10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1

to

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2012

Commission File No. 001-34453

HUDSON VALLEY HOLDING CORP.

(Exact name of registrant as specified in its charter)

NEW YORK	13-3148745
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

21 Scarsdale Road, Yonkers, NY 10707

(Address of principal executive office with zip code)

914-961-6100

(Registrant’s telephone number including area code)

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 and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, 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  þ    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	þ
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	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  þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at August 1, 2012
Common stock, par value $0.20 per share	19,636,301

This Amendment No. 1 to Hudson Valley Holding Corp.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, as filed with the Securities and Exchange Commission on August 9, 2012 (the “Original Filing”), is being filed solely to furnish XBRL Interactive Data Files as exhibits to the Original Filing in accordance with Rule 405 of Regulation S-T.

As provided in Rule 406T of Regulation S-T, the Interactive Data Files included in Exhibit 101 are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

This Amendment No. 1 speaks as of the date of the Original Filing, does not reflect subsequent events occurring after the date of the Original Filing or modify or update in any way any disclosures made in the Original Filing. Information not affected by this Amendment No. 1 is unchanged and reflects the disclosure made at the time of the filing of the Original Filing with the Securities and Exchange Commission. In particular, any forward-looking statements included in this Amendment No. 1 represent management’s view as of the filing date of the Original Filing. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Filing and the Company’s other filings made with the Securities and Exchange Commission subsequent to the date of the Original Filing, including any amendments to these filings. Other than as described above, no other changes have been made to the Original Filing.

PART II — OTHER INFORMATION

Item 6.    Exhibits

(A) Exhibits

3.1	Restated Certificate of Incorporation of Hudson Valley Holding Corp.(1)
3.2	Amended and Restated By-Laws of Hudson Valley Holding Corp.(2)
31.1	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
101.INS	XBRL Instance Document(3)
101.SCH	XBRL Taxonomy Extension Schema(3)
101.CAL	XBRL Taxonomy Extension Calculation Linkbase(3)
101.LAB	XBRL Taxonomy Extension Label Linkbase(3)
101.PRE	XBRL Taxonomy Extension Presentation Linkbase(3)
101.DEF	XBRL Taxonomy Extension Definition Linkbase(3)

(1) Incorporated herein by reference in this document to the Form 10-Q filed on October 20, 2009.

(2) Incorporated herein by reference in this document to the Form 8-K filed on April 28, 2010.

(3) Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or section 34(b) of the Investment Company Act of 1940, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

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

HUDSON VALLEY HOLDING CORP.
By:	/S/    STEPHEN R. BROWN
	Stephen R. Brown President and Chief Executive Officer

August 28, 2012

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen R. Brown, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hudson Valley Holding Corp.;

2. Based on my knowledge, this 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 report;

3. Based on my knowledge, the financial statements, and other financial information included in this 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 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 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 report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this 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; and

5. The registrant’s other certifying officers 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.

/S/    STEPHEN R. BROWN        

Stephen R. Brown

President and Chief Executive Officer

Dated: August 28, 2012

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrew J. Reinhart, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hudson Valley Holding Corp.;

2. Based on my knowledge, this 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 report;

3. Based on my knowledge, the financial statements, and other financial information included in this 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 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 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 report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this 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; and

5. The registrant’s other certifying officers 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.

/S/    ANDREW J. REINHART        

Andrew J. Reinhart

First Senior Vice President,

Controller and Interim Chief Financial Officer

Dated: August 28, 2012

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Hudson Valley Holding Corp. (the “Company”) for the period ending June 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen R. Brown, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) 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 result of operations of the Company.

/S/    STEPHEN R. BROWN        

Stephen R. Brown

President and Chief Executive Officer

Dated: August 28, 2012

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Hudson Valley Holding Corp. (the “Company”) for the period ending June 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Andrew J. Reinhart, First Senior Vice President, Controller and Interim Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in this Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/S/    ANDREW J. REINHART        

Andrew J. Reinhart

First Senior Vice President,

Controller and Interim Chief Financial Officer

Dated: August 28, 2012

XML

Loans (Details 5) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual	$ 39,304	$ 29,892
Past Due 90 Days and Still Accruing
Commercial & Industrial [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual	12,535	7,803
Past Due 90 Days and Still Accruing
Lease financing and other [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual
Past Due 90 Days and Still Accruing
Owner Occupied [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual	10,058	3,856
Past Due 90 Days and Still Accruing
Non Owner Occupied [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual	2,164	9,356
Past Due 90 Days and Still Accruing
Commercial [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual	582	5,481
Past Due 90 Days and Still Accruing
Residential [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual	2,077
Past Due 90 Days and Still Accruing
Multifamily [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual	1,318
Past Due 90 Days and Still Accruing
1-4 Family [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual	8,944	1,470
Past Due 90 Days and Still Accruing
Home Equity [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual	1,626	1,926
Past Due 90 Days and Still Accruing
Overdrafts [Member]
Recorded investment in nonaccrual loans and loans past due ninety days and still accruing by class of loans
Non-Accrual
Past Due 90 Days and Still Accruing

XML

Fair Value of Financial Instruments (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Quoted Prices in Active Markets for Identical Assets(Level 1) [Member]
ASSETS
Financial assets for which carrying value approximates fair value	$ 663,600	$ 94,500
LIABILITIES
Deposits with no stated maturity and accrued interest	2,300,900	2,274,700
Securities sold under repurchase agreements and other short-term borrowing and accrued interest	42,200	53,100
Significant Other Observable Inputs (Level 2) [Member]
ASSETS
Held to maturity securities and accrued interest	12,200	13,900
LIABILITIES
Time deposits and accrued interest	139,600	152,100
Other borrowings and accrued interest	14,000	14,000
Significant Inputs (Level 3) [Member]
ASSETS
Loans and accrued interest	1,588,200	1,609,200
Carrying Amount [Member]
ASSETS
Financial assets for which carrying value approximates fair value	663,600	94,500
Held to maturity securities and accrued interest	11,500	13,000
FHLB Stock	4,800	3,800
Loans and accrued interest	1,546,300	1,571,300
LIABILITIES
Deposits with no stated maturity and accrued interest	2,300,900	2,274,700
Time deposits and accrued interest	139,200	151,700
Securities sold under repurchase agreements and other short-term borrowing and accrued interest	42,200	53,100
Other borrowings and accrued interest	16,600	16,600
Total Fair Value [Member]
ASSETS
Financial assets for which carrying value approximates fair value	663,600	94,500
Held to maturity securities and accrued interest	12,200	13,900
Loans and accrued interest	1,588,200	1,609,200
LIABILITIES
Deposits with no stated maturity and accrued interest	2,300,900	2,274,700
Time deposits and accrued interest	139,600	152,100
Securities sold under repurchase agreements and other short-term borrowing and accrued interest	42,200	53,100
Other borrowings and accrued interest	$ 14,000	$ 14,000

XML

Stock Based Compensation (Details) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
2010 Omnibus Incentive Plan Outstanding:
Beginning Balance, Outstanding Shares	625,256
Granted, Shares
Cancelled or Expired, Shares	(8,979)
Nonvested, Shares	8,582
Beginning Balance, Weighted Average Grant or Exercise Price Outstanding	$ 22.81
Weighted Average Grant or Exercise Price, Granted
Weighted Average Grant or Exercise Price, Cancelled or Expired	$ 24.67
Weighted Average Grant or Exercise Price, Nonvested	$ 35.96
2010 Omnibus Incentive Plan [Abstract]
Cancelled, Shares	8,979
Prior Option Plans:
Beginning Balance, Outstanding Shares	625,256
Granted, Shares
Exercised, shares	(5,798)
Cancelled or Expired, Shares	(8,979)
Ending Balance, Outstanding Shares	610,479
Exercisable, Shares	601,897
Nonvested, Shares	8,582
Beginning Balance, Weighted Average Grant or Exercise Price Outstanding	$ 22.81
Weighted Average Grant or Exercise Price, Granted
Weighted Average Grant or Exercise Price, Exercised	$ 16.57
Weighted Average Grant or Exercise Price, Cancelled or Expired	$ 24.67
Ending Balance, Weighted Average Grant or Exercise Price Outstanding	$ 22.85
Weighted Average Grant or Exercise Price, Exercisable	$ 22.66
Weighted Average Grant or Exercise Price, Nonvested	$ 35.96
Outstanding, Aggregate Intrinsic Value	$ 245
Outstanding, Weighted Average Remaining Contractual Term	2 years
Exercisable, Aggregate Intrinsic Value	$ 245
Exercisable, Weighted Average Remaining Contractual Term	2 years 1 month 6 days
2010 Omnibus Incentive Plan [Member]
2010 Omnibus Incentive Plan Outstanding:
Beginning Balance, Outstanding Shares
Granted, Shares	112,432	0
Restriction released, Shares	(7,543)
Cancelled or Expired, Shares	(9,152)
Nonvested, Shares	95,737
Beginning Balance, Weighted Average Grant or Exercise Price Outstanding
Weighted Average Grant or Exercise Price, Granted	$ 16.68
Weighted Average Grant or Exercise Price, Restrictions Released	$ 17.10
Weighted Average Grant or Exercise Price, Cancelled or Expired	$ 16.74
Weighted Average Grant or Exercise Price, Nonvested	$ 16.64
2010 Omnibus Incentive Plan [Abstract]
Beginning Balance, Available for grant	1,331,000
Cancelled, Shares	9,152
Ending Balance, Available for grant	1,227,720	1,331,000
Prior Option Plans:
Beginning Balance, Outstanding Shares
Granted, Shares	112,432	0
Cancelled or Expired, Shares	(9,152)
Ending Balance, Outstanding Shares
Nonvested, Shares	95,737
Beginning Balance, Weighted Average Grant or Exercise Price Outstanding
Weighted Average Grant or Exercise Price, Granted	$ 16.68
Weighted Average Grant or Exercise Price, Cancelled or Expired	$ 16.74
Ending Balance, Weighted Average Grant or Exercise Price Outstanding
Weighted Average Grant or Exercise Price, Nonvested	$ 16.64
2010 Omnibus Incentive Plan [Member] | Restricted Stock [Member]
2010 Omnibus Incentive Plan [Abstract]
Restricted stock awards, shares	112,432
Restricted Stock Awards Weighted Average Grant Or Exercise Price	$ 16.68

XML

Benefit Plans (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Components of net periodic pension cost
Service cost	$ 111	$ 96	$ 221	$ 191
Interest cost	156	147	309	294
Amortization of prior service cost	(58)	(58)	(116)	(116)
Amortization of net loss	167	139	335	279
Net periodic pension cost	$ 376	$ 324	$ 749	$ 648

XML

Securities (Details Textual) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012 Securities	Jun. 30, 2011	Dec. 31, 2011 Securities
Securities (Textual) [Abstract]
Available-for-Sale Securities, Amortized cost	$ 453,993		$ 503,584
Other than temporary impairment loss
Credit Related OTTI Losses on Pooled Trust Preferred Securities (Additional Textual) [Abstract]
Carrying value of investment securities which are pledged	344,000		365,000
Number of securities in unrealized loss position	82		82
Pooled trust preferred securities [Member]
Securities (Textual) [Abstract]
Available-for-Sale Securities, Amortized cost	11,183
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue	2,768
Other than temporary impairment loss	4
Pooled trust preferred securities amortized cost	2,088
Pooled trust preferred securities 1 [Member]
Securities (Textual) [Abstract]
Other than temporary impairment loss	53
Pooled trust preferred securities amortized cost	5,696
Pooled trust preferred securities 2 [Member]
Securities (Textual) [Abstract]
Other than temporary impairment loss	2
Pooled trust preferred securities amortized cost	919
Pooled trust preferred securities 3 [Member]
Securities (Textual) [Abstract]
Other than temporary impairment loss	468
Pooled trust preferred securities amortized cost	2,228
Pooled trust preferred securities 4 [Member]
Securities (Textual) [Abstract]
Other than temporary impairment loss	1
Pooled trust preferred securities amortized cost	$ 662

XML

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value of Financial Instruments [Abstract]

Carrying amount and estimated fair value of financial instruments

June 30, 2012

	Fair Value Measurements
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Financial assets for which carrying value approximates fair value	$	663.6	$	663.6	$	663.6
Held to maturity securities and accrued interest		11.5		12.2				12.2
FHLB Stock		4.8		N/A		N/A
Loans and accrued interest		1,546.3		1,588.2						1,588.2
Liabilities:
Deposits with no stated maturity and accrued interest		2,300.9		2,300.9		2,300.9
Time deposits and accrued interest		139.2		139.6				139.6
Securities sold under repurchase agreements and other short-term borrowing and accrued interest		42.2		42.2		42.2
Other borrowings and accrued interest		16.6		14.0				14.0

December 31, 2011

	Fair Value Measurements
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Financial assets for which carrying value approximates fair value	$	94.5	$	94.5	$	94.5
Held to maturity securities and accrued interest		13.0		13.9				13.9
FHLB Stock		3.8		N/A		N/A
Loans and accrued interest		1,571.3		1,609.2						1,609.2
Liabilities:
Deposits with no stated maturity and accrued interest		2,274.7		2,274.7		2,274.7
Time deposits and accrued interest		151.7		152.1				152.1
Securities sold under repurchase agreements and other short-term borrowing and accrued interest		53.1		53.1		53.1
Other borrowings and accrued interest		16.6		14.0				14.0

XML

Fair Value (Details) (Significant Inputs (Level 3) [Member], USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Impaired Loans [Member] | Non Recurring [Member]
Quantitative information about Level 3 fair value measurements
Fair Value	12,407
Impaired Loans [Member] | Non Recurring [Member] | Sales Comparison and Income Based Appraisals [Member]
Quantitative information about Level 3 fair value measurements
Valuation Technique	Sales comparison and income based appraisals
Other real estate owned [Member] | Non Recurring [Member]
Quantitative information about Level 3 fair value measurements
Fair Value	250
Management adjustment for costs to sell	30.00%
Other real estate owned [Member] | Non Recurring [Member] | Sales Comparison and Income Based Appraisals [Member]
Quantitative information about Level 3 fair value measurements
Valuation Technique	Sales comparison and income based appraisals
Trust preferred securities [Member] | Recurring [Member]
Quantitative information about Level 3 fair value measurements
Fair Value	2,768
Annual prepayment rate	1.00%
Projected annual nonspecific issuer default severity	85.00%
Present value discount rate	22.50%
Trust preferred securities [Member] | Recurring [Member] | Discounted Cash Flow [Member]
Quantitative information about Level 3 fair value measurements
Valuation Technique	Discounted cash flow
Loans held for sale [Member] | Non Recurring [Member] | Sales Comparison and Income Based Appraisals [Member]
Quantitative information about Level 3 fair value measurements
Valuation Technique	Sales comparison and income based appraisals
Maximum [Member] | Impaired Loans [Member] | Non Recurring [Member]
Quantitative information about Level 3 fair value measurements
Capitalization rates	7.75%
Management adjustment for for dated appraisal	20.00%
Management adjustment for costs to sell	30.00%
Maximum [Member] | Trust preferred securities [Member] | Recurring [Member]
Quantitative information about Level 3 fair value measurements
Specific issuer default rates	74.00%
Specific issuer default severity	87.00%
Projected annual nonspecific issuer default rates	2.00%
Minimum [Member] | Impaired Loans [Member] | Non Recurring [Member]
Quantitative information about Level 3 fair value measurements
Capitalization rates	7.00%
Management adjustment for for dated appraisal	0.00%
Management adjustment for costs to sell	0.00%
Minimum [Member] | Trust preferred securities [Member] | Recurring [Member]
Quantitative information about Level 3 fair value measurements
Specific issuer default rates	33.00%
Specific issuer default severity	56.00%
Projected annual nonspecific issuer default rates	2.50%

XML

Loans (Details 8) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Delinquency categories by class of loans
31-59 Days Past Due	$ 1,789	$ 4,816
60-89 Days Past Due	7,523	157
90 Days Or More Past Due	22,268	21,279
Total Past Due	31,580	26,252
Current	1,524,006	1,549,700
Total	39,304	29,892
Delinquency categories [Member]
Delinquency categories by class of loans
31-59 Days Past Due	1,370	1
60-89 Days Past Due	119	107
90 Days Or More Past Due
Total Past Due	1,489	108
Current	243,950	198,237
Total	245,439	198,345
1-4 Family [Member]
Delinquency categories by class of loans
31-59 Days Past Due	416
60-89 Days Past Due	119
90 Days Or More Past Due	8,944	1,470
Total Past Due	9,479	1,470
Current	227,961	173,244
Total	8,944	1,470
1-4 Family [Member] | Delinquency categories [Member]
Delinquency categories by class of loans
31-59 Days Past Due	92
90 Days Or More Past Due
Total Past Due	92
Current	135,656	84,681
Total	135,748	84,681
Home Equity [Member]
Delinquency categories by class of loans
31-59 Days Past Due	1,278
60-89 Days Past Due		97
90 Days Or More Past Due	1,626	1,926
Total Past Due	2,904	2,023
Current	106,145	110,496
Total	1,626	1,926
Home Equity [Member] | Delinquency categories [Member]
Delinquency categories by class of loans
31-59 Days Past Due	1,278
60-89 Days Past Due	119	97
90 Days Or More Past Due
Total Past Due	1,397	97
Current	105,827	110,248
Total	107,224	110,345
Other loans [Member] | Delinquency categories [Member]
Delinquency categories by class of loans
31-59 Days Past Due		1
60-89 Days Past Due		10
90 Days Or More Past Due
Total Past Due		11
Current	1,365	1,446
Total	1,365	1,457
Overdrafts [Member]
Delinquency categories by class of loans
31-59 Days Past Due
60-89 Days Past Due
90 Days Or More Past Due
Total Past Due
Current	1,102	1,862
Total
Overdrafts [Member] | Delinquency categories [Member]
Delinquency categories by class of loans
90 Days Or More Past Due
Current	1,102	1,862
Total	$ 1,102	$ 1,862

