FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2015

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



	Year ended December 31,
	2015			2014			2013

Level 3 AFS securities at beginning of period	$	11,290		$	7,583		$	—
Purchases	5,390			4,600			7,505
Sales, calls or maturities	(4,120		)	(1,000		)	—
Transfers out of Level 3	(6,000		)	—			—
Changes in unrealized gains and losses	168			107			78
Level 3 AFS securities at end of period	$	6,728		$	11,290		$	7,583

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



	Year ended December 31,
	2015			2014			2013

Interest rate lock commitments at beginning of period	$	342		$	354		$	795
Fair value of acquired Yadkin interest rate lock commitments	—			231			—
Issuances	1,620			2,366			2,909
Settlements	(1,554		)	(2,609		)	(3,350		)
Interest rate lock commitments at end of period	$	408		$	342		$	354

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



Description	Total		Level 1		Level 2		Level 3

December 31, 2015
Measured at fair value on a recurring basis:
Securities available for sale:
GSE obligations	$	5,982	$	—	$	5,982	$	—
SBA-guaranteed securities	12,176		12,176		—		—
Mortgage-backed securities issued by GSE	435,625		—		435,625		—
Collateralized loan obligations	50,483		—		50,483		—
Corporate bonds	123,532		2,485		115,427		5,620
Non-agency RMBS	3,663		—		3,663		—
Municipal bonds	55,800		—		54,692		1,108
Other debt securities	245		245		—		—
Equity securities	1,626		1,626		—		—
SBA-guaranteed loans held for sale	23,664		—		23,664		—
SBA loans held for investment	20,423		—		20,423		—
Derivative assets	996		—		588		408
Derivative liabilities	4,376		—		4,376		—

Measured at fair value on a nonrecurring basis:
Impaired loans	$	15,066	$	—	$	—	$	15,066
Foreclosed assets	15,346		—		—		15,346



Description	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		—
Corporate bonds	119,912		2,545		106,077		11,290
Non-agency RMBS	4,963		—		4,963		—
Non-agency CMBS	3,578		—		3,578		—
Municipal bonds	40,258		—		40,258		—
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.



	Valuation Technique	Unobservable Input	Range	Fair Value as of December 31, 2015		Fair Value as of December 31, 2014
Recurring measurements:
Investment securities	Pricing model	Illiquidity or credit factor in discount rates	1-2%	$	6,728	$	11,290

Interest rate lock commitments	Pricing model	Pull through rates	80-95%	$	408	$	342

Nonrecurring measurements:
Impaired loans	Discounted appraisals	Collateral discounts	15-50%	$	15,066	$	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%	$	15,346	$	12,891

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



	December 31, 2015
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	111,918	$	111,918	$	111,918	$	—	$	—
Investment securities available for sale	689,132		689,132		16,532		665,872		6,728
Investment securities held to maturity	39,182		40,500		—		40,500		—
Loans held for sale	47,287		47,287		—		47,287		—
Loans, net	3,066,775		3,092,461		—		23,664		3,068,797
Federal Home Loan Bank stock	24,844		24,844		—		24,844		—
Derivative assets	996		996		—		588		408
Purchased accounts receivable	52,688		52,688		—		52,688		—
Accrued interest receivable	12,695		12,695		—		12,695		—

Financial liabilities:
Deposits	3,310,297		3,310,306		—		3,310,306		—
Short-term borrowings	375,500		375,500		—		—		375,500
Long-term debt	194,967		198,928		—		—		198,928
Derivative liabilities	4,376		4,376		—		4,376		—
Accrued interest payable	2,550		2,550		—		2,550		—



	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
Federal Home Loan Bank stock	19,499		19,499		—		19,499		—
Derivative assets	2,368		2,368		—		2,027		342
Purchased accounts receivable	44,821		44,821		—		44,821		—
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		—