FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 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
June 30,2020
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
U.S. government and agencies	$	—	$	4,816		$	—	$	4,816
State and municipal		—		224,032			—		224,032
Mortgage-backed securities		—		358,304			—		358,304
Collateralized mortgage obligations		—		107,562			—		107,562
Asset-backed and other amortizing securities		—		35,960			—		35,960
Loans held for sale (mandatory)		—		88,980			—		88,980
Mortgage servicing rights		—		3,776			—		3,776
Asset derivatives		—		4,275			—		4,275
Liability derivatives		—		(4,038	)		—		(4,038	)
Assets measured at fair value on a non-recurring basis:
Impaired loans		—		—			7,292		7,292
Other real estate owned		—		—			1,335		1,335
Loans held for sale (best efforts)		—		3,794			—		3,794
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
June 30,2020
Impaired loans	$	7,292	Third party appraisals or inspections	Collateral discounts and selling costs		0%-100	%
Other real estate owned		1,335	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
June 30,2020
Financial assets:
Cash and cash equivalents	$	256,101	$	256,101	$	—	$	—	$	256,101
Loans, net		2,291,081		—		—		2,295,647		2,295,647
Accrued interest receivable		13,598		—		13,598		—		13,598
Bank-owned life insurance		70,071		—		70,071		—		70,071
Financial liabilities:
Deposits	$	2,947,837	$	2,717,245	$	235,345	$	—	$	2,952,590
Accrued interest payable		1,757		—		1,757		—		1,757
Notes payable & other borrowings		170,000		—		170,000		—		170,000
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