10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 0-50275

BCB Bancorp, Inc.

(Exact name of registrant as specified in its charter)

New Jersey	26-0065262
(State or other jurisdiction of incorporation or organization)	(IRS Employer I.D. No.)
104-110 Avenue C Bayonne, New Jersey	07002
(Address of principal executive offices)	(Zip Code)

(201) 823-0700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒  Yes    ☐  No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and larger accelerated filer” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☒
Non-Accelerated Filer	☐	Smaller Reporting Company	☐

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).    ☐ Yes    ☒ No

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of August3, 2015, BCB Bancorp, Inc., had 8,431,136shares of common stock, no par value, outstanding.

BCB BANCORP INC. AND SUBSIDIARIES

INDEX

	Page
PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Statements of Financial Condition as of June 30, 2015(unaudited)and December 31, 2014		1
Consolidated Statements of Incomefor the three and six months endedJune 30, 2015 and 2014 (unaudited)		2
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2015 and 2014  (unaudited)		3
Consolidated Statement of Changes in Stockholders’ Equity for the sixmonths ended June 30, 2015(unaudited)		4
Consolidated Statements of Cash Flows for the sixmonths ended June 30, 2015 and 2014(unaudited)		5
Notes to Unaudited Consolidated Financial Statements			6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		44
Item 3. Quantitative and Qualitative Disclosures about Market Risk		50
Item 4. Controls and Procedures		51
PART II. OTHER INFORMATION		52
Item 1. Legal Proceedings		52
Item 1A. Risk Factors		52
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		53
Item 3. Defaults Upon Senior Securities		53
Item 4. Mine Safety Disclosures		53
Item 5. Other Information		53
Item 6. Exhibits		53

PART I. CONSOLIDATED FINANCIAL INFORMATION

ITEM I. CONSOLIDATED FINANCIAL STATEMENTS

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

(In  Thousands, Except Share and Per Share Data, Unaudited)

	June 30,		December 31,
	2015		2014
ASSETS
Cash and amounts due from depository institutions	$	12,377	$	11,202
Interest-earning deposits		33,514		20,921
Total cash and cash equivalents		45,891		32,123
Interest-earning time deposits		993		993
Securities available for sale		8,963		9,768
Loans held for sale		794		3,325
Loans receivable, net of allowance for loan losses of $17,712 and
$16,151, respectively		1,388,781		1,207,850
Federal Home Loan Bank of New York stock, at cost		10,711		8,830
Premises and equipment, net		15,905		14,295
Accrued interest receivable		4,926		4,454
Other real estate owned		2,113		3,485
Deferred income taxes		10,392		9,703
Other assets		8,619		7,074
Total Assets	$	1,498,088	$	1,301,900
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Non-interest bearing deposits	$	148,357	$	127,308
Interest bearing deposits		1,029,989		901,248
Total deposits		1,178,346		1,028,556
Short-term debt		2,000		26,000
Long-term debt		200,000		133,000
Subordinated debentures		4,124		4,124
Other liabilities and accrued interest payable		7,644		7,968
Total Liabilities		1,392,114		1,199,648
STOCKHOLDERS' EQUITY
Preferred stock: $0.01 par value, 10,000,000 shares authorized,
issued and outstanding 1,343 shares of series A and B 6% noncumulative perpetual
preferred stock (liquidation value $10,000 per share)		-		-
Additional paid-in capital preferred stock		15,676		13,326
Common stock; $0.064 stated value; 20,000,000 shares authorized, issued 10,960,399
and 10,924,054 shares at June 30, 2015 and December 31, 2014, respectively,
outstanding 8,431,136 shares and 8,393,791 shares, respectively		701		699
Additional paid-in capital common stock		93,139		92,686
Retained earnings		26,955		25,983
Accumulated other comprehensive (loss)		(1,401)		(1,337)
Treasury stock, at cost, 2,529,263 and 2,530,263 shares, at June 30,2015 and December 31, 2014,respectively		(29,096)		(29,105)
Total Stockholders' Equity		105,974		102,252
Total Liabilities and Stockholders' Equity	$	1,498,088	$	1,301,900

See accompanying notes to unaudited consolidated financial statements.

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BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Income

(In Thousands, except for per share amounts, Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
		2015		2014		2015		2014
Interest income:
Loans, including fees	$	16,864	$	13,881	$	32,231	$	27,562
Investments, taxable		152		878		298		1,793
Investments, non-taxable		-		13		-		25
Other interest-earning assets		20		11		27		24
Total interest income		17,036		14,783		32,556		29,404
Interest expense:
Deposits:
Demand		227		127		399		248
Savings and club		94		91		216		182
Certificates of deposit		1,382		1,049		2,503		2,141
		1,703		1,267		3,118		2,571
Borrowed money		1,637		1,272		3,151		2,525
Total interest expense		3,340		2,539		6,269		5,096
Net interest income		13,696		12,244		26,287		24,308
Provision for loan losses		1,130		450		1,850		1,450
Net interest income after provision for loan losses		12,566		11,794		24,437		22,858
Non-interest income:
Fees and service charges		533		528		1,033		1,032
Gain on sales of loans		1,237		230		1,913		1,007
Gain on sales of securities held to maturity		-		39		-		39
Gain on sale of securities available for sale		-		1,223		-		1,223
Other		17		18		46		37
Total non-interest income		1,787		2,038		2,992		3,338
Non-interest expense:
Salaries and employee benefits		5,616		5,042		10,841		9,503
Occupancy expense of premises		1,378		964		2,688		1,944
Equipment		1,574		1,341		3,106		2,698
Professional fees		304		533		406		1,023
Director fees		200		194		379		362
Regulatory assessments		265		282		540		534
Advertising		237		266		675		440
Other real estate owned, net		120		32		169		40
Other		1,469		812		2,343		1,478
Total non-interest expense		11,163		9,466		21,147		18,022
Income before income tax provision		3,190		4,366		6,282		8,174
Income tax provision		1,309		1,736		2,555		3,309
Net Income	$	1,881	$	2,630	$	3,727	$	4,865
Preferred stock dividends		201		204		403		397
Net Income available to common stockholders	$	1,680	$	2,426	$	3,324	$	4,468
Net Income per common share-basic and diluted
Basic	$	0.20	$	0.29	$	0.40	$	0.54
Diluted	$	0.20	$	0.29	$	0.39	$	0.53
Weighted average number of common shares outstanding
Basic		8,421		8,353		8,410		8,346
Diluted		8,447		8,401		8,434		8,396

See accompanying notes to unaudited consolidated financial statements.

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BCB BANCORP INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(In Thousands, Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Net Income	$	1,881	$	2,630	$	3,727	$	4,865
Other comprehensive loss, net of tax:
Unrealized gains on available-for-sale securities:
Unrealized holding gains (losses) arising during the period (a)		(91)		-		(49)		126
Less: reclassification adjustment for gains included in net income (b)		-		(721)		-		(721)
Benefit plans (c)		-		-		(15)		-
Other comprehensive loss		(91)		(721)		(64)		(595)
Comprehensive income	$	1,790	$	1,909	$	3,663	$	4,270

(a) Represents the net change of the unrealized gain (loss) on available-for-sale securities. Represents unrealized gains (losses) of ($153,000),$0,  ($83,000), and $213,000,respectively, less deferred taxes of ($62,000),  $0,  ($34,000)and $87,000,  respectively.

(b) Represents the sale of available-for-sale securities during the three months and six months ended June 30, 2014, for which unrealized gains were previously reported totaling $1.2 million, less deferred taxes of $498,000.  No sales of available-for-sale securities occurred during the three months and six months ended June 30, 2015. The Consolidated Statements of Income line items impacted by these amounts are gains on sale of securities available for sale and income tax provision.

(c) Represents the net change of unrecognized loss included in net periodic pension cost. Represents a gross change of $0,  $0,  $25,000,and $0respectively,less deferred taxes of $0,  $0,  $10,000,  and $0, respectively. The ConsolidatedStatements of Income line items impacted by these amounts are salaries and employee benefits and income tax provision.

See accompanying notes to unaudited consolidated financial statements.

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BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

(In Thousands, except share and per share data, Unaudited)

	Preferred Stock		Common Stock		Additional             Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total
Beginning Balance at January 1, 2015	$	—	$	699	$	106,012	$	25,983	$	(29,105)	$	(1,337)	$	102,252
Proceeds from issuance of Series C preferred stock		—		—		2,350		—		—		—		2,350
Stock-based compensation expense		—		—		33		—		—		—		33
Treasury stock adjustment		—		—		—		—		9		—		9
Dividends payable on Series A and Series B 6% noncumulative perpetual preferred stock		—		—		—		(403)		—		—		(403)
Cash dividends on common stock ($0.14 per share)		—		—		—		(2,230)		—		—		(2,230)
declared
Dividend Reinvestment Plan		—		—		122		(122)		—		—		-
Stock Purchase Plan		—		2		298		-		—		—		300
Net income		—		—		—		3,727		—		—		3,727
										—
Other comprehensive loss		—		—		—		—		—		(64)		(64)
Ending Balance at June 30, 2015	$	—	$	701	$	108,815	$	26,955	$	(29,096)	$	(1,401)	$	105,974

	Preferred Stock		Common Stock		Additional             Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total
Beginning Balance at January 1, 2014	$	—	$	694	$	104,620	$	23,710	$	(29,093)	$	129	$	100,060
Proceeds from issuance of Series B preferred stock		—		—		770		—		—		—		770
Exercise of stock options (116,584 shares)		—		3		305		—		—		—		308
Stock-based compensation expense		—		—		26		—		—		—		26
Treasury Stock Purchases (884 shares)		—		—		—		—		(12)		—		(12)
Dividends payable on Series A and Series B 6% noncumulative perpetual preferred stock		—		—		—		(397)		—		—		(397)
Cash dividends on common stock ($0.12 per share in February and $0.14 per share in May) declared		—		—		—		(2,170)		—		—		(2,170)
Net income		—		—		—		4,865		—		—		4,865
										—
Other comprehensive loss		—		—		—		—		—		(595)		(595)
Ending Balance at June 30, 2014	$	—	$	697	$	105,721	$	26,008	$	(29,105)	$	(466)	$	102,855

See accompanying notes to unaudited consolidated financial statements.

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BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In Thousands, Unaudited)

	Six Months Ended June 30,
	2015		2014
Cash Flows from Operating Activities :
Net Income	$	3,727	$	4,865
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment		1,037		719
Amortization and accretion, net		(275)		(307)
Provision for loan losses		1,850		1,450
Deferred income tax benefit		(645)		(616)
Loans originated for sale		(11,950)		(11,458)
Proceeds from sale of loans originated for sale		15,669		10,412
Gain on sales of loans originated for sale		(1,913)		(1,007)
Fair value adjustment of OREO		72		-
Gain on sales of securities held to maturity		-		(39)
Gain on sales of securities available for sale		-		(1,223)
Stock compensation expense		33		26
(Increase) decrease in interest receivable		(472)		71
Increase in other assets		(1,546)		(2,968)
Increase (decrease) in accrued interest payable		184		(12)
Increase (decrease) increase in other liabilities		(533)		(738)
Net Cash Provided by (Used in) Operating Activities		5,238		(825)
Cash flows from investing activities:
Proceeds from repayments and calls on securities held to maturity		-		8,717
Proceeds from call of securities available for sale		688		-
Purchases of securities held to maturity		-		(3,034)
Proceeds from sales of securities held to maturity		-		536
Proceeds from sales of securities available for sale		-		1,320
Proceeds from sales of other real estate owned		1,300		-
Purchases of loans		925		-
Net increase in loans receivable		(182,672)		(77,369)
Additions to premises and equipment		(2,646)		(286)
Purchase of Federal Home Loan Bank of New York stock		(1,881)		(1,444)
Net Cash Used In Investing Activities		(184,286)		(71,560)
Cash flows from financing activities:
Net increase in deposits		149,790		40,871
Proceeds from long-term debt		67,000		-
Net change in short-term debt		(24,000)		27,500
Purchases/adjustments of treasury stock		9		(12)
Cash dividend paid on common stock		(2,230)		(2,170)
Cash dividend paid on preferred stock		(403)		(397)
Net proceeds from issuance of common stock		300		305
Net proceeds from issuance of preferred stock		2,350		770
Exercise of stock options		-		3
Net Cash Provided by Financing Activities		192,816		66,870
Net Increase (Decrease) In Cash and Cash Equivalents		13,768		(5,515)
Cash and Cash Equivalents-Beginning		32,123		29,844
Cash and Cash Equivalents-Ending	$	45,891	$	24,329
Supplementary Cash Flow Information:
Cash paid during the year for:
Income taxes	$	1,914	$	6,744
Interest	$	6,085	$	5,108
Non-cash items:
Transfer of loans to other real estate owned	$	-	$	1,068
Reclassification of loans originated for sale to held to maturity	$	725	$	460

5

BCB Bancorp Inc. and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

Note 1 – Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of BCB Bancorp, Inc. (the “Company”) and the Company’s wholly owned subsidiaries, BCB Community Bank (the “Bank”), BCB Holding Company Investment Company, BCB New York Asset Management, Inc. and Pamrapo Service Corporation. The Company’s business is conducted principally through the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and, therefore, do not necessarily include all information that would be included in audited financial statements. The information furnished reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of consolidated financial condition and results of operations. All such adjustments are of a normal recurring nature. These results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2015 or any other future period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates.

These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2014, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission.In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between June 30, 2015, and the date these consolidated financial statements were issued.

Recent Accounting Pronouncements

Accounting Standards Update 2014-14:  Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure

The objective of this ASU is to reduce the diversity in practice of when a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan and when the related loan receivable should be derecognized and the real estate owned recognized.

This amendment clarifies that an in substance repossession or foreclosure occurs when either a) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or b) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Upon completion of either of these two events the creditor is considered to have received physical possession of residential real estate property and therefore should derecognize the loan receivable and recognize the real estate owned.

Additionally, this amendment requires interim and annual disclosure of both a) the amount of foreclosed residential real estate property held by the creditor and b) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. At June 30, 2015 the amount of foreclosed 1-4 family residential properties held by the Company was $198,000. As of June 30, 2015 the amount of 1-4 family residential loans in the process of foreclosure was $8.2 million.

Accounting Standards Update 2014-09: Revenue from Contracts with Customers (Topic 606)

ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU.

The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

For a public business entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted.

An entity should apply the amendments in this ASU using one of the following two methods:

Retrospectively to each prior reporting period presented and the entity may elect any of the following practical expedients:

· For completed contracts, an entity need not restate contracts that begin and end within the same annual reporting period.

6

· For completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods.

· For all reporting periods presented before the date of initial application, an entity need not disclose the amount of the transaction price allocated to remaining performance obligations and an explanation of when the entity expects to recognize that amount as revenue.

Retrospectively with the cumulative effect of initially applying this ASU recognized at the date of initial application. If an entity elects this transition method it also should provide the additional disclosures in reporting periods that include the date of initial application of:

· The amount by which each financial statement line item is affected in the current reporting period by the application of this ASU as compared to the guidance that was in effect before the change.

· An explanation of the reasons for significant changes.

The Company is currently evaluating the impact of ASU 2014-09 on our Consolidated Financial Statements.

Proposed Accounting Standards Update (Exposure Draft):  Financial Instruments (Topic 825-15) - Credit Losses

The Board is currently in the process of redeliberating significant issues raised through feedback received from comment letters and outreach activities. FASB expects to issue this proposed accounting standards update in late 2015. An effective date has yet to be discussed.

Impairment model - The Board will continue to refine the Current Expected Credit Loss (CECL) model in the December 2012 proposed Update.

Measurement of expected credit losses - The guidance in the proposed Update regarding an entity’s estimate of expected credit losses will be clarified as follows:

1. An entity should revert to a historical average loss experience for the future periods beyond which the entity is able to make or obtain reasonable and supportable forecasts.

2. An entity should consider all contractual cash flows over the life of the related financial assets.

3. When determining the contractual cash flows and the life of the related financial assets:

a. An entity should consider expected prepayments

b. An entity should not consider expected extensions, renewals, and modifications unless the entity reasonably expects that it will execute a troubled debt restructuring with a borrower.

4. An entity’s estimate of expected credit losses should always reflect the risk of loss, even when that risk is remote. However, an entity would not be required to recognize a loss on a financial asset in which the risk of nonpayment is greater than zero yet the amount of loss would be zero.

5. In addition to using a discounted cash flow model to estimate expected credit losses, an entity would not be prohibited from developing an estimate of credit losses using loss-rate methods, probability-of-default methods, or a provision matrix using loss factors.

6. The final guidance on expected credit losses will include implementation guidance describing the factors that an entity should consider to adjust historical loss experience for current conditions and reasonable and supportable forecasts.

Accounting for purchased credit impaired (PCI) financial assets - An entity would be required to allocate to each individual financial asset the non-credit-related discount or premium resulting from acquiring a pool of PCI financial assets.

Accounting for troubled debt restructurings (TDRs) - The guidance in the proposed Update regarding the cost basis adjustment for troubled debt restructurings will be clarified to require an entity to increase the cost basis of the restructured financial asset through a corresponding increase in the entity’s allowance for expected credit losses in certain TDRs.

An entity may consider prepayment expectations and prospectively reflect an adjusted yield if prepayment speeds are different than expected. (This decision is contingent on the Board’s review of staff prepared examples illustrating this approach.)

Nonaccrual of interest income - The Board decided that the final Accounting Standards Update issued for this project will not provide guidance on when an entity ceases to accrue interest income. However, the Board decided to consider adding as pre-agenda research whether U.S. GAAP should provide nonaccrual guidance. The Company is currently evaluating the impact of this update.

Proposed Accounting Standards Update (Exposure Draft):  Leases (Topic 842) - A Revision of the 2010 Proposed FASB Accounting Standards Update, Leases (Topic 840)

The FASB decided on a dual approach for lessee accounting in which a lessee will determine lease classification in accordance with the principle in existing lease requirements.  Lessees would account for most existing capital or financing type leases as Type A leases and most existing operating leases as Type B leases.  Both Type A and Type B leases result in the lessee recognizing a right-of-use asset and a lease liability.  Type A leases will recognize amortization of the right-of-use asset separately from interest expense on the lease liability while Type B leases will recognize a single total lease expense in the income statement. The IASB decided on a single approach for lessee accounting under which the lessee would account for all leases as Type A leases. The FASB and IASB are currently deliberating the disclosure requirements under this amendment. An effective date has yet to be discussed.

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Note 2 – Reclassification

Certain amounts as of December 31, 2014 and the three andsix month periods ended June 30, 2014 have been reclassified to conform to the current period’s presentation. These changes had no effect on the Company’s results of operations or financial position.

Note 3 – Pension and Other Postretirement Plans

The Company assumed, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (“Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the “Pension Plan” to the freeze date have been retained. Accordingly, no employees are permitted to commence participation in the Pension Plan and future salary increases and future years of service are not considered when computing an employee’s benefits under the Pension Plan. The Pension Plan is funded in conformity with the funding requirements of applicable government regulations. The Company also acquired through the merger with Pamrapo Bancorp, Inc. a supplemental executive retirement plan (“SERP”) in which certain former employees of Pamrapo Savings Bank are covered. A SERP is an unfunded non-qualified deferred retirement plan. Participants who retire at the age of 65 ( the “Normal Retirement Age”), are entitled to an annual retirement benefit equal to 75% of compensation reduced by their retirement plan annual benefits. Participants retiring before the Normal Retirement Age receive the same benefits reduced by a percentage based on years of service to the Company and the number of years prior to the Normal Retirement Age that participants retire.

Periodic pension and SERP cost, which is recorded as part of salaries and employee benefits expense in our Consolidated Statements of Income, is comprised of the following. (In Thousands):

	Three months ended June 30,				Six months ended June 30,
		2015		2014		2015		2014
Pension plan:
Interest cost	$	96	$	199	$	161	$	100
Expected return on plan assets		(163)		(308)		(272)		(154)
Amortization of unrecognized loss		27		-		45		-
Net periodic pension benefit		(40)		(109)		(66)		(54)
SERP plan:
Interest cost	$	4	$	10	$	6	$	5
Net periodic postretirement cost	$	4	$	10	$	6	$	5

8

Note 3 – Pension and Other Postretirement Plans(Continued)

The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code.  Only employees are permitted to receive incentive stock options. On March 7, 2014, a grant of 110,000 options and on January 17, 2013, a grant of 130,000 options was declared for certain members of the Board of Directors which vest at a rate of 10% per year, over ten years commencing on the first anniversary of the grant date. The exercise price was recorded as of the close of business on March 7, 2014 and January 17, 2013, respectively. There were 6,000 stock options granted to employees in the fourth quarter of 2014, which vest at a rate of 20% per year.

There was no stock option activity in the six months ended June 30, 2015.

	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price
Outstanding at December 31, 2014	289,720	$	8.93-15.65	$	11.18
Options granted	-		0		0.00
Options exercised	-		0		0.00
Options forfeited	-		0		0.00
Options expired	-		0
Outstanding at June 30, 2015	289,720	$	8.93-15.65	$	11.18

As of June 30, 2015, stock options which were granted and were exercisable totaled 74,220 stock options.

It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 215,500 shares underlying unexercised options outstanding as of June 30, 2015 is $548,758 over a weighted average period of 8.01 years.

	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price
Outstanding at December 31, 2013	344,128	$	8.93-18.41	$	11.09
Options granted	110,000		13.32		13.32
Options exercised	(116,584)		8.93-11.84		11.56
Options forfeited	(13,569)		8.93-29.25		19.90
Options expired	(6,000)		29.25
Outstanding at June 30, 2014	317,975	$	8.93-15.65	$	11.15

As of June 30, 2014, stock options which are granted and were exercisable totaled 59,975 stock options.

It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 59,975 shares underlying unexercised options outstanding as of June 30, 2014 was$534,667 over a weighted average period of 9.09 years.

9

Note 4 – Net Income per Common Share

Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three months and six months ended June 30, 2015 and 2014, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended June  30, 2015 and 2014, the weighted average number of outstanding options considered to be anti-dilutive were48,024 and 31,044respectively, and for the six months ended June 30, 2015 and 2014, the weighted average number of outstanding options considered to be anti-dilutive were 127,000 and 15,522, respectively.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:

	For the Three Months Ended June 30,
	2015					2014
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, Except per share data)
Net income available to common stockholders	$	1,680				$	2,426
Basic earnings per share-
Income available to
Common stockholders	$	1,680	8,421	$	0.20	$	2,426	8,353	$	0.29
Effect of dilutive securities:
Stock options		-	26				-	48
Diluted earnings per share-
Income available to
Common stockholders	$	1,680	8,447	$	0.20	$	2,426	8,401	$	0.29

	For the Six Months Ended June 30,
	2015					2014
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, Except per share data)
Net income available to common stockholders	$	3,324				$	4,468
Basic earnings per share-
Income available to
Common stockholders	$	3,324	8,410	$	0.40	$	4,468	8,346	$	0.54
Effect of dilutive securities:
Stock options		-	24				-	50
Diluted earnings per share-
Income available to
Common stockholders	$	3,324	8,434	$	0.39	$	4,468	8,396	$	0.53

10

Note 5 – Securities Available for Sale

The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of June 30, 2015 and December 31, 2014:

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential mortgage-backed securities:
Due after five years through ten years	$	3,452	$	28	$	63	$	3,417
Due after ten years		5,524		86		64		5,546
	$	8,976	$	114	$	127	$	8,963

	December 31, 2014
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential mortgage-backed securities:
Due after five years through ten years	$	3,485	$	32	$	60	$	3,457
Due after ten years		6,213		140		42		6,311
	$	9,698	$	172	$	102	$	9,768

The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows:

	Less than 12 Months				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In Thousands)
June 30, 2015
Residential mortgage-backed securities	$	-	$	-	$	3,917	$	127	$	3,917	$	127
	$	-	$	-	$	3,917	$	127	$	3,917	$	127
December 31, 2014
Residential mortgage-backed securities	$	1,435	$	5	$	2,750	$	97	$	4,185	$	102
	$	1,435	$	5	$	2,750	$	97	$	4,185	$	102

Our investment portfolio is reviewed each quarter for indications of other-than temporary impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the amortized cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and our intent and ability to hold the investment for a period of time sufficient to allow for full recovery of the unrealized loss. We evaluate our intent and ability to hold securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. Management does not believe that any of the unrealized losses as of June 30, 2015, (which are related to three residential mortgage-backed securities) represent an other-than-temporary impairment as they are primarily related to market interest rates and not related to the underlying credit quality of the issuers of the securities as all these securities were issued by U.S. Agencies, including FNMA, FHLMC and GNMA. Additionally, the Company has the ability, and management has the intent, to hold such securities for the time necessary to recover cost and does not have the intent to sell the securities, and it is more likely than not that it will not have to sell the securities before recovery of their cost.

11

Note 6 - Loans Receivable and Allowance for Loan Losses

The following table presents the recorded investment in loans receivable as of June 30, 2015 and December 31, 2014 by segment and class:

	June 30, 2015		December 31, 2014
		(In Thousands)
Originated loans:
Residential one-to-four family	$	134,794	$	124,642
Commercial and multi-family		894,239		732,791
Construction		86,751		73,497
Commercial business(1)		67,661		54,244
Home equity(2)		31,748		30,175
Consumer		1,862		2,178
Sub-total		1,217,055		1,017,527
Acquired loans recorded at fair value:
Residential one-to-four family		75,137		81,051
Commercial and multi-family		88,328		95,191
Construction		-		-
Commercial business(1)		4,566		6,381
Home equity(2)		20,713		22,698
Consumer		605		652
Sub-total		189,349		205,973
Acquired loans with deteriorated credit:
Residential one-to-four family		1,579		1,595
Commercial and multi-family		1,119		1,130
Construction		-		-
Commercial business(1)		167		369
Home equity(2)		77		82
Consumer		-		-
Sub-total		2,942		3,176
Total Loans		1,409,346		1,226,676
Less:
Deferred loan fees, net		(2,853)		(2,675)
Allowance for loan losses		(17,712)		(16,151)
		(20,565)		(18,826)
Total Loans, net	$	1,388,781	$	1,207,850

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

12

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

Allowance for Loan Losses

Management reviews the adequacy of the allowance on at least a quarterly basis to ensure that the provision for loan losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is adequate based on management’s assessment of probable estimated losses.  The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements.  These elements include a general allocated reserve for performing impaired loans, a specific reserve for impaired loans and an unallocated portion.  

The Company consistently applies the following comprehensive methodology.  During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include:

· General economic conditions.

· Trends in charge-offs.

· Trends and levels of delinquent loans.

· Trends and levels of non-performing loans, including loans over 90 days delinquent.

· Trends in volume and terms of loans.

· Levels of allowance for specific classified loans.

· Credit concentrations.

The methodology includes the segregation of the loan portfolio into two divisions. Loans that are performing and loans that are impaired. Loans which are performing are evaluated homogeneously by loan class or loan type. The allowance for performing loans is evaluated based on historical loan loss experience, including consideration of peer loss analysis, with an adjustment for qualitative factors referred to above. Impaired loans are loans which are more than 90 days delinquent, troubled debt restructured, or contractual principal and interest collections are not expected to be received. These loans are individually evaluated for loan loss either by current appraisal, or net present value of cash flows, and assigned a specific reserve when it is probable that we will be unable to collect all amounts due (interest and principal) in accordance with the contractual terms of the loan agreement. Management reviews the overall estimate for feasibility and bases the loan loss provision accordingly.

The loan portfolio is segmented into the following loan classes, where the risk level for each class is analyzed when determining the allowance for loan losses:

Residential one-to-four family real estate loans. These loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential family real estate loans decreases the interest rate risk to the Company that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying property may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower.

Commercial and multi-family real estate loans. These loans entail significant additional risks as compared with residential real estate loans. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as economic conditions generally.

Construction loans. These loans are generally considered to be high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Company than construction loans to individuals on their personal residence.

Commercial business loans. These types of loans which include lines of credit, are generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In most cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance.

Home Equity Loans. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Company’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decreases the interest rate risk to the Company that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default.

Other consumer loans. Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely effected by job loss, divorce, illness and personal bankruptcy. In most cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan.

Acquired loans. For acquired loans that have been added to portfolio via our purchase of banks are recorded at fair value with no carryover of a related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest.

We have acquired loans in two separate acquisitions.(Pamrapo Savings Bank in 2010 “Pamrapo” and Allegiance Community Bank in 2011 “Allegiance”) For each acquisition, we reviewed all acquired loans and considered the following factors as indicators that such acquired loan had evidence of deterioration in credit quality and was therefore in the scope of Accounting Standards Codification (“ASC”) 310-30:

· Loans that were 90 days or more past due,

· Loans that had an internal risk rating of substandard or worse. Substandard is consistent with regulatory definitions and is defined as having a well defined weakness that jeopardizes liquidation of the loan,

· Loans that were classified as nonaccrual by the acquired bank at the time of acquisition, or,

13

· Loans that had been previously modified in a troubled debt restructuring.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

Any acquired loans that were not individually in the scope of ASC 310-30 because they did not meet the criteria above were accounted for under ASC 310-20 (Nonrefundable fees and other costs.)  Charge-offs of the principal amount on acquired loans accounted for under ASC 310-20 would be charged off against the allowance for loan losses.   

Acquired loans accounted for under ASC 310-30

We performed a fair market valuation on each of the loans and each loan was recorded at a discount which includes the establishment of an associated “Credit Mark” reducing the carrying value of that loan to its fair value at the time of acquisition. We determined that at least part of the discount on the acquired loans was attributable to credit quality by reference to the valuation model used to estimate the fair value of the loans. The valuation model incorporated lifetime expected credit losses into the loans’ fair valuation in consideration of factors such as evidence of credit deterioration since origination and the amounts of contractually required principal and interest that we did not expect to collect as of the acquisition date.The excess of expected cash flows from acquired loans over the estimated fair value of acquired loans at acquisition is referred to as the accretable discount and is recognized into interest income over the remaining life of the acquired loans using the interest method. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the acquired loans.

          Subsequent decreases to the expected cash flows require us to evaluate the need for an addition to the allowance for loan losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount which we then reclassify as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. Our evaluation of the amount of future cash flows that we expect to collect takes into account actual credit performance of the acquired loans to date and our best estimates for the expected lifetime credit performance of the loans using currently available information. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable discount portion of the fair value adjustment. To the extent that we experience a deterioration in credit quality in our expected cash flows subsequent to the acquisition of the loans, an allowance for loan losses would be established based on our estimate of future credit losses over the remaining life of the loans.

          In accordance with ASC 310-30, recognition of income is dependent on having a reasonable expectation about the timing and amount of cash flows expected to be collected.  We perform such an evaluation on a quarterly basis on our acquired loans individually accounted for under ASC 310-30.Cash flows for acquired loans individually accounted for under ASC 310-30 are estimated on a quarterly basis.  Based on this evaluation, a determination is made as to whether or not we have a reasonable expectation about the timing and amount of cash flows.  Such an expectation includes cash flows from normal customer repayment, foreclosure or other collection efforts. To the extent that we cannot reasonably estimate cash flows, interest income recognition is discontinued. 

The Company also maintains an unallocated allowance.  The unallocated allowance is used to cover any factors or conditions which may cause a potential loan loss but are not specifically identifiable.  It is prudent to maintain an unallocated portion of the allowance because no matter how detailed an analysis of potential loan losses is performed, these estimates lack some element of precision.  Management must make estimates using assumptions and information that is often subjective and changing rapidly. In addition, as an integral part of their examination process, the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance will periodically review the allowance for loan losses and may require us to adjust the allowance based on their analysis of information available to it at the time of its examination.

Classified Assets.  The Company’s policies provide for a classification system for problem assets.  Under this classification system, problem assets are classified as “substandard,” “doubtful,” “loss” or “special mention.”  An asset is considered substandard if it is inadequately protected by its current net worth and paying capacity of the borrower or of the collateral pledged, if any. Substandard assets include those characterized by the “distinct possibility” that “some loss” will be sustained if the deficiencies are not corrected.  Assets classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weakness present makes “collection or liquidation in full” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.”  Assets classified as loss are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted, and the loan, or a portion thereof, is charged-off.  Assets may be designated special mention because of potential weaknesses that do not currently warrant classification in one of the aforementioned categories.

When the Company classifies problem loans, it may establish general allowances for loan losses in an amount deemed prudent by management.  General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. As of June 30, 2015, we had $34.5 million in loans classified as substandard,  $18.6 million in loans classified as special mention and no loans classified as doubtful or loss. The loans classified as substandard represent primarily commercial loans secured either by residential real estate, commercial real estate or heavy equipment.  The loans that have been classified substandard were classified as such primarily because either updated financial information has not been provided timely, or the collateral underlying the loan was in the process of being revalued.

The current methodology for this calculation is determined with the Company’s specific Historical Loss Percentage (“HLP”) for each loan class, using two years of prior Company data (or eight quarters). The relative weights of prior quarters are decayed logarithmically and are further adjusted based on the trend of the historical loss percentage at the time. Also, instead of applying consistent percentages to each of the credit risk grades, the current methodology applies a higher factor to classified loans based on a delinquency risk trend and concentration risk trend by using the past due and non-accrual loans as a percentage of the specific loan category.

