FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of assets and liabilities measured on a recurring basis

				Fair Value Measurements at
				December 31, 2012 Using:

	Carrying Value			Quoted Prices In Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
(In thousands)
Financial Assets:
Available for sale securities
U.S. GSE securities	$	178,452			178,452
State and municipal obligations	59,963				59,963
U.S. GSE Residential mortgage-backed securities	20,597				20,597
U.S. GSE Residential collateralized mortgage obligations	226,446				226,446
U.S. GSE Commercial mortgage-backed securities	3,138				3,138
U.S. GSE Commercial collateralized mortgage obligations	9,357				9,357
Non Agency commercial mortgage-backed securities	4,989				4,989
Other Asset backed securities	26,128				26,128
Total available for sale	$	529,070			$	529,070

Financial Liabilities:
Derivatives	$	(176	)		$	(176	)

			Fair Value Measurements at
			December 31, 2011 Using:

	Carrying Value		Quoted Prices In Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
(In thousands)
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	5,237			5,237
Total available for sale	$	441,439		$	441,439

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

			Fair Value Measurements at
			December 31, 2012 Using:

	Carrying Value		Quoted Prices In Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
(In thousands)
Impaired loans	$	178			$	178

			Fair Value Measurements at
			December 31, 2011 Using:

	Carrying Value		Quoted Prices In Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
(In thousands)
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 Measurement at

December 31, 2012 Using:

(In thousands)

Carrying
Amount

Quoted
Prices In
Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Total

Financial Assets:

Cash and due from banks

46,855

—

46,855

Interest bearing deposits with banks

4,394

—

4,394

—

4,394

Securities available for sale

529,070

—

529,070

—

529,070

Securities restricted

2,978

n/a

Securities held to maturity

210,735

—

213,702

—

213,702

Loans, net

784,007

—

807,597

Accrued interest receivable

5,436

—

2,945

2,491

5,436

Financial Liabilities:

Certificates of deposit

157,248

—

158,764

—

158,764

Demand and other deposits

1,252,074

—

1,252,074

Federal funds purchased and Federal Home Loan Bank overnight borrowings

44,500

—

44,500

Federal Home Loan Bank term advances

15,000

—

14,824

—

14,824

Repurchase agreements

12,390

—

13,064

—

13,064

Junior Subordinated Debentures

16,002

—

17,101

Derivatives

176

—

176

—

176

Accrued interest payable

147

146

—

147

December 31,

2011

(In thousands)

Carrying

Fair

Amount

Value

Financial Assets:

Cash and due from banks

25,921

Interest bearing deposits with banks

53,625

Securities available for sale

441,439

Securities restricted

1,660

n/a

Securities held to maturity

169,153

170,952

Loans, net (including loans held for sale)

603,606

632,616

Accrued interest receivable

4,940

Financial liabilities:

Demand and other deposits

1,188,185

1,190,080

Federal funds purchased and Federal Home Loan Bank overnight borrowings

—

Repurchase agreements

16,897

17,990

Junior subordinated debentures

16,002

16,915

Accrued interest payable

319

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

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