FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Tables

Schedule of measured at fair value on a recurring basis

The following table summarizes, for the periods indicated, assets measured at fair value on a recurring basis, including financial assets for which the Corporation has elected the fair value option:

Assets Measured on a Recurring Basis
	Fair Value Measurements Using
			Quoted
			Prices in
			Active
			Markets		Significant
			For		Other		Significant
			Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
(In thousands)	2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Available for sale:
U.S. government-sponsored
entities	$	29,957	$	—	$	29,957	$	—
Mortgage-backed securities-
residential		187,443		—		187,443		—
State and political subdivisions		30,625		—		30,625		—
Other securities		2,153		—		2,153		—
CRA investment fund		3,098		—		3,098		—
Marketable equity securities		213		213		—		—
Total	$	253,489	$	213	$	253,276	$	—

	December 31,
(In thousands)	2011
Assets:
Available for sale:
U.S. government-sponsored
entities	$	46,878	$	—	$	46,878	$	—
Mortgage-backed securities-
residential		236,984		—		236,984		—
State and political subdivisions		29,851		—		29,851		—
Other securities		2,167		—		2,167		—
CRA investment fund		3,040		—		3,040		—
Marketable equity securities		600		600		—		—
Total	$	319,520	$	600	$	318,920	$	—

Schedule of measured at fair value on a non- recurring basis

The following table summarizes, for the periods indicated, assets measured at fair value on a non-recurring basis:

Assets Measured on a Non-Recurring Basis
	Fair Value Measurements Using
			Quoted
			Prices in
			Active
			Markets		Significant
			For		Other		Significant
			Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
(In thousands)	2012		(Level 1)		(Level 2)		(Level 3)
Assets:
Impaired loans:
Primary residential
mortgage	$	171	$	—	$	—	$	171

	December 31,
(In thousands)	2011
Assets:
Impaired loans:
Primary residential
mortgage	$	1,462	$	—	$	—	$	1,462
Owner-occupied
commercial mortgage		1,303		—		—		1,303
Investment commercial
real estate		228		—		—		228
Multifamily		212		—		—		212
Junior lien on residence		117		—		—		117
OREO		2,135		—		—		2,135

Schedule of carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at September 30, 2012 are as follows:

			Fair Value Measurements at September 30, 2012 Using
	Carrying
(In thousands)	Amount		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	54,920	$	51,728	$	3,192	$	—	$	54,920
Investment securities, held to maturity		76,698		—		70,413		12,013		82,426
Securities available for sale		253,489		213		253,276		—		253,489
FHLB and FRB stock		4,639		—		—		—		N/A
Loans held for sale		8,443		—		8,443		—		8,443
Loans, net of allowance for loan losses		1,082,589		—		—		1,084,725		1,084,725
Accrued interest receivable		4,040		—		1,007		3,033		4,040
Financial liabilities
Deposits	$	1,432,686	$	1,247,932	$	187,051	$	—	$	1,434,983
Federal home loan bank advances		12,335		—		13,737		—		13,737
Accrued interest payable		331		43		288		—		331

The carrying amounts and estimated fair values of financial instruments at December 31, 2011 are as follows:

	December 31, 2011
	Carrying		Fair
(In thousands)	Amount		Value
Financial assets
Cash and cash equivalents	$	43,053	$	43,053
Investment securities, held to maturity		100,719		99,427
Securities available for sale		319,520		319,520
FHLB and FRB stock		4,569		N/A
Loans held for sale		2,841		2,841
Loans, net of allowance for loan losses		1,025,122		1,034,541
Accrued interest receivable		4,078		4,078
Financial liabilities
Deposits	$	1,443,892	$	1,446,778
Overnight borrowings		—		—
Federal home loan bank advances		17,680		19,100
Accrued interest payable		460		460