14

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2015. The table also details the amount of total loans receivable, loans receivablethat are evaluated individually  and collectively for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class, as of June 30, 2015. (In Thousands):

				Commercial  &
	Residential			Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	2,310	$	10,387	$	1,056	$	1,242	$	316	$	629	$	168	$	16,108
Acquired loans recorded at fair value:		336		141		-		-		46		-		-		523
Acquired loans with deteriorated credit:		60		23		-		11		3		-		-		97
Beginning Balance, March 31, 2015		2,706		10,551		1,056		1,253		365		629		168		16,728
Charge-offs:
Originated Loans:		-		-		-		-		-		-		-	-	-
Acquired loans recorded at fair value:		58		-		-		-		68		-		-	-	126
Acquired loans with deteriorated credit:		-		-		-		27		-		-		-	-	27
Sub-total:		58		-		-		27		68		-		-		153
Recoveries:
Originated Loans:		-		6		-		-		-		-		-		6
Acquired loans recorded at fair value:		-		-		-		-		1		-		-		1
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		6		-		-		1		-		-		7
Provisions:
Originated Loans:		(142)		1,053		80		150		2		93		(5)		1,231
Acquired loans recorded at fair value:		(98)		(66)		-		-		52		-		-		(112)
Acquired loans with deteriorated credit:		(6)		(3)		-		20		-		-		-		11
Sub-total:		(246)		984		80		170		54		93		(5)		1,130
Totals:
Originated Loans:		2,168		11,446		1,136		1,392		318		722		163		17,345
Acquired loans recorded at fair value:		180		75		-		-		31		-		-		286
Acquired loans with deteriorated credit:		54		20		-		4		3		-		-		81
Ending Balance, June 30, 2015	$	2,402	$	11,541	$	1,136	$	1,396	$	352	$	722	$	163	$	17,712
Loans Receivable:
Ending Balance Originated Loans:	$	134,794	$	894,239	$	86,751	$	67,661	$	31,748	$	1,862	$	-	$	1,217,055
Ending Balance Acquired loans recorded at fair value:		75,137		88,328		-		4,566		20,713		605		-		189,349
Ending Balance Acquired loans with deteriorated credit:		1,579		1,119		-		167		77		-		-		2,942
Total Gross Loans:	$	211,510	$	983,686	$	86,751	$	72,394	$	52,538	$	2,467	$	-	$	1,409,346
Ending Balance: Loans individually evaluated
for impairment:
Ending Balance Originated Loans:	$	10,245	$	11,643	$	-	$	4,847	$	1,396	$	1,463	$	-	$	29,594
Ending Balance Acquired loans recorded at fair value:		10,344		6,989		-		-		960		-		-		18,293
Ending Balance Acquired loans with deteriorated credit:		1,579		871		-		167		77		-		-		2,694
Ending Balance Loans individually evaluated
for impairment:	$	22,168	$	19,503	$	-	$	5,014	$	2,433	$	1,463	$	-	$	50,581
Ending Balance: Loans collectively evaluated
for impairment:
Ending Balance Originated Loans:	$	124,549	$	882,596	$	86,751	$	62,814	$	30,352	$	400	$	-	$	1,187,462
Ending Balance Acquired loans recorded at fair value:		64,793		81,339		-		4,566		19,753		605		-		171,056
Ending Balance Acquired loans with deteriorated credit:		-		248		-		-		-		-		-		248
Ending Balance Loans collectively evaluated
for impairment:	$	189,342	$	964,183	$	86,751	$	67,380	$	50,105	$	1,005	$	-	$	1,358,766

_________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

15

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the six months ended June 30, 2015, and the related portion of the allowance for loan losses that is allocated to each loan class. (In Thousands):

				Commercial  &			Commercial		Home
	Residential			Multi-family	Construction		Business (1)		Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	2,364	$	10,028	$	1,080	$	876	$	333	$	449	$	121	$	15,251
Acquired loans recorded at fair value:		417		102		-		-		58		-		-		577
Acquired loans with deteriorated credit:		64		23		-		233		3		-		-		323
Beginning Balance, December 31, 2014		2,845		10,153		1,080		1,109		394		449		121		16,151
Charge-offs:
Originated Loans:		-		10		-		22		-		-		-	-	32
Acquired loans recorded at fair value:		62		-		-		-		68		-		-	-	130
Acquired loans with deteriorated credit:		-		-		-		199		-		-		-	-	199
Sub-total:		62		10		-		221		68		-		-		361
Recoveries:
Originated Loans:		-		70		-		-		-		-		-		70
Acquired loans recorded at fair value:		-		-		-		-		2		-		-		2
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		70		-		-		2		-		-		72
Provisions:
Originated Loans:		(196)		1,358		56		538		(15)		273		42		2,056
Acquired loans recorded at fair value:		(175)		(27)		-		-		39		-		-		(163)
Acquired loans with deteriorated credit:		(10)		(3)		-		(30)		-		-		-		(43)
Sub-total:		(381)		1,328		56		508		24		273		42		1,850
Totals:
Originated Loans:		2,168		11,446		1,136		1,392		318		722		163		17,345
Acquired loans recorded at fair value:		180		75		-		-		31		-		-		286
Acquired loans with deteriorated credit:		54		20		-		4		3		-		-		81
Ending Balance, June 30, 2015	$	2,402	$	11,541	$	1,136	$	1,396	$	352	$	722	$	163	$	17,712

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

16

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the year ended December 31, 2014. The table also details the amount of total loans receivablethat are evaluated individually and collectively for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class, as of December 31, 2014. (In Thousands):

				Commercial  &			Commercial		Home
	Residential			Multi-family	Construction		Business (1)		equity (2)		Consumer		Unallocated		Total
Allowance for credit losses:
Originated Loans:	$	1,729	$	7,419	$	700	$	1,295	$	363	$	3	$	83	$	11,592
Acquired loans recorded at fair value:		832		1,744		1		44		129		-		-		2,750
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Beginning Balance, December 31, 2013		2,561		9,163		701		1,339		492		3		83		14,342
Charge-offs:
Originated Loans:		-		388		-		208		27		-		-	-	623
Acquired loans recorded at fair value:		28		755		-		-		29		2		-	-	814
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-	-	-
Sub-total:		28		1,143		-		208		56		2		-		1,437
Recoveries:
Originated Loans:		-		125		-		174		-		-		-		299
Acquired loans recorded at fair value:		-		73		65		-		6		3		-		147
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		198		65		174		6		3		-		446
Provisions:
Originated Loans:		635		2,872		380		(385)		(3)		446		38		3,983
Acquired loans recorded at fair value:		(387)		(960)		(66)		(44)		(48)		(1)		-		(1,506)
Acquired loans with deteriorated credit:		64		23		-		233		3		-		-		323
Sub-total:		312		1,935		314		(196)		(48)		445		38		2,800
Totals:
Originated Loans:		2,364		10,028		1,080		876		333		449		121		15,251
Acquired loans recorded at fair value:		417		102		-		-		58		-		-		577
Acquired loans with deteriorated credit:		64		23		-		233		3		-		-		323
Ending Balance, December 31, 2014	$	2,845	$	10,153	$	1,080	$	1,109	$	394	$	449	$	121	$	16,151
Loans Receivables:
Ending Balance Originated Loans:	$	124,642	$	732,791	$	73,497	$	54,244	$	30,175	$	2,178	$	-	$	1,017,527
Ending Balance Acquired Loans:		81,051		95,191		-		6,381		22,698		652		-		205,973
Ending Balance Acquired loans with deteriorated credit:		1,595		1,130		-		369		82		-		-		3,176
Total Gross Loans:	$	207,288	$	829,112	$	73,497	$	60,994	$	52,955	$	2,830		-	$	1,226,676
Ending Balance: Loans individually evaluated
for impairment:
Ending Balance Originated Loans:	$	12,044	$	9,522	$	-	$	4,935	$	1,086	$	1,851	$	-	$	29,438
Ending Balance Acquired Loans:		9,783		6,377		-		-		1,164		-		-		17,324
Ending Balance Acquired loans with deteriorated credit:		1,595		877		-		369		82		-		-		2,923
Ending Balance Loans individually evaluated
for impairment:	$	23,422	$	16,776	$	-	$	5,304	$	2,332	$	1,851	$	-	$	49,685
Ending Balance: Loans collectively evaluated
for impairment:
Ending Balance Originated Loans:	$	112,598	$	723,269	$	73,497	$	49,309	$	29,089	$	327	$	-	$	988,089
Ending Balance Acquired Loans:		71,268		88,814		-		6,381		21,534		652		-		188,649
Ending Balance Acquired loans with deteriorated credit:		-		253		-		-		-		-		-		253
Ending Balance Loans collectively evaluated
for impairment:	$	183,866	$	812,336	$	73,497	$	55,690	$	50,623	$	979	$	-	$	1,176,991

________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

17

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2014. The table also details the amount of total loans receivablethat are evaluated individually and collectively for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class, as of June 30, 2014 (In Thousands):

				Commercial  &
	Residential			Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	1,627	$	8,521	$	655	$	1,252	$	370	$	138	$	147	$	12,710
Acquired loans recorded at fair value:		707		779		-		-		128		15		-		1,629
Acquired loans with deteriorated credit:		69		81		-		154		3		-		-		307
Beginning Balance, March 31, 2014		2,403		9,381		655		1,406		501		153		147		14,646
Charge-offs:
Originated Loans:		-		256		-		-		-		-		-	-	256
Acquired loans recorded at fair value:		-		32		-		-		-		-		-	-	32
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-	-	-
Sub-total:		-		288		-		-		-		-		-		288
Recoveries:
Originated Loans:		-		-		-		-		-		-		-		-
Acquired loans recorded at fair value:		-		73		65		-		6		-		-		144
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		73		65		-		6		-		-		144
Provisions:
Originated Loans:		707		115		13		(341)		152		(6)		196		836
Acquired loans recorded at fair value:		(81)		(124)		(65)		-		(73)		(9)		-		(352)
Acquired loans with deteriorated credit:		(6)		-		-		(28)		-		-		-		(34)
Sub-total:		620		(9)		(52)		(369)		79		(15)		196		450
Totals:
Originated Loans:		2,334		8,380		668		911		522		132		343		13,290
Acquired loans recorded at fair value:		626		696		-		-		61		6		-		1,389
Acquired loans with deteriorated credit:		63		81		-		126		3		-		-		273
Ending Balance, June 30, 2014	$	3,023	$	9,157	$	668	$	1,037	$	586	$	138	$	343	$	14,952
Loans Receivable:
Ending Balance Originated Loans:	$	102,973	$	630,961	$	42,564	$	62,859	$	29,128	$	1,307	$	-	$	869,792
Ending Balance Acquired loans recorded at fair value:		92,910		113,400		1		8,103		24,866		729		-		240,009
Ending Balance Acquired loans with deteriorated credit:		1,594		1,868		-		371		85		-		-		3,918
Total Gross Loans:	$	197,477	$	746,229	$	42,565	$	71,333	$	54,079	$	2,036	$	-	$	1,113,719
Ending Balance: Loans individually evaluated
for impairment:
Ending Balance Originated Loans:	$	8,710	$	13,038	$	-	$	-	$	1,312	$	1,046	$	-	$	24,106
Ending Balance Acquired loans recorded at fair value:		13,288		12,431		-		-		620		1		-		26,340
Ending Balance Acquired loans with deteriorated credit:		1,594		1,609		-		371		85		-		-		3,659
Ending Balance Loans individually evaluated
for impairment:	$	23,592	$	27,078	$	-	$	371	$	2,017	$	1,047	$	-	$	54,105
Ending Balance: Loans collectively evaluated
for impairment:
Ending Balance Originated Loans:	$	94,263	$	617,923	$	42,564	$	62,859	$	27,816	$	261	$	-	$	845,686
Ending Balance Acquired loans recorded at fair value:		79,622		100,969		1		8,103		24,246		728		-		213,669
Ending Balance Acquired loans with deteriorated credit:		-		259		-		-		-		-		-		259
Ending Balance Loans collectively evaluated
for impairment:	$	173,885	$	719,151	$	42,565	$	70,962	$	52,062	$	989	$	-	$	1,059,614

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

18

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for six months ended June 30, 2014, and the related portion of the allowance for loan losses that is allocated to each loan class. (In Thousands):

				Commercial  &			Commercial		Home
	Residential			Multi-family	Construction		Business (1)		Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	1,729	$	7,419	$	700	$	1,295	$	363	$	3	$	83	$	11,592
Acquired loans recorded at fair value:		832		1,744		1		44		129		-		-		2,750
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Beginning Balance, December 31, 2013		2,561		9,163		701		1,339		492		3		83		14,342
Charge-offs:
Originated Loans:		-		308		-		126		27		-		-	-	461
Acquired loans recorded at fair value:		-		521		-		-		-		2		-	-	523
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-	-	-
Sub-total:		-		829		-		126		27		2		-		984
Recoveries:
Originated Loans:		-		-		-		-		-		-		-		-
Acquired loans recorded at fair value:		-		73		65		-		6		-		-		144
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		73		65		-		6		-		-		144
Provisions:
Originated Loans:		605		1,269		(32)		(258)		186		129		260		2,159
Acquired loans recorded at fair value:		(206)		(600)		(66)		(44)		(74)		8		-		(982)
Acquired loans with deteriorated credit:		63		81		-		126		3		-		-		273
Sub-total:		462		750		(98)		(176)		115		137		260		1,450
Totals:
Originated Loans:		2,334		8,380		668		911		522		132		343		13,290
Acquired loans recorded at fair value:		626		696		-		-		61		6		-		1,389
Acquired loans with deteriorated credit:		63		81		-		126		3		-		-		273
Ending Balance, June 30, 2014	$	3,023	$	9,157	$	668	$	1,037	$	586	$	138	$	343	$	14,952

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

19

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The table below sets forth the amounts and types of non-accrual loans in the Company’s loan portfolio as of June 30, 2015 andDecember 31, 2014. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of June 30, 2015 and December 31, 2014, total non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans which are maintained on non-accrual status for a minimum of six months and until the borrower has demonstrated its ability to satisfy the terms of the restructured loan.

		As of June 30, 2015		As of December 31, 2014
		(In Thousands)		(In Thousands)
Non-Accruing Loans:
Originated loans:
Residential one-to-four family	$	2,395	$	2,893
Commercial and multi-family		6,823		8,386
Construction		-		-
Commercial business(1)		735		258
Home equity(2)		443		334
Consumer		-		-
Sub-total:	$	10,396	$	11,871
Acquired loans recorded at fair value:
Residential one-to-four family	$	5,224	$	4,786
Commercial and multi-family		3,150		1,969
Construction		-		-
Commercial business(1)		-		-
Home equity(2)		401		527
Consumer		-		-
Sub-total:	$	8,775	$	7,282
Acquired loans with deteriorated credit:
Residential one-to-four family	$	-	$	-
Commercial and multi-family		-		-
Construction		-		-
Commercial business(1)		167		369
Home equity(2)		77		82
Consumer		-		-
Sub-total:	$	244	$	451
Total	$	19,415	$	19,604

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

20

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and sixmonths ended June 30, 2015 and 2014. (In Thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2015		2015		2014		2014		2015		2015		2014		2014
		Average		Interest		Average		Interest		Average		Interest		Average		Interest
		Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
Originated loans		Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
With no related allowance recorded:
Residential one-to-four family	$	2,582	$	26	$	2,750	$	47	$	2,987	$	51	$	2,422	$	94
Commercial and Multi-family		7,338		77		6,721		20		7,362		154		6,266		40
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		2,646		37		1,490		-		2,961		75		1,383		-
Home equity(2)		871		13		303		3		866		26		282		5
Consumer		-		-		-		-		-		-		-		-
Sub-total:	$	13,437	$	153	$	11,264	$	70	$	14,176	$	306	$	10,353	$	139
Acquired loans recorded at fair value
With no related allowance recorded:
Residential one-to-four family	$	5,840	$	48	$	5,667	$	22	$	5,964	$	97	$	5,655	$	43
Commercial and Multi-family		4,837		48		8,793		43		4,926		97		5,455		87
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-		-		-
Home equity(2)		736		5		731		-		622		10		661		-
Consumer		-		-		2		-		-		-		3		-
Sub-total	$	11,413	$	101	$	15,193	$	65	$	11,512	$	204	$	11,774	$	130
Acquired loans with deteriorated credit
With no related allowance recorded:
Residential one-to-four family	$	1,494	$	30	$	1,515	$	14	$	1,498	$	60	$	1,821	$	27
Commercial and Multi-family		873		8		1,610		29		874		16		1,712		57
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		181		-		1		-		84		-		186		-
Home equity(2)		79		-		87		1		80		-		88		3
Consumer		-		-		-		-		-		-		-		-
Sub-total:	$	2,627	$	38	$	3,213	$	44	$	2,536	$	76	$	3,807	$	87
Total Impaired Loans
With no related allowance recorded:	$	27,477	$	292	$	29,670	$	179	$	28,224	$	586	$	25,934	$	356

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

21

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three and six months ended June 30, 2015 and 2014. (In Thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2015		2015		2014		2014		2015		2015		2014		2014
		Average		Interest		Average		Interest		Average		Interest		Average		Interest
		Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
Originated loans		Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
with an allowance recorded:
Residential one-to-four family	$	7,907	$	77	$	3,156	$	19	$	8,158	$	153	$	2,854	$	38
Commercial and Multi-family		3,469		-		3,875		-		3,221		-		4,571		-
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		2,272		23		709		-		1,930		46		552		-
Home equity(2)		374		1		902		21		376		1		791		42
Consumer		1,567		-		586		-		1,657		-		523		-
Sub-total:	$	15,589	$	101	$	9,228	$	40	$	15,342	$	200	$	9,291	$	80
Acquired loans recorded at fair value
with an allowance recorded:
Residential one-to-four family	$	4,101	$	35	$	5,928	$	67	$	4,100	$	70	$	5,954	$	134
Commercial and Multi-family		2,148		20		4,537		28		1,758		39		7,478		55
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-		-		-
Home equity(2)		343		5		329		2		440		9		379		3
Consumer		-		-		-		-		-		-		-		-
Sub-total	$	6,592	$	60	$	10,794	$	97	$	6,298	$	118	$	13,811	$	192
Acquired loans with deteriorated credit
with an allowance recorded:
Residential one-to-four family	$	90	$	2	$	92	$	4	$	90	$	4	$	46	$	9
Commercial and Multi-family		-		-		-		6		-		-		-		13
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		-		-		371		-		185		-		185		-
Home equity(2)		-		-		-		-		-		-		-		-
Consumer		-		-		-		-		-		-		-		-
Sub-total:	$	90	$	2	$	463	$	10	$	275	$	4	$	231	$	22
Total Impaired Loans
with an allowance recorded:	$	22,271	$	163	$	20,485	$	147	$	21,915	$	322	$	23,333	$	294

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

22

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the recorded investment and unpaid principal balanceswhere there is no related allowance on impaired loans by portfolio class at

June 30, 2015 and December 31, 2014.(In Thousands):

		As of June 30, 2015						As of December 31, 2014
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
Originated loans		Investment		Balance		Allowance		Investment		Balance		Allowance
with no related allowance recorded:
Residential one-to-four family	$	3,164	$	3,188	$	-	$	2,809	$	2,825	$	-
Commercial and multi-family		7,521		7,609		-		7,202		7,639		-
Construction		-		-		-		-		-		-
Commercial business(1)		2,586		2,586		-		3,336		3,336		-
Home equity(2)		1,194		1,213		-		537		550		-
Consumer		-		-		-		-		-		-
Sub-total:	$	14,465	$	14,596	$	-	$	13,884	$	14,350	$	-
Acquired loans recorded at fair
value with no related allowance
recorded:
Residential one-to-four family	$	7,231	$	7,539	$	-	$	4,696	$	4,849	$	-
Commercial and Multi-family		4,849		4,945		-		5,002		5,060		-
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-
Home equity(2)		632		641		-		612		626		-
Consumer		-		-		-		-		-		-
Sub-total:	$	12,712	$	13,125	$	-	$	10,310	$	10,535	$	-
Acquired loans with deteriorated
credit with no related allowance
recorded:
Residential one-to-four family	$	1,490	$	2,117	$	-	$	1,505	$	2,133	$	-
Commercial and Multi-family		871		1,023		-		877		1,034		-
Construction		-		-		-		-		-		-
Commercial business(1)		167		368		-		-		274		-
Home equity(2)		77		136		-		82		137		-
Consumer		-		-		-		-		-		-
Sub-total:	$	2,605	$	3,644	$	-	$	2,464	$	3,578	$	-
Total Impaired Loans
with no related allowance recorded:	$	29,782	$	31,365	$	-	$	26,658	$	28,463	$	-

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

23

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class at June 30, 2015 and December 31, 2014. (In Thousands):

		As of June 30, 2015						As of December 31, 2014
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
Originated loans		Investment		Balance		Allowance		Investment		Balance		Allowance
with an allowance recorded:
Residential one-to-four family	$	7,081	$	7,081	$	667	$	9,235	$	9,247	$	720
Commercial and Multi-family		4,122		4,151		1,057		2,320		2,364		933
Construction		-		-		-		-		-		-
Commercial business(1)		2,261		2,289		593		1,599		1,722		79
Home equity(2)		202		204		2		549		550		5
Consumer		1,463		1,463		720		$                  1,851		$                      1,851		446
Sub-total:	$	15,129	$	15,188	$	3,039	$	15,554	$	15,734	$	2,183
Acquired loans recorded at fair
value with an allowance
recorded:
Residential one-to-four family	$	3,113	$	3,151	$	224	$	5,087	$	5,130	$	254
Commercial and Multi-family		2,140		2,185		109		1,375		1,408		154
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-
Home equity(2)		328		328		50		552		561		49
Consumer		-		-		-		-		-		-
Sub-total	$	5,581	$	5,664	$	383	$	7,014	$	7,099	$	457
Acquired loans with deteriorated
credit with an allowance
recorded:
Residential one-to-four family	$	89	$	104	$	7	$	90	$	105	$	14
Commercial and Multi-family		-		-		-		-		118		-
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		-		369		369		217
Home equity(2)		-		-		-		-		-		-
Consumer		-		-		-		$                          -		-		-
Sub-total:	$	89	$	104	$	7	$	459	$	592	$	231
Total Impaired Loans
with an allowance recorded:	$	20,799	$	20,956	$	3,429	$	23,027	$	23,425	$	2,871
Total Impaired Loans
with no related allowance recorded:	$	29,782	$	31,365	$	-	$	26,658	$	28,463	$	-
Total Impaired Loans:	$	50,581	$	52,321	$	3,429	$	49,685	$	51,888	$	2,871

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

24

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the total troubled debt restructured loans at June 30, 2015, excluding the purchase impairment mark on the acquired loans with deteriorated credit.(Dollars In Thousands):

	Accrual			Non-accrual			Total
June 30, 2015	# of Loans		Amount	# of Loans		Amount	# of Loans		Amount
Originated loans:
Residential one-to-four family	7	$	2,097	1	$	836	8	$	2,933
Commercial and multi-family	4		3,293	9		4,797	13		8,090
Construction	-		-	-		-	-		-
Commercial business(1)	1		788	-		-	1		788
Home equity(2)	2		499	2		114	4		613
Consumer	-		-	-		-	-		-
Sub-total:	14	$	6,677	12	$	5,747	26	$	12,424
Acquired loans recorded at fair value:
Residential one-to-four family	22	$	4,603	12	$	3,317	34	$	7,920
Commercial and Multi-family	13		4,957	1		599	14		5,556
Construction	-		-	-		-	-		-
Commercial business(1)	-		-	-		-	-		-
Home equity(2)	4		373	1		221	5		594
Consumer	-		-	-		-	-		-
Sub-total:	39	$	9,933	14	$	4,137	53	$	14,070
Acquired loans with deteriorated credit:
Residential one-to-four family	6	$	2,221	0	$	0	6	$	2,221
Commercial and Multi-family	2		1,023	-		-	2		1,023
Construction	-		-	-		-	-		-
Commercial business(1)	-		-	1		167	1		167
Home equity(2)	-		-	1		124	1		124
Consumer	-		-	-		-	-		-
Sub-total:	8	$	3,244	2	$	291	10	$	3,535
Total	61	$	19,854	28	$	10,175	89	$	30,029

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

25

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the total troubled debt restructured loans at December 31, 2014, excluding the purchase impairment mark on the acquired loans with deteriorated credit. (Dollars In Thousands):

	Accrual			Non-accrual			Total
December 31, 2014	# of Loans		Amount	# of Loans		Amount	# of Loans		Amount
	(Actual)		(In Thousands)	(Actual)		(In Thousands)	(Actual)		(In Thousands)
Originated loans:
Residential one-to-four family	7	$	2,201	2	$	1,323	9	$	3,524
Commercial and multi-family	3		1,065	9		6,446	12		7,511
Construction	-		-	-		-	-		-
Commercial business(1)	1		798	-		-	1		798
Home equity(2)	2		508	2		117	4		625
Consumer	-		-	-		-	-		-
Sub-total:	13	$	4,572	13	$	7,886	26	$	12,458
Acquired loans recorded at fair value:
Residential one-to-four family	22	$	4,782	11	$	2,818	33	$	7,600
Commercial and multi-family	13		5,011	1		614	14		5,625
Construction	-		-	-		-	-		-
Commercial business(1)	-		-	-		-	-		-
Home equity(2)	5		637	1		217	6		854
Consumer	-		-	-		-	-		-
Sub-total:	40	$	10,430	13	$	3,649	53	$	14,079
Acquired loans with deteriorated credit:
Residential one-to-four family	6	$	2,238	-	$	-	6	$	2,238
Commercial and multi-family	3		1,152	-		-	3		1,152
Construction	-		-	-		-	-		-
Commercial business(1)	3		274	1		369	4		643
Home equity(2)	-		-	1		129	1		129
Consumer	-		-	-		-	-		-
Sub-total:	12	$	3,664	2	$	498	14	$	4,162
Total	65	$	18,666	28	$	12,033	93	$	30,699

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

26

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

A troubled debt restructuring (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A  TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a modification that would otherwise not be granted to the borrower. The types of concessions granted are generally included, but not limited to interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal.

The following table summarizes information in regards to troubled debt restructurings which occurred during the three months ended June 30, 2015.  (Dollars In Thousands):

Three Months Ended June 30, 2015			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	836	$	836
Commercial and multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	1	$	836	$	836
Acquired loans recorded at fair value:
Residential one-to-four family	1	$	1,067	$	1,083
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		223		223
Consumer	-		-		-
Sub-total:	2	$	1,290	$	1,306
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	-	$	-	$	-
Total	3	$	2,126	$	2,142

__________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

27

The loans included above are considered TDRs as a result of the Company implementing one or more of the following concessions: granting a material extension of time, issuing a forbearance agreement, adjusting the interest rate to a below market rate, accepting interest only for a period of time or a change in amortization period. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructuring during the three months ended June 30, 2015. (Dollars In Thousands):

Three Months Ended June 30, 2015
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	-	$	-
Commercial and multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	1		63
Consumer	-		-
Sub-total:	1	$	63
Acquired loans recorded at fair value:
Residential one-to-four family	2	$	1,254
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	2	$	1,254
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	0	$	0
Total	3	$	1,317

__________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

28

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings which occurred during the six months ended June 30, 2015. (Dollars In Thousands):

Six Months Ended June 30, 2015			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	836	$	836
Commercial and multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	1	$	836	$	836
Acquired loans recorded at fair value:
Residential one-to-four family	3	$	1,532	$	1,562
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		223		223
Consumer	-		-		-
Sub-total:	4	$	1,755	$	1,785
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	-	$	-	$	-
Total	5	$	2,591	$	2,621

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

29

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructurings  during the six months ended June 30, 2015. (Dollars In Thousands):

Six Months Ended June 30, 2015
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	1	$	836
Commercial and multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	1		63
Consumer	-		-
Sub-total:	2	$	899
Acquired loans recorded at fair value:
Residential one-to-four family	2	$	1,255
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	2	$	1,255
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	-	$	-
Total	4	$	2,154

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

30

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings which occurred during the three months ended June 30, 2014. (Dollars In Thousands):

Three Months Ended June 30, 2014			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	192	$	211
Commercial and multi-family	2		2,536		2,536
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	3	$	2,728	$	2,747
Acquired loans recorded at fair value:
Residential one-to-four family	3	$	1,267	$	1,270
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		256		262
Consumer	-		-		-
Sub-total:	4	$	1,523	$	1,532
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	-	$	-	$	-
Total	7	$	4,251	$	4,279

_________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

31

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructuring during the three months ended June 30, 2014. (Dollars In Thousands):

Three Months Ended June 30, 2014
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	-	$	-
Commercial and multi-family	1		460
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1	$	460
Acquired loans recorded at fair value:
Residential one-to-four family	-	$	-
Commercial and Multi-family	1		652
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1	$	652
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	-	$	-
Total	2	$	1,112

__________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

32

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings which occurred during the six months ended June 30, 2014. (Dollars In Thousands):

Six Months Ended June 30, 2014			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	192	$	211
Commercial and multi-family	2		2,536		2,536
Construction	-		-		-
Commercial business(1)	0		0		0
Home equity(2)	0		0		0
Consumer	-		-		-
Sub-total:	3	$	2,728	$	2,747
Acquired loans recorded at fair value:
Residential one-to-four family	4	$	1,699	$	1,702
Commercial and Multi-family	1		187		205
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		256		262
Consumer	-		-		-
Sub-total:	6	$	2,142	$	2,169
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	0		0		0
Construction	-		-		-
Commercial business(1)	0		0		0
Home equity(2)	0		0		0
Consumer	-		-		-
Sub-total:	0	$	0	$	0
Total	9	$	4,870	$	4,916

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

33

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructuring during the six months ended June 30, 2014. (Dollars In Thousands):

Six Months Ended June 30, 2014
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	-	$	-
Commercial and multi-family	1		460
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1		460
Acquired loans recorded at fair value:
Residential one-to-four family	-	$	-
Commercial and Multi-family	1		652
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1		652
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	-		-
Total	2	$	1,112

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

34

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the delinquency status of total loans receivable as of June30, 2015. (In Thousands):

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Originated loans:
Residential one-to-four family	$	2,122	$	847	$	1,559	$	4,528	$	130,266	$	134,794	$	-
Commercial and multi-family		7,334		2,006		3,798		13,138		881,101		894,239		-
Construction		-		-		-		-		86,751		86,751		-
Commercial business(1)		262		327		1,213		1,802		65,859		67,661		-
Home equity(2)		595		301		188		1,084		30,664		31,748		-
Consumer		-		-		-		-		1,862		1,862		-
Sub-total:	$	10,313	$	3,481	$	6,758	$	20,552	$	1,196,503	$	1,217,055	$	-
Acquired loans recorded at fair value:
Residential one-to-four family	$	3,622	$	2,000	$	1,640	$	7,262	$	67,875		75,137	$	-
Commercial and multi-family		2,321		1,165		1,312		4,798		83,530		88,328		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		180		-		-		180		4,386		4,566		-
Home equity(2)		890		267		89		1,246		19,467		20,713		-
Consumer		8		-		-		8		597		605		-
Sub-total:	$	7,021	$	3,432	$	3,041	$	13,494	$	175,855	$	189,349	$	-
Acquired loans with deteriorated credit:
Residential one-to-four family	$	-	$	-	$	-	$	-	$	1,579		1,579	$	-
Commercial and multi-family		-		-		-		-		1,119		1,119		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		-		-		167		167		-		167		-
Home equity(2)		-		77		-		77		-		77		-
Consumer		-		-		-		-		-		-		-
Sub-total:	$	-	$	77	$	167	$	244	$	2,698	$	2,942	$	-
Total	$	17,334	$	6,990	$	9,966	$	34,290	$	1,375,056	$	1,409,346	$	-

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

35

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the delinquency status of total loans receivable at December 31, 2014. (In Thousands):

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Originated loans:
Residential one-to-four family	$	1,636	$	1,638	$	231	$	3,505	$	121,137	$	124,642	$	-
Commercial and multi-family		5,919		650		3,712		10,281		722,510		732,791		-
Construction		-		-		-		-		73,497		73,497		-
Commercial business(1)		595		748		22		1,365		52,879		54,244		-
Home equity(2)		478		-		71		549		29,626		30,175		-
Consumer		22		-		-		22		2,156		2,178		-
Sub-total:	$	8,650	$	3,036	$	4,036	$	15,722	$	1,001,805	$	1,017,527	$	-
Acquired loans recorded at fair value:
Residential one-to-four family	$	1,710	$	2,458	$	2,072	$	6,240	$	74,811		81,051	$	-
Commercial and multi-family		2,589		1,165		-		3,754		91,437		95,191		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		161		-		-		161		6,220		6,381		-
Home equity(2)		836		470		145		1,451		21,247		22,698		-
Consumer		14		9		-		23		629		652		-
Sub-total:	$	5,310	$	4,102	$	2,217	$	11,629	$	194,344	$	205,973	$	-
Acquired loans with deteriorated credit:
Residential one-to-four family	$	-	$	-	$	-	$	-	$	1,595	$	1,595	$	-
Commercial and multi-family		-		-		-		-		1,130		1,130		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		-		-		369		369		-		369		-
Home equity(2)		-		82		-		82		-		82		-
Consumer		-		-		-		-		-		-		-
Sub-total:	$	-	$	82	$	369	$	451	$	2,725	$	3,176	$	-
Total	$	13,960	$	7,220	$	6,622	$	27,802	$	1,198,874	$	1,226,676	$	-

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

36

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of June 30, 2015. (In Thousands):

	Pass		Special Mention		Substandard		Doubtful		Loss		Total
Originated loans:
Residential one-to-four family	$	124,922	$	6,011	$	3,861	$	-	$	-	$	134,794
Commercial and multi-family		880,314		3,100		10,825		-		-		894,239
Construction		86,586		165		-		-		-		86,751
Commercial business(1)		61,296		2,065		4,300		-		-		67,661
Home equity(2)		30,340		726		682		-		-		31,748
Consumer		372		27		1,463		-		-		1,862
Sub-total:	$	1,183,830	$	12,094	$	21,131	$	-	$	-	$	1,217,055
Acquired loans recorded at fair value:
Residential one-to-four family	$	65,219	$	3,628	$	6,290	$	-	$			75,137
Commercial and multi-family		81,552		1,832		4,944		-		-		88,328
Construction		-		-		-		-		-		-
Commercial business(1)		4,566		-		-		-		-		4,566
Home equity(2)		19,598		260		855		-		-		20,713
Consumer		605		-		-		-		-		605
Sub-total:	$	171,540	$	5,720	$	12,089	$	-	$	-	$	189,349
Residential one-to-four family	$	238	$	282	$	1,059	$	-	$	-		1,579
Commercial and multi-family		582		537		-		-		-		1,119
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		167		-		-		167
Home equity(2)		-		-		77		-		-		77
Consumer		-		-		-		-		-		-
Sub-total:	$	820	$	819	$	1,303	$	-	$	-	$	2,942
Total Gross Loans	$	1,356,190	$	18,633	$	34,523	$	-	$	-	$	1,409,346

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

37

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2014. (In Thousands):

	Pass		Special Mention		Substandard		Doubtful		Loss		Total
Originated loans:
Residential one-to-four family	$	113,847	$	6,921	$	3,874	$	-	$	-	$	124,642
Commercial and multi-family		721,075		2,322		9,394		-		-		732,791
Construction		73,332		165		-		-		-		73,497
Commercial business(1)		47,866		2,020		4,358		-		-		54,244
Home equity(2)		29,178		863		134		-		-		30,175
Consumer		267		1,911		-		-		-		2,178
Sub-total:	$	985,565	$	14,202	$	17,760	$	-	$	-	$	1,017,527
Acquired loans recorded at fair value:
Residential one-to-four family	$	72,502	$	3,069	$	5,480	$	-	$	-		81,051
Commercial and multi-family		90,090		2,253		2,848		-		-		95,191
Construction		-		-		-		-		-		-
Commercial business(1)		6,381		-		-		-		-		6,381
Home equity(2)		21,506		133		1,059		-		-		22,698
Consumer		652		-		-		-		-		652
Sub-total:	$	191,131	$	5,455	$	9,387	$	-	$	-	$	205,973
Acquired loans with deteriorated credit:
Residential one-to-four family	$	238	$	286	$	1,071	$	-	$	-		1,595
Commercial and multi-family		589		541		-		-		-		1,130
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		369		-		-		369
Home equity(2)		-		-		82		-		-		82
Consumer		-		-		-		-		-		-
Sub-total:	$	827	$	827	$	1,522	$	-	$	-	$	3,176
Total Gross Loans	$	1,177,523	$	20,484	$	28,669	$	-	$	-	$	1,226,676

________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

38

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the unpaid principal balance and the related recorded investment of acquired loans included in our Consolidated Statements of Financial Condition. (In Thousands):

	June 30,		December 31,
	2015		2014
Unpaid principal balance	$	199,794	$	216,741
Recorded investment		192,291		209,150

The following table presents changes in the accretable discount on loans acquired for the threeand six months ended June 30, 2015  and 2014.  (In Thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Balance, Beginning of Period	$	66,934	$	95,031	$	70,522	$	102,454
Accretion		(5,467)		(10,055)		(9,138)		(17,571)
Net Reclassification from Non-Accretable Difference		472		88		555		181
Balance, End of Period	$	61,939	$	85,064	$	61,939	$	85,064

The following table presents changes in the non-accretable yield on loans acquired for the three and six months ended June 30, 2015 and 2014. (In Thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Balance, Beginning of Period	$	3,690	$	4,229	$	3,773	$	4,413
Loans sold		-		-				(91)
Net Reclassification to Accretable Difference		(472)		(88)		(555)		(181)
Balance, End of Period	$	3,218	$	4,141	$	3,218	$	4,141

39

Note 7 – Fair Values of Financial Instruments

Guidance on fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation methods 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: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2: 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: 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 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.

The only assets or liabilities that the Company measured at fair value on a recurring basis were as follows.  (In  Thousands):

			(Level 1)		(Level 2)
			Quoted Prices in		Significant		(Level 3)
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Description	Total		Assets		Inputs		Inputs
As of June 30, 2015:
Securities available for sale - Residential mortgage-backed securities	$	8,963	$	-	$	8,963	$	—
As of December 31, 2014:
Securities available for sale - Residential mortgage-backed securities	$	9,768	$	-	$	9,768	$	-

The Company’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer.  There were no transfers of assets or liabilities into or out of Level 1, Level 2, or Level 3 of the fair value hierarchy during thethree and six months ended June 30, 2015 and 2014.

The only assets or liabilities that the Company measured at fair value on a nonrecurring basis were as follows.  (In  Thousands):

			(Level 1)		(Level 2)
			Quoted Prices in		Significant		(Level 3)
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Description	Total		Assets		Inputs		Inputs
As of June 30, 2015
Impaired Loans	$	17,370	$	—	$	—	$	17,370
Other real estate owned	$	2,113					$	2,113
As of December 31, 2014:
Impaired Loans	$	20,156	$	-	$	-	$	20,156
Other real estate owned	$	3,485	$	-	$	-	$	3,485

40

Note 7 – Fair Values of Financial Instruments (Continued)

The following tables present additional quantitative information as of June 30, 2015 and December 31, 2014 about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value.  (Dollars in thousands):

Quantitative Information about Level 3 Fair Value Measurements
		Fair Value	Valuation	Unobservable	Range
		Estimate	Techniques	Input
June 30, 2015:
Impaired Loans	$	17,370	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
				Liquidation expenses (3)	0%-10%
Other real estate owned	$	2,113	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
				Liquidation expenses (3)	0%-10%

		Fair Value	Valuation	Unobservable	Range
		Estimate	Techniques	Input
December 31, 2014:
Impaired Loans	$	20,156	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
				Liquidation expenses (3)	0%-10%
Other real estate owned	$	3,485	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
				Liquidation expenses (3)	0%-10%

(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 by management for qualitative factors such as economic conditions and estimated liquidation expenses.  The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

(3) Includes qualitative adjustments by management and estimated liquidation expenses.

