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Disclosures About Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2021
Disclosures About Fair Value of Financial Instruments  
Note 7. Disclosures about Fair Value of 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, 2021 and December 31, 2020.  Fair values for September 30, 2021 and December 31, 2020 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 (dollars in thousands):

 

 

 

 

 

 

Fair Value Measurements at September 30, 2021 Using

 

 

 

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, 2021

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$180,577

 

 

$180,577

 

 

$-

 

 

$-

 

 

$180,577

 

Securities

 

 

271,570

 

 

 

-

 

 

 

271,570

 

 

 

-

 

 

 

271,570

 

Loans held for sale

 

 

3,610

 

 

 

-

 

 

 

3,610

 

 

 

-

 

 

 

3,610

 

IRLC

 

 

333

 

 

 

-

 

 

 

333

 

 

 

-

 

 

 

333

 

Loans held for investment, net

 

 

647,400

 

 

 

-

 

 

 

-

 

 

 

638,419

 

 

 

638,419

 

Interest receivable

 

 

2,579

 

 

 

-

 

 

 

2,579

 

 

 

-

 

 

 

2,579

 

Bank owned life insurance

 

 

22,714

 

 

 

-

 

 

 

22,714

 

 

 

-

 

 

 

22,714

 

Forward sales commitments

 

 

145

 

 

 

-

 

 

 

145

 

 

 

-

 

 

 

145

 

Total

 

$1,128,928

 

 

$180,577

 

 

$300,951

 

 

$638,419

 

 

$1,119,947

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$1,030,292

 

 

$-

 

 

$918,546

 

 

$130,382

 

 

$1,048,928

 

Long-term debt

 

 

21,764

 

 

 

-

 

 

 

-

 

 

 

22,388

 

 

 

22,388

 

Interest payable

 

 

298

 

 

 

-

 

 

 

298

 

 

 

-

 

 

 

298

 

Total

 

$1,052,354

 

 

$-

 

 

$918,844

 

 

$152,770

 

 

$1,071,614