FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31,
	2016			2015

Level 3 AFS securities at beginning of period	$	6,728		$	11,290
Purchases	—			—
Sales, calls or maturities	—			—
Changes in unrealized gains and losses	(234		)	90
Level 3 AFS securities at end of period	$	6,494		$	11,380

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



	Three months ended March 31,
	2016			2015

Interest rate lock commitments at beginning of period	$	408		$	342
Issuances	2,761			1,465
Settlements	(2,044		)	(1,171		)
Interest rate lock commitments at end of period	$	1,125		$	636

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
March 31, 2016
Measured at fair value on a recurring basis:
Securities available for sale:
GSE obligations	$	71,912	$	—	$	71,912	$	—
SBA-guaranteed securities	12,569		12,569		—		—
Mortgage-backed securities issued by GSE	573,687		—		573,687		—
Municipal bonds	111,625		—		110,509		1,116
Corporate bonds	244,470		2,477		236,615		5,378
Collateralized loan obligations	50,080		—		50,080		—
Non-agency CMBS	26,419		—		26,419		—
Certificates of deposit	1,242		1,242		—		—
Equity securities	11,440		11,440		—		—
SBA-guaranteed loans held for sale	27,017		—		27,017		—
SBA loans held for investment	40,630		—		40,630		—
Derivative assets	1,808		—		683		1,125
Derivative liabilities	9,212		—		9,212		—

Measured at fair value on a non-recurring basis:
Impaired loans	$	12,305	$	—	$	—	$	12,305
Foreclosed assets	18,435		—		—		18,435



	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		—
Municipal bonds	55,800		—		54,692		1,108
Corporate bonds	123,532		2,485		115,427		5,620
Non-agency RMBS	4,963		—		4,963		—
Non-agency CMBS	3,663		—		3,663		—
Certificates of deposit	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		—		654		342
Derivative liabilities	4,376		—		4,376		—

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

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	March 31, 2016		December 31, 2015
Recurring measurements:
Investment securities	Pricing model	Illiquidity or credit factor in discount rates	1-2%	$	6,494	$	5,620

Interest rate lock commitments	Pricing model	Pull through rates	80-95%	1,125		342

Nonrecurring measurements:
Impaired loans	Discounted appraisals	Collateral discounts	15-50%	12,305		15,066
	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%	18,435		15,346

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



	March 31, 2016
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	110,815	$	110,815	$	110,815	$	—	$	—
Investment securities available for sale	1,103,444		1,103,444		27,728		1,069,222		6,494
Investment securities held to maturity	39,071		40,682		—		40,682		—
Loans held for sale	53,820		53,820		—		53,820		—
Loans, net	5,198,521		5,254,109		—		40,630		5,213,479
Purchased accounts receivable	57,175		57,175		—		57,175		—
Federal Home Loan Bank stock	41,851		41,851		—		41,851		—
Derivative assets	1,808		1,808		—		683		1,125
Accrued interest receivable	19,812		19,812		—		19,812		—

Financial liabilities:
Deposits	5,349,712		5,354,109		—		5,354,109		—
Short-term borrowings	761,243		761,243		—		—		761,243
Long-term debt	198,320		204,279		—		—		204,279
Derivative liabilities	9,212		9,212		—		9,212		—
Accrued interest payable	2,191		2,191		—		2,191		—



	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
Purchased accounts receivable	52,688		52,688		—		52,688		—
Federal Home Loan Bank stock	24,844		24,844		—		24,844		—
Derivative assets	996		996		—		588		408
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		—