FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2019

FAIR VALUE DISCLOSURES [Abstract]

Assets (Liabilities) Measured at Fair Value on Recurring and Non-Recurring Basis

The following table summarizes fair value measurements:

	Level 1		Level 2			Level 3		Total
March 31, 2019
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
U.S. government and agencies	$	74,872	$	10,329		$	-	$	85,201
State and municipal		-		32,522			-		32,522
Mortgage-backed securities		-		182,783			-		182,783
Asset-backed and other amortizing securities		-		38,545			-		38,545
Loans held for sale (mandatory)		-		19,652			-		19,652
Mortgage servicing rights		-		1,433			-		1,433
Asset derivatives		-		1,526			-		1,526
Liability derivatives		-		(770	)		-		(770	)
Assets measured at fair value on a non-recurring basis:
Impaired loans		-		-			8,083		8,083
Other real estate owned		-		-			2,340		2,340
Loans held for sale (best efforts)		-		1,795			-		1,795

December31, 2018
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
U.S. government and agencies	$	74,419	$	10,288		$	-	$	84,707
State and municipal		-		32,310			-		32,310
Mortgage-backed securities		-		182,256			-		182,256
Asset-backed and other amortizing securities		-		38,923			-		38,923
Loans held for sale (mandatory)		-		31,874			-		31,874
Mortgage servicing rights		-		1,270			-		1,270
Asset derivatives		-		1,232			-		1,232
Liability derivatives		-		(672	)		-		(672	)
Assets measured at fair value on a non-recurring basis:
Impaired loans		-		-			9,119		9,119
Other real estate owned		-		-			2,285		2,285
Loans held for sale (best efforts)		-		6,508			-		6,508

Quantitative Information about Non-Recurring Level 3 Fair Value Measurements

The following table presents quantitative information about non-recurring Level 3 fair value measurements:

	Fair Value		Valuation Techniques	Unobservable Inputs	Range of Discounts
March 31, 2019
Impaired loans	$	8,083	Third party appraisals or inspections	Collateral discounts and selling costs		0%-100	%
Other real estate owned		2,340	Third party appraisals or inspections	Collateral discounts and selling costs		15%-66	%
December 31, 2018
Impaired loans	$	9,119	Third party appraisals or inspections	Collateral discounts and selling costs		0%-100	%
Other real estate owned		2,285	Third party appraisals or inspections	Collateral discounts and selling costs		15%-66	%

Estimated Fair Values, and Related Carrying Amounts of Financial Instruments

The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows:

	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
March 31, 2019
Financial assets:
Cash and cash equivalents	$	339,410	$	339,410	$	-	$	-	$	339,410
Loans, net		1,891,802		-		-		1,883,622		1,883,622
Accrued interest receivable		9,962		-		9,962		-		9,962
Bank-owned life insurance		57,499		-		57,499		-		57,499
Financial liabilities:
Deposits	$	2,304,929	$	2,112,179	$	194,997	$	-	$	2,307,176
Accrued interest payable		2,360		-		2,360		-		2,360
Notes payable & other borrowings		95,000		-		95,000		-		95,000
Junior subordinated deferrable interest debentures		46,393		-		46,393		-		46,393
Subordinated debt securities		26,472		-		26,472		-		26,472

	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
December 31, 2018
Financial assets:
Cash and cash equivalents	$	245,989	$	245,989	$	-	$	-	$	245,989
Loans, net		1,934,071		-		-		1,923,167		1,923,167
Accrued interest receivable		12,957		-		12,957		-		12,957
Bank-owned life insurance		57,172		-		57,172		-		57,172
Financial liabilities:
Deposits	$	2,277,454	$	1,965,925	$	312,524	$	-	$	2,278,449
Accrued interest payable		2,042		-		2,042		-		2,042
Notes payable & other borrowings		95,000		-		95,000		-		95,000
Junior subordinated deferrable interest debentures		46,393		-		46,393		-		46,393
Subordinated debt securities		34,002		-		34,002		-		34,002