COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2015

COMMITMENTS AND CONTINGENCIES [Abstract]

Commitments and Contingencies Disclosure [Text Block]

15.   COMMITMENTS AND CONTINGENCIES

Mortgage Loan Commitments and Lines of Credit - At December 31, 2015 and 2014, the Bank had outstanding commitments to make real estate loans that were accepted by the borrower aggregating approximately $219,026 and

$122,092, respectively.  At both December 31, 2015 and 2014, the great majority of these commitments were to originate adjustable-rate real estate loans.  Substantially all of the Bank's commitments expire within three months of their acceptance by the prospective borrower.  The primary concentrations of credit risk associated with these commitments were geographical (as the majority of committed loans were collateralized by properties located in the New York City metropolitan area) and the proportion of the commitments comprised of multifamily residential and commercial real estate loans.

Unused lines of credit available on one- to four-family residential, multifamily residential and commercial real estate loans totaled $34,954 at December 31, 2015 and $37,616 at December 31, 2014.

At December 31, 2015, the Bank had an available line of credit with the FHLBNY equal to its excess borrowing capacity.  At December 31, 2015, this amount approximated $588,000.

Lease Commitments - At December 31, 2015, aggregate minimum annual rental commitments on operating leases were as follows:

Lease Year Ending December 31,	Amount
2016	$	3,520
2017		3,577
2018		3,475
2019		3,480
2020		3,362
Thereafter		14,992
Total	$	32,406

Rental expense for the years ended December 31, 2015, 2014 and 2013 totaled $3,685, $3,388, and $3,477, respectively.

Litigation - The Company is subject to certain pending and threatened legal actions which arise out of the normal course of business.  Litigation is inherently unpredictable, particularly in proceedings where claimants seek substantial or indeterminate damages, or which are in their early stages.  The Company cannot predict with certainty the actual loss or range of loss related to such legal proceedings, the manner in which they will be resolved, the timing of final resolution or the ultimate settlement.  Consequently, the Company cannot estimate losses or ranges of losses related to such legal matters, even in instances where it is reasonably possible that a loss will be incurred.  In the opinion of management, after consultation with counsel, the resolution of all ongoing legal proceedings will not have a material adverse effect on the consolidated financial condition or results of operations of the Company.  The Company accounts for potential losses related to litigation in accordance with GAAP.