The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments as ofJune 30, 2015 and December 31, 2014.

Cash and Cash Equivalents and Interest-Earning Time Deposits (Carried at Cost)

The carrying amounts reported in the consolidated statements of financial condition for cash and short-term instruments approximate those assets’ fair values.

Securities

The fair value of securities available for sale (carried at fair value) are determined by 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.

Loans Held for Sale (Carried at Lower of Cost or Fair Value)

The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for specific attributes of that loan. Loans held for sale are carried at their cost as ofJune 30, 2015 and December 31, 2014.

41

Loans Receivable (Carried at Cost)

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 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 reprice frequently and with no significant change in credit risk, fair values are based on carrying values.

Note 7 – Fair Values of Financial Instruments (Continued)

Impaired Loans (Generally Carried at Fair Value)

A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, at the loans observable market price or the fair value of the collateral if the loan is collateral dependent. Fair value is generally determined based upon independent third-party appraisals of the properties, 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. The fair value at June 30, 2015 and December 31, 2014 consisted of the loan balances of $20.8 million and $23.0 million, net of a valuation allowance of $3.4 million and $2.9 million, respectively.

Real Estate Owned (Generally Carried at Fair Value)

Real Estate Owned is generally carried at fair value, when the carrying value is written down to fair value, which is determined based upon independent third-party appraisals of the properties, or based upon the expected proceeds from a pending sale. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.

FHLB of New York Stock (Carried at Cost)

The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities.

Interest Receivable and Payable (Carried at Cost)

The carrying amount of interest receivable and interest payable approximates its fair value.

Deposits (Carried at Cost)

The fair values disclosed for demand deposits (e.g., interest and non-interest 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 on time deposits.

Long-Term Debt (Carried at Cost)

Fair values of long-term debt are estimated using discounted cash flow analysis, based on quoted prices for new long-term debt with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party.

Off-Balance Sheet Financial Instruments

Fair values for the Company’s off-balance sheet financial instruments (lending commitments and unused lines of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these commitments was deemed immaterial and is not presented in the accompanying table.

42

Note 7 – Fair Values of Financial Instruments (Continued)

The carrying values and estimated fair values of financial instruments were as follows asof June 30, 2015 and December 31, 2014:

		As of June 30, 2015
					Quoted Prices in Active		Significant		Significant
	Carrying				Markets for Identical Assets		Other Observable Inputs		Unobservable Inputs
	Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	45,891	$	45,891	$	45,891	$	-	$	-
Interest-earning time deposits		993		993		993		-		-
Securities available for sale		8,963		8,963		-		8,963		-
Securities held to maturity		-		-		-		-		-
Loans held for sale		794		809		-		809		-
Loans receivable, net		1,388,781		1,414,984		-		-		1,414,984
FHLB of New York stock, at cost		10,711		10,711		-		10,711		-
Accrued interest receivable		4,926		4,926		-		4,926		-
Financial liabilities:
Deposits		1,178,346		1,182,366		629,699		552,667		-
Borrowings		202,000		204,366		-		204,366		-
Subordinated debentures		4,124		4,172		-		4,172		-
Accrued interest payable		999		999		-		999		-

		As of December 31, 2014
					Quoted Prices in Active		Significant		Significant
	Carrying				Markets for Identical Assets		Other Observable Inputs		Unobservable Inputs
	Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	32,123	$	32,123	$	32,123	$	-	$	-
Interest-earning time deposits		993		993		993		-		-
Securities available for sale		9,768		9,768		-		9,768		-
Securities held to maturity		-		-		-		-		-
Loans held for sale		3,325		3,424		-		3,424		-
Loans receivable, net		1,207,850		1,244,434		-		-		1,244,434
FHLB of New York stock, at cost		8,830		8,830		-		8,830		-
Accrued interest receivable		4,454		4,454		-		4,454		-
Financial liabilities:
Deposits		1,028,556		1,032,275		616,019		416,256		-

43

Borrowings	159,000	163,312	-	163,312	-
Subordinated debentures	4,124	4,236	-	4,236	-
Accrued interest payable	815	815	-	815	-

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

BCB Bancorp, Inc. is a New Jersey corporation, and is the holding company parent of BCB Community Bank, or the Bank. The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of BCB Community Bank. Our executive office is located at 104-110 Avenue C, Bayonne, New Jersey 07002. At June 30, 2015 we had approximately $1.498 billion in consolidated assets, $1.178 billion in deposits and $106.0 million in consolidated stockholders’ equity.

BCB Community Bank opened for business on November 1, 2000 as Bayonne Community Bank, a New Jersey chartered commercial bank.  The Bank changed its name from Bayonne Community Bank to BCB Community Bank in April 2007. At June 30, 2015, the Bank operated through [thirteen] branches in Bayonne, Colonia, Jersey City, Hoboken, Fairfield, Monroe Township, South Orange, and Woodbridge, New Jersey, through executive offices located at 104-110 Avenue C and an administrative office located at 591-595 AvenueC, Bayonne, New Jersey 07002. The Bank’s deposit accounts are insured by the FDIC, and the Bank is a member of the Federal Home Loan Bank System.

We are a community-oriented financial institution. Our business is to offer FDIC-insured deposit products and to invest funds held in deposit accounts at the Bank, together with funds generated from operations, in loans and investment securities. We offer our customers:

· loans, including commercial and multi-family real estate loans, one- to four-family mortgage loans, home equity loans, construction loans, consumer loans and commercial business loans.  In recent years the primary growth in our loan portfolio has been in loans secured by commercial real estate and multi-family properties;

· FDIC-insured deposit products, including savings and club accounts, interest and non-interest bearing demand accounts, money market accounts, certificates of deposit and individual retirement accounts; and

· retail and commercial banking services including wire transfers, money orders, safe deposit boxes, a night depository, debit cards, online banking, mobile banking, gift cards, fraud detection (positive pay), and automated teller services.

Recent Event

On June 8, 2015 the Company issued a Confidential Private Placement Memorandum, offering up to 2,500 shares of Series C 6% Noncumulative Perpetual Preferred Stock, at a purchase price of $10,000 per share (for an aggregate offering of $25.0 million) (the “Offering”). The Series C 6% Noncumulative Perpetual Preferred Stock will pay a quarterly dividend when, and if declared at an annual rate of 6% unless redeemed by the Company. The shares are not callable by the Company until after December 31, 2017 and then are callable by the Company (in whole or in part) at its option at $10,000 per share. There is no ability to convert the Series C 6% Noncumulative Perpetual Preferred Stock into common stock of the Company. The shares are being offered to the Company’s existing shareholders that are accredited investors and other accredited investors. The minimum individual purchase order for investors is three shares of Series C 6% Noncumulative Perpetual Preferred Stock ($30,000). The Company received $2.3 million of Series C subscriptions through June 30, 2015.

On July 10, 2015, BCB Bancorp, Inc. amended its Restated Certificate of Incorporation to revise Article V to amend certain terms related to the Series A 6% Noncumulative Perpetual Preferred Stock, the Series B 6% Noncumulative Perpetual Preferred Stock, and to create a new Series C 6% Noncumulative Perpetual Preferred Stock, which sets forth the number of shares to be included in such new series, and to fix the designation, powers, preferences, and rights of the shares of each such series and any qualifications, limitations or restrictions thereof. Such amendment to the Restated Certificate of Incorporation was approved by the Board of Directors of BCB Bancorp, Inc. on July 10, 2015.  

Forward-Looking Statements

This report on Form 10-Q contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, or the PSLRA. Such forward-looking statements, in addition to historical information, involve risk and uncertainties, and are based on the beliefs, assumptions and expectations of our management team.  Words such as “expects,” “believes,” “should,” “plans,” “anticipates,” “will,” “potential,” “could,” “intend,” “may,” “outlook,” “predict,” “project,” “would,” “estimated,” “assumes,” “likely,” and variation of such similar expressions are intended to identify such forward-looking statements.  Forward-looking statements speak only as of the date they are made.  Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possible materially, from those that we anticipated in our forward-looking statements and future results could differ materially from historical performance.

Factors that could cause future results to vary from current management expectations as reflected in our forward looking statements include, but are not limited to:

· unfavorable economic conditions in the United States generally and particularly in our primary market area;

· the effects of declines in housing markets and real estate values that may adversely impact the collateral underlying our loans;

· increase in unemployment levels and slowdowns in economic growth;

· our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs;

· the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios;

· the credit risk associated with our loan portfolio;

· changes in the quality and composition of the Bank’s loan and investment portfolios;

· changes in our ability to access cost-effective funding;

· deposit flows;

44

· legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates;

· monetary and fiscal policies of the federal government;

· changes in tax policies, rates and regulations of federal, state and local tax authorities;

· inflation;

· demands for our loan products;

· demand for financial services;

· competition;

· changes in the securities or secondary mortgage markets;

· changes in management’s business strategies;

· our ability to enter new markets successfully;

· our ability to successfully integrate acquired businesses;

· changes in consumer spending;

· our ability to retain key employees;

· the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, regulatory

· expanded regulatory requirements as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which could adversely affect operating results; and

· other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our annual Report on Form 10-K and our other periodic reports that we file with the SEC.

You should not place undue reliance on these forward-looking statements, which reflect our expectations only as of the date of this prospectus. We do not assume any obligation to revise forward-looking statements except as may be required by law.

Critical Accounting Policies

The preparation of the Consolidated Financial Statements in accordance with U.S. GAAP requires us to make estimates and assumptions affecting the reported amounts of assets, liabilities, revenue and expenses. We regularly evaluate these estimates and assumptions including those used to determine the allowance for loan losses,

investment in reverse mortgages, deferred taxes, fair value measurements, goodwill and other intangible assets. We base our estimates on historical experience and various other factors and assumptions that are believed to be reasonable under the circumstances. These form the basis for making judgments on the carrying value of assets and liabilities that are not readily apparent from other sources.  Although our current estimates contemplate current economic conditions and how we expect them to change in the future, for the remainder of 2015, it is reasonably possible that actual conditions may be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition.  Actual results may differ from these estimates under different assumptions or conditions.

See further discussion of these critical accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2014 and Note 1, Basis of Presentation, to the unaudited Consolidated Financial Statements.

Financial Condition

Total assets increased by $196.2 million, or 15.1%, to $1.498 billion at June 30, 2015 from $1.302 billion at December 31, 2014. The increase in total assets occurred primarily as a result of an increase in loans receivable, net of $180.9 million. Management is concentrating on maintaining adequate liquidity in anticipation of funding loans in the loan pipeline as well as seeking opportunities to purchase securities in the secondary market that provide competitive returns in a risk-mitigated environment. It is our intention to grow our assets at a measured pace consistent with our capital levels and as business opportunities permit. Organic growth should occur consistent with our strategic plan under which we anticipate opening additional branch offices in 2015.

Total cash and cash equivalents increased by $13.8 million, or 42.9%, to $45.9 million at June 30, 2015 from $32.1 million at December 31, 2014. Securities available for sale decreased $800,000 or 8.2%, to $9.0 million at June 30, 2015 from $9.8 million at December 31, 2014, resulting from calls of such securities.

Loans receivable, net increased by $180.9 million, or 15.0%, to $1.389 billion at June 30, 2015 from $1.208 billion at December 31, 2014. The increase resulted primarily from a $166.1 million increase in real estate mortgages, primarily comprising commercial and multi-family, construction and commercial participation loans with other financial institutions, along with a $11.4 million increase in business loans and commercial lines of credit, an increase of $5.6 million in residential real estate loans, and a decrease of $416,000 in home equity loans and home equity lines of credit. As of June 30, 2015, the allowance for loan losses was $17.7 million, or 91.3%, of non-performing loans and 1.26% of gross loans. As a result of the loans acquired in the business combination transactions being recorded at their fair value, the balances in the allowance for loan losses that were on the balance sheets of the former Pamrapo Bancorp, Inc. and Allegiance Community Bank are precluded from being reported in the allowance balance previously discussed, consistent with generally accepted accounting principles.

Deposit liabilities increased by $149.8 million, or 14.6%, to $1.178 billion at June 30, 2015 from $1.029 billion at December 31, 2014. The increase resulted primarily from an increase of $135.2 million in certificates of deposit, a $20.9 million increase in non-interest-bearing deposits, a $16.6 million increase in NOW deposits, and a $3.6 million increase in money market interest-bearing deposits, partly offset by a decrease of $26.5 million in savings and club deposits. In addition to organic deposit growth resulting from the opening of four additional branches over the last 15 months, the Company has also added listing service certificates of deposit and brokered certificates of deposit to fund loan growth.

Short-term borrowings decreased by $24.0 million, or 92.3%, to $2.0 million at June 30, 2015 from $26.0 million at December 31, 2014. Long-term borrowed money increased by $67.0 million, or 50.4%, to $200.0 million at June 30, 2015 from $133.0 million at December 31, 2014. The purpose of these borrowings reflected the use of long- and short-term Federal Home Loan Bank advances to augment deposits as the Company’s funding source for originating loans and investing in GSE investment securities. The increase in Federal Home Loan Bank advances resulted from the Company’s utilization of medium-term, fixed rate FHLB advances as part of our interest rate risk management strategy.

Stockholders’ equity increased by $3.7 million, or 3.6%, to $106.0 million at June 30, 2015 from $102.3 million at December 31, 2014. The increase in stockholders’ equity was primarily attributable to net income of $3.7 million, proceeds from the issuance of Series C preferred stock of $2.4 million, partly offset by cash dividends paid during the period totaling $2.2 million on outstanding shares of common stock and $403,000 on outstanding preferred stock. The Company accrued a dividend payable for the second quarter on our outstanding preferred stock of $201,000 which will be paid in the third quarter. As of June 30, 2015, the Bank’s Tier 1, Tier 1 Risk-Based, Total Risk-Based Capital and Common Equity Tier 1 Capital Ratios were 7.60%, 8.78%, 10.03% and 8.78%, respectively.

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Results of Operations for the Three Months ended June 30, 2015

Net income was $1.9 million for the three months ended June 30, 2015, compared with $2.6 million for the three months ended June 30, 2014. The decrease in net income was primarily related to increases in non-interest expense and the provision for loan losses, partly offset by an increase in net interest income and a decrease in the income tax provision.

Net interest income increased by $1.5 million, or 11.9%, to $13.7 million for the three months ended June 30, 2015 from $12.2 million for the three months ended June 30, 2014. The increase in net interest income resulted primarily from an increase in the average balance of interest-earning assets of $189.1 million, or 15.5%, to $1.413 billion for the three months ended June 30, 2015 from $1.224 billion for the three months ended June 30, 2014, partly offset by a decrease in the average yield on interest-earning assets of 1 basis point to 4.82% for the three months ended June 30, 2015 from 4.83% for the three months ended June 30, 2014. The average balance of interest-bearing liabilities increased by $168.9 million or 16.5% to $1.192 billion for the three months ended June 30, 2015 from $1.023 billion for the three months ended June 30, 2014, while the average cost of interest-bearing liabilities increased by 13 basis points to 1.12% for the three months ended June 30, 2015 from 0.99% for the three months ended June 30, 2014. Net interest margin was 3.88% for the three-month period ended June 30, 2015 and 4.00% for the three-month period ended June 30, 2014.

The decline in net interest margin was the result of competitive pressures in attracting new loans and deposits, as evidenced by a decline in the average yield on loans and an increase in the average cost of deposits.

Interest income on loans receivable increased by $3.0 million, or 21.5%, to $16.9 million for the three months ended June 30, 2015 from $13.9 million for the three months ended June 30, 2014. The increase was primarily attributable to an increase in the average balance of loans receivable of $265.0 million, or 24.3%, to $1.354 billion for the three months ended June 30, 2015 from $1.089 billion for the three months ended June 30, 2014, partially offset by a decrease in the average yield on loans receivable to 4.98% for the three months ended June 30, 2015 from 5.10% for the three months ended June 30, 2014. The increase in the average balance of loans receivable was in accordance with the Company’s growth strategy, which included the hiring of additional loan production and business development personnel and the opening of four additional branches over the last 15 months. The decrease in average yield reflected the competitive price environment prevalent in the Company’s primary market area on loan facilities, as well as the repricing downward of certain variable rate loans.

Interest income on securities decreased by $739,000, or 82.9%, to $152,000 for the three months ended June 30, 2015 from $891,000 for the three months ended June 30, 2014. This decrease was primarily due to a decrease in the average balance of securities of $98.4 million, or 83.2%, to $19.9 million for the three months ended June 30, 2015 from $118.3 million for the three months ended June 30, 2014, partially offset by an increase in the average yield of securities to 3.07% for the three months ended June 30, 2015 from 3.01% for the three months ended June 30, 2014. The decrease in the average balance of securities primarily resulted from the sales of $99.2 million of mortgage backed securities in the third quarter of 2014.

Interest income on other interest-earning assets increased by $9,000 or 81.8%, to $20,000 for the three months ended June 30, 2015 from $11,000 for the three months ended June 30, 2014. This increase was primarily due to an increase in the average balance of other interest-earning assets of $22.4 million, or 135.6%, to $39.0.million for the three months ended June 30, 2015 from $16.6 million for the three months ended June 30, 2014.

Total interest expense increased by $801,000 or 31.5%, to $3.3 million for the three months ended June 30, 2015 from $2.5 million for the three months ended June 30, 2014. The increase resulted primarily from an increase in the average balance of borrowings of $66.2 million, or 48.1%, to $204.0 million for the three months ended June 30, 2015 from $137.8 million for the three months ended June 30, 2014, and an increase in the average balance of deposits of $102.7 million, or 11.6%, to $988.3 million for the three months ended June 30, 2015 from $885.6 million for the three months ended June 30, 2014, as well as an increase in the average cost of interest-bearing liabilities of 13 basis points to 1.12% for the three months ended June 30, 2015 from 0.99% for the three months ended June 30, 2014. The increase in the average rate on interest-bearing liabilities was due to competitive forces in attracting new deposits and a change in the mix of funding sources and terms, including listing service certificates of deposit and brokered certificates of deposit, to support aggressive loan growth.

The provision for loan losses totaled $1.1 million and $450,000 for the three months ended June 30, 2015 and 2014, respectively. The provision for loan losses is established based upon management’s review of the Company’s loans and consideration of a variety of factors, including but not limited to: (1) the risk characteristics of the loan portfolio; (2) current economic conditions; (3) actual losses previously experienced; (4) the dynamic activity and fluctuating balance of loans receivable; and (5) the existing level of reserves for loan losses that are probable and estimable. During the three months ended June 30,2015, the Company experienced $146,000 in net charge-offs compared to $144,000 in net charge-offs for the three months ended June 30, 2014. The Bank had non-performing loans totaling $19.4 million, or 1.38%, of gross loans at June 30, 2015 and $19.6 million, or 1.59%, of gross loans at December 31, 2014. The allowance for loan losses was $17.7 million, or 1.26%, of gross loans at June 30, 2015, $16.2 million, or 1.31%, of gross loans at December 31, 2014 and $15.0 million, or 1.34%, of gross loans at June 30, 2014. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates. Management assesses the allowance for loan losses on a quarterly basis and makes provisions for loan losses as necessary in order to maintain the adequacy of the allowance. While management uses available information to recognize losses on loans, future loan loss provisions may be necessary based on changes in the aforementioned criteria. In addition various regulatory agencies, as an integral part of their examination process, periodically review the allowance for loan losses and may require the Company to recognize additional provisions based on their judgment of information available to them at the time of their examination. The increase in the allowance for loan loss reflects growth in the loan portfolio. Management believes that the allowance for loan losses was adequate at June 30, 2015 and December 31, 2014.

Total non-interest income decreased by $251,000, or 12.3%, to $1.8 million for the three months ended June 30, 2015 from $2.0 million for the three months ended June 30, 2014. Non-interest income reflected a decrease of $1.2 million in the gain on sale of securities available for sale, partly offset by an increase of $1.0 million in gain on sale of loans originated for sale to $1.2 million for the three months ended June 30, 2015 from $230,000 for the three months ended June 30, 2014.

Total non-interest expense increased by $1.7 million, or 17.9%, to $11.2 million for the three months ended June 30, 2015 from $9.5 million for the three months ended June 30, 2014. Salaries and employee benefits expense increased by $574,000, or 11.4%, to $5.6 million for the three months ended June 30, 2015 from $5.0 million for the three months ended June 30, 2014. This increase in both salaries and employee benefits was mainly attributable to an increase of 31 full-time equivalent employees, or 10.4%, to 330 at June 30, 2015 from 299 at June 30, 2014, which relates to the addition of business development and loan administration employees and the opening of four  new branch offices in the last 15 months. Occupancy expense increased by $414,000, or 42.9%, to $1.4 million for the three months ended June 30, 2015 from $964,000 for the three months ended June 30, 2014. Equipment expense increased by $233,000, or 17.4%, to $1.6 million for the three months ended June 30, 2015 from $1.3 million for the three months ended June 30, 2014. The increases in occupancy and equipment expenses also related primarily to the opening of the new branch offices. Professional fees decreased by $229,000, or 43.0%, to $304,000 for the three months ended June 30, 2015 from $533,000 for the three months ended June 30, 2014.Director fees increased by $6,000, or 3.1%, to $200,000 for the three months ended June 30, 2015 from $194,000 for the three months ended June 30, 2014. Regulatory assessments decreased by $17,000, or 6.0%, to $265,000 for the three months ended June 30, 2015 from $282,000 for the three months ended June 30, 2014.

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Advertising expense decreased by $29,000, or 10.9%, to $237,000 for the three months ended June 30, 2015 from $266,000 for the three months ended June 30, 2014. Other real estate owned (OREO) expenses increased by $88,000, or 275.0%, to $120,000 for the three months ended June 30, 2015 from $32,000 for the three months ended June 30, 2014. Other non-interest expense increased by $657,000, or 80.9%, to $1.5 million for the three months ended June 30, 2015 from $812,000 for the three months ended June 30, 2014. Other non-interest expense consisted of loan expense, stationary, forms and printing, check printing, correspondent bank fees, telephone and communication and other fees and expenses.

Income tax provision decreased by $427,000, or 24.6%, to $1.3 million for the three months ended June 30, 2015 from $1.7 million for the three months ended June 30, 2014. The decrease in income tax provision was a result of lower taxable income during the three-month period ended June 30, 2015 as compared with the three months ended June 30, 2014. The consolidated effective tax rate for the three months ended June 30, 2015 was 41.0% compared to 39.8% for the three months ended June 30, 2014.

Results of Operations for the Six Months ended June 30, 2015

Net income was $3.7 million for the six months ended June 30, 2015, compared with $4.9 million for the six months ended June 30, 2014. Net income decreased due to higher non-interest expense and provision for loan loss and lower non-interest income, partially offset by an increase in net interest income and a lower income tax provision compared to the prior year period.

Net interest income increased by $2.0 million, or 8.1%, to $26.3 million for the six months ended June 30, 2015, from $24.3 million for the six months ended June 30, 2014. The increase in net interest income resulted primarily from an increase in the average balance of interest-earning assets of $154.0 million, or 12.8%, to $1.360 billion for the six months ended June 30, 2015, from $1.206 billion for the six months ended June 30, 2014, partly offset by a decrease in the average yield on interest earning assets of nine basis points to 4.79% for the six months ended June 30,2015 from 4.88% for the six months ended June 30, 2014.The average balance of interest-bearing liabilities increased by $135.5 million, or 13.4 %, to $1.144 billion for the six months ended June 30, 2015, from $1.009 billion for the six months ended June 30, 2014, while the average cost of interest-bearing liabilities increased by nine basis points to 1.10% for the six months ended June 30, 2015, from 1.01% for the six months ended June 30, 2014. Net interest margin was 3.87% for the six-month period ended June 30, 2015 and 4.03% for the six-month period ended June 30, 2014.The decline in net interest margin was the result of competitive pressures in attracting new loans and deposits, as evidenced by a decline in the average yield on loans and an increase in the average cost of deposits.

Interest income on loans receivable increased by $4.7 million or 16.9% to $32.2 million for the six months ended June 30, 2015 from $27.5 million for the six months ended June 30, 2014. The increase was primarily attributable to an increase in the average balance of loans receivable of $239.6 million, or 22.4%, to $1.308 billion for the six months ended June 30, 2015 from $1.068 billion for the six months ended June 30, 2014, partially offset by a decrease in the average yield on loans receivable to 4.93% for the six months ended June 30, 2015 from 5.16% for the six months ended June 30, 2014. The increase in the average balance of loans receivable was the result of our comprehensive loan growth strategy. The decrease in average yield reflects the competitive price environment prevalent in the Company’s primary market area on loan facilities as well as the repricing downward of certain variable rate loans.

Interest income on securities decreased by $1.5 million or 83.6% to $298,000 for the six months ended June 30, 2015 from $1.8 million for the six months ended June 30, 2014. This decrease was primarily due to a decrease in the average balance of securities of $99.5 million, or 83.6%, to $19.5 million for the six months ended June 30, 2015 from $119.0 million for the six months ended June 30, 2014. The average yield of securities remained unchanged at 3.06% for the six months ended June 30, 2015 and June 30, 2014. The decrease in the average balance of securities primarily resulted from the sales of $99.2 million of mortgage backed securities in the third quarter of 2014.

Interest income on other interest-earning assets was $27,000 for the six-month period ended June 30, 2015 compared with $24,000 for the six months ended June 30, 2014. The average balance of other interest-earning assets increased $13.8 million or 73.9% to $32.6 million for the six months ended June 30, 2015 from $18.8 million for the six months ended June 30, 2014. The average yield on other interest-earning assets decreased to 0.17% for the six months ended June 30, 2015 from 0.26% for the six months ended June 30, 2014.

Total interest expense increased by $1.2 million, or 23.0%, to $6.3 million for the six months ended June 30, 2015 from $5.1 million for the six months ended June 30, 2014. The increase resulted primarily from an increase in the average balance of interest-bearing liabilities of $135.5 million or 13.4% to $1.144 billion for the six months ended June 30, 2015 from $1.009 billion for the six months ended June 30, 2014, and an increase in the average cost of interest-bearing liabilities of nine basis points to 1.10% for the six months ended June 30, 2015 from 1.01% for the six months ended June 30, 2014. The increase in the average rate on interest-bearing liabilities was due to competitive forces in attracting new deposits and a change in the mix of funding sources and terms, including listing service certificates of deposit and brokered certificates of deposit, to support aggressive loan growth.

The provision for loan losses totaled $1.9 million and $1.5 million for the six months ended June 30, 2015 and 2014, respectively. The provision for loan losses is established based upon management’s review of the Company’s loans and consideration of a variety of factors including, but not limited to, (1) the risk characteristics of the loan portfolio, (2) current economic conditions, (3) actual losses previously experienced, (4) the dynamic activity and fluctuating balance of loans receivable, and (5) the existing level of reserves for loan losses that are probable and estimable. During the six months ended June 30, 2015, the Company experienced $289,000 in net charge-offs compared to $840.000 in net charge-offs for six months ended June 30, 2014. The Bank had non-performing loans totaling $19.4 million or 1.38% of gross loans at June 30, 2015 and $19.6 million or 1.59% of gross loans at December 31, 2014. The allowance for loan losses was $17.7 million or 1.26% of gross loans at June 30, 2015, $16.2 million or 1.31% of gross loans at December 31, 2014 and $15.0 million or 1.34% of gross loans at June 30, 2014. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates. Management assesses the allowance for loan losses on a quarterly basis and makes provisions for loan losses as necessary in order to maintain the adequacy of the allowance. While management uses available information to recognize losses on loans, future loan loss provisions may be necessary based on changes in the aforementioned criteria. In addition various regulatory agencies, as an integral part of their examination process, periodically review the allowance for loan losses and may require the Company to recognize additional provisions based on their judgment of information available to them at the time of their examination. The increase in the allowance for loan loss reflects growth in the loan portfolio. Management believes that the allowance for loan losses was adequate at June 30, 2015 and December 31, 2014.

Total non-interest income decreased by $346,000 or 10.4% to $3.0 million for the six months ended June 30, 2015 from $3.3 million for the six months ended June 30, 2014. Non-interest income reflected a decrease of $1.2 million in the gain on sale of securities available for sale, partly offset by an increase of $906,000, or 90.0%, in gain on sale of loans originated for sale to $1.9 million for the six months ended June 30, 2015 from $1.0 million for the six months ended June 30, 2014.

Total non-interest expense increased by $3.1 million or 17.3% to $21.1 million for the six months ended June 30, 2015 from $18.0 million for the six months ended June 30, 2014. Salaries and employee benefits expense increased by $1.3 million or 14.1% to $10.8 million for the six months ended June 30, 2015 from $9.5 million for the six months ended June 30, 2014. This increase in both salaries and employee benefits was mainly attributable to an increase of 31 full-time equivalent employees, or 10.4%, to 330 at June 30, 2015 from 299 at June 30, 2014, which related to the addition of business development and loan administration employees and the opening of four  new branch offices in the last 15 months.  Occupancy expense increased by $744,000 or 38.3% to $2.7 million for the six months ended June 30, 2015 from $1.9 million for the six months ended June 30, 2014. Equipment expense increased by $408,000 or 15.1% to $3.1 million for the six months ended June 30, 2015 from $2.7 million for the six months ended June 30, 2014. The increases in occupancy and equipment expenses also related primarily to the opening of the new branch offices .

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Professional fees decreased by $617,000, or 60.3%, to $406,000 for the six months ended June 30, 2015 from $1.0 million for the six months ended June 30, 2014. Advertising expense increased by $235,000 or 53.4% to $675,000 for the six months ended June 30, 2015 from $440,000 for the six months ended June 30, 2014.The increase in advertising was primarily due to our marketing efforts related to the previously mentioned expansion of our geographic footprint. Other real estate owned (OREO) (income)/expenses increased by $129,000 to expenses of $169,000 for the six months ended June 30, 2015 from income of $40,000 for the six months ended June 30, 2014. The increase in expenses was primarily due to an upward valuation adjustment of OREO property of $110,000 for the six months ended June 30, 2014 compared to no corresponding adjustment for the six months ended June 30, 2015. Other non-interest expense increased by $865,000 or 58.5% to $2.3 million for the six months ended June 30, 2015 from $1.5 million for the six months ended June 30, 2014.Other non-interest expense is comprised of loan expense, stationary, forms and printing, check printing, correspondent bank fees, telephone and communication, and other fees and expenses.

Income tax provision decreased by $754,000 or 22.8% to $2.6 million for the six months ended June 30, 2015 from $3.3 million for the six months ended June 30, 2014. The decrease in income tax provision was a result of lower taxable income during the six-month period ended June 30, 2015 as compared to the six months ended June 30, 2014. The consolidated effective tax rate for the six months ended June 30, 2015 was 40.7% compared to 40.5% for the six months ended June 30, 2014.

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Liquidity and Capital Resources

Liquidity

The overall objective of our liquidity management practices is to ensure the availability of sufficient funds to meet financial commitments and to take advantage of lending and investment opportunities.  The Company manages liquidity in order to meet deposit withdrawals on demand or at contractual maturity, to repay borrowings and other obligations as they mature, and to fund loan and investment portfolio opportunities as they arise.

The Company’s primary sources of funds to satisfy its objectives are net growth in deposits (primarily retail), principal and interest payments on loans and investment securities, proceeds from the sale of originated loans and FHLB and other borrowings.  The scheduled amortization of loans is a predictable source of funds. Deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition. The Company has other sources of liquidity if a need for additional funds arises, including unsecured overnight lines of credit and other collateralized borrowings from the FHLB and other correspondent banks.

At June 30, 2015, the Company had overnight borrowings outstanding with the FHLB of $2.0 million compared to $26.0 million at December 31, 2014. The Company utilizes overnight borrowings from time to time to fund short-term liquidity needs. The Company had total borrowings of $206.1 million at June 30, 2015 as compared to $163.1 million at December 31, 2014.

The Company had the ability at June 30, 2015 to obtain additional funding from the FHLB of $62.7 million, utilizing unencumbered loan collateral. The Company expects to have sufficient funds available to meet current loan commitments in the normal course of business through typical sources of liquidity. Time deposits scheduled to mature in one year or less totaled $285.6million at June 30, 2015. Based upon historical experience data, management estimates that a significant portion of such deposits will remain with the Company.

Capital Resources.  At June 30, 2015, and December 31, 2014, BCB Community Bank exceeded all of its regulatory capital requirements to which it is subject. The following table sets for the regulatory capital ratios for BCB Community Bank as well as regulatory capital requirements for the periods presented.

	Actual	For Capital Adequacy Purposes	For Well Capitalized Under Prompt Corrective Action
As of June 30, 2015:
Tangible capital to tangible assets	7.60%	4.00%	5.00%
Tier I capital (core) (to adjusted total assets)	8.78%	6.00%	8.00%
Total capital (to risk-weighted assets)	10.03%	8.00%	10.00%
Common Equity Tier 1 Capital (to risk-weighted assets)	8.78%	4.50%	6.50%
As of December 31, 2014:	8.33%	4.00%	5.00%
Tangible capital to tangible assets	10.48%	4.00%	6.00%
Tier I capital (core) (to adjusted total assets)	11.73%	8.00%	10.00%
Total capital (to risk-weighted assets)

In July 2013, the FDIC 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.  Among other things, the new rule established a new common equity Tier 1 minimum capital requirement (4.5% of risk-weighted assets), increased the minimum Tier 1 capital to risk-based assets requirement (from 4% to 6% of risk-weighted assets) and assigned a higher risk weight (150%) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property.  The final rule also requires unrealized gains and losses on certain available-for-sale securities holdings and defined benefit plan obligations to be included for purposes of calculating regulatory capital requirements unless a one-time opt-in or opt-out is exercised.  The Bank exercised the opt-out election. The rule limits a banking organization's capital distributions and certain discretionary bonus payments if the banking organization does not hold a "capital conservation buffer" consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements. 

The final rule became effective for the Bank and the Company on January 1, 2015.  The capital conservation buffer requirement will be phased in beginning January 1, 2016 and ending January 1, 2019, when the full capital conservation buffer requirement will be effective.  The Bank and the Company currently comply with the minimum capital requirements set forth in the final rule.

At June 30, 2015 and December 31, 2014, the Bank’s capital ratios exceeded the quantitative capital ratios required for an institution to be considered “well-capitalized.”

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Management of Market Risk

General. The majority of our assets and liabilities are monetary in nature. Consequently, one of our most significant forms of market risk is interest rate risk. Our assets, consisting primarily of mortgage loans, have longer maturities than our liabilities, consisting primarily of deposits. As a result, a principal part of our business strategy is to manage interest rate risk and reduce the exposure of our net interest income to changes in market interest rates. Accordingly, our Board of Directors has established an Asset/Liability Committee which is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the Board of Directors. Senior management monitors the level of interest rate risk on a regular basis and the Asset/Liability Committee, which consists of senior management and outside directors operating under a policy adopted by the Board of Directors, meets quarterly to review our asset/liability policies and interest rate risk position.

The following table presents the Company’s net portfolio value (“NPV”). These calculations were based upon assumptions believed to be fundamentally sound, although they may vary from assumptions utilized by other financial institutions. The information set forth below is based on data that included all financial instruments as of June 30, 2015. Assumptions have been made by the Company relating to interest rates, loan prepayment rates, core deposit duration, and the market values of certain assets and liabilities under the various interest rate scenarios. Actual maturity dates were used for fixed rate loans and certificate accounts. Investment securities were scheduled at either the maturity date or the next scheduled call date based upon management’s judgment of whether the particular security would be called in the current interest rate environment and under assumed interest rate scenarios. Variable rate loans were scheduled as of their next scheduled interest rate repricing date. Additional assumptions made in the preparation of the NPV table include prepayment rates on loans and mortgage-backed securities, core deposits without stated maturity dates were scheduled with an assumed term of 48 months, and money market and non-interest bearing accounts were scheduled with an assumed term of 24 months. The NPV at “PAR” represents the difference between the Company’s estimated value of assets and estimated value of liabilities assuming no change in interest rates. The NPV for a decrease of 200 to 300 basis points has been excluded since it would not be meaningful, in the interest rate environment as of June 30, 2015. The following sets forth the Company’s NPV as of that date.