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Loans (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	$ 59,640	$ 70,344	$ 53,179	$ 62,636
Interest Income	249	59	436	59
Commercial & Industrial [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	10,005	7,431	8,886	6,310
Interest Income
Lease financing and other [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	128	319	64	355
Interest Income
Owner Occupied [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	23,775	16,128	22,238	11,098
Interest Income	152	14	266	14
Non Owner Occupied [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	12,848	18,171	10,927	17,607
Interest Income	85	45	149	45
Commercial [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	2,448	10,208	3,669	9,830
Interest Income
Residential [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	1,828	4,336	914	5,191
Interest Income
Multifamily [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	1,331	5,339	1,002	4,386
Interest Income
1-4 Family [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	5,651	4,945	3,778	4,905
Interest Income	12		21
Home Equity [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment	1,626	3,467	1,701	2,954
Interest Income
Overdrafts [Member]
Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans
Average Recorded Investment
Interest Income

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Fair Value (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Reconciliation and income statement classification of gains and losses for securities available for sale measure at fair value on recurring basis
Balance at beginning of period	$ 2,422	$ 3,016	$ 2,816	$ 3,687
Additions to Level 3	102	94	208	196
Net unrealized gain (loss) included in other comprehensive income	445	(141)	423	(753)
Principal payments	(151)	(3)	(151)	(3)
Recognized impairment charge included in the statement of income	(50)	(43)	(528)	(204)
Balance at end of period	$ 2,768	$ 2,923	$ 2,768	$ 2,923

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Benefit Plans (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Benefit Plans (Textual) [Abstract]
Amount expected to contributed in unfunded defined benefit plans		$ 813
Defined benefit plan contributions by employer	$ 153	$ 312

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Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Operating Activities:
Net Income	$ 22,974	$ 12,256
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	3,253	6,997
Depreciation and amortization	1,924	1,979
Recognized impairment charge on securities available for sale	528	204
Amortization of premiums on securities, net	1,033	1,259
Realized loss (gain) on sale and revaluation of OREO	15	(127)
Increase in cash value of bank owned life insurance	(686)	(535)
Amortization of other intangible assets	374	411
Stock option expense	25	76
Realized (gain) on sale of loans held-for-sale	(15,935)
Deferred taxes (benefit)	1,017	(1,001)
(Decrease) increase in deferred loan fees, net	(841)	9
Decrease in accrued interest and other receivables	5,045	3,269
Decrease in other assets	2,578	2,181
Excess tax benefits from share-based payment arrangements		(7)
Increase (decrease) in accrued interest and other liabilities	(170)	3,315
Net cash provided by Operating activities	21,134	30,286
Investing Activities:
Net (increase) decrease in short term investments	(5,825)	35,630
(Increase) decrease in FHLB stock	(996)	2,278
Proceeds from maturities of securities available for sale	128,835	124,616
Proceeds from maturities of securities held to maturity	1,448	1,784
Purchases of securities available for sale	(80,346)	(147,130)
Proceeds from sales of loans held for sale	487,241
Net decrease (increase) in loans	15,282	(204,124)
Proceeds from sales of OREO	909	9,635
Premiums paid on bank owned life insurance	(209)	(259)
Net purchases of premises and equipment	(1,118)	(586)
Net cash provided by (used in) Investing Activities	545,221	(178,156)
Financing Activities:
Proceeds from issuance of common stock	219	424
Excess tax benefits from share-based payment arrangements		7
Net increase in deposits	14,566	183,979
Cash dividends paid	(7,032)	(5,306)
Repayment of other borrowings	(19)	(51,267)
Net (decrease) increase in securities sold under repurchase agreements and short-term borrowings	(10,883)	7,079
Net cash (used in) provided by Financing Activities	(3,149)	134,916
Increase (decrease) in Cash and Due from Banks	563,206	(12,954)
Cash and Due from Banks, beginning of period	78,104	284,156
Cash and Due from Banks, end of period	641,310	271,202
Supplemental disclosures:
Interest paid	4,449	6,542
Income tax payments	19	2,550
Transfer from loans held for sale back to loan portfolio	121	2,305
Transfers to other real estate owned		$ 850

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Loans (Details Textual) (USD $)	3 Months Ended		6 Months Ended					3 Months Ended	12 Months Ended	3 Months Ended
	Jun. 30, 2012 TDR	Jun. 30, 2011	Jun. 30, 2012 TDR	Jun. 30, 2011	Feb. 01, 2012	Dec. 31, 2011	Jun. 30, 2012 Performing Financing Receivable [Member]	Mar. 31, 2012 Residential [Member]	Dec. 31, 2011 First Tranche [Member]	Mar. 31, 2012 Second Tranche [Member]	Dec. 31, 2011 Second Tranche [Member]
Loans (Textual) [Abstract]
Non-Accrual	$ 39,304,000		$ 39,304,000			$ 29,892,000	$ 12,756,000
Adjustable rate loans								65,795,000
Gross income that would have been recorded if nonperforming loans at period end had been performing	565,000	303,000	868,000	836,000
Performing and non performing loan held for sale					474,000,000				200,000,000
Reduction in carrying value of Commercial real estate loans									60,000,000		0
Performing and non-classified multifamily loans under											274,000,000
Classified assets net of market value adjustment									53,000,000
Pre-Tax Gain									7,900,000	8,000,000
Loans (Additional Textual) [Abstract]
Specific reserve for impaired loans	0		0			2,374,000
Troubled debt restructurings impaired loans	32,308,000		32,308,000			28,256,000
Number of TDRs on accrual status			8
Number of additional loans modifications	2		2
Troubled debt restructurings carrying amount accrual status			19,158,000
Number of loans on nonaccrual status			4
Number of TDRs with payment default	1		1
Troubled debt restructurings charge offs			2,595,000
Troubled debt restructurings payment default			$ 400,000
Number of days past due to consider loan as payment default			45 days

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Securities (Details 1)	Jun. 30, 2012
Credit related other than temporary impairment losses on pooled trust preferred securities
Annual Prepayment	1.00%
Projected additional defaults:
Year 1	2.00%
Year 2	1.00%
Thereafter	0.25%
Projected severity of loss on additional defaults	85.00%
Present value discount rates	3m LIBOR + 1.60%-2.25%
Maximum [Member]
Credit related other than temporary impairment losses on pooled trust preferred securities
Projected specific defaults/deferrals	73.60%
Projected severity of loss on specific defaults/deferrals	86.80%
Minimum [Member]
Credit related other than temporary impairment losses on pooled trust preferred securities
Projected specific defaults/deferrals	33.10%
Projected severity of loss on specific defaults/deferrals	55.80%

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Securities (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Classified as Available for Sale
Available-for-Sale Securities, Amortized cost	$ 453,993	$ 503,584
Available-for-Sale Securities, Gross Unrealized Gains	11,031	13,555
Available-for-Sale Securities, Gross Unrealized Losses	8,859	9,242
Available-for-Sale Securities, Estimated Fair Value	456,165	507,897
Classified as Held to Maturity
Held-to-Maturity Securities, Amortized Cost	11,458	12,905
Held-to-Maturity Securities, Gross Unrecognized Gains	759	914
Held-to-Maturity Securities, Gross Unrecognized Loss
Held-to-Maturity Securities, Estimated Fair Value	12,217	13,819
Debt Securities [Member]
Classified as Available for Sale
Available-for-Sale Securities, Amortized cost	443,926	493,517
Available-for-Sale Securities, Gross Unrealized Gains	10,464	12,938
Available-for-Sale Securities, Gross Unrealized Losses	8,731	9,106
Available-for-Sale Securities, Estimated Fair Value	445,659	497,349
Mortgage-backed securities - residential [Member]
Classified as Available for Sale
Available-for-Sale Securities, Amortized cost	351,991	385,206
Available-for-Sale Securities, Gross Unrealized Gains	6,890	8,430
Available-for-Sale Securities, Gross Unrealized Losses	312	218
Available-for-Sale Securities, Estimated Fair Value	358,569	393,418
Classified as Held to Maturity
Held-to-Maturity Securities, Amortized Cost	6,319	7,767
Held-to-Maturity Securities, Gross Unrecognized Gains	501	607
Held-to-Maturity Securities, Gross Unrecognized Loss
Held-to-Maturity Securities, Estimated Fair Value	6,820	8,374
Obligations of states and political subdivisions [Member]
Classified as Available for Sale
Available-for-Sale Securities, Amortized cost	80,240	96,091
Available-for-Sale Securities, Gross Unrealized Gains	3,567	4,508
Available-for-Sale Securities, Estimated Fair Value	83,807	100,599
Classified as Held to Maturity
Held-to-Maturity Securities, Amortized Cost	5,139	5,138
Held-to-Maturity Securities, Gross Unrecognized Gains	258	307
Held-to-Maturity Securities, Gross Unrecognized Loss
Held-to-Maturity Securities, Estimated Fair Value	5,397	5,445
Other debt securities [Member]
Classified as Available for Sale
Available-for-Sale Securities, Amortized cost	11,695	12,220
Available-for-Sale Securities, Gross Unrealized Gains	7
Available-for-Sale Securities, Gross Unrealized Losses	8,419	8,888
Available-for-Sale Securities, Estimated Fair Value	3,283	3,332
Mutual funds and other equity securities [Member]
Classified as Available for Sale
Available-for-Sale Securities, Amortized cost	10,067	10,067
Available-for-Sale Securities, Gross Unrealized Gains	567	617
Available-for-Sale Securities, Gross Unrealized Losses	128	136
Available-for-Sale Securities, Estimated Fair Value	$ 10,506	$ 10,548

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Earnings Per Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Numerator:
Net income (loss) available to common shareholders for basic and diluted earnings per share	$ 4,961	$ 7,432	$ 22,974	$ 12,256
Denominator:
Denominator for basic earnings per common share - weighted average shares	19,633,732	19,457,918	19,586,033	19,452,195
Effect of diluted securities:
Diluted effect of stock options	2,948	64,980	11,355	68,199
Denominator for diluted earnings per common share - adjusted weighted average shares	19,636,680	19,522,898	19,597,388	19,520,394
Basic Earnings Per Common Share	$ 0.25	$ 0.38	$ 1.17	$ 0.63
Diluted Earnings Per Common Share	$ 0.25	$ 0.38	$ 1.17	$ 0.63
Dividends declared per share	$ 0.18	$ 0.14	$ 0.36	$ 0.28

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Securities (Details 2) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Balance at beginning of period:
Total OTTI credit related impairment charges beginning of period	$ 9,478	$ 9,110
Increase to the amount related to the credit loss for which other-than-temporary impairment was previously recognized	528	204
Credit related impairment not previously recognized
Balance at end of period:	$ 10,006	$ 9,314

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Securities (Details 3) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Debt Securities [Member]
Fair value and gross unrealized loss, aggregated by investment category and length of time individual securities
Less Than 12 Months, Fair Value	$ 46,566	$ 41,881
Less than 12 Months, Gross Unrealized Loss	300	268
Greater than 12 Months, Fair Value	4,307	2,816
Greater than 12 Months, Gross Unrealized Loss	8,431	8,838
Fair Value	50,873	44,697
Gross Unrealized Loss	8,731	9,106
Mortgage-backed securities - residential [Member]
Fair value and gross unrealized loss, aggregated by investment category and length of time individual securities
Less Than 12 Months, Fair Value	46,566	41,421
Less than 12 Months, Gross Unrealized Loss	300	218
Greater than 12 Months, Fair Value	2,059
Greater than 12 Months, Gross Unrealized Loss	12
Fair Value	48,625	41,421
Gross Unrealized Loss	312	218
Other debt securities [Member]
Fair value and gross unrealized loss, aggregated by investment category and length of time individual securities
Less Than 12 Months, Fair Value		460
Less than 12 Months, Gross Unrealized Loss		50
Greater than 12 Months, Fair Value	2,248	2,816
Greater than 12 Months, Gross Unrealized Loss	8,419	8,838
Fair Value	2,248	3,276
Gross Unrealized Loss	8,419	8,888
Mutual funds and other equity securities [Member]
Fair value and gross unrealized loss, aggregated by investment category and length of time individual securities
Greater than 12 Months, Fair Value	108	92
Greater than 12 Months, Gross Unrealized Loss	128	136
Fair Value	108	92
Gross Unrealized Loss	128	136
Temporarily Impaired Securities [Member]
Fair value and gross unrealized loss, aggregated by investment category and length of time individual securities
Less Than 12 Months, Fair Value	46,566	41,881
Less than 12 Months, Gross Unrealized Loss	300	268
Greater than 12 Months, Fair Value	4,415	2,908
Greater than 12 Months, Gross Unrealized Loss	8,559	8,974
Fair Value	50,981	44,789
Gross Unrealized Loss	$ 8,859	$ 9,242

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash dividends per share	$ 0.36	$ 0.28
Retained Earnings (Deficit)
Cash dividends per share	$ 0.36	$ 0.28

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Securities (Details 4) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Available for Sale
Within 1 year, Amortized Cost	$ 8,488
After 1 year but within 5 years, Amortized Cost	40,175
After 5 year but within 10 years, Amortized Cost	31,580
After 10 years, Amortized Cost	11,692
Mortgage-backed securities - residential, Amortized Cost	351,991
Total, Amortized Cost	443,926
Within 1 year, Fair Value	8,508
After 1 year but within 5 years, Fair Value	41,838
After 5 year but within 10 years, Fair Value	33,464
After 10 years, Fair Value	3,280
Mortgage-backed securities - residential, Fair Value	358,569
Total, Fair Value	445,659
Held to Maturity
Within 1 year, Amortized Cost
After 1 year but within 5 years, Amortized Cost	5,139
After 5 year but within 10 years, Amortized Cost
After 10 years, Amortized Cost
Mortgage-backed securities - residential, Amortized Cost	6,319
Total, Amortized Cost	11,458
Within 1 year, Fair Value
After 1 year but within 5 years, Fair Value	5,397
Held-to-Maturity Securities, Estimated Fair Value
After 10 years, Fair Value
Mortgage-backed securities - residential, Fair Value	6,820
Total, Fair Value	$ 12,217	$ 13,819

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Loans (Details 6) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Aging of loans
31-59 Days Past Due	$ 1,789	$ 4,816
60-89 Days Past Due	7,523	157
90 Days Or More Past Due	22,268	21,279
Total Past Due	31,580	26,252
Current	1,524,006	1,549,700
Financing Receivable, Net, Total	1,555,586	1,575,952
Commercial & Industrial [Member]
Aging of loans
31-59 Days Past Due		197
60-89 Days Past Due	252	50
90 Days Or More Past Due	1,421	4,403
Total Past Due	1,673	4,650
Current	229,467	213,850
Financing Receivable, Net, Total	231,140	218,500
Lease financing and other [Member]
Aging of loans
31-59 Days Past Due	95	1
60-89 Days Past Due	297	10
90 Days Or More Past Due
Total Past Due	392	11
Current	34,016	39,887
Financing Receivable, Net, Total	34,408	39,898
Owner Occupied [Member]
Aging of loans
31-59 Days Past Due		1,801
60-89 Days Past Due	5,469
90 Days Or More Past Due	6,541	3,489
Total Past Due	12,010	5,290
Current	216,904	238,572
Financing Receivable, Net, Total	228,914	243,862
Non Owner Occupied [Member]
Aging of loans
31-59 Days Past Due		1,917
60-89 Days Past Due	1,386
90 Days Or More Past Due	1,836	5,108
Total Past Due	3,222	7,025
Current	401,445	439,950
Financing Receivable, Net, Total	404,667	446,975
Commercial [Member]
Aging of loans
31-59 Days Past Due
60-89 Days Past Due
90 Days Or More Past Due	582	4,883
Total Past Due	582	4,883
Current	42,875	52,050
Financing Receivable, Net, Total	43,457	56,933
Residential [Member]
Aging of loans
31-59 Days Past Due		900
60-89 Days Past Due
90 Days Or More Past Due
Total Past Due		900
Current	52,754	52,194
Financing Receivable, Net, Total	52,754	53,094
Multifamily [Member]
Aging of loans
31-59 Days Past Due
60-89 Days Past Due
90 Days Or More Past Due	1,318
Total Past Due	1,318
Current	211,337	227,595
Financing Receivable, Net, Total	212,655	227,595
1-4 Family [Member]
Aging of loans
31-59 Days Past Due	416
60-89 Days Past Due	119
90 Days Or More Past Due	8,944	1,470
Total Past Due	9,479	1,470
Current	227,961	173,244
Financing Receivable, Net, Total	237,440	174,714
Home Equity [Member]
Aging of loans
31-59 Days Past Due	1,278
60-89 Days Past Due		97
90 Days Or More Past Due	1,626	1,926
Total Past Due	2,904	2,023
Current	106,145	110,496
Financing Receivable, Net, Total	109,049	112,519
Overdrafts [Member]
Aging of loans
31-59 Days Past Due
60-89 Days Past Due
90 Days Or More Past Due
Total Past Due
Current	1,102	1,862
Financing Receivable, Net, Total	$ 1,102	$ 1,862

