FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
U.S. government and agencies	$	—	$	4,835		$	—	$	4,835
State and municipal		—		209,654			—		209,654
Mortgage-backed securities		—		376,081			—		376,081
Collateralized mortgage obligations		—		107,410			—		107,410
Asset-backed and other amortizing securities		—		36,811			—		36,811
Loans held for sale (mandatory)		—		46,409			—		46,409
Mortgage servicing rights		—		2,110			—		2,110
Asset derivatives		—		4,470			—		4,470
Liability derivatives		—		(5,517	)		—		(5,517	)
Assets measured at fair value on a non-recurring basis:
Impaired loans		—		—			5,625		5,625
Other real estate owned		—		—			1,944		1,944
Loans held for sale (best efforts)		—		16,554			—		16,554
December 31, 2019
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
U.S. government and agencies	$	—	$	4,807		$	—	$	4,807
State and municipal		—		94,692			—		94,692
Mortgage-backed securities		—		464,516			—		464,516
Collateralized mortgage obligations		—		107,289			—		107,289
Asset-backed and other amortizing securities		—		36,346			—		36,346
Loans held for sale (mandatory)		—		32,809			—		32,809
Mortgage servicing rights		—		2,054			—		2,054
Asset derivatives		—		814			—		814
Liability derivatives		—		(492	)		—		(492	)
Assets measured at fair value on a non-recurring basis:
Impaired loans		—		—			3,642		3,642
Other real estate owned		—		—			1,883		1,883
Loans held for sale (best efforts)		—		16,226			—		16,226

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, 2020
Impaired loans	$	5,625	Third party appraisals or inspections	Collateral discounts and selling costs		0%-100	%
Other real estate owned		1,944	Third party appraisals or inspections	Collateral discounts and selling costs		15%-66	%
December 31, 2019
Impaired loans	$	3,642	Third party appraisals or inspections	Collateral discounts and selling costs		0%-100	%
Other real estate owned		1,883	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, 2020
Financial assets:
Cash and cash equivalents	$	136,062	$	136,062	$	—	$	—	$	136,062
Loans, net		2,079,731		—		—		2,083,267		2,083,267
Accrued interest receivable		11,015		—		11,015		—		11,015
Bank-owned life insurance		69,756		—		69,756		—		69,756
Financial liabilities:
Deposits	$	2,665,848	$	2,481,434	$	184,414	$	—	$	2,665,848
Accrued interest payable		2,051		—		2,051		—		2,051
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, 2019
Financial assets:
Cash and cash equivalents	$	158,099	$	158,099	$	—	$	—	$	158,099
Loans, net		2,119,426		—		—		2,123,289		2,123,289
Accrued interest receivable		13,924		—		13,924		—		13,924
Bank-owned life insurance		69,397		—		69,397		—		69,397
Financial liabilities:
Deposits	$	2,696,857	$	2,354,999	$	346,194	$	—	$	2,701,193
Accrued interest payable		2,283		—		2,283		—		2,283
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