							NPV as a % of Assets
Change in Calculation	Net Portfolio Value		$ Change from PAR		% Change from PAR		NPV Ratio		Change
+300bp	$	116,156	$	(56,142)	(32.58)	%	8.24	%	(292)	bps
+200bp		135,659		(36,639)	(21.26)		9.32		(183)	bps
+100bp		154,408		(17,890)	(10.38)		10.38		(85)	bps
PAR		172,298		0	0		11.16		-	bps
-100bp		211,617		39,319	22.82		13.23		207	bps

bp – basis points

The table above indicates that as ofJune 30, 2015, in the event of a 100 basis point increase in interest rates, we would experience a 10.38%  decrease in NPV.

Certain shortcomings are inherent in the methodology used in the above interest rate risk measurement. Modeling changes in NPV require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the NPV table presented assumes that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the NPV table provides an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net interest income, and will differ from actual results.

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ITEM 4.

Controls and Procedures

Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer the Company has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this quarterly report, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There has been no change in the Company’s internal control over financial reporting during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

51

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

       We are involved, from time to time, as plaintiff or defendant in various legal actions arising in the normal course of business. Other than as set forth below, as of June 30, 2015, we were not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations.

The Company, as the successor to Pamrapo Bancorp, Inc., and in its own corporate capacity, is a named defendant in a shareholder class action lawsuit, Kube v. Pamrapo Bancorp, Inc., et al., filed in the Superior Court of New Jersey, Hudson County, Chancery Division, General Equity (the "Action”). On May 9, 2012, the Company and the other defendants obtained partial summary judgment, dismissing three of the five Counts of the plaintiff's Complaint. On May 9, 2012, plaintiff’s counsel was awarded interim legal fees of approximately $350,000. The obligation to pay that amount has been stayed.

The Company and the other defendants filed a motion for summary judgment seeking the dismissal of the remaining two Counts of the plaintiff's Complaint. That motion was denied, without prejudice, on February 19, 2014.

      The terms of a proposed Stipulation of Settlement ("Stipulation") have been agreed to by the plaintiff class, the Company and the remaining defendants. In consideration for the full settlement and release of all Released Claims (as that term is defined in the Stipulation) and the dismissal of the Action with prejudice as against the Company and the remaining defendants, the Company, on its own behalf and on behalf of the remaining defendants, will pay $1,950,000.00 to the Class.

On January 9, 2015, the court entered an Order Granting Preliminary Approval of the Proposed Class Settlement and Authorizing the Dissemination of Notice to the Class. Pursuant to the court rules, a "Fairness Hearing" to determine if the proposed settlement is fair, reasonable and adequate has been scheduled for September 21, 2015. 

The Company and the other defendants in the Action ("Plaintiffs") have brought a lawsuit ("Carrier Suit") against Progressive Insurance Company ("Progressive"), the Directors' and Officers' Liability insurance carrier for Pamrapo Bancorp, Inc., at the time of its merger with the Company on July 6, 2010, and Colonial American Insurance Company ("Colonial"), the Directors' and Officers' Liability insurance carrier for the Company at the time of the merger. The Carrier Suit seeks, among other claims, indemnification, payment of and/or contribution toward the above settlement, payment of and/or contribution toward the above award of interim attorney's fees to the plaintiff class's counsel, payment of and/or contribution toward any future award of attorney's fees to the plaintiff class's counsel, and reimbursement of the attorney's fees and defense costs incurred by the Plaintiffs in defending the Action.  

       Progressive made a motion to dismiss the Carrier Suit in 2014. The Plaintiffs opposed that motion. That motion was administratively terminated by Order of the court, dated December 3, 2014. By Order of the court, dated December 3, 2014, the Plaintiffs' motion to file an Amended Complaint was granted.  

On or about January 6, 2015, Progressive again made a motion to dismiss the Carrier Suit. The Plaintiffs have opposed that motion. That motion is pending.  

A Mediation session ("Mediation") was held on March 11, 2015, among the parties. Following the Mediation, the Plaintiffs and Colonial agreed to settle the Plaintiff's claims against Colonial for $1,750,000.00. A Settlement Agreement and Release, dated June 30, 2015, has been entered into by the Plaintiffs and Colonial.

The Plaintiffs and Progressive did not settle their respective claims. The Carrier Suit continues with respect to those parties.Discovery has been exchanged among the parties. The Plaintiffs are vigorously pursuing full recovery.

ITEM 1.A. RISK FACTORS

Other than as set forth below, there have been no changes to the risk factors set forth under Item 1.A Risk Factors as set forth in the Company’s Form 10-K for the year ended December 31, 2014.

The asset quality of our loan portfolio may deteriorate if the economy falters, resulting in a portion of our loans failing to perform in accordance with their terms. Under such circumstances our profitability will be adversely affected.

At June 30, 2015, the Company had $53.1 million in classified loans of which none were classified as doubtful, $34.5million were classified as substandard and$18.6million were classified as special mention.  In addition, at that date we had $18.1million in non-accruing loans. We have adhered to stringent underwriting standards in the origination of loans, but there can be no assurance that loans that we originated will not experience asset quality deterioration as a result of a downturn in the local economy. Should our local economy weaken, our asset quality may deteriorate resulting in losses to the Company.

52

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On June 28, 2012, the Company announced a seventh stock repurchase plan to repurchase 5% or 440,000 shares of the Company’s common stock. On July 17, 2013, the Company announced an eighth stock repurchase plan to repurchase 5% or 400,000 shares of the Company’s common stock. There were no stock purchases for the six months ended June 30,  2015.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFTEY DISCLOSURES

Not applicable

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit 11.0 Computation of Earnings per Share.

Exhibit 31.1 and 31.2  Officers’ Certification filed pursuant to section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32              Officers’ Certification filed pursuant to section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 101.INS        XBRL Instance Document

Exhibit 101.SCH       XBRL Taxonomy Extension Schema

Exhibit 101.CAL       XBRL Taxonomy Extension Calculation LinkBase

Exhibit 101.DEF       XBRL Taxonomy Extension Definition LinkBase

Exhibit 101.LAB       XBRL Taxonomy Extension Label LinkBase

Exhibit 101.PRE       XBRL Taxonomy Extension Presentation LinkBase

53

Signatures

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

	BCB BANCORP, INC.
Date:August7, 2015	By:	/s/ Thomas Coughlin
		Thomas Coughlin
		President and Chief Executive Officer (Principal Executive Officer)
Date:  August 7, 2015	By:	/s/ Thomas P. Keating
		Thomas P. Keating Senior Vice President and Chief Financial Officer
		(Principal Accounting and Financial Officer)

54

EX-11

Exhibit 11.0

COMPUTATION OF EARNING PER SHARE

(In Thousands, except for per share data)

		Three months ended June 30, 2015		Six months ended June 30, 2015
Income available to common stockholders	$	1,680	$	3,324
Weighted average common shares outstanding		8,421		8,410
Basic earnings per share	$	0.20	$	0.40
Income for diluted earnings per share	$	1,680	$	3,324
Total weighted average common shares and equivalents outstanding for diluted computation (1)		8,447		8,434
Diluted earnings per share	$	0.20	$	0.39

__________

(1) All related to outstanding stock options.

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Thomas Coughlin, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of BCB Bancorp, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and;

d) disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2015	/s/ Thomas Coughlin
	Thomas Coughlin
	President and Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of Principal Accounting Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Thomas P. Keating, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of BCB Bancorp, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and;

d) disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August7, 2015	/s/ Thomas P. Keating
	Thomas P. Keating Senior Vice President and Chief Financial Officer
	(Principal Accounting and Financial Officer)

EX-32

Exhibit 32

Certification pursuant to

18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Thomas Coughlin, President and Chief Executive Officer and Thomas P. Keating, Chief Financial Officer of BCB Bancorp, Inc. (the “Company”) each certify in his capacity as an officer of the Company that he has reviewed the quarterly report of the Company on Form 10-Q for the quarter ended March 31, 2015 and that to the best of his knowledge:

(1) the report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

(2) the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.

The purpose of this statement is solely to comply with Title 18, Chapter 63, Section 1350 of the United States Code, as amended by Section 906 of the Sarbanes-Oxley Act of 2002.

Date: August 7, 2015	/s/ Thomas Coughlin
	President and Chief Executive Officer (Principal Executive Officer)
Date: August 7, 2015	/s/ Thomas P. Keating
	Senior Vice President and Chief Financial Officer (Principal Accounting and Financial Officer)

XML

Fair Values of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Values of Financial Instruments [Abstract]
Impaired loans	$ 20,799	$ 23,027
Valuation allowance	$ 3,429	$ 2,871

XML

Loans Receivable and Allowance for Loan Losses (Impaired Financing Receivables) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		$ 29,782		$ 29,782		$ 26,658
Recorded Investment - With an allowance recorded		20,799		20,799		23,027
Recorded Investment - Total		50,581		50,581		49,685
Unpaid Principal Balance - With no related allowance recorded		31,365		31,365		28,463
Unpaid Principal Balance - With an allowance recorded		20,956		20,956		23,425
Unpaid Principal Balance - Total		52,321		52,321		51,888
Related Allowance		3,429		3,429		2,871
Average Recorded Investment - With no related allowance recorded		27,477	$ 29,670	28,224	$ 25,934
Average Recorded Investment - With an allowance recorded		22,271	20,485	21,915	23,333
Interest Income Recognized - With no related allowance recorded		292	179	586	356
Interest Income Recognized - With an allowance recorded		163	147	322	294
Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment - With no related allowance recorded	[1]	736	731	622	661
Interest Income Recognized - With no related allowance recorded	[1]	5		10
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Recorded Investment - With no related allowance recorded			2		3
Originated Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		14,465		14,465		13,884
Recorded Investment - With an allowance recorded		15,129		15,129		15,554
Unpaid Principal Balance - With no related allowance recorded		14,596		14,596		14,350
Unpaid Principal Balance - With an allowance recorded		15,188		15,188		15,734
Related Allowance		3,039		3,039		2,183
Average Recorded Investment - With no related allowance recorded		13,437	11,264	14,176	10,353
Average Recorded Investment - With an allowance recorded		15,589	9,228	15,342	9,291
Interest Income Recognized - With no related allowance recorded		153	70	306	139
Interest Income Recognized - With an allowance recorded		101	40	200	80
Originated Loans [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		3,164		3,164		2,809
Recorded Investment - With an allowance recorded		7,081		7,081		9,235
Unpaid Principal Balance - With no related allowance recorded		3,188		3,188		2,825
Unpaid Principal Balance - With an allowance recorded		7,081		7,081		9,247
Related Allowance		667		667		720
Average Recorded Investment - With no related allowance recorded		2,582	2,750	2,987	2,422
Average Recorded Investment - With an allowance recorded		7,907	3,156	8,158	2,854
Interest Income Recognized - With no related allowance recorded		26	47	51	94
Interest Income Recognized - With an allowance recorded		77	19	153	38
Originated Loans [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		7,521		7,521		7,202
Recorded Investment - With an allowance recorded		4,122		4,122		2,320
Unpaid Principal Balance - With no related allowance recorded		7,609		7,609		7,639
Unpaid Principal Balance - With an allowance recorded		4,151		4,151		2,364
Related Allowance		1,057		1,057		933
Average Recorded Investment - With no related allowance recorded		7,338	6,721	7,362	6,266
Average Recorded Investment - With an allowance recorded		3,469	3,875	3,221	4,571
Interest Income Recognized - With no related allowance recorded		77	20	154	40
Originated Loans [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded	[2]	2,586		2,586		3,336
Recorded Investment - With an allowance recorded	[2]	2,261		2,261		1,599
Unpaid Principal Balance - With no related allowance recorded	[2]	2,586		2,586		3,336
Unpaid Principal Balance - With an allowance recorded	[2]	2,289		2,289		1,722
Related Allowance	[2]	593		593		79
Average Recorded Investment - With no related allowance recorded	[2]	2,646	1,490	2,961	1,383
Average Recorded Investment - With an allowance recorded	[2]	2,272	709	1,930	552
Interest Income Recognized - With no related allowance recorded	[2]	37		75
Interest Income Recognized - With an allowance recorded	[2]	23		46
Originated Loans [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded	[1]	1,194		1,194		537
Recorded Investment - With an allowance recorded	[1]	202		202		549
Unpaid Principal Balance - With no related allowance recorded	[1]	1,213		1,213		550
Unpaid Principal Balance - With an allowance recorded	[1]	204		204		550
Related Allowance	[1]	2		2		5
Average Recorded Investment - With no related allowance recorded	[1]	871	303	866	282
Average Recorded Investment - With an allowance recorded	[1]	374	902	376	791
Interest Income Recognized - With no related allowance recorded	[1]	13	3	26	5
Interest Income Recognized - With an allowance recorded	[1]	1	21	1	42
Originated Loans [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With an allowance recorded		1,463		1,463		1,851
Unpaid Principal Balance - With an allowance recorded		1,463		1,463		1,851
Related Allowance		720		720		446
Average Recorded Investment - With an allowance recorded		1,567	586	1,657	523
Acquired Loans Recorded At Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		12,712		12,712		10,310
Recorded Investment - With an allowance recorded		5,581		5,581		7,014
Unpaid Principal Balance - With no related allowance recorded		13,125		13,125		10,535
Unpaid Principal Balance - With an allowance recorded		5,664		5,664		7,099
Related Allowance		383		383		457
Average Recorded Investment - With no related allowance recorded		11,413	15,193	11,512	11,774
Average Recorded Investment - With an allowance recorded		6,592	10,794	6,298	13,811
Interest Income Recognized - With no related allowance recorded		101	65	204	130
Interest Income Recognized - With an allowance recorded		60	97	118	192
Acquired Loans Recorded At Fair Value [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		7,231		7,231		4,696
Recorded Investment - With an allowance recorded		3,113		3,113		5,087
Unpaid Principal Balance - With no related allowance recorded		7,539		7,539		4,849
Unpaid Principal Balance - With an allowance recorded		3,151		3,151		5,130
Related Allowance		224		224		254
Average Recorded Investment - With no related allowance recorded		5,840	5,667	5,964	5,655
Average Recorded Investment - With an allowance recorded		4,101	5,928	4,100	5,954
Interest Income Recognized - With no related allowance recorded		48	22	97	43
Interest Income Recognized - With an allowance recorded		35	67	70	134
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		4,849		4,849		5,002
Recorded Investment - With an allowance recorded		2,140		2,140		1,375
Unpaid Principal Balance - With no related allowance recorded		4,945		4,945		5,060
Unpaid Principal Balance - With an allowance recorded		2,185		2,185		1,408
Related Allowance		109		109		154
Average Recorded Investment - With no related allowance recorded		4,837	8,793	4,926	5,455
Average Recorded Investment - With an allowance recorded		2,148	4,537	1,758	7,478
Interest Income Recognized - With no related allowance recorded		48	43	97	87
Interest Income Recognized - With an allowance recorded		20	28	39	55
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded	[1]	632		632		612
Recorded Investment - With an allowance recorded	[1]	328		328		552
Unpaid Principal Balance - With no related allowance recorded	[1]	641		641		626
Unpaid Principal Balance - With an allowance recorded	[1]	328		328		561
Related Allowance	[1]	50		50		49
Average Recorded Investment - With an allowance recorded	[1]	343	329	440	379
Interest Income Recognized - With an allowance recorded	[1]	5	2	9	3
Acquired Loans With Deteriorated Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		2,605		2,605		2,464
Recorded Investment - With an allowance recorded		89		89		459
Unpaid Principal Balance - With no related allowance recorded		3,644		3,644		3,578
Unpaid Principal Balance - With an allowance recorded		104		104		592
Related Allowance		7		7		231
Average Recorded Investment - With no related allowance recorded		2,627	3,213	2,536	3,807
Average Recorded Investment - With an allowance recorded		90	463	275	231
Interest Income Recognized - With no related allowance recorded		38	44	76	87
Interest Income Recognized - With an allowance recorded		2	10	4	22
Acquired Loans With Deteriorated Credit [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		1,490		1,490		1,505
Recorded Investment - With an allowance recorded		89		89		90
Unpaid Principal Balance - With no related allowance recorded		2,117		2,117		2,133
Unpaid Principal Balance - With an allowance recorded		104		104		105
Related Allowance		7		7		14
Average Recorded Investment - With no related allowance recorded		1,494	1,515	1,498	1,821
Average Recorded Investment - With an allowance recorded		90	92	90	46
Interest Income Recognized - With no related allowance recorded		30	14	60	27
Interest Income Recognized - With an allowance recorded		2	4	4	9
Acquired Loans With Deteriorated Credit [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded		871		871		877
Unpaid Principal Balance - With no related allowance recorded		1,023		1,023		1,034
Unpaid Principal Balance - With an allowance recorded						118
Average Recorded Investment - With no related allowance recorded		873	1,610	874	1,712
Interest Income Recognized - With no related allowance recorded		8	29	16	57
Interest Income Recognized - With an allowance recorded			6		13
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded	[2]	167		167
Recorded Investment - With an allowance recorded	[2]					369
Unpaid Principal Balance - With no related allowance recorded	[2]	368		368		274
Unpaid Principal Balance - With an allowance recorded	[2]					369
Related Allowance	[2]					217
Average Recorded Investment - With no related allowance recorded	[2]	181	1	84	186
Average Recorded Investment - With an allowance recorded	[2]		371	185	185
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment - With no related allowance recorded	[1]	77		77		82
Unpaid Principal Balance - With no related allowance recorded	[1]	136		136		$ 137
Average Recorded Investment - With no related allowance recorded	[1]	$ 79	87	$ 80	88
Interest Income Recognized - With no related allowance recorded	[1]		$ 1		$ 3

[1] Includes home equity lines of credit.

[2] Includes business lines of credit.

XML

Net Income per Common Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income per Common Share [Abstract]
Anti-dilutive outstanding options	48,024	31,044	127,000	15,522

XML

Fair Values of Financial Instruments (Quantitative Information about Level 3 Fair Value Measurements) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015		Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis	$ 1,414,984
(Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis	1,414,984
Impaired Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis	17,370		$ 20,156
Impaired Loans [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis	17,370		20,156
Other Real Estate Owned [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, Fair value on a nonrecurring basis	2,113		3,485
Other Real Estate Owned [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, Fair value on a nonrecurring basis	$ 2,113		$ 3,485
Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Significant Assumptions	Liquidation expenses	[1]	Liquidation expenses
Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Significant Assumptions	Liquidation expenses	[1]	Liquidation expenses
Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Maximum [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate			10.00%
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis	$ 17,370		$ 20,156
Fair Value Measurements, Valuation Techniques	Appraisal of collateral	[2]	Appraisal of collateral
Fair Value Measurements, Significant Assumptions	Appraisal adjustments	[3]	Appraisal adjustments
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Minimum [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	0.00%		0.00%
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Maximum [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	10.00%		10.00%
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, Fair value on a nonrecurring basis	$ 2,113		$ 3,485
Fair Value Measurements, Valuation Techniques	Appraisal of collateral	[2]	Appraisal of collateral
Fair Value Measurements, Significant Assumptions	Appraisal adjustments	[3]	Appraisal adjustments
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Minimum [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	0.00%		0.00%
Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Maximum [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	10.00%		10.00%
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Minimum [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	0.00%		0.00%
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Maximum [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	10.00%		10.00%
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Minimum [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	0.00%		0.00%
Appraisal of Collateral [Member] | Liquidation Expenses [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Maximum [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	10.00%

[1] Includes qualitative adjustments by management and estimated liquidation expenses.

[2] Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable.

[3] Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

XML

Loans Receivable and Allowance for Loan Losses (Inclusions in the Consolidated Statements of Financial Condition) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans Receivable and Allowance for Loan Losses [Abstract]
Acquired Loans, Unpaid principal balance	$ 199,794	$ 216,741
Acquired loans, Recorded investment	$ 192,291	$ 209,150

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net Income	$ 3,727	$ 4,865
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of premises and equipment	1,037	719
Amortization and accretion, net	(275)	(307)
Provision for loan losses	1,850	1,450
Deferred income tax benefit	(645)	(616)
Loans originated for sale	(11,950)	(11,458)
Proceeds from sale of loans originated for sale	15,669	10,412
Gain on sales of loans originated for sale	(1,913)	(1,007)
Fair value adjustment of OREO	72
Gain on sales of securites held to maturity		(39)
Gain on sales of securities available for sale		(1,223)
Stock compensation expense	33	26
(Increase) decrease in interest receivable	(472)	71
Increase in other assets	(1,546)	(2,968)
Increase (decrease) in accrued interest payable	184	(12)
Increase (decrease) in other liabilities	(533)	(738)
Net Cash Provided by (Used in) Operating Activities	5,238	(825)
Cash flows from investing activities:
Proceeds from repayments and calls on securities held to maturity		8,717
Proceeds from call of securities available for sale	688
Purchases of securities held to maturity		(3,034)
Proceeds from sales of securities held to maturity		536
Proceeds from sales of securities available for sale		1,320
Proceeds from sales of other real estate owned	1,300
Purchases of loans	925
Net increase in loans receivable	(182,672)	(77,369)
Additions to premises and equipment	(2,646)	(286)
Purchase of Federal Home Loan Bank of New York stock	(1,881)	(1,444)
Net Cash Used in Investing Activities	(184,286)	(71,560)
Cash flows from financing activities:
Net increase in deposits	149,790	40,871
Proceeds from long-term debt	67,000
Net change in short-term debt	(24,000)	27,500
Purchases/adjustments of treasury stock	9	(12)
Cash dividend paid on common stock	(2,230)	(2,170)
Cash dividend paid on preferred stock	(403)	(397)
Net proceeds from issuance of common stock	300	305
Net proceeds from issuance of preferred stock	2,350	770
Exercise of stock options		3
Net Cash Provided by Financing Activities	192,816	66,870
Net Increase (Decrease) In Cash and Cash Equivalents	13,768	(5,515)
Cash and Cash Equivalents-Begininng	32,123	29,844
Cash and Cash Equivalents-Ending	45,891	24,329
Supplemental Cash Flow Information:
Cash paid during the year for: Income taxes	1,914	6,744
Cash paid during the year for: Interest	6,085	5,108
Non-cash items:
Transfer of loans to other real estate owned		1,068
Reclassification of loans originated for sale to held to maturity	$ 725	$ 460

XML

Fair Values of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Carrying Valie	$ 45,891	$ 32,123	$ 24,329	$ 29,844
Cash and cash equivalents, Fair Value	45,891	32,123
Interest-earning time deposits, Carrying Value	993	993
Interest bearing time deposits, Fair value	993	993
Securities available for sale, Fair Value	8,963	9,768
Loans held for sale, Carrying Value	794	3,325
Loans held for sale, Fair Value	809	3,424
Loans receivable, net, Carrying Value	1,388,781	1,207,850
Loans receivable, net, Fair Value		1,244,434
FHLB of New York stock, at cost, Carrying Value	10,711	8,830
FHLB of New York stock, at cost, Fair Value	10,711	8,830
Accrued interest receivable, Carrying Value	4,926	4,454
Accrued interest receivable, Fair Value	4,926	4,454
Deposits, Carrying value	1,178,346	1,028,556
Deposits, Fair value	1,182,366	1,032,275
Borrowings, Carrying Value	202,000	159,000
Borrowings, Fair Value	204,366	163,312
Subordinated Debt, Carrying Value	4,124	4,124
Subordinated debentures, Fair value	4,172	4,236
Accrued interest payable, Carrying Value	999	815
Accrued interest payable, Fair Value	999	815
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair Value	45,891	32,123
Interest bearing time deposits, Fair value	$ 993	$ 993
Securities available for sale, Fair Value
Deposits, Fair value	$ 629,699	$ 616,019
(Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, Fair Value	8,963	9,768
Loans held for sale, Fair Value	809	3,424
FHLB of New York stock, at cost, Fair Value	10,711	8,830
Accrued interest receivable, Fair Value	4,926	4,454
Deposits, Fair value	552,667	416,256
Borrowings, Fair Value	204,366	163,312
Subordinated debentures, Fair value	4,172	4,236
Accrued interest payable, Fair Value	$ 999	$ 815
(Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale, Fair Value
Loans receivable, net, Fair Value		$ 1,244,434

XML

Loans Receivable and Allowance for Loan Losses (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	$ 1,409,346	$ 1,226,676	$ 1,113,719
Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	0
Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	34,523	28,669
Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	$ 18,633	$ 20,484

XML

Securities Available For Sale (Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value ) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months - Fair Value		$ 1,435
More than 12 Months - Fair Value	$ 3,917	2,750
Total - Fair Value	3,917	4,185
Less than 12 Months - Unrealized Losses		5
More than 12 Months - Unrealized Losses	127	97
Total - Unrealized Losses	127	102
Residential mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 Months - Fair Value		1,435
More than 12 Months - Fair Value	3,917	2,750
Total - Fair Value	3,917	4,185
Less than 12 Months - Unrealized Losses		5
More than 12 Months - Unrealized Losses	127	97
Total - Unrealized Losses	$ 127	$ 102

XML

Loans Receivable and Allowance for Loan Losses (Recorded Investments in Loans Receivable) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		$ 1,409,346	$ 1,226,676	$ 1,113,719
Loans and Leases Receivable, Deferred Income		(2,853)	(2,675)
Allowance for loan losses		(17,712)	(16,151)
Total deductions from gross loans		(20,565)	(18,826)
Net Loans		1,388,781	1,207,850
Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		211,510	207,288	197,477
Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		983,686	829,112	746,229
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		86,751	73,497	42,565
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	72,394	60,994	71,333
Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	52,538	52,955	54,079
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		2,467	2,830	2,036
Originated Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,217,055	1,017,527	869,792
Originated Loans [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		134,794	124,642	102,973
Originated Loans [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		894,239	732,791	630,961
Originated Loans [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		86,751	73,497	42,564
Originated Loans [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	67,661	54,244	62,859
Originated Loans [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	31,748	30,175	29,128
Originated Loans [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,862	2,178	1,307
Acquired Loans Recorded At Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		189,349	205,973	240,009
Acquired Loans Recorded At Fair Value [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		75,137	81,051	92,910
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		88,328	95,191	113,400
Acquired Loans Recorded At Fair Value [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount				1
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	4,566	6,381	8,103
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	20,713	22,698	24,866
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		605	652	729
Acquired Loans With Deteriorated Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		2,942	3,176	3,918
Acquired Loans With Deteriorated Credit [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,579	1,595	1,594
Acquired Loans With Deteriorated Credit [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,119	1,130	1,868
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	167	369	371
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	$ 77	$ 82	$ 85

[1] Includes business lines of credit.

[2] Includes home equity lines of credit.

XML

Loans Receivable and Allowance for Loan Losses (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		$ 16,728	$ 14,646	$ 16,151	$ 14,342	$ 14,342
Allowance for loan losses: Charge-offs		153	288	361	984	1,437
Allowance for loan losses: Recoveries		7	144	72	144	446
Allowance for loan losses: Provision		1,130	450	1,850	1,450	2,800
Allowance for loan losses: Ending Balance		17,712	14,952	17,712	14,952	16,151
Loans receivables: Ending balance		1,409,346	1,113,719	1,409,346	1,113,719	1,226,676
Loans receivables: Ending balance: individually evaluated for impairment		50,581	54,105	50,581	54,105	49,685
Loans receivables: Ending balance: collectively evaluated for impairment		1,358,766	1,059,614	1,358,766	1,059,614	1,176,991
Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		2,706	2,403	2,845	2,561	2,561
Allowance for loan losses: Charge-offs		58		62		28
Allowance for loan losses: Provision		(246)	620	(381)	462	312
Allowance for loan losses: Ending Balance		2,402	3,023	2,402	3,023	2,845
Loans receivables: Ending balance		211,510	197,477	211,510	197,477	207,288
Loans receivables: Ending balance: individually evaluated for impairment		22,168	23,592	22,168	23,592	23,422
Loans receivables: Ending balance: collectively evaluated for impairment		189,342	173,885	189,342	173,885	183,866
Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		10,551	9,381	10,153	9,163	9,163
Allowance for loan losses: Charge-offs			288	10	829	1,143
Allowance for loan losses: Recoveries		6	73	70	73	198
Allowance for loan losses: Provision		984	(9)	1,328	750	1,935
Allowance for loan losses: Ending Balance		11,541	9,157	11,541	9,157	10,153
Loans receivables: Ending balance		983,686	746,229	983,686	746,229	829,112
Loans receivables: Ending balance: individually evaluated for impairment		19,503	27,078	19,503	27,078	16,776
Loans receivables: Ending balance: collectively evaluated for impairment		964,183	719,151	964,183	719,151	812,336
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		1,056	655	1,080	701	701
Allowance for loan losses: Recoveries			65		65	65
Allowance for loan losses: Provision		80	(52)	56	(98)	314
Allowance for loan losses: Ending Balance		1,136	668	1,136	668	1,080
Loans receivables: Ending balance		86,751	42,565	86,751	42,565	73,497
Loans receivables: Ending balance: collectively evaluated for impairment		86,751	42,565	86,751	42,565	73,497
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	[1]	1,253	1,406	1,109	1,339	1,339
Allowance for loan losses: Charge-offs	[1]	27		221	126	208
Allowance for loan losses: Recoveries	[1]					174
Allowance for loan losses: Provision	[1]	170	(369)	508	(176)	(196)
Allowance for loan losses: Ending Balance	[1]	1,396	1,037	1,396	1,037	1,109
Loans receivables: Ending balance	[1]	72,394	71,333	72,394	71,333	60,994
Loans receivables: Ending balance: individually evaluated for impairment	[1]	5,014	371	5,014	371	5,304
Loans receivables: Ending balance: collectively evaluated for impairment	[1]	67,380	70,962	67,380	70,962	55,690
Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	[2]	365	501	394	492	492
Allowance for loan losses: Charge-offs	[2]	68		68	27	56
Allowance for loan losses: Recoveries	[2]	1	6	2	6	6
Allowance for loan losses: Provision	[2]	54	79	24	115	(48)
Allowance for loan losses: Ending Balance	[2]	352	586	352	586	394
Loans receivables: Ending balance	[2]	52,538	54,079	52,538	54,079	52,955
Loans receivables: Ending balance: individually evaluated for impairment	[2]	2,433	2,017	2,433	2,017	2,332
Loans receivables: Ending balance: collectively evaluated for impairment	[2]	50,105	52,062	50,105	52,062	50,623
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		629	153	449	3	3
Allowance for loan losses: Charge-offs					2	2
Allowance for loan losses: Recoveries						3
Allowance for loan losses: Provision		93	(15)	273	137	445
Allowance for loan losses: Ending Balance		722	138	722	138	449
Loans receivables: Ending balance		2,467	2,036	2,467	2,036	2,830
Loans receivables: Ending balance: individually evaluated for impairment		1,463	1,047	1,463	1,047	1,851
Loans receivables: Ending balance: collectively evaluated for impairment		1,005	989	1,005	989	979
Unallocated [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		168	147	121	83	83
Allowance for loan losses: Provision		(5)	196	42	260	38
Allowance for loan losses: Ending Balance		163	343	163	343	121
Originated Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		16,108	12,710	15,251	11,592	11,592
Allowance for loan losses: Charge-offs			256	32	461	623
Allowance for loan losses: Recoveries		6		70		299
Allowance for loan losses: Provision		1,231	836	2,056	2,159	3,983
Allowance for loan losses: Ending Balance		17,345	13,290	17,345	13,290	15,251
Loans receivables: Ending balance		1,217,055	869,792	1,217,055	869,792	1,017,527
Loans receivables: Ending balance: individually evaluated for impairment		29,594	24,106	29,594	24,106	29,438
Loans receivables: Ending balance: collectively evaluated for impairment		1,187,462	845,686	1,187,462	845,686	988,089
Originated Loans [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		2,310	1,627	2,364	1,729	1,729
Allowance for loan losses: Provision		(142)	707	(196)	605	635
Allowance for loan losses: Ending Balance		2,168	2,334	2,168	2,334	2,364
Loans receivables: Ending balance		134,794	102,973	134,794	102,973	124,642
Loans receivables: Ending balance: individually evaluated for impairment		10,245	8,710	10,245	8,710	12,044
Loans receivables: Ending balance: collectively evaluated for impairment		124,549	94,263	124,549	94,263	112,598
Originated Loans [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		10,387	8,521	10,028	7,419	7,419
Allowance for loan losses: Charge-offs			256	10	308	388
Allowance for loan losses: Recoveries		6		70		125
Allowance for loan losses: Provision		1,053	115	1,358	1,269	2,872
Allowance for loan losses: Ending Balance		11,446	8,380	11,446	8,380	10,028
Loans receivables: Ending balance		894,239	630,961	894,239	630,961	732,791
Loans receivables: Ending balance: individually evaluated for impairment		11,643	13,038	11,643	13,038	9,522
Loans receivables: Ending balance: collectively evaluated for impairment		882,596	617,923	882,596	617,923	723,269
Originated Loans [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		1,056	655	1,080	700	700
Allowance for loan losses: Provision		80	13	56	(32)	380
Allowance for loan losses: Ending Balance		1,136	668	1,136	668	1,080
Loans receivables: Ending balance		86,751	42,564	86,751	42,564	73,497
Loans receivables: Ending balance: collectively evaluated for impairment		86,751	42,564	86,751	42,564	73,497
Originated Loans [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	[1]	1,242	1,252	876	1,295	1,295
Allowance for loan losses: Charge-offs	[1]			22	126	208
Allowance for loan losses: Recoveries	[1]					174
Allowance for loan losses: Provision	[1]	150	(341)	538	(258)	(385)
Allowance for loan losses: Ending Balance	[1]	1,392	911	1,392	911	876
Loans receivables: Ending balance	[1]	67,661	62,859	67,661	62,859	54,244
Loans receivables: Ending balance: individually evaluated for impairment	[1]	4,847		4,847		4,935
Loans receivables: Ending balance: collectively evaluated for impairment	[1]	62,814	62,859	62,814	62,859	49,309
Originated Loans [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	[2]	316	370	333	363	363
Allowance for loan losses: Charge-offs	[2]				27	27
Allowance for loan losses: Provision	[2]	2	152	(15)	186	(3)
Allowance for loan losses: Ending Balance	[2]	318	522	318	522	333
Loans receivables: Ending balance	[2]	31,748	29,128	31,748	29,128	30,175
Loans receivables: Ending balance: individually evaluated for impairment	[2]	1,396	1,312	1,396	1,312	1,086
Loans receivables: Ending balance: collectively evaluated for impairment	[2]	30,352	27,816	30,352	27,816	29,089
Originated Loans [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		629	138	449	3	3
Allowance for loan losses: Provision		93	(6)	273	129	446
Allowance for loan losses: Ending Balance		722	132	722	132	449
Loans receivables: Ending balance		1,862	1,307	1,862	1,307	2,178
Loans receivables: Ending balance: individually evaluated for impairment		1,463	1,046	1,463	1,046	1,851
Loans receivables: Ending balance: collectively evaluated for impairment		400	261	400	261	327
Originated Loans [Member] | Unallocated [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		168	147	121	83	83
Allowance for loan losses: Provision		(5)	196	42	260	38
Allowance for loan losses: Ending Balance		163	343	163	343	121
Acquired Loans Recorded At Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		523	1,629	577	2,750	2,750
Allowance for loan losses: Charge-offs		126	32	130	523	814
Allowance for loan losses: Recoveries		1	144	2	144	147
Allowance for loan losses: Provision		(112)	(352)	(163)	(982)	(1,506)
Allowance for loan losses: Ending Balance		286	1,389	286	1,389	577
Loans receivables: Ending balance		189,349	240,009	189,349	240,009	205,973
Loans receivables: Ending balance: individually evaluated for impairment		18,293	26,340	18,293	26,340	17,324
Loans receivables: Ending balance: collectively evaluated for impairment		171,056	213,669	171,056	213,669	188,649
Acquired Loans Recorded At Fair Value [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		336	707	417	832	832
Allowance for loan losses: Charge-offs		58		62		28
Allowance for loan losses: Provision		(98)	(81)	(175)	(206)	(387)
Allowance for loan losses: Ending Balance		180	626	180	626	417
Loans receivables: Ending balance		75,137	92,910	75,137	92,910	81,051
Loans receivables: Ending balance: individually evaluated for impairment		10,344	13,288	10,344	13,288	9,783
Loans receivables: Ending balance: collectively evaluated for impairment		64,793	79,622	64,793	79,622	71,268
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		141	779	102	1,744	1,744
Allowance for loan losses: Charge-offs			32		521	755
Allowance for loan losses: Recoveries			73		73	73
Allowance for loan losses: Provision		(66)	(124)	(27)	(600)	(960)
Allowance for loan losses: Ending Balance		75	696	75	696	102
Loans receivables: Ending balance		88,328	113,400	88,328	113,400	95,191
Loans receivables: Ending balance: individually evaluated for impairment		6,989	12,431	6,989	12,431	6,377
Loans receivables: Ending balance: collectively evaluated for impairment		81,339	100,969	81,339	100,969	88,814
Acquired Loans Recorded At Fair Value [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance					1	1
Allowance for loan losses: Recoveries			65		65	65
Allowance for loan losses: Provision			(65)		(66)	(66)
Loans receivables: Ending balance			1		1
Loans receivables: Ending balance: collectively evaluated for impairment			1		1
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	[1]				44	44
Allowance for loan losses: Provision	[1]				(44)	(44)
Loans receivables: Ending balance	[1]	4,566	8,103	4,566	8,103	6,381
Loans receivables: Ending balance: collectively evaluated for impairment	[1]	4,566	8,103	4,566	8,103	6,381
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	[2]	46	128	58	129	129
Allowance for loan losses: Charge-offs	[2]	68		68		29
Allowance for loan losses: Recoveries	[2]	1	6	2	6	6
Allowance for loan losses: Provision	[2]	52	(73)	39	(74)	(48)
Allowance for loan losses: Ending Balance	[2]	31	61	31	61	58
Loans receivables: Ending balance	[2]	20,713	24,866	20,713	24,866	22,698
Loans receivables: Ending balance: individually evaluated for impairment	[2]	960	620	960	620	1,164
Loans receivables: Ending balance: collectively evaluated for impairment	[2]	19,753	24,246	19,753	24,246	21,534
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance			15
Allowance for loan losses: Charge-offs					2	2
Allowance for loan losses: Recoveries						3
Allowance for loan losses: Provision			(9)		8	(1)
Allowance for loan losses: Ending Balance			6		6
Loans receivables: Ending balance		605	729	605	729	652
Loans receivables: Ending balance: individually evaluated for impairment			1		1
Loans receivables: Ending balance: collectively evaluated for impairment		605	728	605	728	652
Acquired Loans With Deteriorated Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		97	307	323
Allowance for loan losses: Charge-offs		27		199
Allowance for loan losses: Provision		11	(34)	(43)	273	323
Allowance for loan losses: Ending Balance		81	273	81	273	323
Loans receivables: Ending balance		2,942	3,918	2,942	3,918	3,176
Loans receivables: Ending balance: individually evaluated for impairment		2,694	3,659	2,694	3,659	2,923
Loans receivables: Ending balance: collectively evaluated for impairment		248	259	248	259
Loans receivables: Ending balance: loans acquired with deteriorated credit quality						253
Acquired Loans With Deteriorated Credit [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		60	69	64
Allowance for loan losses: Provision		(6)	(6)	(10)	63	64
Allowance for loan losses: Ending Balance		54	63	54	63	64
Loans receivables: Ending balance		1,579	1,594	1,579	1,594	1,595
Loans receivables: Ending balance: individually evaluated for impairment		1,579	1,594	1,579	1,594	1,595
Acquired Loans With Deteriorated Credit [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance		23	81	23
Allowance for loan losses: Provision		(3)		(3)	81	23
Allowance for loan losses: Ending Balance		20	81	20	81	23
Loans receivables: Ending balance		1,119	1,868	1,119	1,868	1,130
Loans receivables: Ending balance: individually evaluated for impairment		871	1,609	871	1,609	877
Loans receivables: Ending balance: collectively evaluated for impairment		248	259	248	259
Loans receivables: Ending balance: loans acquired with deteriorated credit quality						253
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	[1]	11	154	233
Allowance for loan losses: Charge-offs	[1]	27		199
Allowance for loan losses: Provision	[1]	20	(28)	(30)	126	233
Allowance for loan losses: Ending Balance	[1]	4	126	4	126	233
Loans receivables: Ending balance	[1]	167	371	167	371	369
Loans receivables: Ending balance: individually evaluated for impairment	[1]	167	371	167	371	369
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses: Beginning Balance	[2]	3	3	3
Allowance for loan losses: Provision	[2]				3	3
Allowance for loan losses: Ending Balance	[2]	3	3	3	3	3
Loans receivables: Ending balance	[2]	77	85	77	85	82
Loans receivables: Ending balance: individually evaluated for impairment	[2]	$ 77	$ 85	$ 77	$ 85	$ 82

[1] Includes business lines of credit.

