Bancorp of New Jersey (BKJ) 10-K 30 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 17, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	Bancorp of New Jersey, Inc.
Entity Central Index Key	1,390,312
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 52,443,191
Entity Common Stock, Shares Outstanding		6,327,491
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 2,628	$ 2,238
Interest bearing deposits	73,896	71,497
Federal funds sold	452	454
Total cash and cash equivalents	76,976	74,189
Interest bearing time deposits	1,000	1,000
Securities available for sale	61,589	64,750
Securities held to maturity (fair value $7,343 and $5,829 at December 31, 2016 and December 31, 2015, respectively)	7,343	5,829
Restricted investment in bank stock, at cost	1,983	2,020
Loans receivable	660,571	645,062
Deferred loan fees and costs, net	(586)	(381)
Allowance for loan losses	(8,287)	(8,020)
Net loans	651,698	636,661
Premises and equipment, net	13,497	10,500
Accrued interest receivable	2,366	2,305
Other real estate owned	614	512
Other assets	5,374	5,154
Total assets	822,440	802,920
Deposits:
Noninterest-bearing demand deposits	137,564	117,919
Savings and interest bearing transaction accounts	287,682	232,456
Time deposits under $250K	156,477	192,560
Time deposits $250K and over	136,265	157,804
Total deposits	717,988	700,739
Borrowed funds – Long-Term	25,008	26,529
Accrued expenses and other liabilities	2,300	2,499
Total liabilities	745,296	729,767
Stockholders' equity:
Common stock, no par value, authorized 20,000,000 shares; issued and outstanding 6,316,291 at December 31, 2016 and 6,240,241 at December 31, 2015	61,524	60,509
Retained earnings	15,813	12,940
Accumulated other comprehensive loss	(193)	(296)
Total stockholders’ equity	77,144	73,153
Total liabilities and stockholders’ equity	$ 822,440	$ 802,920

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED BALANCE SHEET
Securities held to maturity, fair value (in dollars)	$ 7,343	$ 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	6,316,291	6,240,241
Common stock, outstanding shares	6,316,291	6,240,241

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Interest income:
Loans, including fees	$ 30,242	$ 30,451
Securities	751	887
Interest-earning deposits in banks	412	182
Federal funds sold	5	6
Total interest income	31,410	31,526
INTEREST EXPENSE
Savings and money markets	1,523	1,244
Time deposits	5,026	6,332
Borrowed funds	425	465
Total interest expense	6,974	8,041
Net interest income	24,436	23,485
Provision for loan losses	1,570	924
Net interest income after provision for loan losses	22,866	22,561
Non interest income
Fees and service charges on deposit accounts	491	324
Losses on sale of securities		(15)
Total non interest income	491	309
NON-INTEREST EXPENSE
Salaries and employee benefits	8,338	7,634
Occupancy and equipment expense	2,755	2,805
FDIC and state assessments	868	911
Legal fees	260	287
Other real estate owned related expenses	95	226
Professional fees	1,543	774
Data processing	1,201	974
Other operating expenses	2,162	1,916
Total non interest expenses	17,222	15,527
Income before income taxes	6,135	7,343
Income tax expense	2,134	2,535
Net income	$ 4,001	$ 4,808
Earnings per share:
Basic (in dollars per share)	$ 0.64	$ 0.79
Diluted (in dollars per share)	$ 0.64	$ 0.79

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 4,001	$ 4,808
Other comprehensive income:
Unrealized holding gains on securities available for sale, net of deferred income tax expense of $62 and $253, respectively	103	452
Less: Reclassification adjustment for loss on sale of securities, net of income tax benefit of $0 and $6, respectively		(9)
Other comprehensive income	103	443
Comprehensive income	$ 4,104	$ 5,251

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized holding gains on securities available for sale, income tax expense	$ 62	$ (253)
Reclassification adjustment for loss on sale of securities, tax benefit	$ 0	$ 6

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Retained Earnings	Accumulated Other Comprehensive (Loss)	Total
Balance at Dec. 31, 2014	$ 50,998	$ 9,635	$ (739)	$ 59,894
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (80,300 and 2,200 shares for the year ended December 31, 2016 and 2015 respectively)	20			20
Stock based compensation	211			211
Dividends on common stock ($0.18 and $0.24 per share for the year ended December 31, 2016 and 2015, respectively		(1,503)		(1,503)
Net income		4,808		4,808
Sale of common stock through a private placement (868,057 shares issued)	9,280			9,280
Total other comprehensive income			443	443
Balance at Dec. 31, 2015	60,509	12,940	(296)	73,153
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (80,300 and 2,200 shares for the year ended December 31, 2016 and 2015 respectively)	730			730
Stock based compensation	285			285
Dividends on common stock ($0.18 and $0.24 per share for the year ended December 31, 2016 and 2015, respectively		(1,128)		(1,128)
Net income		4,001		4,001
Total other comprehensive income			103	103
Balance at Dec. 31, 2016	$ 61,524	$ 15,813	$ (193)	$ 77,144

CONSOLIDATED STATEMENTS OF STO8

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Exercised (in shares)	80,300	2,200
Dividends on common stock per share (in dollars per share)	$ 0.18	$ 0.24
Shares of common stock issued during the period		868,057

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 4,001	$ 4,808
Adjustments to reconcile net income to net cash provided by Operating activities:
Provision for loan losses	1,570	924
Amortization of securities premiums	146	112
Deferred tax benefit	(483)	(542)
Depreciation and amortization	665	615
Stock based compensation	285	211
Accretion (amortization) of net loan origination fees and costs	205	(33)
Loss on sale of securities		15
Loss on sale of other real estate owned		6
Write down of other real estate owned	56	217
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable	(62)	136
(Increase) decrease in other assets	202	(594)
(Decrease) increase in accrued interest payable and other liabilities	(199)	629
NET CASH PROVIDED BY OPERATING ACTIVITIES	6,386	6,504
Cash flows from investing activities:
Purchases of securities available for sale	(47,000)	(23,720)
Purchases of securities held to maturity	(7,343)	(5,829)
Proceeds from maturities of securities held to maturity	5,829	15,923
Proceeds from called or matured securities available for sale	50,180	11,000
Proceeds from sales of securities available for sale		6,985
Purchase of restricted investment in bank stock	(706)	(170)
Proceeds from calls of restricted investment of bank stock	743	312
Proceeds from sale of other real estate owned		162
Net increase in loans	(16,970)	(11,200)
Purchases of premises and equipment	(3,662)	(979)
NET CASH USED IN INVESTING ACTIVITIES	(18,929)	(7,516)
Cash flows from financing activities:
Net increase in deposits	17,249	51,765
Net decrease in borrowed funds	(1,521)	(6,421)
Dividends paid	(1,128)	(1,503)
Proceeds from the sale of common stock through the private placement		9,280
Proceeds from exercise of options	730	20
NET CASH PROVIDED BY FINANCING ACTIVITIES	15,330	53,141
Increase in cash and cash equivalents	2,787	52,129
Cash and cash equivalents at beginning of year	74,189	22,060
CASH AND CASH EQUIVALENTS, END OF YEAR	76,976	74,189
Cash paid during the year for:
Interest	7,174	8,083
Taxes	2,609	$ 3,173
Supplemental disclosure of non-cash investing and financing transactions:
Loans transferred to other real estate owned	$ 158

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 1. Summary of 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 subsidiary, 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. Bancorp of New Jersey is incorporated under the laws of the State of New Jersey to serve as a holding company for the Bank. All significant inter-company accounts and transactions have been eliminated in consolidation. Nature of Operations The Company’s primary business is ownership and supervision of the Bank. The Bank commenced operations as of May 10, 2006. The Company, through 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. Since opening in May, 2006, the Bank has established nine branch offices in addition to its main office. During the second quarter of 2009, the Bank formed BONJ-New York Corporation. The New York subsidiary was engaged in the business of acquiring, managing and administering portions of Bank of New Jersey’s investment and loan portofolios. During 2014, the Bank formed BONJ-Delaware Investment Company and BONJ-New Jersey Investment Company to use to acquire, manage and administer portions of the Bank of New Jersey’s investments and loans. Also in 2014, the Bank formed BONJ-REIT, Inc. This company was formed to acquire, manage and administer portions of the Bank’s loans. BONJ-Reit, Inc. is owned by BONJ-Delaware Investment Company. Use of Estimates Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of the deferred tax asset and the determination of other-than-temporary impairment on securities. While management uses available information to recognize estimated losses on loans, future additions may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. These agencies may require the Company to recognize additions to the allowance based on their judgements of information available to them at the time of their examination. The financial statements have been prepared in conformity with United States Generally Accepted Accounting Standards (“U.S. GAAP”). In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period indicated. Actual results could differ significantly from those estimates. Significant Group of Concentration of Credit Risk The Company’s activities are, primarily, with customers located within Bergen County, New Jersey. The Company does not have any significant concentration to any one industry or customers within its primary service area. Note 3 describes the types of lending in which the Company engages. Although the Company actively manages the diversification of the loan portfolio, a substantial portion of the debtors’ ability to honor their contracts is dependent on the strength of the local economy. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing deposits in banks, and federal funds sold, which are generally sold for one-day periods. Interest-bearing deposits in banks Interest-bearing deposits in banks are carried at cost, which approximate fair value. Regulators The Bank is subject to federal and New Jersey statutes applicable to banks chartered under the New Jersey banking laws. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). Accordingly, the Bank is subject to regulation, supervision, and examination by the New Jersey State Department of Banking and Insurance and the FDIC. The Company is subject to regulation, supervision and examination by the Board of Governors of the Federal Reserve System “FRB”. Securities The Company reports investment securities in one of the following categories: (i) held to maturity (management has the intent and ability to hold to maturity), which are reported at amortized cost; (ii) trading (held for current resale), which are reported at fair value, with unrealized gains and losses included in earnings and (iii) available for sale, which are reported at fair value, with unrealized gains and lossess excluded from earnings and reported as a separate component of stockholders’ equity. The Company has classified all of its holdings of investment securities as either held to matruity or available for sale. At the time a security is purchased, a determination is made as to the approproiate classification. Premiums and discounts on investment securities are amortized as expense and accreted as income over the estimated life of the respective security using a method that generally approximates the level-yield method. Gains and losses on the sales of investment securities are recognized upon realization, using the specific identification method and shown separately in the consolidate statements of operations. Management evaluates securities for Other Than Temporary Impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirment to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the statement of income and 2) OTTI related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Premises and Equipment Premises and equipment are stated at historical cost, less accumulated depreciation and amortization. Depreciation of fixed assets is accumulated on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the related lease. The estimated lives of our premises and equipment range from 3 years for certain computer related equipment to 39 years for building costs associated with newly constructed buildings. Maintenance and repairs are charged to expense in the year incurred. Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. For all classes of loans receivable, the accrual of interest on loans is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of loans receivable is determined based on contractual due dates for loan payments. The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheets. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The allowance for credit losses is maintained at a level considered adequate to provide for losses that are probable and reasonable to estimate. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the loan portfolio and unfunded commitments, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance for loan losses consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. Nature and volume of the portfolio and terms of loans. 4. Experience, ability, and depth of lending management and staff. 5. Volume and severity of past due, classified and nonaccrual loans as well as and other loan modifications. 6. Quality of the Company’s loan review system, and the degree of oversight by the Company’s board of directors. 7. Existence and effect of any concentrations of credit and changes in the level of such concentrations. 8. Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDR”) and classified as impaired. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans and other consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Loans classified as TDRs are designated as impaired and evaluated for impairment until they are ultimately repaid in full or foreclosed and sold. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. The Company’s methodology for the determination of the allowance for loan losses includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition to the Company’s methodology, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses was adequate. Other Real Estate Owned Other real estate owned consists of real estate acquired by foreclosure and is initially recorded at fair value, less estimated selling costs. Subsequent to foreclosure, revenues are included in non-interest income and expenses from operations and lower of cost or market changes in the valuation are included in non-interest expenses. Stock-Based Compensation ASC Topic 718 Compensation-Stock Compensation addresses the accounting for share-based payment transactions in which an enterprise receives employee service in exchange for (a) equity instruments of the enterprise or (b) liabilities that are based on the fair value of the enterprise’s equity instruments or that may be settled by the issuance of such equity instruments. Guidance requires an entity to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees within the income statement using a fair-value-based method. The Company accounts for stock options under these recognition and measurement principles. The Company recorded stock-based compensation expense of $285 thousand and $211 thousand during 2016 and 2015, respectively. At December 31, 2016, the Company had $164 thousand of unrecognized compensation expense related to stock options. At December 31, 2016, the Company had $213 thousand of unrecognized compensation expense related to unvested restricted stock. Stockholders’ Equity and Related Transactions On March 2, 2015, the Company closed on a private placement of approximately $9.5 million (net of expenses, approximatley $9.3 million) or 868,057 shares of its common stock at a price of $10.95 per share. The shares of common stock were offered and were sold in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The shares have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be reoffered or resold 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 . Income Taxes The Company uses the asset and liability method of accounting for income taxes. There are two components of the income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted law to the taxable income or excess of deductions and revenues. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. As required by ASC Topic 740, Income Taxes , the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Bank applied ASC Topic 740 to all tax positions for which the statute of limitations remained open. There was no material effect on the Company’s consolidated financial position or results of operations and no adjustment to retained earnings. The Company recognizes interest and penalties on income taxes as a component of income tax. Earnings Per Share Basic earnings per share excludes dilution and represents the effect of earnings upon the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the effect of earnings upon weighted average shares including the potential dilution that could occur if securities or contracts to issue common stock were converted or exercised, utilizing the treasury stock method. Comprehensive Income Comprehensive income consists of net income for the current period and income, expenses, or gains and losses not included in the consolidated income statement and which are reported directly as a separate component of stockholders’ equity. The Company includes the required disclosures in the statements of comprehensive income. Advertising The Company expenses advertising costs as incurred. Advertising expenses totaled $308 thousand and $289 thousand for 2016 and 2015, respectively and are included in other operating expenses. Transfer of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity, or the ability to unilaterally cause the holder to return specific assets. Restricted Investment in Bank Stock Restricted investment in bank stocks which represent required investments in the common stock of correspondent banks, is carried at cost and consists of the common stock of the Federal Home Loan Bank of New York (“FHLB”) of $1.9 million and Atlantic Community Bankers Bank, (“ACBB”) of $100 thousand respectively as of December 31, 2016 and 2015. Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. All restricted stock is recorded at cost as of December 31, 2016 and 2015. Management believes no impairment charge is necessary related to the FHLB or ACBB restricted stock as of December 31, 2016. Restrictions on Cash and Amounts Due From Banks The Bank is required to maintain average balances on hand or with the Federal Reserve Bank of New York (“FRB”). At December 31, 2016 and 2015, these reserve balances amounted to $5.9 million and $3.4 million, respectively, and are reflected in interest bearing deposits in banks.

