Bancorp of New Jersey (BKJ) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
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, 2016
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		6,300,041
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and due from banks	$ 3,982	$ 2,238
Interest bearing deposits	82,815	71,497
Federal funds sold	453	454
Total cash and cash equivalents	87,250	74,189
Interest bearing time deposits	1,000	1,000
Securities available for sale	58,680	64,750
Securities held to maturity (fair value approximates $5,096 and $5,829, at June 30, 2016 and December 31, 2015, respectively)	5,096	5,829
Restricted investment in bank stock, at cost	2,580	2,020
Loans receivable	654,882	645,062
Deferred loan fees and unamortized costs, net	(437)	(381)
Less: allowance for loan losses	(8,226)	(8,020)
Net loans	646,219	636,661
Premises and equipment, net	12,375	10,500
Accrued interest receivable	2,271	2,305
Other real estate owned	614	512
Other assets	5,311	5,154
TOTAL ASSETS	821,396	802,920
Deposits
Noninterest bearing	146,399	117,919
Savings and interest bearing transaction accounts	250,484	232,456
Time deposits under $250K	163,757	192,560
Time deposits $250K and over	144,521	157,804
Total deposits	705,161	700,739
Borrowed funds	38,281	26,529
Accrued interest payable and other liabilities	2,527	2,499
TOTAL LIABILITIES	745,969	729,767
Commitments and Contingencies
Stockholders' equity:
Common stock, no par value, authorized 20,000,000 shares; issued and outstanding 6,267,041 and 6,240,241 at June 30, 2016 and December 31, 2015, respectively	60,922	60,509
Retained earnings	14,512	12,940
Accumulated other comprehensive loss	(7)	(296)
Total stockholders' equity	75,427	73,153
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 821,396	$ 802,920

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Securities held to maturity, fair value (in dollars)	$ 5,096	$ 5,829
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares	20,000,000	20,000,000
Common stock, issued shares	6,267,041	6,240,241
Common stock, outstanding shares	6,267,041	6,240,241

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
INTEREST INCOME
Loans, including fees	$ 7,467	$ 7,844	$ 15,220	$ 15,412
Securities	198	219	415	448
Federal funds sold and other	109	40	201	65
TOTAL INTEREST INCOME	7,774	8,103	15,836	15,925
INTEREST EXPENSE
Savings and interest bearing transaction accounts	373	306	724	603
Time deposits	1,238	1,618	2,622	3,142
Borrowed funds	115	119	216	245
TOTAL INTEREST EXPENSE	1,726	2,043	3,562	3,990
NET INTEREST INCOME	6,048	6,060	12,274	11,935
Provision for loan losses	150	413	450	783
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES	5,898	5,647	11,824	11,152
NON-INTEREST INCOME
Fees and service charges	105	94	190	142
Losses on sales of securities		(10)		(15)
TOTAL NON-INTEREST INCOME	105	84	190	127
NON-INTEREST EXPENSE
Salaries and employee benefits	2,201	1,910	4,193	3,722
Occupancy and equipment expense	647	741	1,348	1,481
FDIC premiums and related expenses	270	159	539	279
Legal fees	98	45	134	180
Other real estate owned expenses	69	9	72	177
Professional fees	189	237	440	403
Data processing	289	241	572	476
Other expenses	657	431	1,113	883
TOTAL NON-INTEREST EXPENSE	4,420	3,773	8,411	7,601
Income before provision for income taxes	1,583	1,958	3,603	3,678
Income tax expense	552	664	1,280	1,260
Net income	$ 1,031	$ 1,294	$ 2,323	$ 2,418
PER SHARE OF COMMON STOCK
Basic (in dollars per share)	$ 0.17	$ 0.21	$ 0.37	$ 0.41
Diluted (in dollars per share)	$ 0.16	$ 0.21	$ 0.37	$ 0.41

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 1,031	$ 1,294	$ 2,323	$ 2,418
Other comprehensive income (loss)
Unrealized holding (losses) gains on securities available for sale, net of deferred income tax benefit (expense) of $(39) and $131 for three months ended June 30, 2016 and June 30, 2015 and $(181) and $(149) for six months ended June 30, 2016 and June 30, 2015, respectively	63	(232)	289	255
Less: Reclassification adjustment for loss on sale of securities, net of income tax benefit of $0 and $4 for three months ended June 30, 2016 and June 30, 2015 and $0 and $6 for six months ended June 30, 2016 and June 30, 2015 respectively		(6)		(9)
Comprehensive income	$ 1,094	$ 1,068	$ 2,612	$ 2,682

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized holding (losses) gains on securities available for sale, deferred income tax benefit (expense)	$ 39	$ (131)	$ 181	$ 149
Reclassification adjustment for loss on sale of securities, tax benefit	$ 0	$ 4	$ 0	$ 6

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,323	$ 2,418
Adjustments to reconcile net income to net cash provided by Operating activities:
Provision for loan losses	450	783
Amortization of securities premiums	39	54
Deferred tax benefit	(458)	(571)
Depreciation and amortization	334	302
Stock based compensation	133	106
(Amortization) accretion of net loan origination fees	56	(18)
Loss on sale of securities		15
Write down of other real estate owned	56	166
Changes in operating assets and liabilities:
Decrease in accrued interest receivable	34	98
Decrease in other assets	121	432
Increase in accrued interest payable and other liabilities	28	73
NET CASH PROVIDED BY OPERATING ACTIVITIES	3,116	3,858
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of securities available for sale	(12,000)	(3,998)
Purchases of securities held to maturity	(5,096)	(4,567)
Purchases of restricted investment in bank stock	(706)	(171)
Proceeds from maturities of securities held to maturity	5,829	11,775
Proceeds from sales of securities available for sale		6,985
Proceeds from maturities/calls of securities available for sale	18,500
Proceeds from call of restricted investment in bank stock	145	168
Net increase in loans	(10,222)	(17,713)
Purchases of premises and equipment	(2,209)	(280)
NET CASH USED IN INVESTING ACTIVITIES	(5,759)	(7,801)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits	4,422	51,031
Net increase (decrease) in borrowed funds	11,752	(3,198)
Dividends	(750)	(749)
Proceeds from the sale of common stock through the private placement		9,280
Proceeds from the exercise of options	280	20
NET CASH PROVIDED BY FINANCING ACTIVITIES	15,704	56,384
Net increase in cash and cash equivalents	13,061	52,441
Cash and cash equivalents, beginning of year	74,189	22,060
CASH AND CASH EQUIVALENTS, END OF PERIOD	87,250	74,501
Cash paid during the period for:
Interest	3,680	3,929
Income taxes	1,708	$ 1,416
Supplemental disclosure of non-cash investing and financing transactions:
Loans transferred to other real estate owned	$ 158

