total	6,402	6,378
Unrealized Losses
More than 12 Months	(221)	(190)
Total	(221)	(190)
Government sponsored enterprise obligations
Fair Value
Less than 12 Months	2,994	2,975
More than 12 Months	49,055	42,461
Total	52,049	45,436
Unrealized Losses
Less than 12 Months	(6)	(24)
More than 12 Months	(945)	(539)
Total	$ (951)	$ (563)

Securities Available for Sale33

Securities Available for Sale and Investment Securities (Details 3) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)item	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)item	Dec. 31, 2014USD ($)
Securities Held to Maturity, Amortized Cost
1 year or less	$ 8,715		$ 8,715
Amortized Cost	8,715		8,715		$ 15,923
Securities Held to Maturity, Fair Value
1 year or less	8,717		8,717
Total	8,717		8,717		15,921
Securities Available for sale, Amortized Cost
1 year or less	3,998		3,998
After 1 year to 5 years	44,345		44,345
After 5 years to 10 years	8,223		8,223
Total	56,566		56,566
Securities Available for sale, Fair Value
1 year or less	3,998		3,998
After 1 year to 5 years	43,797		43,797
After 5 years to 10 years	8,018		8,018
Total	$ 55,813		$ 55,813		58,451
Number of available for sale securities | item			21
Number of available for sale securities in unrealized loss position for more than twelve months | item	19		19
Number of available for sale securities in unrealized loss position for less than twelve months | item			1
OTTI Charges recorded	$ 0		$ 0
Number of available for sale securities sold | item	2	2	3	2
Recognized loss on sale of available for sale securities	$ 10	$ 2	$ 15	$ 2
Public Funds on Deposits
Securities Available for sale, Fair Value
Amortized cost of securities pledged	16,300		16,300		10,400
Fair value of securities pledged	$ 16,100		$ 16,100		$ 10,000

Loans (Details)

Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans
Loans receivable	$ 651,574	$ 633,958
Commercial Real Estate
Loans
Loans receivable	456,658	431,727
Residential Mortgages
Loans
Loans receivable	53,689	56,079
Commercial
Loans
Loans receivable	73,893	75,174
Home Equity
Loans
Loans receivable	65,036	69,631
Consumer
Loans
Loans receivable	$ 2,298	$ 1,347

Loans (Details 2)

Loans (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Allowance for loan losses:
Beginning Balance	$ 7,502	$ 5,978	$ 7,192	$ 5,775
Charge-offs	(229)	(277)	(289)	(317)
Recoveries	192	1	192	2
Provisions	413	344	783	784
Transfer				(198)
Ending balance	7,878	6,046	7,878	6,046
Commercial Real Estate
Allowance for loan losses:
Beginning Balance	5,178	3,812	4,950	3,707
Charge-offs		(197)	(60)	(237)
Recoveries	191		191
Provisions	322	429	610	574
Ending balance	5,691	4,044	5,691	4,044
Residential Mortgages
Allowance for loan losses:
Beginning Balance	535	329	348	325
Charge-offs		(30)		(30)
Provisions	105	(12)	292	(8)
Ending balance	640	287	640	287
Commercial
Allowance for loan losses:
Beginning Balance	1,159	932	1,128	969
Charge-offs	(229)	(50)	(229)	(50)
Recoveries	1	1	1	2
Provisions	49	(24)	80	(62)
Ending balance	980	859	980	859
Home Equity
Allowance for loan losses:
Beginning Balance	336	599	500	593
Provisions	207	8	43	14
Ending balance	543	607	543	607
Consumer
Allowance for loan losses:
Beginning Balance	20	93	24	26
Provisions	4	(39)		28
Ending balance	24	54	24	54
Unallocated
Allowance for loan losses:
Beginning Balance	274	213	242	155
Provisions	$ (274)	(18)	$ (242)	238
Transfer				(198)
Ending balance		$ 195		$ 195

Loans (Details 3)

