Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENT

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FAIR VALUE MEASUREMENT
 9 Months Ended
Sep. 30, 2012
FAIR VALUE MEASUREMENT
        Fair Value Measurements at September 30, 2012 Using      
        Quoted Prices in                  
        Active Markets   Significant Other   Significant      
        for Identical   Observable Inputs   Unobservable      
        Assets (Level 1)   (Level 2)   Inputs (Level 3)     Total
Assets Measured on a Recurring Basis:   (In Thousands)
  Available-for-sale securities:                        
    U.S. Treasury and government sponsored agencies   $ -   $ 33,494   $ -   $ 33,494
    Mortgage-backed securities     -     81,957     -     81,957
    State and municipal securities     -     115,196     -     115,196
    Corporate debt     -     5,935     -     5,935
  Interest rate swap agreements     -     490     -     490
    Total assets at fair value   $ -   $ 237,072   $ -   $ 237,072
                             
Liabilities Measured on a Recurring Basis:                        
  Interest rate swap agreements   $ -   $ 490   $ -   $ 490
                             
        Fair Value Measurements at December 31, 2011 Using      
        Quoted Prices in                  
        Active Markets   Significant Other   Significant      
        for Identical   Observable Inputs   Unobservable      
        Assets (Level 1)   (Level 2)   Inputs (Level 3)     Total
Assets Measured on a Recurring Basis:     (In Thousands)
  Available-for-sale securities                        
    U.S. Treasury and government sponsored agencies   $ -   $ 99,622   $ -   $ 99,622
    Mortgage-backed securities     -     92,580     -     92,580
    State and municipal securities     -     100,526     -     100,526
    Corporate debt     -     1,081     -     1,081
  Interest rate swap agreements     -     617     -     617
  Interest rate cap     -     9     -     9
    Total assets at fair value   $ -   $ 294,435   $ -   $ 294,435
                             
Liabilities Measured on a Recurring Basis:                        
  Interest rate swap agreements   $ -   $ 617   $ -   $ 617

      Fair Value Measurements at September 30, 2012 Using      
        Quoted Prices in                  
        Active Markets     Significant Other     Significant      
        for Identical     Observable     Unobservable      
        Assets (Level 1)     Inputs (Level 2)     Inputs (Level 3)     Total
Assets Measured on a Nonrecurring Basis:   (In Thousands)
  Impaired loans $ -     -   $ 34,825   $ 34,825
  Other real estate owned and repossessed assets   -     -     9,834     9,834
    Total assets at fair value   -     -   $ 44,659   $ 44,659
                           
      Fair Value Measurements at December 31, 2011 Using      
        Quoted Prices in                  
        Active Markets     Significant Other     Significant      
        for Identical     Observable     Unobservable      
        Assets (Level 1)     Inputs (Level 2)     Inputs (Level 3)     Total
Assets Measured on a Nonrecurring Basis:   (In Thousands)
  Impaired loans $ -   $ -   $ 33,072   $ 33,072
  Other real estate owned   -     -     12,275     12,275
    Total assets at fair value $ -   $ -   $ 45,347   $ 45,347

      September 30, 2012   December 31, 2011
      Carrying       Carrying    
      Amount   Fair Value   Amount   Fair Value
        (In Thousands)
Financial Assets:                        
Level 2 inputs:                        
  Investment securities available for sale   $ 223,877   $ 236,582   $ 282,647   $ 293,809
  Investment securities held to maturity     20,791     22,327     15,209     15,999
  Restricted equity securities     3,941     3,941     3,501     3,501
  Mortgage loans held for sale     28,558     28,558     17,859     17,859
  Derivatives     490     490     626     626
                           
Level 3 inputs:                        
  Loans, net     2,136,526     2,129,675     1,808,712     1,811,612
                           
Financial Liabilities:                        
Level 2 inputs:                        
  Deposits     2,409,521     2,412,422     2,143,887     2,150,308
  Borrowings     -     -     4,954     5,377
  Trust preferred securities     30,514     27,085     30,514     27,402
  Derivatives     490     490     617     617