FAIR VALUES (Tables)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):



			Fair Value Measurement at December 31, 2015 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	100,166	$	14,784	$	85,382	$	—
Mortgage-backed securities, residential	198,366		—		198,366		—
Obligations of states and political subdivisions	44,426		—		44,426		—
Corporate bonds and notes	752		—		504		248
SBA loan pools	647		—		647		—
Corporate stocks	463		56		407		—
Total available for sale securities	$	344,820	$	14,840	$	329,732	$	248

Trading assets	$	701	$	701	$	—	$	—
Derivative assets	15		—		15		—

Financial Liabilities:
Derivative liabilities	$	63	$	—	$	15	$	48



			Fair Value Measurement at December 31, 2014 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	181,673	$	31,115	$	150,558	$	—
Mortgage-backed securities, residential	61,660		—		61,660		—
Collateralized mortgage obligations	338		—		338		—
Obligations of states and political subdivisions	31,451		—		31,451		—
Corporate bonds and notes	1,533		—		1,533		—
SBA loan pools	1,304		—		1,304		—
Trust Preferred securities	2,028		—		2,028		—
Corporate stocks	520		104		416		—
Total available for sale securities	$	280,507	$	31,219	$	249,288	$	—

Trading assets	$	549	$	549	$	—	$	—

Financial Liabilities:
Derivative liabilities	$	18	$	—	$	—	$	18

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31:



	Assets (Liabilities)
	Corporate Bonds and Notes				Derivative Liabilities
(in thousands)	2015		2014		2015			2014
Balance of recurring Level 3 assets at January 1	$	—	$	—	$	(18	)	$	—
Derivative instruments entered into	—		—		(1		)	(18		)
Total gains or losses for the period:
Included in earnings - other non-interest income	—		—		(29		)	—
Included in other comprehensive income	—		—		—			—
Transfers into Level 3	248		—		—			—
Balance of recurring Level 3 assets at December 31	$	248	$	—	$	(48	)	$	(18	)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31:



	Assets (Liabilities)
	Corporate Bonds and Notes				Derivative Liabilities
(in thousands)	2015		2014		2015			2014
Balance of recurring Level 3 assets at January 1	$	—	$	—	$	(18	)	$	—
Derivative instruments entered into	—		—		(1		)	(18		)
Total gains or losses for the period:
Included in earnings - other non-interest income	—		—		(29		)	—
Included in other comprehensive income	—		—		—			—
Transfers into Level 3	248		—		—			—
Balance of recurring Level 3 assets at December 31	$	248	$	—	$	(48	)	$	(18	)

Summary of Assets and Liabilities Measured at Fair Value on Non-recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis are summarized below (in thousands):



			Fair Value Measurement at December 31, 2015 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired Loans:
Commercial mortgages:
Commercial mortgages	$	2,629	$	—	$	—	$	2,629
Consumer loans:
Home equity lines and loans	287		—		—		287
Total impaired loans	$	2,916	$	—	$	—	$	2,916
Other real estate owned:
Commercial mortgages:
Commercial mortgages	$	1,491	$	—	$	1,491	$	—
Residential mortgages	39		—		—		39
Total other real estate owned, net	$	1,530	$	—	$	1,491	$	39



			Fair Value Measurement at December 31, 2014 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired Loans:
Commercial mortgages:
Commercial mortgages	$	3,593	$	—	$	—	$	3,593
Consumer loans:
Home equity lines and loans	52		—		—		52
Total impaired loans	$	3,645	$	—	$	—	$	3,645

Other real estate owned:
Commercial mortgages	$	3,063	$	—	$	—	$	3,063
Consumer loans:
Home equity lines and loans	2		—		—		2
Total other real estate owned, net	$	3,065	$	—	$	—	$	3,065

The following table presents information related to Level 3 non-recurring fair value measurement at December 31, 2015 and December 31, 2014 (in thousands):



Asset	Fair Value at December 31, 2015		Valuation Technique	Unobservable Inputs	Range [Weighted Average] at December 31, 2015
Impaired loans:
Commercial mortgages:
Commercial mortgages	$	2,629	Sales comparison	Discount to appraised value	10.00% - 17.19% [16.06%]
Consumer loans:
Home equity lines and loans	287		Sales comparison	Discount to appraised value	18.04% - 18.04% [18.04%]
	$	2,916

OREO:
Residential mortgages	39		Sales comparison	Discount to appraised value	22.30% - 22.30% [22.30%]
	$	39



Asset	Fair Value at December 31, 2014		Valuation Technique	Unobservable Inputs	Range [Weighted Average] at December 31, 2014
Impaired loans:
Commercial mortgages:
Commercial mortgages	$	3,593	Sales comparison	Discount to appraised value	10.00% - 53.92% [11.84%]
Consumer loans:
Home equity lines and loans	52		Sales comparison	Discount to appraised value	12.29% - 12.29% [12.29%]
	$	3,645