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Fair Value (Details Textual) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Fair value (Textual) [Abstract]
Investments in impaired loans subject to fair value	$ 58,462	$ 47,870
Specific allowance within the allowance for loan losses	0	2,374
Fair Value, Measurements, Recurring [Member]
Fair value (Textual) [Abstract]
Investments in impaired loans subject to fair value	$ 12,407	$ 10,565

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Consolidated Statements of Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Interest Income:
Loans, including fees	$ 22,663	$ 27,941	$ 51,578	$ 54,273
Securities:
Taxable	3,140	3,147	6,453	6,097
Exempt from Federal income taxes	1,010	1,150	1,996	2,311
Federal funds sold	9	23	17	49
Deposits in banks	298	201	354	365
Total interest income	27,120	32,462	60,398	63,095
Interest Expense:
Deposits	1,414	2,290	3,164	4,564
Securities sold under repurchase agreements and other short-term borrowings	16	57	67	104
Other borrowings	182	501	363	1,345
Total interest expense	1,612	2,848	3,594	6,013
Net Interest Income	25,508	29,614	56,804	57,082
Provision for loan losses	1,894	1,546	3,253	6,997
Net interest income after provision for loan losses	23,614	28,068	53,551	50,085
Non Interest Income:
Service charges	1,529	1,552	3,396	3,592
Investment advisory fees	2,512	2,753	4,910	5,359
Recognized impairment charge on securities available for sale (includes $395 of total gains and $184 of total losses in 2012 and 2011, respectively, less $445 of gains and $141 of losses on securities available for sale, recognized in other comprehensive	(50)	(43)	(528)	(204)
Gains (losses) on sales and revaluation of loans held for sale and other real estate owned, net	(15)	(1,000)	15,920	(873)
Other income	813	569	1,445	1,176
Total non interest income	4,789	3,831	25,143	9,050
Non Interest Expense:
Salaries and employee benefits	11,360	11,263	22,178	22,081
Occupancy	2,210	2,202	4,442	4,547
Professional services	2,040	1,749	3,907	3,202
Equipment	1,161	1,107	2,229	2,117
Business development	837	590	1,354	1,096
FDIC assessment	726	686	1,354	1,797
Other operating expenses	2,700	3,051	6,446	6,258
Total non interest expense	21,034	20,648	41,910	41,098
Income Before Income Taxes	7,369	11,251	36,784	18,037
Income Taxes	2,408	3,819	13,810	5,781
Net Income	$ 4,961	$ 7,432	$ 22,974	$ 12,256
Basic Earnings Per Common Share	$ 0.25	$ 0.38	$ 1.17	$ 0.63
Diluted Earnings Per Common Share	$ 0.25	$ 0.38	$ 1.17	$ 0.63

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Earnings Per Share (Details Textual)	1 Months Ended	6 Months Ended
	Nov. 30, 2011	Jun. 30, 2012 Stock Options [Member]	Jun. 30, 2011 Stock Options [Member]
Earnings Per Share (Textual) [Abstract]
Percentage of stock dividend declared	10.00%
Stock options not considered in computing diluted earnings per share		475,904	291,712

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Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Consolidated Balance Sheets [Abstract]
Amortized cost of securities available for sale at estimated fair value	$ 453,993	$ 503,584
Fair value of securities held to maturity at amortized cost	12,217	13,819
Allowances for loan losses	$ 28,733	$ 30,685
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.20	$ 0.20
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares outstanding	19,633,977	19,516,490
Treasury stock, shares	1,299,414	1,299,414

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Loans (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Allowance for loan losses by portfolio segments
Balance at beginning of period	$ 31,856	$ 40,287	$ 30,685	$ 38,949
Charge-offs	(5,784)	(1,372)	(6,909)	(6,627)
Recoveries	767	1,428	1,704	2,570
Net charge-offs	(5,017)	56	(5,205)	(4,057)
Provision for loan losses	1,894	1,546	3,253	6,997
Net change during the period	(3,123)	1,602	(1,952)	2,940
Balance at end of period	28,733	41,889	28,733	41,889
Commercial Real Estate [Member]
Allowance for loan losses by portfolio segments
Balance at beginning of period	13,049	16,673	12,776	16,736
Charge-offs	0	0	(398)	(156)
Recoveries	0	448	298	686
Net charge-offs	0	448	(100)	530
Provision for loan losses	(1,457)	(9)	(1,084)	(154)
Net change during the period	(1,457)	439	(1,184)	376
Balance at end of period	11,592	17,112	11,592	17,112
Construction [Member]
Allowance for loan losses by portfolio segments
Balance at beginning of period	6,568	7,130	6,470	7,140
Charge-offs	(1,580)	(120)	(1,580)	(856)
Recoveries	0	436	1	575
Net charge-offs	(1,580)	316	(1,579)	(281)
Provision for loan losses	(492)	(1,006)	(395)	(419)
Net change during the period	(2,072)	(690)	(1,974)	(700)
Balance at end of period	4,496	6,440	4,496	6,440
Residential Real Estate [Member]
Allowance for loan losses by portfolio segments
Balance at beginning of period	8,786	10,959	8,093	9,851
Charge-offs	(1,270)	(818)	(1,828)	(3,013)
Recoveries	(208)	465	326	1,019
Net charge-offs	(1,478)	(353)	(1,502)	(1,994)
Provision for loan losses	1,481	2,555	2,198	5,304
Net change during the period	3	2,202	696	3,310
Balance at end of period	8,789	13,161	8,789	13,161
Commercial & Industrial [Member]
Allowance for loan losses by portfolio segments
Balance at beginning of period	2,761	4,615	2,650	4,290
Charge-offs	(2,372)	(376)	(2,497)	(2,544)
Recoveries	476	71	565	276
Net charge-offs	(1,896)	(305)	(1,932)	(2,268)
Provision for loan losses	2,555	(64)	2,702	2,224
Net change during the period	659	(369)	770	(44)
Balance at end of period	3,420	4,246	3,420	4,246
Lease financing and other [Member]
Allowance for loan losses by portfolio segments
Balance at beginning of period	692	910	696	932
Charge-offs	(562)	(58)	(606)	(58)
Recoveries	499	8	514	14
Net charge-offs	(63)	(50)	(92)	(44)
Provision for loan losses	(193)	70	(168)	42
Net change during the period	(256)	20	(260)	(2)
Balance at end of period	$ 436	$ 930	$ 436	$ 930

XML

Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2012

Benefit Plans [Abstract]

Components of net periodic pension cost

	Three Months Ended Jun 30						Six Months Ended Jun 30
	2012			2011			2012			2011
Service cost	$	111		$	96		$	221		$	191
Interest cost		156			147			309			294
Amortization of prior service cost		(58	)		(58	)		(116	)		(116	)
Amortization of net loss		167			139			335			279
Net periodic pension cost	$	376		$	324		$	749		$	648

XML

Loans (Details 2) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
With an allowance recorded:
Unpaid Principal Balance, Total	$ 64,715	$ 51,484
Recorded Investment, Total	58,462	47,870
Allowance for loan losses allocated, Total		2,374
Commercial & Industrial [Member]
With no related allowance recorded:
Unpaid principal balance with no related allowance recorded	13,607	8,560
Recorded investment with no related allowance	12,535	7,803
Allowance for loan losses allocated with no related allowance
With an allowance recorded:
Unpaid principal balance with an allowance recorded
Recorded investment with an allowance
Allowance for loan losses allocated with an related allowance
Lease financing and other [Member]
With no related allowance recorded:
Unpaid principal balance with no related allowance recorded
Recorded investment with no related allowance
Allowance for loan losses allocated with no related allowance
With an allowance recorded:
Unpaid principal balance with an allowance recorded
Recorded investment with an allowance
Allowance for loan losses allocated with an related allowance
Commercial [Member]
With no related allowance recorded:
Unpaid principal balance with no related allowance recorded	30,866	31,877
Recorded investment with no related allowance	29,353	30,762
Allowance for loan losses allocated with no related allowance
With an allowance recorded:
Unpaid principal balance with an allowance recorded
Recorded investment with an allowance
Allowance for loan losses allocated with an related allowance
Construction [Member]
With no related allowance recorded:
Unpaid principal balance with no related allowance recorded	5,981	2,690
Recorded investment with no related allowance	4,238	1,723
Allowance for loan losses allocated with no related allowance
With an allowance recorded:
Unpaid principal balance with an allowance recorded		3,758
Recorded investment with an allowance		3,758
Allowance for loan losses allocated with an related allowance		2,374
Residential [Member]
With no related allowance recorded:
Unpaid principal balance with no related allowance recorded	14,261	4,599
Recorded investment with no related allowance	12,336	3,824
Allowance for loan losses allocated with no related allowance
With an allowance recorded:
Unpaid principal balance with an allowance recorded
Recorded investment with an allowance
Allowance for loan losses allocated with an related allowance

XML

Fair Value (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Quantitative information about Level 3 fair value measurements

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2012:

Asset	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
Impaired loans	$	12,407	Sales comparison and income based appraisals	Capitalization rates	7.00% -7.75%
				Discount for dated appraisal	0% - 20%
				Discount for costs to sell	0% - 30%
Other real estate owned	$	250	Sales comparison and income based appraisals	Discount for costs to sell	30%
Loans held for sale	$	2,387	Third party bids	Bids from interested third parties	64% - 65%

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis at June 30, 2012:

Asset	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
Trust preferred securities	$	2,768	Discounted cash flow	Specific issuer default rates	33% - 74%
				Specific issuer default severity	56% - 87%
				Annual prepayment rate	1%
				Projected annual nonspecific issuer default rates	0.25% - 2.00%
				Projected annual nonspecific issuer default severity	85%
				Present value discount rate	22.5%

Assets and liabilities measured at fair value

	Fair Value Measurements at June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(000’s)
Measured on a recurring basis:
Available for sale securities:
Mortgage-backed securities — residential		—	$	358,569		—	$	358,569
Obligations of states and political subdivisions		—		83,807		—		83,807
Other debt securities		—		515	$	2,768		3,283
Mutual funds and other equity securities		—		10,506		—		10,506
Total assets at fair value		—	$	453,397	$	2,768	$	456,165
Measured on a non-recurring basis:
Impaired loans:(1)
Commercial Real Estate		—		—	$	1,012	$	1,012
Construction		—		—		4,237		4,237
Residential		—		—		5,379		5,379
Commercial & Industrial		—		—		1,779		1,779
Other		—		—		—		—
Loans held for sale		—		—		2,387		2,387
Other real estate owned		—		—		250		250
Total assets at fair value		—		—	$	15,044	$	15,044

	Fair Value Measurements at December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(000’s)
Measured on a recurring basis:
Available for sale securities:
Mortgage-backed securities — residential		—		393,418		—	$	393,418
Obligations of states and political subdivisions		—		100,599		—		100,599
Other debt securities		—		516	$	2,816		3,332
Mutual funds and other equity securities		—		10,548		—		10,548
Total assets at fair value		—	$	505,081	$	2,816	$	507,897
Measured on a non-recurring basis:
Impaired loans:(1)
Commercial Real Estate		—		—	$	1,410	$	1,410
Construction		—		—		3,107		3,107
Residential		—		—		1,529		1,529
Commercial & Industrial		—		—		2,145		2,145
Other		—		—		—		—
Loans held for sale		—		—		473,814		473,814
Other real estate owned		—		—		1,174		1,174
Total assets at fair value		—		—	$	483,179	$	483,179

(1) The recorded investments in impaired loans subject to fair value reporting at June 30, 2012 and December 31, 2011 were $12,407 and $10,565, respectively. There were no specific allowances established within the allowance for loan losses at June 30, 2012. A specific allowance of $2,374 had been established within the allowance for loan losses as of December 31, 2011.

Reconciliation and income statement classification of gains and losses for securities available for sale measure at fair value on recurring basis

	Level 3 Assets Measured on a Recurring Basis
	Three Months Ended June 30						Six Months Ended June 30
	2012			2011			2012			2011
	(000’s)						(000’s)
Balance at beginning of period	$	2,422		$	3,016		$	2,816		$	3,687
Additions to Level 3		102			94			208			196
Net unrealized gain (loss) included in other comprehensive income		445			(141	)		423			(753	)
Principal payments		(151	)		(3	)		(151	)		(3	)
Recognized impairment charge included in the statement of income		(50	)		(43	)		(528	)		(204	)
Balance at end of period	$	2,768		$	2,923		$	2,768		$	2,923

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Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $) In Thousands, except Share data	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2010	$ 289,917	$ 3,793	$ (57,564)	$ 346,750	$ (3,989)	$ 927
Beginning balance, shares at Dec. 31, 2010		17,665,908
Net Income	12,256				12,256
Comprehensive loss	(1,681)					(1,681)
Stock option expense and exercises of stock options, net of tax, shares		23,141
Stock option expense and exercises of stock options, net of tax	500	5		495
Cash dividends ($0.36 per share) for 2012 and ($0.28 per share) for 2011	(5,306)				(5,306)
Ending balance at Jun. 30, 2011	295,686	3,798	(57,564)	347,245	2,961	(754)
Ending balance, shares at Jun. 30, 2011		17,689,049
Beginning balance at Dec. 31, 2011	277,562	4,163	(57,564)	347,764	(18,527)	1,726
Beginning balance, shares at Dec. 31, 2011	19,516,490	19,516,490
Net Income	22,974				22,974
Comprehensive loss	(1,278)					(1,278)
Stock option expense and exercises of stock options, net of tax, shares	5,798	14,207
Stock option expense and exercises of stock options, net of tax	244	2		242
Restricted stock awards, shares		103,280
Restricted stock awards	129	21		108
Cash dividends ($0.36 per share) for 2012 and ($0.28 per share) for 2011	(7,032)				(7,032)
Ending balance at Jun. 30, 2012	$ 292,599	$ 4,186	$ (57,564)	$ 348,114	$ (2,585)	$ 448
Ending balance, shares at Jun. 30, 2012	19,633,977	19,633,977

XML

Consolidated Statements of Income (Unaudited) (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Consolidated Statements of Income [Abstract]
Recognized impairment charge on securities available for sale, total gains (losses)	$ 395	$ (184)	$ (105)	$ (957)
Gains (losses) on securities available for sale	$ 445	$ (141)	$ 423	$ (753)

XML

Fair Value

6 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Fair Value

8.    Fair Value

Fair Value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1:    Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2:    Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3:    Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. While management believes the Company’s valuation methodologies are appropriate and consistent with other financial institutions, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

Investment Securities — The fair values of investment securities are determined by obtaining quoted prices on nationally recognized securities exchanges, if available (Level 1), or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities, which is a Level 2 input. The Company’s available for sale securities at June 30, 2012 and December 31, 2011 include several pooled trust preferred instruments. The recent severe downturn in the overall economy and, in particular, in the financial services industry has created a situation where significant observable inputs (Level 2) are not readily available for these instruments. As an alternative, the Company combined Level 2 input of market yield requirements of similar instruments together with certain Level 3 assumptions addressing the impact of current market illiquidity to estimate the fair value of these instruments. The fair values of Level 3 investment securities are determined by the Controller and Investment Officer who report to the Chief Financial Officer. See Note 3 “Securities” for further discussion of pooled trust preferred securities.

Impaired Loans — At the time a loan is considered impaired, it is valued at lower of cost or fair value. Impaired loans carried at fair value generally are partially charged off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value in commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraiser to adjust for differences between the comparable sales and the income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining value. Non real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and the client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Other Real Estate Owned (“OREO”) — Real estate properties acquired through loan foreclosure are recorded at estimated fair value, net of estimated selling costs, at time of foreclosure establishing a new cost basis. Fair value is commonly based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a level 3 classification of the inputs used in determining fair value.