[2] Includes home equity lines of credit.

XML

Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	1 Months Ended		6 Months Ended
	May. 31, 2014	Feb. 28, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statement of Changes in Stockholders' Equity [Abstract]
Options exercised - Number of Option Shares				116,584
Treasury Stock, Shares, Acquired				884
Preferred Stock, Dividend Rate, Percentage			6.00%	6.00%
Common Stock, Dividends, Per Share, Cash Paid	$ 0.14	$ 0.12	$ 0.14

XML

Loans Receivable and Allowance for Loan Losses (Non-accruing Loans) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan		$ 19,415	$ 19,604
Originated Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan		10,396	11,871
Originated Loans [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan		2,395	2,893
Originated Loans [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan		6,823	8,386
Originated Loans [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan	[1]	735	258
Originated Loans [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan	[2]	443	334
Acquired Loans Recorded At Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan		8,775	7,282
Acquired Loans Recorded At Fair Value [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan		5,224	4,786
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan		3,150	1,969
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan	[2]	401	527
Acquired Loans With Deteriorated Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan		244	451
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan	[1]	167	369
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-accrual loan	[2]	$ 77	$ 82

[1] Includes business lines of credit.

[2] Includes home equity lines of credit.

XML

Fair Values of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 8,963	$ 9,768
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale
(Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale	$ 8,963	$ 9,768
(Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale

XML

Consolidated Statements Of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and amounts due from depository institutions	$ 12,377	$ 11,202
Interest-earning deposits	33,514	20,921
Total cash and cash equivalents	45,891	32,123
Interest-earning time deposits	993	993
Securities available for sale	8,963	9,768
Loans held for sale	794	3,325
Loans receivable, net of allowance for loan losses of $17,712 and $16,151, respectively	1,388,781	1,207,850
Federal Home Loan Bank of New York stock, at cost	10,711	8,830
Premises and equipment, net	15,905	14,295
Accrued interest receivable	4,926	4,454
Other real estate owned	2,113	3,485
Deferred income taxes	10,392	9,703
Other assets	8,619	7,074
Total Assets	1,498,088	1,301,900
LIABILITIES
Non-interest bearing deposits	148,357	127,308
Interest bearing deposits	1,029,989	901,248
Total deposits	1,178,346	1,028,556
Short-term debt	2,000	26,000
Long-term debt	200,000	133,000
Subordinated debentures	4,124	4,124
Other liabilities and accrued interest payable	7,644	7,968
Total Liabilities	$ 1,392,114	$ 1,199,648
STOCKHOLDERS' EQUITY
Preferred stock: $0.01 par value, 10,000,000 shares authorized, issued and outstanding 1,343 shares of series A and B 6% noncumulative perpetual preferred stock (liquidation value $10,000 per share)
Additional paid-in capital preferred stock	$ 15,676	$ 13,326
Common stock; $0.064 stated value; 20,000,000 shares authorized, issued 10,960,399 and 10,924,054 shares at June 30, 2015 and December 31, 2014, respectively, outstanding 8,431,136 shares and 8,393,791 shares, respectively	701	699
Additional paid-in capital common stock	93,139	92,686
Retained earnings	26,955	25,983
Accumulated other comprehensive (loss)	(1,401)	(1,337)
Treasury stock, at cost, 2,529,263 and 2,530,263 shares, respectively	(29,096)	(29,105)
Total Stockholders' Equity	105,974	102,252
Total Liabilites and Stockholders' equity	$ 1,498,088	$ 1,301,900

XML

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Comprehensive Income [Abstract]
Unrealized gains (losses), before tax	$ (153,000)	$ 0	$ (83,000)	$ 213,000
Unrealized gains (losses), deferred taxes	(62,000)	0	(34,000)	87,000
Previously reported unrealized gains, before tax		1,200,000		1,200,000
Previously reported unrealized gains, tax		498,000		498,000
Proceeds from sales of securities available for sale	0		0
Benefit plans, before tax	0	0	25,000	0
Benefit plans, tax	$ 0	$ 0	$ 10,000	$ 0

XML

Loans Receivable and Allowance for Loan Losses (Delinquency Status of Total Loans Receivable) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		$ 34,290	$ 27,802
Current		1,375,056	1,198,874
Total Loans Receivable		1,409,346	1,226,676
Loans Receivable >90 Days and Accruing		0	0
Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		17,334	13,960
Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		6,990	7,220
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		9,966	6,622
Originated Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		20,552	15,722
Current		1,196,503	1,001,805
Total Loans Receivable		1,217,055	1,017,527
Loans Receivable >90 Days and Accruing		0	0
Originated Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		10,313	8,650
Originated Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		3,481	3,036
Originated Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		6,758	4,036
Originated Loans [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		4,528	3,505
Current		130,266	121,137
Total Loans Receivable		134,794	124,642
Loans Receivable >90 Days and Accruing		0	0
Originated Loans [Member] | Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		2,122	1,636
Originated Loans [Member] | Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		847	1,638
Originated Loans [Member] | Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		1,559	231
Originated Loans [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		13,138	10,281
Current		881,101	722,510
Total Loans Receivable		894,239	732,791
Loans Receivable >90 Days and Accruing		0	0
Originated Loans [Member] | Commercial & Multi-family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		7,334	5,919
Originated Loans [Member] | Commercial & Multi-family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		2,006	650
Originated Loans [Member] | Commercial & Multi-family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		3,798	3,712
Originated Loans [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		86,751	73,497
Total Loans Receivable		86,751	73,497
Loans Receivable >90 Days and Accruing		0	0
Originated Loans [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[1]	1,802	1,365
Current	[1]	65,859	52,879
Total Loans Receivable	[1]	67,661	54,244
Loans Receivable >90 Days and Accruing	[1]	0	0
Originated Loans [Member] | Commercial Business [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[1]	262	595
Originated Loans [Member] | Commercial Business [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[1]	327	748
Originated Loans [Member] | Commercial Business [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[1]	1,213	22
Originated Loans [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	1,084	549
Current	[2]	30,664	29,626
Total Loans Receivable	[2]	31,748	30,175
Loans Receivable >90 Days and Accruing	[2]	0	0
Originated Loans [Member] | Home Equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	595	478
Originated Loans [Member] | Home Equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	301
Originated Loans [Member] | Home Equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	188	71
Originated Loans [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due			22
Current		1,862	2,156
Total Loans Receivable		1,862	2,178
Loans Receivable >90 Days and Accruing		0	0
Originated Loans [Member] | Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due			22
Acquired Loans Recorded At Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		13,494	11,629
Current		175,855	194,344
Total Loans Receivable		189,349	205,973
Loans Receivable >90 Days and Accruing		0	0
Acquired Loans Recorded At Fair Value [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		7,021	5,310
Acquired Loans Recorded At Fair Value [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		3,432	4,102
Acquired Loans Recorded At Fair Value [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		3,041	2,217
Acquired Loans Recorded At Fair Value [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		7,262	6,240
Current		67,875	74,811
Total Loans Receivable		75,137	81,051
Loans Receivable >90 Days and Accruing		0	0
Acquired Loans Recorded At Fair Value [Member] | Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		3,622	1,710
Acquired Loans Recorded At Fair Value [Member] | Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		2,000	2,458
Acquired Loans Recorded At Fair Value [Member] | Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		1,640	2,072
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		4,798	3,754
Current		83,530	91,437
Total Loans Receivable		88,328	95,191
Loans Receivable >90 Days and Accruing		0	0
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		2,321	2,589
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		1,165	1,165
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		1,312
Acquired Loans Recorded At Fair Value [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable >90 Days and Accruing		0	0
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[1]	180	161
Current	[1]	4,386	6,220
Total Loans Receivable	[1]	4,566	6,381
Loans Receivable >90 Days and Accruing	[1]	0	0
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[1]	180	161
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	1,246	1,451
Current	[2]	19,467	21,247
Total Loans Receivable	[2]	20,713	22,698
Loans Receivable >90 Days and Accruing	[2]	0	0
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	890	836
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	267	470
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	89	145
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		8	23
Current		597	629
Total Loans Receivable		605	652
Loans Receivable >90 Days and Accruing		0	0
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		8	14
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due			9
Acquired Loans With Deteriorated Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		244	451
Current		2,698	2,725
Total Loans Receivable		2,942	3,176
Loans Receivable >90 Days and Accruing		0	0
Acquired Loans With Deteriorated Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		77	82
Acquired Loans With Deteriorated Credit [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due		167	369
Acquired Loans With Deteriorated Credit [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		1,579	1,595
Total Loans Receivable		1,579	1,595
Loans Receivable >90 Days and Accruing		0	0
Acquired Loans With Deteriorated Credit [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current		1,119	1,130
Total Loans Receivable		1,119	1,130
Loans Receivable >90 Days and Accruing		0	0
Acquired Loans With Deteriorated Credit [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable >90 Days and Accruing		0	0
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[1]	167	369
Total Loans Receivable	[1]	167	369
Loans Receivable >90 Days and Accruing	[1]	0	0
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[1]	167	369
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	77	82
Total Loans Receivable	[2]	77	82
Loans Receivable >90 Days and Accruing	[2]	0	0
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past Due	[2]	77	82
Acquired Loans With Deteriorated Credit [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable >90 Days and Accruing		$ 0	$ 0

[1] Includes business lines of credit.

[2] Includes home equity lines of credit.

XML

Pension and Other Postretirement Plans (Narrative) (Details) - USD ($)			3 Months Ended	6 Months Ended
	Mar. 07, 2014	Jan. 17, 2013	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 28, 2011
Pension and Other Postretirement Plans [Abstract]
Shares authorized for issuance						900,000
Options granted	110,000	130,000	6,000		110,000
Vesting percentage		10.00%	20.00%
Vesting period		10 years
Retirement benefit as percentage of compensation				75.00%
Options exercisable				74,220	59,975
Shares underlying unexercised options				215,500	59,975
Expected future compensation expense				$ 548,758	$ 534,667
Expected future compensation expense, weighted average period for recognition				8 years 4 days	9 years 1 month 2 days

XML

Loans Receivable and Allowance for Loan Losses (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		$ 1,409,346	$ 1,226,676	$ 1,113,719
Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,356,190	1,177,523
Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		18,633	20,484
Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		34,523	28,669
Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		0
Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		211,510	207,288	197,477
Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		983,686	829,112	746,229
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		86,751	73,497	42,565
Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	72,394	60,994	71,333
Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	52,538	52,955	54,079
Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		2,467	2,830	2,036
Originated Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,217,055	1,017,527	869,792
Originated Loans [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,183,830	985,565
Originated Loans [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		12,094	14,202
Originated Loans [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		21,131	17,760
Originated Loans [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		134,794	124,642	102,973
Originated Loans [Member] | Residential [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		124,922	113,847
Originated Loans [Member] | Residential [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		6,011	6,921
Originated Loans [Member] | Residential [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		3,861	3,874
Originated Loans [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		894,239	732,791	630,961
Originated Loans [Member] | Commercial & Multi-family [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		880,314	721,075
Originated Loans [Member] | Commercial & Multi-family [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		3,100	2,322
Originated Loans [Member] | Commercial & Multi-family [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		10,825	9,394
Originated Loans [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		86,751	73,497	42,564
Originated Loans [Member] | Construction [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		86,586	73,332
Originated Loans [Member] | Construction [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		165	165
Originated Loans [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	67,661	54,244	62,859
Originated Loans [Member] | Commercial Business [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	61,296	47,866
Originated Loans [Member] | Commercial Business [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	2,065	2,020
Originated Loans [Member] | Commercial Business [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	4,300	4,358
Originated Loans [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	31,748	30,175	29,128
Originated Loans [Member] | Home Equity [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	30,340	29,178
Originated Loans [Member] | Home Equity [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	726	863
Originated Loans [Member] | Home Equity [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	682	134
Originated Loans [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,862	2,178	1,307
Originated Loans [Member] | Consumer [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		372	267
Originated Loans [Member] | Consumer [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		27	1,911
Originated Loans [Member] | Consumer [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,463
Acquired Loans Recorded At Fair Value [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		189,349	205,973	240,009
Acquired Loans Recorded At Fair Value [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		171,540	191,131
Acquired Loans Recorded At Fair Value [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		5,720	5,455
Acquired Loans Recorded At Fair Value [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		12,089	9,387
Acquired Loans Recorded At Fair Value [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		75,137	81,051	92,910
Acquired Loans Recorded At Fair Value [Member] | Residential [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		65,219	72,502
Acquired Loans Recorded At Fair Value [Member] | Residential [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		3,628	3,069
Acquired Loans Recorded At Fair Value [Member] | Residential [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		6,290	5,480
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		88,328	95,191	113,400
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		81,552	90,090
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,832	2,253
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		4,944	2,848
Acquired Loans Recorded At Fair Value [Member] | Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount				1
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	4,566	6,381	8,103
Acquired Loans Recorded At Fair Value [Member] | Commercial Business [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	4,566	6,381
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	20,713	22,698	24,866
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	19,598	21,506
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	260	133
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	855	1,059
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		605	652	729
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		605	652
Acquired Loans With Deteriorated Credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		2,942	3,176	3,918
Acquired Loans With Deteriorated Credit [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		820	827
Acquired Loans With Deteriorated Credit [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		819	827
Acquired Loans With Deteriorated Credit [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,303	1,522
Acquired Loans With Deteriorated Credit [Member] | Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,579	1,595	1,594
Acquired Loans With Deteriorated Credit [Member] | Residential [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		238	238
Acquired Loans With Deteriorated Credit [Member] | Residential [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		282	286
Acquired Loans With Deteriorated Credit [Member] | Residential [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,059	1,071
Acquired Loans With Deteriorated Credit [Member] | Commercial & Multi-family [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		1,119	1,130	1,868
Acquired Loans With Deteriorated Credit [Member] | Commercial & Multi-family [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		582	589
Acquired Loans With Deteriorated Credit [Member] | Commercial & Multi-family [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount		537	541
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	167	369	371
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[1]	167	369
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	77	82	$ 85
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross, Carrying Amount	[2]	$ 77	$ 82

[1] Includes business lines of credit.

[2] Includes home equity lines of credit.

XML

Pension and Other Postretirement Plans (Summary of Stock Option Activity) (Details) - $ / shares			3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 07, 2014	Jan. 17, 2013	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Beginning Balance - Number of Option Shares				289,720	344,128	344,128
Options granted - Number of Option Shares	110,000	130,000	6,000		110,000
Options exercised - Number of Option Shares					(116,584)
Options forfeited - Number of Option Shares					(13,569)
Options expired - Number of Option Shares					(6,000)
Outstaning, Ending Balance - Number of Option Shares			289,720	289,720	317,975	289,720	344,128
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit				$ 8.93		$ 8.93	$ 8.93
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit				15.65		15.65	18.41
Options exercised - Range of Exercise Prices, Lower Range Limit (per share)					$ 8.93
Options exercised - Range of Exercise Prices, Upper Range Limit (per share)					11.84
Options forfeited - Range of Exercise Prices, Lower Range Limit (per share)					8.93
Options forfeited - Range of Exercise Prices, Upper Range Limit (per share)					29.25
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit				8.93		8.93	8.93
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit				15.65		15.65	18.41
Outstanding, Beginning Balance - Weighted Average Exercise Price				11.18	11.09	11.09
Options granted - Weighted Average Exercise Price					13.32
Options exercised - Weighted Average Exercise Price					11.56
Options forfeited - Weighted Average Exercise Price					19.90
Options expired - Weighted Average Exercise Price					29.25
Outstanding, Ending Balance - Weighted Average Exercise Price			$ 11.18	$ 11.18	11.15	$ 11.18	$ 11.09
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit					8.93
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit					8.93
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit					15.65
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit					$ 15.65

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Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning Balance at Dec. 31, 2013		$ 694	$ 104,620	$ 23,710	$ (29,093)	$ 129	$ 100,060
Proceeds from issuance of preferred stock			770				770
Exercise of Stock Options (116,584 shares)		3	305				308
Stock-based compensation expense			26				26
Treasury Stock Purchases (884 shares)					(12)		(12)
Dividends payable on Series A and Series B 6% noncumulative perpetual preferred stock				(397)			(397)
Cash dividends on common stock declared				(2,170)			(2,170)
Net Income				4,865			4,865
Other comprehensive loss						(595)	(595)
Ending Balance at Jun. 30, 2014		697	105,721	26,008	(29,105)	(466)	102,855
Beginning Balance at Dec. 31, 2014		699	106,012	25,983	(29,105)	(1,337)	102,252
Proceeds from issuance of preferred stock			2,350				2,350
Stock-based compensation expense			33				33
Treasury Stock Adjustment					9		9
Dividends payable on Series A and Series B 6% noncumulative perpetual preferred stock				(403)			(403)
Cash dividends on common stock declared				(2,230)			(2,230)
Dividend Reinvestment Plan			122	(122)
Stock Purchase Plan		2	298				300
Net Income				3,727			3,727
Other comprehensive loss						(64)	(64)
Ending Balance at Jun. 30, 2015		$ 701	$ 108,815	$ 26,955	$ (29,096)	$ (1,401)	$ 105,974

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Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Consolidated Statement of Financial Condition [Abstract]
Loans and Leases Receivable, Allowance	$ 17,712	$ 16,151
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	1,343	1,343
Preferred Stock, Shares Outstanding	1,343	1,343
Preferred Stock, Dividend Rate, Percentage	6.00%	6.00%
Preferred Stock, Liquidation Preference Per Share	$ 10,000	$ 10,000
Common Stock, Par or Stated Value Per Share	$ 0.064	$ 0.064
Common Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Shares, Issued	10,960,399	10,924,054
Common Stock, Shares, Outstanding	8,431,136	8,393,791
Treasury Stock, Shares	2,529,263	2,530,263

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Net Income per Common Share (Tables)

6 Months Ended

Jun. 30, 2015

Net Income per Common Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	For the Three Months Ended June 30,
	2015					2014
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, Except per share data)
Net income available to common stockholders	$	1,680				$	2,426
Basic earnings per share-
Income available to
Common stockholders	$	1,680	8,421	$	0.20	$	2,426	8,353	$	0.29
Effect of dilutive securities:
Stock options		-	26				-	48
Diluted earnings per share-
Income available to
Common stockholders	$	1,680	8,447	$	0.20	$	2,426	8,401	$	0.29

	For the Six Months Ended June 30,
	2015					2014
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, Except per share data)
Net income available to common stockholders	$	3,324				$	4,468
Basic earnings per share-
Income available to
Common stockholders	$	3,324	8,410	$	0.40	$	4,468	8,346	$	0.54
Effect of dilutive securities:
Stock options		-	24				-	50
Diluted earnings per share-
Income available to
Common stockholders	$	3,324	8,434	$	0.39	$	4,468	8,396	$	0.53

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Entity Registrant Name	BCB BANCORP INC
Entity Central Index Key	0001228454
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		8,431,136
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

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Securities Available for Sale (Tables)

6 Months Ended

Jun. 30, 2015

Securities Available for Sale [Abstract]

Amortized Cost and Gross Unrealized Gains and Losses on Securities Held to Maturity [Table Text Block]

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential mortgage-backed securities:
Due after five years through ten years	$	3,452	$	28	$	63	$	3,417
Due after ten years		5,524		86		64		5,546
	$	8,976	$	114	$	127	$	8,963

	December 31, 2014
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential mortgage-backed securities:
Due after five years through ten years	$	3,485	$	32	$	60	$	3,457
Due after ten years		6,213		140		42		6,311
	$	9,698	$	172	$	102	$	9,768

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

	Less than 12 Months				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In Thousands)
June 30, 2015
Residential mortgage-backed securities	$	-	$	-	$	3,917	$	127	$	3,917	$	127
	$	-	$	-	$	3,917	$	127	$	3,917	$	127
December 31, 2014
Residential mortgage-backed securities	$	1,435	$	5	$	2,750	$	97	$	4,185	$	102
	$	1,435	$	5	$	2,750	$	97	$	4,185	$	102

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Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest income:
Loans, including fees	$ 16,864	$ 13,881	$ 32,231	$ 27,562
Investments, taxable	152	878	298	1,793
Investment, non-taxable		13		25
Other interest-earning assets	20	11	27	24
Total interest income	17,036	14,783	32,556	29,404
Deposits:
Demand	227	127	399	248
Savings and club	94	91	216	182
Certificates of deposit	1,382	1,049	2,503	2,141
Total deposits	1,703	1,267	3,118	2,571
Borrowed money	1,637	1,272	3,151	2,525
Total interest expense	3,340	2,539	6,269	5,096
Net interest income	13,696	12,244	26,287	24,308
Provision for loan losses	1,130	450	1,850	1,450
Net interest income after provision for loan losses	12,566	11,794	24,437	22,858
Non-interest income:
Fees and service charges	533	528	1,033	1,032
Gain on sales of loans	1,237	230	1,913	1,007
Gain on sales of securities held to maturity		39		39
Gain on sale of securities available for sale		1,223		1,223
Other	17	18	46	37
Total non-interest income	1,787	2,038	2,992	3,338
Non-interest expense:
Salaries and employee benefits	5,616	5,042	10,841	9,503
Occupancy expense of premises	1,378	964	2,688	1,944
Equipment	1,574	1,341	3,106	2,698
Professional fees	304	533	406	1,023
Director fees	200	194	379	362
Regulatory assessments	265	282	540	534
Advertising	237	266	675	440
Other real estate owned, net	120	32	169	40
Other	1,469	812	2,343	1,478
Total non-interest expense	11,163	9,466	21,147	18,022
Income before income tax provision	3,190	4,366	6,282	8,174
Income tax provision	1,309	1,736	2,555	3,309
Net Income	1,881	2,630	3,727	4,865
Preferred stock dividends	201	204	403	397
Net Income available to common stockholders	$ 1,680	$ 2,426	$ 3,324	$ 4,468
Net Income per common share-basic and diluted
Basic	$ 0.20	$ 0.29	$ 0.40	$ 0.54
Diluted	$ 0.20	$ 0.29	$ 0.39	$ 0.53
Weighted average number of common shares outstanding:
Basic	8,421	8,353	8,410	8,346
Diluted	8,447	8,401	8,434	8,396

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Pension And Other Postretirement Plans

6 Months Ended

Jun. 30, 2015

Pension and Other Postretirement Plans [Abstract]

Pension and Other Postretirement Plans

Note 3 – Pension and Other Postretirement Plans

The Company assumed, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (“Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the “Pension Plan” to the freeze date have been retained. Accordingly, no employees are permitted to commence participation in the Pension Plan and future salary increases and future years of service are not considered when computing an employee’s benefits under the Pension Plan. The Pension Plan is funded in conformity with the funding requirements of applicable government regulations. The Company also acquired through the merger with Pamrapo Bancorp, Inc. a supplemental executive retirement plan (“SERP”) in which certain former employees of Pamrapo Savings Bank are covered. A SERP is an unfunded non-qualified deferred retirement plan. Participants who retire at the age of 65 ( the “Normal Retirement Age”), are entitled to an annual retirement benefit equal to 75% of compensation reduced by their retirement plan annual benefits. Participants retiring before the Normal Retirement Age receive the same benefits reduced by a percentage based on years of service to the Company and the number of years prior to the Normal Retirement Age that participants retire.

Periodic pension and SERP cost, which is recorded as part of salaries and employee benefits expense in our Consolidated Statements of Income, is comprised of the following. (In Thousands):

	Three months ended June 30,				Six months ended June 30,
		2015		2014		2015		2014
Pension plan:
Interest cost	$	96	$	199	$	161	$	100
Expected return on plan assets		(163)		(308)		(272)		(154)
Amortization of unrecognized loss		27		-		45		-
Net periodic pension benefit		(40)		(109)		(66)		(54)
SERP plan:
Interest cost	$	4	$	10	$	6	$	5
Net periodic postretirement cost	$	4	$	10	$	6	$	5

Note 3 – Pension and Other Postretirement Plans(Continued)

The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code.  Only employees are permitted to receive incentive stock options. On March 7, 2014, a grant of 110,000 options and on January 17, 2013, a grant of 130,000 options was declared for certain members of the Board of Directors which vest at a rate of 10% per year, over ten years commencing on the first anniversary of the grant date. The exercise price was recorded as of the close of business on March 7, 2014 and January 17, 2013, respectively. There were 6,000 stock options granted to employees in the fourth quarter of 2014, which vest at a rate of 20% per year.

There was no stock option activity in the six months ended June 30, 2015.

	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price
Outstanding at December 31, 2014	289,720	$	8.93-15.65	$	11.18
Options granted	-		0		0.00
Options exercised	-		0		0.00
Options forfeited	-		0		0.00
Options expired	-		0
Outstanding at June 30, 2015	289,720	$	8.93-15.65	$	11.18

As of June 30, 2015, stock options which were granted and were exercisable totaled 74,220 stock options.

It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 215,500 shares underlying unexercised options outstanding as of June 30, 2015 is $548,758 over a weighted average period of 8.01 years.

	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price
Outstanding at December 31, 2013	344,128	$	8.93-18.41	$	11.09
Options granted	110,000		13.32		13.32
Options exercised	(116,584)		8.93-11.84		11.56
Options forfeited	(13,569)		8.93-29.25		19.90
Options expired	(6,000)		29.25
Outstanding at June 30, 2014	317,975	$	8.93-15.65	$	11.15

As of June 30, 2014, stock options which are granted and were exercisable totaled 59,975 stock options.

It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 59,975 shares underlying unexercised options outstanding as of June 30, 2014 was $534,667 over a weighted average period of 9.09 years.

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Reclassification

6 Months Ended

Jun. 30, 2015

Reclassification [Abstract]

Reclassification

Note 2 – Reclassification

Certain amounts as of December 31, 2014 and the three andsix month periods ended June 30, 2014 have been reclassified to conform to the current period’s presentation. These changes had no effect on the Company’s results of operations or financial position.

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Pension and Other Postretirement Plans (Schedule Of Periodic Pension And SERP Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 96	$ 199	$ 161	$ 100
Expected return on plan assets	(163)	(308)	(272)	(154)
Amortization of unrecognized loss	27		45
Net periodic pension/postretirement cost	(40)	(109)	(66)	(54)
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	4	10	6	5
Net periodic pension/postretirement cost	$ 4	$ 10	$ 6	$ 5

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Loans Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2015

Loans Receivable and Allowance for Loan Losses [Abstract]

Recorded Investments in Loans Receivable

The following table presents the recorded investment in loans receivable as of June 30, 2015 and December 31, 2014 by segment and class:

	June 30, 2015		December 31, 2014
		(In Thousands)
Originated loans:
Residential one-to-four family	$	134,794	$	124,642
Commercial and multi-family		894,239		732,791
Construction		86,751		73,497
Commercial business(1)		67,661		54,244
Home equity(2)		31,748		30,175
Consumer		1,862		2,178
Sub-total		1,217,055		1,017,527
Acquired loans recorded at fair value:
Residential one-to-four family		75,137		81,051
Commercial and multi-family		88,328		95,191
Construction		-		-
Commercial business(1)		4,566		6,381
Home equity(2)		20,713		22,698
Consumer		605		652
Sub-total		189,349		205,973
Acquired loans with deteriorated credit:
Residential one-to-four family		1,579		1,595
Commercial and multi-family		1,119		1,130
Construction		-		-
Commercial business(1)		167		369
Home equity(2)		77		82
Consumer		-		-
Sub-total		2,942		3,176
Total Loans		1,409,346		1,226,676
Less:
Deferred loan fees, net		(2,853)		(2,675)
Allowance for loan losses		(17,712)		(16,151)
		(20,565)		(18,826)
Total Loans, net	$	1,388,781	$	1,207,850

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Allowance for Credit Losses on Financing Receivables

The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2015. The table also details the amount of total loans receivable, loans receivablethat are evaluated individually  and collectively for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class, as of June 30, 2015. (In Thousands):

				Commercial  &
	Residential			Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	2,310	$	10,387	$	1,056	$	1,242	$	316	$	629	$	168	$	16,108
Acquired loans recorded at fair value:		336		141		-		-		46		-		-		523
Acquired loans with deteriorated credit:		60		23		-		11		3		-		-		97
Beginning Balance, March 31, 2015		2,706		10,551		1,056		1,253		365		629		168		16,728
Charge-offs:
Originated Loans:		-		-		-		-		-		-		-	-	-
Acquired loans recorded at fair value:		58		-		-		-		68		-		-	-	126
Acquired loans with deteriorated credit:		-		-		-		27		-		-		-	-	27
Sub-total:		58		-		-		27		68		-		-		153
Recoveries:
Originated Loans:		-		6		-		-		-		-		-		6
Acquired loans recorded at fair value:		-		-		-		-		1		-		-		1
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		6		-		-		1		-		-		7
Provisions:
Originated Loans:		(142)		1,053		80		150		2		93		(5)		1,231
Acquired loans recorded at fair value:		(98)		(66)		-		-		52		-		-		(112)
Acquired loans with deteriorated credit:		(6)		(3)		-		20		-		-		-		11
Sub-total:		(246)		984		80		170		54		93		(5)		1,130
Totals:
Originated Loans:		2,168		11,446		1,136		1,392		318		722		163		17,345
Acquired loans recorded at fair value:		180		75		-		-		31		-		-		286
Acquired loans with deteriorated credit:		54		20		-		4		3		-		-		81
Ending Balance, June 30, 2015	$	2,402	$	11,541	$	1,136	$	1,396	$	352	$	722	$	163	$	17,712
Loans Receivable:
Ending Balance Originated Loans:	$	134,794	$	894,239	$	86,751	$	67,661	$	31,748	$	1,862	$	-	$	1,217,055
Ending Balance Acquired loans recorded at fair value:		75,137		88,328		-		4,566		20,713		605		-		189,349
Ending Balance Acquired loans with deteriorated credit:		1,579		1,119		-		167		77		-		-		2,942
Total Gross Loans:	$	211,510	$	983,686	$	86,751	$	72,394	$	52,538	$	2,467	$	-	$	1,409,346
Ending Balance: Loans individually evaluated
for impairment:
Ending Balance Originated Loans:	$	10,245	$	11,643	$	-	$	4,847	$	1,396	$	1,463	$	-	$	29,594
Ending Balance Acquired loans recorded at fair value:		10,344		6,989		-		-		960		-		-		18,293
Ending Balance Acquired loans with deteriorated credit:		1,579		871		-		167		77		-		-		2,694
Ending Balance Loans individually evaluated
for impairment:	$	22,168	$	19,503	$	-	$	5,014	$	2,433	$	1,463	$	-	$	50,581
Ending Balance: Loans collectively evaluated
for impairment:
Ending Balance Originated Loans:	$	124,549	$	882,596	$	86,751	$	62,814	$	30,352	$	400	$	-	$	1,187,462
Ending Balance Acquired loans recorded at fair value:		64,793		81,339		-		4,566		19,753		605		-		171,056
Ending Balance Acquired loans with deteriorated credit:		-		248		-		-		-		-		-		248
Ending Balance Loans collectively evaluated
for impairment:	$	189,342	$	964,183	$	86,751	$	67,380	$	50,105	$	1,005	$	-	$	1,358,766

_________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the six months ended June 30, 2015, and the related portion of the allowance for loan losses that is allocated to each loan class. (In Thousands):

				Commercial  &			Commercial		Home
	Residential			Multi-family	Construction		Business (1)		Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	2,364	$	10,028	$	1,080	$	876	$	333	$	449	$	121	$	15,251
Acquired loans recorded at fair value:		417		102		-		-		58		-		-		577
Acquired loans with deteriorated credit:		64		23		-		233		3		-		-		323
Beginning Balance, December 31, 2014		2,845		10,153		1,080		1,109		394		449		121		16,151
Charge-offs:
Originated Loans:		-		10		-		22		-		-		-	-	32
Acquired loans recorded at fair value:		62		-		-		-		68		-		-	-	130
Acquired loans with deteriorated credit:		-		-		-		199		-		-		-	-	199
Sub-total:		62		10		-		221		68		-		-		361
Recoveries:
Originated Loans:		-		70		-		-		-		-		-		70
Acquired loans recorded at fair value:		-		-		-		-		2		-		-		2
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		70		-		-		2		-		-		72
Provisions:
Originated Loans:		(196)		1,358		56		538		(15)		273		42		2,056
Acquired loans recorded at fair value:		(175)		(27)		-		-		39		-		-		(163)
Acquired loans with deteriorated credit:		(10)		(3)		-		(30)		-		-		-		(43)
Sub-total:		(381)		1,328		56		508		24		273		42		1,850
Totals:
Originated Loans:		2,168		11,446		1,136		1,392		318		722		163		17,345
Acquired loans recorded at fair value:		180		75		-		-		31		-		-		286
Acquired loans with deteriorated credit:		54		20		-		4		3		-		-		81
Ending Balance, June 30, 2015	$	2,402	$	11,541	$	1,136	$	1,396	$	352	$	722	$	163	$	17,712

