FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2018

ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured on a recurring basis

	March 31, 2018
			Fair Value Measurements 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	$	56,038		$	56,038
State and municipal obligations		84,846			84,846
U.S. GSE residential mortgage-backed securities		175,567			175,567
U.S. GSE residential collateralized mortgage obligations		290,674			290,674
U.S. GSE commercial mortgage-backed securities		5,856			5,856
U.S. GSE commercial collateralized mortgage obligations		46,492			46,492
Other asset backed securities		23,401			23,401
Corporate bonds		43,182			43,182
Total available for sale securities	$	726,056		$	726,056
Derivatives	$	7,374		$	7,374
Financial liabilities:
Derivatives	$	1,759		$	1,759

	December 31, 2017
			Fair Value Measurements 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	$	56,814		$	56,814
State and municipal obligations		87,022			87,022
U.S. GSE residential mortgage-backed securities		186,901			186,901
U.S. GSE residential collateralized mortgage obligations		307,390			307,390
U.S. GSE commercial mortgage-backed securities		5,979			5,979
U.S. GSE commercial collateralized mortgage obligations		48,716			48,716
Other asset backed securities		23,401			23,401
Corporate bonds		43,693			43,693
Total available for sale securities	$	759,916		$	759,916
Derivatives	$	4,546		$	4,546
Financial liabilities:
Derivatives	$	1,823		$	1,823

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

	March 31, 2018
			Fair Value Measurements 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	$	-			$	-
Other real estate owned	$	175			$	175

	December 31, 2017
			Fair Value Measurements 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	$	-			$	-
Other real estate owned	$	-			$	-

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

	March 31, 2018
			Fair Value Measurements Using:
					Significant
			Quoted Prices In		Other		Significant
			Active Markets for		Observable		Unobservable		Total
	Carrying		Identical Assets		Inputs		Inputs		Fair
(In thousands)	Amount		(Level 1)		(Level 2)		(Level 3)		Value
Financial assets:
Cash and due from banks	$	50,588	$	50,588	$	—	$	—	$	50,588
Interest earning deposits with banks		48,424		48,424		—		—		48,424
Securities available for sale		726,056		—		726,056		—		726,056
Securities restricted		36,195		n/a		n/a		n/a		n/a
Securities held to maturity		176,089		—		172,877		—		172,877
Loans, net		3,169,085		—		—		3,161,561		3,161,561
Derivatives		7,374		—		7,374		—		7,374
Accrued interest receivable		11,907		—		3,424		8,483		11,907
Financial liabilities:
Certificates of deposit		282,747		—		280,060		—		280,060
Demand and other deposits		3,148,498		3,148,498		—		—		3,148,498
Federal Home Loan Bank advances		520,092		227,000		287,439		—		514,439
Repurchase agreements		872		—		872		—		872
Subordinated debentures		78,676		—		75,661		—		75,661
Derivatives		1,759		—		1,759		—		1,759
Accrued interest payable		436		—		436		—		436

	December 31, 2017
			Fair Value Measurements Using:
					Significant
			Quoted Prices In		Other		Significant
			Active Markets for		Observable		Unobservable		Total
	Carrying		Identical Assets		Inputs		Inputs		Fair
(In thousands)	Amount		(Level 1)		(Level 2)		(Level 3)		Value
Financial assets:
Cash and due from banks	$	76,614	$	76,614	$	-	$	-	$	76,614
Interest earning deposits with banks		18,133		18,133		-		-		18,133
Securities available for sale		759,916		-		759,916		-		759,916
Securities restricted		35,349		n/a		n/a		n/a		n/a
Securities held to maturity		180,866		-		179,885		-		179,885
Loans, net		3,071,045		-		-		3,010,023		3,010,023
Derivatives		4,546		-		4,546		-		4,546
Accrued interest receivable		11,652		-		3,211		8,441		11,652
Financial liabilities:
Certificates of deposit		222,364		-		220,775		-		220,775
Demand and other deposits		3,112,179		3,112,179		-		-		3,112,179
Federal funds purchased		50,000		50,000		-		-		50,000
Federal Home Loan Bank advances		501,374		185,000		313,558		-		498,558
Repurchase agreements		877		-		877		-		877
Subordinated debentures		78,641		-		77,933		-		77,933
Derivatives		1,823		-		1,823		-		1,823
Accrued interest payable		1,574		-		1,574		-		1,574