Loans Held for Sale — Loans held for sale are carried at lower of cost or fair value. The fair value of loans held for sale is determined using average bid indicators from third parties expected to participate in the loan sales, in some cases adjusted for specific attributes of that loan or other observable market data. Such bids and adjustments often vary significantly and typically result in level 3 classification of the inputs used in determining fair value.

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2012:

Asset	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
Impaired loans	$	12,407	Sales comparison and income based appraisals	Capitalization rates	7.00% -7.75%
				Discount for dated appraisal	0% - 20%
				Discount for costs to sell	0% - 30%
Other real estate owned	$	250	Sales comparison and income based appraisals	Discount for costs to sell	30%
Loans held for sale	$	2,387	Third party bids	Bids from interested third parties	64% - 65%

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis at June 30, 2012:

Asset	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs
Trust preferred securities	$	2,768	Discounted cash flow	Specific issuer default rates	33% - 74%
				Specific issuer default severity	56% - 87%
				Annual prepayment rate	1%
				Projected annual nonspecific issuer default rates	0.25% - 2.00%
				Projected annual nonspecific issuer default severity	85%
				Present value discount rate	22.5%

Assets and liabilities measured at fair value are summarized below:

	Fair Value Measurements at June 30, 2012
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(000’s)
Measured on a recurring basis:
Available for sale securities:
Mortgage-backed securities — residential		—	$	358,569		—	$	358,569
Obligations of states and political subdivisions		—		83,807		—		83,807
Other debt securities		—		515	$	2,768		3,283
Mutual funds and other equity securities		—		10,506		—		10,506
Total assets at fair value		—	$	453,397	$	2,768	$	456,165
Measured on a non-recurring basis:
Impaired loans:(1)
Commercial Real Estate		—		—	$	1,012	$	1,012
Construction		—		—		4,237		4,237
Residential		—		—		5,379		5,379
Commercial & Industrial		—		—		1,779		1,779
Other		—		—		—		—
Loans held for sale		—		—		2,387		2,387
Other real estate owned		—		—		250		250
Total assets at fair value		—		—	$	15,044	$	15,044

	Fair Value Measurements at December 31, 2011
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(000’s)
Measured on a recurring basis:
Available for sale securities:
Mortgage-backed securities — residential		—		393,418		—	$	393,418
Obligations of states and political subdivisions		—		100,599		—		100,599
Other debt securities		—		516	$	2,816		3,332
Mutual funds and other equity securities		—		10,548		—		10,548
Total assets at fair value		—	$	505,081	$	2,816	$	507,897
Measured on a non-recurring basis:
Impaired loans:(1)
Commercial Real Estate		—		—	$	1,410	$	1,410
Construction		—		—		3,107		3,107
Residential		—		—		1,529		1,529
Commercial & Industrial		—		—		2,145		2,145
Other		—		—		—		—
Loans held for sale		—		—		473,814		473,814
Other real estate owned		—		—		1,174		1,174
Total assets at fair value		—		—	$	483,179	$	483,179

(1) The recorded investments in impaired loans subject to fair value reporting at June 30, 2012 and December 31, 2011 were $12,407 and $10,565, respectively. There were no specific allowances established within the allowance for loan losses at June 30, 2012. A specific allowance of $2,374 had been established within the allowance for loan losses as of December 31, 2011.

The table below presents a reconciliation and income statement classification of gains and losses for securities available for sale measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six month periods ended June 30, 2012 and 2011:

	Level 3 Assets Measured on a Recurring Basis
	Three Months Ended June 30						Six Months Ended June 30
	2012			2011			2012			2011
	(000’s)						(000’s)
Balance at beginning of period	$	2,422		$	3,016		$	2,816		$	3,687
Additions to Level 3		102			94			208			196
Net unrealized gain (loss) included in other comprehensive income		445			(141	)		423			(753	)
Principal payments		(151	)		(3	)		(151	)		(3	)
Recognized impairment charge included in the statement of income		(50	)		(43	)		(528	)		(204	)
Balance at end of period	$	2,768		$	2,923		$	2,768		$	2,923

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2012	Aug. 01, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	HUDSON VALLEY HOLDING CORP
Entity Central Index Key	0000722256
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		19,636,301

XML

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2012

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

9.    Fair Value of Financial Instruments

The Company follows the “Financial Instruments” topic of the FASB Accounting Standards Codification which requires the disclosure of the estimated fair value of certain financial instruments. These estimated fair values as of June 30, 2012 and December 31, 2011 have been determined using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop estimates of fair value. The estimates presented are not necessarily indicative of amounts the Company could realize in a current market exchange. The use of alternative market assumptions and estimation methodologies could have had a material effect on these estimates of fair value.

Carrying amount and estimated fair value of financial instruments, not previously presented, at June 30, 2012 and December 31, 2011 were as follows:

June 30, 2012

	Fair Value Measurements
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Financial assets for which carrying value approximates fair value	$	663.6	$	663.6	$	663.6
Held to maturity securities and accrued interest		11.5		12.2				12.2
FHLB Stock		4.8		N/A		N/A
Loans and accrued interest		1,546.3		1,588.2						1,588.2
Liabilities:
Deposits with no stated maturity and accrued interest		2,300.9		2,300.9		2,300.9
Time deposits and accrued interest		139.2		139.6				139.6
Securities sold under repurchase agreements and other short-term borrowing and accrued interest		42.2		42.2		42.2
Other borrowings and accrued interest		16.6		14.0				14.0

December 31, 2011

	Fair Value Measurements
	Carrying Amount		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Financial assets for which carrying value approximates fair value	$	94.5	$	94.5	$	94.5
Held to maturity securities and accrued interest		13.0		13.9				13.9
FHLB Stock		3.8		N/A		N/A
Loans and accrued interest		1,571.3		1,609.2						1,609.2
Liabilities:
Deposits with no stated maturity and accrued interest		2,274.7		2,274.7		2,274.7
Time deposits and accrued interest		151.7		152.1				152.1
Securities sold under repurchase agreements and other short-term borrowing and accrued interest		53.1		53.1		53.1
Other borrowings and accrued interest		16.6		14.0				14.0

The estimated fair value of the indicated items was determined as follows:

Financial assets for which carrying value approximates fair value — The estimated fair value approximates carrying amount because of the immediate availability of these funds or based on the short maturities and current rates for similar deposits. Cash and due from banks as well as Federal funds sold are reported in this line item.

Held to maturity securities and accrued interest — The fair value of securities held to maturity was estimated based on quoted market prices or dealer quotations. Accrued interest is stated at its carrying amounts which approximates fair value.

FHLB Stock — It is not practicable to determine its fair value due to restrictions placed on its transferability.

Loans and accrued interest — The fair value of loans was estimated by discounting projected cash flows at the reporting date using current rates for similar loans. Accrued interest is stated at its carrying amount which approximates fair value. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price.

Deposits with no stated maturity and accrued interest — The estimated fair value of deposits with no stated maturity and accrued interest, as applicable, are considered to be equal to their carrying amounts.

Time deposits and accrued interest — The fair value of time deposits has been estimated by discounting projected cash flows at the reporting date using current rates for similar deposits. Accrued interest is stated at its carrying amount which approximates fair value.

Securities sold under repurchase agreements and other short-term borrowings and accrued interest — The estimated fair value of these instruments approximate carrying amount because of their short maturities and variable rates. Accrued interest is stated at its carrying amount which approximates fair value.

Other borrowings and accrued interest — The fair value of callable FHLB advances was estimated by discounting projected cash flows at the reporting date using the rate applicable to the projected call date option. Accrued interest is stated at its carrying amount which approximates fair value.

XML

Consolidated Statements of Comprehensive Income (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Consolidated Statements of Comprehensive Income [Abstract]
Net Income	$ 4,961	$ 7,432	$ 22,974	$ 12,256
Other-than-temporarily impaired securities available for sale:
Total gains (losses)	395	(184)	(105)	(957)
Losses recognized in earnings	50	43	528	204
Gains (losses) recognized in comprehensive income	445	(141)	423	(753)
Income tax effect	(182)	58	(173)	309
Unrealized holding losses on other-than-temporarily impaired securities available for sale, net of tax	263	(83)	250	(444)
Securities available for sale not other-than-temporarily impaired:
(Loss) gain arising during the year	(184)	333	(2,565)	(2,200)
Income tax effect	73	(119)	864	870
Unrealized holding gains (losses) on securities available for sale not other-than-temporarily-impaired , net of tax	(111)	214	(1,701)	(1,330)
Unrealized holding gain (losses) on securities, net	152	131	(1,451)	(1,774)
Accrued benefit liability adjustment	144	74	288	155
Income tax effect	(57)	(30)	(115)	(62)
Total securities available for sale not other-than-temporarily impaired	87	44	173	93
Other comprehensive income (loss)	239	175	(1,278)	(1,681)
Comprehensive Income	$ 5,200	$ 7,607	$ 21,696	$ 10,575

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Securities

6 Months Ended

Jun. 30, 2012

Securities [Abstract]

Securities

3.    Securities

The following tables set forth the amortized cost, gross unrealized gains and losses and the estimated fair value of securities classified as available for sale and held to maturity at June 30, 2012 and December 31, 2011 (in thousands):

	($000’s)
	June 30, 2012								December 31, 2011
	Amortized Cost		Gross Unrealized				Estimated Fair Value		Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses						Gains		Losses
Classified as Available for Sale
Mortgage-backed securities — residential	$	351,991	$	6,890	$	312	$	358,569	$	385,206	$	8,430	$	218	$	393,418
Obligations of states and political subdivisions		80,240		3,567		—		83,807		96,091		4,508		—		100,599
Other debt securities		11,695		7		8,419		3,283		12,220		—		8,888		3,332
Total debt securities		443,926		10,464		8,731		445,659		493,517		12,938		9,106		497,349
Mutual funds and other equity securities		10,067		567		128		10,506		10,067		617		136		10,548
Total	$	453,993	$	11,031	$	8,859	$	456,165	$	503,584	$	13,555	$	9,242	$	507,897

	Amortized		Gross Unrecognized				Estimated		Amortized		Gross Unrecognized				Estimated
	Cost		Gains		Losses		Fair Value		Cost		Gains		Losses		Fair Value
Classified as Held to Maturity
Mortgage-backed securities — residential	$	6,319	$	501		—	$	6,820	$	7,767	$	607		—	$	8,374
Obligations of states and political subdivisions		5,139		258		—		5,397		5,138		307		—		5,445
Total	$	11,458	$	759		—	$	12,217	$	12,905	$	914		—	$	13,819

Included in other debt securities are investments in six pooled trust preferred securities with amortized costs and estimated fair values of $11,183 and $2,768 respectively, at June 30, 2012. These investments represent trust preferred obligations of banking industry companies. The value of these investments has been severely negatively affected by the recent downturn in the economy and increased investor concerns about recent and potential future losses in the financial services industry. These investments are rated below investment grade by Moody’s Investor Services at June 30, 2012 with ratings ranging from Caa 2 to C. In light of these conditions, these investments were reviewed for other-than-temporary impairment.

In estimating OTTI losses, the Company considers: (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near term prospects of the issuers, (3) whether the Company intends to sell or whether it is more likely than not that the Company would be required to sell the investments prior to recovery of cost and (4) evaluation of cash flows to determine if they have been adversely affected.

The Company uses a discounted cash flow (“DCF”) analysis to provide an estimate of an OTTI loss. Inputs to the discount model included known defaults and interest deferrals, projected additional default rates, projected additional deferrals of interest, over-collateralization tests, interest coverage tests and other factors. Expected default and deferral rates were weighted toward the near future to reflect the current adverse economic environment affecting the banking industry. The discount rate was based upon the yield expected from the related securities. Significant inputs to the cash flow models used in determining credit related other-than-temporary impairment losses on pooled trust preferred securities as of June 30, 2012 included the following:

Annual Prepayment	1.00%
Projected specific defaults/deferrals	33.1% - 73.6%
Projected severity of loss on specific defaults/deferrals	55.8% - 86.8%
Projected additional defaults:
Year 1	2.00%
Year 2	1.00%
Thereafter	0.25%
Projected severity of loss on additional defaults	85.00%
Present value discount rates	3m LIBOR + 1.60% - 2.25%

The following table summarizes the change in pretax OTTI credit related losses on securities available for sale for the six months ended June 30, 2012 and 2011 (in thousands):

	2012		2011
Balance at beginning of period:
Total OTTI credit related impairment charges beginning of period	$	9,478	$	9,110
Increase to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		528		204
Credit related impairment not previously recognized		—		—
Balance at end of period:	$	10,006	$	9,314

During the six month period ended June 30, 2012, pretax OTTI losses of $4, $53, $2, $468 and $1, respectively, were recognized on five pooled trust preferred securities which prior to the 2012 charges had amortized costs of $2,088, $5,696, $919, $2,228 and $662, respectively. These OTTI losses resulted from adverse changes in the expected cash flows of these securities which indicated that the Company may not recover the entire cost basis of these investments. Continuation or worsening of current adverse economic conditions may result in further impairment charges in the future.

At June 30, 2012 and December 31, 2011, securities having a stated value of approximately $344,000 and $365,000, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.

The following tables reflect the Company’s investment’s fair value and gross unrealized loss, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, as of June 30, 2012 and December 31, 2011 (in thousands):

June 30, 2012

	Duration of Unrealized Loss
	Less Than 12 Months				Greater than 12 Months				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Classified as Available for Sale
Mortgage-backed securities — residential	$	46,566	$	300	$	2,059	$	12	$	48,625	$	312
Other debt securities		—		—		2,248		8,419		2,248		8,419
Total debt securities		46,566		300		4,307		8,431		50,873		8,731
Mutual funds and other equity securities		—		—		108		128		108		128
Total temporarily impaired securities	$	46,566	$	300	$	4,415	$	8,559	$	50,981	$	8,859

There were no securities classified as held to maturity in an unrealized loss position at June 30, 2012.

December 31, 2011

	Duration of Unrealized Loss
	Less Than 12 Months				Greater than  12 Months				Total
	Fair Value		Gross Unrealized Loss		Fair     Value		Gross Unrealized     Loss		Fair Value		Gross Unrealized Loss
Classified as Available for Sale
Mortgage-backed securities — residential	$	41,421	$	218		—		—	$	41,421	$	218
Other debt securities		460		50	$	2,816	$	8,838		3,276		8,888
Total debt securities		41,881		268		2,816		8,838		44,697		9,106
Mutual funds and other equity securities		—		—		92		136		92		136
Total temporarily impaired securities	$	41,881	$	268	$	2,908	$	8,974	$	44,789	$	9,242

There were no securities classified as held to maturity in an unrealized loss position at December 31, 2011.

The total number of securities in the Company’s portfolio that were in an unrealized loss position was 82 at both June 30, 2012 and December 31, 2011. The Company has determined that it does not intend to sell, or it is more likely than not that it will be required to sell, its securities that are in an unrealized loss position prior to the recovery of its amortized cost basis. With the exception of the investment in pooled trust preferred securities discussed above, the Company believes that its securities continue to have satisfactory ratings, are readily marketable and that current unrealized losses are primarily a result of changes in interest rates. Therefore, management does not consider these investments to be other-than-temporarily impaired at June 30, 2012. With regard to the investments in pooled trust preferred securities, the Company has decided to hold these securities as it believes that current market quotes for these securities are not necessarily indicative of their value. The Company has recognized impairment charges on five of the pooled trust preferred securities. Management believes that the remaining impairment in the value of these securities to be primarily related to illiquidity in the market and therefore not credit related at June 30, 2012.

The contractual maturity of all debt securities held at June 30, 2012 is shown below. Actual maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations with or without call or prepayment penalties.

	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Contractual Maturity
Within 1 year	$	8,488	$	8,508		—		—
After 1 year but within 5 years		40,175		41,838	$	5,139	$	5,397
After 5 year but within 10 years		31,580		33,464		—		—
After 10 years		11,692		3,280		—		—
Mortgage-backed securities — residential		351,991		358,569		6,319		6,820
Total	$	443,926	$	445,659	$	11,458	$	12,217

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Basis of Presentation

6 Months Ended

Jun. 30, 2012

Description of Operations and Basis of Presentation [Abstract]

Basis of Presentation

2.    Basis of Presentation

In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments (comprising only normal recurring adjustments) necessary to present fairly the financial position of the Company at June 30, 2012 and December 31, 2011 and the results of its operations and comprehensive income for the three and six month periods ended June 30, 2012 and 2011 and cash flows and changes in stockholders’ equity for the six month periods ended June 30, 2012 and 2011. The results of operations for the three and six month periods ended June 30, 2012 are not necessarily indicative of the results of operations to be expected for the remainder of the year.

The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and predominant practices used within the banking industry. Certain information and note disclosures normally included in annual financial statements have been omitted.

In preparing such financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated balance sheets and statements of income for the periods reported. Actual results could differ significantly from those estimates.

Estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the determination of the fair value of securities available for sale, the determination of other-than-temporary impairment of investments and the carrying amounts of goodwill and deferred tax assets. In connection with the determination of the allowance for loan losses, management utilizes the work of professional appraisers for significant properties.

