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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2019

FAIR VALUE OF FINANCIAL INSTRUMENTS

Summary of assets measured at fair value on a recurring basis

September 30, 2019		Level 1   Inputs			Level 2 Inputs			Level 3 Inputs			Total Fair Value
			(dollars in thousands)
Securities available-for-sale:
U.S. government agency		$	—		$	39,574		$	—		$	39,574
Municipal			—			152,499			—			152,499
Mortgage-backed:
Agency residential			—			218,246			—			218,246
Agency commercial			—			129,449			—			129,449
Private-label			—			22			—			22
Corporate			—			78,330			—			78,330
Equity securities with readily determinable fair values			3,251			—			—			3,251
Mortgage servicing rights			—			—			7,936			7,936
Derivative financial assets			—			11,766			—			11,766
Derivative financial liabilities			—			12,664			—			12,664

December 31, 2018		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total Fair Value
			(dollars in thousands)
Securities available-for-sale:
U.S. government agency		$	—		$	46,866		$	—		$	46,866
Municipal			—			161,450			—			161,450
Mortgage-backed:
Agency residential			—			234,303			—			234,303
Agency commercial			—			150,081			—			150,081
Private-label			—			256			—			256
Corporate			—			86,570			—			86,570
Equity securities with readily determinable fair values			3,081			—			—			3,081
Mortgage servicing rights			—			—			10,918			10,918
Derivative financial assets			—			3,225			—			3,225
Derivative financial liabilities			—			3,074			—			3,074

Schedule of quantitative information about the unobservable inputs used in recurring Level 3 fair value measurements

The following tables present additional information about the unobservable inputs used in the fair value measurement of the mortgage servicing rights (dollars in thousands):

September 30, 2019		Fair Value			Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	7,936		Discounted cash flows		Constant pre-payment rates (CPR)		7.1% to 68.5%  (14.1%)
							Discount rate		9.0% to 11.0%  (9.0%)
December 31, 2018		Fair Value			Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Mortgage servicing rights		$	10,918		Discounted cash flows		Constant pre-payment rates (CPR)		7.5% to 87.6%  (8.9%)
							Discount rate		9.0% to 11.0%  (9.0%)

Summary of assets measured at fair value on a nonrecurring basis

September 30, 2019		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total Fair Value
			(dollars in thousands)
Loans held for sale		$	—		$	7,608		$	—		$	7,608
Collateral-dependent impaired loans			—			—			13,124			13,124
Bank premises held for sale			—			—			121			121
Foreclosed assets			—			—			6,574			6,574

December 31, 2018		Level 1 Inputs			Level 2 Inputs			Level 3 Inputs			Total Fair Value
			(dollars in thousands)
Loans held for sale		$	—		$	2,800		$	—		$	2,800
Collateral-dependent impaired loans			—			—			7,355			7,355
Bank premises held for sale			—			—			749			749
Foreclosed assets			—			—			9,559			9,559

Schedule of quantitative information about the unobservable inputs used in non-recurring Level 3 fair value measurements

The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements (dollars in thousands).

September 30, 2019		Fair Value			Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Collateral-dependent impaired loans		$	13,124		Appraisal of collateral		Appraisal adjustments		20% to 40%  (25%)
Bank premises held for sale			121		Appraisal		Appraisal adjustments		7%  (7%)
Foreclosed assets			6,574		Appraisal		Appraisal adjustments		7%  (7%)
December 31, 2018		Fair Value			Valuation Technique		Unobservable Inputs		Range (Weighted Average)
Collateral-dependent impaired loans		$	7,355		Appraisal of collateral		Appraisal adjustments		20% to 40%  (25%)
Bank premises held for sale			749		Appraisal		Appraisal adjustments		7%  (7%)
Foreclosed assets			9,559		Appraisal		Appraisal adjustments		7%  (7%)

Summary information on the carrying amounts and estimated fair values of the Company’s financial instruments

		Fair Value		September 30, 2019						December 31, 2018
		Hierarchy		Carrying			Estimated			Carrying			Estimated
		Level		Amount			Fair Value			Amount			Fair Value
					(dollars in thousands)
Financial assets:
Cash and cash equivalents		Level 1		$	154,941		$	154,941		$	186,879		$	186,879
Interest-bearing time deposits with banks		Level 1			248			248			248			248
Securities held-to-maturity		Level 2			99,861			102,378			121,715			121,506
Restricted stock		Level 3			2,425			2,425			2,719			2,719
Loans, net		Level 3			2,148,253			2,185,888			2,123,748			2,125,698
Investments in unconsolidated subsidiaries		Level 3			1,165			1,165			1,165			1,165
Accrued interest receivable		Level 2			14,816			14,816			15,300			15,300
Financial liabilities:
Time deposits		Level 3			364,120			362,593			424,747			419,333
Securities sold under agreements to repurchase		Level 2			32,267			32,267			46,195			46,195
Subordinated debentures		Level 3			37,566			31,754			37,517			32,149
Accrued interest payable		Level 2			1,172			1,172			1,207			1,207

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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