ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2012

ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured on a recurring basis

				Fair Value Measurements at
				June 30, 2012 Using:
					Significant
				Quoted Prices In	Other			Significant
				Active Markets for	Observable			Unobservable
	Carrying			Identical Assets	Inputs			Inputs
(In thousands)	Value			(Level 1)	(Level 2)			(Level 3)
Financial Assets:
Available for sale securities:
U.S. GSE securities	$	109,910			$	109,910
State and municipal obligations	63,869				63,869
U.S. GSE residential mortgage-backed securities	31,914				31,914
U.S. GSE residential collateralized mortgage obligations	221,539				221,539
U.S. GSE commercial collateralized mortgage obligations (1)	9,384				9,384
Non Agency commercial mortgage-backed securities	5,062				5,062
Other Asset backed securities	7,815				7,815
Total available for sale	$	449,493			$	449,493
Derivatives	$	(34	)		$	(34	)

			Fair Value Measurements at
			December 31, 2011 Using:
				Significant
			Quoted Prices In	Other		Significant
			Active Markets for	Observable		Unobservable
	Carrying		Identical Assets	Inputs		Inputs
(In thousands)	Value		(Level 1)	(Level 2)		(Level 3)
Financial Assets:
Available for sale securities:
U.S. GSE securities	$	131,674		$	131,674
State and municipal obligations	54,219			54,219
U.S. GSE residential mortgage-backed securities	70,984			70,984
U.S. GSE residential collateralized mortgage obligations	179,325			179,325
U.S. GSE commercial collateralized mortgage obligations (1)	5,237			5,237
Total available for sale	$	441,439		$	441,439

(1)U.S. GSE commercial collateralized mortgage obligations represent securities with multi-family mortgage loans as the collateral.

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

			Fair Value Measurements at
			June 30, 2012 Using:
				Significant
			Quoted Prices In	Other	Significant
			Active Markets for	Observable	Unobservable
	Carrying		Identical Assets	Inputs	Inputs
(In thousands)	Value		(Level 1)	(Level 2)	(Level 3)
Impaired loans	$	262			$	262

			Fair Value Measurements at
			December 31, 2011 Using:
				Significant
			Quoted Prices In	Other	Significant
			Active Markets for	Observable	Unobservable
	Carrying		Identical Assets	Inputs	Inputs
(In thousands)	Value		(Level 1)	(Level 2)	(Level 3)
Impaired loans	$	1,868			$	1,868
Loans held for sale	2,300				2,300

Schedule of estimated fair values and recorded carrying values of financial instruments

			Fair Value Measurements at
			June 30, 2012 Using:
					Significant
			Quoted Prices In		Other		Significant
			Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
(In thousands)	Amount		(Level 1)		(Level 2)		(Level 3)		Total
Financial assets:
Cash and due from banks	$	29,034	$	29,034	$	—	$	—	$	29,034
Interest bearing deposits with banks	35,183		—		35,183		—		35,183
Securities available for sale	449,493		—		449,493		—		449,493
Securities restricted	2,828		n/a		n/a		n/a		n/a
Securities held to maturity	177,922		—		180,344		—		180,344
Loans, net	664,976		—		—		695,024		695,024
Accrued interest receivable	5,029		—		2,797		2,232		5,029
Financial liabilities:
Certificates of deposit	176,585				178,184		—		178,184
Demand and other deposits	1,053,939		1,053,939		—		—		1,053,939
Federal Home Loan Bank term advances	15,000		—		15,017		—		15,017
Repurchase agreements	12,317		—		13,101		—		13,101
Junior Subordinated Debentures	16,002		—		—		17,283		17,283
Accrued interest payable	233		11		222		—		233

	At December 31, 2011
	Carrying		Fair
(In thousands)	Amount		Value
Financial assets:
Cash and due from banks	$	25,921	$	25,921
Interest bearing deposits with banks	53,625		53,625
Securities available for sale	441,439		441,439
Securities restricted	1,660		n/a
Securities held to maturity	169,153		170,952
Loans, net	603,606		632,616
Accrued interest receivable	4,940		4,940
Financial liabilities:
Demand and other deposits	1,188,185		1,190,080
Repurchase agreements	16,897		17,990
Junior Subordinated Debentures	16,002		16,915
Accrued interest payable	319		319