Intercompany items and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period’s presentation.

These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2011 and notes thereto.

Cash and Cash Equivalents — For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks and interest bearing deposits in other banks (including the Federal Reserve Bank of New York).

Securities — Securities are classified as either available for sale, representing securities the Company may sell in the ordinary course of business, or as held to maturity, representing securities that the Company has determined that it is more likely than not that it would not be required to sell prior to maturity or recovery of cost. Securities available for sale are reported at fair value with unrealized gains and losses (net of tax) excluded from operations and reported in other comprehensive income. Securities held to maturity are stated at amortized cost. Interest income includes amortization of purchase premium and accretion of purchase discount. The amortization of premiums and accretion of discounts is determined by using the level yield method. Securities are not acquired for purposes of engaging in trading activities. Realized gains and losses from sales of securities are determined using the specific identification method. The Company regularly reviews declines in the fair value of securities below their costs for purposes of determining whether such declines are other-than-temporary in nature. In estimating other-than-temporary impairment (“OTTI”), management considers adverse changes in expected cash flows, the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. The Company also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis.

Loans Held for Sale — Loan sales occur in limited circumstances as part of strategic business or regulatory compliance initiatives. Loans held for sale, including deferred fees and costs, are reported at the lower of cost or fair value as determined by expected bid prices from potential investors. Loans held for sale are segregated into pools based on distinct criteria and the lower of cost or fair value analysis is performed at the pool level. Loans are sold without recourse and servicing released. When a loan is transferred from portfolio to held for sale and the fair value is less than cost, a charge off is recorded against the allowance for loan loss. Subsequent declines in fair value, if any, are recorded as a valuation allowance and charged against earnings.

Loans — Loans are reported at their outstanding principal balance, net of the allowance for loan losses, and deferred loan origination fees and costs. Loan origination fees and certain direct loan origination costs are deferred and recognized over the life of the related loan or commitment as an adjustment to yield, or taken directly into income when the related loan is sold or commitment expires.

Allowance for Loan Losses — The Company maintains an allowance for loan losses to absorb probable losses incurred in the loan portfolio based on ongoing quarterly assessments of the estimated losses. The Company’s methodology for assessing the appropriateness of the allowance consists of a specific component for identified problem loans, and a formula component which addresses historical loan loss experience together with other relevant risk factors affecting the portfolio. This methodology applies to all portfolio segments.

The specific component incorporates the Company’s analysis of impaired loans. These accounting standards prescribe the measurement methods, income recognition and disclosures related to impaired loans. A loan is recognized as impaired when it is probable that principal and/or interest are not collectible in accordance with the loan’s contractual terms. In addition, a loan which has been renegotiated with a borrower experiencing financial difficulties for which the terms of the loan have been modified with a concession that the Company would not otherwise have granted are considered troubled debt restructurings and are also recognized as impaired. Measurement of impairment can be based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price or the fair value of the collateral, if the loan is collateral dependent. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change. If the fair value of an impaired loan is less than the related recorded amount, a specific valuation component is established within the allowance for loan losses or, if the impairment is considered to be permanent, a partial charge-off is recorded against the allowance for loan losses. Individual measurement of impairment does not apply to large groups of smaller balance homogenous loans that are collectively evaluated for impairment such as portions of the Company’s portfolios of home equity loans, real estate mortgages, installment and other loans.

The formula component is calculated by first applying historical loss experience factors to outstanding loans by type. The Company uses a three year average loss experience as the starting base for the formula component. This component is then adjusted to reflect additional risk factors not addressed by historical loss experience. These factors include the evaluation of then-existing economic and business conditions affecting the key lending areas of the Company and other conditions, such as new loan products, credit quality trends (including trends in nonperforming loans expected to result from existing conditions), collateral values, loan volumes and concentrations, recent charge-off and delinquency experience, specific industry conditions within portfolio segments that existed as of the balance sheet date and the impact that such conditions were believed to have had on the collectibility of the loan portfolio. Senior management reviews these conditions quarterly. Management’s evaluation of the loss related to each of these conditions is quantified by portfolio segment and reflected in the formula component. The evaluations of the inherent loss with respect to these conditions is subject to a higher degree of uncertainty due to the subjective nature of such evaluations and because they are not identified with specific problem credits.

Actual losses can vary significantly from the estimated amounts. The Company’s methodology permits adjustments to the allowance in the event that, in management’s judgment, significant factors which affect the collectibility of the loan portfolio as of the evaluation date have changed.

Management believes the allowance for loan losses is the best estimate of probable losses which have been incurred as of June 30, 2012. There is no assurance that the Company will not be required to make future adjustments to the allowance in response to changing economic conditions, particularly in the Company’s service area, since the majority of the Company’s loans are collateralized by real estate. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments at the time of their examinations.

Loan Charge-Offs — The Company’s charge-off policy covers all loan portfolio classes. Loans are generally charged-off at the earlier of when it is determined that collection efforts are no longer productive or when they have been identified as losses by management, internal loan review and/or bank examiners. Factors considered in determining whether collection efforts are no longer productive include any amounts currently being collected, the status of discussions or negotiations with the borrower, the principal and/or guarantors, the cost of continuing efforts to collect, the status of any foreclosure or legal actions, the value of the collateral, and any other pertinent factors.

Income Recognition on Loans — Interest on loans is accrued monthly. Net loan origination and commitment fees are deferred and recognized as an adjustment of yield over the lives of the related loans. Loans, including impaired loans, are placed on a non-accrual status when management believes that interest or principal on such loans may not be collected in the normal course of business. When a loan is placed on non-accrual status, all interest previously accrued, but not collected, is reversed against interest income. Interest received on non-accrual loans generally is either applied against principal or reported as interest income, in accordance with management’s judgment as to the collectibility of principal. Loans can be returned to accruing status when they become current as to principal and interest, demonstrate a period of performance under the contractual terms, and when, in management’s opinion, they are estimated to be fully collectible. This methodology applies to all loan classes.

Premises and Equipment — Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, generally 3 to 5 years for furniture, fixtures and equipment and 31.5 years for buildings. Leasehold improvements are amortized over the lesser of the term of the lease or the estimated useful life of the asset.

Other Real Estate Owned (“OREO”) — Real estate properties acquired through loan foreclosure are recorded at estimated fair value, net of estimated selling costs, at time of foreclosure establishing a new cost basis. Credit losses arising at the time of foreclosure are charged against the allowance for loan losses. Subsequent valuations are periodically performed by management and the carrying value is adjusted by a charge to expense to reflect any subsequent declines in the estimated fair value. Routine holding costs are charged to expense as incurred.

Goodwill and Other Intangible Assets — Goodwill and identified intangible assets with indefinite useful lives are not subject to amortization. Identified intangible assets that have finite useful lives are amortized over those lives by a method which reflects the pattern in which the economic benefits of the intangible asset are used up. Goodwill is subject to impairment testing on an annual basis, or more often if events or circumstances indicate that impairment may exist. Identifiable intangible assets are subject to impairment if events or circumstances indicate that impairment may exist. If such testing indicates impairment in the values and/or remaining amortization periods of the intangible assets, adjustments are made to reflect such impairment. The Company’s goodwill impairment evaluations as of December 31, 2011 did not indicate any impairment. The Company is not aware of any events or circumstances that existed with the identified intangible assets that would indicate impairment as of June 30, 2012.

Loss Contingencies — Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Legal fees associated with loss contingencies are included in loss contingency accruals.

Income Taxes — Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period the change is enacted.

Stock-Based Compensation — Compensation costs relating to share-based payment transactions are recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. Compensation costs related to share based payment transactions are expensed over their respective vesting periods. The fair value (present value of the estimated future benefit to the option holder) of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. See Note 7 “Stock-Based Compensation” herein for additional discussion.

Earnings per Common Share — Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per common share is similar to the computation of basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares, consisting solely of stock options, had been issued.

Other — Certain 2011 amounts have been reclassified to conform to the 2012 presentation.

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Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

Stock based compensation activity

Prior Option Plans:	Shares			Weighted Average Grant or Exercise Price		Aggregate Intrinsic Value(1) ($000’s)		Weighted Average Remaining Contractual Term
Outstanding at December 31, 2011		625,256		$	22.81
Granted		—			—
Exercised		(5,798	)		16.57
Cancelled or Expired		(8,979	)		24.67
Outstanding at June 30, 2012		610,479		$	22.85	$	245		2.0
Exercisable at June 30, 2012		601,897		$	22.66	$	245		2.1
Nonvested at June 30, 2012		8,582		$	35.96
2010 Omnibus Incentive Plan:
Outstanding at December 31, 2011		—			—
Granted at fair value		112,432		$	16.68
Restriction released		(7,543	)		17.10
Cancelled		(9,152	)		16.74
Nonvested at June 30, 2012		95,737		$	16.64
Available for grant at December 31, 2011		1,331,000
Restricted stock awards		(112,432	)	$	16.68
Cancelled		9,152			16.74
Available for future grant		1,227,720

1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current fair value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on June 30, 2012. This amount changes based on changes in the fair value of the Company’s stock.

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Securities (Tables)

6 Months Ended

Jun. 30, 2012

Securities [Abstract]

Amortized cost, gross unrealized gains and losses and the estimated fair value of securities class as available for sale and held to maturity

	($000’s)
	June 30, 2012								December 31, 2011
	Amortized Cost		Gross Unrealized				Estimated Fair Value		Amortized Cost		Gross Unrealized				Estimated Fair Value
			Gains		Losses						Gains		Losses
Classified as Available for Sale
Mortgage-backed securities — residential	$	351,991	$	6,890	$	312	$	358,569	$	385,206	$	8,430	$	218	$	393,418
Obligations of states and political subdivisions		80,240		3,567		—		83,807		96,091		4,508		—		100,599
Other debt securities		11,695		7		8,419		3,283		12,220		—		8,888		3,332
Total debt securities		443,926		10,464		8,731		445,659		493,517		12,938		9,106		497,349
Mutual funds and other equity securities		10,067		567		128		10,506		10,067		617		136		10,548
Total	$	453,993	$	11,031	$	8,859	$	456,165	$	503,584	$	13,555	$	9,242	$	507,897

	Amortized		Gross Unrecognized				Estimated		Amortized		Gross Unrecognized				Estimated
	Cost		Gains		Losses		Fair Value		Cost		Gains		Losses		Fair Value
Classified as Held to Maturity
Mortgage-backed securities — residential	$	6,319	$	501		—	$	6,820	$	7,767	$	607		—	$	8,374
Obligations of states and political subdivisions		5,139		258		—		5,397		5,138		307		—		5,445
Total	$	11,458	$	759		—	$	12,217	$	12,905	$	914		—	$	13,819

Credit related OTTI losses on pooled trust preferred securities

Annual Prepayment	1.00%
Projected specific defaults/deferrals	33.1% - 73.6%
Projected severity of loss on specific defaults/deferrals	55.8% - 86.8%
Projected additional defaults:
Year 1	2.00%
Year 2	1.00%
Thereafter	0.25%
Projected severity of loss on additional defaults	85.00%
Present value discount rates	3m LIBOR + 1.60% - 2.25%

Change in pretax OTTI credit related losses on securities available for sale

	2012		2011
Balance at beginning of period:
Total OTTI credit related impairment charges beginning of period	$	9,478	$	9,110
Increase to the amount related to the credit loss for which other-than-temporary impairment was previously recognized		528		204
Credit related impairment not previously recognized		—		—
Balance at end of period:	$	10,006	$	9,314

Fair value and gross unrealized loss, aggregated by investment category and length of time individual securities

June 30, 2012

	Duration of Unrealized Loss
	Less Than 12 Months				Greater than 12 Months				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Classified as Available for Sale
Mortgage-backed securities — residential	$	46,566	$	300	$	2,059	$	12	$	48,625	$	312
Other debt securities		—		—		2,248		8,419		2,248		8,419
Total debt securities		46,566		300		4,307		8,431		50,873		8,731
Mutual funds and other equity securities		—		—		108		128		108		128
Total temporarily impaired securities	$	46,566	$	300	$	4,415	$	8,559	$	50,981	$	8,859

December 31, 2011

	Duration of Unrealized Loss
	Less Than 12 Months				Greater than  12 Months				Total
	Fair Value		Gross Unrealized Loss		Fair     Value		Gross Unrealized     Loss		Fair Value		Gross Unrealized Loss
Classified as Available for Sale
Mortgage-backed securities — residential	$	41,421	$	218		—		—	$	41,421	$	218
Other debt securities		460		50	$	2,816	$	8,838		3,276		8,888
Total debt securities		41,881		268		2,816		8,838		44,697		9,106
Mutual funds and other equity securities		—		—		92		136		92		136
Total temporarily impaired securities	$	41,881	$	268	$	2,908	$	8,974	$	44,789	$	9,242

Contractual maturity of all debt securities

The contractual maturity of all debt securities held at June 30, 2012 is shown below. Actual maturities may differ from contractual maturities because some issuers have the right to call or prepay obligations with or without call or prepayment penalties.

	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Contractual Maturity
Within 1 year	$	8,488	$	8,508		—		—
After 1 year but within 5 years		40,175		41,838	$	5,139	$	5,397
After 5 year but within 10 years		31,580		33,464		—		—
After 10 years		11,692		3,280		—		—
Mortgage-backed securities — residential		351,991		358,569		6,319		6,820
Total	$	443,926	$	445,659	$	11,458	$	12,217

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Benefit Plans

6 Months Ended

Jun. 30, 2012

Benefit Plans [Abstract]

Benefit Plans

6.    Benefit Plans

In addition to defined contribution pension and savings plans which cover substantially all employees, the Company provides additional retirement benefits to certain officers and directors pursuant to unfunded supplemental defined benefit plans. The following table summarizes the components of the net periodic pension cost of the defined benefit plans (in thousands).

	Three Months Ended Jun 30						Six Months Ended Jun 30
	2012			2011			2012			2011
Service cost	$	111		$	96		$	221		$	191
Interest cost		156			147			309			294
Amortization of prior service cost		(58	)		(58	)		(116	)		(116	)
Amortization of net loss		167			139			335			279
Net periodic pension cost	$	376		$	324		$	749		$	648

The Company makes contributions to the unfunded defined benefit plans only as benefit payments become due. The Company disclosed in its 2011 Annual Report on Form 10-K that it expected to contribute $813 to the unfunded defined benefit plans during 2012. For the three and six month periods ended June 30, 2012, the Company contributed $153 and $312, respectively, to these plans.

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Loans

6 Months Ended

Jun. 30, 2012

Loans [Abstract]

Loans

4. Loans

The loan portfolio, excluding loans held for sale, is comprised of the following:

	June 30 2012			December 31 2011
Real Estate:
Commercial	$	633,581		$	690,837
Construction		96,211			110,027
Residential		559,144			514,828
Commercial & Industrial		231,140			218,500
Individuals & lease financing		35,510			41,760
Total loans		1,555,586			1,575,952
Deferred loan fees		(3,020	)		(3,862	)
Allowance for loan losses		(28,733	)		(30,685	)
Loans, net	$	1,523,833		$	1,541,405

In March 2012, the Company purchased $65,795 of adjustable rate residential loans as a partial redeployment of proceeds from the loan sales completed during the first quarter of 2012.

Risk characteristics of the Company’s portfolio segments include the following:

Commercial Real Estate Loans — In underwriting commercial real estate loans, the Company evaluates both the prospective borrower’s ability to make timely payments on the loan and the value of the property securing the loan. Repayment of such loans may be negatively impacted should the borrower default or should there be a substantial decline in the value of the property securing the loan, or a decline in general economic conditions. Where the owner occupies the property, the Company also evaluates the business’s ability to repay the loan on a timely basis. In addition, the Company may require personal guarantees, lease assignments and/or the guarantee of the operating company when the property is owner occupied. These types of loans may involve greater risks than other types of lending, because payments on such loans are often dependent upon the successful operation of the business involved, therefore, repayment of such loans may be negatively impacted by adverse changes in economic conditions affecting the borrowers’ business.

Construction Loans — Construction loans are short-term loans (generally up to 18 months) secured by land for both residential and commercial development. The loans are generally made for acquisition and improvements. Funds are disbursed as phases of construction are completed. Most non-residential construction loans require pre-approved permanent financing or pre-leasing by the Company or another bank providing the permanent financing. The Company funds construction of single family homes and commercial real estate, when no contract of sale exists, based upon the experience of the builder, the financial strength of the owner, the type and location of the property and other factors. Construction loans are generally personally guaranteed by the principal(s). Repayment of such loans may be negatively impacted by the builders’ inability to complete construction, by a downturn in the new construction market, by a significant increase in interest rates or by a decline in general economic conditions.

Residential Real Estate Loans — Various loans secured by residential real estate properties are offered by the Company, including 1-4 family residential mortgages, multi-family residential loans and a variety of home equity line of credit products. Repayment of such loans may be negatively impacted should the borrower default, should there be a significant decline in the value of the property securing the loan or should there be a decline in general economic conditions.

