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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2015
Fair Value Disclosures [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 (in thousands):
|  | Fair Value Measurement at September 30, 2015 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 | $ | 126,028 |  |  | $ | 14,878 |  |  | $ | 111,150 |  |  | $ | — |
Mortgage-backed securities, residential | 162,580 |  |  | — |  |  | 162,580 |  |  | — |
Obligations of states and political subdivisions | 44,573 |  |  | — |  |  | 44,573 |  |  | — |
Corporate bonds and notes | 1,260 |  |  | — |  |  | 1,260 |  |  | — |
SBA loan pools | 669 |  |  | — |  |  | 669 |  |  | — |
Corporate stocks | 461 |  |  | 54 |  |  | 407 |  |  | — |
Total available for sale securities | $ | 335,571 |  |  | $ | 14,932 |  |  | $ | 320,639 |  |  | $ | — |
Trading assets | $ | 636 |  |  | $ | 636 |  |  | $ | — |  |  | $ | — |
|  | 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 |  |  | $ | — |  |  | $ | — |
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 (in thousands):
|  |  | Fair Value Measurement at September 30, 2015 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 | $ | 3,481 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,481 |
Total impaired loans | $ | 3,481 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,481 |
Other real estate owned: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |  |  |
Commercial mortgages | $ | 2,376 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,376 |
Total other real estate owned, net | $ | 2,376 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,376 |
|  |  | 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 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,593 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans | 52 |  |  | — |  |  | — |  |  | 52 |
Total impaired loans | $ | 3,645 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,645 |
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 |
Nonrecurring fair value measurement, valuation techniques | The following tables presents information related to Level 3 non-recurring fair value measurement at September 30, 2015 and December 31, 2014 (in thousands):
Description |  | Fair Value at September 30, 2015 |  | Valuation Technique |  | Unobservable Inputs |  | Unobservable Inputs Value or Range
Impaired loans |  | $ | 3,481 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments by management for qualitative factors such as market conditions and collateral characteristics |  | 0% - 100% discount
Other real estate owned |  | $ | 2,376 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments by management for qualitative factors such as market conditions and estimated liquidation expenses |  | 31% discount
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.
Description |  | Fair Value at December 31, 2014 |  | Valuation Technique |  | Unobservable Inputs |  | Unobservable Inputs Value or Range
Impaired loans |  | $ | 3,645 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments by management for qualitative factors such as market conditions and collateral characteristics |  | 0% - 100% discount
Other real estate owned |  | $ | 3,065 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments by management for qualitative factors such as market conditions and estimated liquidation expenses |  | 7% - 27% discount
Carrying value and estimated fair value of financial instruments | The carrying amounts and estimated fair values of other financial instruments, at September 30, 2015 and December 31, 2014, are as follows (in thousands):
| Fair Value Measurements at September 30, 2015 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 | $ | 30,800 |  |  | $ | 30,800 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,800 |
Interest-bearing deposits in other financial institutions | 44,449 |  |  | 44,449 |  |  | — |  |  | — |  |  | 44,449 |
Trading assets | 636 |  |  | 636 |  |  | — |  |  | — |  |  | 636 |
Securities available for sale | 335,571 |  |  | 14,932 |  |  | 320,639 |  |  | — |  |  | 335,571 |
Securities held to maturity | 4,604 |  |  | — |  |  | 4,897 |  |  | — |  |  | 4,897 |
FHLBNY and FRBNY stock | 4,171 |  |  | — |  |  | — |  |  | — |  |  | N/A |
Loans, net | 1,127,915 |  |  | — |  |  | — |  |  | 1,152,781 |  |  | 1,152,781 |
Loans held for sale | 316 |  |  | — |  |  | 319 |  |  | — |  |  | 319 |
Accrued interest receivable | 4,252 |  |  | 113 |  |  | 1,471 |  |  | 2,668 |  |  | 4,252 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts | $ | 1,237,236 |  |  | $ | 1,237,236 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,237,236 |
Time deposits | 173,205 |  |  | — |  |  | 173,639 |  |  | — |  |  | 173,639 |
Securities sold under agreements to repurchase | 30,358 |  |  | — |  |  | 31,232 |  |  | — |  |  | 31,232 |
FHLBNY term advances | 19,230 |  |  | — |  |  | 19,853 |  |  | — |  |  | 19,853 |
Accrued interest payable | 207 |  |  | 15 |  |  | 192 |  |  | — |  |  | 207 |
(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, 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.

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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 Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- 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 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611 Reference 2: 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 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=49121117&loc=d3e13467-108611 Reference 4: 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 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 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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- 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
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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=36462937&loc=d3e19190-110258 + Details
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