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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 subsidiaries, the “Company”), and its direct wholly-owned subsidiary, Bank of New Jersey (the “Bank”) and the Bank’s wholly-owned subsidiaries, 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 primarily 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 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, 2016
Stockholders' Equity and Related Transactions
Stockholders' Equity and Related Transactions	Note 2. Stockholders’ Equity and Related Transactions During the six months ended June 30, 2016, options to purchase 30,800 shares of common stock at a price $9.09 per share were exercised for a total price of $279,972. Additionally, 4,000 shares of restricted common stock were cancelled during the six months ended June 30, 2016. During the six months ended June 30, 2015, the Company closed on a private placement of approximately $9.5 million (net of expenses, approximately $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, 2016
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, 2016, incentive stock options to purchase 186,500 shares, net of forfeitures, have been issued to employees of the Bank under the 2006 Stock Option Plan, of which options to purchase 105,500 shares were outstanding. Under the 2006 Stock Option Plan, there were no unvested options at June 30, 2016 and accordingly no unrecognized share based compensation expense. Under the 2006 Stock Option Plan, no options were granted during the first six months of 2016. During the six months ended June 30, 2016 options to purchase 30,800 shares were exercised and 23,400 options were forfeited. 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, 2016, 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, 2016. No options were granted, exercised or forfeited through the 2007 Director Plan during the first six months of 2016. Under the 2007 Director Plan, there were no unvested options at June 30, 2016 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, 2016 and 2015, 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, 2016 under the 2006 Stock Option Plan and the 2007 Director Plan was approximately $194 thousand. 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. 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. At June 30, 2016, there were 109,718 shares issued to employees of the Company under the 2011 Plan. During the three and six months ended June 30, 2016, no shares of common stock were issued and 4,000 shares of common stock were forfeited under the 2011 Plan. For the three months ended June 30, 2016 and 2015, $80 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, 2016 and 2015, $133 and $106, respectively, was recorded as expense for restricted stock that has been issued through the 2011 Plan in prior years. At June 30, 2016, there were a total of approximately 32,250 shares of unvested restricted stock and approximately $408 thousand of compensation expense which will be recorded over the next two years. During the six months ended June 30, 2016, the Company granted 30,000 Non-Qualified Stock Options (NQO) to an executive of the Company. The fair value of the 30,000 NQOs granted was $2.92 per NQO on the date of grant. The fair value of the NQOs was determinded using the Black-Scholes option pricing model. The following assumptions were used in determining the fair value of the NQOs granted: expected dividend yield of 2.137%, risk free interest rate of 1.87%, expected volatility of 27.07% and expected lives of 10 years. One third of the NQO granted, or 10,000 NQOs vested immedialty, with the remaining 20,000 NQOs vesting over a two year period. No NQOs were exercised or forfeited during the first six months of 2016 under the 2011 Plan. Under the 2011 Plan, there were 20,000 unvested options at June 30, 2016 and $53 thousand in unrecognized compensation expense. For the three and six months ended June 30, 2016 and 2015, $34 thousand and $0, respectively, was recorded as expense for NQOs that has been issued through the 2011 Plan. 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 NQOs outstanding as of June 30, 2016 and 2015 under the 2011 Plan was approximately $4 thousand and $0, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
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) 2016 2015 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 49,500 shares of common stock at a weighted average price of $9.09; and 32,250 unvested shares of restricted common stock were included in the computation of diluted earnings per share for the three months ended June 30, 2016. Incentive stock options to purchase 56,000 shares of common stock at a weighted average price of $11.50, non-qualified options to purchase 331,334 shares of common stock at a weighted average price of $11.50 and non-qualified options to purchase 30,000 shares of common stock at a weighted average price of $11.23 were not included in the computation of diluted earnings per share for the three months ended June 30, 2016, because they were anti-dilutive. Incentive stock options to purchase 84,700 shares of common stock at a weighted average price of $9.09; and 48,500 unvested shares of restricted common stock were included in the computation of diluted earnings per share for the three months ended June 30, 2015. 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. 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) 2016 2015 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 49,500 shares of common stock at a weighted average price of $9.09; and 32,250 unvested shares of restricted common stock were included in the computation of diluted earnings per share for the three months ended June 30, 2016. Incentive stock options to purchase 56,000 shares of common stock at a weighted average price of $11.50, non-qualified options to purchase 331,334 shares of common stock at a weighted average price of $11.50 and non-qualified options to purchase 30,000 shares of common stock at a weighted average price of $11.23 were not included in the computation of diluted earnings per share for the six months ended June 30, 2016, because they were anti-dilutive. Incentive stock options to purchase 84,700 shares of common stock at a weighted average price of $9.09; and 48,500 unvested shares of restricted common stock were included in the computation of diluted earnings per share for the three months ended June 30, 2015. 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.

Securities Available for Sale a

Securities Available for Sale and Hold to Maturity Securities	6 Months Ended
	Jun. 30, 2016
Securities Available for Sale and Hold to Maturity Securities
Securities Available for Sale and Hold to Maturity Securities	Note 5. Securities Available for Sale and Hold to Maturity Securities A summary of securities held to maturity and securities available for sale at June 30, 2016 and December 31, 2015 is as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Fair June 30, 2016 Cost Gains Losses Value Securities Held to Maturity: Obligations of states and political subdivisions $ $ — $ — $ 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, 2015 Cost Gains Losses Value Securities Held to Maturity: Obligations of states and political subdivisions $ $ — $ — $ 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, 2016 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, 2015 Value Losses Value Losses Value Losses 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, 2016 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 — — 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, 2016, the Company’s available for sale securities portfolio consisted of twenty securities, of which five were in an unrealized loss position for more than twelve months and three were in a loss position for less than twelve months. No OTTI charges were recorded for the three or six months ended June 30, 2016. 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 $34 million and a fair value of $34 million, respectively, were pledged to secure public funds on deposit at June 30, 2016. Securities with an amortized cost of $31.3 million and a fair value of $31.0 million, respectively, were pledged to secure public funds on deposit at December 31, 2015. During the three and six months ended June 30, 2016, the Company did not sell securities from its available for sale or held to maturity portfolios. During the three months ended June 30, 2015, the Company sold two securities 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.

