XML 43 R43.htm IDEA: XBRL DOCUMENT
v2.4.1.9

FAIR VALUES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
FAIR VALUES [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (amounts in thousands):
|  |  | Fair Value Measurement at December 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 |  | $ | 181,673 |  |  | $ | 31,115 |  |  | $ | 150,558 |  |  | $ | - |
Mortgage-backed securities, residential |  |  | 61,660 |  |  |  | - |  |  |  | 61,660 |  |  |  | - |
Collateralized mortgage obligations |  |  | 338 |  |  |  | - |  |  |  | 338 |  |  |  | - |
Obligations of states and political subdivisions |  |  | 31,451 |  |  |  | - |  |  |  | 31,451 |  |  |  | - |
Corporate bonds and notes |  |  | 1,533 |  |  |  | - |  |  |  | 1,533 |  |  |  | - |
SBA loan pools |  |  | 1,304 |  |  |  | - |  |  |  | 1,304 |  |  |  | - |
Trust Preferred securities |  |  | 2,028 |  |  |  | - |  |  |  | 2,028 |  |  |  | - |
Corporate stocks |  |  | 520 |  |  |  | 104 |  |  |  | 416 |  |  |  | - |
Total available for sale securities |  | $ | 280,507 |  |  | $ | 31,219 |  |  | $ | 249,288 |  |  | $ | - |
Trading assets |  | $ | 549 |  |  | $ | 549 |  |  | $ | - |  |  | $ | - |
|  |  | 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 |  |  | $ | - |  |  | $ | - |
Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The tables below present a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2014 and 2013:
Trust Preferred Securities Available for Sale |  | Fair Value Measurement twelve-months ended December 31, 2014 Using Significant Unobservable Inputs (Level 3) |  |  | Fair Value Measurement twelve-months ended December 31, 2013 Using Significant Unobservable Inputs (Level 3) |
Beginning balance |  | $ | - |  |  | $ | 445,600 |
Total gains/losses (realized/unrealized): |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |
Impairment charge on investment securities |  |  | - |  |  |  | (29,025 | )
Included in other comprehensive income |  |  | - |  |  |  | 183,425 |
Transfers in and/or out of Level 3 |  |  | - |  |  |  | (600,000 | )
Ending balance, December 31 |  | $ | - |  |  | $ | - |
Summary of Assets and Liabilities Measured at Fair Value on Non-recurring Basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below (amounts in thousands):
|  |  | Fair Value Measurement at December 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 mortgages: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages |  | $ | 3,593 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,905 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 52 |  |  |  | - |  |  |  | - |  |  |  | 52 |
Total Impaired Loans |  | $ | 3,645 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,957 |
Other real estate owned: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages |  | $ | 3,063 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,063 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 2 |
Total Other Real Estate Owned, net |  | $ | 3,065 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,065 |
|  |  | 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 |  |  | 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 |  |  | 266 |  |  |  | - |  |  |  | - |  |  |  | 266 |
Residential mortgages |  |  | 106 |  |  |  | - |  |  |  | - |  |  |  | 106 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 65 |  |  |  | - |  |  |  | - |  |  |  | 65 |
Total Other Real Estate Owned, net |  | $ | 538 |  |  | $ | - |  |  | $ | - |  |  | $ | 538 |
Information Related To Level 3 Non-Recurring Fair Value Measurement | The following table presents information related to Level 3 non-recurring fair value measurement at December 31, 2014 and December 31, 2013 (amounts in thousands):
Description |  | Fair Value at December 31, 2014 |  | Technique |  | Unobservable Inputs
Impaired loans |  | $ | 3,645 |  | Third party real estate and a 100% discount of personal property |  |  | 1 |  | Management discount based on underlying collateral characteristics and market conditions
OREO |  | $ | 3,065 |  | 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 real estate and a 100% discount of personal property |  |  | 1 |  | Management discount based on underlying collateral characteristics and market conditions
OREO |  | $ | 538 |  | Third party appraisals |  |  | 1 |  | Estimated holding period
|  |  |  |  |  |  |  | 2 |  | Estimated closing costs
Carrying Value and Estimated Fair Value of Other Financial Instruments | The carrying amounts and estimated fair values of other financial instruments, at December 31, 2014 and December 31, 2013, are as follows (amounts in thousands):
|  | Fair Value Measurements at December 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 |  | $ | 28,130 |  |  | $ | 28,130 |  |  | $ | - |  |  | $ | - |  |  | $ | 28,130 |
Interest-bearing deposits in other financial institutions |  |  | 1,033 |  |  |  | 1,033 |  |  |  | - |  |  |  | - |  |  |  | 1,033 |
Trading assets |  |  | 549 |  |  |  | 549 |  |  |  | - |  |  |  | - |  |  |  | 549 |
Securities available for sale |  |  | 280,507 |  |  |  | 31,219 |  |  |  | 249,288 |  |  |  | - |  |  |  | 280,507 |
Securities held to maturity |  |  | 5,831 |  |  |  | - |  |  |  | 6,197 |  |  |  | - |  |  |  | 6,197 |
FHLBNY and FRBNY stock |  |  | 5,535 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | N/A |
Loans, net |  |  | 1,107,888 |  |  |  | - |  |  |  | - |  |  |  | 1,135,590 |  |  |  | 1,135,590 |
Loans held for sale |  |  | 665 |  |  |  | - |  |  |  | 665 |  |  |  | - |  |  |  | 665 |
Accrued interest receivable |  |  | 4,185 |  |  |  | 145 |  |  |  | 1,295 |  |  |  | 2,745 |  |  |  | 4,185 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts |  | $ | 1,068,171 |  |  | $ | 1,068,171 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,068,171 |
Time deposits |  |  | 211,843 |  |  |  | - |  |  |  | 212,397 |  |  |  | - |  |  |  | 212,397 |
Securities sold under agreements to repurchase |  |  | 29,652 |  |  |  | - |  |  |  | 30,853 |  |  |  | - |  |  |  | 30,853 |
FHLBNY overnight advances |  |  | 30,830 |  |  |  | - |  |  |  | 30,832 |  |  |  | - |  |  |  | 30,832 |
FHLBNY term advances |  |  | 19,310 |  |  |  | - |  |  |  | 20,235 |  |  |  | - |  |  |  | 20,235 |
Accrued interest payable |  |  | 237 |  |  |  | 15 |  |  |  | 222 |  |  |  | - |  |  |  | 237 |
(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 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.

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 Reference 1: 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=36462937&loc=d3e19296-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + 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 (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: 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=36462937&loc=d3e19207-110258 Reference 2: 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=35750535&loc=d3e13433-108611 Reference 3: 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=35750535&loc=d3e13467-108611 Reference 4: 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=35750535&loc=d3e13476-108611 Reference 5: 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 6: 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 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + 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=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration