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FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 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 Company has elected the fair value option:

						Fair Value Measurements Using
						Quoted
						Prices In
						Active
						Markets				Significant
						For				Other				Significant
						Identical				Observable				Unobservable
						Assets				Inputs				Inputs
(In thousands)		December 31, 2018				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities available for sale:
U.S. government-sponsored agencies		$	102,013			$	—			$	102,013			$	—
Mortgage-backed securities-residential			251,362				—				251,362				—
SBA pool securities			3,839				—				3,839				—
State and political subdivisions			17,610				—				17,610				—
Corporate bond			3,112				—				3,112				—
CRA investment fund			4,719				4,719				—				—
Loans held for sale, at fair value			1,576				—				1,576				—
Derivatives:
Cash flow hedges			1,657				—				1,657				—
Loan level swaps			9,689				—				9,689				—
Total		$	395,577			$	4,719			$	390,858			$	—
Liabilities:
Derivatives:
Cash flow hedges		$	(849	)		$	—			$	(849	)		$	—
Loan level swaps			(9,689	)			—				(9,689	)			—
Total		$	(10,538	)		$	—			$	(10,538	)		$	—
(In thousands)		December 31, 2017
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:
Cash flow hedges		$	—			$	—			$	—			$	—
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 at the dates indicated:

		December 31, 2018				December 31, 2017
Residential loans contractual balance		$	1,552			$	972
Fair value adjustment			24				12
Total fair value of residential loans held for sale		$	1,576			$	984

Schedule of carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments at December 31, 2018 are as follows:

						Fair Value Measurements at December 31, 2018 Using
(In thousands)		Carrying Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	160,773			$	160,773			$	—			$	—			$	160,773
Securities available for sale			377,936				—				377,936				—				377,936
CRA investment fund			4,719				4,719				—				—				4,719
FHLB and FRB stock			18,533				—				—				—			N/A
Loans held for sale, at fair value			1,576				—				1,576				—				1,576
Loans held for sale, at lower of cost    or fair value			3,542				—				3,654				—				3,654
Loans, net of allowance for loan losses			3,889,427				—				—				3,852,004				3,852,004
Accrued interest receivable			10,814				—				1,875				8,939				10,814
Cash flow hedges			1,657				—				1,657				—				1,657
Loan level swaps			9,689				—				9,689				—				9,689
Financial liabilities
Deposits		$	3,895,340			$	3,249,274			$	640,997			$	—			$	3,890,271
Federal Home Loan Bank advances			108,000				—				108,950				—				108,950
Subordinated debt			83,193				—				—				82,207				82,207
Accrued interest payable			2,868				331				2,482				55				2,868
Cash flow hedges			849				—				849				—				849
Loan level swaps			9,689				—				9,689				—				9,689

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
(In thousands)		Carrying 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 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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- Definition

Tabular disclosure of residential loans held for sale.

+ References

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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- Definition

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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