Loans

Loans	6 Months Ended
	Jun. 30, 2016
Loans
Loans	Note 6. Loans. The components of the loan portfolio at June 30, 2016 and December 31, 2015 are summarized as follows (in thousands): June 30, 2016 December 31, 2015 Commercial real estate $ $ Residential mortgages Commercial Home equity Consumer $ $ The Company grants loans primarily 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: Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Unallocated Total June 30, 2016 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 $ $ $ $ $ $ — $ Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Unallocated Total June 30, 2015 Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs — — ) — — — ) Recoveries — — — — Provisions ) Ending balance $ $ $ $ $ $ — $ December 31, 2015 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, 2016 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, 2015 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, 2016 and December 31, 2015, (in thousands): June 30, 2016 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, 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 $ $ $ $ $ $ $ The Company had no loans greater than ninety days delinquent and accruing interest at June 30, 2016 and December 31, 2015. 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, 2016, the gross interest income would have been $43 thousand and $89 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, 2015, the gross interest income would have been $103 thousand and $198 thousand, respectively. Actual interest income recognized on these loans during the three and six months ended June 30, 2016 was $0. Actual interest income recognized on these loans during the three and six months ended June 30, 2015 was $17 thousand. 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, 2016 and December 31, 2015 (in thousands): June 30, 2016 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — Doubtful — — — — — — Total $ $ $ $ $ $ December 31, 2015 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, 2016 and December 31, 2015 (in thousands): June 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance 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, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Impaired loans with specific reserves: Residential mortgages Home equity Total impaired loans with specific reserves $ $ $ Impaired loans with no specific reserves: Commercial real estate — Residential mortgages — Home equity — Total impaired loans with no specific reserves — Total impaired loans $ $ $ The following tables provide information about the Company’s impaired loans for the three month and six month periods ended June 30, 2016 and 2015 (in thousands): Three Months Ended Three Months Ended June 30, 2016 June 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Residential mortgages $ — $ — $ $ — Home equity — — — — 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 $ $ — $ $ Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Residential mortgages $ — $ — $ $ — Home equity — — — — 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 $ $ — $ $ 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 or a combination of these concessions. The following table summarizes information in regards to TDRs by loan portfolio class as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Accrual Status Number of Loans Nonaccrual Status Number of Loans Total Residential mortgages $ $ $ Commercial real estate — — Home equity $ $ $ December 31, 2015 Accrual Status Number of Loans Nonaccrual Status Number of Loans Total Residential mortgages $ $ $ Commercial real estate — — Home equity $ $ $ For the three and six months ended June 30, 2016 there were five new TDR’s that occurred. For the three and six months ended June, 30 2015, there were no new TDRs that occurred. Pre-Modification Post- Modification Outstanding Outstanding Number of Recorded Recorded 2016 Loans Investments Investments Home Equity $ $ Residential mortgages During the three and six months ended June 30, 2016 and 2015, there were no defaults of loans modified in troubled debt restructurings. We may obtain physical possession of real estate collateralizing loans via foreclosure or an in-substance repossession into other real estate owned. During the three months ended June 30, 2016, we have foreclosed on one residential real estate property with a carrying value of $158 thousand. That property was previously a TDR. As of June 30, 2016, we had loans with a carrying value of $1.9 million collateralized by real estate property for which formal foreclosure proceedings were in process.

Guarantees

Guarantees	6 Months Ended
	Jun. 30, 2016
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, 2016, the Company had $3.6 million of 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, 2016 for guarantees under standby letters of credit issued is not material.

Borrowed Funds

Borrowed Funds	6 Months Ended
	Jun. 30, 2016
Borrowed Funds.
Borrowed Funds	Note 8 — Borrowed Funds Borrowings may consist of long-term and short-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 June 30, 2016 and December 31, 2015, is as follows (in thousands): June 30, 2016 Amount Rate Original Term (years) Maturity Fixed Rate ST Note $ % July 2016 Fixed Rate ST Note % October 2016 Fixed Rate Medium Note % April 2017 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, 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 $ % The Bank has a $16 million overnight line of credit facility available with Zions First National Bank, a $12.0 million overnight line of credit available with First Tennessee Bank and a $10.0 million overnight line of credit with Atlantic Community Bankers Bank 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 outstanding borrowings on any of the lines of credit at June 30, 2016 and December 31, 2015.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements
Fair Value Measurements	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, 2016 and December 31, 2015, respectively, are as follows (in thousands): (Level 1) (Level 2) (Level 3) Description June 30, 2016 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, 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 $ $ — $ $ — 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, 2016 and December 31, 2015, respectively, follows (in thousands): (Level 1) (Level 2) (Level 3) Description June 30, 2016 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Other real estate owned $ $ — $ — $ (Level 1) (Level 2) (Level 3) Description December 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ $ — $ — $ Other real estate owned $ $ — $ — $ 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, 2016 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ Appraisal of Collateral (1) Appraisal Adjustments (2) 11.5% - 48.4% (21.8)% Liquidation Expenses (2) 7% - 10.3% (7.9)% December 31, 2015 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ Appraisal of Collateral (1) Appraisal Adjustments (2) 1.1% - 45.0% (7.5)% Liquidation Expenses (2) 5.2% - 48.1% (8.2)% Other real estate owned $ Appraisal of Collateral (1) Appraisal Adjustments (2) 6.9% Liquidation Expenses (2) 6.3% (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. Fair value estimates and assumptions are set forth below for the Company’s financial instruments at June 30, 2016 and December 31, 2015 (in thousands): (Level 1) (Level 2) (Level 3) June 30, 2016 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, 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 — — 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. Other Real Estate Owned 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. 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. Limitation The preceding fair value estimates were made at June 30, 2016 and December 31, 2015 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, 2016 and December 31, 2015, 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	Note 10. Accumulated Other Comprehensive Income There were no reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2016. 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

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 11. 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 2014-09, 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, 2017, 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, 2018) 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 2016-1, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016 the FASB issued ASU 2016-1, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. ASU 2016- 0 1 will be effective for us on January 1, 2018 and is not expected to have a material impact on the Company’s financial position or results of operations. ASU 2016-02, Leases. In February 2016 the FASB issued ASU 2016-02, Leases . ASU 2016-02 amends existing lease accounting guidance to include the requirement to recognize most lease arrangements on the balance sheet. The adoption of this standard will require the Company to recognize the rights and obligations arising from operating leases as assets and liabilities. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, early adoption is permitted. The Company is presently evaluating the potential impact of the adoption of this accounting pronouncement to its financial position or results of operations. ASU 2016-13, Financial Instruments — Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. For public business entities that are U.S. Securities and Exchange Commission filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other public business entities, the amendments are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations.