Securities

Securities	12 Months Ended
	Dec. 31, 2016
Securities
Securities	NOTE 2. Securities A summary of securities held to maturity and securities available for sale at December 31, 2016 and 2015 is as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Fair 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 $ $ $ $ Gross Gross Amortized Unrealized Unrealized Fair 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 — $ $ — $ $ Securities with an amortized cost of $37.4 million and a fair value of $37.2 million, were pledged to secure public funds on deposit at December 31, 2016. In addition, securities with an amortized cost of $11.2 million and a fair value of $11.1 million were pledged to secure borrowings with the FHLB as of December 31, 2016. Securities with an amortized cost of $31.3 million and a fair value of $31.0 million, were pledged to secure public funds on deposit at December 31, 2015. Securities with an amortized cost of $11.2 million and a fair value of $11.1 million were pledged to secure borrowings with the FHLB as of December 31, 2015. For the year ended December 31, 2016, the Company did not sell any securities from its available for sale portfolio and therefore no loss or gain was recognized. For the year ended December 31, 2015, the Company sold three securities from its available for sale portfolio. The Company recognized a loss of approximately $15 thousand from the sale of those securities. The Company did not sell any securities from its held to maturity portfolio in 2016 or 2015. The unrealized losses, categorized by the length of time of continuous loss position, and the fair value of related securities available for sale at December 31, 2016 and 2015 are as follows (in thousands): Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized 2016 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 $ $ $ $ $ $ Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized 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 $ $ $ $ $ $ Unrealized losses at December 31, 2016 consisted of losses on eleven investments in government sponsored enterprise obligations, and two in U. S. Treasury securities, all of which were caused by interest rate increases. Five of the investments with unrealized losses at December 31, 2016 were in a loss position for more than twelve months. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2016. The following table sets forth as of December 31, 2016, the maturity distribution of the Company’s held to maturity and available for sale portfolios (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 and Allowance for Loan Lo

Loans and Allowance for Loan Losses	12 Months Ended
	Dec. 31, 2016
Loans and Allowance for Loan Losses
Loans and Allowance for Loan Losses	NOTE 3. Loans and Allowance for Loan Losses Loans at December 31, 2016 and 2015, are summarized as follows (in thousands): December 31, 2016 December 31, 2015 Commercial real estate $ $ Residential mortgages (1) Commercial (1) Home equity Consumer $ $ (1) Reflects the results of presentation reclassification of the company’s loan portfolio affecting commercial loans and residential mortgages made effective during the year ended December 31, 2016. The Company grants loans primarily to residents and businesses within its local New Jersey market 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 an allowance for loan losses is provided for management’s best estimate of probable loan losses. The following table presents the activity in the allowance for loan losses and recorded investment in loan receivables as of and for the year ended December 31, 2016 (in thousands): Commercial Residential Real Estate Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs — — Recoveries — — — — Provision (credit) Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Loan receivables: Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluated for impairment $ $ $ $ $ — $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ — $ The following table presents the activity in the allowance for loan losses and recorded investment in loan receivables as of and for the year ended December 31, 2015 (in thousands): Commercial Residential Real Estate Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs Recoveries — — — — Provision (credit) Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ — $ $ — $ $ — $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Loan receivables: Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluated for impairment $ $ $ — $ $ — $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ — $ 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 tables present the classes of the loan portfolio summarized by the past due status as of December 31, 2016 and 2015 (in thousands): 30-59 Days 60-89 Days Greater than Total Past Total Loans Nonaccrual 2016 Past Due Past Due 90 Days Due Current Receivables Loans Commercial real estate $ $ — $ $ $ $ $ Residential mortgages — — Commercial — — Home equity — Consumer — — — — — $ $ — $ $ $ $ $ 30-59 Days 60-89 Days Greater than Total Past Total Loans Nonaccrual 2015 Past Due Past Due 90 Days Due Current Receivables Loans Commercial real estate $ $ — $ $ $ $ $ Residential mortgages — Commercial — — — — — Home equity — Consumer — — — — — $ $ $ $ $ $ $ The following tables present 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 December 31, 2016 and 2015 (in thousands): Commercial Residential 2016 Real Estate Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — Doubtful — — — — — — $ $ $ $ $ $ Commercial Residential 2015 Real Estate Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — — Doubtful — — — — — — $ $ $ $ $ $ As of December 31, 2016 and 2015 the Company had no accruing loans greater than 90 days delinquent. The following tables provide information about the Company’s impaired loans as of and for the years ended December 31, 2016 and 2015 (in thousands): Unpaid Recorded Principal Related 2016 Investment Balance 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 $ $ $ — Unpaid Recorded Principal Related 2015 Investment Balance 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 $ $ $ Year Ended Year Ended December 31, 2016 December 31, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Commercial real estate $ — $ — $ — $ — Residential mortgages — — Commercial — — — — Home equity — — — — Impaired loans with no specific reserves: Commercial real estate — — Residential mortgages — Commercial — — Home equity — — Consumer — — — — — $ $ — $ $ If interest had been accrued on these non-accrual loans, the interest income recognized would have been approximately $354 thousand and $267 thousand for the years ended December 31, 2016 and 2015 respectively. The following table presents TDR loans (all of which are classified as impaired loans) as of December 31, 2016 and 2015 (in thousands): Accrual Number of Nonaccrual Number of 2016 Status Loans Status Loans Total Commercial real estate $ — — $ $ Residential mortgages Home equity $ $ $ Accrual Number of Nonaccrual Number of 2015 Status Loans Status Loans Total Commercial real estate $ — — $ $ Residential mortgages Home equity $ $ $ The following table summarizes information in regards to troubled debt restructurings that occurred during the year ended December 31, 2016 (in thousands): Post- Pre-Modification Modification Outstanding Outstanding Number of Recorded Recorded 2016 Loans Investments Investments Residential mortgages $ $ Home equity $ $ There were no new troubled debt restructurings that occurred during the year end December 31, 2015. The following table displays the nature of modifications during the year ended December 31, 2016 (in thousands): Rate Term Interest Only Payment Combination Total 2016 Modification Modification Modification Modification Modification Modifications Pre-modification outstanding recorded investment: Residential mortgages $ — $ $ — $ — $ — $ Home equity — — — — $ — $ $ — $ — $ — $ During the years ended December 31, 2016 and 2015, the Company had no loans meeting the definition of a TDR which were placed on default status. The Company may obtain physical possession of real estate collateralizing loans via foreclosure or an in-substance repossession. As of December 31, 2016 and 2015, the Company has no foreclosed residential real estate properties. In addition, as of December 31, 2016 and 2015, we had residential mortgage loans and home equity loans with a carrying value of $1.7 and $2.3 million respectively, collateralized by residential real estate property for which formal foreclosure proceedings were in process.

Premises and Equipment

Premises and Equipment	12 Months Ended
	Dec. 31, 2016
Premises and Equipment
Premises and Equipment	NOTE 4. Premises and Equipment At December 31, 2016 and 2015, premises and equipment consists of the following (in thousands): 2016 2015 Land $ $ Buildings Furniture and fixtures Equipment Less accumulated depreciation and amortization Total premises and equipment, net $ $ Depreciation expense amounted to $665 thousand and $615 thousand for the years ended December 31, 2016 and 2015, respectively. Included in buildings as of December 31, 2016 is construction in progress for the Company’s new headquarters in the amount of $3.9 million. Total future commitments for the completion of the building are estimated to be $600 thousand. No depreciation was recorded on the building under construction for the year ended December 31, 2016.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2016
Deposits
Deposits	NOTE 5. Deposits At December 31, 2016 and 2015, respectively, a summary of the maturity of time deposits (which includes certificates of deposit and individual retirement account (IRA) certificates) is as follows (in thousands): 2016 2015 3 months or less $ $ Over 3 months through 12 months Over 1 year through 2 years Over 2 years through 3 years Over 3 years through 4 years Over 4 years through 5 years $ $ At December 31, 2016 and 2015, the Company’s brokered deposits are as follows: 2016 2015 CDARS* Public Funds Reciprocal $ $ Non-Public Funds Reciprocal FTN** Non-Reciprocal Funds *Certificate of Deposit Account Registry Service **First Tennessee National Bank

Borrowed Funds

Borrowed Funds	12 Months Ended
	Dec. 31, 2016
Borrowed Funds.
Borrowed Funds	NOTE 6. Borrowed Funds Borrowings may consist of 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 December 31, 2016 and 2015 is as follows (in thousands): 2016 Original Amount Rate Term (years) Maturity 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 $ % 2015 Original Amount Rate 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 Company has a $5.0 million line of credit with the Atlantic Community Bankers Bank. In addition, the Bank has a $16.0 million overnight line of credit facility available with Zions First National Bank, a $12.0 million overnight line of credit facility 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 FHLB. The FHLB relationship provides additional borrowing capacity. There were no outstanding borrowings on any of the lines of credit at December 31, 2016 and December 31, 2015.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes
Income Taxes	NOTE 7. Income Taxes Income tax expense from operations for the years ended December 31, 2016 and 2015 is as follows (in thousands): 2016 2015 Current tax expense: Federal $ $ State Deferred income tax benefit: Federal State $ $ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Deferred tax assets: Start up expenses $ $ Allowance for loan losses Accrued expenses Stock compensation plans Unrealized losses on available for sale securities Other Total gross deferred tax assets Deferred tax liabilities: Deferred loan costs Prepaid expenses Depreciation Total gross deferred tax liabilities $ $ The realizability of deferred tax assets is dependent upon a variety of factors, including the generation of future taxable income, the existence of taxes paid and recoverable, the reversal of deferred tax liabilities and tax planning strategies. During 2016 and 2015, the Company sustained continued profitability, continued to pay taxes, and recognized deferred tax benefits. Based upon these and other factors, management believes it is more likely than not that the Company will realize the benefits of these remaining deferred tax assets. The net deferred tax asset is included in other assets on the consolidated balance sheet. Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 34% to income taxes as a result of the following (in thousands): 2016 2015 Computed “expected” tax expense $ $ Increase (decrease) in taxes resulting from: State taxes, net of federal income tax expense Tax exempt income Stock-based compensation Meals and entertainment Other $ $ The Company is subject to income taxes in the U.S. and various states. Tax regulations are subject to interpretation of the related tax laws and regulations and require significant judgment to apply.

Leases

Leases	12 Months Ended
	Dec. 31, 2016
Leases
Leases	NOTE 8. Leases The Company leases facilities under operating leases which expire at various dates through December 31, 2026. These leases do contain certain options to renew the leases. Rental expense amounted to $1.4 million, for the years ended December 31, 2016 and December 31, 2015, respectively. The following is a schedule of future minimum lease payments (exclusive of payments for maintenance, insurance, taxes and any other costs associated with offices) for operating leases with initial or remaining terms in excess of one year from December 31, 2016 (in thousands): Year ending December 31, 2017 $ 2018 2019 2020 2021 Thereafter $

Related-party Transactions

Related-party Transactions	12 Months Ended
	Dec. 31, 2016
Related-party Transactions
Related-party Transactions	NOTE 9. Related-party Transactions The Company has made, and expects to continue to make, loans in the future to its directors and executive officers and their family members, and to firms, corporations, and other entities in which they and their family members maintain interests. All such loans require the prior approval of the Company’s board of directors. Five of such loans were nonaccrual at December 31, 2016 and none of them were nonaccrual, past due, or restructured at December 31, 2015. The borrower of these five loans is no longer a related party, effective January 13, 2017. Related party deposit balances were $55.5 million and $53.6 million at December 31, 2016 and 2015, respectively. The following table represents a summary of related-party loan activity during the years ended December 31, 2016 and 2015 (in thousands): 2016 2015 Outstanding loans at beginning of the year $ $ Advances Repayments Outstanding loans at end of the year $ $ Two of our directors have acted as the Company’s counsel on several loan closings. During 2016 and 2015 the total cost of such work has been reimbursed by the respective loan customers and totals $158 thousand and $259 thousand respectively. Additionally, these directors have acted as legal counsel to the Bank on several matters. The total amount paid for legal fees, for non-loan related matters was approximately $7 thousand and $16 thousand for the years ended December 31, 2016 and 2015, respectively. The Company’s or the Bank’s commercial insurance policy, as well as other policies, has been placed with various insurance carriers by an insurance agency of which one of our directors is the president. Gross insurance premiums paid to carriers through this agency was approximately $220 thousand and $230 thousand for the years ended December 31, 2016 and 2015, respectively. The Bank rents office space from entities related to some of the Company’s directors. The total amount of rent expense to these entities was $443 thousand and $435 thousand for the years ended December 31, 2016 and 2015, respectively. Our audit committee or the disinterested directors have reviewed all transactions and relationships with directors and the businesses in which they maintain interests and have approved each such transaction and relationship.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share
Earnings Per Share	NOTE 10. Earnings Per Share The Company’s calculation of earnings per share is as follows for the years ended December 31, 2016 and 2015 (in thousands except per share data): For the year ended December 31, (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 outstanding- diluted Diluted earnings per share $ $ Non-qualified options to purchase 310,000 shares of common stock at a weighted average price of $11.50; and incentive stock options to purchase 30,000 shares of common stock at a weighted average price of $11.50; non-qualified stock options to purchase 10,000 shares of common stock at a weighted average price of $11.23; and 28,000 unvested shares of restricted stock were included in the computation of diluted earnings per share for the year ended December 31, 2016. Non-qualified options to purchase 331,334 shares of common stock at a weighted average price of $11.50; and incentive stock options to purchase 75,000 shares of common stock at a weighted average price of $11.50; incentive stock options to purchase 84,700 shares of common stock at a weighted average price of $9.09; and 64,000 unvested shares of restricted stock were included in the computation of diluted earnings per share for the year ended December 31, 2015.

