Carrying Amounts and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair value measurements, recurring basis

Assets measured at fair value on a recurring basis are as follows as of December 31, 2013:



Assets:	Quoted Market Price In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
FHLB Securities	$	—	$	12,670,450	$	—
FFCB Securities			5,366,180
FNMA Bonds			1,974,930
SBA Bonds	—		100,823,985		—
Tax Exempt Municipal Bonds	—		61,315,122		—
Mortgage-Backed Securities	—		248,596,535		—
Equity Securities	—		256,250		—
Total	$	—	$	431,003,452	$	—

(23) Carrying Amounts and Fair Value of Financial Instruments, Continued

Assets measured at fair value on a recurring basis are as follows as of December 31, 2012:



Assets:	Quoted Market Price In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
FHLB Securities	$	—	$	6,164,670	$	—
SBA Bonds	—		96,462,270		—
Tax Exempt Municipal Bonds	—		37,482,148		—
Mortgage-Backed Securities	—		214,731,903		—
Equity Securities	—		75,225		—
Total	$	—	$	354,916,216	$	—

Fair value measurements, nonrecurring basis

The table below presents assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012, aggregated by the level in the fair value hierarchy within which those measurements fall.



Assets:	Level 1		Level 2		Level 3		At December 31, 2013
Mortgage Loans Held For Sale	$	—	$	1,234,158	$	—	$	1,234,158
Collateral Dependent Impaired Loans ⁽¹⁾	—		—		30,252,256		30,252,256
Foreclosed Assets	—		—		3,947,226		3,947,226
Total	$	—	$	1,234,158	$	34,199,482	$	35,433,640

^{(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF}^$1,103,000



Assets:	Level 1		Level 2		Level 3		At December 31, 2012
Mortgage Loans Held For Sale	$	—	$	4,770,760	$	—	$	4,770,760
Collateral Dependent Impaired Loans ⁽¹⁾	—		—		39,506,538		39,506,538
Foreclosed Assets	—		—		6,754,425		6,754,425
Total	$	—	$	4,770,760	$	46,260,963	$	51,031,723

^{(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF}

Significant unobservable inputs used in the fair value measurements

For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows:



	Fair Value			Significant
	December 31,		Valuation	Unobservable
	2013		Technique	Inputs	Range
Collateral Dependent Impaired Loans	$	30,252,256	Appraised Value	Discount Rates/ Discounts to Appraised Values	0% - 90%
Foreclosed Assets	3,947,226		Appraised Value/Comparable Sales	Discount Rates/ Discounts to Appraised Values	7% - 99%

Summary of the carrying value and estimated fair value of financial instruments

The following tables are a summary of the carrying value and estimated fair value of the Company’s financial instruments as of December 31, 2013 and 2012 presented in accordance with the applicable accounting guidance.



	December 31, 2013
	Carrying	Fair Value
(In Thousands)	Amount	Total		Level 1		Level 2		Level 3
Financial Assets:
Cash And Cash Equivalents	7,630	$	7,630	$	7,630	$	—	$	—
Certificates of Deposits With Other Banks	2,100	2,100		—		2,100		—
Investment And Mortgage-Backed Securities	431,003	431,003		—		431,003		—
Loans Receivable, Net	358,917	356,623		—		—		356,623
FHLB Stock	5,017	5,017		5,017		—		—

Financial Liabilities:
Deposits:
Checking, Savings, And Money Market Accounts	401,813	$	401,813	$	401,813	$	—	$	—
Certificate Accounts	256,884	257,883		—		257,883		—
Advances From FHLB	87,740	92,608		—		92,608		—
Other Borrowed Money	8,003	8,003		8,003		—		—
Senior Convertible Debentures	5,155	5,155		—		5,155		—
Junior Subordinated Debentures	6,084	6,084		—		6,084		—