Significant Accounting Polici19

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
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 subsidiaries, the “Company”), and its direct wholly-owned subsidiary, Bank of New Jersey (the “Bank”) and the Bank’s wholly-owned subsidiaries, 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, 2016
Earnings Per Share
Schedule showing earnings per share	For the three months ended June 30, (In thousands except per share data) 2016 2015 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) 2016 2015 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 Hold to Maturity Securities (Tables)	6 Months Ended
	Jun. 30, 2016
Securities Available for Sale and Hold to Maturity 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, 2016 and December 31, 2015 is as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Fair June 30, 2016 Cost Gains Losses Value Securities Held to Maturity: Obligations of states and political subdivisions $ $ — $ — $ 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, 2015 Cost Gains Losses Value Securities Held to Maturity: Obligations of states and political subdivisions $ $ — $ — $ 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, 2016 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, 2015 Value Losses Value Losses Value Losses 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 — — Total $ $ $ $

Loans (Tables)

Loans (Tables)	6 Months Ended
	Jun. 30, 2016
Loans
Summary of loans	The components of the loan portfolio at June 30, 2016 and December 31, 2015 are summarized as follows (in thousands): June 30, 2016 December 31, 2015 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: Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Unallocated Total June 30, 2016 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 $ $ $ $ $ $ — $ Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Unallocated Total June 30, 2015 Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs — — ) — — — ) Recoveries — — — — Provisions ) Ending balance $ $ $ $ $ $ — $ December 31, 2015 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, 2016 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, 2015 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, 2016 and December 31, 2015, (in thousands): June 30, 2016 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, 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 $ $ $ $ $ $ $
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, 2016 and December 31, 2015 (in thousands): June 30, 2016 Commercial Real Estate Residential Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — Doubtful — — — — — — Total $ $ $ $ $ $ December 31, 2015 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, 2016 and December 31, 2015 (in thousands): June 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance 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, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Impaired loans with specific reserves: Residential mortgages Home equity Total impaired loans with specific reserves $ $ $ Impaired loans with no specific reserves: Commercial real estate — Residential mortgages — Home equity — Total impaired loans with no specific reserves — Total impaired loans $ $ $ The following tables provide information about the Company’s impaired loans for the three month and six month periods ended June 30, 2016 and 2015 (in thousands): Three Months Ended Three Months Ended June 30, 2016 June 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Residential mortgages $ — $ — $ $ — Home equity — — — — 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 $ $ — $ $ Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Residential mortgages $ — $ — $ $ — Home equity — — — — 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 $ $ — $ $
Schedule of TDR loans	The following table summarizes information in regards to TDRs by loan portfolio class as of June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Accrual Status Number of Loans Nonaccrual Status Number of Loans Total Residential mortgages $ $ $ Commercial real estate — — Home equity $ $ $ December 31, 2015 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	Pre-Modification Post- Modification Outstanding Outstanding Number of Recorded Recorded 2016 Loans Investments Investments Home Equity $ $ Residential mortgages

Borrowed Funds (Tables)

Borrowed Funds (Tables)	6 Months Ended
	Jun. 30, 2016
Borrowed Funds.
Schedule of information concerning long-term borrowings	Information concerning long-term borrowings at June 30, 2016 and December 31, 2015, is as follows (in thousands): June 30, 2016 Amount Rate Original Term (years) Maturity Fixed Rate ST Note $ % July 2016 Fixed Rate ST Note % October 2016 Fixed Rate Medium Note % April 2017 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, 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 $ %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements
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, 2016 and December 31, 2015, respectively, are as follows (in thousands): (Level 1) (Level 2) (Level 3) Description June 30, 2016 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, 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 $ $ — $ $ —
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, 2016 and December 31, 2015, respectively, follows (in thousands): (Level 1) (Level 2) (Level 3) Description June 30, 2016 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Other real estate owned $ $ — $ — $ (Level 1) (Level 2) (Level 3) Description December 31, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impaired loans $ $ — $ — $ Other real estate owned $ $ — $ — $
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, 2016 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Other real estate owned $ Appraisal of Collateral (1) Appraisal Adjustments (2) 11.5% - 48.4% (21.8)% Liquidation Expenses (2) 7% - 10.3% (7.9)% December 31, 2015 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ Appraisal of Collateral (1) Appraisal Adjustments (2) 1.1% - 45.0% (7.5)% Liquidation Expenses (2) 5.2% - 48.1% (8.2)% Other real estate owned $ Appraisal of Collateral (1) Appraisal Adjustments (2) 6.9% Liquidation Expenses (2) 6.3% (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, 2016 and December 31, 2015 (in thousands): (Level 1) (Level 2) (Level 3) June 30, 2016 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, 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 — —

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016	Dec. 31, 2015
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 ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stockholders' equity and related transactions
Proceeds from the sale of common stock through the private placement		$ 9,280,000
Private placement
Stockholders' equity and related transactions
Gross proceeds from the sale of common stock through the private placement		9,500,000
Proceeds from the sale of common stock through the private placement		$ 9,300,000
Shares of common stock issued during the period		868,057
Sale price of common stock (in dollars per share)		$ 10.95
Employee stock option
Stockholders' equity and related transactions
Shares of common stock exercised (in shares)	30,800
Exercise price of options (in dollars per share)	$ 9.09
Total value of exercised stock options	$ 279,972
Restricted stock
Stockholders' equity and related transactions
Restricted common stock cancelled	4,000