Loans (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Allowance for loan losses:
Ending balance	$ 7,878	$ 7,502	$ 7,192	$ 6,046	$ 5,978	$ 5,775
Ending balance: individually evaluated for impairment	70
Ending balance: collectively evaluated for impairment	7,808		7,192
Loan receivables: Ending balance
Total Loans Receivable	651,574		633,958
Ending balance: individually evaluated for impairment	7,657		8,754
Ending balance: collectively evaluated for impairment	643,917		625,204
Commercial Real Estate
Allowance for loan losses:
Ending balance	5,691	5,178	4,950	4,044	3,812	3,707
Ending balance: collectively evaluated for impairment	5,691		4,950
Loan receivables: Ending balance
Total Loans Receivable	456,658		431,727
Ending balance: individually evaluated for impairment	373		1,787
Ending balance: collectively evaluated for impairment	456,285		429,940
Residential Mortgages
Allowance for loan losses:
Ending balance	640	535	348	287	329	325
Ending balance: individually evaluated for impairment	70
Ending balance: collectively evaluated for impairment	570		348
Loan receivables: Ending balance
Total Loans Receivable	53,689		56,079
Ending balance: individually evaluated for impairment	4,613		4,455
Ending balance: collectively evaluated for impairment	49,076		51,624
Commercial
Allowance for loan losses:
Ending balance	980	1,159	1,128	859	932	969
Ending balance: collectively evaluated for impairment	980		1,128
Loan receivables: Ending balance
Total Loans Receivable	73,893		75,174
Ending balance: individually evaluated for impairment	13
Ending balance: collectively evaluated for impairment	73,880		75,174
Home Equity
Allowance for loan losses:
Ending balance	543	336	500	607	599	593
Ending balance: collectively evaluated for impairment	543		500
Loan receivables: Ending balance
Total Loans Receivable	65,036		69,631
Ending balance: individually evaluated for impairment	2,658		2,512
Ending balance: collectively evaluated for impairment	62,378		67,119
Consumer
Allowance for loan losses:
Ending balance	24	20	24	54	93	26
Ending balance: collectively evaluated for impairment	24		24
Loan receivables: Ending balance
Total Loans Receivable	2,298		1,347
Ending balance: collectively evaluated for impairment	$ 2,298		1,347
Unallocated
Allowance for loan losses:
Ending balance		$ 274	242	$ 195	$ 213	$ 155
Ending balance: collectively evaluated for impairment			$ 242

Loans (Details 4)

Loans (Details 4) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)item
Past due receivable
30-59 Days Past Due	$ 48		$ 48		$ 361
60-89 Days Past Due	475		475		852
Greater than 90 Days	7,424		7,424		2,238
Total Past Due	7,947		7,947		3,451
Current	643,627		643,627		630,507
Total Loans Receivable	651,574		651,574		633,958
Nonaccrual loans	7,424		$ 7,424		$ 8,519
Number of accruing loans greater than 90 days delinquent | item			0		0
Interest income foregone on nonaccrual loans	103	$ 112	$ 198	$ 207
Interest income recognized on non-accrual loans	17	$ 0	17	$ 0
Commercial Real Estate
Past due receivable
60-89 Days Past Due					$ 377
Greater than 90 Days	373		373
Total Past Due	373		373		377
Current	456,285		456,285		431,350
Total Loans Receivable	456,658		456,658		431,727
Nonaccrual loans	373		373		1,787
Residential Mortgages
Past due receivable
30-59 Days Past Due					361
Greater than 90 Days	4,440		4,440		963
Total Past Due	4,440		4,440		1,324
Current	49,249		49,249		54,755
Total Loans Receivable	53,689		53,689		56,079
Nonaccrual loans	4,440		4,440		4,279
Commercial
Past due receivable
Greater than 90 Days	13		13
Total Past Due	13		13
Current	73,880		73,880		75,174
Total Loans Receivable	73,893		73,893		75,174
Nonaccrual loans	13		13
Home Equity
Past due receivable
30-59 Days Past Due	25		25
60-89 Days Past Due	475		475		475
Greater than 90 Days	2,598		2,598		1,275
Total Past Due	3,098		3,098		1,750
Current	61,938		61,938		67,881
Total Loans Receivable	65,036		65,036		69,631
Nonaccrual loans	2,598		2,598		2,453
Consumer
Past due receivable
30-59 Days Past Due	23		23
Total Past Due	23		23
Current	2,275		2,275		1,347
Total Loans Receivable	$ 2,298		$ 2,298		$ 1,347

Loans (Details 5)

