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FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Company has elected the fair value option, are summarized below:
Fair Value Measurements at March 31,
2020 Using:
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial Assets
Securities available-for-sale
Mortgage-backed securities-residential—  294,672  —  
Mortgage-backed securities-commercial—  17,695  —  
Corporate notes—  4,523  —  
State and political subdivisions—  226,335  —  
Total securities available-for-sale$—  $543,225  $—  
Loans held for sale$—  $42,682  $—  
Derivative assets$—  $1,166  $—  
Financial Liabilities
Derivative liabilities$—  $18,905  $—  

Fair Value Measurements at December 31,
2019 Using:
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial Assets
Securities available-for-sale
Mortgage-backed securities-residential—  375,943  —  
Asset-backed securities—  17,780  —  
Corporate notes—  33,361  —  
State and political subdivisions—  225,048  —  
Total securities available for sale$—  $652,132  $—  
Loans held-for-sale$—  $43,162  $—  
Derivative assets$—  $225  $—  
Financial Liabilities
Derivative liabilities$—  $6,619  $—  
Carrying Amount and Estimated Fair Value of Financial Instruments
Fair Value Measurements at March 31,
2020 Using:
Carrying
Amount
Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$173,482  $173,482  $—  $—  $173,482  
Certificates of deposit held at other financial institutions
3,345  —  3,345  —  3,345  
Securities available for sale543,225  —  543,225  —  543,225  
Loans held for sale42,682  —  42,682  —  42,682  
Net loans2,817,365  —  —  2,736,626  2,736,626  
Other assets1,166  —  1,166  —  1,166  
Accrued interest receivable12,043  36  3,183  8,824  12,043  
Financial liabilities
Deposits$3,137,471  $2,506,175  $638,714  $—  $3,144,889  
Federal Home Loan Bank advances135,000  —  135,080  —  135,080  
Subordinated notes, net58,916  —  —  58,716  58,716  
Other liabilities18,905  —  18,905  —  18,905  
Accrued interest payable3,179  127  2,702  350  3,179  
Fair Value Measurements at December 31,
2019 Using:
Carrying
Amount
Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$234,991  $234,991  $—  $—  $234,991  
Certificates of deposit held at other financial institutions
3,590  —  3,590  —  3,590  
Securities available-for-sale652,132  —  652,132  —  652,132  
Loans held for sale43,162  —  43,162  —  43,162  
Net loans2,767,008  —  —  2,753,761  2,753,761  
Other assets225  —  225  —  225  
Accrued interest receivable12,362  96  3,775  8,491  12,362  
Financial liabilities
Deposits$3,207,584  $2,458,555  $749,656  $—  $3,208,211  
Federal Home Loan Bank advances155,000  —  155,090  —  155,090  
Subordinated notes, net58,872  —  —  60,922  60,922  
Other liabilities6,619  —  6,619  —  6,619  
Accrued interest payable4,201  154  687  3,360  4,201  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
The following table presents assets measured at fair value on a non-recurring basis. There were no liabilities measured at fair value on a non-recurring basis as of March 31, 2020, and December 31, 2019.

Total carrying value in the
consolidated balance sheet
Quoted market prices in
an active market
(Level 1)
Models with significant
observable market parameters
(Level 2)
Models with significant
unobservable market parameters
(Level 3)
Total losses for the period ended
March 31, 2020
Impaired loans, net: (1)
Commercial and industrial$570  $—  $—  $570  $—  
Servicing rights, net3,057  —  —  3,057  225  
Total$3,627  $—  $—  $3,627  $225  
December 31, 2019
Impaired loans, net: (1)
Residential real estate:
Closed-end 1-4 family$626  $—  $—  $626  $—  
Commercial and industrial3,763  —  3,650  113  —  
Total$4,389  $—  $3,650  $739  $—  
(1) Amount is net of a valuation allowance of $6,760 and $20,771 at March 31, 2020 and December 31, 2019, respectively, as required by ASC 310-10, "Receivables."