Commercial and Industrial Loans — The Company’s commercial and industrial loan portfolio consists primarily of commercial business loans and lines of credit to businesses and professionals. These loans are usually made to finance the purchase of inventory, new or used equipment or other short or long-term working capital purposes. These loans are generally secured by corporate assets, often with real estate as secondary collateral, but are also offered on an unsecured basis. In granting this type of loan, the Company primarily looks to the borrower’s cash flow as the source of repayment with collateral and personal guarantees, where obtained, as a secondary source. Commercial loans are often larger and may involve greater risks than other types of loans offered by the Company. Payments on such loans are often dependent upon the successful operation of the underlying business involved and, therefore, repayment of such loans may be negatively impacted by adverse changes in economic conditions, management’s inability to effectively manage the business, claims of others against the borrower’s assets which may take priority over the Company’s claims against assets, death or disability of the borrower or loss of market for the borrower’s products or services.

Lease Financing and Other Loans — The Company originates lease financing transactions which are primarily conducted with businesses, professionals and not-for-profit organizations and provide financing principally for office equipment, telephone systems, computer systems, energy saving improvements and other special use equipment. Payments on such loans are often dependent upon the successful operation of the underlying business involved and, therefore, repayment of such loans may be negatively impacted by adverse changes in economic conditions, and management’s inability to effectively manage the business. The Company also offers installment loans and cash reserve lines of credit to individuals. Repayment of such loans is often dependent on the personal income of the borrower which may be negatively impacted by adverse changes in economic conditions. The Company does not place an emphasis on originating these types of loans.

The following table presents the allowance for loan losses by portfolio segment for the three and six month periods ended June 30, 2012 and 2011 (in thousands):

	Three Months Ended June 30, 2012
	Total			Commercial Real Estate			Construction			Residential Real Estate			Commercial & Industrial			Lease Financing & Other
Balance at beginning of period	$	31,856		$	13,049		$	6,568		$	8,786		$	2,761		$	692
Charge-offs		(5,784	)		—			(1,580	)		(1,270	)		(2,372	)		(562	)
Recoveries		767			—			—			(208	)		476			499
Net Charge-offs		(5,017	)		—			(1,580	)		(1,478	)		(1,896	)		(63	)
Provision for loan losses		1,894			(1,457	)		(492	)		1,481			2,555			(193	)
Net change during the period		(3,123	)		(1,457	)		(2,072	)		3			659			(256	)
Balance at end of period	$	28,733		$	11,592		$	4,496		$	8,789		$	3,420		$	436
	Six Months Ended June 30, 2012
	Total			Commercial Real Estate			Construction			Residential Real Estate			Commercial & Industrial			Lease Financing & Other
Balance at beginning of period	$	30,685		$	12,776		$	6,470		$	8,093		$	2,650		$	696
Charge-offs		(6,909	)		(398	)		(1,580	)		(1,828	)		(2,497	)		(606	)
Recoveries		1,704			298			1			326			565			514
Net Charge-offs		(5,205	)		(100	)		(1,579	)		(1,502	)		(1,932	)		(92	)
Provision for loan losses		3,253			(1,084	)		(395	)		2,198			2,702			(168	)
Net change during the period		(1,952	)		(1,184	)		(1,974	)		696			770			(260	)
Balance at end of period	$	28,733		$	11,592		$	4,496		$	8,789		$	3,420		$	436

	Three Months Ended June 30, 2011
	Total			Commercial Real Estate			Construction			Residential Real Estate			Commercial & Industrial			Lease Financing & Other
Balance at beginning of period	$	40,287		$	16,673		$	7,130		$	10,959		$	4,615		$	910
Charge-offs		(1,372	)		—			(120	)		(818	)		(376	)		(58	)
Recoveries		1,428			448			436			465			71			8
Net Charge-offs		56			448			316			(353	)		(305	)		(50	)
Provision for loan losses		1,546			(9	)		(1,006	)		2,555			(64	)		70
Net change during the period		1,602			439			(690	)		2,202			(369	)		20
Balance at end of period	$	41,889		$	17,112		$	6,440		$	13,161		$	4,246		$	930

	Six Months Ended June 30, 2011
	Total			Commercial Real Estate			Construction			Residential Real Estate			Commercial & Industrial			Lease Financing & Other
Balance at beginning of period	$	38,949		$	16,736		$	7,140		$	9,851		$	4,290		$	932
Charge-offs		(6,627	)		(156	)		(856	)		(3,013	)		(2,544	)		(58	)
Recoveries		2,570			686			575			1,019			276			14
Net Charge-offs		(4,057	)		530			(281	)		(1,994	)		(2,268	)		(44	)
Provision for loan losses		6,997			(154	)		(419	)		5,304			2,224			42
Net change during the period		2,940			376			(700	)		3,310			(44	)		(2	)
Balance at end of period	$	41,889		$	17,112		$	6,440		$	13,161		$	4,246		$	930

Impaired loans, including all troubled debt restructurings, and the related recorded investment, as of June 30, 2012 and December 31, 2011 were as follows:

	June 30, 2012						December 31, 2011
	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated		Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated
With no related allowance recorded:
Commercial	$	30,866	$	29,353		—	$	31,877	$	30,762	$	—
Construction		5,981		4,238		—		2,690		1,723		—
Residential		14,261		12,336		—		4,599		3,824		—
Commercial & industrial		13,607		12,535		—		8,560		7,803		—
Lease financing & other		—		—		—		—		—		—
With an allowance recorded:
Commercial		—		—		—		—		—		—
Construction		—		—		—		3,758		3,758	$	2,374
Residential		—		—		—		—		—		—
Commercial & industrial		—		—		—		—		—		—
Lease financing & other		—		—		—		—		—		—
Total loans	$	64,715	$	58,462		—	$	51,484	$	47,870	$	2,374

The carrying value of impaired loans was determined using either the fair value of the underlying collateral of the loan or by an analysis of the expected cash flows related to the loan. There were no allocations of specific reserves during the six month period ended June 30, 2012. The $2,374 specific reserve allocated to impaired loans as of December 31, 2011 was charged off in June 2012 upon completion of a restructuring for which the specific reserve was originally established. The above tables as of June 30, 2012 and December 31, 2011 include $32,308 and $28,256, respectively, of loans considered to be troubled debt restructurings (“TDRs”). There were two additional loan modifications classified as TDRs during the six month period ended June, 2012. The Company is not committed to extend any additional credit to borrowers whose loans are classified as TDRs. For the six month period ended June 30, 2012, eight TDRs with carrying amounts of $19,158 were on accrual status and four loans with carrying amounts of $12,756 on nonaccrual status that were performing in accordance with their modified terms. At June 30, 2012, there was one TDR with a recorded investment of $400 in which there were payment defaults within twelve months following the modification. This loan has remained in nonaccrual status since prior to the restructuring. The Company’s policy states that a loan is considered to be in payment default once it is 45 days contractually past due under the modified terms. The TDRs described above resulted in $2,595 charge-offs during the six month period ended June 30, 2012.

The following table presents the average recorded investment in impaired loans including other troubled debt restructurings by class of loans and interest recognized on impaired loans for the three and six month periods ended June 30, 2012 and 2011 (in thousands):

	Three Months Ended June 30								Six Months Ended June 30
	2012				2011				2012				2011
	Average Recorded Investment		Interest Income		Average Recorded Investment		Interest Income		Average Recorded Investment		Interest Income		Average Recorded Investment		Interest Income
Loans:
Commercial Real Estate:
Owner occupied	$	23,775	$	152	$	16,128	$	14	$	22,238	$	266	$	11,098	$	14
Non owner occupied		12,848		85		18,171		45		10,927		149		17,607		45
Construction:
Commercial		2,448		—		10,208		—		3,669		—		9,830		—
Residential		1,828		—		4,336		—		914		—		5,191		—
Residential:
Multifamily		1,331		—		5,339		—		1,002		—		4,386		—
1-4 family		5,651		12		4,945		—		3,778		21		4,905		—
Home equity		1,626		—		3,467		—		1,701		—		2,954		—
Commercial & industrial		10,005		—		7,431		—		8,886		—		6,310		—
Other:
Lease financing and other		128		—		319		—		64		—		355		—
Overdrafts		—		—		—		—		—		—		—		—
Total	$	59,640	$	249	$	70,344	$	59	$	53,179	$	436	$	62,636	$	59

The difference between interest income recognized and interest income collected on impaired loans for the three and six month periods ended June 30, 2012 and 2011 was not significant. Gross interest income that would have been recorded if these borrowers had been current in accordance with their original loan terms was $565 and $868, respectively, for the three and six month periods ended June 30, 2012 and $303 and $836, respectively, for the three and six month periods ended June 30, 2011.

The following tables present the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment method as of June 30, 2012 and December 31, 2011 (in thousands):

	June 30, 2012
	Total		Commercial Real Estate		Construction		Residential Real Estate		Commercial & Industrial		Lease Financing & Other
Allowance for loan losses:
Ending balance attributed to loans:
Collectively evaluated for impairment	$	28,733	$	11,592	$	4,496	$	8,789	$	3,420	$	436
Individually evaluated for impairment		—		—		—		—		—		—
Total ending balance of allowance	$	28,733	$	11,592	$	4,496	$	8,789	$	3,420	$	436
Total loans:
Ending balance of loans:
Collectively evaluated for impairment	$	1,497,124	$	604,228	$	91,973	$	546,808	$	218,605	$	35,510
Individually evaluated for impairment		58,462		29,353		4,238		12,336		12,535		—
Total ending balance of loans	$	1,555,586	$	633,581	$	96,211	$	559,144	$	231,140	$	35,510

	December 31, 2011
	Total		Commercial Real Estate		Construction		Residential Real Estate		Commercial & Industrial		Lease Financing & Other
Allowance for loan losses:
Ending balance attributed to loans:
Collectively evaluated for impairment	$	28,311	$	12,776	$	4,096	$	8,093	$	2,650	$	696
Individually evaluated for impairment		2,374		—		2,374		—		—		—
Total ending balance of allowance	$	30,685	$	12,776	$	6,470	$	8,093	$	2,650	$	696
Total loans:
Ending balance of loans:
Collectively evaluated for impairment	$	1,528,082	$	660,075	$	104,546	$	511,004	$	210,697	$	41,760
Individually evaluated for impairment		47,870		30,762		5,481		3,824		7,803		—
Total ending balance of loans	$	1,575,952	$	690,837	$	110,027	$	514,828	$	218,500	$	41,760

The following table presents the recorded investment in non-accrual loans and loans past due 90 days and still accruing by class of loans as of June 30, 2012 and December 31, 2011 (in thousands):

	June 30, 2012				December 31, 2011
	Non-Accrual		Past Due 90 Days  and Still Accruing		Non-Accrual		Past Due 90 Days and Still Accruing
Loans:
Commercial Real Estate:
Owner occupied	$	10,058		—	$	3,856		—
Non owner occupied		2,164		—		9,356		—
Construction:
Commercial		582		—		5,481		—
Residential		2,077		—		—		—
Residential:
Multifamily		1,318		—		—		—
1-4 family		8,944		—		1,470		—
Home equity		1,626		—		1,926		—
Commercial & industrial		12,535		—		7,803		—
Other:
Lease financing and other		—		—		—		—
Overdrafts		—		—		—		—
Total	$	39,304		—	$	29,892		—

The following table presents the aging of loans (including past due and non-accrual loans) as of June 30, 2012 and December 31, 2011 by class of loans (in thousands):

	June 30, 2012
	Total		31-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current
Loans:
Commercial Real Estate:
Owner occupied	$	228,914		—	$	5,469	$	6,541	$	12,010	$	216,904
Non owner occupied		404,667		—		1,386		1,836		3,222		401,445
Construction:
Commercial		43,457		—		—		582		582		42,875
Residential		52,754		—		—		—		—		52,754
Residential:
Multifamily		212,655		—		—		1,318		1,318		211,337
1-4 family		237,440	$	416		119		8,944		9,479		227,961
Home equity		109,049		1,278		—		1,626		2,904		106,145
Commercial & industrial		231,140		—		252		1,421		1,673		229,467
Other:
Lease financing and other		34,408		95		297		—		392		34,016
Overdrafts		1,102		—		—		—		—		1,102
Total	$	1,555,586	$	1,789	$	7,523	$	22,268	$	31,580	$	1,524,006

	December 31, 2011
	Total		31-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current
Loans:
Commercial Real Estate:
Owner occupied	$	243,862	$	1,801		—	$	3,489	$	5,290	$	238,572
Non owner occupied		446,975		1,917		—		5,108		7,025		439,950
Construction:
Commercial		56,933		—		—		4,883		4,883		52,050
Residential		53,094		900		—		—		900		52,194
Residential:
Multifamily		227,595		—		—		—		—		227,595
1-4 family		174,714		—		—		1,470		1,470		173,244
Home equity		112,519		—	$	97		1,926		2,023		110,496
Commercial & industrial		218,500		197		50		4,403		4,650		213,850
Other:
Lease financing and other		39,898		1		10		—		11		39,887
Overdrafts		1,862		—		—		—		—		1,862
Total	$	1,575,952	$	4,816	$	157	$	21,279	$	26,252	$	1,549,700

The Company categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as: value of underlying collateral, current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes non-homogeneous loans individually and classifies them as to credit risk. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings:

Special Mention — Loans classified as special mention have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects for the asset or in the institution’s credit position at some future date.

Substandard — Loans classified as substandard asset are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful — Loans classified as doubtful have all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.

Loans not meeting the above criteria that are analyzed individually as part of the above described process are considered to be pass rated loans.

The following table presents the risk category by class of loans as of June 30, 2012 and December 31, 2011 of non-homogeneous loans individually classified as to credit risk as of the most recent analysis performed (in thousands):

	June 30, 2012
	Total		Pass		Special Mention		Substandard		Doubtful
Commercial Real Estate:
Owner occupied	$	228,914	$	174,657	$	24,385	$	29,872		—
Non owner occupied		404,667		393,477		5,763		5,427		—
Construction:
Commercial		43,457		29,682		9,764		4,011		—
Residential		52,754		47,827		900		4,027		—
Residential:
Multifamily		212,655		211,003		334		1,318		—
1-4 family		101,692		79,070		13,196		9,426		—
Home equity		1,825		—		—		1,825		—
Commercial & Industrial		231,140		213,363		4,207		13,570		—
Other:
Lease Financing & Other		33,043		31,633		1,144		266		—
Total loans	$	1,310,147	$	1,180,712	$	59,693	$	69,742		—

	December 31, 2011
	Total		Pass		Special Mention		Substandard		Doubtful
Commercial Real Estate:
Owner occupied	$	243,862	$	177,921	$	32,144	$	33,797		—
Non owner occupied		446,975		422,402		14,924		9,649		—
Construction:
Commercial		56,933		42,641		5,382		8,910		—
Residential		53,094		38,956		7,274		6,864		—
Residential:
Multifamily		227,595		226,224		—		1,371		—
1-4 family		90,033		72,594		15,109		2,330		—
Home equity		2,174		—		—		2,174		—
Commercial & Industrial		218,500		204,305		5,410		8,785		—
Other:
Lease Financing & Other		38,441		37,619		523		299		—
Total loans	$	1,377,607	$	1,222,662	$	80,766	$	74,179		—

Loans not individually rated, primarily consisting of certain 1-4 family residential mortgages and home equity lines of credit, are evaluated for risk in groups of homogeneous loans. The primary risk characteristic evaluated on these pools is delinquency.

The following table presents the delinquency categories by class of loans as of June 30, 2012 and December 31, 2011 for loans evaluated for risk in groups of homogeneous loans (in thousands):

	June 30, 2012
	Total		31-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current
Residential:
1-4 family	$	135,748	$	92		—		—	$	92	$	135,656
Home equity		107,224		1,278	$	119		—		1,397		105,827
Other:
Other loans		1,365		—		—		—		—		1,365
Overdrafts		1,102		—		—		—		—		1,102
Total loans	$	245,439	$	1,370	$	119		—	$	1,489	$	243,950

	December 31, 2011
	Total		31-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current
Residential:
1-4 family	$	84,681		—		—		—		—	$	84,681
Home equity		110,345		—	$	97		—	$	97		110,248
Other:
Other loans		1,457	$	1		10		—		11		1,446
Overdrafts		1,862		—		—		—		—		1,862
Total loans	$	198,345	$	1	$	107		—	$	108	$	198,237

Loans Held for Sale

On February 1, 2012, the Company announced plans to sell a total of $474 million in performing and non-performing loans in two tranches by mid-2012, as a significant step toward reducing the bank’s concentrations of commercial real estate loans and classified assets. These loans were transferred to loans held-for-sale at December 31, 2011 and both tranche sales were completed in March 2012.