Loans (Details 5) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loan portfolio by the aggregate pass rating
Total	$ 651,574	$ 633,958
Pass
Loan portfolio by the aggregate pass rating
Total	617,518	619,039
Special Mention
Loan portfolio by the aggregate pass rating
Total	19,439	4,900
Substandard
Loan portfolio by the aggregate pass rating
Total	14,617	10,019
Commercial Real Estate
Loan portfolio by the aggregate pass rating
Total	456,658	431,727
Commercial Real Estate | Pass
Loan portfolio by the aggregate pass rating
Total	443,184	429,940
Commercial Real Estate | Special Mention
Loan portfolio by the aggregate pass rating
Total	10,153
Commercial Real Estate | Substandard
Loan portfolio by the aggregate pass rating
Total	3,321	1,787
Residential Mortgages
Loan portfolio by the aggregate pass rating
Total	53,689	56,079
Residential Mortgages | Pass
Loan portfolio by the aggregate pass rating
Total	49,077	47,700
Residential Mortgages | Special Mention
Loan portfolio by the aggregate pass rating
Total		4,100
Residential Mortgages | Substandard
Loan portfolio by the aggregate pass rating
Total	4,612	4,279
Commercial
Loan portfolio by the aggregate pass rating
Total	73,893	75,174
Commercial | Pass
Loan portfolio by the aggregate pass rating
Total	64,762	73,174
Commercial | Special Mention
Loan portfolio by the aggregate pass rating
Total	4,886	500
Commercial | Substandard
Loan portfolio by the aggregate pass rating
Total	4,245	1,500
Home Equity
Loan portfolio by the aggregate pass rating
Total	65,036	69,631
Home Equity | Pass
Loan portfolio by the aggregate pass rating
Total	58,197	66,878
Home Equity | Special Mention
Loan portfolio by the aggregate pass rating
Total	4,400	300
Home Equity | Substandard
Loan portfolio by the aggregate pass rating
Total	2,439	2,453
Consumer
Loan portfolio by the aggregate pass rating
Total	2,298	1,347
Consumer | Pass
Loan portfolio by the aggregate pass rating
Total	$ 2,298	$ 1,347

Loans (Details 6)

Loans (Details 6) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Recorded Investment
Loans with specific reserves	$ 248		$ 248
Loans with no specific reserves	7,409		7,409		$ 8,754
Total loans	7,657		7,657
Unpaid Principal Balance
Loans with specific reserves	250		250
Loans with no specific reserves	8,170		8,170		8,943
Total loans	8,420		8,420
Related Allowance
Total loans	70		70
Average Recorded Investment
Loans with specific reserves	1,048	$ 2,668	1,050	$ 2,795
Loans with no specific reserves	6,971	7,465	7,213	7,842
Total loans	8,019	10,133	8,263	10,637
Interest Income Recognized
Loans with specific reserves		12		25
Loans with no specific reserves	17	81	17	149
Total loans	17	93	17	174
Commercial Real Estate
Recorded Investment
Loans with no specific reserves	373		373		1,787
Unpaid Principal Balance
Loans with no specific reserves	397		397		1,787
Average Recorded Investment
Loans with specific reserves		357		476
Loans with no specific reserves	1,060	3,236	1,302	3,321
Interest Income Recognized
Loans with no specific reserves		25		54
Residential Mortgages
Recorded Investment
Loans with specific reserves	248		248
Loans with no specific reserves	4,365		4,365		4,455
Unpaid Principal Balance
Loans with specific reserves	250		250
Loans with no specific reserves	4,863		4,863		4,543
Related Allowance
Total loans	70		70
Average Recorded Investment
Loans with specific reserves	1,048	692	1,050	692
Loans with no specific reserves	3,327	3,681	3,351	4,110
Interest Income Recognized
Loans with no specific reserves	12	49	12	87
Commercial
Recorded Investment
Loans with no specific reserves	13		13
Unpaid Principal Balance
Loans with no specific reserves	13		13
Average Recorded Investment
Loans with specific reserves		25		33
Loans with no specific reserves	6		4
Home Equity
Recorded Investment
Loans with no specific reserves	2,658		2,658		2,512
Unpaid Principal Balance
Loans with no specific reserves	2,897		2,897		$ 2,613
Average Recorded Investment
Loans with specific reserves		1,594		1,594
Loans with no specific reserves	2,578	501	2,556	380
Interest Income Recognized
Loans with specific reserves		12		25
Loans with no specific reserves	$ 5	7	$ 5	8
Consumer
Average Recorded Investment
Loans with no specific reserves		$ 47		$ 31

Loans (Details 7)

