FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
U.S. government and agencies	$	—	$	—		$	—	$	—
State and municipal		—		268,787			—		268,787
Mortgage-backed securities		—		357,651			—		357,651
Collateralized mortgage obligations		—		106,628			—		106,628
Asset-backed and other amortizing securities		—		31,913			—		31,913
Other securities		—		12,229			—		12,229
Loans held for sale (mandatory)		—		83,882			—		83,882
Mortgage servicing rights		—		—			13,558		13,558
Asset derivatives		—		12,985			—		12,985
Liability derivatives		—		(2,505	)		—		(2,505	)
Assets measured at fair value on a non-recurring basis:
Impaired loans		—		—			11,195		11,195
Other real estate owned		—		—			1,377		1,377
December 31, 2020
Assets (liabilities) measured at fair value on a recurring basis:
Securities available for sale:
U.S. government and agencies	$	—	$	4,753		$	—	$	4,753
State and municipal		—		272,607			—		272,607
Mortgage-backed securities		—		373,362			—		373,362
Collateralized mortgage obligations		—		106,715			—		106,715
Asset-backed and other amortizing securities		—		33,572			—		33,572
Other securities		—		12,078			—		12,078
Loans held for sale (mandatory)		—		80,174			—		80,174
Mortgage servicing rights		—		—			9,049		9,049
Asset derivatives		—		6,734			—		6,734
Liability derivatives		—		(4,357	)		—		(4,357	)
Assets measured at fair value on a non-recurring basis:
Impaired loans		—		—			11,926		11,926
Other real estate owned		—		—			1,353		1,353

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, 2021				12		12
Impaired loans	$	11,195	Third party appraisals or inspections		Collateral discounts and selling costs			0%-100	%
Other real estate owned		1,377	Third party appraisals or inspections		Collateral discounts and selling costs			15%-66	%
Mortgage servicing rights		13,558	Discounted cash flows		Conditional prepayment rate			5.78	%
					Discount rate			9.68	%
December 31, 2020
Impaired loans	$	11,926	Third party appraisals or inspections		Collateral discounts and selling costs			0%-100	%
Other real estate owned		1,353	Third party appraisals or inspections		Collateral discounts and selling costs			15%-66	%
Mortgage servicing rights		9,049	Discounted cash flows		Conditional prepayment rate			4.48	%
					Discount rate			9.72	%

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, 2021
Financial assets:
Cash and cash equivalents	$	413,406	$	413,406	$	—	$	—	$	413,406
Loans, net		2,197,657		—		—		2,200,173		2,200,173
Accrued interest receivable		11,277		—		11,277		—		11,277
Bank-owned life insurance		71,061		—		71,061		—		71,061
Financial liabilities:
Deposits	$	3,155,632	$	2,974,868	$	183,282	$	—	$	3,158,150
Accrued interest payable		1,480		—		1,480		—		1,480
Notes payable & other borrowings		25,000		—		25,000		—		25,000
Junior subordinated deferrable interest debentures		46,393		—		45,690		—		45,690
Subordinated debt securities		75,635		—		77,799		—		77,799

	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
December 31, 2020
Financial assets:
Cash and cash equivalents	$	300,307	$	300,307	$	—	$	—	$	300,307
Loans, net		2,176,030		—		—		2,179,573		2,179,573
Accrued interest receivable		15,233		—		15,233		—		15,233
Bank-owned life insurance		70,731		—		70,731		—		70,731
Financial liabilities:
Deposits	$	2,974,351	$	2,649,830	$	329,609	$	—	$	2,979,439
Accrued interest payable		2,113		—		2,113		—		2,113
Notes payable & other borrowings		75,000		—		75,000		—		75,000
Junior subordinated deferrable interest debentures		46,393		—		45,690		—		45,690
Subordinated debt securities		75,589		—		76,889		—		76,889