Benefit Plans and Stock-Based28

Benefit Plans and Stock-Based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Number of Shares
Shares of common stock issued	6,267,041		6,267,041		6,240,241
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
Aggregate number of incentive stock options issued (in shares)	186,500		186,500
Number of shares outstanding under the plan	105,500		105,500
Unrecognized compensation expenses related to unvested stock options	$ 0		$ 0
Number of Shares
Granted (in shares)			0
Exercised (in shares)			30,800
Forfeited (in shares)			23,400
Share based compensation expense	0	$ 0	$ 0	$ 0
Aggregate intrinsic value of options outstanding	$ 194,000	214,000	$ 194,000	214,000
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
Aggregate number of incentive stock options issued (in shares)	460,000		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	$ 0	0
Aggregate intrinsic value of options outstanding	$ 194,000	214,000	$ 194,000	214,000
2011 Equity Incentive Plan
Benefit Plans and Stock-Based Compensation
Maximum number of shares authorized to be purchased	250,000		250,000
Number of Shares
Shares of common stock issued	109,718		109,718
Shares of common stock issued during the period	0		0
Forfeited (in shares)			4,000
2011 Equity Incentive Plan | Non-qualified options
Benefit Plans and Stock-Based Compensation
Number of unvested options (in shares)	20,000		20,000
Unrecognized compensation expenses related to unvested stock options	$ 53,000		$ 53,000
Number of Shares
Exercised (in shares)			0
Forfeited (in shares)			0
Share based compensation expense	34,000	0	$ 34,000	0
Aggregate intrinsic value of options outstanding	4,000	0	$ 4,000	0
Expected dividend yield			2.137%
Risk free interest rate			1.87%
Expected volatility rate			27.07%
Expected life			10 years
2011 Equity Incentive Plan | Non-qualified options | Vesting immediately
Number of Shares
Vesting percentage			33.00%
Number of shares vested			10,000
2011 Equity Incentive Plan | Non-qualified options | Vesting over two years
Number of Shares
Number of shares vested			20,000
Vesting period			2 years
2011 Equity Incentive Plan | Non-qualified options | Executive
Number of Shares
Granted (in shares)			30,000
Fair value of grant (in dollars per NQO)			$ 2.92
2011 Equity Incentive Plan | Restricted stock
Number of Shares
Share based compensation expense	$ 80,000	$ 52,000	$ 133,000	$ 106,000
Unvested restricted stock (in shares)	32,250		32,250
Unrecognized compensation expense related to unvested restricted stock granted	$ 408,000		$ 408,000
Period over which unrecognized compensation expense is expected to be recognized			2 years

Earnings Per Share - Calculatio

Earnings Per Share - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Basic earnings per share
Net income applicable to common stock	$ 1,031	$ 1,294	$ 2,323	$ 2,418
Weighted average number of common shares outstanding - basic	6,245	6,240	6,243	5,951
Basic earnings per share (in dollars per share)	$ 0.17	$ 0.21	$ 0.37	$ 0.41
Diluted earnings per share
Net income applicable to common stock	$ 1,031	$ 1,294	$ 2,323	$ 2,418
Weighted average number of common shares outstanding	6,245	6,240	6,243	5,951
Effect of dilutive options (in shares)	10	17	9	16
Weighted average number of common shares and common share equivalents- diluted	6,255	6,257	6,252	5,967
Diluted earnings per share (in dollars per share)	$ 0.16	$ 0.21	$ 0.37	$ 0.41

Earnings Per Share - Dilution (

Earnings Per Share - Dilution (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share
Number of shares of common stock issued, upon exercise of incentive stock options	10,000	17,000	9,000	16,000
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	49,500	84,700
Weighted average price of incentive stock options included in computation of diluted earnings per share (in dollars per share)	$ 9.09	$ 9.09
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	56,000	75,000	56,000	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
Restricted stock
Earnings Per Share
Number of shares of common stock issued, upon exercise of incentive stock options	32,250	48,500
Non-qualified 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	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
Non-qualified stock options at a weighted average price of $11.23
Earnings Per Share
Number of shares of common stock issued, upon exercise of incentive stock options	30,000		30,000
Weighted average price of incentive stock options included in computation of diluted earnings per share (in dollars per share)	$ 11.23		$ 11.23

Securities Available for Sale31

Securities Available for Sale and Hold to Maturity Securities - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Securities Held to Maturity:
Total	$ 5,096	$ 5,829
Total	5,096	5,829
Securities Available for Sale:
Amortized Cost	58,692	65,232
Gross Unrealized Gains	16
Gross Unrealized Losses	(28)	(482)
Total	58,680	64,750
Total securities
Amortized Cost	63,788	71,061
Gross Unrealized Gains	16
Gross Unrealized Losses	(28)	(482)
Fair Value	63,776	70,579
Obligations of states and political subdivisions
Securities Held to Maturity:
Total	5,096	5,829
Total	5,096	5,829
U.S. Treasury obligations
Securities Available for Sale:
Amortized Cost	6,456	6,512
Gross Unrealized Losses	(3)	(159)
Total	6,453	6,353
Government sponsored enterprise obligations
Securities Available for Sale:
Amortized Cost	52,236	58,720
Gross Unrealized Gains	16
Gross Unrealized Losses	(25)	(323)
Total	$ 52,227	$ 58,397

Securities Available for Sale32

Securities Available for Sale and Hold to Maturity Securities - Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Securities Available for Sale - Fair Value
Less than 12 Months	$ 12,026	$ 15,707
More than 12 Months	13,439	49,043
Total	25,465	64,750
Securities Available for Sale - Unrealized Losses
Less than 12 Months	(12)	(12)
More than 12 Months	(16)	(470)
Total	(28)	(482)
Total Securities - Fair Value
Less than 12 Months		15,707
More than 12 Months		49,043
Total		64,750
Total Securities - Unrealized Losses
Less than 12 Months		(12)
More than 12 Months		(470)
Total		(482)
U.S. Treasury obligations
Securities Available for Sale - Fair Value
More than 12 Months	6,453	6,354
Total	6,453	6,354
Securities Available for Sale - Unrealized Losses
More than 12 Months	(3)	(159)
Total	(3)	(159)
Government sponsored enterprise obligations
Securities Available for Sale - Fair Value
Less than 12 Months	12,026	15,707
More than 12 Months	6,986	42,689
Total	19,012	58,396
Securities Available for Sale - Unrealized Losses
Less than 12 Months	(12)	(12)
More than 12 Months	(13)	(311)
Total	$ (25)	$ (323)

Securities Available for Sale33

Securities Available for Sale and Hold to Maturity Securities - Maturity Distribution (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Securities Held to Maturity, Amortized Cost
One year or less	$ 5,096
Total	5,096	$ 5,829
Securities Held to Maturity, Fair Value
One year or less	5,096
Total	5,096	5,829
Securities Available for sale, Amortized Cost
One year or less	23,736
After one to five years	34,956
Total	58,692
Securities Available for sale, Fair Value
One year or less	23,736
After one to five years	34,944
Total	$ 58,680	$ 64,750

