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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2014
FAIR VALUE [Abstract] |
Summary of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):
|  |  | Fair Value Measurement at March 31, 2014 Using |
Financial Assets: |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 182,970 |  |  | $ | 31,258 |  |  | $ | 151,712 |  |  | $ | - |
Mortgage-backed securities, residential |  |  | 101,137 |  |  |  | - |  |  |  | 101,137 |  |  |  | - |
Collateralized mortgage obligations |  |  | 789 |  |  |  | - |  |  |  | 789 |  |  |  | - |
Obligations of states and political subdivisions |  |  | 38,345 |  |  |  | - |  |  |  | 38,345 |  |  |  | - |
Corporate bonds and notes |  |  | 2,926 |  |  |  | - |  |  |  | 2,926 |  |  |  | - |
SBA loan pools |  |  | 1,438 |  |  |  | - |  |  |  | 1,438 |  |  |  | - |
Trust Preferred securities |  |  | 2,037 |  |  |  | - |  |  |  | 2,037 |  |  |  | - |
Corporate stocks |  |  | 7,492 |  |  |  | 7,075 |  |  |  | 417 |  |  |  | - |
Total available for sale securities |  | $ | 337,134 |  |  | $ | 38,333 |  |  | $ | 298,801 |  |  | $ | - |
Trading assets |  | $ | 413 |  |  | $ | 413 |  |  | $ | - |  |  | $ | - |
|  |  | Fair Value Measurement at December 31, 2013 Using |
Financial Assets: |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Obligations of U.S. Government and U.S. Government sponsored enterprises |  | $ | 188,106 |  |  | $ | 31,262 |  |  | $ | 156,844 |  |  | $ | - |
Mortgage-backed securities, residential |  |  | 104,356 |  |  |  | - |  |  |  | 104,356 |  |  |  | - |
Collateralized mortgage obligations |  |  | 1,015 |  |  |  | - |  |  |  | 1,015 |  |  |  | - |
Obligations of states and political subdivisions |  |  | 38,376 |  |  |  | - |  |  |  | 38,376 |  |  |  | - |
Corporate bonds and notes |  |  | 2,946 |  |  |  | - |  |  |  | 2,946 |  |  |  | - |
SBA loan pools |  |  | 1,488 |  |  |  | - |  |  |  | 1,488 |  |  |  | - |
Trust Preferred securities |  |  | 2,034 |  |  |  | - |  |  |  | 2,034 |  |  |  | - |
Corporate stocks |  |  | 7,695 |  |  |  | 7,279 |  |  |  | 416 |  |  |  | - |
Total available for sale securities |  | $ | 346,016 |  |  | $ | 38,541 |  |  | $ | 307,475 |  |  | $ | - |
Trading assets |  | $ | 366 |  |  | $ | 366 |  |  | $ | - |  |  | $ | - |
Summary of assets and liabilities measured at fair value on a non-recurring basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands):
|  |  | Fair Value Measurement at March 31, 2014 Using |
Financial Assets: |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 255 |  |  | $ | - |  |  | $ | - |  |  | $ | 255 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 591 |  |  |  | - |  |  |  | - |  |  |  | 591 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 54 |  |  |  | - |  |  |  | - |  |  |  | 54 |
Total Impaired Loans |  | $ | 900 |  |  | $ | - |  |  | $ | - |  |  | $ | 900 |
Other real estate owned: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages other |  | $ | 176 |  |  | $ | - |  |  | $ | - |  |  | $ | 176 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 65 |  |  |  | - |  |  |  | - |  |  |  | 65 |
Total Other Real Estate Owned, net |  | $ | 241 |  |  | $ | - |  |  | $ | - |  |  | $ | 241 |
|  |  | Fair Value Measurement at December 31, 2013 Using |
Financial Assets: |  | Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Impaired Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 460 |  |  | $ | - |  |  | $ | - |  |  | $ | 460 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages other |  |  | 485 |  |  |  | - |  |  |  | - |  |  |  | 485 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 54 |  |  |  | - |  |  |  | - |  |  |  | 54 |
Total Impaired Loans |  | $ | 999 |  |  | $ | - |  |  | $ | - |  |  | $ | 999 |
Other real estate owned: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 101 |  |  | $ | - |  |  | $ | - |  |  | $ | 101 |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages other |  |  | 266 |  |  |  | - |  |  |  | - |  |  |  | 266 |
Residential mortgages |  |  | 106 |  |  |  | - |  |  |  | - |  |  |  | 106 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 65 |  |  |  | - |  |  |  | - |  |  |  | 65 |
Total Other Real Estate Owned, net |  | $ | 538 |  |  | $ | - |  |  | $ | - |  |  | $ | 538 |
Nonrecurring fair value measurement, valuation techniques | The following table presents information related to Level 3 non-recurring fair value measurement at March 31, 2014 and December 31, 2013 (dollars in thousands):
