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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2013

The estimated fair values of the Company’s financial instruments at March 31, 2013 and December 31, 2012 were as follows (In thousands):

		March 31, 2013				December 31, 2012
		(Unaudited)
	Fair Value			Estimated				Estimated
	Hierarchy	Carrying		Fair		Carrying		Fair
	Level	Amount		Value		Amount		Value

Financial assets:
Cash and cash equivalents	Level 1	$	5,873	$	5,873	$	25,090	$	25,090
Available for sale securities:
Investment securities available-for-sale	Level 2	12,542		12,542		12,491		12,491
Private label commercial mortgage related securities	Level 3	4,679		4,679		6,197		6,197
Agency residential mortgage related securities	Level 2	298,048		298,048		277,419		277,419
Held to maturity securities:
Agency mortgage related securities	Level 2	25,611		26,638		28,369		29,451
Loans receivable, net	Level 3	677,478		680,164		683,865		686,867
Federal Home Loan Bank stock	Level 3	9,707		9,707		8,097		8,097
Accrued interest receivable	Level 3	3,394		3,394		3,223		3,223
Mortgage servicing rights	Level 2	170		170		170		170
Financial assets acquired from debtors	Level 3	5,762		5,762		3,714		3,714

Financial liabilities:
Savings and club accounts	Level 2	98,421		98,421		99,046		99,046
Demand, NOW and money market deposits	Level 2	276,009		276,009		275,693		275,693
Brokered deposits	Level 2	69,106		69,192		50,637		50,715
Certificates of deposit	Level 2	253,400		255,229		262,033		264,694
Short-term borrowings	Level 2	29,700		29,700		70,500		70,500
Federal Home Loan Bank advances	Level 2	140,000		145,223		110,000		115,767
Other borrowed funds	Level 2	30,000		33,364		30,000		33,651
Accrued interest payable	Level 2	335		335		330		330
Derivative contracts	Level 2, 3	287		287		320		320

Schedule of fair value measurements on a recurring basis

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
			for Identical		Observable		Unobservable
	As of		Assets		Inputs		Inputs
Description	March 31, 2013		(Level 1)		(Level 2)		(Level 3)
	(In Thousands, Unaudited)
Available for Sale Securities:
Obligations of U.S. government agencies	$	313	$	-	$	313	$	-
Corporate securities	12,229		-		12,229		-
Private label commercial mortgage related securities	4,679		-		-		4,679
Agency residential mortgage related securities	298,048		-		298,048		-
Loans (1)	2,751		-		-		2,751
Financial assets acquired from debtors	5,762		-		-		5,762
Derivative contracts (1)	(287)		-		(275)		(12		)
Total	$	323,495	$	-	$	310,315	$	13,180

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
			for Identical		Observable		Unobservable
	As of		Assets		Inputs		Inputs
Description	December 31, 2012		(Level 1)		(Level 2)		(Level 3)
	(In Thousands)
Available for Sale Securities:
Obligations of U.S. government agencies	$	314	$	-	$	314	$	-
Corporate securities	12,177		-		12,177		-
Private label commercial mortgage related securities	6,197		-		-		6,197
Agency residential mortgage related securities	277,419		-		277,419		-
Loans (1)	2,806		-		-		2,806
Financial assets acquired from debtors	3,714		-		-		3,714
Derivative contracts (1)	(320)		-		(308)		(12		)
Total	$	302,307	$	-	$	289,602	$	12,705

(1) Such financial instruments are recorded at fair value as further described in Note 4.

Schedule of fair value measurements on a non-recurring basis

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
Description	Balance		(Level 1)		(Level 2)		(Level 3)
As of March 31, 2013 (Unaudited)			(In Thousands)
Loans	$	1,841	$	-	$	-	$	1,841
Mortgage servicing rights	170		-		170		-
Other real estate owned	5,830		-		-		5,830
Total	$	7,841	$	-	$	170	$	7,671

As of December 31, 2012
Loans	$	2,951	$	-	$	-	$	2,951
Mortgage servicing rights	170		-		170		-
Other real estate owned	4,810		-		-		4,810
Total	$	7,931	$	-	$	170	$	7,761

Rollforward of Level 3 Fair Value Financial Instruments

Three Months Ended March 31, 2013

	Private Label		Private Label
	Residential		Commercial						Financial
	Mortgage		Mortgage						Assets
	Related		Related			Derivative			Acquired
	Security		Securities			Contracts			from Debtors			Loans			Total
	(In thousands, Unaudited)

Beginning balance, December 31, 2012	$	-	$	6,197		$	(12	)	$	3,714		$	2,806		$	12,705
Purchases/additions	-		-			(2		)	1,994			-			1,992
Sales	-		-			-			-			-			-
Payments (received) made	-		(1,486		)	-			295			(26		)	(1,217		)
Premium amortization, net	-		(2		)	-			-			-			(2		)
Increase/(decrease) in value	-		(30		)	2			(241		)	(29		)	(298		)

Ending balance, March 31, 2013	$	-	$	4,679		$	(12	)	$	5,762		$	2,751		$	13,180

Three Months Ended March 31, 2012

	Private Label			Private Label
	Residential			Commercial					Financial
	Mortgage			Mortgage					Assets
	Related			Related			Derivative		Acquired
	Security			Securities			Contracts		from Debtors		Loans			Total
	(In thousands)

Beginning balance, December 31, 2011	$	122		$	8,906		$	-	$	-	$	2,877		$	11,905
Payments received	(5		)	(1,478		)	-		-		(11		)	(1,494		)
Premium amortization, net	-			4			-		-		-			4
Increase/(decrease) in value	20			(28		)	-		-		(44		)	(52		)

Ending balance, March 31, 2012	$	137		$	7,404		$	-	$	-	$	2,822		$	10,363

- 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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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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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- 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.

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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

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-Name Statement of Financial Accounting Standard (FAS)

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-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 Statement of Financial Accounting Standard (FAS)

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