Securities Available for Sale34

Securities Available for Sale and Hold to Maturity Securities - Pledged Securities and Securities Sold (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)item	Jun. 30, 2015USD ($)item	Jun. 30, 2016USD ($)item	Jun. 30, 2015USD ($)item	Dec. 31, 2015USD ($)
Number of available for sale securities | item			20
Number of available for sale securities in unrealized loss position for more than twelve months | item	5		5
Number of available for sale securities in unrealized loss position for less than twelve months | item			3
OTTI Charges recorded | $	$ 0		$ 0
Number of available for sale securities sold | item		2		3
Recognized loss on sale of available for sale securities | $		$ 10		$ 15
Public Funds on Deposits
Amortized cost of securities pledged | $	34,000		34,000		$ 31,300
Fair value of securities pledged | $	$ 34,000		$ 34,000		$ 31,000

Loans - Summary (Details)

Loans - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Loans
Loans receivable	$ 654,882	$ 645,062
Commercial Real Estate
Loans
Loans receivable	487,658	460,396
Residential Mortgages
Loans
Loans receivable	43,123	48,698
Commercial
Loans
Loans receivable	61,703	69,855
Home Equity
Loans
Loans receivable	61,284	63,308
Consumer
Loans
Loans receivable	$ 1,114	$ 2,805

Loans - Allowance for Loan Loss

Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Allowance for loan losses:
Beginning Balance	$ 8,076	$ 7,502	$ 8,020	$ 7,192
Charge-offs	(1)	(229)	(245)	(289)
Recoveries	1	192	1	192
Provisions	150	413	450	783
Ending balance	8,226	7,878	8,226	7,878
Ending balance: individually evaluated for impairment					$ 347
Ending balance: collectively evaluated for impairment	8,226		8,226		7,673
Commercial Real Estate
Allowance for loan losses:
Beginning Balance	5,753	5,178	5,566	4,950
Charge-offs				(60)
Recoveries		191		191
Provisions	113	322	300	610
Ending balance	5,866	5,691	5,866	5,691
Ending balance: collectively evaluated for impairment	5,866		5,866		5,566
Residential Mortgages
Allowance for loan losses:
Beginning Balance	497	535	572	348
Charge-offs			(90)
Provisions	(203)	105	(188)	292
Ending balance	294	640	294	640
Ending balance: individually evaluated for impairment					267
Ending balance: collectively evaluated for impairment	294		294		305
Commercial
Allowance for loan losses:
Beginning Balance	1,024	1,159	1,066	1,128
Charge-offs		(229)		(229)
Recoveries	1	1	1	1
Provisions	75	49	33	80
Ending balance	1,100	980	1,100	980
Ending balance: collectively evaluated for impairment	1,100		1,100		1,066
Home Equity
Allowance for loan losses:
Beginning Balance	550	336	573	500
Charge-offs	(1)		(155)
Provisions	(25)	207	106	43
Ending balance	524	543	524	543
Ending balance: individually evaluated for impairment					80
Ending balance: collectively evaluated for impairment	524		524		493
Consumer
Allowance for loan losses:
Beginning Balance	32	20	39	24
Provisions	(15)	4	(22)
Ending balance	17	24	17	24
Ending balance: collectively evaluated for impairment	17		17		39
Unallocated
Allowance for loan losses:
Beginning Balance	220	274	204	242
Provisions	205	$ (274)	221	$ (242)
Ending balance	425		425
Ending balance: collectively evaluated for impairment	$ 425		$ 425		$ 204

Loans - Loan Receivables (Detai

Loans - Loan Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Loan receivables: Ending balance
Total Loans Receivable	$ 654,882	$ 645,062
Ending balance: individually evaluated for impairment	8,143	7,992
Ending balance: collectively evaluated for impairment	646,739	637,070
Commercial Real Estate
Loan receivables: Ending balance
Total Loans Receivable	487,658	460,396
Ending balance: individually evaluated for impairment	824	842
Ending balance: collectively evaluated for impairment	486,834	459,554
Residential Mortgages
Loan receivables: Ending balance
Total Loans Receivable	43,123	48,698
Ending balance: individually evaluated for impairment	4,140	4,524
Ending balance: collectively evaluated for impairment	38,983	44,174
Commercial
Loan receivables: Ending balance
Total Loans Receivable	61,703	69,855
Ending balance: collectively evaluated for impairment	61,703	69,855
Home Equity
Loan receivables: Ending balance
Total Loans Receivable	61,284	63,308
Ending balance: individually evaluated for impairment	3,179	2,626
Ending balance: collectively evaluated for impairment	58,105	60,682
Consumer
Loan receivables: Ending balance
Total Loans Receivable	1,114	2,805
Ending balance: collectively evaluated for impairment	$ 1,114	$ 2,805

Loans - Past Due Status (Detail

Loans - Past Due Status (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)item	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)item
Past due receivable
Total Past Due	$ 9,777		$ 9,777		$ 8,661
Current	645,105		645,105		636,401
Total Loans Receivable	654,882		654,882		645,062
Nonaccrual loans	7,514		$ 7,514		$ 7,356
Number of accruing loans greater than 90 days delinquent | item			0		0
Interest income that would have been recognized on nonaccrual loans	43	$ 103	$ 89	$ 198
Interest income recognized on non-accrual loans	0	$ 17	0	$ 17
30 to 59 Days Past Due
Past due receivable
Total Past Due	2,300		2,300		$ 830
60 to 89 Days Past Due
Past due receivable
Total Past Due	233		233		475
Greater than 90 Days
Past due receivable
Total Past Due	7,244		7,244		7,356
Commercial Real Estate
Past due receivable
Total Past Due	1,127		1,127		1,244
Current	486,531		486,531		459,152
Total Loans Receivable	487,658		487,658		460,396
Nonaccrual loans	824		824		842
Commercial Real Estate | 30 to 59 Days Past Due
Past due receivable
Total Past Due	303		303		402
Commercial Real Estate | Greater than 90 Days
Past due receivable
Total Past Due	824		824		842
Residential Mortgages
Past due receivable
Total Past Due	3,671		3,671		4,420
Current	39,452		39,452		44,278
Total Loans Receivable	43,123		43,123		48,698
Nonaccrual loans	3,739		3,739		3,992
Residential Mortgages | 30 to 59 Days Past Due
Past due receivable
Total Past Due					428
Residential Mortgages | 60 to 89 Days Past Due
Past due receivable
Total Past Due	53		53
Residential Mortgages | Greater than 90 Days
Past due receivable
Total Past Due	3,618		3,618		3,992
Commercial
Past due receivable
Total Past Due	442		442
Current	61,261		61,261		69,855
Total Loans Receivable	61,703		61,703		69,855
Commercial | 30 to 59 Days Past Due
Past due receivable
Total Past Due	367		367
Commercial | 60 to 89 Days Past Due
Past due receivable
Total Past Due	75		75
Home Equity
Past due receivable
Total Past Due	4,537		4,537		2,997
Current	56,747		56,747		60,311
Total Loans Receivable	61,284		61,284		63,308
Nonaccrual loans	2,951		2,951		2,522
Home Equity | 30 to 59 Days Past Due
Past due receivable
Total Past Due	1,630		1,630
Home Equity | 60 to 89 Days Past Due
Past due receivable
Total Past Due	105		105		475
Home Equity | Greater than 90 Days
Past due receivable
Total Past Due	2,802		2,802		2,522
Consumer
Past due receivable
Current	1,114		1,114		2,805
Total Loans Receivable	$ 1,114		$ 1,114		$ 2,805