Stockholders' Equity and Divide

Stockholders' Equity and Dividend Restrictions	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity and Dividend Restrictions
Stockholders' Equity and Dividend Restrictions	NOTE 11. Stockholders’ Equity and Dividend Restrictions In 2016, the Company declared three quarterly cash dividends in the amount of $0.06 per share. These cash dividends were paid to shareholders on March 31, 2016, June 30, 2016 and September 30, 2016. In 2015, the Company declared four quarterly cash dividends in the amount of $0.06 per share. These cash dividends were paid to shareholders on March 31, 2015, June 30, 2015, September 30, 2015 and December 31, 2015. The decision to pay, as well as the timing and amount of any future dividends to be paid by the Company will be determined by the board of directors, giving consideration to the Company’s earnings, capital needs, financial condition, regulatory requirements and other relevant factors. Under applicable New Jersey law, the Company is permitted to pay dividends on its capital stock if, following the payment of the dividend, it is able to pay its debts as they become due in the usual course of business, or its total assets are greater than its total liabilities. Further, it is the policy of the FRB that bank holding companies should pay dividends only out of current earnings and only if future retained earnings would be consistent with the holding company’s capital, liquidity asset quality and financial condition. As part of its supervisory authority, the FRB may impose informal or formal restrictions on the Company’s ability to pay dividends, including requiring the non-objection of the FRB for payment of any dividends. Under the New Jersey Banking Act of 1948, as amended, the Bank may declare and pay dividends only if, after payment of the dividend, the capital stock of the Bank will be unimpaired and either the Bank will have a surplus of not less than 50% of its capital stock or the payment of the dividend will not reduce the Bank’s surplus. The FDIC prohibits payment of cash dividends if, as a result, the Bank would be undercapitalized.

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2016
Benefit Plans
Benefit Plans	NOTE 12. Benefit Plans 2006 Stock Option Plan During 2006, the Company’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 directors and employees of the Company to purchase up to 239,984 shares of the Company’s common stock. The option price per share is the market value of the Company’s stock on the date of grant. As of December 31, 2016 stock options to purchase 216,960 shares, net of forfeitures have been issued to employees of the Bank under the 2006 Stock Option Plan. During the year ended December 31, 2016, the Company granted 63,960 Non-Qualified Stock Options (“NQO”) to employees of the Company. The fair value of the 63,960 NQOs granted was $2.76 per NQO on the date of grant. The fair value of the NQOs was determined 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 2.149%, risk free interest rate of 1.57%, expected volatility of 26.54% and expected lives of 10 years. One third of the NQO granted, or 21,320 NQOs vest each on February 1, 2017, February 1, 2018 and February 1, 2019. A summary of stock option activity under the 2006 Stock Option Plan during the years ended December 31, 2015 and 2016 are presented below: Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Shares per Share (1) Term Outstanding at December 31, 2014 $ Exercised Outstanding at December 31, 2015 $ $ Exercisable at December 31, 2015 $ $ Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Shares per Share (1) Term Outstanding at December 31, 2015 $ Granted Forfeited Exercised Outstanding at December 31, 2016 $ $ Exercisable at December 31, 2016 $ $ (1) The aggregate intrinsic value of a stock option in the table above 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 December 31, 2016. This amount changes based on the changes in the market value in the Company’s common stock. Under the 2006 Stock Option Plan, there were 56,460 unvested options at December 31, 2016 and no unvested options at December 31, 2015. At December 31, 2016 there was $125 thousand of unrecognized compensation expense related to unvested options. For the three months and year ended December 31, 2016, $29 thousand and $48 thousand, respectively was recorded as expense for options that has been issued through the 2006 Plan. During the year ended December 31, 2016 options to purchase 80,300 shares of common stock at a price of $9.09 per share were exercised for a total price of $730 thousand. 2007 Director Plan During 2007, the Bank’s stockholders approved the 2007 Non-Qualified Stock Option Plan for Directors. At the time of the holding company reorganization, the 2007 Non-Qualified Stock Option 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. The option price per share is the market value of the Company’s common stock on the date of grant. As of December 31, 2016, non-qualified options to purchase 385,332 shares, net of forfeitures, of the Company’s stock have been granted to non-employee directors of the Company. A summary of stock option activity under the 2007 Non-Qualified Stock Option Plan for Directors during the years ended December 31, 2015 and 2016 are presented below: Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Life Shares per Share (1) (Years) Outstanding at December 31, 2014 $ Outstanding at December 31, 2015 $ $ — Exercisable at December 31, 2015 $ $ — Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Life Shares per Share (1) (Years) Outstanding at December 31, 2015 $ Forfeited Outstanding at December 31, 2016 $ $ Exercisable at December 31, 2016 $ $ (1) The aggregate intrinsic value of a stock option in the table above 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 December 31, 2016. This amount changes based on the changes in the market value in the Company’s common stock. Under the 2007 Directors Stock Option Plan, there were no unvested options at December 31, 2016 and 2015. 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 December 31, 2016, there were 109,468 shares and stock options, net of forfeitures, issued to employees of the Bank under the 2011 Plan. The following is a summary of the non-vested restricted stock awards granted under the 2011 Plan: 2015 Weighted Average Number Grant Date of Shares Fair Value Non-vested restricted stock, beginning of year Vested Non-vested restricted stock, end of year $ 2016 Weighted Average Number Grant Date of Shares Fair Value Non-vested restricted stock, beginning of year Forfeited Vested Non-vested restricted stock, end of year $ Approximately $227 thousand remains to be expensed over the next 15 months. For the years ended December 31, 2016, and 2015, $188 thousand and $211 thousand, respectively, was recorded as compensation expense. During the year ended December 31, 2016, the Company granted 30,000 NQOs 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 determined 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 27.0% and expected lives of 10 years. One third of the NQO granted, or 10,000 NQOs vested immediately, with the remaining 20,000 NQOs vesting over a two year period. No NQOs were exercised or forfeited during the first nine months of 2016 under the 2011 Plan. Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Shares per Share (1) Term Outstanding at December 31, 2015 — $ — Granted Outstanding at December 31, 2016 $ $ Exercisable at December 31, 2016 $ $ (1) The aggregate intrinsic value of a stock option in the table above 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 December 31, 2016. This amount changes based on the changes in the market value in the Company’s common stock. Under the 2011 Plan, there were 20,000 unvested options at December 31, 2016, with $39 thousand of unrecognized compensation expense ralted to the unvested options. For the three months and year ended December 31, 2016, $7 thousand and $49 thousand, respectively was recorded as expense for options that has been issued through the 2011 Plan. Defined Contribution Plan The Company currently offers a 401(k) profit sharing plan covering all full-time employees, wherein employees can invest up to 15% of their pretax earnings, up to the legal limit. The Company matches a percentage of employee contributions at the board’s discretion. The Company expensed matching contributions of approximately $80 thousand and $100 thousand during 2016 and 2015, respectively.

Regulatory Capital Requirements

Regulatory Capital Requirements	12 Months Ended
	Dec. 31, 2016
Regulatory Capital Requirements
Regulatory Capital Requirements	NOTE 13. Regulatory Capital Requirements The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to meet a minimum Tier 1 leverage ratio, Common equity tier 1 risk-based, capital ratio Tier 1 risk-based ratio and Total risk-based capital ratio (as defined in the regulations). In July 2013, the Federal Deposit insurance Corporation and the other federal bank regulatory agencies issued a final rule that revised their leverage and risk-based capital requirements and the method for calculating risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. The Final Capital Rules also revised the quantity and quality of required minimum risk-based and leverage capital requirements, consistent with the Dodd-Frank Act and the Third Basel Accord adopted by the Basel Committee on Banking Supervision, or Basel III capital standards. The Common equity tier 1 risk-based capital ratio and changes to the calculation of risk-weighted assets became effective for the Bank on January 1, 2015. As of December 31, 2016 and 2015, management believes that the Company and the Bank meet all capital adequacy requirements to which they are subject. As of December 31, 2016, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum Tier 1 leverage capital, Common equity tier 1 capital, Tier 1 risk-based capital and Total risk-based capital as set forth in the tables. There are no conditions or events since that notification that management believes have changed the Bank's category. The following is a summary of the Bank’s actual capital amounts and ratios as of December 31, 2016 compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution. The information presented as of December 31, 2015 reflect the requirements in effect at that time, as the Basel III requirements became effective on January 1, 2015: FDIC requirements Minimum Capital For Classification Bank actual Adequacy As Well Capitalized Amount Ratio Amount Ratio Amount Ratio 2016 Leverage (Tier 1) Capital Ratio $ % $ % $ % Risk-Based Capital: Common Equity Tier 1 Capital $ % $ % $ % Tier 1 Capital Ratio $ % $ % $ % Total Capital Ratio $ % $ % $ % 2015 Leverage (Tier 1) Capital Ratio $ % $ % $ % Risk-based capital: Common Equity Tier 1 Capital $ % $ % $ % Tier 1 Capital Ration $ % $ % $ % Total Capital Ratio $ % $ % $ % Since the Company has less than $1 billion in assets, it is not subject to minimum consolidated capital ratio requirements.

Financial Instruments with Off-

Financial Instruments with Off-Balance Sheet Risk	12 Months Ended
	Dec. 31, 2016
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	NOTE 14. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers. These financial instruments consist of commitments to extend credit and letters of credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the accompanying consolidated balance sheets. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance-sheet loans. Commitments to extend credit are agreements to lend to customers as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Outstanding available loan commitments, primarily for commercial real estate, construction, and land development loans totaled $95.3 million and $102.3 million at December 31, 2016 and 2015. Most of the Company’s lending activity is with customers located in Bergen County, New Jersey. At December 31, 2016 and 2015, the Company had outstanding letters of credit to customers totaling $3.6 million and $3.7 million, respectively, whereby the Company guarantees performance to a third party. These letters of credit generally have fixed expiration dates of one year or less. The fair value of these letters of credits is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements. At December 31, 2016 and 2015, such amounts were deemed not material.