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the year ended December 31, 2014. The table also details the amount of total loans receivablethat are evaluated individually and collectively for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class, as of December 31, 2014. (In Thousands):

				Commercial  &			Commercial		Home
	Residential			Multi-family	Construction		Business (1)		equity (2)		Consumer		Unallocated		Total
Allowance for credit losses:
Originated Loans:	$	1,729	$	7,419	$	700	$	1,295	$	363	$	3	$	83	$	11,592
Acquired loans recorded at fair value:		832		1,744		1		44		129		-		-		2,750
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Beginning Balance, December 31, 2013		2,561		9,163		701		1,339		492		3		83		14,342
Charge-offs:
Originated Loans:		-		388		-		208		27		-		-	-	623
Acquired loans recorded at fair value:		28		755		-		-		29		2		-	-	814
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-	-	-
Sub-total:		28		1,143		-		208		56		2		-		1,437
Recoveries:
Originated Loans:		-		125		-		174		-		-		-		299
Acquired loans recorded at fair value:		-		73		65		-		6		3		-		147
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		198		65		174		6		3		-		446
Provisions:
Originated Loans:		635		2,872		380		(385)		(3)		446		38		3,983
Acquired loans recorded at fair value:		(387)		(960)		(66)		(44)		(48)		(1)		-		(1,506)
Acquired loans with deteriorated credit:		64		23		-		233		3		-		-		323
Sub-total:		312		1,935		314		(196)		(48)		445		38		2,800
Totals:
Originated Loans:		2,364		10,028		1,080		876		333		449		121		15,251
Acquired loans recorded at fair value:		417		102		-		-		58		-		-		577
Acquired loans with deteriorated credit:		64		23		-		233		3		-		-		323
Ending Balance, December 31, 2014	$	2,845	$	10,153	$	1,080	$	1,109	$	394	$	449	$	121	$	16,151
Loans Receivables:
Ending Balance Originated Loans:	$	124,642	$	732,791	$	73,497	$	54,244	$	30,175	$	2,178	$	-	$	1,017,527
Ending Balance Acquired Loans:		81,051		95,191		-		6,381		22,698		652		-		205,973
Ending Balance Acquired loans with deteriorated credit:		1,595		1,130		-		369		82		-		-		3,176
Total Gross Loans:	$	207,288	$	829,112	$	73,497	$	60,994	$	52,955	$	2,830		-	$	1,226,676
Ending Balance: Loans individually evaluated
for impairment:
Ending Balance Originated Loans:	$	12,044	$	9,522	$	-	$	4,935	$	1,086	$	1,851	$	-	$	29,438
Ending Balance Acquired Loans:		9,783		6,377		-		-		1,164		-		-		17,324
Ending Balance Acquired loans with deteriorated credit:		1,595		877		-		369		82		-		-		2,923
Ending Balance Loans individually evaluated
for impairment:	$	23,422	$	16,776	$	-	$	5,304	$	2,332	$	1,851	$	-	$	49,685
Ending Balance: Loans collectively evaluated
for impairment:
Ending Balance Originated Loans:	$	112,598	$	723,269	$	73,497	$	49,309	$	29,089	$	327	$	-	$	988,089
Ending Balance Acquired Loans:		71,268		88,814		-		6,381		21,534		652		-		188,649
Ending Balance Acquired loans with deteriorated credit:		-		253		-		-		-		-		-		253
Ending Balance Loans collectively evaluated
for impairment:	$	183,866	$	812,336	$	73,497	$	55,690	$	50,623	$	979	$	-	$	1,176,991

________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2014. The table also details the amount of total loans receivablethat are evaluated individually and collectively for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class, as of June 30, 2014 (In Thousands):

				Commercial  &
	Residential			Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	1,627	$	8,521	$	655	$	1,252	$	370	$	138	$	147	$	12,710
Acquired loans recorded at fair value:		707		779		-		-		128		15		-		1,629
Acquired loans with deteriorated credit:		69		81		-		154		3		-		-		307
Beginning Balance, March 31, 2014		2,403		9,381		655		1,406		501		153		147		14,646
Charge-offs:
Originated Loans:		-		256		-		-		-		-		-	-	256
Acquired loans recorded at fair value:		-		32		-		-		-		-		-	-	32
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-	-	-
Sub-total:		-		288		-		-		-		-		-		288
Recoveries:
Originated Loans:		-		-		-		-		-		-		-		-
Acquired loans recorded at fair value:		-		73		65		-		6		-		-		144
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		73		65		-		6		-		-		144
Provisions:
Originated Loans:		707		115		13		(341)		152		(6)		196		836
Acquired loans recorded at fair value:		(81)		(124)		(65)		-		(73)		(9)		-		(352)
Acquired loans with deteriorated credit:		(6)		-		-		(28)		-		-		-		(34)
Sub-total:		620		(9)		(52)		(369)		79		(15)		196		450
Totals:
Originated Loans:		2,334		8,380		668		911		522		132		343		13,290
Acquired loans recorded at fair value:		626		696		-		-		61		6		-		1,389
Acquired loans with deteriorated credit:		63		81		-		126		3		-		-		273
Ending Balance, June 30, 2014	$	3,023	$	9,157	$	668	$	1,037	$	586	$	138	$	343	$	14,952
Loans Receivable:
Ending Balance Originated Loans:	$	102,973	$	630,961	$	42,564	$	62,859	$	29,128	$	1,307	$	-	$	869,792
Ending Balance Acquired loans recorded at fair value:		92,910		113,400		1		8,103		24,866		729		-		240,009
Ending Balance Acquired loans with deteriorated credit:		1,594		1,868		-		371		85		-		-		3,918
Total Gross Loans:	$	197,477	$	746,229	$	42,565	$	71,333	$	54,079	$	2,036	$	-	$	1,113,719
Ending Balance: Loans individually evaluated
for impairment:
Ending Balance Originated Loans:	$	8,710	$	13,038	$	-	$	-	$	1,312	$	1,046	$	-	$	24,106
Ending Balance Acquired loans recorded at fair value:		13,288		12,431		-		-		620		1		-		26,340
Ending Balance Acquired loans with deteriorated credit:		1,594		1,609		-		371		85		-		-		3,659
Ending Balance Loans individually evaluated
for impairment:	$	23,592	$	27,078	$	-	$	371	$	2,017	$	1,047	$	-	$	54,105
Ending Balance: Loans collectively evaluated
for impairment:
Ending Balance Originated Loans:	$	94,263	$	617,923	$	42,564	$	62,859	$	27,816	$	261	$	-	$	845,686
Ending Balance Acquired loans recorded at fair value:		79,622		100,969		1		8,103		24,246		728		-		213,669
Ending Balance Acquired loans with deteriorated credit:		-		259		-		-		-		-		-		259
Ending Balance Loans collectively evaluated
for impairment:	$	173,885	$	719,151	$	42,565	$	70,962	$	52,062	$	989	$	-	$	1,059,614

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for six months ended June 30, 2014, and the related portion of the allowance for loan losses that is allocated to each loan class. (In Thousands):

				Commercial  &			Commercial		Home
	Residential			Multi-family	Construction		Business (1)		Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	1,729	$	7,419	$	700	$	1,295	$	363	$	3	$	83	$	11,592
Acquired loans recorded at fair value:		832		1,744		1		44		129		-		-		2,750
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Beginning Balance, December 31, 2013		2,561		9,163		701		1,339		492		3		83		14,342
Charge-offs:
Originated Loans:		-		308		-		126		27		-		-	-	461
Acquired loans recorded at fair value:		-		521		-		-		-		2		-	-	523
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-	-	-
Sub-total:		-		829		-		126		27		2		-		984
Recoveries:
Originated Loans:		-		-		-		-		-		-		-		-
Acquired loans recorded at fair value:		-		73		65		-		6		-		-		144
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		73		65		-		6		-		-		144
Provisions:
Originated Loans:		605		1,269		(32)		(258)		186		129		260		2,159
Acquired loans recorded at fair value:		(206)		(600)		(66)		(44)		(74)		8		-		(982)
Acquired loans with deteriorated credit:		63		81		-		126		3		-		-		273
Sub-total:		462		750		(98)		(176)		115		137		260		1,450
Totals:
Originated Loans:		2,334		8,380		668		911		522		132		343		13,290
Acquired loans recorded at fair value:		626		696		-		-		61		6		-		1,389
Acquired loans with deteriorated credit:		63		81		-		126		3		-		-		273
Ending Balance, June 30, 2014	$	3,023	$	9,157	$	668	$	1,037	$	586	$	138	$	343	$	14,952

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Non-Accruing Loans

		As of June 30, 2015		As of December 31, 2014
		(In Thousands)		(In Thousands)
Non-Accruing Loans:
Originated loans:
Residential one-to-four family	$	2,395	$	2,893
Commercial and multi-family		6,823		8,386
Construction		-		-
Commercial business(1)		735		258
Home equity(2)		443		334
Consumer		-		-
Sub-total:	$	10,396	$	11,871
Acquired loans recorded at fair value:
Residential one-to-four family	$	5,224	$	4,786
Commercial and multi-family		3,150		1,969
Construction		-		-
Commercial business(1)		-		-
Home equity(2)		401		527
Consumer		-		-
Sub-total:	$	8,775	$	7,282
Acquired loans with deteriorated credit:
Residential one-to-four family	$	-	$	-
Commercial and multi-family		-		-
Construction		-		-
Commercial business(1)		167		369
Home equity(2)		77		82
Consumer		-		-
Sub-total:	$	244	$	451
Total	$	19,415	$	19,604

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Impaired Financing Receivables

The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and six months ended June 30, 2015 and 2014. (In Thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2015		2015		2014		2014		2015		2015		2014		2014
		Average		Interest		Average		Interest		Average		Interest		Average		Interest
		Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
Originated loans		Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
With no related allowance recorded:
Residential one-to-four family	$	2,582	$	26	$	2,750	$	47	$	2,987	$	51	$	2,422	$	94
Commercial and Multi-family		7,338		77		6,721		20		7,362		154		6,266		40
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		2,646		37		1,490		-		2,961		75		1,383		-
Home equity(2)		871		13		303		3		866		26		282		5
Consumer		-		-		-		-		-		-		-		-
Sub-total:	$	13,437	$	153	$	11,264	$	70	$	14,176	$	306	$	10,353	$	139
Acquired loans recorded at fair value
With no related allowance recorded:
Residential one-to-four family	$	5,840	$	48	$	5,667	$	22	$	5,964	$	97	$	5,655	$	43
Commercial and Multi-family		4,837		48		8,793		43		4,926		97		5,455		87
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-		-		-
Home equity(2)		736		5		731		-		622		10		661		-
Consumer		-		-		2		-		-		-		3		-
Sub-total	$	11,413	$	101	$	15,193	$	65	$	11,512	$	204	$	11,774	$	130
Acquired loans with deteriorated credit
With no related allowance recorded:
Residential one-to-four family	$	1,494	$	30	$	1,515	$	14	$	1,498	$	60	$	1,821	$	27
Commercial and Multi-family		873		8		1,610		29		874		16		1,712		57
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		181		-		1		-		84		-		186		-
Home equity(2)		79		-		87		1		80		-		88		3
Consumer		-		-		-		-		-		-		-		-
Sub-total:	$	2,627	$	38	$	3,213	$	44	$	2,536	$	76	$	3,807	$	87
Total Impaired Loans
With no related allowance recorded:	$	27,477	$	292	$	29,670	$	179	$	28,224	$	586	$	25,934	$	356

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three and six months ended June 30, 2015 and 2014. (In Thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2015		2015		2014		2014		2015		2015		2014		2014
		Average		Interest		Average		Interest		Average		Interest		Average		Interest
		Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
Originated loans		Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
with an allowance recorded:
Residential one-to-four family	$	7,907	$	77	$	3,156	$	19	$	8,158	$	153	$	2,854	$	38
Commercial and Multi-family		3,469		-		3,875		-		3,221		-		4,571		-
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		2,272		23		709		-		1,930		46		552		-
Home equity(2)		374		1		902		21		376		1		791		42
Consumer		1,567		-		586		-		1,657		-		523		-
Sub-total:	$	15,589	$	101	$	9,228	$	40	$	15,342	$	200	$	9,291	$	80
Acquired loans recorded at fair value
with an allowance recorded:
Residential one-to-four family	$	4,101	$	35	$	5,928	$	67	$	4,100	$	70	$	5,954	$	134
Commercial and Multi-family		2,148		20		4,537		28		1,758		39		7,478		55
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-		-		-
Home equity(2)		343		5		329		2		440		9		379		3
Consumer		-		-		-		-		-		-		-		-
Sub-total	$	6,592	$	60	$	10,794	$	97	$	6,298	$	118	$	13,811	$	192
Acquired loans with deteriorated credit
with an allowance recorded:
Residential one-to-four family	$	90	$	2	$	92	$	4	$	90	$	4	$	46	$	9
Commercial and Multi-family		-		-		-		6		-		-		-		13
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		-		-		371		-		185		-		185		-
Home equity(2)		-		-		-		-		-		-		-		-
Consumer		-		-		-		-		-		-		-		-
Sub-total:	$	90	$	2	$	463	$	10	$	275	$	4	$	231	$	22
Total Impaired Loans
with an allowance recorded:	$	22,271	$	163	$	20,485	$	147	$	21,915	$	322	$	23,333	$	294

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class at

June 30, 2015 and December 31, 2014. (In Thousands):

		As of June 30, 2015						As of December 31, 2014
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
Originated loans		Investment		Balance		Allowance		Investment		Balance		Allowance
with no related allowance recorded:
Residential one-to-four family	$	3,164	$	3,188	$	-	$	2,809	$	2,825	$	-
Commercial and multi-family		7,521		7,609		-		7,202		7,639		-
Construction		-		-		-		-		-		-
Commercial business(1)		2,586		2,586		-		3,336		3,336		-
Home equity(2)		1,194		1,213		-		537		550		-
Consumer		-		-		-		-		-		-
Sub-total:	$	14,465	$	14,596	$	-	$	13,884	$	14,350	$	-
Acquired loans recorded at fair
value with no related allowance
recorded:
Residential one-to-four family	$	7,231	$	7,539	$	-	$	4,696	$	4,849	$	-
Commercial and Multi-family		4,849		4,945		-		5,002		5,060		-
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-
Home equity(2)		632		641		-		612		626		-
Consumer		-		-		-		-		-		-
Sub-total:	$	12,712	$	13,125	$	-	$	10,310	$	10,535	$	-
Acquired loans with deteriorated
credit with no related allowance
recorded:
Residential one-to-four family	$	1,490	$	2,117	$	-	$	1,505	$	2,133	$	-
Commercial and Multi-family		871		1,023		-		877		1,034		-
Construction		-		-		-		-		-		-
Commercial business(1)		167		368		-		-		274		-
Home equity(2)		77		136		-		82		137		-
Consumer		-		-		-		-		-		-
Sub-total:	$	2,605	$	3,644	$	-	$	2,464	$	3,578	$	-
Total Impaired Loans
with no related allowance recorded:	$	29,782	$	31,365	$	-	$	26,658	$	28,463	$	-

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class at June 30, 2015 and December 31, 2014. (In Thousands):

		As of June 30, 2015						As of December 31, 2014
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
Originated loans		Investment		Balance		Allowance		Investment		Balance		Allowance
with an allowance recorded:
Residential one-to-four family	$	7,081	$	7,081	$	667	$	9,235	$	9,247	$	720
Commercial and Multi-family		4,122		4,151		1,057		2,320		2,364		933
Construction		-		-		-		-		-		-
Commercial business(1)		2,261		2,289		593		1,599		1,722		79
Home equity(2)		202		204		2		549		550		5
Consumer		1,463		1,463		720		$                  1,851		$                      1,851		446
Sub-total:	$	15,129	$	15,188	$	3,039	$	15,554	$	15,734	$	2,183
Acquired loans recorded at fair
value with an allowance
recorded:
Residential one-to-four family	$	3,113	$	3,151	$	224	$	5,087	$	5,130	$	254
Commercial and Multi-family		2,140		2,185		109		1,375		1,408		154
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-
Home equity(2)		328		328		50		552		561		49
Consumer		-		-		-		-		-		-
Sub-total	$	5,581	$	5,664	$	383	$	7,014	$	7,099	$	457
Acquired loans with deteriorated
credit with an allowance
recorded:
Residential one-to-four family	$	89	$	104	$	7	$	90	$	105	$	14
Commercial and Multi-family		-		-		-		-		118		-
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		-		369		369		217
Home equity(2)		-		-		-		-		-		-
Consumer		-		-		-		$                          -		-		-
Sub-total:	$	89	$	104	$	7	$	459	$	592	$	231
Total Impaired Loans
with an allowance recorded:	$	20,799	$	20,956	$	3,429	$	23,027	$	23,425	$	2,871
Total Impaired Loans
with no related allowance recorded:	$	29,782	$	31,365	$	-	$	26,658	$	28,463	$	-
Total Impaired Loans:	$	50,581	$	52,321	$	3,429	$	49,685	$	51,888	$	2,871

Troubled Debt Restructurings on Financing Receivables

The following table presents the total troubled debt restructured loans at June 30, 2015, excluding the purchase impairment mark on the acquired loans with deteriorated credit. (Dollars In Thousands):

	Accrual			Non-accrual			Total
June 30, 2015	# of Loans		Amount	# of Loans		Amount	# of Loans		Amount
Originated loans:
Residential one-to-four family	7	$	2,097	1	$	836	8	$	2,933
Commercial and multi-family	4		3,293	9		4,797	13		8,090
Construction	-		-	-		-	-		-
Commercial business(1)	1		788	-		-	1		788
Home equity(2)	2		499	2		114	4		613
Consumer	-		-	-		-	-		-
Sub-total:	14	$	6,677	12	$	5,747	26	$	12,424
Acquired loans recorded at fair value:
Residential one-to-four family	22	$	4,603	12	$	3,317	34	$	7,920
Commercial and Multi-family	13		4,957	1		599	14		5,556
Construction	-		-	-		-	-		-
Commercial business(1)	-		-	-		-	-		-
Home equity(2)	4		373	1		221	5		594
Consumer	-		-	-		-	-		-
Sub-total:	39	$	9,933	14	$	4,137	53	$	14,070
Acquired loans with deteriorated credit:
Residential one-to-four family	6	$	2,221	0	$	0	6	$	2,221
Commercial and Multi-family	2		1,023	-		-	2		1,023
Construction	-		-	-		-	-		-
Commercial business(1)	-		-	1		167	1		167
Home equity(2)	-		-	1		124	1		124
Consumer	-		-	-		-	-		-
Sub-total:	8	$	3,244	2	$	291	10	$	3,535
Total	61	$	19,854	28	$	10,175	89	$	30,029

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the total troubled debt restructured loans at December 31, 2014, excluding the purchase impairment mark on the acquired loans with deteriorated credit. (Dollars In Thousands):

	Accrual			Non-accrual			Total
December 31, 2014	# of Loans		Amount	# of Loans		Amount	# of Loans		Amount
	(Actual)		(In Thousands)	(Actual)		(In Thousands)	(Actual)		(In Thousands)
Originated loans:
Residential one-to-four family	7	$	2,201	2	$	1,323	9	$	3,524
Commercial and multi-family	3		1,065	9		6,446	12		7,511
Construction	-		-	-		-	-		-
Commercial business(1)	1		798	-		-	1		798
Home equity(2)	2		508	2		117	4		625
Consumer	-		-	-		-	-		-
Sub-total:	13	$	4,572	13	$	7,886	26	$	12,458
Acquired loans recorded at fair value:
Residential one-to-four family	22	$	4,782	11	$	2,818	33	$	7,600
Commercial and multi-family	13		5,011	1		614	14		5,625
Construction	-		-	-		-	-		-
Commercial business(1)	-		-	-		-	-		-
Home equity(2)	5		637	1		217	6		854
Consumer	-		-	-		-	-		-
Sub-total:	40	$	10,430	13	$	3,649	53	$	14,079
Acquired loans with deteriorated credit:
Residential one-to-four family	6	$	2,238	-	$	-	6	$	2,238
Commercial and multi-family	3		1,152	-		-	3		1,152
Construction	-		-	-		-	-		-
Commercial business(1)	3		274	1		369	4		643
Home equity(2)	-		-	1		129	1		129
Consumer	-		-	-		-	-		-
Sub-total:	12	$	3,664	2	$	498	14	$	4,162
Total	65	$	18,666	28	$	12,033	93	$	30,699

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

A troubled debt restructuring (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a modification that would otherwise not be granted to the borrower. The types of concessions granted are generally included, but not limited to interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal.

The following table summarizes information in regards to troubled debt restructurings which occurred during the three months ended June 30, 2015. (Dollars In Thousands):

Three Months Ended June 30, 2015			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	836	$	836
Commercial and multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	1	$	836	$	836
Acquired loans recorded at fair value:
Residential one-to-four family	1	$	1,067	$	1,083
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		223		223
Consumer	-		-		-
Sub-total:	2	$	1,290	$	1,306
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	-	$	-	$	-
Total	3	$	2,126	$	2,142

__________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The loans included above are considered TDRs as a result of the Company implementing one or more of the following concessions: granting a material extension of time, issuing a forbearance agreement, adjusting the interest rate to a below market rate, accepting interest only for a period of time or a change in amortization period. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructuring during the three months ended June 30, 2015. (Dollars In Thousands):

Three Months Ended June 30, 2015
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	-	$	-
Commercial and multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	1		63
Consumer	-		-
Sub-total:	1	$	63
Acquired loans recorded at fair value:
Residential one-to-four family	2	$	1,254
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	2	$	1,254
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	0	$	0
Total	3	$	1,317

__________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings which occurred during the six months ended June 30, 2015. (Dollars In Thousands):

Six Months Ended June 30, 2015			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	836	$	836
Commercial and multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	1	$	836	$	836
Acquired loans recorded at fair value:
Residential one-to-four family	3	$	1,532	$	1,562
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		223		223
Consumer	-		-		-
Sub-total:	4	$	1,755	$	1,785
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	-	$	-	$	-
Total	5	$	2,591	$	2,621

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructurings  during the six months ended June 30, 2015. (Dollars In Thousands):

Six Months Ended June 30, 2015
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	1	$	836
Commercial and multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	1		63
Consumer	-		-
Sub-total:	2	$	899
Acquired loans recorded at fair value:
Residential one-to-four family	2	$	1,255
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	2	$	1,255
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	-	$	-
Total	4	$	2,154

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings which occurred during the three months ended June 30, 2014. (Dollars In Thousands):

Three Months Ended June 30, 2014			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	192	$	211
Commercial and multi-family	2		2,536		2,536
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	3	$	2,728	$	2,747
Acquired loans recorded at fair value:
Residential one-to-four family	3	$	1,267	$	1,270
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		256		262
Consumer	-		-		-
Sub-total:	4	$	1,523	$	1,532
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	-	$	-	$	-
Total	7	$	4,251	$	4,279

_________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructuring during the three months ended June 30, 2014. (Dollars In Thousands):

Three Months Ended June 30, 2014
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	-	$	-
Commercial and multi-family	1		460
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1	$	460
Acquired loans recorded at fair value:
Residential one-to-four family	-	$	-
Commercial and Multi-family	1		652
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1	$	652
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	-	$	-
Total	2	$	1,112

__________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings which occurred during the six months ended June 30, 2014. (Dollars In Thousands):

Six Months Ended June 30, 2014			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	192	$	211
Commercial and multi-family	2		2,536		2,536
Construction	-		-		-
Commercial business(1)	0		0		0
Home equity(2)	0		0		0
Consumer	-		-		-
Sub-total:	3	$	2,728	$	2,747
Acquired loans recorded at fair value:
Residential one-to-four family	4	$	1,699	$	1,702
Commercial and Multi-family	1		187		205
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		256		262
Consumer	-		-		-
Sub-total:	6	$	2,142	$	2,169
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	0		0		0
Construction	-		-		-
Commercial business(1)	0		0		0
Home equity(2)	0		0		0
Consumer	-		-		-
Sub-total:	0	$	0	$	0
Total	9	$	4,870	$	4,916

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructuring during the six months ended June 30, 2014. (Dollars In Thousands):

Six Months Ended June 30, 2014
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	-	$	-
Commercial and multi-family	1		460
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1		460
Acquired loans recorded at fair value:
Residential one-to-four family	-	$	-
Commercial and Multi-family	1		652
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1		652
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	-		-
Total	2	$	1,112

Delinquency Status of Total Loans Receivable

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Originated loans:
Residential one-to-four family	$	2,122	$	847	$	1,559	$	4,528	$	130,266	$	134,794	$	-
Commercial and multi-family		7,334		2,006		3,798		13,138		881,101		894,239		-
Construction		-		-		-		-		86,751		86,751		-
Commercial business(1)		262		327		1,213		1,802		65,859		67,661		-
Home equity(2)		595		301		188		1,084		30,664		31,748		-
Consumer		-		-		-		-		1,862		1,862		-
Sub-total:	$	10,313	$	3,481	$	6,758	$	20,552	$	1,196,503	$	1,217,055	$	-
Acquired loans recorded at fair value:
Residential one-to-four family	$	3,622	$	2,000	$	1,640	$	7,262	$	67,875		75,137	$	-
Commercial and multi-family		2,321		1,165		1,312		4,798		83,530		88,328		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		180		-		-		180		4,386		4,566		-
Home equity(2)		890		267		89		1,246		19,467		20,713		-
Consumer		8		-		-		8		597		605		-
Sub-total:	$	7,021	$	3,432	$	3,041	$	13,494	$	175,855	$	189,349	$	-
Acquired loans with deteriorated credit:
Residential one-to-four family	$	-	$	-	$	-	$	-	$	1,579		1,579	$	-
Commercial and multi-family		-		-		-		-		1,119		1,119		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		-		-		167		167		-		167		-
Home equity(2)		-		77		-		77		-		77		-
Consumer		-		-		-		-		-		-		-
Sub-total:	$	-	$	77	$	167	$	244	$	2,698	$	2,942	$	-
Total	$	17,334	$	6,990	$	9,966	$	34,290	$	1,375,056	$	1,409,346	$	-

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the delinquency status of total loans receivable at December 31, 2014. (In Thousands):

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Originated loans:
Residential one-to-four family	$	1,636	$	1,638	$	231	$	3,505	$	121,137	$	124,642	$	-
Commercial and multi-family		5,919		650		3,712		10,281		722,510		732,791		-
Construction		-		-		-		-		73,497		73,497		-
Commercial business(1)		595		748		22		1,365		52,879		54,244		-
Home equity(2)		478		-		71		549		29,626		30,175		-
Consumer		22		-		-		22		2,156		2,178		-
Sub-total:	$	8,650	$	3,036	$	4,036	$	15,722	$	1,001,805	$	1,017,527	$	-
Acquired loans recorded at fair value:
Residential one-to-four family	$	1,710	$	2,458	$	2,072	$	6,240	$	74,811		81,051	$	-
Commercial and multi-family		2,589		1,165		-		3,754		91,437		95,191		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		161		-		-		161		6,220		6,381		-
Home equity(2)		836		470		145		1,451		21,247		22,698		-
Consumer		14		9		-		23		629		652		-
Sub-total:	$	5,310	$	4,102	$	2,217	$	11,629	$	194,344	$	205,973	$	-
Acquired loans with deteriorated credit:
Residential one-to-four family	$	-	$	-	$	-	$	-	$	1,595	$	1,595	$	-
Commercial and multi-family		-		-		-		-		1,130		1,130		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		-		-		369		369		-		369		-
Home equity(2)		-		82		-		82		-		82		-
Consumer		-		-		-		-		-		-		-
Sub-total:	$	-	$	82	$	369	$	451	$	2,725	$	3,176	$	-
Total	$	13,960	$	7,220	$	6,622	$	27,802	$	1,198,874	$	1,226,676	$	-

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Financing Receivable Credit Quality Indicators

	Pass		Special Mention		Substandard		Doubtful		Loss		Total
Originated loans:
Residential one-to-four family	$	124,922	$	6,011	$	3,861	$	-	$	-	$	134,794
Commercial and multi-family		880,314		3,100		10,825		-		-		894,239
Construction		86,586		165		-		-		-		86,751
Commercial business(1)		61,296		2,065		4,300		-		-		67,661
Home equity(2)		30,340		726		682		-		-		31,748
Consumer		372		27		1,463		-		-		1,862
Sub-total:	$	1,183,830	$	12,094	$	21,131	$	-	$	-	$	1,217,055
Acquired loans recorded at fair value:
Residential one-to-four family	$	65,219	$	3,628	$	6,290	$	-	$			75,137
Commercial and multi-family		81,552		1,832		4,944		-		-		88,328
Construction		-		-		-		-		-		-
Commercial business(1)		4,566		-		-		-		-		4,566
Home equity(2)		19,598		260		855		-		-		20,713
Consumer		605		-		-		-		-		605
Sub-total:	$	171,540	$	5,720	$	12,089	$	-	$	-	$	189,349
Residential one-to-four family	$	238	$	282	$	1,059	$	-	$	-		1,579
Commercial and multi-family		582		537		-		-		-		1,119
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		167		-		-		167
Home equity(2)		-		-		77		-		-		77
Consumer		-		-		-		-		-		-
Sub-total:	$	820	$	819	$	1,303	$	-	$	-	$	2,942
Total Gross Loans	$	1,356,190	$	18,633	$	34,523	$	-	$	-	$	1,409,346

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2014. (In Thousands):

	Pass		Special Mention		Substandard		Doubtful		Loss		Total
Originated loans:
Residential one-to-four family	$	113,847	$	6,921	$	3,874	$	-	$	-	$	124,642
Commercial and multi-family		721,075		2,322		9,394		-		-		732,791
Construction		73,332		165		-		-		-		73,497
Commercial business(1)		47,866		2,020		4,358		-		-		54,244
Home equity(2)		29,178		863		134		-		-		30,175
Consumer		267		1,911		-		-		-		2,178
Sub-total:	$	985,565	$	14,202	$	17,760	$	-	$	-	$	1,017,527
Acquired loans recorded at fair value:
Residential one-to-four family	$	72,502	$	3,069	$	5,480	$	-	$	-		81,051
Commercial and multi-family		90,090		2,253		2,848		-		-		95,191
Construction		-		-		-		-		-		-
Commercial business(1)		6,381		-		-		-		-		6,381
Home equity(2)		21,506		133		1,059		-		-		22,698
Consumer		652		-		-		-		-		652
Sub-total:	$	191,131	$	5,455	$	9,387	$	-	$	-	$	205,973
Acquired loans with deteriorated credit:
Residential one-to-four family	$	238	$	286	$	1,071	$	-	$	-		1,595
Commercial and multi-family		589		541		-		-		-		1,130
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		369		-		-		369
Home equity(2)		-		-		82		-		-		82
Consumer		-		-		-		-		-		-
Sub-total:	$	827	$	827	$	1,522	$	-	$	-	$	3,176
Total Gross Loans	$	1,177,523	$	20,484	$	28,669	$	-	$	-	$	1,226,676

________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Inclusions in the Consolidated Statements of Financial Condition

	June 30,		December 31,
	2015		2014
Unpaid principal balance	$	199,794	$	216,741
Recorded investment		192,291		209,150

Accretable discount on loans acquired

The following table presents changes in the accretable discount on loans acquired for the three and six months ended June 30, 2015 and 2014. (In Thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Balance, Beginning of Period	$	66,934	$	95,031	$	70,522	$	102,454
Accretion		(5,467)		(10,055)		(9,138)		(17,571)
Net Reclassification from Non-Accretable Difference		472		88		555		181
Balance, End of Period	$	61,939	$	85,064	$	61,939	$	85,064

The following table presents changes in the non-accretable yield on loans acquired for the three and six months ended June 30, 2015 and 2014. (In Thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Balance, Beginning of Period	$	3,690	$	4,229	$	3,773	$	4,413
Loans sold		-		-				(91)
Net Reclassification to Accretable Difference		(472)		(88)		(555)		(181)
Balance, End of Period	$	3,218	$	4,141	$	3,218	$	4,141

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Loans Receivable and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2015

Loans Receivable and Allowance for Loan Losses [Abstract]

Loans Receivable and Allowance for Loan Losses

Note 6 - Loans Receivable and Allowance for Loan Losses

The following table presents the recorded investment in loans receivable as of June 30, 2015 and December 31, 2014 by segment and class:

	June 30, 2015		December 31, 2014
		(In Thousands)
Originated loans:
Residential one-to-four family	$	134,794	$	124,642
Commercial and multi-family		894,239		732,791
Construction		86,751		73,497
Commercial business(1)		67,661		54,244
Home equity(2)		31,748		30,175
Consumer		1,862		2,178
Sub-total		1,217,055		1,017,527
Acquired loans recorded at fair value:
Residential one-to-four family		75,137		81,051
Commercial and multi-family		88,328		95,191
Construction		-		-
Commercial business(1)		4,566		6,381
Home equity(2)		20,713		22,698
Consumer		605		652
Sub-total		189,349		205,973
Acquired loans with deteriorated credit:
Residential one-to-four family		1,579		1,595
Commercial and multi-family		1,119		1,130
Construction		-		-
Commercial business(1)		167		369
Home equity(2)		77		82
Consumer		-		-
Sub-total		2,942		3,176
Total Loans		1,409,346		1,226,676
Less:
Deferred loan fees, net		(2,853)		(2,675)
Allowance for loan losses		(17,712)		(16,151)
		(20,565)		(18,826)
Total Loans, net	$	1,388,781	$	1,207,850

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

Allowance for Loan Losses

Management reviews the adequacy of the allowance on at least a quarterly basis to ensure that the provision for loan losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is adequate based on management’s assessment of probable estimated losses.  The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements.  These elements include a general allocated reserve for performing impaired loans, a specific reserve for impaired loans and an unallocated portion.  

The Company consistently applies the following comprehensive methodology.  During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include:

· General economic conditions.

· Trends in charge-offs.

· Trends and levels of delinquent loans.

· Trends and levels of non-performing loans, including loans over 90 days delinquent.

· Trends in volume and terms of loans.

· Levels of allowance for specific classified loans.

· Credit concentrations.

The methodology includes the segregation of the loan portfolio into two divisions. Loans that are performing and loans that are impaired. Loans which are performing are evaluated homogeneously by loan class or loan type. The allowance for performing loans is evaluated based on historical loan loss experience, including consideration of peer loss analysis, with an adjustment for qualitative factors referred to above. Impaired loans are loans which are more than 90 days delinquent, troubled debt restructured, or contractual principal and interest collections are not expected to be received. These loans are individually evaluated for loan loss either by current appraisal, or net present value of cash flows, and assigned a specific reserve when it is probable that we will be unable to collect all amounts due (interest and principal) in accordance with the contractual terms of the loan agreement. Management reviews the overall estimate for feasibility and bases the loan loss provision accordingly.

The loan portfolio is segmented into the following loan classes, where the risk level for each class is analyzed when determining the allowance for loan losses:

Residential one-to-four family real estate loans. These loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential family real estate loans decreases the interest rate risk to the Company that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying property may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower.

Commercial and multi-family real estate loans. These loans entail significant additional risks as compared with residential real estate loans. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as economic conditions generally.

Construction loans. These loans are generally considered to be high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Company than construction loans to individuals on their personal residence.

Commercial business loans. These types of loans which include lines of credit, are generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In most cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance.

Home Equity Loans. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Company’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decreases the interest rate risk to the Company that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default.

Other consumer loans. Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely effected by job loss, divorce, illness and personal bankruptcy. In most cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan.

Acquired loans. For acquired loans that have been added to portfolio via our purchase of banks are recorded at fair value with no carryover of a related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest.