Description |  | Fair Value at March 31, 2014 |  |  | Technique |  |  | Unobservable Inputs |
Impaired loans |  | $ | 900 |  |  | Third party appraisals |  |  | 1 | Management discount based on underlying collateral characteristics and market conditions |
Other real estate owned |  | $ | 241 |  |  | Third party appraisals |  |  | 1 | Estimated holding period |
|  |  |  |  |  |  |  |  | 2 | Estimated closing costs |
Description |  | Fair Value at December 31, 2013 |  |  | Technique |  |  | Unobservable Inputs |
Impaired loans |  | $ | 999 |  |  | Third party appraisals |  |  | 1 | Management discount based on underlying collateral characteristics and market conditions |
Other real estate owned |  | $ | 538 |  |  | Third party appraisals |  |  | 1 | Estimated holding period |
|  |  |  |  |  |  |  |  | 2 | Estimated closing costs |
Carrying value and estimated fair value of financial instruments | The carrying amounts and estimated fair values of other financial instruments, at March 31, 2014 and December 31, 2013, are as follows (dollars in thousands):
|  | Fair Value Measurements at March 31, 2014 Using
Financial assets: |  | Carrying Amount |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  | Estimated Fair Value (1)
Cash and due from financial institutions |  | $ | 34,478 |  |  | $ | 34,478 |  | $ | - |  | $ | - | $ | 34,478
Interest-bearing deposits in other financial institutions |  |  | 22,670 |  |  |  | 22,670 |  |  | - |  |  | - |  | 22,670
Trading assets |  |  | 413 |  |  |  | 413 |  |  | - |  |  | - |  | 413
Securities available for sale |  |  | 337,134 |  |  |  | 38,333 |  |  | 298,801 |  |  | - |  | 337,134
Securities held to maturity |  |  | 6,126 |  |  |  | - |  |  | 6,532 |  |  | - |  | 6,532
FHLBNY and FRBNY stock |  |  | 4,482 |  |  |  | - |  |  | - |  |  | - |  | N/A
Loans, net |  |  | 1,011,410 |  |  |  | - |  |  | - |  |  | 1,037,728 |  | 1,037,728
Loans held for sale |  |  | 75 |  |  |  | - |  |  | 75 |  |  | - |  | 75
Accrued interest receivable |  |  | 4,436 |  |  |  | 361 |  |  | 1,747 |  |  | 2,328 |  | 4,436
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts |  | $ | 1,056,021 |  |  | $ | 1,056,021 |  | $ | - |  | $ | - | $ | 1,056,021
Time deposits |  |  | 235,869 |  |  |  | - |  |  | 236,679 |  |  | - |  | 236,679
Securities sold under agreements to repurchase |  |  | 30,646 |  |  |  | - |  |  | 31,773 |  |  | - |  | 31,773
FHLBNY term advances |  |  | 25,189 |  |  |  | - |  |  | 26,142 |  |  | - |  | 26,142
Accrued interest payable |  |  | 290 |  |  |  | 13 |  |  | 131 |  |  | 146 |  | 290
(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
|  | Fair Value Measurements at December 31, 2013 Using
Financial assets: |  | Carrying Amount |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  | Estimated Fair Value (1)
Cash and due from financial institutions |  | $ | 31,600 |  |  | $ | 31,600 |  | $ | - |  | $ | - | $ | 31,600
Interest-bearing deposits in other financial institutions |  |  | 20,009 |  |  |  | 20,009 |  |  | - |  |  | - |  | 20,009
Trading assets |  |  | 366 |  |  |  | 366 |  |  | - |  |  | - |  | 366
Securities available for sale |  |  | 346,016 |  |  |  | 38,541 |  |  | 307,475 |  |  | - |  | 346,016
Securities held to maturity |  |  | 6,495 |  |  |  | - |  |  | 6,930 |  |  | - |  | 6,930
FHLBNY and FRBNY stock |  |  | 4,482 |  |  |  | - |  |  | - |  |  | - |  | N/A
Loans, net |  |  | 983,090 |  |  |  | - |  |  | - |  |  | 1,008,826 |  | 1,008,826
Loans held for sale |  |  | 695 |  |  |  | - |  |  | 695 |  |  | - |  | 695
Accrued interest receivable |  |  | 4,166 |  |  |  | 145 |  |  | 1,468 |  |  | 2,553 |  | 4,166
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts |  | $ | 1,021,764 |  |  | $ | 1,021,764 |  | $ | - |  | $ | - | $ | 1,021,764
Time deposits |  |  | 244,492 |  |  |  | - |  |  | 245,482 |  |  | - |  | 245,482
Securities sold under agreements to repurchase |  |  | 32,701 |  |  |  | - |  |  | 33,636 |  |  | - |  | 33,636
FHLBNY term advances |  |  | 25,243 |  |  |  | - |  |  | 26,064 |  |  | - |  | 26,064
Accrued interest payable |  |  | 336 |  |  |  | 15 |  |  | 170 |  |  | 151 |  | 336
(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 + Details
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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 + Details
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