Financial Information of Parent

Financial Information of Parent Company	12 Months Ended
	Dec. 31, 2016
Financial Information of Parent Company
Financial Information of Parent Company	NOTE 15. Financial Information of Parent Company The following information represents Bancorp of New Jersey, Inc. only balance sheets as of December 31, 2016 and 2015, respectively, the statements of income for the years ended December 31, 2016 and December 31, 2015, and the statements of cash flows for the years December 31, 2016 and December 31, 2015 and should be read in conjunction with the notes to the consolidated financial statements. Balance Sheets (in thousands) December 31, 2016 2015 Assets: Investment in subsidiary, net $ $ Total assets $ $ Liabilities and stockholders’ equity: Stockholders’ equity $ $ $ $ Statements of Income and Comprehensive Income Years ended December 31, (in thousands) 2016 2015 Equity in undistributed earnings of subsidiary bank $ $ Net Income Other comprehensive income Comprehensive Income $ $ Statements of Cash Flow Years ended December 31, (in thousands) 2016 2015 Cash flow from operating activities: Net income $ $ Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the subsidiary bank Net cash provided by operating activities: — — Cash flows from investing activities: Cash dividends received from subsidiary bank Net cash provided by investing activities Cash flows from financing activities: Cash dividends paid Net cash provided by financing activities Net change in cash for the period — — Net cash at beginning of year — — Net cash at end of year $ — $ —

Fair Value Measurement and Fair

Fair Value Measurement and Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
Fair Value Measurement and Fair Value of Financial Instruments
Fair Value Measurement and Fair Value of Financial Instruments	NOTE 16. Fair Value Measurement and Fair Value of Financial Instruments 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 as follows: · 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 (i.e. supported with little or no market activity). An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2016 and December 31, 2015, respectively, are as follows (in thousands): (Level 1) (Level 2) (Level 3) Quoted Prices in Active Markets Significant Other December 31, for Identical Observable Significant Description 2016 Assets Inputs 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) Quoted Prices in Active Markets Significant Other December 31, for Identical Observable Significant Description 2015 Assets Inputs 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 December 31, 2016 and December 31, 2015, respectively, is as follows (in thousands): (Level 1) (Level 2) (Level 3) Quoted Prices in December 31, Active Markets for Significant Other Significant Description 2016 Identical Assets Observable Inputs Unobservable Inputs Impaired loans $ — $ — $ — $ — Other real estate owned $ $ — $ — $ (Level 1) (Level 2) (Level 3) Quoted Prices in December 31, Active Markets for Significant Other Significant Description 2015 Identical Assets Observable Inputs Unobservable Inputs Impaired loans $ $ — $ — $ The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value (in thousands): Fair Value Valuation Unobservable Range December 31, 2016 Estimate Techniques Input (Weighted Average) Other real estate owned $ Appraisal of Collateral (1) Appraisal Adjustments (2) 11.5% - 48.40% (21.8)% Liquidation Expenses (2) 8.9% - 10.3% (9.3)% Fair Value Valuation Unobservable Range December 31, 2015 Estimate Techniques Input (Weighted Average) Impaired loans $ Appraisal of Collateral (1) Appraisal Adjustments (2) 0% -1.0% (-0.5)% Liquidation Expenses (2) 0% -48.1% (-33.8)% (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. 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 transaction 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 for the Company’s financial instruments are as follows at December 31, 2016 and 2015 (in thousands): (Level 1) (Level 2) (Level 3) Quoted Prices in Significant December 31, 2016 Active Markets for Significant Other Unobservable Carrying amount Estimated 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 — — Net loans — — Accrued interest receivable — — Financial liabilities: Deposits — Borrowed funds — — Accrued interest payable — — (Level 1) (Level 2) (Level 3) Quoted Prices in Significant December 31, 2015 Active Markets for Significant Other Unobservable Carrying amount Estimated 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 — — Net loans — — Accrued interest receivable — — Financial liabilities: Deposits — Borrowed funds — — Accrued interest payable — — The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at December 31, 2016 and 2015. 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 may be adjusted to reflect illiquidity 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) would be used to support fair values of certain Level 3 investments, if applicable. 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 fair value generally based on the fair value of the loan’s collateral (based on independent third party appraisal) or discounted cash flows based upon the expected proceeds. 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. Borrowed Funds The fair value of borrowed funds is estimated using quoted market prices, if available, or by discounting future cash flows using current interest rates for similar financial instruments. Limitation The preceding fair value estimates were made at December 31, 2016 and 2015 based on pertinent market data and relevant information on the financial instruments. 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 December 31, 2016 and 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 (Loss)	12 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	NOTE 17. Accumulated Other Comprehensive Income (Loss) There were no reclassifications out of accumulated comprehensive income for the year ended December 31, 2016. Reclassifications out of accumulated other comprehensive loss for the year ended December 31, 2015 are as follows (in thousands): Amount Reclassified from Accumulated Other Details About Accumulated Other Comprehensive Income Affected Line Item in the Statements Comprehensive Income (Loss) Components (Loss) of Income (Loss) Year ended December 31, 2015 Available for Sale Securities Realized gains on sale of securities $ Gains (losses) on sale of securities Income tax expense Total reclassifications $ Net of tax

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2016
Recent Accounting Pronouncements
Recent Accounting Pronouncements	NOTE 18. Recent Accounting Pronouncements This section 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. However, we do believe the new standard will result in new disclosure requirements. We are currently in the process of reviewing contracts to assess the impact of the new guidance on our service offerings that are in the scope of the guidance, included in non-interest income such as insurance commission fees, service charges, payments processing fees, and brokerage services fees. The Company is continuing to evaluate the effect of the new guidance on revenue sources other than financial instruments on our financial position and consolidated 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 2016-01 will be effective for the Company 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.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Summary of 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 subsidiary, 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. Bancorp of New Jersey is incorporated under the laws of the State of New Jersey to serve as a holding company for the Bank. All significant inter-company accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of the deferred tax asset and the determination of other-than-temporary impairment on securities. While management uses available information to recognize estimated losses on loans, future additions may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. These agencies may require the Company to recognize additions to the allowance based on their judgements of information available to them at the time of their examination. The financial statements have been prepared in conformity with United States Generally Accepted Accounting Standards (“U.S. GAAP”). In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period indicated. Actual results could differ significantly from those estimates.
Significant Group of Concentration of Credit Risk	Significant Group of Concentration of Credit Risk The Company’s activities are, primarily, with customers located within Bergen County, New Jersey. The Company does not have any significant concentration to any one industry or customers within its primary service area. Note 3 describes the types of lending in which the Company engages. Although the Company actively manages the diversification of the loan portfolio, a substantial portion of the debtors’ ability to honor their contracts is dependent on the strength of the local economy.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest-bearing deposits in banks, and federal funds sold, which are generally sold for one-day periods.
Interest-bearing deposits in banks	Interest-bearing deposits in banks Interest-bearing deposits in banks are carried at cost, which approximate fair value.
Regulators	Regulators The Bank is subject to federal and New Jersey statutes applicable to banks chartered under the New Jersey banking laws. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). Accordingly, the Bank is subject to regulation, supervision, and examination by the New Jersey State Department of Banking and Insurance and the FDIC. The Company is subject to regulation, supervision and examination by the Board of Governors of the Federal Reserve System “FRB”.
Securities	Securities The Company reports investment securities in one of the following categories: (i) held to maturity (management has the intent and ability to hold to maturity), which are reported at amortized cost; (ii) trading (held for current resale), which are reported at fair value, with unrealized gains and losses included in earnings and (iii) available for sale, which are reported at fair value, with unrealized gains and lossess excluded from earnings and reported as a separate component of stockholders’ equity. The Company has classified all of its holdings of investment securities as either held to matruity or available for sale. At the time a security is purchased, a determination is made as to the approproiate classification. Premiums and discounts on investment securities are amortized as expense and accreted as income over the estimated life of the respective security using a method that generally approximates the level-yield method. Gains and losses on the sales of investment securities are recognized upon realization, using the specific identification method and shown separately in the consolidate statements of operations. Management evaluates securities for Other Than Temporary Impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirment to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the statement of income and 2) OTTI related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings.
Premises and Equipment	Premises and Equipment Premises and equipment are stated at historical cost, less accumulated depreciation and amortization. Depreciation of fixed assets is accumulated on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the related lease. The estimated lives of our premises and equipment range from 3 years for certain computer related equipment to 39 years for building costs associated with newly constructed buildings. Maintenance and repairs are charged to expense in the year incurred.
Loans and Allowance for Loan Losses	Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. For all classes of loans receivable, the accrual of interest on loans is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of loans receivable is determined based on contractual due dates for loan payments. The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The reserve for unfunded lending commitments represents management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated balance sheets. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The allowance for credit losses is maintained at a level considered adequate to provide for losses that are probable and reasonable to estimate. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the loan portfolio and unfunded commitments, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance for loan losses consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. Nature and volume of the portfolio and terms of loans. 4. Experience, ability, and depth of lending management and staff. 5. Volume and severity of past due, classified and nonaccrual loans as well as and other loan modifications. 6. Quality of the Company’s loan review system, and the degree of oversight by the Company’s board of directors. 7. Existence and effect of any concentrations of credit and changes in the level of such concentrations. 8. Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDR”) and classified as impaired. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans and other consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Loans classified as TDRs are designated as impaired and evaluated for impairment until they are ultimately repaid in full or foreclosed and sold. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. The Company’s methodology for the determination of the allowance for loan losses includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition to the Company’s methodology, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses was adequate.
Other Real Estate Owned	Other Real Estate Owned Other real estate owned consists of real estate acquired by foreclosure and is initially recorded at fair value, less estimated selling costs. Subsequent to foreclosure, revenues are included in non-interest income and expenses from operations and lower of cost or market changes in the valuation are included in non-interest expenses.
Stock-Based Compensation	Stock-Based Compensation ASC Topic 718 Compensation-Stock Compensation addresses the accounting for share-based payment transactions in which an enterprise receives employee service in exchange for (a) equity instruments of the enterprise or (b) liabilities that are based on the fair value of the enterprise’s equity instruments or that may be settled by the issuance of such equity instruments. Guidance requires an entity to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees within the income statement using a fair-value-based method. The Company accounts for stock options under these recognition and measurement principles. The Company recorded stock-based compensation expense of $285 thousand and $211 thousand during 2016 and 2015, respectively. At December 31, 2016, the Company had $164 thousand of unrecognized compensation expense related to stock options. At December 31, 2016, the Company had $213 thousand of unrecognized compensation expense related to unvested restricted stock.
Stockholders' Equity and Related Transactions	Stockholders’ Equity and Related Transactions On March 2, 2015, the Company closed on a private placement of approximately $9.5 million (net of expenses, approximatley $9.3 million) or 868,057 shares of its common stock at a price of $10.95 per share. The shares of common stock were offered and were sold in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The shares have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be reoffered or resold 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 .
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. There are two components of the income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted law to the taxable income or excess of deductions and revenues. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. As required by ASC Topic 740, Income Taxes , the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Bank applied ASC Topic 740 to all tax positions for which the statute of limitations remained open. There was no material effect on the Company’s consolidated financial position or results of operations and no adjustment to retained earnings. The Company recognizes interest and penalties on income taxes as a component of income tax.
Earnings Per Share	Earnings Per Share Basic earnings per share excludes dilution and represents the effect of earnings upon the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the effect of earnings upon weighted average shares including the potential dilution that could occur if securities or contracts to issue common stock were converted or exercised, utilizing the treasury stock method.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income for the current period and income, expenses, or gains and losses not included in the consolidated income statement and which are reported directly as a separate component of stockholders’ equity. The Company includes the required disclosures in the statements of comprehensive income.
Advertising	Advertising The Company expenses advertising costs as incurred. Advertising expenses totaled $308 thousand and $289 thousand for 2016 and 2015, respectively and are included in other operating expenses.
Transfer of Financial Assets	Transfer of Financial Assets Transfers of financial assets, including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity, or the ability to unilaterally cause the holder to return specific assets.
Restricted Investment in Bank Stock	Restricted Investment in Bank Stock Restricted investment in bank stocks which represent required investments in the common stock of correspondent banks, is carried at cost and consists of the common stock of the Federal Home Loan Bank of New York (“FHLB”) of $1.9 million and Atlantic Community Bankers Bank, (“ACBB”) of $100 thousand respectively as of December 31, 2016 and 2015. Federal law requires a member institution of the FHLB to hold stock according to a predetermined formula. All restricted stock is recorded at cost as of December 31, 2016 and 2015. Management believes no impairment charge is necessary related to the FHLB or ACBB restricted stock as of December 31, 2016.
Restrictions on Cash and Amounts Due From Banks	Restrictions on Cash and Amounts Due From Banks The Bank is required to maintain average balances on hand or with the Federal Reserve Bank of New York (“FRB”). At December 31, 2016 and 2015, these reserve balances amounted to $5.9 million and $3.4 million, respectively, and are reflected in interest bearing deposits in banks.

Securities (Tables)

Securities (Tables)	12 Months Ended
	Dec. 31, 2016
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 December 31, 2016 and 2015 is as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Fair 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 $ $ $ $ Gross Gross Amortized Unrealized Unrealized Fair 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 — $ $ — $ $
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 at December 31, 2016 and 2015 are as follows (in thousands): Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized 2016 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 $ $ $ $ $ $ Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized 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	The following table sets forth as of December 31, 2016, the maturity distribution of the Company’s held to maturity and available for sale portfolios (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 and Allowances for Loan L