The first tranche included $200 million in performing and non-performing loans. The carrying value of these commercial real estate loans was reduced by $60 million at December 31, 2011. These loans were primarily all commercial real estate credits, including classified assets totaling $53 million net of the market value adjustment. The recorded sales price, net of broker fees and expenses, exceeded the carrying value of this portfolio, resulting in a pre-tax gain of approximately $7.9 million.

The second tranche included $274 million in performing, non-classified multifamily loans. No market value adjustment was recorded when this portfolio was transferred to held-for-sale at December 31, 2011, as they were expected to be sold at or above par value. The sale of these loans in March 2012 resulted in a pre-tax gain of approximately $8.0 million.

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Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

5.    Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share for each of the periods indicated:

	Three Months Ended Jun 30				Six Months Ended Jun 30
	2012		2011		2012		2011
	(000’s except share data)
Numerator:
Net income (loss) available to common shareholders for basic and diluted earnings per share	$	4,961	$	7,432	$	22,974	$	12,256
Denominator:
Denominator for basic earnings per common share —weighted average shares		19,633,732		19,457,918		19,586,033		19,452,195
Effect of diluted securities:
Stock options		2,948		64,980		11,355		68,199
Denominator for diluted earnings per common share —adjusted weighted average shares		19,636,680		19,522,898		19,597,388		19,520,394
Basic earnings per common share	$	0.25	$	0.38	$	1.17	$	0.63
Diluted earnings per common share	$	0.25	$	0.38	$	1.17	$	0.63
Dividends declared per share	$	0.18	$	0.14	$	0.36	$	0.28

Stock options of 475,904 and 291,712 were not considered in computing diluted earnings per share at June 30, 2012 and 2011, respectively, because they were anti dilutive. In November 2011, the Company declared a 10% stock dividend. Share and per share amounts for 2011 have been retroactively restated to reflect the issuance of the additional shares.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

7.    Stock-Based Compensation

In accordance with the provisions of the Hudson Valley Holding Corp. 2010 Omnibus Incentive Plan, approved by the Company’s shareholders on May 27, 2010, the Company may grant eligible employees, including directors, consultants and advisors, incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance awards and other types of awards. The 2010 Plan provides for the issuance of up to 1,331,000 shares of the Company’s common stock. Prior to the 2010 Plan, the Company had stock option plans that provided for the granting of options to directors, officers, eligible employees, and certain advisors, based upon eligibility as determined by the Compensation Committee. Under the prior plans, options were granted for the purchase of shares of the Company’s common stock at an exercise price not less than the market value of the stock on the date of grant, vested over various periods ranging from immediate to five years from date of grant, and had expiration dates up to ten years from the date of grant.

Compensation costs relating to stock-based payment transactions are recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. Stock-based payments are expensed over their respective vesting periods.

The following table summarizes stock-based compensation activity for the six month period ended June 30, 2012:

Prior Option Plans:	Shares			Weighted Average Grant or Exercise Price		Aggregate Intrinsic Value(1) ($000’s)		Weighted Average Remaining Contractual Term
Outstanding at December 31, 2011		625,256		$	22.81
Granted		—			—
Exercised		(5,798	)		16.57
Cancelled or Expired		(8,979	)		24.67
Outstanding at June 30, 2012		610,479		$	22.85	$	245		2.0
Exercisable at June 30, 2012		601,897		$	22.66	$	245		2.1
Nonvested at June 30, 2012		8,582		$	35.96
2010 Omnibus Incentive Plan:
Outstanding at December 31, 2011		—			—
Granted at fair value		112,432		$	16.68
Restriction released		(7,543	)		17.10
Cancelled		(9,152	)		16.74
Nonvested at June 30, 2012		95,737		$	16.64
Available for grant at December 31, 2011		1,331,000
Restricted stock awards		(112,432	)	$	16.68
Cancelled		9,152			16.74
Available for future grant		1,227,720

1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current fair value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on June 30, 2012. This amount changes based on changes in the fair value of the Company’s stock.

The fair value (present value of the estimated future benefit to the option holder) of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. There were no stock options granted in the six month period ended June 30, 2012 or the year ended December 31, 2011. The restricted stock awards during the six month period ended June 30, 2012 were the initial awards under the 2010 Plan.

Net compensation expense of $25 and $69 related to the Company’s stock option plans was included in net income for the six month periods ended June 30, 2012 and 2011, respectively. The total tax effect related thereto was $(2) and $(2), respectively. Unrecognized compensation expense related to non-vested share-based compensation granted under the Company’s stock option plans totaled $26 at June 30, 2012. This expense is expected to be recognized over a remaining weighted average period of 0.1 years.

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Loans (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Loan portfolio excluding loans held for sale
Total loans	$ 1,555,586	$ 1,575,952
Deferred loan fees	(3,020)	(3,862)
Allowances for loan losses	(28,733)	(30,685)
Loans, net	1,523,833	1,541,405
Real estate [Member] | Commercial [Member]
Loan portfolio excluding loans held for sale
Total loans	633,581	690,837
Real estate [Member] | Construction [Member]
Loan portfolio excluding loans held for sale
Total loans	96,211	110,027
Real estate [Member] | Residential [Member]
Loan portfolio excluding loans held for sale
Total loans	559,144	514,828
Commercial & Industrial [Member]
Loan portfolio excluding loans held for sale
Total loans	231,140	218,500
Individual and lease financing [Member]
Loan portfolio excluding loans held for sale
Total loans	$ 35,510	$ 41,760

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Fair Value (Details 1) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	$ 456,165	$ 507,897
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and government agencies [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities - residential [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	358,569	393,418
Fair Value, Measurements, Recurring [Member] | Obligations of states and political subdivisions [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	83,807	100,599
Fair Value, Measurements, Recurring [Member] | Other debt securities [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	3,283	3,332
Fair Value, Measurements, Recurring [Member] | Mutual funds and other equity securities [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	10,506	10,548
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | U.S. Treasury and government agencies [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Mortgage-backed securities - residential [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Obligations of states and political subdivisions [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Other debt securities [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Mutual funds and other equity securities [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	453,397	505,081
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and government agencies [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities - residential [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	358,569	393,418
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of states and political subdivisions [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	83,807	100,599
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other debt securities [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	515	516
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mutual funds and other equity securities [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	10,506	10,548
Fair Value, Measurements, Recurring [Member] | Significant Inputs (Level 3) [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	2,768	2,816
Fair Value, Measurements, Recurring [Member] | Significant Inputs (Level 3) [Member] | U.S. Treasury and government agencies [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis
Fair Value, Measurements, Recurring [Member] | Significant Inputs (Level 3) [Member] | Other debt securities [Member]
Assets and liabilities measured at fair value
Total assets at fair value measured on a recurring basis	2,768	2,816
Non Recurring [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	15,044	483,179
Non Recurring [Member] | Commercial Real Estate [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	1,012	1,410
Non Recurring [Member] | Construction [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	4,237	3,107
Non Recurring [Member] | Residential [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	5,379	1,529
Non Recurring [Member] | Commercial & Industrial [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	1,779	2,145
Non Recurring [Member] | Other [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Loans held for sale [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	2,387	473,814
Non Recurring [Member] | Other real estate owned [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	250	1,174
Non Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Commercial Real Estate [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Construction [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Residential [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Commercial & Industrial [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Other [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Loans held for sale [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Quoted Prices in Active Markets for Identical Assets(Level 1) [Member] | Other real estate owned [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Real Estate [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Construction [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Residential [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial & Industrial [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Loans held for sale [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other real estate owned [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Inputs (Level 3) [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	15,044	483,179
Non Recurring [Member] | Significant Inputs (Level 3) [Member] | Commercial Real Estate [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	1,012	1,410
Non Recurring [Member] | Significant Inputs (Level 3) [Member] | Construction [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	4,237	3,107
Non Recurring [Member] | Significant Inputs (Level 3) [Member] | Residential [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	5,379	1,529
Non Recurring [Member] | Significant Inputs (Level 3) [Member] | Commercial & Industrial [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	1,779	2,145
Non Recurring [Member] | Significant Inputs (Level 3) [Member] | Other [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis
Non Recurring [Member] | Significant Inputs (Level 3) [Member] | Loans held for sale [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	2,387	473,814
Non Recurring [Member] | Significant Inputs (Level 3) [Member] | Other real estate owned [Member]
Assets and liabilities measured at fair value
Impaired loans measured on a non-recurring basis	$ 250	$ 1,174

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Computation of basic and diluted earnings per common share

	Three Months Ended Jun 30				Six Months Ended Jun 30
	2012		2011		2012		2011
	(000’s except share data)
Numerator:
Net income (loss) available to common shareholders for basic and diluted earnings per share	$	4,961	$	7,432	$	22,974	$	12,256
Denominator:
Denominator for basic earnings per common share —weighted average shares		19,633,732		19,457,918		19,586,033		19,452,195
Effect of diluted securities:
Stock options		2,948		64,980		11,355		68,199
Denominator for diluted earnings per common share —adjusted weighted average shares		19,636,680		19,522,898		19,597,388		19,520,394
Basic earnings per common share	$	0.25	$	0.38	$	1.17	$	0.63
Diluted earnings per common share	$	0.25	$	0.38	$	1.17	$	0.63
Dividends declared per share	$	0.18	$	0.14	$	0.36	$	0.28

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Description of Operations (Details)	6 Months Ended
	Jun. 30, 2012 Branchoffice
Westchester County, New York [Member]
Description of operations (Textual) [Abstract]
Number of branch offices	18
Manhattan, New York [Member]
Description of operations (Textual) [Abstract]
Number of branch offices	5
Bronx County, New York [Member]
Description of operations (Textual) [Abstract]
Number of branch offices	4
Rockland County, New York [Member]
Description of operations (Textual) [Abstract]
Number of branch offices	2
Kings County, New York [Member]
Description of operations (Textual) [Abstract]
Number of branch offices	1
Fairfield County, Connecticut [Member]
Description of operations (Textual) [Abstract]
Number of branch offices	5
New Haven County, Connecticut [Member]
Description of operations (Textual) [Abstract]
Number of branch offices	1

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Stock Based Compensation (Details Textual) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended			12 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 2010 Omnibus Incentive Plan [Member]	Dec. 31, 2011 2010 Omnibus Incentive Plan [Member]	Jun. 30, 2012 2010 Omnibus Incentive Plan [Member] Restricted Stock [Member]
Stock Based Compensation (Textual) [Abstract]
Issuance of common stock			1,331,000
Stock Option Granted			112,432	0
Restricted shares granted					112,432
Stock Based Compensation (Additional Textual) [Abstract]
Stock option vested period	5 years
Stock option expiration period	10 years
Net compensation expense	$ 25	$ 69
Tax effect	(2)	(2)
Unrecognized compensation expense related to non vested	$ 26
Remaining weighted period	1 month 6 days

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Loans (Details 7) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Risk category by class of loans
Financing Receivable Risk Category	$ 1,310,147	$ 1,377,607
Pass [Member]
Risk category by class of loans
Financing Receivable Risk Category	1,180,712	1,222,662
Special Mention [Member]
Risk category by class of loans
Financing Receivable Risk Category	59,693	80,766
Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	69,742	74,179
Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category
Commercial & Industrial [Member]
Risk category by class of loans
Financing Receivable Risk Category	231,140	218,500
Commercial & Industrial [Member] | Pass [Member]
Risk category by class of loans
Financing Receivable Risk Category	213,363	204,305
Commercial & Industrial [Member] | Special Mention [Member]
Risk category by class of loans
Financing Receivable Risk Category	4,207	5,410
Commercial & Industrial [Member] | Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	13,570	8,785
Commercial & Industrial [Member] | Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category
Lease financing and other [Member]
Risk category by class of loans
Financing Receivable Risk Category	33,043	38,441
Lease financing and other [Member] | Pass [Member]
Risk category by class of loans
Financing Receivable Risk Category	31,633	37,619
Lease financing and other [Member] | Special Mention [Member]
Risk category by class of loans
Financing Receivable Risk Category	1,144	523
Lease financing and other [Member] | Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	266	299
Lease financing and other [Member] | Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category
Owner Occupied [Member]
Risk category by class of loans
Financing Receivable Risk Category	228,914	243,862
Owner Occupied [Member] | Pass [Member]
Risk category by class of loans
Financing Receivable Risk Category	174,657	177,921
Owner Occupied [Member] | Special Mention [Member]
Risk category by class of loans
Financing Receivable Risk Category	24,385	32,144
Owner Occupied [Member] | Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	29,872	33,797
Owner Occupied [Member] | Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category
Non Owner Occupied [Member]
Risk category by class of loans
Financing Receivable Risk Category	404,667	446,975
Non Owner Occupied [Member] | Pass [Member]
Risk category by class of loans
Financing Receivable Risk Category	393,477	422,402
Non Owner Occupied [Member] | Special Mention [Member]
Risk category by class of loans
Financing Receivable Risk Category	5,763	14,924
Non Owner Occupied [Member] | Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	5,427	9,649
Non Owner Occupied [Member] | Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category
Commercial [Member]
Risk category by class of loans
Financing Receivable Risk Category	43,457	56,933
Commercial [Member] | Pass [Member]
Risk category by class of loans
Financing Receivable Risk Category	29,682	42,641
Commercial [Member] | Special Mention [Member]
Risk category by class of loans
Financing Receivable Risk Category	9,764	5,382
Commercial [Member] | Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	4,011	8,910
Commercial [Member] | Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category
Residential [Member]
Risk category by class of loans
Financing Receivable Risk Category	52,754	53,094
Residential [Member] | Pass [Member]
Risk category by class of loans
Financing Receivable Risk Category	47,827	38,956
Residential [Member] | Special Mention [Member]
Risk category by class of loans
Financing Receivable Risk Category	900	7,274
Residential [Member] | Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	4,027	6,864
Residential [Member] | Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category
Multifamily [Member]
Risk category by class of loans
Financing Receivable Risk Category	212,655	227,595
Multifamily [Member] | Pass [Member]
Risk category by class of loans
Financing Receivable Risk Category	211,003	226,224
Multifamily [Member] | Special Mention [Member]
Risk category by class of loans
Financing Receivable Risk Category	334
Multifamily [Member] | Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	1,318	1,371
Multifamily [Member] | Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category
1-4 Family [Member]
Risk category by class of loans
Financing Receivable Risk Category	101,692	90,033
1-4 Family [Member] | Pass [Member]
Risk category by class of loans
Financing Receivable Risk Category	79,070	72,594
1-4 Family [Member] | Special Mention [Member]
Risk category by class of loans
Financing Receivable Risk Category	13,196	15,109
1-4 Family [Member] | Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	9,426	2,330
1-4 Family [Member] | Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category
Home Equity [Member]
Risk category by class of loans
Financing Receivable Risk Category	1,825	2,174
Home Equity [Member] | Substandard [Member]
Risk category by class of loans
Financing Receivable Risk Category	1,825	2,174
Home Equity [Member] | Doubtful [Member]
Risk category by class of loans
Financing Receivable Risk Category

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Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and non interest earning due from banks	$ 46,047	$ 43,743
Interest earning deposits in banks	595,263	34,361
Federal funds sold	22,250	16,425
Securities available for sale, at estimated fair value (amortized cost of $453,993 in 2012 and $503,584 in 2011)	456,165	507,897
Securities held to maturity, at amortized cost (estimated fair value of $12,217 in 2012 and $13,819 in 2011)	11,458	12,905
Federal Home Loan Bank of New York (FHLB) stock	4,827	3,831
Loans (net of allowance for loan losses of $28,733 in 2012 and $30,685 in 2011)	1,523,833	1,541,405
Loans held for sale	2,387	473,814
Accrued interest and other receivables	35,360	40,405
Premises and equipment, net	25,130	25,936
Other real estate owned	250	1,174
Deferred income tax, net	19,379	19,822
Bank owned life insurance	38,458	37,563
Goodwill	23,842	23,842
Other intangible assets	1,277	1,651
Other assets	10,318	12,896
TOTAL ASSETS	2,816,244	2,797,670
Deposits:
Non interest bearing	964,372	910,329
Interest bearing	1,475,476	1,514,953
Total deposits	2,439,848	2,425,282
Securities sold under repurchase agreements and other short-term borrowings	42,173	53,056
Other borrowings	16,447	16,466
Accrued interest and other liabilities	25,177	25,304
TOTAL LIABILITIES	2,523,645	2,520,108
STOCKHOLDERS' EQUITY
Preferred Stock, $0.01 par value; authorized 15,000,000 shares; no shares outstanding in 2012 and 2011, respectively
Common stock, $0.20 par value; authorized 25,000,000 shares: outstanding 19,633,977 and 19,516,490 shares in 2012 and 2011, respectively	4,186	4,163
Additional paid-in capital	348,114	347,764
Retained earnings (deficit)	(2,585)	(18,527)
Accumulated other comprehensive income	448	1,726
Treasury stock, at cost; 1,299,414 shares in 2012 and 2011	(57,564)	(57,564)
TOTAL STOCKHOLDERS' EQUITY	292,599	277,562
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,816,244	$ 2,797,670

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Description of Operations

6 Months Ended

Jun. 30, 2012

Description of Operations and Basis of Presentation [Abstract]

Description of Operations

1.    Description of Operations

Hudson Valley Holding Corp. (the “Company”) is a New York corporation founded in 1982. The Company is registered as a bank holding company under the Bank Holding Company Act of 1956.

