FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine months ended September 30,
	2016			2015			2016			2015

Level 3 AFS securities at beginning of period	$	11,725		$	11,403		$	11,728		$	11,290
Purchases	—			5,390			—			5,390
Sales, calls or maturities	—			—			—			—
Changes in unrealized gains and losses	(88		)	(215		)	(91		)	(102		)
Level 3 AFS securities at end of period	$	11,637		$	16,578		$	11,637		$	16,578

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,
	2016			2015			2016			2015

Interest rate lock commitments at beginning of period	$	1,607		$	483		$	408		$	342
Issuances	3,294			1,824			8,489			4,609
Settlements	(3,707		)	(1,667		)	(7,703		)	(4,311		)
Interest rate lock commitments at end of period	$	1,194		$	640		$	1,194		$	640

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, 2016
Measured at fair value on a recurring basis:
Securities available for sale:
GSE obligations	$	17,715	$	—	$	17,715	$	—
SBA-guaranteed securities	18,321		18,321		—		—
Mortgage-backed securities issued by GSE	534,591		—		534,591		—
Municipal bonds	131,198		—		130,178		1,020
Corporate bonds	185,832		2,585		172,630		10,617
Collateralized loan obligations	50,529		—		50,529		—
Non-agency CMBS	16,360		—		16,360		—
Certificates of deposit	743		743		—		—
Equity securities	10,671		10,671		—		—
SBA-guaranteed loans held for sale	45,868		—		45,868		—
SBA loans held for investment	35,030		—		35,030		—
Derivative assets	1,819		—		625		1,194
Derivative liabilities	10,829		—		10,829		—

Measured at fair value on a non-recurring basis:
Impaired loans	$	12,084	$	—	$	—	$	12,084
Other real estate	31,726		—		—		31,726



	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		—
Municipal bonds	55,800		—		54,692		1,108
Corporate bonds	123,532		2,485		110,427		11,728
Non-agency RMBS	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		—		588		408
Derivative liabilities	4,376		—		4,376		—

Measured at fair value on a non-recurring basis:
Impaired loans	$	15,066	$	—	$	—	$	15,066
Other real estate	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	September 30, 2016		December 31, 2015
Recurring measurements:
Investment securities	Pricing model	Illiquidity or credit factor in discount rates	1-2%	$	11,637	$	11,728

Interest rate lock commitments	Pricing model	Pull through rates	80-95%	1,194		408

Nonrecurring measurements:
Impaired loans	Discounted appraisals	Collateral discounts	15-50%	12,084		15,066
	Discounted expected cash flows	Expected loss rates	0-75%
	Discounted expected cash flows	Discount rates	2-8%
Other real estate	Discounted appraisals	Collateral discounts	15-50%	31,726		15,346

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



	September 30, 2016
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	162,278	$	162,278	$	162,278	$	—	$	—
Investment securities available for sale	965,960		965,960		32,320		922,003		11,637
Investment securities held to maturity	38,847		40,681		—		40,681		—
Loans held for sale	85,964		85,964		—		85,964		—
Loans, net	5,241,167		5,297,051		—		35,030		5,262,021
Purchased accounts receivable	7,907		7,907		—		7,907		—
Federal Home Loan Bank stock	41,693		41,693		—		41,693		—
Derivative assets	1,819		1,819		—		625		1,194
Accrued interest receivable	19,519		19,519		—		19,519		—

Financial liabilities:
Deposits	5,310,028		5,313,683		—		5,313,683		—
Short-term borrowings	791,721		791,721		—		—		791,721
Long-term debt	164,215		174,426		—		—		174,426
Derivative liabilities	10,829		10,829		—		10,829		—
Accrued interest payable	2,438		2,438		—		2,438		—



	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		—