FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2019
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
U.S. government and agencies	$	—	$	6,901		$	—	$	6,901
State and municipal		—		41,552			—		41,552
Mortgage-backed securities		—		253,878			—		253,878
Collateralized mortgage obligations		—		60,185			—		60,185
Asset-backed and other amortizing securities		—		38,819			—		38,819
Loans held for sale (mandatory)		—		38,321			—		38,321
Mortgage servicing rights		—		1,689			—		1,689
Asset derivatives		—		1,252			—		1,252
Liability derivatives		—		(756	)		—		(756	)
Assets measured at fair value on a non-recurring basis:
Impaired loans		—		—			5,522		5,522
Other real estate owned		—		—			2,704		2,704
Loans held for sale (best efforts)		—		11,815			—		11,815
December 31, 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
September 30, 2019
Impaired loans	$	5,522	Third party appraisals or inspections	Collateral discounts and selling costs		0%-100	%
Other real estate owned		2,704	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
September 30, 2019
Financial assets:
Cash and cash equivalents	$	244,645	$	244,645	$	—	$	—	$	244,645
Loans, net		1,938,433		—		—		1,937,819		1,937,819
Accrued interest receivable		11,675		—		11,675		—		11,675
Bank-owned life insurance		58,109		—		58,109		—		58,109
Financial liabilities:
Deposits	$	2,285,974	$	2,008,958	$	280,449	$	—	$	2,289,407
Accrued interest payable		2,387		—		2,387		—		2,387
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