Loans - Ratings (Details)

Loans - Ratings (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Loan portfolio by the aggregate pass rating
Total	$ 654,882	$ 645,062
Pass
Loan portfolio by the aggregate pass rating
Total	630,121	621,973
Special Mention
Loan portfolio by the aggregate pass rating
Total	15,984	15,963
Substandard
Loan portfolio by the aggregate pass rating
Total	8,777	7,126
Commercial Real Estate
Loan portfolio by the aggregate pass rating
Total	487,658	460,396
Commercial Real Estate | Pass
Loan portfolio by the aggregate pass rating
Total	474,716	450,193
Commercial Real Estate | Special Mention
Loan portfolio by the aggregate pass rating
Total	8,507	7,644
Commercial Real Estate | Substandard
Loan portfolio by the aggregate pass rating
Total	4,435	2,559
Residential Mortgages
Loan portfolio by the aggregate pass rating
Total	43,123	48,698
Residential Mortgages | Pass
Loan portfolio by the aggregate pass rating
Total	43,036	48,698
Residential Mortgages | Substandard
Loan portfolio by the aggregate pass rating
Total	87
Commercial
Loan portfolio by the aggregate pass rating
Total	61,703	69,855
Commercial | Pass
Loan portfolio by the aggregate pass rating
Total	55,069	62,367
Commercial | Special Mention
Loan portfolio by the aggregate pass rating
Total	3,377	3,919
Commercial | Substandard
Loan portfolio by the aggregate pass rating
Total	3,257	3,569
Home Equity
Loan portfolio by the aggregate pass rating
Total	61,284	63,308
Home Equity | Pass
Loan portfolio by the aggregate pass rating
Total	56,186	57,910
Home Equity | Special Mention
Loan portfolio by the aggregate pass rating
Total	4,100	4,400
Home Equity | Substandard
Loan portfolio by the aggregate pass rating
Total	998	998
Consumer
Loan portfolio by the aggregate pass rating
Total	1,114	2,805
Consumer | Pass
Loan portfolio by the aggregate pass rating
Total	$ 1,114	$ 2,805

Loans - Impaired Loans (Details

Loans - Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Recorded Investment
Loans with specific reserves					$ 3,846
Loans with no specific reserves	$ 8,143		$ 8,143		4,146
Total loans	8,143		8,143		7,992
Unpaid Principal Balance
Loans with specific reserves					4,230
Loans with no specific reserves	9,117		9,117		4,635
Total loans	9,117		9,117		8,865
Related Allowance
Total loans					347
Average Recorded Investment
Loans with specific reserves		$ 1,048		$ 1,050
Loans with no specific reserves	8,276	6,971	8,429	7,213
Total loans	8,276	8,019	8,429	8,263
Interest Income Received
Loans with no specific reserves		17		17
Total loans		17		17
Commercial Real Estate
Recorded Investment
Loans with no specific reserves	824		824		842
Unpaid Principal Balance
Loans with no specific reserves	848		848		867
Average Recorded Investment
Loans with no specific reserves	828	1,060	833	1,302
Residential Mortgages
Recorded Investment
Loans with specific reserves					3,568
Loans with no specific reserves	4,140		4,140		956
Unpaid Principal Balance
Loans with specific reserves					4,055
Loans with no specific reserves	4,809		4,809		1,045
Related Allowance
Total loans					267
Average Recorded Investment
Loans with specific reserves		1,048		1,050
Loans with no specific reserves	4,259	3,327	4,347	3,351
Interest Income Received
Loans with no specific reserves		12		12
Commercial
Average Recorded Investment
Loans with no specific reserves		6		4
Home Equity
Recorded Investment
Loans with specific reserves					278
Loans with no specific reserves	3,179		3,179		2,348
Unpaid Principal Balance
Loans with specific reserves					175
Loans with no specific reserves	3,460		3,460		2,723
Related Allowance
Total loans					$ 80
Average Recorded Investment
Loans with no specific reserves	$ 3,189	2,578	$ 3,249	2,556
Interest Income Received
Loans with no specific reserves		$ 5		$ 5

Loans - Troubled Debt Restructu

Loans - Troubled Debt Restructuring (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)loan	Jun. 30, 2015loan	Jun. 30, 2016USD ($)loan	Jun. 30, 2015loan	Dec. 31, 2015USD ($)loan
Troubled debt restructuring
Accrual Status	$ 629		$ 629		$ 636
Number of Loans | loan	4		4		4
Nonaccrual Status	$ 6,359		$ 6,359		$ 4,694
Number of Loans | loan	10		10		6
Total	$ 6,988		$ 6,988		$ 5,330
Number of new TDRs | loan	5	0	5	0
Number of TDR loan contracts which had payment defaults | loan	0	0	0	0
Foreclosed properties
Loans in formal foreclosure proceedings	$ 1,900		$ 1,900
Residential Mortgages
Troubled debt restructuring
Accrual Status	$ 526		$ 526		$ 532
Number of Loans | loan	2		2		2
Nonaccrual Status	$ 3,614		$ 3,614		$ 3,468
Number of Loans | loan	4		4		4
Total	$ 4,140		$ 4,140		$ 4,000
Number of new TDRs | loan			1
Pre-modification outstanding recorded investments			$ 525
Post-modification outstanding recorded investments			525
Foreclosed properties
Number of foreclosed residential real estate properties | loan	1
Foreclosed residential real estate properties held as a result of obtaining physical possession	$ 158		158
Commercial Real Estate
Troubled debt restructuring
Nonaccrual Status	$ 349		$ 349		$ 367
Number of Loans | loan	1		1		1
Total	$ 349		$ 349		$ 367
Home Equity
Troubled debt restructuring
Accrual Status	$ 103		$ 103		$ 104
Number of Loans | loan	2		2		2
Nonaccrual Status	$ 2,396		$ 2,396		$ 859
Number of Loans | loan	5		5		1
Total	$ 2,499		$ 2,499		$ 963
Number of new TDRs | loan			4
Pre-modification outstanding recorded investments			$ 1,569
Post-modification outstanding recorded investments			$ 1,569