Loans (Details 7) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)loan	Jun. 30, 2014loan	Jun. 30, 2015USD ($)loan	Jun. 30, 2014USD ($)loan	Dec. 31, 2014USD ($)loan
Troubled debt restructuring
Accrual Status	$ 233		$ 233		$ 235
Number of Loans | loan	2		2		2
Nonaccrual Status	$ 5,220		$ 5,220		$ 5,339
Number of Loans | loan	8		8		8
Total	$ 5,453		$ 5,453		$ 5,574
Number of Loans | loan	0	0	0
Number of TDR Loan Contracts which had payment defaults | loan	0	0	0	0
Other real estate owned	$ 731		$ 731		897
Loans in formal foreclosure proceedings	2,300		2,300
Residential Mortgages
Troubled debt restructuring
Accrual Status	$ 173		$ 173		$ 175
Number of Loans | loan	1		1		1
Nonaccrual Status	$ 3,915		$ 3,915		$ 4,008
Number of Loans | loan	5		5		5
Total	$ 4,088		$ 4,088		$ 4,183
Number of Loans | loan				1
Pre-modification outstanding recorded investments				$ 365
Post-modification outstanding recorded investments				$ 400
Commercial Real Estate
Troubled debt restructuring
Nonaccrual Status	$ 373		$ 373		$ 377
Number of Loans | loan	1		1		1
Total	$ 373		$ 373		$ 377
Home Equity
Troubled debt restructuring
Accrual Status	$ 60		$ 60		$ 60
Number of Loans | loan	1		1		1
Nonaccrual Status	$ 932		$ 932		$ 954
Number of Loans | loan	2		2		2
Total	$ 992		$ 992		$ 1,014

Guarantees (Details)

Guarantees (Details) - Jun. 30, 2015 - Standby letters of credit - Bank - USD ($) $ in Millions	Total
Guarantees
Expiration period of letters of credit, maximum	1 year
Commercial and similar letters of credit	$ 1.7

Borrowed Funds (Details)

Borrowed Funds (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Borrowed Funds
Borrowings of line of credit	$ 0	$ 0
Federal Home Loan Bank of New York
Borrowed Funds
Amount	$ 29,752	$ 32,950
Rate (as a percent)	1.58%	1.57%
F H L B Advances 1.50 Percent Due 2019 June
Borrowed Funds
Amount	$ 4,111	$ 4,598
Rate (as a percent)	1.50%	1.50%
Original Term (years)	5 years	5 years
F H L B Advances 1.51 Percent Due 2019 July
Borrowed Funds
Amount	$ 6,289	$ 7,018
Rate (as a percent)	1.51%	1.51%
Original Term (years)	5 years	5 years
F H L B Advances 1.51 Percent Due 2019 August
Borrowed Funds
Amount	$ 5,983	$ 6,662
Rate (as a percent)	1.51%	1.51%
Original Term (years)	5 years	5 years
F H L B Advances 2.02 Percent Due 2021 August
Borrowed Funds
Amount	$ 4,498	$ 4,833
Rate (as a percent)	2.02%	2.02%
Original Term (years)	7 years	7 years
F H L B Advances 1.48 Percent Due 2019 October
Borrowed Funds
Amount	$ 8,871	$ 9,839
Rate (as a percent)	1.48%	1.48%
Original Term (years)	5 years	5 years
ACBB
Borrowed Funds
Overnight line of credit facility available	$ 10,000
First Tennessee Bank
Borrowed Funds
Overnight line of credit facility available	$ 12,000

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair value measurements
Securities available for sale	$ 55,813	$ 58,451
Significant Other Observable Inputs (Level 2)
Fair value measurements
Securities available for sale	55,813	58,451
Recurring basis | Fair Value
Fair value measurements
Securities available for sale	55,813	58,451
Recurring basis | Fair Value | U.S. Treasury obligations
Fair value measurements
Securities available for sale	6,378	6,402
Recurring basis | Fair Value | Government sponsored enterprise obligations
Fair value measurements
Securities available for sale	49,435	52,049
Recurring basis | Significant Other Observable Inputs (Level 2)
Fair value measurements
Securities available for sale	55,813	58,451
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Treasury obligations
Fair value measurements
Securities available for sale	6,378	6,402
Recurring basis | Significant Other Observable Inputs (Level 2) | Government sponsored enterprise obligations
Fair value measurements
Securities available for sale	49,435	52,049
Nonrecurring basis | Fair Value
Fair value measurements
Impaired loans, portion valued at fair value	178	1,723
Other real estate owned, portion valued at fair value	731
Nonrecurring basis | Significant Unobservable Inputs (Level 3)
Fair value measurements
Impaired loans, portion valued at fair value	178	$ 1,723
Other real estate owned, portion valued at fair value	$ 731

