Disclosures About Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Disclosures About Fair Value of Financial Instruments

Schedule of carrying value and estimated fair value for financial instruments

Note 7. Disclosures about Fair Value of Financial Instruments

The following presents the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2020 and December 31, 2019.Fair values for September 30, 2020 and December 31, 2019 are estimated under the exit price notion in accordance with the prospective adoption of ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities

The estimated fair values, and related carrying amounts (dollars in thousands), of the Company’s financial instruments are as follows:

			Fair Value Measurements at September 30, 2020 Using
(dollars in thousands)	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at September 30, 2020
Assets:
Cash and cash equivalents	$	89,150	$	89,150	$	-	$	-	$	89,150
Securities		107,208		-		107,208		-		107,208
Loans held for sale		88,039		-		87,915		-		87,915
Loans held for investment, net		661,699		-		-		649,493		649,493
Interest receivable		2,771		-		2,771		-		2,771
Bank owned life insurance		20,496		-		20,496		-		20,496
Total	$	969,363	$	89,150	$	218,390	$	649,493	$	957,033
Liabilities:
Deposits	$	793,536	$	-	$	672,066	$	134,417	$	806,483
Long-term debt		106,510		-		-		96,022		96,022
Interest payable		432		-		432		-		432
Total	$	900,478	$	-	$	672,498	$	230,439	$	902,937