Guarantees (Details)

Guarantees (Details) - Standby letters of credit - Bank $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Guarantees
Expiration period of letters of credit, maximum	1 year
Commercial and similar letters of credit	$ 3.6

Borrowed Funds (Details)

Borrowed Funds (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Borrowed Funds
Amount outstanding under line of credit facility	$ 0	$ 0
Federal Home Loan Bank of New York
Borrowed Funds
Amount	$ 38,281	$ 26,529
Rate (as a percent)	1.27%	1.58%
F H L B Advances 0.63 Percent Due 2016 July
Borrowed Funds
Amount	$ 5,000
Rate (as a percent)	0.63%
Original Term (years)	3 months
F H L B Advances 0.76 Percent Due 2016 October
Borrowed Funds
Amount	$ 5,000
Rate (as a percent)	0.76%
Original Term (years)	9 months
F H L B Advances 0.98 Percent Due 2017 April
Borrowed Funds
Amount	$ 5,000
Rate (as a percent)	0.98%
Original Term (years)	1 year
F H L B Advances 1.50 Percent Due 2019 June
Borrowed Funds
Amount	$ 3,128	$ 3,621
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	$ 4,815	$ 5,555
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	$ 4,610	$ 5,299
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	$ 3,815	$ 4,158
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	$ 6,913	$ 7,896
Rate (as a percent)	1.48%	1.48%
Original Term (years)	5 years	5 years
Zions First National Bank
Borrowed Funds
Overnight line of credit facility available	$ 16,000
First Tennessee Bank
Borrowed Funds
Overnight line of credit facility available	12,000
Atlantic Community Bankers Bank
Borrowed Funds
Overnight line of credit facility available	$ 10,000

Fair Value Measurements - Recur

Fair Value Measurements - Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair value measurements
Securities available for sale	$ 58,680	$ 64,750
Significant Other Observable Inputs (Level 2)
Fair value measurements
Securities available for sale	58,680	64,750
Fair Value
Fair value measurements
Securities available for sale	58,680	64,750
Recurring basis | Significant Other Observable Inputs (Level 2)
Fair value measurements
Securities available for sale	58,680	64,750
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Treasury obligations
Fair value measurements
Securities available for sale	6,453	6,353
Recurring basis | Significant Other Observable Inputs (Level 2) | Government sponsored enterprise obligations
Fair value measurements
Securities available for sale	52,227	58,397
Recurring basis | Fair Value
Fair value measurements
Securities available for sale	58,680	64,750
Recurring basis | Fair Value | U.S. Treasury obligations
Fair value measurements
Securities available for sale	6,453	6,353
Recurring basis | Fair Value | Government sponsored enterprise obligations
Fair value measurements
Securities available for sale	52,227	58,397
Nonrecurring basis | Significant Unobservable Inputs (Level 3)
Fair value measurements
Impaired loans, portion valued at fair value		3,499
Other Real Estate Owned Fair Value Disclosure	614	512
Nonrecurring basis | Fair Value
Fair value measurements
Impaired loans, portion valued at fair value		3,499
Other Real Estate Owned Fair Value Disclosure	$ 614	$ 512

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Information (Details) - Nonrecurring basis - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
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		$ 3,499
Other real estate owned, portion valued at fair value	$ 614	$ 512
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)		6.90%
Liquidation Expenses (as a percent)		6.30%
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)		1.10%
Liquidation Expenses (as a percent)		5.20%
Appraisal Adjustments (as a percent)	11.50%
Liquidation Expenses (as a percent)	7.00%
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)		45.00%
Liquidation Expenses (as a percent)		48.10%
Appraisal Adjustments (as a percent)	48.40%
Liquidation Expenses (as a percent)	10.30%
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)		7.50%
Liquidation Expenses (as a percent)		8.20%
Appraisal Adjustments (as a percent)	21.80%
Liquidation Expenses (as a percent)	7.90%

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Financial assets:
Interest bearing time deposits	$ 1,000	$ 1,000
Securities available for sale	58,680	64,750
Securities held to maturity, fair value (in dollars)	5,096	5,829
Restricted investment in bank stock, at cost	2,580	2,020
Accrued interest receivable	2,271	2,305
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	87,250	74,189
Financial liabilities:
Deposits	396,883	350,375
Significant Other Observable Inputs (Level 2)
Financial assets:
Interest bearing time deposits	1,000	1,000
Securities available for sale	58,680	64,750
Securities held to maturity, fair value (in dollars)	5,096	5,829
Restricted investment in bank stock, at cost	2,580	2,020
Accrued interest receivable	2,271	2,305
Financial liabilities:
Deposits	313,801	352,218
Borrowed funds	38,321	26,517
Accrued interest payable	599	716
Significant Unobservable Inputs (Level 3)
Financial assets:
Loans receivable, net	649,052	639,525
Carrying amount
Financial assets:
Cash and cash equivalents	87,250	74,189
Interest bearing time deposits	1,000	1,000
Securities available for sale	58,680	64,750
Securities held to maturity, fair value (in dollars)	5,096	5,829
Restricted investment in bank stock, at cost	2,580	2,020
Loans receivable, net	646,219	636,661
Accrued interest receivable	2,271	2,305
Financial liabilities:
Deposits	705,161	700,739
Borrowed funds	38,281	26,529
Accrued interest payable	599	716
Fair Value
Financial assets:
Cash and cash equivalents	87,250	74,189
Interest bearing time deposits	1,000	1,000
Securities available for sale	58,680	64,750
Securities held to maturity, fair value (in dollars)	5,096	5,829
Restricted investment in bank stock, at cost	2,580	2,020
Loans receivable, net	649,052	639,525
Accrued interest receivable	2,271	2,305
Financial liabilities:
Deposits	710,684	702,593
Borrowed funds	38,321	26,517
Accrued interest payable	$ 599	$ 716

Accumulated Other Comprehensi47

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated other comprehensive income
Losses on sale of securities		$ (10)		$ (15)
Income tax expense	$ (552)	(664)	$ (1,280)	(1,260)
Available for Sale Securities | Amount Reclassified out of Accumulated Other Comprehensive Income
Accumulated other comprehensive income
Losses on sale of securities		(10)		(15)
Income tax expense		4		6
Total reclassifications	$ 0	$ (6)	$ 0	$ (9)