OREO:
Commercial mortgages:
Commercial mortgages	$	3,063	Sales comparison	Discount to appraised value	5.00% - 30.32% [7.73%]
Consumer loans:
Home equity lines and loans	2		Sales comparison	Discount to appraised value	20.00% - 20.00% [20.00%]
	$	3,065

The following table presents information related to Level 3 non-recurring fair value measurement at December 31, 2015 and December 31, 2014 (in thousands):



Asset	Fair Value at December 31, 2015		Valuation Technique	Unobservable Inputs	Range [Weighted Average] at December 31, 2015
Impaired loans:
Commercial mortgages:
Commercial mortgages	$	2,629	Sales comparison	Discount to appraised value	10.00% - 17.19% [16.06%]
Consumer loans:
Home equity lines and loans	287		Sales comparison	Discount to appraised value	18.04% - 18.04% [18.04%]
	$	2,916

OREO:
Residential mortgages	39		Sales comparison	Discount to appraised value	22.30% - 22.30% [22.30%]
	$	39



Asset	Fair Value at December 31, 2014		Valuation Technique	Unobservable Inputs	Range [Weighted Average] at December 31, 2014
Impaired loans:
Commercial mortgages:
Commercial mortgages	$	3,593	Sales comparison	Discount to appraised value	10.00% - 53.92% [11.84%]
Consumer loans:
Home equity lines and loans	52		Sales comparison	Discount to appraised value	12.29% - 12.29% [12.29%]
	$	3,645

OREO:
Commercial mortgages:
Commercial mortgages	$	3,063	Sales comparison	Discount to appraised value	5.00% - 30.32% [7.73%]
Consumer loans:
Home equity lines and loans	2		Sales comparison	Discount to appraised value	20.00% - 20.00% [20.00%]
	$	3,065

The following table presents information related to Level 3 recurring fair value measurement at December 31, 2015 and December 31, 2014 (in thousands):



Description	Fair Value at December 31, 2015		Valuation Technique	Unobservable Inputs	Range [Weighted Average] at December 31, 2015
Corporate bonds and notes	$	248	Discounted cash flow	Credit spread	1.73% - 1.73% [1.73%]

Derivative liabilities	$	48	Historical trend	Credit default rate	5.83% - 5.83% [5.83%]



Description	Fair Value at December 31, 2014		Valuation Technique	Unobservable Inputs	Range [Weighted Average] at December 31, 2014
Derivative liabilities	$	18	Historical trend	Credit default rate	6.24% - 6.24% [6.24%]

Carrying Value and Estimated Fair Value of Other Financial Instruments

The carrying amounts and estimated fair values of other financial instruments, at December 31, 2015 and December 31, 2014, are as follows (in thousands):



			Fair Value Measurements at December 31, 2015 Using
Financial assets:	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Estimated Fair Value (1)
Cash and due from financial institutions	$	24,886	$	24,886	$	—	$	—	$	24,886
Interest-bearing deposits in other financial institutions	1,299		1,299		—		—		1,299
Trading assets	701		701		—		—		701
Securities available for sale	344,820		14,840		329,732		248		344,820
Securities held to maturity	4,566		—		—		4,822		4,822
FHLBNY and FRBNY stock	4,797		—		—		—		N/A
Loans, net	1,154,373		—		—		1,178,081		1,178,081
Loans held for sale	1,076		—		1,076		—		1,076
Accrued interest receivable	4,015		39		1,141		2,835		4,015
Derivative assets	15		—		15		—		15

Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts	$	1,234,216	$	1,234,216	$	—	$	—	$	1,234,216
Time deposits	166,079		—		166,551		—		166,551
Securities sold under agreements to repurchase	28,453		—		29,128		—		29,128
FHLBNY overnight advances	13,900		—		13,901		—		13,901
FHLBNY term advances	19,203		—		19,658		—		19,658
Accrued interest payable	209		17		192		—		209
Derivative liabilities	63		—		15		48		63

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.



			Fair Value Measurements at December 31, 2014 Using
Financial Assets:	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Estimated Fair Value (1)
Cash and due from financial institutions	$	28,130	$	28,130	$	—	$	—	$	28,130
Interest-bearing deposits in other financial institutions	1,033		1,033		—		—		1,033
Trading assets	549		549		—		—		549
Securities available for sale	280,507		31,219		249,288		—		280,507
Securities held to maturity	5,831		—		6,197		—		6,197
FHLBNY and FRBNY stock	5,535		—		—		—		N/A
Loans, net	1,107,888		—		—		1,135,590		1,135,590
Loans held for sale	665		—		665		—		665
Accrued interest receivable	4,185		145		1,295		2,745		4,185

Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts	$	1,068,171	$	1,068,171	$	—	$	—	$	1,068,171
Time deposits	211,843		—		212,397		—		212,397
Securities sold under agreements to repurchase	29,652		—		30,853		—		30,853
FHLBNY overnight advances	30,830		—		30,832		—		30,832
FHLBNY term advances	19,310		—		20,235		—		20,235
Accrued interest payable	237		15		222		—		237
Derivative liabilities	18		—		—		18		18