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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.