ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2015

ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured on a recurring basis

				Fair Value Measurements at
				March 31, 2015 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	$	67,890			$	67,890
State and municipal obligations	62,939				62,939
U.S. GSE residential mortgage-backed securities	129,846				129,846
U.S. GSE residential collateralized mortgage obligations	203,238				203,238
U.S. GSE commercial mortgage-backed securities	2,981				2,981
U.S. GSE commercial collateralized mortgage obligations	21,592				21,592
Other Asset backed securities	23,280				23,280
Corporate Bonds	18,232				18,232
Total available for sale	$	529,998			$	529,998
Financial Liabilities:
Derivatives	$	(1,624	)		$	(1,624	)

				Fair Value Measurements at
				December 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	$	95,425			$	95,425
State and municipal obligations	63,693				63,693
U.S. GSE residential mortgage-backed securities	101,425				101,425
U.S. GSE residential collateralized mortgage obligations	258,599				258,599
U.S. GSE commercial mortgage-backed securities	2,945				2,945
U.S. GSE commercial collateralized mortgage obligations	24,082				24,082
Other Asset backed securities	23,037				23,037
Corporate Bonds	17,978				17,978
Total available for sale	$	587,184			$	587,184
Financial Liabilities:
Derivatives	$	(943	)		$	(943	)

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

			Fair Value Measurements at
			March 31, 2015 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	$	617	—	—	$	617

			Fair Value Measurements at
			December 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	$	558	—	—	$	558

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

			Fair Value Measurements at
			March 31, 2015 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	$	36,996	$	36,996	$	—	$	—	$	36,996
Interest bearing deposits with banks	11,781		—		11,781		—		11,781
Securities available for sale	529,998		—		529,998		—		529,998
Securities restricted	8,619		n/a		n/a		n/a		n/a
Securities held to maturity	211,680		—		215,372		—		215,372
Loans, net	1,384,869		—		—		1,386,838		1,386,838
Accrued interest receivable	6,389		—		2,568		3,821		6,389
Financial liabilities:
Certificates of deposit	139,227				140,224		—		140,224
Demand and other deposits	1,700,182		1,700,182		—		—		1,700,182
Federal funds purchased	105,000		105,000		—		—		105,000
Federal Home Loan Bank term advances	106,707		28,997		78,749		—		107,746
Repurchase agreements	26,244		—		26,753		—		26,753
Junior Subordinated Debentures	16,002		—		—		17,052		17,052
Derivatives	1,624		—		1,624		—		1,624
Accrued interest payable	279		94		185		—		279

			Fair Value Measurements at
			December 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	$	45,109	$	45,109	$	—	$	—	$	45,109
Interest bearing deposits with banks	6,621		—		6,621		—		6,621
Securities available for sale	587,184		—		587,184		—		587,184
Securities restricted	10,037		n/a		n/a		n/a		n/a
Securities held to maturity	214,927		—		216,289		—		216,289
Loans, net	1,320,690		—		—		1,317,625		1,317,625
Accrued interest receivable	6,425		—		2,721		3,704		6,425
Financial liabilities:
Certificates of deposit	141,362				142,264		—		142,264
Demand and other deposits	1,692,417		1,692,417		—		—		1,692,417
Federal funds purchased	75,000		75,000		—		—		75,000
Federal Home Loan Bank term advances	138,327		98,070		40,165		—		138,235
Repurchase agreements	36,263		—		36,991		—		36,991
Junior Subordinated Debentures	16,002		—		—		16,528		16,528
Derivatives	943		—		943		—		943
Accrued interest payable	308		77		231		—		308