Loans and Allowances for Loan Losses (Tables)	12 Months Ended
	Dec. 31, 2016
Loans and Allowance for Loan Losses
Summary of loans	Loans at December 31, 2016 and 2015, are summarized as follows (in thousands): December 31, 2016 December 31, 2015 Commercial real estate $ $ Residential mortgages (1) Commercial (1) Home equity Consumer $ $ (1) Reflects the results of presentation reclassification of the company’s loan portfolio affecting commercial loans and residential mortgages made effective during the year ended December 31, 2016.
Schedule of activity in the allowance for loan losses and recorded investment in loan receivables	The following table presents the activity in the allowance for loan losses and recorded investment in loan receivables as of and for the year ended December 31, 2016 (in thousands): Commercial Residential Real Estate Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs — — Recoveries — — — — Provision (credit) Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Loan receivables: Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluated for impairment $ $ $ $ $ — $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ — $ The following table presents the activity in the allowance for loan losses and recorded investment in loan receivables as of and for the year ended December 31, 2015 (in thousands): Commercial Residential Real Estate Mortgages Commercial Home Equity Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ $ $ $ $ $ $ Charge-offs Recoveries — — — — Provision (credit) Ending balance $ $ $ $ $ $ $ Ending balance: individually evaluated for impairment $ — $ $ — $ $ — $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ Loan receivables: Ending balance $ $ $ $ $ $ — $ Ending balance: individually evaluated for impairment $ $ $ — $ $ — $ — $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ — $
Schedule of classes of the loan portfolio summarized by the past due status	The following tables present the classes of the loan portfolio summarized by the past due status as of December 31, 2016 and 2015 (in thousands): 30-59 Days 60-89 Days Greater than Total Past Total Loans Nonaccrual 2016 Past Due Past Due 90 Days Due Current Receivables Loans Commercial real estate $ $ — $ $ $ $ $ Residential mortgages — — Commercial — — Home equity — Consumer — — — — — $ $ — $ $ $ $ $ 30-59 Days 60-89 Days Greater than Total Past Total Loans Nonaccrual 2015 Past Due Past Due 90 Days Due Current Receivables Loans Commercial real estate $ $ — $ $ $ $ $ Residential mortgages — Commercial — — — — — Home equity — Consumer — — — — — $ $ $ $ $ $ $
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 tables present 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 December 31, 2016 and 2015 (in thousands): Commercial Residential 2016 Real Estate Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — Doubtful — — — — — — $ $ $ $ $ $ Commercial Residential 2015 Real Estate Mortgages Commercial Home Equity Consumer Total Pass $ $ $ $ $ $ Special Mention — — Substandard — — Doubtful — — — — — — $ $ $ $ $ $
Schedule of information about Company's impaired loans	The following tables provide information about the Company’s impaired loans as of and for the years ended December 31, 2016 and 2015 (in thousands): Unpaid Recorded Principal Related 2016 Investment Balance 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 $ $ $ — Unpaid Recorded Principal Related 2015 Investment Balance 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 $ $ $ Year Ended Year Ended December 31, 2016 December 31, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Received Investment Received Impaired loans with specific reserves: Commercial real estate $ — $ — $ — $ — Residential mortgages — — Commercial — — — — Home equity — — — — Impaired loans with no specific reserves: Commercial real estate — — Residential mortgages — Commercial — — Home equity — — Consumer — — — — — $ $ — $ $
Schedule of TDR loans	The following table presents TDR loans (all of which are classified as impaired loans) as of December 31, 2016 and 2015 (in thousands): Accrual Number of Nonaccrual Number of 2016 Status Loans Status Loans Total Commercial real estate $ — — $ $ Residential mortgages Home equity $ $ $ Accrual Number of Nonaccrual Number of 2015 Status Loans Status Loans Total Commercial real estate $ — — $ $ Residential mortgages Home equity $ $ $
Summary of pre and post modification troubled debt restructurings recorded investments	The following table summarizes information in regards to troubled debt restructurings that occurred during the year ended December 31, 2016 (in thousands): Post- Pre-Modification Modification Outstanding Outstanding Number of Recorded Recorded 2016 Loans Investments Investments Residential mortgages $ $ Home equity $ $
Schedule of nature of modifications	The following table displays the nature of modifications during the year ended December 31, 2016 (in thousands): Rate Term Interest Only Payment Combination Total 2016 Modification Modification Modification Modification Modification Modifications Pre-modification outstanding recorded investment: Residential mortgages $ — $ $ — $ — $ — $ Home equity — — — — $ — $ $ — $ — $ — $

Premises and Equipment (Tables)

Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Premises and Equipment
Schedule of premises and equipment	At December 31, 2016 and 2015, premises and equipment consists of the following (in thousands): 2016 2015 Land $ $ Buildings Furniture and fixtures Equipment Less accumulated depreciation and amortization Total premises and equipment, net $ $

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2016
Deposits
Summary of the maturity of time deposits (which includes certificates of deposit and individual retirement account (IRA) certificates)	At December 31, 2016 and 2015, respectively, a summary of the maturity of time deposits (which includes certificates of deposit and individual retirement account (IRA) certificates) is as follows (in thousands): 2016 2015 3 months or less $ $ Over 3 months through 12 months Over 1 year through 2 years Over 2 years through 3 years Over 3 years through 4 years Over 4 years through 5 years $ $
Schedule of brokered deposits	At December 31, 2016 and 2015, the Company’s brokered deposits are as follows: 2016 2015 CDARS* Public Funds Reciprocal $ $ Non-Public Funds Reciprocal FTN** Non-Reciprocal Funds *Certificate of Deposit Account Registry Service **First Tennessee National Bank

Borrowed Funds (Tables)

Borrowed Funds (Tables)	12 Months Ended
	Dec. 31, 2016
Borrowed Funds.
Schedule of information concerning long-term borrowings	Information concerning long-term borrowings at December 31, 2016 and 2015 is as follows (in thousands): 2016 Original Amount Rate Term (years) Maturity 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 $ % 2015 Original Amount Rate 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 $ %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes
Schedule of income tax expense from operations	Income tax expense from operations for the years ended December 31, 2016 and 2015 is as follows (in thousands): 2016 2015 Current tax expense: Federal $ $ State Deferred income tax benefit: Federal State $ $
Schedule of significant portions of the deferred tax assets and deferred tax liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Deferred tax assets: Start up expenses $ $ Allowance for loan losses Accrued expenses Stock compensation plans Unrealized losses on available for sale securities Other Total gross deferred tax assets Deferred tax liabilities: Deferred loan costs Prepaid expenses Depreciation Total gross deferred tax liabilities $ $
Schedule of difference in income tax expense from the amounts computed by applying the U.S. federal income tax rate	Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 34% to income taxes as a result of the following (in thousands): 2016 2015 Computed “expected” tax expense $ $ Increase (decrease) in taxes resulting from: State taxes, net of federal income tax expense Tax exempt income Stock-based compensation Meals and entertainment Other $ $

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2016
Leases
Schedule of future minimum lease payments (exclusive of payments for maintenance, insurance, taxes and any other costs associated with offices) for operating leases	The following is a schedule of future minimum lease payments (exclusive of payments for maintenance, insurance, taxes and any other costs associated with offices) for operating leases with initial or remaining terms in excess of one year from December 31, 2016 (in thousands): Year ending December 31, 2017 $ 2018 2019 2020 2021 Thereafter $

Related-party Transactions (Tab

Related-party Transactions (Tables)	12 Months Ended
	Dec. 31, 2016
Related-party Transactions
Summary of related-party loan activity	The following table represents a summary of related-party loan activity during the years ended December 31, 2016 and 2015 (in thousands): 2016 2015 Outstanding loans at beginning of the year $ $ Advances Repayments Outstanding loans at end of the year $ $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share
Schedule showing earnings per share	The Company’s calculation of earnings per share is as follows for the years ended December 31, 2016 and 2015 (in thousands except per share data): For the year ended December 31, (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 outstanding- diluted Diluted earnings per share $ $

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2016
2006 Stock Option Plan
Benefit Plans
Summary of stock option activity	Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Shares per Share (1) Term Outstanding at December 31, 2014 $ Exercised Outstanding at December 31, 2015 $ $ Exercisable at December 31, 2015 $ $ Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Shares per Share (1) Term Outstanding at December 31, 2015 $ Granted Forfeited Exercised Outstanding at December 31, 2016 $ $ Exercisable at December 31, 2016 $ $ (1) The aggregate intrinsic value of a stock option in the table above 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 December 31, 2016. This amount changes based on the changes in the market value in the Company’s common stock.
2007 Director Plan
Benefit Plans
Summary of stock option activity	Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Life Shares per Share (1) (Years) Outstanding at December 31, 2014 $ Outstanding at December 31, 2015 $ $ — Exercisable at December 31, 2015 $ $ — Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Life Shares per Share (1) (Years) Outstanding at December 31, 2015 $ Forfeited Outstanding at December 31, 2016 $ $ Exercisable at December 31, 2016 $ $ (1) The aggregate intrinsic value of a stock option in the table above 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 December 31, 2016. This amount changes based on the changes in the market value in the Company’s common stock.
2011 Equity Incentive Plan
Benefit Plans
Summery of the Companies non-vested restricted share awards	2015 Weighted Average Number Grant Date of Shares Fair Value Non-vested restricted stock, beginning of year Vested Non-vested restricted stock, end of year $ 2016 Weighted Average Number Grant Date of Shares Fair Value Non-vested restricted stock, beginning of year Forfeited Vested Non-vested restricted stock, end of year $
2011 Equity Incentive Plan | Non-qualified options
Benefit Plans
Summary of stock option activity	Weighted Weighted Average Average Aggregate Remaining Number of Exercise Price Intrinsic Value Contractual Shares per Share (1) Term Outstanding at December 31, 2015 — $ — Granted Outstanding at December 31, 2016 $ $ Exercisable at December 31, 2016 $ $ (1) The aggregate intrinsic value of a stock option in the table above 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 December 31, 2016. This amount changes based on the changes in the market value in the Company’s common stock.

Regulatory Capital Requiremen39

Regulatory Capital Requirements (Tables)	12 Months Ended
	Dec. 31, 2016
Regulatory Capital Requirements
Summary of the Bank's actual capital amounts and ratios compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution	FDIC requirements Minimum Capital For Classification Bank actual Adequacy As Well Capitalized Amount Ratio Amount Ratio Amount Ratio 2016 Leverage (Tier 1) Capital Ratio $ % $ % $ % Risk-Based Capital: Common Equity Tier 1 Capital $ % $ % $ % Tier 1 Capital Ratio $ % $ % $ % Total Capital Ratio $ % $ % $ % 2015 Leverage (Tier 1) Capital Ratio $ % $ % $ % Risk-based capital: Common Equity Tier 1 Capital $ % $ % $ % Tier 1 Capital Ration $ % $ % $ % Total Capital Ratio $ % $ % $ %

Financial Information of Pare40

Financial Information of Parent Company (Tables)	12 Months Ended
	Dec. 31, 2016
Financial Information of Parent Company
Schedule of Balance Sheet of Parent Company	Balance Sheets (in thousands) December 31, 2016 2015 Assets: Investment in subsidiary, net $ $ Total assets $ $ Liabilities and stockholders’ equity: Stockholders’ equity $ $ $ $
Schedule of Statement of Income and Comprehensive Income of Parent Company	Statements of Income and Comprehensive Income Years ended December 31, (in thousands) 2016 2015 Equity in undistributed earnings of subsidiary bank $ $ Net Income Other comprehensive income Comprehensive Income $ $
Schedule of Statement of Cash Flow of Parent Company	Statements of Cash Flow Years ended December 31, (in thousands) 2016 2015 Cash flow from operating activities: Net income $ $ Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the subsidiary bank Net cash provided by operating activities: — — Cash flows from investing activities: Cash dividends received from subsidiary bank Net cash provided by investing activities Cash flows from financing activities: Cash dividends paid Net cash provided by financing activities Net change in cash for the period — — Net cash at beginning of year — — Net cash at end of year $ — $ —

Fair Value Measurement and Fa41

Fair Value Measurement and Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Measurement and Fair Value of Financial Instruments
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 December 31, 2016 and December 31, 2015, respectively, are as follows (in thousands): (Level 1) (Level 2) (Level 3) Quoted Prices in Active Markets Significant Other December 31, for Identical Observable Significant Description 2016 Assets Inputs 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) Quoted Prices in Active Markets Significant Other December 31, for Identical Observable Significant Description 2015 Assets Inputs 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 December 31, 2016 and December 31, 2015, respectively, is as follows (in thousands): (Level 1) (Level 2) (Level 3) Quoted Prices in December 31, Active Markets for Significant Other Significant Description 2016 Identical Assets Observable Inputs Unobservable Inputs Impaired loans $ — $ — $ — $ — Other real estate owned $ $ — $ — $ (Level 1) (Level 2) (Level 3) Quoted Prices in December 31, Active Markets for Significant Other Significant Description 2015 Identical Assets Observable Inputs Unobservable Inputs Impaired loans $ $ — $ — $
Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company utilized Level 3 inputs to determine fair value	The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value (in thousands): Fair Value Valuation Unobservable Range December 31, 2016 Estimate Techniques Input (Weighted Average) Other real estate owned $ Appraisal of Collateral (1) Appraisal Adjustments (2) 11.5% - 48.40% (21.8)% Liquidation Expenses (2) 8.9% - 10.3% (9.3)% Fair Value Valuation Unobservable Range December 31, 2015 Estimate Techniques Input (Weighted Average) Impaired loans $ Appraisal of Collateral (1) Appraisal Adjustments (2) 0% -1.0% (-0.5)% Liquidation Expenses (2) 0% -48.1% (-33.8)% (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 for the Company’s financial instruments are as follows at December 31, 2016 and 2015 (in thousands): (Level 1) (Level 2) (Level 3) Quoted Prices in Significant December 31, 2016 Active Markets for Significant Other Unobservable Carrying amount Estimated 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 — — Net loans — — Accrued interest receivable — — Financial liabilities: Deposits — Borrowed funds — — Accrued interest payable — — (Level 1) (Level 2) (Level 3) Quoted Prices in Significant December 31, 2015 Active Markets for Significant Other Unobservable Carrying amount Estimated 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 — — Net loans — — Accrued interest receivable — — Financial liabilities: Deposits — Borrowed funds — — Accrued interest payable — —

Accumulated Other Comprehensi42

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss)
Schedule of Reclassifications out of accumulated other comprehensive income	Reclassifications out of accumulated other comprehensive loss for the year ended December 31, 2015 are as follows (in thousands): Amount Reclassified from Accumulated Other Details About Accumulated Other Comprehensive Income Affected Line Item in the Statements Comprehensive Income (Loss) Components (Loss) of Income (Loss) Year ended December 31, 2015 Available for Sale Securities Realized gains on sale of securities $ Gains (losses) on sale of securities Income tax expense Total reclassifications $ Net of tax

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Par Value and Branch Offices (Details)	Dec. 31, 2016item
Bank
Significant accounting policies.
Number of branch offices in addition to main office	9

