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FAIR VALUE (Tables)

9 Months Ended

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.

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).

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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.

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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.

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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).

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