FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 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.



	Year ended December 31,
	2016			2015			2014

Level 3 AFS securities at beginning of period	$	11,728		$	11,290		$	7,583
Purchases	—			10,390			4,600
Sales, calls or maturities	—			(4,120		)	(1,000		)
Transfers into Level 3	5,000			(6,000		)	—
Changes in unrealized gains and losses	(38		)	168			107
Level 3 AFS securities at end of period	$	11,690		$	11,728		$	11,290

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,
	2016			2015			2014

Interest rate lock commitments at beginning of period	$	408		$	342		$	354
Fair value of acquired Yadkin interest rate lock commitments	—			—			231
Issuances	1,838			1,620			2,366
Settlements	(1,819		)	(1,554		)	(2,609		)
Interest rate lock commitments at end of period	$	427		$	408		$	342

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, 2016
Measured at fair value on a recurring basis:
Securities available for sale:
GSE obligations	$	17,501	$	—	$	17,501	$	—
SBA-guaranteed securities	27,561		27,561		—		—
Mortgage-backed securities issued by GSE	597,010		—		597,010		—
Collateralized loan obligations	45,466		—		45,466		—
Corporate bonds	153,215		2,554		139,951		10,710
Non-agency CMBS	15,394		—		15,394		—
Municipal bonds	125,547		—		124,567		980
Other debt securities	245		245		—		—
Equity securities	8,674		8,674		—		—
SBA-guaranteed loans held for sale	37,371		—		37,371		—
SBA loans held for investment	47,756		—		47,756		—
Derivative assets	824		—		397		427
Derivative liabilities	4,162		—		4,162		—

Measured at fair value on a nonrecurring basis:
Impaired loans	$	26,493	$	—	$	—	$	26,493
Purchased accounts receivable	4,980		—		—		4,980
Foreclosed assets	30,110		—		—		30,110
Mortgage servicing rights	6,916		—		6,916		—
SBA loan servicing rights	5,241		—		5,241		—



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		110,427		10,620
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 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.



	Valuation Technique	Unobservable Input	Range	Fair Value as of December 31, 2016		Fair Value as of December 31, 2015
Recurring measurements:
Investment securities	Pricing model	Illiquidity or credit factor in discount rates	1-2%	$	11,690	$	11,728

Interest rate lock commitments	Pricing model	Pull through rates	80-95%	427		408

Nonrecurring measurements:
Impaired loans	Discounted appraisals	Collateral discounts	15-50%	26,493		15,066
	Discounted expected cash flows	Expected loss rates	0-75%
	Discounted expected cash flows	Discount rates	2-8%
Purchased accounts receivable	Expected cash flows	Expected loss rates		4,980		—
Foreclosed assets	Discounted appraisals	Collateral discounts	15-50%	30,110		15,346

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



	December 31, 2016
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	124,413	$	124,413	$	124,413	$	—	$	—
Investment securities available for sale	990,613		990,613		39,034		939,889		11,690
Investment securities held to maturity	38,735		39,460		—		39,460		—
Loans held for sale	76,876		76,876		—		76,876		—
Loans, net	5,145,420		5,146,856		—		23,664		5,123,192
Federal Home Loan Bank stock	41,225		41,225		—		41,225		—
Derivative assets	824		824		—		397		427
Purchased accounts receivable	4,980		4,980		—		—		4,980
Accrued interest receivable	20,516		20,516		—		20,516		—

Financial liabilities:
Deposits	5,219,470		5,215,071		—		5,215,071		—
Short-term borrowings	764,600		764,600		—		—		764,600
Long-term debt	159,424		172,746		—		—		172,746
Derivative liabilities	4,162		4,162		—		4,162		—
Accrued interest payable	3,013		3,013		—		3,013		—



	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		—