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Premises and Equipment (Details) - USD ($)	Mar. 02, 2015	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Loans and Allowance for Loan Losses
Past due period after which accrual of interest is discontinued			90 days
Reasonable period for restoration of loans to accrual status			6 months
Portion of the allowance for loan losses restricted to any individual loan or groups of loans			$ 0
Stock-Based Compensation
Stock-based compensation expense			285,000	$ 211,000
Unrecognized compensation expenses related to unvested stock options		$ 164,000	164,000
Unrecognized compensation expense related to unvested restricted stock granted		213,000	213,000
Stockholders' Equity and Related Transactions
Proceeds from the sale of common stock through the private placement				$ 9,280,000
Shares of common stock issued during the period				868,057
Advertising
Advertising expenses			$ 308,000	$ 289,000
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
Computer related equipment | Minimum
Premises and equipment
Estimated lives			3 years
Building | Maximum
Premises and equipment
Estimated lives			39 years
2006 Stock Option Plan
Stock-Based Compensation
Stock-based compensation expense		29,000	$ 48,000
Unrecognized compensation expenses related to unvested stock options		$ 125,000	$ 125,000

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Restrictions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Restricted Investment in Bank Stock
Restricted investment in bank stock	$ 1,983	$ 2,020
Federal Home Loan Bank of New York
Restricted Investment in Bank Stock
Restricted investment in bank stock	1,900
Atlantic Community Bankers Bank
Restricted Investment in Bank Stock
Restricted investment in bank stock	100
Impairment charge	$ 0

Securities - Summary (Details)

Securities - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Securities Held to Maturity:
Amortized Cost	$ 7,343	$ 5,829
Total	7,343	5,829
Securities Available for Sale:
Amortized Cost	61,906	65,232
Gross Unrealized Gains	6
Gross Unrealized Losses	(323)	(482)
Total	61,589	64,750
Total securities
Amortized Cost	69,249	71,061
Gross Unrealized Gains	6
Gross Unrealized Losses	(323)	(482)
Fair Value	68,932	70,579
Obligations of states and political subdivisions
Securities Held to Maturity:
Amortized Cost	7,343	5,829
Total	7,343	5,829
U.S. Treasury obligations
Securities Available for Sale:
Amortized Cost	6,400	6,512
Gross Unrealized Losses	(132)	(159)
Total	6,268	6,353
Government sponsored enterprise obligations
Securities Available for Sale:
Amortized Cost	55,506	58,720
Gross Unrealized Gains	6
Gross Unrealized Losses	(191)	(323)
Total	$ 55,321	$ 58,397

Securities - Pledged Securities

Securities - Pledged Securities and Securities Sold (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)item
Number of available for sale securities sold | item		3
Recognized loss on sale of available for sale securities	$ 0	$ (15)
Public Funds on Deposits
Amortized cost of securities pledged	37,400	31,300
Fair value of securities pledged	37,200	31,000
Federal Home Loan Bank of New York
Amortized cost of securities pledged	11,200	11,200
Fair value of securities pledged	$ 11,100	$ 11,100

Securities - Unrealized Losses

Securities - Unrealized Losses and Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Securities Available for Sale - Fair Value
Less than 12 Months	$ 34,473	$ 15,707
More than 12 Months	13,234	49,043
Total	47,707	64,750
Securities Available for Sale - Unrealized Losses
Less than 12 Months	(158)	(12)
More than 12 Months	(165)	(470)
Total	(323)	(482)
Total Securities - Fair Value
Less than 12 Months	34,473	15,707
More than 12 Months	13,234	49,043
Total	47,707	64,750
Total Securities - Unrealized Losses
Less than 12 Months	(158)	(12)
More than 12 Months	(165)	(470)
Total	$ (323)	(482)
Number of available for sale securities in unrealized loss position for more than twelve months | item	5
U.S. Treasury obligations
Securities Available for Sale - Fair Value
More than 12 Months	$ 6,268	6,353
Total	6,268	6,353
Securities Available for Sale - Unrealized Losses
More than 12 Months	(132)	(159)
Total	$ (132)	(159)
Total Securities - Unrealized Losses
Number of available for sale securities in unrealized loss position | item	2
Government sponsored enterprise obligations
Securities Available for Sale - Fair Value
Less than 12 Months	$ 34,473	15,707
More than 12 Months	6,966	42,690
Total	41,439	58,397
Securities Available for Sale - Unrealized Losses
Less than 12 Months	(158)	(12)
More than 12 Months	(33)	(311)
Total	$ (191)	$ (323)
Total Securities - Unrealized Losses
Number of available for sale securities in unrealized loss position | item	11

Securities - Maturity Distribut

Securities - Maturity Distribution (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Securities Held to Maturity, Amortized Cost
One year or less	$ 7,343
Amortized Cost	7,343	$ 5,829
Securities Held to Maturity, Fair Value
One year or less	7,343
Total	7,343	5,829
Securities Available for sale, Amortized Cost
One year or less	22,036
After one to five years	39,870
Total	61,906
Securities Available for sale, Fair Value
One year or less	22,010
After one to five years	39,579
Total	$ 61,589	$ 64,750

Loans and Allowance for Loan 50

Loans and Allowance for Loan Losses - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Loans
Loans receivable	$ 660,571	$ 645,062
Commercial Real Estate
Loans
Loans receivable	492,296	460,396
Residential Mortgages
Loans
Loans receivable	78,961	48,698
Commercial
Loans
Loans receivable	30,259	69,855
Home Equity
Loans
Loans receivable	58,399	63,308
Consumer
Loans
Loans receivable	$ 656	$ 2,805

Loans and Allowance for Loan 51

Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Allowance for loan losses:
Beginning Balance	$ 8,020	$ 7,192
Charge-offs	(1,340)	(324)
Recoveries	37	228
Provision for loan losses	1,570	924
Ending balance	8,287	8,020
Ending balance: individually evaluated for impairment		347
Ending balance: collectively evaluated for impairment	8,287	7,673
Commercial Real Estate
Allowance for loan losses:
Beginning Balance	5,566	4,950
Charge-offs		(60)
Recoveries	35	226
Provision for loan losses	324	450
Ending balance	5,925	5,566
Ending balance: collectively evaluated for impairment	5,925	5,566
Residential Mortgages
Allowance for loan losses:
Beginning Balance	572	348
Charge-offs		(158)
Provision for loan losses	140	224
Ending balance	554	572
Ending balance: individually evaluated for impairment		267
Ending balance: collectively evaluated for impairment	554	305
Commercial
Allowance for loan losses:
Beginning Balance	1,066	1,128
Charge-offs	(1,026)	(264)
Recoveries	2	2
Provision for loan losses	767	200
Ending balance	809	1,066
Ending balance: collectively evaluated for impairment	809	1,066
Home Equity
Allowance for loan losses:
Beginning Balance	573	500
Charge-offs		(155)
Provision for loan losses	7	73
Ending balance	425	573
Ending balance: individually evaluated for impairment		80
Ending balance: collectively evaluated for impairment	425	493
Consumer
Allowance for loan losses:
Beginning Balance	39	24
Charge-offs		(1)
Provision for loan losses	(32)	15
Ending balance	6	39
Ending balance: collectively evaluated for impairment	6	39
Unallocated
Allowance for loan losses:
Beginning Balance	204	242
Provision for loan losses	364	(38)
Ending balance	568	204
Ending balance: collectively evaluated for impairment	$ 568	$ 204

Loans and Allowance for Loan 52

Loans and Allowance for Loan Losses - Loan Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Loan receivables: Ending balance
Total Loans Receivable	$ 660,571	$ 645,062
Ending balance: individually evaluated for impairment	28,016	7,992
Ending balance: collectively evaluated for impairment	632,555	637,070
Commercial Real Estate
Loan receivables: Ending balance
Total Loans Receivable	492,296	460,396
Ending balance: individually evaluated for impairment	10,485	842
Ending balance: collectively evaluated for impairment	481,811	459,554
Residential Mortgages
Loan receivables: Ending balance
Total Loans Receivable	78,961	48,698
Ending balance: individually evaluated for impairment	9,731	4,524
Ending balance: collectively evaluated for impairment	69,230	44,174
Commercial
Loan receivables: Ending balance
Total Loans Receivable	30,259	69,855
Ending balance: individually evaluated for impairment	3,257
Ending balance: collectively evaluated for impairment	27,002	69,855
Home Equity
Loan receivables: Ending balance
Total Loans Receivable	58,399	63,308
Ending balance: individually evaluated for impairment	4,543	2,626
Ending balance: collectively evaluated for impairment	53,856	60,682
Consumer
Loan receivables: Ending balance
Total Loans Receivable	656	2,805
Ending balance: collectively evaluated for impairment	$ 656	$ 2,805

Loans and Allowance for Loan 53

Loans and Allowance for Loan Losses - Past Due Status (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Past due receivable
Total Past Due	$ 23,087	$ 8,661
Current	637,484	636,401
Total Loans Receivable	660,571	645,062
Nonaccrual loans	$ 18,753	$ 7,356
Number of accruing loans greater than 90 days delinquent | loan	0	0
Interest income that would have been recognized on nonaccrual loans	$ 354	$ 267
30 to 59 Days Past Due
Past due receivable
Total Past Due	4,334	830
60 to 89 Days Past Due
Past due receivable
Total Past Due		475
Greater than 90 Days
Past due receivable
Total Past Due	18,753	7,356
Commercial Real Estate
Past due receivable
Total Past Due	8,736	1,244
Current	483,560	459,152
Total Loans Receivable	492,296	460,396
Nonaccrual loans	5,992	842
Commercial Real Estate | 30 to 59 Days Past Due
Past due receivable
Total Past Due	2,744	402
Commercial Real Estate | Greater than 90 Days
Past due receivable
Total Past Due	5,992	842
Residential Mortgages
Past due receivable
Total Past Due	3,907	4,420
Current	75,054	44,278
Total Loans Receivable	78,961	48,698
Nonaccrual loans	3,907	3,992
Residential Mortgages | 30 to 59 Days Past Due
Past due receivable
Total Past Due		428
Residential Mortgages | Greater than 90 Days
Past due receivable
Total Past Due	3,907	3,992
Commercial
Past due receivable
Total Past Due	3,257
Current	27,002	69,855
Total Loans Receivable	30,259	69,855
Nonaccrual loans	3,257
Commercial | Greater than 90 Days
Past due receivable
Total Past Due	3,257
Home Equity
Past due receivable
Total Past Due	7,187	2,997
Current	51,212	60,311
Total Loans Receivable	58,399	63,308
Nonaccrual loans	5,597	2,522
Home Equity | 30 to 59 Days Past Due
Past due receivable
Total Past Due	1,590
Home Equity | 60 to 89 Days Past Due
Past due receivable
Total Past Due		475
Home Equity | Greater than 90 Days
Past due receivable
Total Past Due	5,597	2,522
Consumer
Past due receivable
Current	656	2,805
Total Loans Receivable	$ 656	$ 2,805

Loans and Allowance for Loan 54

Loans and Allowance for Loan Losses - Ratings (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Loan portfolio by the aggregate pass rating
Total	$ 660,571	$ 645,062
Pass
Loan portfolio by the aggregate pass rating
Total	629,608	621,973
Special Mention
Loan portfolio by the aggregate pass rating
Total	2,947	15,963
Substandard
Loan portfolio by the aggregate pass rating
Total	28,016	7,126
Commercial Real Estate
Loan portfolio by the aggregate pass rating
Total	492,296	460,396
Commercial Real Estate | Pass
Loan portfolio by the aggregate pass rating
Total	481,211	450,193
Commercial Real Estate | Special Mention
Loan portfolio by the aggregate pass rating
Total	600	7,644
Commercial Real Estate | Substandard
Loan portfolio by the aggregate pass rating
Total	10,485	2,559
Residential Mortgages
Loan portfolio by the aggregate pass rating
Total	78,961	48,698
Residential Mortgages | Pass
Loan portfolio by the aggregate pass rating
Total	67,204	48,698
Residential Mortgages | Special Mention
Loan portfolio by the aggregate pass rating
Total	2,026
Residential Mortgages | Substandard
Loan portfolio by the aggregate pass rating
Total	9,731
Commercial
Loan portfolio by the aggregate pass rating
Total	30,259	69,855
Commercial | Pass
Loan portfolio by the aggregate pass rating
Total	26,681	62,367
Commercial | Special Mention
Loan portfolio by the aggregate pass rating
Total	321	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	58,399	63,308
Home Equity | Pass
Loan portfolio by the aggregate pass rating
Total	53,856	57,910
Home Equity | Special Mention
Loan portfolio by the aggregate pass rating
Total		4,400
Home Equity | Substandard
Loan portfolio by the aggregate pass rating
Total	4,543	998
Consumer
Loan portfolio by the aggregate pass rating
Total	656	2,805
Consumer | Pass
Loan portfolio by the aggregate pass rating
Total	$ 656	$ 2,805