          We have acquired loans in two separate acquisitions.(Pamrapo Savings Bank in 2010 “Pamrapo” and Allegiance Community Bank in 2011 “Allegiance”) For each acquisition, we reviewed all acquired loans and considered the following factors as indicators that such acquired loan had evidence of deterioration in credit quality and was therefore in the scope of Accounting Standards Codification (“ASC”) 310-30:

· Loans that were 90 days or more past due,

· Loans that had an internal risk rating of substandard or worse. Substandard is consistent with regulatory definitions and is defined as having a well defined weakness that jeopardizes liquidation of the loan,

· Loans that were classified as nonaccrual by the acquired bank at the time of acquisition, or,

· Loans that had been previously modified in a troubled debt restructuring.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

Any acquired loans that were not individually in the scope of ASC 310-30 because they did not meet the criteria above were accounted for under ASC 310-20 (Nonrefundable fees and other costs.)  Charge-offs of the principal amount on acquired loans accounted for under ASC 310-20 would be charged off against the allowance for loan losses.   

Acquired loans accounted for under ASC 310-30

         We performed a fair market valuation on each of the loans and each loan was recorded at a discount which includes the establishment of an associated “Credit Mark” reducing the carrying value of that loan to its fair value at the time of acquisition. We determined that at least part of the discount on the acquired loans was attributable to credit quality by reference to the valuation model used to estimate the fair value of the loans. The valuation model incorporated lifetime expected credit losses into the loans’ fair valuation in consideration of factors such as evidence of credit deterioration since origination and the amounts of contractually required principal and interest that we did not expect to collect as of the acquisition date. The excess of expected cash flows from acquired loans over the estimated fair value of acquired loans at acquisition is referred to as the accretable discount and is recognized into interest income over the remaining life of the acquired loans using the interest method. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the acquired loans.

          Subsequent decreases to the expected cash flows require us to evaluate the need for an addition to the allowance for loan losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable discount which we then reclassify as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. Our evaluation of the amount of future cash flows that we expect to collect takes into account actual credit performance of the acquired loans to date and our best estimates for the expected lifetime credit performance of the loans using currently available information. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable discount portion of the fair value adjustment. To the extent that we experience a deterioration in credit quality in our expected cash flows subsequent to the acquisition of the loans, an allowance for loan losses would be established based on our estimate of future credit losses over the remaining life of the loans.

          In accordance with ASC 310-30, recognition of income is dependent on having a reasonable expectation about the timing and amount of cash flows expected to be collected.  We perform such an evaluation on a quarterly basis on our acquired loans individually accounted for under ASC 310-30. Cash flows for acquired loans individually accounted for under ASC 310-30 are estimated on a quarterly basis.  Based on this evaluation, a determination is made as to whether or not we have a reasonable expectation about the timing and amount of cash flows.  Such an expectation includes cash flows from normal customer repayment, foreclosure or other collection efforts. To the extent that we cannot reasonably estimate cash flows, interest income recognition is discontinued. 

The Company also maintains an unallocated allowance.  The unallocated allowance is used to cover any factors or conditions which may cause a potential loan loss but are not specifically identifiable.  It is prudent to maintain an unallocated portion of the allowance because no matter how detailed an analysis of potential loan losses is performed, these estimates lack some element of precision.  Management must make estimates using assumptions and information that is often subjective and changing rapidly. In addition, as an integral part of their examination process, the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance will periodically review the allowance for loan losses and may require us to adjust the allowance based on their analysis of information available to it at the time of its examination.

Classified Assets.  The Company’s policies provide for a classification system for problem assets.  Under this classification system, problem assets are classified as “substandard,” “doubtful,” “loss” or “special mention.”  An asset is considered substandard if it is inadequately protected by its current net worth and paying capacity of the borrower or of the collateral pledged, if any. Substandard assets include those characterized by the “distinct possibility” that “some loss” will be sustained if the deficiencies are not corrected.  Assets classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weakness present makes “collection or liquidation in full” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.”  Assets classified as loss are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted, and the loan, or a portion thereof, is charged-off.  Assets may be designated special mention because of potential weaknesses that do not currently warrant classification in one of the aforementioned categories.

When the Company classifies problem loans, it may establish general allowances for loan losses in an amount deemed prudent by management.  General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. As of June 30, 2015, we had $34.5 million in loans classified as substandard, $18.6 million in loans classified as special mention and no loans classified as doubtful or loss. The loans classified as substandard represent primarily commercial loans secured either by residential real estate, commercial real estate or heavy equipment.  The loans that have been classified substandard were classified as such primarily because either updated financial information has not been provided timely, or the collateral underlying the loan was in the process of being revalued.

The current methodology for this calculation is determined with the Company’s specific Historical Loss Percentage (“HLP”) for each loan class, using two years of prior Company data (or eight quarters). The relative weights of prior quarters are decayed logarithmically and are further adjusted based on the trend of the historical loss percentage at the time. Also, instead of applying consistent percentages to each of the credit risk grades, the current methodology applies a higher factor to classified loans based on a delinquency risk trend and concentration risk trend by using the past due and non-accrual loans as a percentage of the specific loan category.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2015. The table also details the amount of total loans receivable, loans receivablethat are evaluated individually  and collectively for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class, as of June 30, 2015. (In Thousands):

				Commercial  &
	Residential			Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	2,310	$	10,387	$	1,056	$	1,242	$	316	$	629	$	168	$	16,108
Acquired loans recorded at fair value:		336		141		-		-		46		-		-		523
Acquired loans with deteriorated credit:		60		23		-		11		3		-		-		97
Beginning Balance, March 31, 2015		2,706		10,551		1,056		1,253		365		629		168		16,728
Charge-offs:
Originated Loans:		-		-		-		-		-		-		-	-	-
Acquired loans recorded at fair value:		58		-		-		-		68		-		-	-	126
Acquired loans with deteriorated credit:		-		-		-		27		-		-		-	-	27
Sub-total:		58		-		-		27		68		-		-		153
Recoveries:
Originated Loans:		-		6		-		-		-		-		-		6
Acquired loans recorded at fair value:		-		-		-		-		1		-		-		1
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		6		-		-		1		-		-		7
Provisions:
Originated Loans:		(142)		1,053		80		150		2		93		(5)		1,231
Acquired loans recorded at fair value:		(98)		(66)		-		-		52		-		-		(112)
Acquired loans with deteriorated credit:		(6)		(3)		-		20		-		-		-		11
Sub-total:		(246)		984		80		170		54		93		(5)		1,130
Totals:
Originated Loans:		2,168		11,446		1,136		1,392		318		722		163		17,345
Acquired loans recorded at fair value:		180		75		-		-		31		-		-		286
Acquired loans with deteriorated credit:		54		20		-		4		3		-		-		81
Ending Balance, June 30, 2015	$	2,402	$	11,541	$	1,136	$	1,396	$	352	$	722	$	163	$	17,712
Loans Receivable:
Ending Balance Originated Loans:	$	134,794	$	894,239	$	86,751	$	67,661	$	31,748	$	1,862	$	-	$	1,217,055
Ending Balance Acquired loans recorded at fair value:		75,137		88,328		-		4,566		20,713		605		-		189,349
Ending Balance Acquired loans with deteriorated credit:		1,579		1,119		-		167		77		-		-		2,942
Total Gross Loans:	$	211,510	$	983,686	$	86,751	$	72,394	$	52,538	$	2,467	$	-	$	1,409,346
Ending Balance: Loans individually evaluated
for impairment:
Ending Balance Originated Loans:	$	10,245	$	11,643	$	-	$	4,847	$	1,396	$	1,463	$	-	$	29,594
Ending Balance Acquired loans recorded at fair value:		10,344		6,989		-		-		960		-		-		18,293
Ending Balance Acquired loans with deteriorated credit:		1,579		871		-		167		77		-		-		2,694
Ending Balance Loans individually evaluated
for impairment:	$	22,168	$	19,503	$	-	$	5,014	$	2,433	$	1,463	$	-	$	50,581
Ending Balance: Loans collectively evaluated
for impairment:
Ending Balance Originated Loans:	$	124,549	$	882,596	$	86,751	$	62,814	$	30,352	$	400	$	-	$	1,187,462
Ending Balance Acquired loans recorded at fair value:		64,793		81,339		-		4,566		19,753		605		-		171,056
Ending Balance Acquired loans with deteriorated credit:		-		248		-		-		-		-		-		248
Ending Balance Loans collectively evaluated
for impairment:	$	189,342	$	964,183	$	86,751	$	67,380	$	50,105	$	1,005	$	-	$	1,358,766

_________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the six months ended June 30, 2015, and the related portion of the allowance for loan losses that is allocated to each loan class. (In Thousands):

				Commercial  &			Commercial		Home
	Residential			Multi-family	Construction		Business (1)		Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	2,364	$	10,028	$	1,080	$	876	$	333	$	449	$	121	$	15,251
Acquired loans recorded at fair value:		417		102		-		-		58		-		-		577
Acquired loans with deteriorated credit:		64		23		-		233		3		-		-		323
Beginning Balance, December 31, 2014		2,845		10,153		1,080		1,109		394		449		121		16,151
Charge-offs:
Originated Loans:		-		10		-		22		-		-		-	-	32
Acquired loans recorded at fair value:		62		-		-		-		68		-		-	-	130
Acquired loans with deteriorated credit:		-		-		-		199		-		-		-	-	199
Sub-total:		62		10		-		221		68		-		-		361
Recoveries:
Originated Loans:		-		70		-		-		-		-		-		70
Acquired loans recorded at fair value:		-		-		-		-		2		-		-		2
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		70		-		-		2		-		-		72
Provisions:
Originated Loans:		(196)		1,358		56		538		(15)		273		42		2,056
Acquired loans recorded at fair value:		(175)		(27)		-		-		39		-		-		(163)
Acquired loans with deteriorated credit:		(10)		(3)		-		(30)		-		-		-		(43)
Sub-total:		(381)		1,328		56		508		24		273		42		1,850
Totals:
Originated Loans:		2,168		11,446		1,136		1,392		318		722		163		17,345
Acquired loans recorded at fair value:		180		75		-		-		31		-		-		286
Acquired loans with deteriorated credit:		54		20		-		4		3		-		-		81
Ending Balance, June 30, 2015	$	2,402	$	11,541	$	1,136	$	1,396	$	352	$	722	$	163	$	17,712

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the year ended December 31, 2014. The table also details the amount of total loans receivablethat are evaluated individually and collectively for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class, as of December 31, 2014. (In Thousands):

				Commercial  &			Commercial		Home
	Residential			Multi-family	Construction		Business (1)		equity (2)		Consumer		Unallocated		Total
Allowance for credit losses:
Originated Loans:	$	1,729	$	7,419	$	700	$	1,295	$	363	$	3	$	83	$	11,592
Acquired loans recorded at fair value:		832		1,744		1		44		129		-		-		2,750
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Beginning Balance, December 31, 2013		2,561		9,163		701		1,339		492		3		83		14,342
Charge-offs:
Originated Loans:		-		388		-		208		27		-		-	-	623
Acquired loans recorded at fair value:		28		755		-		-		29		2		-	-	814
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-	-	-
Sub-total:		28		1,143		-		208		56		2		-		1,437
Recoveries:
Originated Loans:		-		125		-		174		-		-		-		299
Acquired loans recorded at fair value:		-		73		65		-		6		3		-		147
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		198		65		174		6		3		-		446
Provisions:
Originated Loans:		635		2,872		380		(385)		(3)		446		38		3,983
Acquired loans recorded at fair value:		(387)		(960)		(66)		(44)		(48)		(1)		-		(1,506)
Acquired loans with deteriorated credit:		64		23		-		233		3		-		-		323
Sub-total:		312		1,935		314		(196)		(48)		445		38		2,800
Totals:
Originated Loans:		2,364		10,028		1,080		876		333		449		121		15,251
Acquired loans recorded at fair value:		417		102		-		-		58		-		-		577
Acquired loans with deteriorated credit:		64		23		-		233		3		-		-		323
Ending Balance, December 31, 2014	$	2,845	$	10,153	$	1,080	$	1,109	$	394	$	449	$	121	$	16,151
Loans Receivables:
Ending Balance Originated Loans:	$	124,642	$	732,791	$	73,497	$	54,244	$	30,175	$	2,178	$	-	$	1,017,527
Ending Balance Acquired Loans:		81,051		95,191		-		6,381		22,698		652		-		205,973
Ending Balance Acquired loans with deteriorated credit:		1,595		1,130		-		369		82		-		-		3,176
Total Gross Loans:	$	207,288	$	829,112	$	73,497	$	60,994	$	52,955	$	2,830		-	$	1,226,676
Ending Balance: Loans individually evaluated
for impairment:
Ending Balance Originated Loans:	$	12,044	$	9,522	$	-	$	4,935	$	1,086	$	1,851	$	-	$	29,438
Ending Balance Acquired Loans:		9,783		6,377		-		-		1,164		-		-		17,324
Ending Balance Acquired loans with deteriorated credit:		1,595		877		-		369		82		-		-		2,923
Ending Balance Loans individually evaluated
for impairment:	$	23,422	$	16,776	$	-	$	5,304	$	2,332	$	1,851	$	-	$	49,685
Ending Balance: Loans collectively evaluated
for impairment:
Ending Balance Originated Loans:	$	112,598	$	723,269	$	73,497	$	49,309	$	29,089	$	327	$	-	$	988,089
Ending Balance Acquired Loans:		71,268		88,814		-		6,381		21,534		652		-		188,649
Ending Balance Acquired loans with deteriorated credit:		-		253		-		-		-		-		-		253
Ending Balance Loans collectively evaluated
for impairment:	$	183,866	$	812,336	$	73,497	$	55,690	$	50,623	$	979	$	-	$	1,176,991

________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended June 30, 2014. The table also details the amount of total loans receivablethat are evaluated individually and collectively for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class, as of June 30, 2014 (In Thousands):

				Commercial  &
	Residential			Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	1,627	$	8,521	$	655	$	1,252	$	370	$	138	$	147	$	12,710
Acquired loans recorded at fair value:		707		779		-		-		128		15		-		1,629
Acquired loans with deteriorated credit:		69		81		-		154		3		-		-		307
Beginning Balance, March 31, 2014		2,403		9,381		655		1,406		501		153		147		14,646
Charge-offs:
Originated Loans:		-		256		-		-		-		-		-	-	256
Acquired loans recorded at fair value:		-		32		-		-		-		-		-	-	32
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-	-	-
Sub-total:		-		288		-		-		-		-		-		288
Recoveries:
Originated Loans:		-		-		-		-		-		-		-		-
Acquired loans recorded at fair value:		-		73		65		-		6		-		-		144
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		73		65		-		6		-		-		144
Provisions:
Originated Loans:		707		115		13		(341)		152		(6)		196		836
Acquired loans recorded at fair value:		(81)		(124)		(65)		-		(73)		(9)		-		(352)
Acquired loans with deteriorated credit:		(6)		-		-		(28)		-		-		-		(34)
Sub-total:		620		(9)		(52)		(369)		79		(15)		196		450
Totals:
Originated Loans:		2,334		8,380		668		911		522		132		343		13,290
Acquired loans recorded at fair value:		626		696		-		-		61		6		-		1,389
Acquired loans with deteriorated credit:		63		81		-		126		3		-		-		273
Ending Balance, June 30, 2014	$	3,023	$	9,157	$	668	$	1,037	$	586	$	138	$	343	$	14,952
Loans Receivable:
Ending Balance Originated Loans:	$	102,973	$	630,961	$	42,564	$	62,859	$	29,128	$	1,307	$	-	$	869,792
Ending Balance Acquired loans recorded at fair value:		92,910		113,400		1		8,103		24,866		729		-		240,009
Ending Balance Acquired loans with deteriorated credit:		1,594		1,868		-		371		85		-		-		3,918
Total Gross Loans:	$	197,477	$	746,229	$	42,565	$	71,333	$	54,079	$	2,036	$	-	$	1,113,719
Ending Balance: Loans individually evaluated
for impairment:
Ending Balance Originated Loans:	$	8,710	$	13,038	$	-	$	-	$	1,312	$	1,046	$	-	$	24,106
Ending Balance Acquired loans recorded at fair value:		13,288		12,431		-		-		620		1		-		26,340
Ending Balance Acquired loans with deteriorated credit:		1,594		1,609		-		371		85		-		-		3,659
Ending Balance Loans individually evaluated
for impairment:	$	23,592	$	27,078	$	-	$	371	$	2,017	$	1,047	$	-	$	54,105
Ending Balance: Loans collectively evaluated
for impairment:
Ending Balance Originated Loans:	$	94,263	$	617,923	$	42,564	$	62,859	$	27,816	$	261	$	-	$	845,686
Ending Balance Acquired loans recorded at fair value:		79,622		100,969		1		8,103		24,246		728		-		213,669
Ending Balance Acquired loans with deteriorated credit:		-		259		-		-		-		-		-		259
Ending Balance Loans collectively evaluated
for impairment:	$	173,885	$	719,151	$	42,565	$	70,962	$	52,062	$	989	$	-	$	1,059,614

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the activity in the Company’s allowance for loan losses for six months ended June 30, 2014, and the related portion of the allowance for loan losses that is allocated to each loan class. (In Thousands):

				Commercial  &			Commercial		Home
	Residential			Multi-family	Construction		Business (1)		Equity (2)		Consumer		Unallocated		Total
Allowance for loan losses:
Originated Loans:	$	1,729	$	7,419	$	700	$	1,295	$	363	$	3	$	83	$	11,592
Acquired loans recorded at fair value:		832		1,744		1		44		129		-		-		2,750
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Beginning Balance, December 31, 2013		2,561		9,163		701		1,339		492		3		83		14,342
Charge-offs:
Originated Loans:		-		308		-		126		27		-		-	-	461
Acquired loans recorded at fair value:		-		521		-		-		-		2		-	-	523
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-	-	-
Sub-total:		-		829		-		126		27		2		-		984
Recoveries:
Originated Loans:		-		-		-		-		-		-		-		-
Acquired loans recorded at fair value:		-		73		65		-		6		-		-		144
Acquired loans with deteriorated credit:		-		-		-		-		-		-		-		-
Sub-total:		-		73		65		-		6		-		-		144
Provisions:
Originated Loans:		605		1,269		(32)		(258)		186		129		260		2,159
Acquired loans recorded at fair value:		(206)		(600)		(66)		(44)		(74)		8		-		(982)
Acquired loans with deteriorated credit:		63		81		-		126		3		-		-		273
Sub-total:		462		750		(98)		(176)		115		137		260		1,450
Totals:
Originated Loans:		2,334		8,380		668		911		522		132		343		13,290
Acquired loans recorded at fair value:		626		696		-		-		61		6		-		1,389
Acquired loans with deteriorated credit:		63		81		-		126		3		-		-		273
Ending Balance, June 30, 2014	$	3,023	$	9,157	$	668	$	1,037	$	586	$	138	$	343	$	14,952

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The table below sets forth the amounts and types of non-accrual loans in the Company’s loan portfolio as of June 30, 2015 and December 31, 2014. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of June 30, 2015 and December 31, 2014, total non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans which are maintained on non-accrual status for a minimum of six months and until the borrower has demonstrated its ability to satisfy the terms of the restructured loan.

		As of June 30, 2015		As of December 31, 2014
		(In Thousands)		(In Thousands)
Non-Accruing Loans:
Originated loans:
Residential one-to-four family	$	2,395	$	2,893
Commercial and multi-family		6,823		8,386
Construction		-		-
Commercial business(1)		735		258
Home equity(2)		443		334
Consumer		-		-
Sub-total:	$	10,396	$	11,871
Acquired loans recorded at fair value:
Residential one-to-four family	$	5,224	$	4,786
Commercial and multi-family		3,150		1,969
Construction		-		-
Commercial business(1)		-		-
Home equity(2)		401		527
Consumer		-		-
Sub-total:	$	8,775	$	7,282
Acquired loans with deteriorated credit:
Residential one-to-four family	$	-	$	-
Commercial and multi-family		-		-
Construction		-		-
Commercial business(1)		167		369
Home equity(2)		77		82
Consumer		-		-
Sub-total:	$	244	$	451
Total	$	19,415	$	19,604

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and six months ended June 30, 2015 and 2014. (In Thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2015		2015		2014		2014		2015		2015		2014		2014
		Average		Interest		Average		Interest		Average		Interest		Average		Interest
		Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
Originated loans		Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
With no related allowance recorded:
Residential one-to-four family	$	2,582	$	26	$	2,750	$	47	$	2,987	$	51	$	2,422	$	94
Commercial and Multi-family		7,338		77		6,721		20		7,362		154		6,266		40
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		2,646		37		1,490		-		2,961		75		1,383		-
Home equity(2)		871		13		303		3		866		26		282		5
Consumer		-		-		-		-		-		-		-		-
Sub-total:	$	13,437	$	153	$	11,264	$	70	$	14,176	$	306	$	10,353	$	139
Acquired loans recorded at fair value
With no related allowance recorded:
Residential one-to-four family	$	5,840	$	48	$	5,667	$	22	$	5,964	$	97	$	5,655	$	43
Commercial and Multi-family		4,837		48		8,793		43		4,926		97		5,455		87
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-		-		-
Home equity(2)		736		5		731		-		622		10		661		-
Consumer		-		-		2		-		-		-		3		-
Sub-total	$	11,413	$	101	$	15,193	$	65	$	11,512	$	204	$	11,774	$	130
Acquired loans with deteriorated credit
With no related allowance recorded:
Residential one-to-four family	$	1,494	$	30	$	1,515	$	14	$	1,498	$	60	$	1,821	$	27
Commercial and Multi-family		873		8		1,610		29		874		16		1,712		57
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		181		-		1		-		84		-		186		-
Home equity(2)		79		-		87		1		80		-		88		3
Consumer		-		-		-		-		-		-		-		-
Sub-total:	$	2,627	$	38	$	3,213	$	44	$	2,536	$	76	$	3,807	$	87
Total Impaired Loans
With no related allowance recorded:	$	27,477	$	292	$	29,670	$	179	$	28,224	$	586	$	25,934	$	356

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three and six months ended June 30, 2015 and 2014. (In Thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2015		2015		2014		2014		2015		2015		2014		2014
		Average		Interest		Average		Interest		Average		Interest		Average		Interest
		Recorded		Income		Recorded		Income		Recorded		Income		Recorded		Income
Originated loans		Investment		Recognized		Investment		Recognized		Investment		Recognized		Investment		Recognized
with an allowance recorded:
Residential one-to-four family	$	7,907	$	77	$	3,156	$	19	$	8,158	$	153	$	2,854	$	38
Commercial and Multi-family		3,469		-		3,875		-		3,221		-		4,571		-
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		2,272		23		709		-		1,930		46		552		-
Home equity(2)		374		1		902		21		376		1		791		42
Consumer		1,567		-		586		-		1,657		-		523		-
Sub-total:	$	15,589	$	101	$	9,228	$	40	$	15,342	$	200	$	9,291	$	80
Acquired loans recorded at fair value
with an allowance recorded:
Residential one-to-four family	$	4,101	$	35	$	5,928	$	67	$	4,100	$	70	$	5,954	$	134
Commercial and Multi-family		2,148		20		4,537		28		1,758		39		7,478		55
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-		-		-
Home equity(2)		343		5		329		2		440		9		379		3
Consumer		-		-		-		-		-		-		-		-
Sub-total	$	6,592	$	60	$	10,794	$	97	$	6,298	$	118	$	13,811	$	192
Acquired loans with deteriorated credit
with an allowance recorded:
Residential one-to-four family	$	90	$	2	$	92	$	4	$	90	$	4	$	46	$	9
Commercial and Multi-family		-		-		-		6		-		-		-		13
Construction		-		-		-		-		-		-		-		-
Commercial business(1)		-		-		371		-		185		-		185		-
Home equity(2)		-		-		-		-		-		-		-		-
Consumer		-		-		-		-		-		-		-		-
Sub-total:	$	90	$	2	$	463	$	10	$	275	$	4	$	231	$	22
Total Impaired Loans
with an allowance recorded:	$	22,271	$	163	$	20,485	$	147	$	21,915	$	322	$	23,333	$	294

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class at

June 30, 2015 and December 31, 2014. (In Thousands):

		As of June 30, 2015						As of December 31, 2014
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
Originated loans		Investment		Balance		Allowance		Investment		Balance		Allowance
with no related allowance recorded:
Residential one-to-four family	$	3,164	$	3,188	$	-	$	2,809	$	2,825	$	-
Commercial and multi-family		7,521		7,609		-		7,202		7,639		-
Construction		-		-		-		-		-		-
Commercial business(1)		2,586		2,586		-		3,336		3,336		-
Home equity(2)		1,194		1,213		-		537		550		-
Consumer		-		-		-		-		-		-
Sub-total:	$	14,465	$	14,596	$	-	$	13,884	$	14,350	$	-
Acquired loans recorded at fair
value with no related allowance
recorded:
Residential one-to-four family	$	7,231	$	7,539	$	-	$	4,696	$	4,849	$	-
Commercial and Multi-family		4,849		4,945		-		5,002		5,060		-
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-
Home equity(2)		632		641		-		612		626		-
Consumer		-		-		-		-		-		-
Sub-total:	$	12,712	$	13,125	$	-	$	10,310	$	10,535	$	-
Acquired loans with deteriorated
credit with no related allowance
recorded:
Residential one-to-four family	$	1,490	$	2,117	$	-	$	1,505	$	2,133	$	-
Commercial and Multi-family		871		1,023		-		877		1,034		-
Construction		-		-		-		-		-		-
Commercial business(1)		167		368		-		-		274		-
Home equity(2)		77		136		-		82		137		-
Consumer		-		-		-		-		-		-
Sub-total:	$	2,605	$	3,644	$	-	$	2,464	$	3,578	$	-
Total Impaired Loans
with no related allowance recorded:	$	29,782	$	31,365	$	-	$	26,658	$	28,463	$	-

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class at June 30, 2015 and December 31, 2014. (In Thousands):

		As of June 30, 2015						As of December 31, 2014
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
Originated loans		Investment		Balance		Allowance		Investment		Balance		Allowance
with an allowance recorded:
Residential one-to-four family	$	7,081	$	7,081	$	667	$	9,235	$	9,247	$	720
Commercial and Multi-family		4,122		4,151		1,057		2,320		2,364		933
Construction		-		-		-		-		-		-
Commercial business(1)		2,261		2,289		593		1,599		1,722		79
Home equity(2)		202		204		2		549		550		5
Consumer		1,463		1,463		720		$                  1,851		$                      1,851		446
Sub-total:	$	15,129	$	15,188	$	3,039	$	15,554	$	15,734	$	2,183
Acquired loans recorded at fair
value with an allowance
recorded:
Residential one-to-four family	$	3,113	$	3,151	$	224	$	5,087	$	5,130	$	254
Commercial and Multi-family		2,140		2,185		109		1,375		1,408		154
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		-		-		-		-
Home equity(2)		328		328		50		552		561		49
Consumer		-		-		-		-		-		-
Sub-total	$	5,581	$	5,664	$	383	$	7,014	$	7,099	$	457
Acquired loans with deteriorated
credit with an allowance
recorded:
Residential one-to-four family	$	89	$	104	$	7	$	90	$	105	$	14
Commercial and Multi-family		-		-		-		-		118		-
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		-		369		369		217
Home equity(2)		-		-		-		-		-		-
Consumer		-		-		-		$                          -		-		-
Sub-total:	$	89	$	104	$	7	$	459	$	592	$	231
Total Impaired Loans
with an allowance recorded:	$	20,799	$	20,956	$	3,429	$	23,027	$	23,425	$	2,871
Total Impaired Loans
with no related allowance recorded:	$	29,782	$	31,365	$	-	$	26,658	$	28,463	$	-
Total Impaired Loans:	$	50,581	$	52,321	$	3,429	$	49,685	$	51,888	$	2,871

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the total troubled debt restructured loans at June 30, 2015, excluding the purchase impairment mark on the acquired loans with deteriorated credit. (Dollars In Thousands):

	Accrual			Non-accrual			Total
June 30, 2015	# of Loans		Amount	# of Loans		Amount	# of Loans		Amount
Originated loans:
Residential one-to-four family	7	$	2,097	1	$	836	8	$	2,933
Commercial and multi-family	4		3,293	9		4,797	13		8,090
Construction	-		-	-		-	-		-
Commercial business(1)	1		788	-		-	1		788
Home equity(2)	2		499	2		114	4		613
Consumer	-		-	-		-	-		-
Sub-total:	14	$	6,677	12	$	5,747	26	$	12,424
Acquired loans recorded at fair value:
Residential one-to-four family	22	$	4,603	12	$	3,317	34	$	7,920
Commercial and Multi-family	13		4,957	1		599	14		5,556
Construction	-		-	-		-	-		-
Commercial business(1)	-		-	-		-	-		-
Home equity(2)	4		373	1		221	5		594
Consumer	-		-	-		-	-		-
Sub-total:	39	$	9,933	14	$	4,137	53	$	14,070
Acquired loans with deteriorated credit:
Residential one-to-four family	6	$	2,221	0	$	0	6	$	2,221
Commercial and Multi-family	2		1,023	-		-	2		1,023
Construction	-		-	-		-	-		-
Commercial business(1)	-		-	1		167	1		167
Home equity(2)	-		-	1		124	1		124
Consumer	-		-	-		-	-		-
Sub-total:	8	$	3,244	2	$	291	10	$	3,535
Total	61	$	19,854	28	$	10,175	89	$	30,029

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the total troubled debt restructured loans at December 31, 2014, excluding the purchase impairment mark on the acquired loans with deteriorated credit. (Dollars In Thousands):

	Accrual			Non-accrual			Total
December 31, 2014	# of Loans		Amount	# of Loans		Amount	# of Loans		Amount
	(Actual)		(In Thousands)	(Actual)		(In Thousands)	(Actual)		(In Thousands)
Originated loans:
Residential one-to-four family	7	$	2,201	2	$	1,323	9	$	3,524
Commercial and multi-family	3		1,065	9		6,446	12		7,511
Construction	-		-	-		-	-		-
Commercial business(1)	1		798	-		-	1		798
Home equity(2)	2		508	2		117	4		625
Consumer	-		-	-		-	-		-
Sub-total:	13	$	4,572	13	$	7,886	26	$	12,458
Acquired loans recorded at fair value:
Residential one-to-four family	22	$	4,782	11	$	2,818	33	$	7,600
Commercial and multi-family	13		5,011	1		614	14		5,625
Construction	-		-	-		-	-		-
Commercial business(1)	-		-	-		-	-		-
Home equity(2)	5		637	1		217	6		854
Consumer	-		-	-		-	-		-
Sub-total:	40	$	10,430	13	$	3,649	53	$	14,079
Acquired loans with deteriorated credit:
Residential one-to-four family	6	$	2,238	-	$	-	6	$	2,238
Commercial and multi-family	3		1,152	-		-	3		1,152
Construction	-		-	-		-	-		-
Commercial business(1)	3		274	1		369	4		643
Home equity(2)	-		-	1		129	1		129
Consumer	-		-	-		-	-		-
Sub-total:	12	$	3,664	2	$	498	14	$	4,162
Total	65	$	18,666	28	$	12,033	93	$	30,699

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

A troubled debt restructuring (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a modification that would otherwise not be granted to the borrower. The types of concessions granted are generally included, but not limited to interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal.

The following table summarizes information in regards to troubled debt restructurings which occurred during the three months ended June 30, 2015. (Dollars In Thousands):

Three Months Ended June 30, 2015			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	836	$	836
Commercial and multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	1	$	836	$	836
Acquired loans recorded at fair value:
Residential one-to-four family	1	$	1,067	$	1,083
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		223		223
Consumer	-		-		-
Sub-total:	2	$	1,290	$	1,306
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	-	$	-	$	-
Total	3	$	2,126	$	2,142

__________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The loans included above are considered TDRs as a result of the Company implementing one or more of the following concessions: granting a material extension of time, issuing a forbearance agreement, adjusting the interest rate to a below market rate, accepting interest only for a period of time or a change in amortization period. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructuring during the three months ended June 30, 2015. (Dollars In Thousands):

Three Months Ended June 30, 2015
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	-	$	-
Commercial and multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	1		63
Consumer	-		-
Sub-total:	1	$	63
Acquired loans recorded at fair value:
Residential one-to-four family	2	$	1,254
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	2	$	1,254
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	0	$	0
Total	3	$	1,317

__________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings which occurred during the six months ended June 30, 2015. (Dollars In Thousands):

Six Months Ended June 30, 2015			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	836	$	836
Commercial and multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	1	$	836	$	836
Acquired loans recorded at fair value:
Residential one-to-four family	3	$	1,532	$	1,562
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		223		223
Consumer	-		-		-
Sub-total:	4	$	1,755	$	1,785
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	-	$	-	$	-
Total	5	$	2,591	$	2,621

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructurings  during the six months ended June 30, 2015. (Dollars In Thousands):

Six Months Ended June 30, 2015
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	1	$	836
Commercial and multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	1		63
Consumer	-		-
Sub-total:	2	$	899
Acquired loans recorded at fair value:
Residential one-to-four family	2	$	1,255
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	2	$	1,255
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	-	$	-
Total	4	$	2,154

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6-Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings which occurred during the three months ended June 30, 2014. (Dollars In Thousands):

Three Months Ended June 30, 2014			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	192	$	211
Commercial and multi-family	2		2,536		2,536
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	3	$	2,728	$	2,747
Acquired loans recorded at fair value:
Residential one-to-four family	3	$	1,267	$	1,270
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		256		262
Consumer	-		-		-
Sub-total:	4	$	1,523	$	1,532
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	-		-		-
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	-		-		-
Consumer	-		-		-
Sub-total:	-	$	-	$	-
Total	7	$	4,251	$	4,279

_________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructuring during the three months ended June 30, 2014. (Dollars In Thousands):

Three Months Ended June 30, 2014
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	-	$	-
Commercial and multi-family	1		460
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1	$	460
Acquired loans recorded at fair value:
Residential one-to-four family	-	$	-
Commercial and Multi-family	1		652
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1	$	652
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	-	$	-
Total	2	$	1,112

__________
(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings which occurred during the six months ended June 30, 2014. (Dollars In Thousands):

Six Months Ended June 30, 2014			Pre-Modification Outstanding		Post-Modification Outstanding
	Number of Contracts		Recorded Investments		Recorded Investments
Originated loans:
Residential one-to-four family	1	$	192	$	211
Commercial and multi-family	2		2,536		2,536
Construction	-		-		-
Commercial business(1)	0		0		0
Home equity(2)	0		0		0
Consumer	-		-		-
Sub-total:	3	$	2,728	$	2,747
Acquired loans recorded at fair value:
Residential one-to-four family	4	$	1,699	$	1,702
Commercial and Multi-family	1		187		205
Construction	-		-		-
Commercial business(1)	-		-		-
Home equity(2)	1		256		262
Consumer	-		-		-
Sub-total:	6	$	2,142	$	2,169
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-	$	-
Commercial and Multi-family	0		0		0
Construction	-		-		-
Commercial business(1)	0		0		0
Home equity(2)	0		0		0
Consumer	-		-		-
Sub-total:	0	$	0	$	0
Total	9	$	4,870	$	4,916

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table summarizes information in regards to troubled debt restructurings for which there was a payment default within twelve months of restructuring during the six months ended June 30, 2014. (Dollars In Thousands):

Six Months Ended June 30, 2014
	Number of Contracts		Recorded Investment
Originated loans:
Residential one-to-four family	-	$	-
Commercial and multi-family	1		460
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1		460
Acquired loans recorded at fair value:
Residential one-to-four family	-	$	-
Commercial and Multi-family	1		652
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	1		652
Acquired loans with deteriorated credit:
Residential one-to-four family	-	$	-
Commercial and Multi-family	-		-
Construction	-		-
Commercial business(1)	-		-
Home equity(2)	-		-
Consumer	-		-
Sub-total:	-		-
Total	2	$	1,112

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the delinquency status of total loans receivable as of June 30, 2015. (In Thousands):

