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FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on a recurring basis

The following table summarizes, for the periods indicated, assets measured at fair value on a recurring basis, including financial assets for which the Corporation has elected the fair value option:

Assets Measured on a Recurring Basis

						Fair Value Measurements Using
						Quoted
						Prices in
						Active
						Markets				Significant
						For				Other				Significant
						Identical				Observable				Unobservable
		June 30,				Assets				Inputs				Inputs
(In thousands)		2018				(Level 1)				(Level 2)				(Level 3)
Assets:
Available for sale:
U.S. government-sponsored agencies		$	66,612			$	—			$	66,612			$	—
Mortgage-backed securities-residential			253,969				—				253,969				—
SBA pool securities			4,654				—				4,654				—
State and political subdivisions			18,506				—				18,506				—
Corporate bond			3,049				—				3,049				—
CRA investment fund			4,710				4,710				—				—
Loans held for sale, at fair value			996				—				996				—
Derivatives:
Cash flow hedges			2,680				—				2,680				—
Loan level swaps			9,992				—				9,992				—
Total		$	365,168			$	4,710			$	360,458			$	—
Liabilities:
Derivatives:
Loan level swaps		$	(9,992	)		$	—			$	(9,992	)		$	—
Total		$	(9,992	)		$	—			$	(9,992	)		$	—

Assets Measured on a Recurring Basis

						Fair Value Measurements Using
						Quoted
						Prices in
						Active
						Markets				Significant
						For				Other				Significant
						Identical				Observable				Unobservable
		December 31,				Assets				Inputs				Inputs
(In thousands)		2017				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities available for sale:
U.S. government-sponsored agencies		$	43,701				—			$	43,701			$	—
Mortgage-backed securities-residential			243,116				—				243,116				—
SBA pool securities			5,205				—				5,205				—
State and political subdivisions			24,868				—				24,868				—
Corporate bond			3,082				—				3,082				—
Single-issuer trust preferred security			2,837				—				2,837				—
CRA investment fund			4,824				4,824				—				—
Loans held for sale, at fair value			984				—				984				—
Derivatives:
Cash flow hedges			1,394				—				1,394				—
Loan level swaps			3,131				—				3,131				—
Total		$	333,142			$	4,824			$	328,318			$	—
Liabilities:
Derivatives:
Loan level swaps		$	(3,131	)		$	—			$	(3,131	)		$	—
Total		$	(3,131	)		$	—			$	(3,131	)		$	—

Schedule of residential loans held for sale

The following tables present residential loans held for sale, at fair value for the periods indicated:

(In thousands)		June 30, 2018				December 31, 2017
Residential loans contractual balance		$	980			$	972
Fair value adjustment			16				12
Total fair value of residential loans held for sale		$	996			$	984

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

The following table summarizes, for the periods indicated, assets measured at fair value on a non-recurring basis (Quantitative disclosures for non-recurring Level 3 assets have been omitted due to immateriality):

Assets Measured on a Non-Recurring Basis

Fair Value Measurements Using

Quoted

Prices in

Active

Markets

Significant

For

Other

Significant

Identical

Observable

Unobservable

June 30,

Assets

Inputs

Inputs

(In thousands)

2018

(Level 1)

(Level 2)

(Level 3)

Assets:

Impaired loans:

Investment commercial real estate

$

3,600

$

—

$

3,600

$

—

Schedule of carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at June 30, 2018 are as follows:

						Fair Value Measurements at June 30, 2018 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	66,790			$	66,790			$	—			$	—			$	66,790
Securities available for sale			346,790				—				346,790				—				346,790
CRA investment fund			4,710				4,710				—				—				4,710
FHLB and FRB stock			21,533				—				—				—			N/A
Loans held for sale, at fair value			996				—				996				—				996
Loans held for sale, at lower of cost or fair value			3,000				—				3,300				—				3,300
Loans, net of allowance for loan and lease losses			3,684,839				—				—				3,645,489				3,645,489
Accrued interest receivable			7,202				—				1,344				5,858				7,202
Cash flow hedges			2,680				—				2,680				—				2,680
Loan level swaps			9,992				—				9,992				—				9,992
Financial liabilities
Deposits		$	3,522,913			$	2,933,336			$	582,874			$	—			$	3,516,210
Overnight borrowings			127,350				—				127,350				—				127,350
Federal home loan bank advances			52,898				—				52,875				—				52,875
Subordinated debt			83,133				—				—				82,777				82,777
Accrued interest payable			2,563				165				2,342				56				2,563
Loan level swap			9,992				—				9,992				—				9,992

The carrying amounts and estimated fair values of financial instruments at December 31, 2017 are as follows:

						Fair Value Measurements at December 31, 2017 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	113,447			$	113,447			$	—			$	—			$	113,447
Securities available for sale			327,633				4,824				322,809				—				327,633
FHLB and FRB stock			13,378				—				—				—			N/A
Loans held for sale, at fair value			984				—				984				—				984
Loans held for sale, at lower of cost or fair value			187				—				206				—				206
Loans, net of allowance for loan and lease losses			3,668,000				—				—				3,649,132				3,649,132
Accrued interest receivable			9,452				—				1,041				8,411				9,452
Cash flow Hedges			1,394				—				1,394				—				1,394
Loan level swaps			3,131				—				3,131				—				3,131
Financial liabilities
Deposits		$	3,698,354			$	3,082,728			$	612,591			$	—			$	3,695,319
Federal home loan bank advances			37,898				—				37,907				—				37,907
Subordinated debt			83,024				—				—				84,150				84,150
Accrued interest payable			1,756				192				1,495				69				1,756
Loan level swaps			3,131				—				3,131				—				3,131

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Tabular disclosure of residential loans held for sale.

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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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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-SubTopic 10
-Section 50
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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