Loans and Allowance for Loan 55

Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Recorded Investment
Loans with specific reserves		$ 3,846
Loans with no specific reserves	$ 28,016	4,146
Total loans	28,016	7,992
Unpaid Principal Balance
Loans with specific reserves		4,230
Loans with no specific reserves	29,245	4,635
Total loans	29,245	8,865
Related Allowance
Total loans		347
Average Recorded Investment
Loans with specific reserves		3,861
Loans with no specific reserves	27,550	4,213
Total loans	27,550	8,074
Interest Income Received
Loans with specific reserves		12
Loans with no specific reserves		5
Total interest income		17
Commercial Real Estate
Recorded Investment
Loans with no specific reserves	10,485	842
Unpaid Principal Balance
Loans with no specific reserves	10,509	867
Average Recorded Investment
Loans with no specific reserves	15,031	1,024
Residential Mortgages
Recorded Investment
Loans with specific reserves		3,568
Loans with no specific reserves	9,731	956
Unpaid Principal Balance
Loans with specific reserves		4,055
Loans with no specific reserves	10,804	1,045
Related Allowance
Total loans		267
Average Recorded Investment
Loans with specific reserves		3,653
Loans with no specific reserves	4,429	807
Interest Income Received
Loans with specific reserves		7
Loans with no specific reserves		5
Commercial
Recorded Investment
Loans with no specific reserves	3,257
Unpaid Principal Balance
Loans with no specific reserves	3,257
Average Recorded Investment
Loans with no specific reserves	3,256	3
Home Equity
Recorded Investment
Loans with specific reserves		278
Loans with no specific reserves	4,543	2,348
Unpaid Principal Balance
Loans with specific reserves		175
Loans with no specific reserves	4,675	2,723
Related Allowance
Total loans		80
Average Recorded Investment
Loans with specific reserves		208
Loans with no specific reserves	$ 4,834	2,379
Interest Income Received
Loans with specific reserves		$ 5

Loans and Allowance for Loan 56

Loans and Allowance for Loan Losses - Troubled Debt Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Troubled debt restructuring
Accrual Status	$ 624	$ 636
Number of Loans | loan	4	4
Nonaccrual Status	$ 7,256	$ 4,694
Number of Loans | loan	13	6
Total	$ 7,880	$ 5,330
Number of new TDRs | loan		8
Pre-modification outstanding recorded investments	$ 3,273	$ 3,273
Post-modification outstanding recorded investments		$ 2,935
Number of TDR loan contracts which had payment defaults | loan	0	0
Foreclosed properties
Foreclosed residential real estate properties held as a result of obtaining physical possession	$ 0	$ 0
Loans in formal foreclosure proceedings	1,700	2,300
Term Modification
Troubled debt restructuring
Pre-modification outstanding recorded investments	3,273
Residential Mortgages
Troubled debt restructuring
Accrual Status	$ 521	$ 532
Number of Loans | loan	2	2
Nonaccrual Status	$ 3,477	$ 3,468
Number of Loans | loan	5	4
Total	$ 3,998	$ 4,000
Number of new TDRs | loan		2
Pre-modification outstanding recorded investments	543	$ 543
Post-modification outstanding recorded investments		304
Residential Mortgages | Term Modification
Troubled debt restructuring
Pre-modification outstanding recorded investments	543
Commercial Real Estate
Troubled debt restructuring
Nonaccrual Status	$ 338	$ 367
Number of Loans | loan	1	1
Total	$ 338	$ 367
Home Equity
Troubled debt restructuring
Accrual Status	$ 103	$ 104
Number of Loans | loan	2	2
Nonaccrual Status	$ 3,441	$ 859
Number of Loans | loan	7	1
Total	$ 3,544	$ 963
Number of new TDRs | loan		6
Pre-modification outstanding recorded investments	2,730	$ 2,730
Post-modification outstanding recorded investments		$ 2,631
Home Equity | Term Modification
Troubled debt restructuring
Pre-modification outstanding recorded investments	$ 2,730

Premises and Equipment (Details

Premises and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Premises and equipment
Total premises and equipment, gross	$ 18,220	$ 14,592
Less accumulated depreciation and amortization	4,723	4,092
Total premises and equipment, net	13,497	10,500
Depreciation and amortization	665	615
Land
Premises and equipment
Total premises and equipment, gross	4,828	4,828
Building
Premises and equipment
Total premises and equipment, gross	10,038	6,906
construction in progress	3,900
Estimated total future commitments	600
Building under construction
Premises and equipment
Depreciation and amortization	0
Furniture and fixtures
Premises and equipment
Total premises and equipment, gross	1,131	855
Equipment
Premises and equipment
Total premises and equipment, gross	$ 2,223	$ 2,003

Deposits (Details)

Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Maturity of Time Deposits
3 months or less	$ 59,889	$ 80,882
Over 3 months through 12 months	92,044	153,638
Over 1 year through 2 years	51,818	53,532
Over 2 years through 3 years	31,135	26,831
Over 3 years through 4 years	9,976	25,585
Over 4 years through 5 years	47,880	9,896
Total time deposits	292,742	350,364
Brokered Deposits
Brokered deposits	27,200	39,843
Public Funds Reciprocal
Brokered Deposits
Brokered deposits	7,311	6,050
Non-Public Funds Reciprocal
Brokered Deposits
Brokered deposits	14,898	17,125
Non-Reciprocal Funds
Brokered Deposits
Brokered deposits	$ 4,991	$ 16,668

Borrowed Funds (Details)

Borrowed Funds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Borrowed Funds
Amount		$ 26,529
Rate (as a percent)		1.58%
Amount outstanding under line of credit facility	$ 0	$ 0
Federal Home Loan Bank of New York
Borrowed Funds
Amount	$ 25,008
Rate (as a percent)	1.83%
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	$ 2,630	$ 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	$ 4,070	$ 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	$ 3,916	$ 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	$ 3,469	$ 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	$ 5,923	$ 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
Amount outstanding under line of credit facility	$ 5,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Current tax expense:
Federal	$ 2,455	$ 2,913
State	162	164
Deferred income tax benefit:
Federal	(383)	(425)
State	(100)	(117)
Income tax expense	2,134	2,535
Deferred tax assets:
Start up expenses	152	187
Allowance for loan losses	3,541	3,392
Accrued expenses	299	340
Stock compensation plans	451	429
Unrealized losses on available for sale securities	124	186
Other	605	356
Total gross deferred tax assets	5,172	4,890
Deferred tax liabilities:
Deferred loan costs	(83)	(100)
Prepaid expenses	(120)	(165)
Depreciation	(424)	(501)
Total gross deferred tax liabilities	(627)	(766)
Net deferred tax asset	$ 4,545	4,124
Income tax expense differs from the amounts computed by applying the U.S. federal income tax rate
U.S. federal income tax rate (as a percent)	34.00%
Computed "expected" tax expense	$ 2,086	2,497
Increase (decrease) in taxes resulting from:
State taxes, net of federal income tax expense	41	31
Tax exempt income	(13)	(13)
Stock-based compensation	21	8
Meals and entertainment	10	10
Other	(11)	2
Income tax expense	$ 2,134	$ 2,535

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Leases
Rental expense	$ 1,400	$ 1,400
Future minimum lease payments (exclusive of payments for maintenance, insurance, taxes and any other costs associated with offices) for operating leases
2,017	1,289
2,018	1,083
2,019	929
2,020	705
2,021	470
Thereafter	1,134
Total future minimum lease payments	$ 5,610

Related-party Transactions (Det

Related-party Transactions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)loanitem	Dec. 31, 2015USD ($)loan
Related party transactions
Number of loans in nonaccrual, past due, or restructured status | loan	5	0
Related party deposit balance	$ 55,500	$ 53,600
Changes in related-party loans
Legal fees, for non-loan related matters	260	287
Director serving as a related party of a company where office space is rented
Changes in related-party loans
Rent paid to third party entity	443	435
Bank
Changes in related-party loans
Outstanding loans at beginning of the year	26,791	36,318
Advances	4,098	6,606
Repayments	(7,895)	(16,133)
Outstanding loans at end of the year	22,994	26,791
Two directors
Changes in related-party loans
Legal fees, for non-loan related matters	$ 7	16
Two directors | Legal counsel on loan closings
Changes in related-party loans
Number of directors that participated in transaction | item	2
Loan reimbursement from third party customer	$ 158	259
Management of Third Party Company | Director serving as president of insurance company where policy held
Changes in related-party loans
Number of directors that participated in transaction | item	1
Insurance premiums paid to third party carrier	$ 220	$ 230

Earnings Per Share - Calculatio

Earnings Per Share - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Basic earnings per share
Net income applicable to common stock	$ 4,001	$ 4,808
Weighted average number of common shares outstanding - basic	6,274	6,097
Basic earnings per share (in dollars per share)	$ 0.64	$ 0.79
Diluted earnings per share
Net income applicable to common stock	$ 4,001	$ 4,808
Weighted average number of common shares outstanding	6,274	6,097
Effect of dilutive options (in shares)		16
Weighted average number of common shares and common share equivalents- diluted	6,274	6,113
Diluted earnings per share (in dollars per share)	$ 0.64	$ 0.79

Earnings Per Share - Dilution (

Earnings Per Share - Dilution (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share
Effect of dilutive options (in shares)		16,000
Incentive stock options at a weighted average price of $9.09
Earnings Per Share
Effect of dilutive options (in shares)	10,000	84,700
Weighted average price of incentive stock options included in computation of diluted earnings per share (in dollars per share)	$ 11.23	$ 9.09
Incentive stock options at a weighted average price of $11.50
Earnings Per Share
Effect of dilutive options (in shares)	30,000	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
Restricted stock
Earnings Per Share
Effect of dilutive options (in shares)	28,000	64,000
Non-qualified options
Earnings Per Share
Effect of dilutive options (in shares)	310,000	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

Stockholders' Equity and Divi65

Stockholders' Equity and Dividend Restrictions (Details)	12 Months Ended
	Dec. 31, 2016item$ / shares	Dec. 31, 2015item$ / shares
Stockholders' Equity and Dividend Restrictions
Number of quarterly cash dividends | item	3	4
Quarterly cash dividend declared (in dollars per share) | $ / shares	$ 0.06	$ 0.06
Minimum percentage of surplus on capital stock to declare and pay dividends	50.00%

Benefit Plans - 2006 Stock Opti

Benefit Plans - 2006 Stock Option Plan (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Exercised (in shares)		80,300	2,200
Unrecognized compensation expenses related to unvested stock options	$ 164,000	$ 164,000
Share based compensation expense		285,000	$ 211,000
Total value of exercised stock options		$ 730,000	$ 20,000
2006 Stock Option Plan
Number of Shares
Maximum number of shares authorized to be purchased	239,984	239,984
Number of shares vested			0
Number of unvested options (in shares)	56,460	56,460
Unrecognized compensation expenses related to unvested stock options	$ 125,000	$ 125,000
Share based compensation expense	$ 29,000	$ 48,000
2006 Stock Option Plan | Incentive stock options
Number of Shares
Aggregate number of incentive stock options issued (in shares)	216,960	216,960
Outstanding at the beginning of the period (in shares)		159,700	161,900
Granted (in shares)		63,960
Forfeited (in shares)		56,900
Exercised (in shares)		(80,300)	(2,200)
Outstanding at the end of the period (in shares)	86,460	86,460	159,700
Exercisable at the end of the period (in shares)	30,000	30,000	159,700
Total value of exercised stock options		$ 730,000
Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)		$ 10.22	$ 10.21
Granted (in dollars per share)		11.17
Forfeited (in dollars per share)		11.27
Exercised (in dollars per share)		9.09	9.09
Outstanding at the end of the period (in dollars per share)	$ 11.28	11.28	10.22
Exercisable at the end of the period (in dollars per share)	$ 11.50	$ 11.50	$ 10.22
Aggregate Intrinsic Value
Aggregate intrinsic value of options outstanding	$ 191,552	$ 191,552	$ 172,788
Exercisable at the end of the period (in dollars)	$ 60,000	$ 60,000	$ 172,788
Weighted Average Remaining Contractual Term
Outstanding at the end of the period		6 years 6 months 22 days	1 year 4 months 2 days
Exercisable at the end of the period		11 months 1 day	1 year 4 months 2 days
2006 Stock Option Plan | Non-qualified options
Number of Shares
Expected dividend yield		2.149%
Risk free interest rate		1.57%
Expected volatility rate		26.54%
Expected life		10 years
2006 Stock Option Plan | Non-qualified options | Executive
Number of Shares
Fair value of grant (in dollars per NQO)		$ 2.76
Granted (in shares)		63,960
Vesting on February 1, 2017, February 1, 2018 and February 1, 2019 | 2006 Stock Option Plan | Non-qualified options
Number of Shares
Vesting percentage		0.33%
Number of shares vested		21,320

Benefit Plans - 2007 Director P

Benefit Plans - 2007 Director Plan (Details) - 2007 Director Plan - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Number of unvested options (in shares)	0	0
Non-qualified options
Benefit Plans and Stock-Based Compensation
Maximum number of shares authorized to be purchased	480,000
Aggregate number of incentive stock options issued (in shares)	385,332
Number of Shares
Outstanding at the beginning of the period (in shares)	331,334	331,334
Forfeited (in shares)	21,334
Outstanding at the end of the period (in shares)	310,000	331,334
Exercisable at the end of the period (in shares)	310,000	331,334
Weighted Average Exercise Price per Share
Outstanding at the beginning of the period (in dollars per share)	$ 11.50	$ 11.50
Forfeited (in dollars per share)	11.50
Outstanding at the end of the period (in dollars per share)	11.50	11.50
Exercisable at the end of the period (in dollars per share)	$ 11.50	$ 11.50
Aggregate Intrinsic Value
Aggregate intrinsic value of options outstanding	$ 620,000
Exercisable at the end of the period (in dollars)	$ 620,000
Weighted Average Remaining Contractual Term
Outstanding at the end of the period	9 months 22 days	1 year 9 months 22 days
Exercisable at the end of the period	9 months 22 days	1 year 9 months 22 days

