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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Investments All Other Investments [Abstract]  
Summary of Carrying Values and Fair Values of Financial Instruments The fair value of the debentures payable to the SBA is estimated based on current market interest rates for similar debt.

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(Dollars in thousands)

 

Carrying Amount

 

 

Fair Value

 

 

Carrying Amount

 

 

Fair Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and federal funds sold(1)

 

$

103,884

 

 

$

103,884

 

 

$

67,821

 

 

$

67,821

 

Equity investments

 

 

10,389

 

 

 

10,389

 

 

 

10,079

 

 

 

10,079

 

Investment securities

 

 

47,495

 

 

 

47,495

 

 

 

48,998

 

 

 

48,998

 

Loans receivable

 

 

1,193,617

 

 

 

1,193,617

 

 

 

1,114,762

 

 

 

1,114,762

 

Accrued interest receivable(2)

 

 

10,643

 

 

 

10,643

 

 

 

8,662

 

 

 

8,662

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed(3)

 

 

1,295,794

 

 

 

1,295,727

 

 

 

1,169,593

 

 

 

1,171,274

 

Accrued interest payable(2)

 

 

4,497

 

 

 

4,497

 

 

 

4,398

 

 

 

4,398

 

 

(1)

Categorized as level 1 within the fair value hierarchy. See Note 13.

(2)

Categorized as level 3 within the fair value hierarchy. See Note 13.

(3)

As of June 30, 2020 and December 31, 2019, publicly traded retail notes traded at a discount to par of $67 and a premium to par of $1,681, respectively.