Fair Value Measurements and F44

Fair Value Measurements and Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Appraisal of collateral | Minimum
Additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value
Appraisal Adjustments (as a percent)	0.00%
Liquidation Expenses (as a percent)	0.00%
Appraisal of collateral | Maximum
Additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value
Appraisal Adjustments (as a percent)	40.80%
Liquidation Expenses (as a percent)	7.30%
Appraisal of collateral | Weighted average
Additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value
Appraisal Adjustments (as a percent)	(21.34%)
Liquidation Expenses (as a percent)	(6.70%)
Nonrecurring basis | Significant Unobservable Inputs (Level 3)
Additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value
Impaired loans, portion valued at fair value	$ 178	$ 1,723
Other real estate owned, portion valued at fair value	$ 731
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Appraisal of collateral
Additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value
Appraisal Adjustments (as a percent)	35.00%
Liquidation Expenses (as a percent)	9.40%
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Minimum
Additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value
Appraisal Adjustments (as a percent)		0.00%
Liquidation Expenses (as a percent)		0.00%
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Maximum
Additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value
Appraisal Adjustments (as a percent)		46.30%
Liquidation Expenses (as a percent)		60.20%
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Appraisal of collateral | Weighted average
Additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value
Appraisal Adjustments (as a percent)		(38.40%)
Liquidation Expenses (as a percent)		(20.20%)

Fair Value Measurements and F45

Fair Value Measurements and Fair Value of Financial Instruments (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Financial assets:
Interest bearing time deposits	$ 1,000	$ 1,000
Securities available for sale	55,813	58,451
Securities held to maturity, fair value (in dollars)	8,717	15,921
Restricted investment in bank stock, at cost	2,165	2,162
Accrued interest receivable	$ 2,343	2,441
Financial liabilities:
Maximum term of short term advances when fair value and carrying value are equal	14 days
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	$ 74,501	22,060
Financial liabilities:
Deposits	308,375	290,095
Significant Other Observable Inputs (Level 2)
Financial assets:
Interest bearing time deposits	1,000	1,000
Securities available for sale	55,813	58,451
Securities held to maturity, fair value (in dollars)	8,717	15,921
Restricted investment in bank stock, at cost	2,165	2,162
Accrued interest receivable	2,343	2,441
Financial liabilities:
Deposits	393,837	360,634
Borrowed funds	29,824	32,972
Accrued interest payable	822	758
Significant Unobservable Inputs (Level 3)
Financial assets:
Loans receivable, net	645,020	629,086
Carrying amount
Financial assets:
Cash and cash equivalents	74,501	22,060
Interest bearing time deposits	1,000	1,000
Securities available for sale	55,813	58,451
Securities held to maturity, fair value (in dollars)	8,715	15,923
Restricted investment in bank stock, at cost	2,165	2,162
Loans receivable, net	643,300	626,352
Accrued interest receivable	2,343	2,441
Financial liabilities:
Deposits	700,005	648,974
Borrowed funds	29,752	32,950
Accrued interest payable	822	758
Fair Value
Financial assets:
Cash and cash equivalents	74,501	22,060
Interest bearing time deposits	1,000	1,000
Securities available for sale	55,813	58,451
Securities held to maturity, fair value (in dollars)	8,717	15,921
Restricted investment in bank stock, at cost	2,165	2,162
Loans receivable, net	645,020	629,086
Accrued interest receivable	2,343	2,441
Financial liabilities:
Deposits	702,212	650,729
Borrowed funds	29,824	32,972
Accrued interest payable	$ 822	$ 758

Accumulated Other Comprehensi46

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated other comprehensive income
Losses on sale of securities	$ (10)	$ (2)	$ (15)	$ (2)
Available for Sale Securities | Amount Reclassified from Accumulated Other Comprehensive Income
Accumulated other comprehensive income
Losses on sale of securities	(10)		(15)
Income tax expense	4		6
Net of tax	$ (6)		$ (9)