Benefit Plans - 2011 Equity Inc

Benefit Plans - 2011 Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Benefit Plans and Stock-Based Compensation
Unrecognized compensation expenses	$ 213		$ 213
Share based compensation expense			$ 285	$ 211
Exercised (in shares)			80,300	2,200
Unrecognized compensation expenses related to unvested stock options	$ 164		$ 164
2011 Equity Incentive Plan
Benefit Plans and Stock-Based Compensation
Maximum number of shares authorized to be purchased	250,000		250,000
Aggregate number of incentive stock options issued (in shares)	109,468		109,468
Share based compensation expense			$ 188	$ 211
2011 Equity Incentive Plan | Non-qualified options
Benefit Plans and Stock-Based Compensation
Share based compensation expense	$ 7		$ 49
Granted (in shares)			30,000
Expected life			10 years
Expected dividend yield			2.137%
Risk free interest rate			1.87%
Expected volatility rate			27.00%
Exercised (in shares)		0
Forfeited (in shares)		0
Number of unvested options (in shares)	20,000		20,000
Unrecognized compensation expenses related to unvested stock options	$ 39		$ 39
Number of Shares
Granted (in shares)			30,000
Outstanding at the end of the period (in shares)	30,000		30,000
Exercisable at the end of the period (in shares)	10,000		10,000
Weighted Average Exercise Price per Share
Granted (in dollars per share)			$ 11.23
Outstanding at the end of the period (in dollars per share)	$ 11.23		11.23
Exercisable at the end of the period (in dollars per share)	$ 11.23		$ 11.23
Aggregate Intrinsic Value
Aggregate intrinsic value of options outstanding	$ 68,100		$ 68,100
Exercisable at the end of the period (in dollars)	22,700		$ 22,700
Weighted Average Remaining Contractual Term
Outstanding at the end of the period			9 years 3 months 22 days
Exercisable at the end of the period			9 years 3 months 22 days
2011 Equity Incentive Plan | Non-qualified options | Executive
Benefit Plans and Stock-Based Compensation
Granted (in shares)			30,000
Fair value of grant (in dollars per NQO)			$ 2.92
Number of Shares
Granted (in shares)			30,000
2011 Equity Incentive Plan | Restricted stock
Benefit Plans and Stock-Based Compensation
Unrecognized compensation expenses	$ 227		$ 227
Period over which unrecognized compensation expense is expected to be recognized			15 months
Restricted Stock, Number of Shares
Non-vested restricted stock, beginning of year (in shares)		48,250	48,250	64,500
Forfeited (in shares)			(4,250)
Vested (in shares)			(16,000)	(16,250)
Non-vested restricted stock, end of year (in shares)	28,000		28,000	48,250
Restricted Stock, Weighted Average Grant Date Fair Value
Non-vested restricted stock, beginning of year (in dollars per shares)		$ 12.99	$ 12.99	$ 12.99
Forfeited (in dollars per shares)			12.90
Vested (in dollars per shares)			13	12.97
Non-vested restricted stock, end of year (in dollars per shares)	$ 13		$ 13	$ 12.99
Vesting immediately | 2011 Equity Incentive Plan | Non-qualified options
Benefit Plans and Stock-Based Compensation
Vesting percentage			0.33%
Number of shares vested			10,000
Vesting over two years | 2011 Equity Incentive Plan | Non-qualified options
Benefit Plans and Stock-Based Compensation
Number of shares vested			20,000
Vesting term			2 years

Benefit Plans - Defined Contrib

Benefit Plans - Defined Contribution Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Benefit Plans
Employees investment percentage on pretax earnings under the 401(k) profit sharing plan	15.00%
Matching contributions under the 401(k) profit sharing plan	$ 80	$ 100

Regulatory Capital Requiremen70

Regulatory Capital Requirements (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Leverage (Tier 1) Capital Ratio
Bank actual Amount	$ 77,337	$ 73,449
Bank actual Ratio (as a percent)	9.02%	9.02%
FDIC requirements, Minimum Capital Adequacy Amount	$ 33,293	$ 32,565
FDIC requirements, Minimum Capital Adequacy Ratio (as a percent)	4.00%	4.00%
FDIC requirements, For Classification As Well Capitalized Amount	$ 41,617	$ 40,707
FDIC requirements, For Classification As Well Capitalized Ratio (as a percent)	5.00%	5.00%
Risk-Based Capital: Common Equity Tier 1 Capital
Bank actual Amount	$ 77,337	$ 73,449
Bank actual Ratio (as a percent)	10.98%	10.95%
FDIC requirements, Minimum Capital Adequacy Amount	$ 31,685	$ 30,186
FDIC requirements, Minimum Capital Adequacy Ratio (as a percent)	4.50%	4.50%
FDIC requirements, For Classification As Well Capitalized Amount	$ 45,767	$ 43,602
FDIC requirements, For Classification As Well Capitalized Ratio (as a percent)	6.50%	6.50%
Risk-Based Capital: Tier 1 Capital Ratio
Bank actual Amount	$ 77,337	$ 73,449
Bank actual Ratio (as a percent)	10.98%	10.95%
FDIC requirements, Minimum Capital Adequacy Amount	$ 42,247	$ 40,248
FDIC requirements, Minimum Capital Adequacy Ratio (as a percent)	6.00%	6.00%
FDIC requirements, For Classification As Well Capitalized Amount	$ 56,329	$ 53,664
FDIC requirements, For Classification As Well Capitalized Ratio (as a percent)	8.00%	8.00%
Risk-Based Capital: Total Capital Ratio
Bank actual Amount	$ 85,993	$ 81,790
Bank actual Ratio (as a percent)	12.21%	12.19%
FDIC requirements, Minimum Capital Adequacy Amount	$ 56,329	$ 53,664
FDIC requirements, Minimum Capital Adequacy Ratio (as a percent)	8.00%	8.00%
FDIC requirements, For Classification As Well Capitalized Amount	$ 70,411	$ 67,080
FDIC requirements, For Classification As Well Capitalized Ratio (as a percent)	10.00%	10.00%
Assets	$ 822,440	$ 802,920
Maximum
Risk-Based Capital: Total Capital Ratio
Assets	1,000,000
Bancorp of New Jersey, Inc
Risk-Based Capital: Total Capital Ratio
Assets	$ 77,144	$ 73,153

Financial Instruments with Of71

Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Bank
Financial Instruments with Off-Balance Sheet Risk
Outstanding available loan commitments	$ 95.3		$ 102.3
Standby letters of credit
Financial Instruments with Off-Balance Sheet Risk
Expiration period of letters of credit, maximum	1 year
Standby letters of credit | Bank
Financial Instruments with Off-Balance Sheet Risk
Outstanding letters of credit	$ 3.6	$ 3.7

Financial Information of Pare72

Financial Information of Parent Company - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Total assets	$ 822,440	$ 802,920
Liabilities and stockholders' equity:
Stockholders' equity	77,144	73,153	$ 59,894
Total liabilities and stockholders’ equity	822,440	802,920
Bancorp of New Jersey, Inc
Assets
Investment in subsidiary, net	77,144	73,153
Total assets	77,144	73,153
Liabilities and stockholders' equity:
Stockholders' equity	77,144	73,153
Total liabilities and stockholders’ equity	$ 77,144	$ 73,153

Financial Information of Pare73

Financial Information of Parent Company - Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Condensed Financial Statements
Net income	$ 4,001	$ 4,808
Other comprehensive income	103	443
Comprehensive income	4,104	5,251
Bancorp of New Jersey, Inc
Condensed Financial Statements
Equity in undistributed earnings of subsidiary bank	4,001	4,808
Net income	4,001	4,808
Other comprehensive income	103	443
Comprehensive income	$ 4,104	$ 5,251

Financial Information of Pare74

Financial Information of Parent Company - Statement of Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flow from operating activities:
Net income	$ 4,001	$ 4,808
Adjustments to reconcile net income to net cash provided by operating activities:
NET CASH PROVIDED BY OPERATING ACTIVITIES	6,386	6,504
Cash flows from investing activities:
NET CASH USED IN INVESTING ACTIVITIES	(18,929)	(7,516)
Cash flows from financing activities:
Cash dividends paid	(1,128)	(1,503)
NET CASH PROVIDED BY FINANCING ACTIVITIES	15,330	53,141
Net increase (decrease) in cash and cash equivalents	2,787	52,129
Bancorp of New Jersey, Inc
Cash flow from operating activities:
Net income	4,001	4,808
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the subsidiary bank	(4,001)	(4,808)
Cash flows from investing activities:
Cash dividends received from subsidiary bank	1,128	1,498
NET CASH USED IN INVESTING ACTIVITIES	1,128	1,498
Cash flows from financing activities:
Cash dividends paid	(1,128)	(1,498)
NET CASH PROVIDED BY FINANCING ACTIVITIES	$ (1,128)	$ (1,498)

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value of Financial Instruments - Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair value measurements
Securities available for sale	$ 61,589	$ 64,750
Significant Other Observable Inputs (Level 2)
Fair value measurements
Securities available for sale	61,589	64,750
Fair Value
Fair value measurements
Securities available for sale	61,589	64,750
Recurring basis | Significant Other Observable Inputs (Level 2)
Fair value measurements
Securities available for sale	61,589	64,750
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Treasury obligations
Fair value measurements
Securities available for sale	6,268	6,353
Recurring basis | Significant Other Observable Inputs (Level 2) | Government sponsored enterprise obligations
Fair value measurements
Securities available for sale	55,321	58,397
Recurring basis | Fair Value
Fair value measurements
Securities available for sale	61,589	64,750
Recurring basis | Fair Value | U.S. Treasury obligations
Fair value measurements
Securities available for sale	6,268	6,353
Recurring basis | Fair Value | Government sponsored enterprise obligations
Fair value measurements
Securities available for sale	55,321	58,397
Nonrecurring basis | Significant Unobservable Inputs (Level 3)
Fair value measurements
Impaired loans, portion valued at fair value		258
Other Real Estate Owned Fair Value Disclosure	614
Nonrecurring basis | Fair Value
Fair value measurements
Impaired loans, portion valued at fair value		$ 258
Other Real Estate Owned Fair Value Disclosure	$ 614

Fair Value Measurements and F76

Fair Value Measurements and Fair Value of Financial Instruments - Level 3 Information (Details) - Nonrecurring basis - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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		$ 258
Other real estate owned, portion valued at fair value	$ 614
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
Impaired loans - Appraisal Adjustments (as a percent)		0.00%
Impaired loans - Liquidation Expenses (as a percent)		0.00%
Other real estate owned - Appraisal Adjustments (as a percent)	11.50%
Other real estate owned - Liquidation Expenses (as a percent)	8.90%
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
Impaired loans - Appraisal Adjustments (as a percent)		(1.00%)
Impaired loans - Liquidation Expenses (as a percent)		(48.10%)
Other real estate owned - Appraisal Adjustments (as a percent)	48.40%
Other real estate owned - 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
Impaired loans - Appraisal Adjustments (as a percent)		(0.50%)
Impaired loans - Liquidation Expenses (as a percent)		(33.80%)
Other real estate owned - Appraisal Adjustments (as a percent)	21.80%
Other real estate owned - Liquidation Expenses (as a percent)	9.30%

Fair Value Measurements and F77

Fair Value Measurements and Fair Value of Financial Instruments - Carrying Amount (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financial assets:
Interest bearing time deposits	$ 1,000	$ 1,000
Securities available for sale	61,589	64,750
Securities held to maturity, fair value (in dollars)	7,343	5,829
Restricted investment in bank stock, at cost	1,983	2,020
Accrued interest receivable	2,366	2,305
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents	76,976	74,189
Financial liabilities:
Deposits	425,246	350,375
Significant Other Observable Inputs (Level 2)
Financial assets:
Interest bearing time deposits	1,000	1,000
Securities available for sale	61,589	64,750
Securities held to maturity, fair value (in dollars)	7,343	5,829
Restricted investment in bank stock, at cost	1,983	2,020
Accrued interest receivable	2,366	2,305
Financial liabilities:
Deposits	297,465	352,218
Borrowed funds	24,933	26,517
Accrued interest payable	516	716
Significant Unobservable Inputs (Level 3)
Financial assets:
Net loans	659,084	639,525
Carrying amount
Financial assets:
Cash and cash equivalents	76,976	74,189
Interest bearing time deposits	1,000	1,000
Securities available for sale	61,589	64,750
Securities held to maturity, fair value (in dollars)	7,343	5,829
Restricted investment in bank stock, at cost	1,983	2,020
Net loans	651,698	636,661
Accrued interest receivable	2,366	2,305
Financial liabilities:
Deposits	717,988	700,739
Borrowed funds	25,008	26,529
Accrued interest payable	516	716
Fair Value
Financial assets:
Cash and cash equivalents	76,976	74,189
Interest bearing time deposits	1,000	1,000
Securities available for sale	61,589	64,750
Securities held to maturity, fair value (in dollars)	7,343	5,829
Restricted investment in bank stock, at cost	1,983	2,020
Net loans	659,087	639,525
Accrued interest receivable	2,366	2,305
Financial liabilities:
Deposits	722,711	702,593
Borrowed funds	24,933	26,517
Accrued interest payable	$ 516	$ 716

Accumulated Other Comprehensi78

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accumulated other comprehensive income
Gains (losses) on sale of securities		$ (15)
Income tax expense	$ (2,134)	(2,535)
Available for Sale Securities | Amount Reclassified out of Accumulated Other Comprehensive Income
Accumulated other comprehensive income
Gains (losses) on sale of securities		(15)
Income tax expense		6
Total reclassifications	$ 0	$ (9)