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FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2017

ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured on a recurring basis

		September 30, 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		$	64,228							$	64,228
State and municipal obligations			91,320								91,320
U.S. GSE residential mortgage-backed securities			193,404								193,404
U.S. GSE residential collateralized mortgage obligations			319,202								319,202
U.S. GSE commercial mortgage-backed securities			6,153								6,153
U.S. GSE commercial collateralized mortgage obligations			50,386								50,386
Other asset backed securities			23,037								23,037
Corporate bonds			44,328								44,328
Total available for sale securities		$	792,058							$	792,058
Derivatives		$	2,447							$	2,447
Financial liabilities:
Derivatives		$	1,719							$	1,719

		December 31, 2016
						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		$	63,649							$	63,649
State and municipal obligations			116,165								116,165
U.S. GSE residential mortgage-backed securities			158,048								158,048
U.S. GSE residential collateralized mortgage obligations			367,511								367,511
U.S. GSE commercial mortgage-backed securities			6,307								6,307
U.S. GSE commercial collateralized mortgage obligations			55,192								55,192
Other asset backed securities			22,553								22,553
Corporate bonds			30,297								30,297
Total available for sale securities		$	819,722							$	819,722
Derivatives		$	2,510							$	2,510
Financial liabilities:
Derivatives		$	1,670							$	1,670

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

September 30, 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

$

4,196

$

4,196

December 31, 2016

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

$

64

$

64

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

		September 30, 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		$	57,915			$	57,915			$	-			$	-			$	57,915
Interest earning deposits with banks			29,038				29,038				-				-				29,038
Securities available for sale			792,058				-				792,058				-				792,058
Securities restricted			34,234				n/a				n/a				n/a				n/a
Securities held to maturity			189,603				-				190,105				-				190,105
Loans, net			2,892,432				-				-				2,850,092				2,850,092
Derivatives			2,447				-				2,447				-				2,447
Accrued interest receivable			11,005				-				3,566				7,439				11,005
Financial liabilities:
Certificates of deposit			223,305				-				222,814				-				222,814
Demand and other deposits			2,980,003				2,980,003				-				-				2,980,003
Federal funds purchased			50,000				50,000				-				-				50,000
Federal Home Loan Bank advances			476,674				159,915				316,132				-				476,047
Repurchase agreements			846				-				846				-				846
Subordinated debentures			78,606				-				78,720				-				78,720
Derivatives			1,719				-				1,719				-				1,719
Accrued interest payable			432				-				420				12				432

		December 31, 2016
						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		$	102,280			$	102,280			$	-			$	-			$	102,280
Interest earning deposits with banks			11,558				11,558				-				-				11,558
Securities available for sale			819,722				-				819,722				-				819,722
Securities restricted			34,743				n/a				n/a				n/a				n/a
Securities held to maturity			223,237				-				222,878				-				222,878
Loans, net			2,574,536				-				-				2,542,395				2,542,395
Derivatives			2,510				-				2,510				-				2,510
Accrued interest receivable			10,233				-				3,480				6,753				10,233
Financial liabilities:
Certificates of deposit			206,732				-				206,026				-				206,026
Demand and other deposits			2,719,277				2,719,277				-				-				2,719,277
Federal funds purchased			100,000				100,000				-				-				100,000
Federal Home Loan Bank advances			496,684				175,000				321,249				-				496,249
Repurchase agreements			674				-				674				-				674
Subordinated debentures			78,502				-				78,303				-				78,303
Junior subordinated debentures			15,244				-				-				15,258				15,258
Derivatives			1,670				-				1,670				-				1,670
Accrued interest payable			1,849				87				316				1,446				1,849

X

- 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

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-Topic 820
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-Section 50
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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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