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Originated loans:
Residential one-to-four family	$	2,122	$	847	$	1,559	$	4,528	$	130,266	$	134,794	$	-
Commercial and multi-family		7,334		2,006		3,798		13,138		881,101		894,239		-
Construction		-		-		-		-		86,751		86,751		-
Commercial business(1)		262		327		1,213		1,802		65,859		67,661		-
Home equity(2)		595		301		188		1,084		30,664		31,748		-
Consumer		-		-		-		-		1,862		1,862		-
Sub-total:	$	10,313	$	3,481	$	6,758	$	20,552	$	1,196,503	$	1,217,055	$	-
Acquired loans recorded at fair value:
Residential one-to-four family	$	3,622	$	2,000	$	1,640	$	7,262	$	67,875		75,137	$	-
Commercial and multi-family		2,321		1,165		1,312		4,798		83,530		88,328		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		180		-		-		180		4,386		4,566		-
Home equity(2)		890		267		89		1,246		19,467		20,713		-
Consumer		8		-		-		8		597		605		-
Sub-total:	$	7,021	$	3,432	$	3,041	$	13,494	$	175,855	$	189,349	$	-
Acquired loans with deteriorated credit:
Residential one-to-four family	$	-	$	-	$	-	$	-	$	1,579		1,579	$	-
Commercial and multi-family		-		-		-		-		1,119		1,119		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		-		-		167		167		-		167		-
Home equity(2)		-		77		-		77		-		77		-
Consumer		-		-		-		-		-		-		-
Sub-total:	$	-	$	77	$	167	$	244	$	2,698	$	2,942	$	-
Total	$	17,334	$	6,990	$	9,966	$	34,290	$	1,375,056	$	1,409,346	$	-

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table sets forth the delinquency status of total loans receivable at December 31, 2014. (In Thousands):

													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Originated loans:
Residential one-to-four family	$	1,636	$	1,638	$	231	$	3,505	$	121,137	$	124,642	$	-
Commercial and multi-family		5,919		650		3,712		10,281		722,510		732,791		-
Construction		-		-		-		-		73,497		73,497		-
Commercial business(1)		595		748		22		1,365		52,879		54,244		-
Home equity(2)		478		-		71		549		29,626		30,175		-
Consumer		22		-		-		22		2,156		2,178		-
Sub-total:	$	8,650	$	3,036	$	4,036	$	15,722	$	1,001,805	$	1,017,527	$	-
Acquired loans recorded at fair value:
Residential one-to-four family	$	1,710	$	2,458	$	2,072	$	6,240	$	74,811		81,051	$	-
Commercial and multi-family		2,589		1,165		-		3,754		91,437		95,191		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		161		-		-		161		6,220		6,381		-
Home equity(2)		836		470		145		1,451		21,247		22,698		-
Consumer		14		9		-		23		629		652		-
Sub-total:	$	5,310	$	4,102	$	2,217	$	11,629	$	194,344	$	205,973	$	-
Acquired loans with deteriorated credit:
Residential one-to-four family	$	-	$	-	$	-	$	-	$	1,595	$	1,595	$	-
Commercial and multi-family		-		-		-		-		1,130		1,130		-
Construction		-		-		-		-		-		-		-
Commercial business(1)		-		-		369		369		-		369		-
Home equity(2)		-		82		-		82		-		82		-
Consumer		-		-		-		-		-		-		-
Sub-total:	$	-	$	82	$	369	$	451	$	2,725	$	3,176	$	-
Total	$	13,960	$	7,220	$	6,622	$	27,802	$	1,198,874	$	1,226,676	$	-

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of June 30, 2015. (In Thousands):

	Pass		Special Mention		Substandard		Doubtful		Loss		Total
Originated loans:
Residential one-to-four family	$	124,922	$	6,011	$	3,861	$	-	$	-	$	134,794
Commercial and multi-family		880,314		3,100		10,825		-		-		894,239
Construction		86,586		165		-		-		-		86,751
Commercial business(1)		61,296		2,065		4,300		-		-		67,661
Home equity(2)		30,340		726		682		-		-		31,748
Consumer		372		27		1,463		-		-		1,862
Sub-total:	$	1,183,830	$	12,094	$	21,131	$	-	$	-	$	1,217,055
Acquired loans recorded at fair value:
Residential one-to-four family	$	65,219	$	3,628	$	6,290	$	-	$			75,137
Commercial and multi-family		81,552		1,832		4,944		-		-		88,328
Construction		-		-		-		-		-		-
Commercial business(1)		4,566		-		-		-		-		4,566
Home equity(2)		19,598		260		855		-		-		20,713
Consumer		605		-		-		-		-		605
Sub-total:	$	171,540	$	5,720	$	12,089	$	-	$	-	$	189,349
Residential one-to-four family	$	238	$	282	$	1,059	$	-	$	-		1,579
Commercial and multi-family		582		537		-		-		-		1,119
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		167		-		-		167
Home equity(2)		-		-		77		-		-		77
Consumer		-		-		-		-		-		-
Sub-total:	$	820	$	819	$	1,303	$	-	$	-	$	2,942
Total Gross Loans	$	1,356,190	$	18,633	$	34,523	$	-	$	-	$	1,409,346

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2014. (In Thousands):

	Pass		Special Mention		Substandard		Doubtful		Loss		Total
Originated loans:
Residential one-to-four family	$	113,847	$	6,921	$	3,874	$	-	$	-	$	124,642
Commercial and multi-family		721,075		2,322		9,394		-		-		732,791
Construction		73,332		165		-		-		-		73,497
Commercial business(1)		47,866		2,020		4,358		-		-		54,244
Home equity(2)		29,178		863		134		-		-		30,175
Consumer		267		1,911		-		-		-		2,178
Sub-total:	$	985,565	$	14,202	$	17,760	$	-	$	-	$	1,017,527
Acquired loans recorded at fair value:
Residential one-to-four family	$	72,502	$	3,069	$	5,480	$	-	$	-		81,051
Commercial and multi-family		90,090		2,253		2,848		-		-		95,191
Construction		-		-		-		-		-		-
Commercial business(1)		6,381		-		-		-		-		6,381
Home equity(2)		21,506		133		1,059		-		-		22,698
Consumer		652		-		-		-		-		652
Sub-total:	$	191,131	$	5,455	$	9,387	$	-	$	-	$	205,973
Acquired loans with deteriorated credit:
Residential one-to-four family	$	238	$	286	$	1,071	$	-	$	-		1,595
Commercial and multi-family		589		541		-		-		-		1,130
Construction		-		-		-		-		-		-
Commercial business(1)		-		-		369		-		-		369
Home equity(2)		-		-		82		-		-		82
Consumer		-		-		-		-		-		-
Sub-total:	$	827	$	827	$	1,522	$	-	$	-	$	3,176
Total Gross Loans	$	1,177,523	$	20,484	$	28,669	$	-	$	-	$	1,226,676

________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 6 - Loans Receivable and Allowance for Loan Losses (Continued)

The following table presents the unpaid principal balance and the related recorded investment of acquired loans included in our Consolidated Statements of Financial Condition. (In Thousands):

	June 30,		December 31,
	2015		2014
Unpaid principal balance	$	199,794	$	216,741
Recorded investment		192,291		209,150

The following table presents changes in the accretable discount on loans acquired for the three and six months ended June 30, 2015 and 2014. (In Thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Balance, Beginning of Period	$	66,934	$	95,031	$	70,522	$	102,454
Accretion		(5,467)		(10,055)		(9,138)		(17,571)
Net Reclassification from Non-Accretable Difference		472		88		555		181
Balance, End of Period	$	61,939	$	85,064	$	61,939	$	85,064

The following table presents changes in the non-accretable yield on loans acquired for the three and six months ended June 30, 2015 and 2014. (In Thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Balance, Beginning of Period	$	3,690	$	4,229	$	3,773	$	4,413
Loans sold		-		-				(91)
Net Reclassification to Accretable Difference		(472)		(88)		(555)		(181)
Balance, End of Period	$	3,218	$	4,141	$	3,218	$	4,141

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Net Income per Common Share

6 Months Ended

Jun. 30, 2015

Net Income per Common Share [Abstract]

Net Income per Common Share

Note 4 – Net Income per Common Share

Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three months and six months ended June 30, 2015 and 2014, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended June 30, 2015 and 2014, the weighted average number of outstanding options considered to be anti-dilutive were 48,024 and 31,044respectively, and for the six months ended June 30, 2015 and 2014, the weighted average number of outstanding options considered to be anti-dilutive were 127,000 and 15,522, respectively.

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:

	For the Three Months Ended June 30,
	2015					2014
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, Except per share data)
Net income available to common stockholders	$	1,680				$	2,426
Basic earnings per share-
Income available to
Common stockholders	$	1,680	8,421	$	0.20	$	2,426	8,353	$	0.29
Effect of dilutive securities:
Stock options		-	26				-	48
Diluted earnings per share-
Income available to
Common stockholders	$	1,680	8,447	$	0.20	$	2,426	8,401	$	0.29

	For the Six Months Ended June 30,
	2015					2014
		Income	Shares		Per Share		Income	Shares		Per Share
		(Numerator)	(Denominator)		Amount		(Numerator)	(Denominator)		Amount
	(In Thousands, Except per share data)
Net income available to common stockholders	$	3,324				$	4,468
Basic earnings per share-
Income available to
Common stockholders	$	3,324	8,410	$	0.40	$	4,468	8,346	$	0.54
Effect of dilutive securities:
Stock options		-	24				-	50
Diluted earnings per share-
Income available to
Common stockholders	$	3,324	8,434	$	0.39	$	4,468	8,396	$	0.53

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Securities Available for Sale

6 Months Ended

Jun. 30, 2015

Securities Available for Sale [Abstract]

Securities Available for Sale

Note 5 – Securities Available for Sale

The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of June 30, 2015 and December 31, 2014:

	June 30, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential mortgage-backed securities:
Due after five years through ten years	$	3,452	$	28	$	63	$	3,417
Due after ten years		5,524		86		64		5,546
	$	8,976	$	114	$	127	$	8,963

	December 31, 2014
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(In Thousands)
Residential mortgage-backed securities:
Due after five years through ten years	$	3,485	$	32	$	60	$	3,457
Due after ten years		6,213		140		42		6,311
	$	9,698	$	172	$	102	$	9,768

The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows:

	Less than 12 Months				More than 12 Months				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In Thousands)
June 30, 2015
Residential mortgage-backed securities	$	-	$	-	$	3,917	$	127	$	3,917	$	127
	$	-	$	-	$	3,917	$	127	$	3,917	$	127
December 31, 2014
Residential mortgage-backed securities	$	1,435	$	5	$	2,750	$	97	$	4,185	$	102
	$	1,435	$	5	$	2,750	$	97	$	4,185	$	102

Our investment portfolio is reviewed each quarter for indications of other-than temporary impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the amortized cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and our intent and ability to hold the investment for a period of time sufficient to allow for full recovery of the unrealized loss. We evaluate our intent and ability to hold securities based upon our investment strategy for the particular type of security and our cash flow needs, liquidity position, capital adequacy and interest rate risk position. Management does not believe that any of the unrealized losses as of June 30, 2015, (which are related to three residential mortgage-backed securities) represent an other-than-temporary impairment as they are primarily related to market interest rates and not related to the underlying credit quality of the issuers of the securities as all these securities were issued by U.S. Agencies, including FNMA, FHLMC and GNMA. Additionally, the Company has the ability, and management has the intent, to hold such securities for the time necessary to recover cost and does not have the intent to sell the securities, and it is more likely than not that it will not have to sell the securities before recovery of their cost.

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Pension and Other Postretirement Plans (Tables)

6 Months Ended

Jun. 30, 2015

Pension and Other Postretirement Plans [Abstract]

Schedule Of Periodic Pension And SERP Cost

	Three months ended June 30,				Six months ended June 30,
		2015		2014		2015		2014
Pension plan:
Interest cost	$	96	$	199	$	161	$	100
Expected return on plan assets		(163)		(308)		(272)		(154)
Amortization of unrecognized loss		27		-		45		-
Net periodic pension benefit		(40)		(109)		(66)		(54)
SERP plan:
Interest cost	$	4	$	10	$	6	$	5
Net periodic postretirement cost	$	4	$	10	$	6	$	5

Summary of Stock Option Activity

	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price
Outstanding at December 31, 2014	289,720	$	8.93-15.65	$	11.18
Options granted	-		0		0.00
Options exercised	-		0		0.00
Options forfeited	-		0		0.00
Options expired	-		0
Outstanding at June 30, 2015	289,720	$	8.93-15.65	$	11.18

	Number of Option Shares		Range of Exercise Prices		Weighted Average Exercise Price
Outstanding at December 31, 2013	344,128	$	8.93-18.41	$	11.09
Options granted	110,000		13.32		13.32
Options exercised	(116,584)		8.93-11.84		11.56
Options forfeited	(13,569)		8.93-29.25		19.90
Options expired	(6,000)		29.25
Outstanding at June 30, 2014	317,975	$	8.93-15.65	$	11.15

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Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings on Financing Receivables) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015 USD ($) loan	Jun. 30, 2014 USD ($) loan	Jun. 30, 2015 USD ($) loan	Jun. 30, 2014 USD ($) loan	Dec. 31, 2014 USD ($) loan
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		89		89		93
Amount		$ 30,029		$ 30,029		$ 30,699
Number of Contracts | loan		3	7		9
Pre-Modification Outstanding Recorded Investments		$ 2,126	$ 4,251	2,591	$ 4,870
Post-Modification Outstanding Recorded Investments		$ 2,142	$ 4,279	$ 2,621	$ 4,916
Number of Contracts, Subsequent Default | loan		3	2	4	2
Recorded Investment, Subsequent Default		$ 1,317	$ 1,112	$ 2,154	$ 1,112
Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		61		61		65
Amount		$ 19,854		$ 19,854		$ 18,666
Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		28		28		28
Amount		$ 10,175		$ 10,175		$ 12,033
Originated Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		26		26		26
Amount		$ 12,424		$ 12,424		$ 12,458
Number of Contracts | loan		1	3	1	3
Pre-Modification Outstanding Recorded Investments		$ 836	$ 2,728	$ 836	$ 2,728
Post-Modification Outstanding Recorded Investments		$ 836	$ 2,747	$ 836	$ 2,747
Number of Contracts, Subsequent Default | loan		1	1	2	1
Recorded Investment, Subsequent Default		$ 63	$ 460	$ 899	$ 460
Originated Loans [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		14		14		13
Amount		$ 6,677		$ 6,677		$ 4,572
Originated Loans [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		12		12		13
Amount		$ 5,747		$ 5,747		$ 7,886
Originated Loans [Member] | Residential [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		8		8		9
Amount		$ 2,933		$ 2,933		$ 3,524
Number of Contracts | loan		1	1	1	1
Pre-Modification Outstanding Recorded Investments		$ 836	$ 192	$ 836	$ 192
Post-Modification Outstanding Recorded Investments		$ 836	$ 211	$ 836	$ 211
Number of Contracts, Subsequent Default | loan				1
Recorded Investment, Subsequent Default				$ 836
Originated Loans [Member] | Residential [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		7		7		7
Amount		$ 2,097		$ 2,097		$ 2,201
Originated Loans [Member] | Residential [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		1		1		2
Amount		$ 836		$ 836		$ 1,323
Originated Loans [Member] | Commercial & Multi-family [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		13		13		12
Amount		$ 8,090		$ 8,090		$ 7,511
Number of Contracts | loan			2		2
Pre-Modification Outstanding Recorded Investments			$ 2,536		$ 2,536
Post-Modification Outstanding Recorded Investments			$ 2,536		$ 2,536
Number of Contracts, Subsequent Default | loan			1		1
Recorded Investment, Subsequent Default			$ 460		$ 460
Originated Loans [Member] | Commercial & Multi-family [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		4		4		3
Amount		$ 3,293		$ 3,293		$ 1,065
Originated Loans [Member] | Commercial & Multi-family [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		9		9		9
Amount		$ 4,797		$ 4,797		$ 6,446
Originated Loans [Member] | Commercial Business [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[1]	1		1		1
Amount	[1]	$ 788		$ 788		$ 798
Number of Contracts | loan	[1]				0
Pre-Modification Outstanding Recorded Investments	[1]				$ 0
Post-Modification Outstanding Recorded Investments	[1]				$ 0
Originated Loans [Member] | Commercial Business [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[1]	1		1		1
Amount	[1]	$ 788		$ 788		$ 798
Originated Loans [Member] | Home Equity [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[2]	4		4		4
Amount	[2]	$ 613		$ 613		$ 625
Number of Contracts | loan	[2]				0
Pre-Modification Outstanding Recorded Investments	[2]				$ 0
Post-Modification Outstanding Recorded Investments	[2]				$ 0
Number of Contracts, Subsequent Default | loan	[2]	1		1
Recorded Investment, Subsequent Default	[2]	$ 63		$ 63
Originated Loans [Member] | Home Equity [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[2]	2		2		2
Amount	[2]	$ 499		$ 499		$ 508
Originated Loans [Member] | Home Equity [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[2]	2		2		2
Amount	[2]	$ 114		$ 114		$ 117
Acquired Loans Recorded At Fair Value [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		53		53		53
Amount		$ 14,070		$ 14,070		$ 14,079
Number of Contracts | loan		2	4	4	6
Pre-Modification Outstanding Recorded Investments		$ 1,290	$ 1,523	$ 1,755	$ 2,142
Post-Modification Outstanding Recorded Investments		$ 1,306	$ 1,532	$ 1,785	$ 2,169
Number of Contracts, Subsequent Default | loan		2	1	2	1
Recorded Investment, Subsequent Default		$ 1,254	$ 652	$ 1,255	$ 652
Acquired Loans Recorded At Fair Value [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		39		39		40
Amount		$ 9,933		$ 9,933		$ 10,430
Acquired Loans Recorded At Fair Value [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		14		14		13
Amount		$ 4,137		$ 4,137		$ 3,649
Acquired Loans Recorded At Fair Value [Member] | Residential [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		34		34		33
Amount		$ 7,920		$ 7,920		$ 7,600
Number of Contracts | loan		1	3	3	4
Pre-Modification Outstanding Recorded Investments		$ 1,067	$ 1,267	$ 1,532	$ 1,699
Post-Modification Outstanding Recorded Investments		$ 1,083	$ 1,270	$ 1,562	$ 1,702
Number of Contracts, Subsequent Default | loan		2
Recorded Investment, Subsequent Default		$ 1,254
Acquired Loans Recorded At Fair Value [Member] | Residential [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		22		22		22
Amount		$ 4,603		$ 4,603		$ 4,782
Acquired Loans Recorded At Fair Value [Member] | Residential [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		12		12		11
Amount		$ 3,317		$ 3,317		$ 2,818
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		14		14		14
Amount		$ 5,556		$ 5,556		$ 5,625
Number of Contracts | loan					1
Pre-Modification Outstanding Recorded Investments					$ 187
Post-Modification Outstanding Recorded Investments					$ 205
Number of Contracts, Subsequent Default | loan			1
Recorded Investment, Subsequent Default			$ 652
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		13		13		13
Amount		$ 4,957		$ 4,957		$ 5,011
Acquired Loans Recorded At Fair Value [Member] | Commercial & Multi-family [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		1		1		1
Amount		$ 599		$ 599		$ 614
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[2]	5		5		6
Amount	[2]	$ 594		$ 594		$ 854
Number of Contracts | loan	[2]	1	1	1	1
Pre-Modification Outstanding Recorded Investments	[2]	$ 223	$ 256	$ 223	$ 256
Post-Modification Outstanding Recorded Investments	[2]	$ 223	$ 262	$ 223	$ 262
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[2]	4		4		5
Amount	[2]	$ 373		$ 373		$ 637
Acquired Loans Recorded At Fair Value [Member] | Home Equity [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[2]	1		1		1
Amount	[2]	$ 221		$ 221		$ 217
Acquired Loans Recorded At Fair Value [Member] | Consumer [Member]
Financing Receivable, Modifications [Line Items]
Number of Contracts, Subsequent Default | loan				2	1
Recorded Investment, Subsequent Default				$ 1,255	$ 652
Acquired Loans With Deteriorated Credit [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		10		10		14
Amount		$ 3,535		$ 3,535		$ 4,162
Number of Contracts | loan					0
Pre-Modification Outstanding Recorded Investments					$ 0
Post-Modification Outstanding Recorded Investments					$ 0
Number of Contracts, Subsequent Default | loan		0
Recorded Investment, Subsequent Default		$ 0
Acquired Loans With Deteriorated Credit [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		8		8		12
Amount		$ 3,244		$ 3,244		$ 3,664
Acquired Loans With Deteriorated Credit [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		2		2		2
Amount		$ 291		$ 291		$ 498
Acquired Loans With Deteriorated Credit [Member] | Residential [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		6		6		6
Amount		$ 2,221		$ 2,221		$ 2,238
Acquired Loans With Deteriorated Credit [Member] | Residential [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		6		6		6
Amount		$ 2,221		$ 2,221		$ 2,238
Acquired Loans With Deteriorated Credit [Member] | Residential [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		0		0
Amount		$ 0		$ 0
Acquired Loans With Deteriorated Credit [Member] | Commercial & Multi-family [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		2		2		3
Amount		$ 1,023		$ 1,023		$ 1,152
Number of Contracts | loan					0
Pre-Modification Outstanding Recorded Investments					$ 0
Post-Modification Outstanding Recorded Investments					$ 0
Acquired Loans With Deteriorated Credit [Member] | Commercial & Multi-family [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan		2		2		3
Amount		$ 1,023		$ 1,023		$ 1,152
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[1]	1		1		4
Amount	[1]	$ 167		$ 167		$ 643
Number of Contracts | loan	[1]				0
Pre-Modification Outstanding Recorded Investments	[1]				$ 0
Post-Modification Outstanding Recorded Investments	[1]				$ 0
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | Accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[1]					3
Amount	[1]					$ 274
Acquired Loans With Deteriorated Credit [Member] | Commercial Business [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[1]	1		1		1
Amount	[1]	$ 167		$ 167		$ 369
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[2]	1		1		1
Amount	[2]	$ 124		$ 124		$ 129
Number of Contracts | loan	[2]				0
Pre-Modification Outstanding Recorded Investments	[2]				$ 0
Post-Modification Outstanding Recorded Investments	[2]				$ 0
Acquired Loans With Deteriorated Credit [Member] | Home Equity [Member] | Non-accrual [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | loan	[2]	1		1		1
Amount	[2]	$ 124		$ 124		$ 129

[1] Includes business lines of credit.

[2] Includes home equity lines of credit.

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Basis of Presentation (Narrative) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Basis Of Presentation [Line Items]
Other Real Estate and Foreclosed Assets	$ 2,113,000	$ 3,485,000
One to Four Family [Member]
Basis Of Presentation [Line Items]
Other Real Estate and Foreclosed Assets	198,000
Residential loans in the process of foreclosure	$ 8,200,000

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Net Income per Common Share (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income per Common Share [Abstract]
Net income available to common stockholders	$ 1,680	$ 2,426	$ 3,324	$ 4,468
Basic earnings per share- Income available to Common stockholders	1,680	2,426	3,324	4,468
Diluted earnings per share- Income available to Common stockholders	$ 1,680	$ 2,426	$ 3,324	$ 4,468
Basic earnings per share- Income available to Common stockholders, Shares	8,421	8,353	8,410	8,346
Effect of dilutive securities: Stock options: Shares	26	48	24	50
Diluted earnings per share- Income available to Common stockholders, Shares	8,447	8,401	8,434	8,396
Earnings Per Share, Basic	$ 0.20	$ 0.29	$ 0.40	$ 0.54
Earnings Per Share, Diluted	$ 0.20	$ 0.29	$ 0.39	$ 0.53

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Fair Values of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis	$ 1,414,984
(Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis	1,414,984
Impaired Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis	$ 17,370	$ 20,156
Impaired Loans [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis
Impaired Loans [Member] | (Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis
Impaired Loans [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, Fair value on a nonrecurring basis	$ 17,370	$ 20,156
Other Real Estate Owned [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, Fair value on a nonrecurring basis	$ 2,113	$ 3,485
Other Real Estate Owned [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, Fair value on a nonrecurring basis
Other Real Estate Owned [Member] | (Level 2) Significant Other Observable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, Fair value on a nonrecurring basis
Other Real Estate Owned [Member] | (Level 3) Significant Unobservable Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other real estate owned, Fair value on a nonrecurring basis	$ 2,113	$ 3,485

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Comprehensive Income [Abstract]
Net Income		$ 1,881	$ 2,630	$ 3,727	$ 4,865
Unrealized gains on available-for-sale securities:
Unrealized holding gains (losses) arising during the period	[1]	(91)		(49)	126
Less: reclassification adjustment for gains included in net income	[2]		(721)		(721)
Benefit plans	[3]			(15)
Other comprehensive loss		(91)	(721)	(64)	(595)
Comprehensive income		$ 1,790	$ 1,909	$ 3,663	$ 4,270

[1] Represents the net change of the unrealized gain (loss) on available-for-sale securities. Represents unrealized gains (losses) of ($153,000), $0, ($83,000), and $213,000, respectively, less deferred taxes of ($62,000), $0, ($34,000) and $87,000, respectively.

[2] Represents the sale of available-for-sale securities during the three months and six months ended June 30, 2014, for which unrealized gains were previously reported totaling $1.2 million, less deferred taxes of $498,000. No sales of available-for-sale securities occurred during the three months and six months ended June 30, 2015. The Consolidated Statements of Income line items impacted by these amounts are gains on sale of securities available for sale and income tax provision.

[3] Represents the net change of unrecognized loss included in net periodic pension cost. Represents a gross change of $0, $0, $25,000,and $0 respectively, less deferred taxes of $0, $0, $10,000, and $0, respectively. The Consolidated Statements of Income line items impacted by these amounts are salaries and employee benefits and income tax provision.

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Basis of Presentation

6 Months Ended

Jun. 30, 2015

Basis of Presentation [Abstract]

Basis of Presentation

Note 1 – Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of BCB Bancorp, Inc. (the “Company”) and the Company’s wholly owned subsidiaries, BCB Community Bank (the “Bank”), BCB Holding Company Investment Company, BCB New York Asset Management, Inc. and Pamrapo Service Corporation. The Company’s business is conducted principally through the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and, therefore, do not necessarily include all information that would be included in audited financial statements. The information furnished reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of consolidated financial condition and results of operations. All such adjustments are of a normal recurring nature. These results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2015 or any other future period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates.

These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2014, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between June 30, 2015, and the date these consolidated financial statements were issued.

Recent Accounting Pronouncements

Accounting Standards Update 2014-14:  Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure

The objective of this ASU is to reduce the diversity in practice of when a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan and when the related loan receivable should be derecognized and the real estate owned recognized.

This amendment clarifies that an in substance repossession or foreclosure occurs when either a) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or b) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Upon completion of either of these two events the creditor is considered to have received physical possession of residential real estate property and therefore should derecognize the loan receivable and recognize the real estate owned.

Additionally, this amendment requires interim and annual disclosure of both a) the amount of foreclosed residential real estate property held by the creditor and b) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. At June 30, 2015 the amount of foreclosed 1-4 family residential properties held by the Company was $198,000. As of June 30, 2015 the amount of 1-4 family residential loans in the process of foreclosure was $8.2 million.

Accounting Standards Update 2014-09: Revenue from Contracts with Customers (Topic 606)

ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. This ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer (e.g., assets within the scope of Topic 360, Property, Plant, and Equipment, and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU.

The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps:

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

For a public business entity, the amendments in this ASU are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted.

An entity should apply the amendments in this ASU using one of the following two methods:

Retrospectively to each prior reporting period presented and the entity may elect any of the following practical expedients:

· For completed contracts, an entity need not restate contracts that begin and end within the same annual reporting period.

· For completed contracts that have variable consideration, an entity may use the transaction price at the date the contract was completed rather than estimating variable consideration amounts in the comparative reporting periods.

· For all reporting periods presented before the date of initial application, an entity need not disclose the amount of the transaction price allocated to remaining performance obligations and an explanation of when the entity expects to recognize that amount as revenue.

Retrospectively with the cumulative effect of initially applying this ASU recognized at the date of initial application. If an entity elects this transition method it also should provide the additional disclosures in reporting periods that include the date of initial application of:

· The amount by which each financial statement line item is affected in the current reporting period by the application of this ASU as compared to the guidance that was in effect before the change.

· An explanation of the reasons for significant changes.

The Company is currently evaluating the impact of ASU 2014-09 on our Consolidated Financial Statements.

Proposed Accounting Standards Update (Exposure Draft):  Financial Instruments (Topic 825-15) - Credit Losses

The Board is currently in the process of redeliberating significant issues raised through feedback received from comment letters and outreach activities. FASB expects to issue this proposed accounting standards update in late 2015. An effective date has yet to be discussed.

Impairment model - The Board will continue to refine the Current Expected Credit Loss (CECL) model in the December 2012 proposed Update.

Measurement of expected credit losses - The guidance in the proposed Update regarding an entity’s estimate of expected credit losses will be clarified as follows:

1. An entity should revert to a historical average loss experience for the future periods beyond which the entity is able to make or obtain reasonable and supportable forecasts.

2. An entity should consider all contractual cash flows over the life of the related financial assets.

3. When determining the contractual cash flows and the life of the related financial assets:

a. An entity should consider expected prepayments

b. An entity should not consider expected extensions, renewals, and modifications unless the entity reasonably expects that it will execute a troubled debt restructuring with a borrower.

4. An entity’s estimate of expected credit losses should always reflect the risk of loss, even when that risk is remote. However, an entity would not be required to recognize a loss on a financial asset in which the risk of nonpayment is greater than zero yet the amount of loss would be zero.

5. In addition to using a discounted cash flow model to estimate expected credit losses, an entity would not be prohibited from developing an estimate of credit losses using loss-rate methods, probability-of-default methods, or a provision matrix using loss factors.

6. The final guidance on expected credit losses will include implementation guidance describing the factors that an entity should consider to adjust historical loss experience for current conditions and reasonable and supportable forecasts.

Accounting for purchased credit impaired (PCI) financial assets - An entity would be required to allocate to each individual financial asset the non-credit-related discount or premium resulting from acquiring a pool of PCI financial assets.

Accounting for troubled debt restructurings (TDRs) - The guidance in the proposed Update regarding the cost basis adjustment for troubled debt restructurings will be clarified to require an entity to increase the cost basis of the restructured financial asset through a corresponding increase in the entity’s allowance for expected credit losses in certain TDRs.

An entity may consider prepayment expectations and prospectively reflect an adjusted yield if prepayment speeds are different than expected. (This decision is contingent on the Board’s review of staff prepared examples illustrating this approach.)

Nonaccrual of interest income - The Board decided that the final Accounting Standards Update issued for this project will not provide guidance on when an entity ceases to accrue interest income. However, the Board decided to consider adding as pre-agenda research whether U.S. GAAP should provide nonaccrual guidance. The Company is currently evaluating the impact of this update.

Proposed Accounting Standards Update (Exposure Draft):  Leases (Topic 842) - A Revision of the 2010 Proposed FASB Accounting Standards Update, Leases (Topic 840)

The FASB decided on a dual approach for lessee accounting in which a lessee will determine lease classification in accordance with the principle in existing lease requirements.  Lessees would account for most existing capital or financing type leases as Type A leases and most existing operating leases as Type B leases.  Both Type A and Type B leases result in the lessee recognizing a right-of-use asset and a lease liability.  Type A leases will recognize amortization of the right-of-use asset separately from interest expense on the lease liability while Type B leases will recognize a single total lease expense in the income statement. The IASB decided on a single approach for lessee accounting under which the lessee would account for all leases as Type A leases. The FASB and IASB are currently deliberating the disclosure requirements under this amendment. An effective date has yet to be discussed.

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Securities Available for Sale (Amortized Cost and Gross Unrealized Gains and Losses on Securities Held to Maturity) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Securities Available for Sale [Abstract]
Residential mortgage-backed securities: Due after five years through ten years, Amortized Cost	$ 3,452	$ 3,485
Residential mortgage-backed securities: Due after ten years, Amortized Cost	5,524	6,213
Residential mortgage-backed securities: Amortized Cost	8,976	9,698
Residential mortgage-backed securities: Due after five years through ten years, Gross Unrealized Gains	28	32
Residential mortgage-backed securities, Due after ten years, Gross Unrealized Gains	86	140
Residential mortgage-backed securities: Gross Unrealized Gains	114	172
Residential mortgage-backed securities: Due after five years through ten years, Gross Unrealized Losses	63	60
Residential mortgage-backed securities: Due after ten years, Gross Unrealized Losses	64	42
Residential mortgage-backed securities: Gross Unrealized Losses	127	102
Residential mortgage-backed securities: Due after five years through ten years, Fair Value	3,417	3,457
Residential mortgage-backed securities: Due after ten years, Fair Value	5,546	6,311
Residential mortgage-backed securities: Fair Value	$ 8,963	$ 9,768

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Loans Receivable and Allowance for Loan Losses (Accretable discount on loans acquired) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Loans Receivable and Allowance for Loan Losses [Abstract]
Beginning Balance	$ 66,934	$ 95,031	$ 70,522	$ 102,454
Loans sold				(91)
Accretion	(5,467)	(10,055)	(9,138)	(17,571)
Net Reclassifications from Non-Accretable Difference	472	88	555	181
Ending Balance	61,939	85,064	61,939	85,064
Non-accretable yield, beginning balance	3,690	4,229	3,773	4,413
Net Reclassifications to Accretable Difference	(472)	(88)	(555)	(181)
Non-accretable yield, ending balance	$ 3,218	$ 4,141	$ 3,218	$ 4,141

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Fair Values of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Values of Financial Instruments [Abstract]

Fair Value Measurements, Recurring

			(Level 1)		(Level 2)
			Quoted Prices in		Significant		(Level 3)
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Description	Total		Assets		Inputs		Inputs
As of June 30, 2015:
Securities available for sale - Residential mortgage-backed securities	$	8,963	$	-	$	8,963	$	—
As of December 31, 2014:
Securities available for sale - Residential mortgage-backed securities	$	9,768	$	-	$	9,768	$	-

Fair Value Measurements, Nonrecurring

			(Level 1)		(Level 2)
			Quoted Prices in		Significant		(Level 3)
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
Description	Total		Assets		Inputs		Inputs
As of June 30, 2015
Impaired Loans	$	17,370	$	—	$	—	$	17,370
Other real estate owned	$	2,113					$	2,113
As of December 31, 2014:
Impaired Loans	$	20,156	$	-	$	-	$	20,156
Other real estate owned	$	3,485	$	-	$	-	$	3,485

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements
		Fair Value	Valuation	Unobservable	Range
		Estimate	Techniques	Input
June 30, 2015:
Impaired Loans	$	17,370	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
				Liquidation expenses (3)	0%-10%
Other real estate owned	$	2,113	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
				Liquidation expenses (3)	0%-10%

		Fair Value	Valuation	Unobservable	Range
		Estimate	Techniques	Input
December 31, 2014:
Impaired Loans	$	20,156	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
				Liquidation expenses (3)	0%-10%
Other real estate owned	$	3,485	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
				Liquidation expenses (3)	0%-10%

(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 by management for qualitative factors such as economic conditions and estimated liquidation expenses.  The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

(3) Includes qualitative adjustments by management and estimated liquidation expenses.

Carrying Values and Estimated Fair Values of Financial Instruments

		As of June 30, 2015
					Quoted Prices in Active		Significant		Significant
	Carrying				Markets for Identical Assets		Other Observable Inputs		Unobservable Inputs
	Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	45,891	$	45,891	$	45,891	$	-	$	-
Interest-earning time deposits		993		993		993		-		-
Securities available for sale		8,963		8,963		-		8,963		-
Securities held to maturity		-		-		-		-		-
Loans held for sale		794		809		-		809		-
Loans receivable, net		1,388,781		1,414,984		-		-		1,414,984
FHLB of New York stock, at cost		10,711		10,711		-		10,711		-
Accrued interest receivable		4,926		4,926		-		4,926		-
Financial liabilities:
Deposits		1,178,346		1,182,366		629,699		552,667		-
Borrowings		202,000		204,366		-		204,366		-
Subordinated debentures		4,124		4,172		-		4,172		-
Accrued interest payable		999		999		-		999		-

		As of December 31, 2014
					Quoted Prices in Active		Significant		Significant
	Carrying				Markets for Identical Assets		Other Observable Inputs		Unobservable Inputs
	Value		Fair Value		(Level 1)		(Level 2)		(Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	32,123	$	32,123	$	32,123	$	-	$	-
Interest-earning time deposits		993		993		993		-		-
Securities available for sale		9,768		9,768		-		9,768		-
Securities held to maturity		-		-		-		-		-
Loans held for sale		3,325		3,424		-		3,424		-
Loans receivable, net		1,207,850		1,244,434		-		-		1,244,434
FHLB of New York stock, at cost		8,830		8,830		-		8,830		-
Accrued interest receivable		4,454		4,454		-		4,454		-
Financial liabilities:
Deposits		1,028,556		1,032,275		616,019		416,256		-
Borrowings		159,000		163,312		-		163,312		-
Subordinated debentures		4,124		4,236		-		4,236		-
Accrued interest payable		815		815		-		815		-