FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2015

The following table provides the components of the change in fair value of Level 3 available for sale securities for the periods presented.



	Three months ended September 30,					Nine months ended September 30,
	2015			2014		2015			2014

Level 3 AFS securities at beginning of period	$	11,403		$	6,793	$	11,290		$	7,583
Purchases	5,390			4,600		5,390			4,600
Sales, calls or maturities	—			—		—			(1,000		)
Changes in unrealized gains and losses	(215		)	30		(102		)	240
Level 3 AFS securities at end of period	$	16,578		$	11,423	$	16,578		$	11,423

The following table provides the components of the change in fair value of interest rate lock commitments for the periods presented.



	Three months ended September 30,						Nine months ended September 30,
	2015			2014			2015			2014

Interest rate lock commitments at beginning of period	$	483		$	296		$	342		$	354
Fair value of acquired Yadkin interest rate lock commitments	—			231			—			231
Issuances	1,824			906			4,609			1,529
Settlements	(1,667		)	(986		)	(4,311		)	(1,667		)
Interest rate lock commitments at end of period	$	640		$	447		$	640		$	447

The following tables summarize fair value information for assets and liabilities measured on a recurring and nonrecurring basis.



	Total		Level 1		Level 2		Level 3
September 30, 2015
Measured at fair value on a recurring basis:
Securities available for sale:
GSE obligations	$	20,057	$	—	$	20,057	$	—
SBA-guaranteed securities	58,176		58,176		—		—
Mortgage-backed securities issued by GSE	400,368		—		400,368		—
Municipal bonds	50,094		—		48,995		1,099
Corporate bonds	130,852		2,525		112,848		15,479
Collateralized loan obligations	47,504		—		47,504		—
Non-agency RMBS	4,027		—		4,027		—
Non-agency CMBS	453		—		453		—
Other debt securities	245		245		—		—
Equity securities	1,716		1,716		—		—
SBA-guaranteed loans held for sale	11,036		—		11,036		—
SBA loans held for investment	17,142		—		17,142		—
Derivative assets	844		—		204		640
Derivative liabilities	5,750		—		5,750		—

Measured at fair value on a non-recurring basis:
Impaired loans	$	20,572	$	—	$	—	$	20,572
Foreclosed assets	11,793		—		—		11,793



	Total		Level 1		Level 2		Level 3
December 31, 2014
Measured at fair value on a recurring basis:
Securities available for sale:
GSE obligations	$	14,944	$	—	$	14,944	$	—
SBA-guaranteed securities	60,120		60,120		—		—
Mortgage-backed securities issued by GSE	425,283		—		425,283		—
Municipal bonds	40,258		—		40,258		—
Corporate bonds	119,912		2,545		106,077		11,290
Non-agency RMBS	4,963		—		4,963		—
Non-agency CMBS	3,578		—		3,578		—
Other debt securities	498		498		—		—
Equity securities	2,865		2,865		—		—
SBA-guaranteed loans held for sale	8,365		—		8,365		—
SBA loans held for investment	8,906		—		8,906		—
Derivative assets	2,368		—		2,026		342
Derivative liabilities	2,497		—		2,497		—

Measured at fair value on a non-recurring basis:
Impaired loans	$	9,595	$	—	$	—	$	9,595
Foreclosed assets	12,891		—		—		12,891

The table below outlines the valuation techniques, unobservable inputs, and the range of quantitative inputs used in the valuations.



				Fair Value
	Valuation Technique	Unobservable Input	Range	September 30, 2015		December 31, 2014
Recurring measurements:
Investment securities	Pricing model	Illiquidity or credit factor in discount rates	1-2%	$	16,578	$	11,290

Interest rate lock commitments	Pricing model	Pull through rates	80-95%	640		342

Nonrecurring measurements:
Impaired loans	Discounted appraisals	Collateral discounts	15-50%	20,572		9,595
	Discounted expected cash flows	Expected loss rates	0-75%
	Discounted expected cash flows	Discount rates	2-8%
Foreclosed assets	Discounted appraisals	Collateral discounts	15-50%	11,793		12,891

The following tables summarize the carrying amounts and estimated fair values of the Company's financial instruments.



	September 30, 2015
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	77,755	$	77,755	$	77,755	$	—	$	—
Investment securities available for sale	713,492		713,492		62,662		634,252		16,578
Investment securities held to maturity	39,292		40,276		—		40,276		—
Loans held for sale	37,962		37,962		—		37,962		—
Loans, net	2,970,779		3,013,484		—		17,142		2,996,342
Purchased accounts receivable	69,383		69,383		—		69,383		—
Federal Home Loan Bank stock	22,932		22,932		—		22,932		—
Derivative assets	844		844		—		204		640
Accrued interest receivable	12,502		12,502		—		12,502		—

Financial liabilities:
Deposits	3,247,769		3,252,202		—		3,252,202		—
Short-term borrowings	395,500		395,500		—		—		395,500
Long-term debt	129,859		133,287		—		—		133,287
Derivative liabilities	5,750		5,750		—		5,750		—
Accrued interest payable	1,903		1,903		—		1,903		—



	December 31, 2014
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	132,365	$	132,365	$	132,365	$	—	$	—
Investment securities available for sale	672,421		672,421		66,028		595,103		11,290
Investment securities held to maturity	39,620		40,404		—		40,404		—
Loans held for sale	20,205		20,205		—		20,205		—
Loans, net	2,890,449		2,919,573		—		1,241		2,918,332
Purchased accounts receivable	44,821		44,821		—		44,821		—
Federal Home Loan Bank stock	19,499		19,499		—		19,499		—
Derivative assets	2,368		2,368		—		2,027		341
Accrued interest receivable	12,071		12,071		—		12,071		—

Financial liabilities:
Deposits	3,247,364		3,245,431		—		3,245,431		—
Short-term borrowings	250,500		250,500		—		—		250,500
Long-term debt	180,164		183,326		—		—		183,326
Derivative liabilities	2,497		2,497		—		2,497		—
Accrued interest payable	2,688		2,688		—		2,688		—