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ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2016
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS  
Schedule of assets and liabilities measured on a recurring basis
 
          Fair Value Measurements at  
          3/31/2016  
                Significant        
          Quoted Prices In     Other     Significant  
          Active Markets for     Observable     Unobservable  
    Carrying     Identical Assets     Inputs     Inputs  
(In thousands)   Value     (Level 1)     (Level 2)     (Level 3)  
Financial Assets:                                
Available for sale securities:                                
U.S. GSE securities   $ 67,306           $ 67,306        
State and municipal obligations     103,679               103,679          
U.S. GSE residential mortgage-backed securities     216,524               216,524          
U.S. GSE residential collateralized mortgage obligations     360,863               360,863          
U.S. GSE commercial mortgage-backed securities     12,656               12,656          
U.S. GSE commercial collateralized mortgage obligations     69,061               69,061          
Other asset backed securities     22,310               22,310          
Corporate bonds     31,227               31,227          
Total available for sale   $ 883,626             $ 883,626          
Derivatives   $ 2,096             $ 2,096          
                                 
Financial Liabilities:                                
Derivatives   $ 5,162             $ 5,162          

 

          Fair Value Measurements at  
          December 31, 2015 Using:  
                Significant        
          Quoted Prices In     Other     Significant  
          Active Markets for     Observable     Unobservable  
    Carrying     Identical Assets     Inputs     Inputs  
(In thousands)   Value     (Level 1)     (Level 2)     (Level 3)  
Financial Assets:                                
Available for sale securities:                                
U.S. GSE securities   $ 62,674           $ 62,674        
State and municipal obligations     87,935               87,935          
U.S. GSE residential mortgage-backed securities     200,264               200,264          
U.S. GSE residential collateralized mortgage obligations     317,878               317,878          
U.S. GSE commercial mortgage-backed securities     12,418               12,418          
U.S. GSE commercial collateralized mortgage obligations     64,198               64,198          
Other Asset backed securities     22,371               22,371          
Corporate bonds     32,465               32,465          
Total available for sale   $ 800,203             $ 800,203          
Derivatives   $ 779             $ 779          
                                 
Financial Liabilities:                                
Derivatives   $ 2,073             $ 2,073          
 
Schedule of assets measured at fair value on a non-recurring basis
 
          Fair Value Measurements at  
          March 31, 2016 Using:  
                Significant        
          Quoted Prices In     Other     Significant  
          Active Markets for     Observable     Unobservable  
    Carrying     Identical Assets     Inputs     Inputs  
(In thousands)   Value     (Level 1)     (Level 2)     (Level 3)  
Impaired loans   $ 167       —       —     $ 167  

 

          Fair Value Measurements at  
          December 31, 2015 Using:  
                Significant        
          Quoted Prices In     Other     Significant  
          Active Markets for     Observable     Unobservable  
    Carrying     Identical Assets     Inputs     Inputs  
(In thousands)   Value     (Level 1)     (Level 2)     (Level 3)  
Impaired loans   $ 483       —       —     $ 483  
Other real estate owned     250       —       —       250  
 
Schedule of estimated fair values and recorded carrying values of financial instruments
 
          Fair Value Measurements at        
          March 31, 2016 Using:        
                Significant              
          Quoted Prices In     Other     Significant        
          Active Markets for     Observable     Unobservable        
    Carrying     Identical Assets     Inputs     Inputs        
(In thousands)   Amount     (Level 1)     (Level 2)     (Level 3)     Total  
Financial assets:                                        
Cash and due from banks   $ 44,797     $ 44,797     $ -     $ -     $ 44,797  
Interest bearing deposits with banks     22,411       -       22,411       -       22,411  
Securities available for sale     883,626       -       883,626       -       883,626  
Securities restricted     24,865        n/a        n/a        n/a        n/a  
Securities held to maturity     218,278       -       223,535       -       223,535  
Loans, net     2,459,448       -       -       2,468,721       2,468,721  
Derivatives     2,096               2,096               2,096  
Accrued interest receivable     9,982       -       3,810       6,172       9,982  
                                         
Financial liabilities:                                        
Certificates of deposit     267,578       -       268,784       -       268,784  
Demand and other deposits     2,672,834       2,672,834       -       -       2,672,834  
Federal funds purchased     135,000       135,000       -       -       135,000  
Federal Home Loan Bank term advances     299,174       199,207       102,149       -       301,356  
Repurchase agreements     50,965       -       52,029       -       52,029  
Subordinated Debentures     78,397       -       -       82,681       82,681  
Junior Subordinated Debentures     15,879       -       -       17,464       17,464  
Derivatives     5,162       -       5,162       -       5,162  
Accrued interest payable     568       74       494       -       568  

 

          Fair Value Measurements at        
          December 31, 2015 Using:        
                Significant              
          Quoted Prices In     Other     Significant        
          Active Markets for     Observable     Unobservable        
    Carrying     Identical Assets     Inputs     Inputs        
(In thousands)   Amount     (Level 1)     (Level 2)     (Level 3)     Total  
Financial assets:                                        
Cash and due from banks   $ 79,750     $ 79,750     $ -     $ -     $ 79,750  
Interest bearing deposits with banks     24,808       -       24,808       -       24,808  
Securities available for sale     800,203       -       800,203       -       800,203  
Securities restricted     24,788        n/a        n/a        n/a        n/a  
Securities held to maturity     208,351       -       210,003       -       210,003  
Loans, net     2,390,030       -       -       2,379,171       2,379,171  
Derivatives     779               779               779  
Accrued interest receivable     9,270       -       3,228       6,042       9,270  
                                         
Financial liabilities:                                        
Certificates of deposit     292,855       -       293,368       -       293,368  
Demand and other deposits     2,550,770       2,550,770       -       -       2,550,770  
Federal funds purchased     120,000       120,000       -       -       120,000  
Federal Home Loan Bank term advances     297,507       197,243       100,772       -       298,015  
Repurchase agreements     50,891       -       51,480       -       51,480  
Subordinated Debentures     78,363       -       -       78,830       78,830  
Junior Subordinated Debentures     15,878       -       -       16,566       16,566  
Derivatives     2,073       -       2,073       -       2,073  
Accrued interest payable     1,644       93       1,551       -       1,644