ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2014

ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured on a recurring basis

				Fair Value Measurements at
				March 31, 2014 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	$	126,780			$	126,780
State and municipal obligations	66,376				66,376
U.S. GSE residential mortgage-backed securities	57,421				57,421
U.S. GSE residential collateralized mortgage obligations	266,703				266,703
U.S. GSE commercial mortgage-backed securities	2,892				2,892
U.S. GSE commercial collateralized mortgage obligations	32,845				32,845
Non Agency commercial mortgage-backed securities	793				793
Other Asset backed securities	55,917				55,917
Corporate Bonds	17,005				17,005
Total available for sale	$	626,732			$	626,732
Financial Liabilities:
Derivatives	$	(314	)		$	(314	)

				Fair Value Measurements at
				December 31, 2013 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	$	152,757			$	152,757
State and municipal obligations	61,656				61,656
U.S. GSE residential mortgage-backed securities	14,435				14,435
U.S. GSE residential collateralized mortgage obligations	279,191				279,191
U.S. GSE commercial mortgage-backed securities	2,834				2,834
U.S. GSE commercial collateralized mortgage obligations	26,910				26,910
Non Agency commercial mortgage-backed securities	3,578				3,578
Other Asset backed securities	33,818				33,818
Total available for sale	$	575,179			$	575,179
Financial Liabilities:
Derivatives	$	(164	)		$	(164	)

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

			Fair Value Measurements at
			March 31, 2014 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	$	846			$	846

			Fair Value Measurements at
			December 31, 2013 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	$	1,329			$	1,329
Other real estate owned	2,242				2,242

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

			Fair Value Measurements at
			March 31, 2014 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	$	36,407	$	36,407	$	—	$	—	$	36,407
Interest bearing deposits with banks	7,764		—		7,764		—		7,764
Securities available for sale	626,732		—		626,732		—		626,732
Securities restricted	10,489		n/a		n/a		n/a		n/a
Securities held to maturity	216,043		—		213,844		—		213,844
Loans, net	1,119,361		—		—		1,125,030		1,125,030
Accrued interest receivable	6,407		—		2,981		3,426		6,407
Financial liabilities:
Certificates of deposit	167,440		—		168,746		—		168,746
Demand and other deposits	1,507,446		1,507,446		—		—		1,507,446
Federal funds purchased	66,000		66,000						66,000
Federal Home Loan Bank overnight borrowings	78,000		77,992						77,992
Federal Home Loan Bank term advances	74,217		—		74,520		—		74,520
Repurchase agreements	11,562		—		12,030		—		12,030
Junior Subordinated Debentures	16,002		—		—		15,597		15,597
Derivatives	314		—		314		—		314
Accrued interest payable	335		75		260		—		335

			Fair Value Measurements at
			December 31, 2013 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	$	39,997	$	39,997	$	—	$	—	$	39,997
Interest bearing deposits with banks	5,576		—		5,576		—		5,576
Securities available for sale	575,179		—		575,179		—		575,179
Securities restricted	7,034		n/a		n/a		n/a		n/a
Securities held to maturity	201,328		—		197,338		—		197,338
Loans, net	997,262		—		—		1,002,314		1,002,314
Accrued interest receivable	5,648		—		2,747		2,901		5,648
Financial liabilities:
Certificates of deposit	100,895		—		101,509		—		101,509
Demand and other deposits	1,438,184		1,438,184		—		—		1,438,184
Federal funds purchased	64,000		64,000				—		64,000
Federal Home Loan Bank overnight borrowings	58,000		57,994		—		—		57,994
Federal Home Loan Bank term advances	40,000		—		40,060		—		40,060
Repurchase agreements	11,370		—		11,803		—		11,803
Junior Subordinated Debentures	16,002		—		—		15,215		15,215
Derivatives	164		—		164		—		164
Accrued interest payable	225		76		149		—		225