The Company provides financial services through its wholly-owned subsidiary, Hudson Valley Bank, N.A. (“HVB” or “the Bank”), a national banking association established in 1972, with operational headquarters in Westchester County, New York. The Bank has 18 branch offices in Westchester County, New York, 5 in Manhattan, New York, 4 in Bronx County, New York, 2 in Rockland County, New York, 1 in Kings County, New York, 5 in Fairfield County, Connecticut and 1 in New Haven County, Connecticut.

The Company provides investment management services through a wholly-owned subsidiary of HVB, A.R. Schmeidler & Co., Inc. (“ARS”), a Manhattan, New York based money management firm.

Our principal executive offices are located at 21 Scarsdale Road, Yonkers, New York 10707.

We derive substantially all of our revenue and income from providing banking and related services to businesses, professionals, municipalities, not-for-profit organizations and individuals within our market area, primarily Westchester County and Rockland County, New York, portions of New York City, Fairfield County and New Haven County, Connecticut. We are dedicated to providing personalized service to customers and focusing on products and services for selected segments of the market. We believe that our ability to attract and retain customers is due primarily to our focused approach to our markets, our personalized and professional services, our product offerings, our experienced staff, our knowledge of our local markets and our ability to provide responsive solutions to customer needs. We provide these products and services to a diverse range of customers and do not rely on a single large depositor for a significant percentage of deposits. We anticipate that we will continue to expand in our current market and surrounding area through various means which include acquiring other banks and related businesses, adding staff, opening loan production offices and continuing to open new branch offices.

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Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2012
Basis of Presentation (Additional Textual) [Abstract]
Period for average loss experience	3 years
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Basis of presentation (Textual) [Abstract]
Estimated useful lives of assets	3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Basis of presentation (Textual) [Abstract]
Estimated useful lives of assets	5 years
Buildings [Member]
Basis of presentation (Textual) [Abstract]
Estimated useful lives of assets	31 years 6 months

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Loans (Details 4) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Ending balance attributed to loans:
Collectively evaluated for impairment	$ 28,733	$ 28,311
Individually evaluated for impairment		2,374
Total ending balance of allowance	28,733	30,685
Ending balance of loans:
Collectively evaluated for impairment	1,497,124	1,528,082
Individually evaluated for impairment	58,462	47,870
Total ending balance of loans	1,555,586	1,575,952
Commercial Real Estate [Member]
Ending balance attributed to loans:
Collectively evaluated for impairment	11,592	12,776
Individually evaluated for impairment
Total ending balance of allowance	11,592	12,776
Ending balance of loans:
Collectively evaluated for impairment	604,228	660,075
Individually evaluated for impairment	29,353	30,762
Total ending balance of loans	633,581	690,837
Construction [Member]
Ending balance attributed to loans:
Collectively evaluated for impairment	4,496	4,096
Individually evaluated for impairment		2,374
Total ending balance of allowance	4,496	6,470
Ending balance of loans:
Collectively evaluated for impairment	91,973	104,546
Individually evaluated for impairment	4,238	5,481
Total ending balance of loans	96,211	110,027
Residential Real Estate [Member]
Ending balance attributed to loans:
Collectively evaluated for impairment	8,789	8,093
Individually evaluated for impairment
Total ending balance of allowance	8,789	8,093
Ending balance of loans:
Collectively evaluated for impairment	546,808	511,004
Individually evaluated for impairment	12,336	3,824
Total ending balance of loans	559,144	514,828
Commercial & Industrial [Member]
Ending balance attributed to loans:
Collectively evaluated for impairment	3,420	2,650
Individually evaluated for impairment
Total ending balance of allowance	3,420	2,650
Ending balance of loans:
Collectively evaluated for impairment	218,605	210,697
Individually evaluated for impairment	12,535	7,803
Total ending balance of loans	231,140	218,500
Lease financing and other [Member]
Ending balance attributed to loans:
Collectively evaluated for impairment	436	696
Individually evaluated for impairment
Total ending balance of allowance	436	696
Ending balance of loans:
Collectively evaluated for impairment	35,510	41,760
Individually evaluated for impairment
Total ending balance of loans	$ 35,510	$ 41,760

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Loans (Tables)

6 Months Ended

Jun. 30, 2012

Loans [Abstract]

Loan portfolio excluding loans held for sale

	June 30 2012			December 31 2011
Real Estate:
Commercial	$	633,581		$	690,837
Construction		96,211			110,027
Residential		559,144			514,828
Commercial & Industrial		231,140			218,500
Individuals & lease financing		35,510			41,760
Total loans		1,555,586			1,575,952
Deferred loan fees		(3,020	)		(3,862	)
Allowance for loan losses		(28,733	)		(30,685	)
Loans, net	$	1,523,833		$	1,541,405

Allowance for loan losses by portfolio segments

	Three Months Ended June 30, 2012
	Total			Commercial Real Estate			Construction			Residential Real Estate			Commercial & Industrial			Lease Financing & Other
Balance at beginning of period	$	31,856		$	13,049		$	6,568		$	8,786		$	2,761		$	692
Charge-offs		(5,784	)		—			(1,580	)		(1,270	)		(2,372	)		(562	)
Recoveries		767			—			—			(208	)		476			499
Net Charge-offs		(5,017	)		—			(1,580	)		(1,478	)		(1,896	)		(63	)
Provision for loan losses		1,894			(1,457	)		(492	)		1,481			2,555			(193	)
Net change during the period		(3,123	)		(1,457	)		(2,072	)		3			659			(256	)
Balance at end of period	$	28,733		$	11,592		$	4,496		$	8,789		$	3,420		$	436
	Six Months Ended June 30, 2012
	Total			Commercial Real Estate			Construction			Residential Real Estate			Commercial & Industrial			Lease Financing & Other
Balance at beginning of period	$	30,685		$	12,776		$	6,470		$	8,093		$	2,650		$	696
Charge-offs		(6,909	)		(398	)		(1,580	)		(1,828	)		(2,497	)		(606	)
Recoveries		1,704			298			1			326			565			514
Net Charge-offs		(5,205	)		(100	)		(1,579	)		(1,502	)		(1,932	)		(92	)
Provision for loan losses		3,253			(1,084	)		(395	)		2,198			2,702			(168	)
Net change during the period		(1,952	)		(1,184	)		(1,974	)		696			770			(260	)
Balance at end of period	$	28,733		$	11,592		$	4,496		$	8,789		$	3,420		$	436

	Three Months Ended June 30, 2011
	Total			Commercial Real Estate			Construction			Residential Real Estate			Commercial & Industrial			Lease Financing & Other
Balance at beginning of period	$	40,287		$	16,673		$	7,130		$	10,959		$	4,615		$	910
Charge-offs		(1,372	)		—			(120	)		(818	)		(376	)		(58	)
Recoveries		1,428			448			436			465			71			8
Net Charge-offs		56			448			316			(353	)		(305	)		(50	)
Provision for loan losses		1,546			(9	)		(1,006	)		2,555			(64	)		70
Net change during the period		1,602			439			(690	)		2,202			(369	)		20
Balance at end of period	$	41,889		$	17,112		$	6,440		$	13,161		$	4,246		$	930

	Six Months Ended June 30, 2011
	Total			Commercial Real Estate			Construction			Residential Real Estate			Commercial & Industrial			Lease Financing & Other
Balance at beginning of period	$	38,949		$	16,736		$	7,140		$	9,851		$	4,290		$	932
Charge-offs		(6,627	)		(156	)		(856	)		(3,013	)		(2,544	)		(58	)
Recoveries		2,570			686			575			1,019			276			14
Net Charge-offs		(4,057	)		530			(281	)		(1,994	)		(2,268	)		(44	)
Provision for loan losses		6,997			(154	)		(419	)		5,304			2,224			42
Net change during the period		2,940			376			(700	)		3,310			(44	)		(2	)
Balance at end of period	$	41,889		$	17,112		$	6,440		$	13,161		$	4,246		$	930

Impaired loans and recorded investment in impaired loans

	June 30, 2012						December 31, 2011
	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated		Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated
With no related allowance recorded:
Commercial	$	30,866	$	29,353		—	$	31,877	$	30,762	$	—
Construction		5,981		4,238		—		2,690		1,723		—
Residential		14,261		12,336		—		4,599		3,824		—
Commercial & industrial		13,607		12,535		—		8,560		7,803		—
Lease financing & other		—		—		—		—		—		—
With an allowance recorded:
Commercial		—		—		—		—		—		—
Construction		—		—		—		3,758		3,758	$	2,374
Residential		—		—		—		—		—		—
Commercial & industrial		—		—		—		—		—		—
Lease financing & other		—		—		—		—		—		—
Total loans	$	64,715	$	58,462		—	$	51,484	$	47,870	$	2,374

Average recorded investment in impaired loans by class of loans and interest recognized on impaired loans

	Three Months Ended June 30								Six Months Ended June 30
	2012				2011				2012				2011
	Average Recorded Investment		Interest Income		Average Recorded Investment		Interest Income		Average Recorded Investment		Interest Income		Average Recorded Investment		Interest Income
Loans:
Commercial Real Estate:
Owner occupied	$	23,775	$	152	$	16,128	$	14	$	22,238	$	266	$	11,098	$	14
Non owner occupied		12,848		85		18,171		45		10,927		149		17,607		45
Construction:
Commercial		2,448		—		10,208		—		3,669		—		9,830		—
Residential		1,828		—		4,336		—		914		—		5,191		—
Residential:
Multifamily		1,331		—		5,339		—		1,002		—		4,386		—
1-4 family		5,651		12		4,945		—		3,778		21		4,905		—
Home equity		1,626		—		3,467		—		1,701		—		2,954		—
Commercial & industrial		10,005		—		7,431		—		8,886		—		6,310		—
Other:
Lease financing and other		128		—		319		—		64		—		355		—
Overdrafts		—		—		—		—		—		—		—		—
Total	$	59,640	$	249	$	70,344	$	59	$	53,179	$	436	$	62,636	$	59

Allowance for loan losses and recorded investment in loans by portfolio segment based on impairment

	June 30, 2012
	Total		Commercial Real Estate		Construction		Residential Real Estate		Commercial & Industrial		Lease Financing & Other
Allowance for loan losses:
Ending balance attributed to loans:
Collectively evaluated for impairment	$	28,733	$	11,592	$	4,496	$	8,789	$	3,420	$	436
Individually evaluated for impairment		—		—		—		—		—		—
Total ending balance of allowance	$	28,733	$	11,592	$	4,496	$	8,789	$	3,420	$	436
Total loans:
Ending balance of loans:
Collectively evaluated for impairment	$	1,497,124	$	604,228	$	91,973	$	546,808	$	218,605	$	35,510
Individually evaluated for impairment		58,462		29,353		4,238		12,336		12,535		—
Total ending balance of loans	$	1,555,586	$	633,581	$	96,211	$	559,144	$	231,140	$	35,510

	December 31, 2011
	Total		Commercial Real Estate		Construction		Residential Real Estate		Commercial & Industrial		Lease Financing & Other
Allowance for loan losses:
Ending balance attributed to loans:
Collectively evaluated for impairment	$	28,311	$	12,776	$	4,096	$	8,093	$	2,650	$	696
Individually evaluated for impairment		2,374		—		2,374		—		—		—
Total ending balance of allowance	$	30,685	$	12,776	$	6,470	$	8,093	$	2,650	$	696
Total loans:
Ending balance of loans:
Collectively evaluated for impairment	$	1,528,082	$	660,075	$	104,546	$	511,004	$	210,697	$	41,760
Individually evaluated for impairment		47,870		30,762		5,481		3,824		7,803		—
Total ending balance of loans	$	1,575,952	$	690,837	$	110,027	$	514,828	$	218,500	$	41,760

Recorded investment in non accrual loans and loans past due 90 days and still accruing by class of loans

	June 30, 2012				December 31, 2011
	Non-Accrual		Past Due 90 Days  and Still Accruing		Non-Accrual		Past Due 90 Days and Still Accruing
Loans:
Commercial Real Estate:
Owner occupied	$	10,058		—	$	3,856		—
Non owner occupied		2,164		—		9,356		—
Construction:
Commercial		582		—		5,481		—
Residential		2,077		—		—		—
Residential:
Multifamily		1,318		—		—		—
1-4 family		8,944		—		1,470		—
Home equity		1,626		—		1,926		—
Commercial & industrial		12,535		—		7,803		—
Other:
Lease financing and other		—		—		—		—
Overdrafts		—		—		—		—
Total	$	39,304		—	$	29,892		—

Aging of loans

	June 30, 2012
	Total		31-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current
Loans:
Commercial Real Estate:
Owner occupied	$	228,914		—	$	5,469	$	6,541	$	12,010	$	216,904
Non owner occupied		404,667		—		1,386		1,836		3,222		401,445
Construction:
Commercial		43,457		—		—		582		582		42,875
Residential		52,754		—		—		—		—		52,754
Residential:
Multifamily		212,655		—		—		1,318		1,318		211,337
1-4 family		237,440	$	416		119		8,944		9,479		227,961
Home equity		109,049		1,278		—		1,626		2,904		106,145
Commercial & industrial		231,140		—		252		1,421		1,673		229,467
Other:
Lease financing and other		34,408		95		297		—		392		34,016
Overdrafts		1,102		—		—		—		—		1,102
Total	$	1,555,586	$	1,789	$	7,523	$	22,268	$	31,580	$	1,524,006

	December 31, 2011
	Total		31-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current
Loans:
Commercial Real Estate:
Owner occupied	$	243,862	$	1,801		—	$	3,489	$	5,290	$	238,572
Non owner occupied		446,975		1,917		—		5,108		7,025		439,950
Construction:
Commercial		56,933		—		—		4,883		4,883		52,050
Residential		53,094		900		—		—		900		52,194
Residential:
Multifamily		227,595		—		—		—		—		227,595
1-4 family		174,714		—		—		1,470		1,470		173,244
Home equity		112,519		—	$	97		1,926		2,023		110,496
Commercial & industrial		218,500		197		50		4,403		4,650		213,850
Other:
Lease financing and other		39,898		1		10		—		11		39,887
Overdrafts		1,862		—		—		—		—		1,862
Total	$	1,575,952	$	4,816	$	157	$	21,279	$	26,252	$	1,549,700

Risk category by class of loans

	June 30, 2012
	Total		Pass		Special Mention		Substandard		Doubtful
Commercial Real Estate:
Owner occupied	$	228,914	$	174,657	$	24,385	$	29,872		—
Non owner occupied		404,667		393,477		5,763		5,427		—
Construction:
Commercial		43,457		29,682		9,764		4,011		—
Residential		52,754		47,827		900		4,027		—
Residential:
Multifamily		212,655		211,003		334		1,318		—
1-4 family		101,692		79,070		13,196		9,426		—
Home equity		1,825		—		—		1,825		—
Commercial & Industrial		231,140		213,363		4,207		13,570		—
Other:
Lease Financing & Other		33,043		31,633		1,144		266		—
Total loans	$	1,310,147	$	1,180,712	$	59,693	$	69,742		—

	December 31, 2011
	Total		Pass		Special Mention		Substandard		Doubtful
Commercial Real Estate:
Owner occupied	$	243,862	$	177,921	$	32,144	$	33,797		—
Non owner occupied		446,975		422,402		14,924		9,649		—
Construction:
Commercial		56,933		42,641		5,382		8,910		—
Residential		53,094		38,956		7,274		6,864		—
Residential:
Multifamily		227,595		226,224		—		1,371		—
1-4 family		90,033		72,594		15,109		2,330		—
Home equity		2,174		—		—		2,174		—
Commercial & Industrial		218,500		204,305		5,410		8,785		—
Other:
Lease Financing & Other		38,441		37,619		523		299		—
Total loans	$	1,377,607	$	1,222,662	$	80,766	$	74,179		—

Delinquency categories by class of loans

	June 30, 2012
	Total		31-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current
Residential:
1-4 family	$	135,748	$	92		—		—	$	92	$	135,656
Home equity		107,224		1,278	$	119		—		1,397		105,827
Other:
Other loans		1,365		—		—		—		—		1,365
Overdrafts		1,102		—		—		—		—		1,102
Total loans	$	245,439	$	1,370	$	119		—	$	1,489	$	243,950

	December 31, 2011
	Total		31-59 Days Past Due		60-89 Days Past Due		90 Days Or More Past Due		Total Past Due		Current
Residential:
1-4 family	$	84,681		—		—		—		—	$	84,681
Home equity		110,345		—	$	97		—	$	97		110,248
Other:
Other loans		1,457	$	1		10		—		11		1,446
Overdrafts		1,862		—		—		—		—		1,862
Total loans	$	198,345	$	1	$	107		—	$	108	$	198,237