Carrying Amounts and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair value measurements, recurring basis

Assets measured at fair value on a recurring basis are as follows as of March 31, 2015:

Assets:	Quoted Market Price In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
FHLB Securities	$	—	$	6,302,131	$	—
FFCB Securities	—		1,985,022		—
FNMA Bonds	—		1,012,434		—
SBA Bonds	—		119,704,343		—
Tax Exempt Municipal Bonds	—		64,598,376		—
Mortgage-Backed Securities	—		240,589,509		—
Equity Securities	—		310,814		—
Total	$	—	$	434,502,629	$	—

9. 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, 2014:

Assets:	Quoted Market Price In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
FHLB Securities	$	—	$	13,246,661	$	—
FFCB Securities	—		5,667,994		—
FNMA Bonds	—		1,004,381		—
SBA Bonds	—		108,126,694		—
Tax Exempt Municipal Bonds	—		62,495,423		—
Mortgage-Backed Securities	—		238,852,713		—
Equity Securities	—		306,674		—
Total	$	—	$	429,700,540	$	—

Fair value measurements, nonrecurring basis

The table below presents assets measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall. There were no liabilities measured at fair value on a nonrecurring basis as of March 31, 2015 and December 31, 2014.

Assets:	Level 1		Level 2		Level 3		Balance At March 31, 2015
Mortgage Loans Held For Sale	$	—	$	1,878,844	$	—	$	1,878,844
Collateral Dependent Impaired Loans (1)	—		—		15,324,712		15,324,712
Foreclosed Assets	—		—		6,486,850		6,486,850
Total	$	—	$	1,878,844	$	21,811,562	$	23,690,406

^{(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $373,489}  

Assets:	Level 1		Level 2		Level 3		Balance At December 31, 2014
Mortgage Loans Held For Sale	$	—	$	1,864,999	$	—	$	1,864,999
Collateral Dependent Impaired Loans (1)	—		—		19,772,955		19,772,955
Foreclosed Assets	—		—		3,229,710		3,229,710
Total	$	—	$	1,864,999	$	23,002,665	$	24,867,664

^{(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $475,000}

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 March 31, 2015, the significant unobservable inputs used in the fair value measurements were as follows:

	Fair Value			Significant
	March 31,		Valuation	Unobservable
	2015		Technique	Inputs	Range
Collateral Dependent Impaired Loans	$	15,324,712	Appraised Value	Discount Rates/ Discounts to Appraised Values	0% - 70%
Foreclosed Assets	6,486,850		Appraised Value/Comparable Sales	Discount Rates/ Discounts to Appraised Values	12% - 79%

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 March 31, 2015 and December 31, 2014 presented in accordance with the applicable accounting guidance.

	March 31, 2015
	Carrying		Fair Value
(In Thousands)	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash And Cash Equivalents	$	8,462	$	8,462	$	8,462	$	—	$	—
Certificates Of Deposits With Other Banks	2,095		2,095		—		2,095		—
Investment And Mortgage-Backed Securities	434,503		434,503		—		434,503		—
Loans Receivable, Net	332,058		332,120		—		—		332,120
FHLB Stock	2,196		2,196		2,196		—		—
Financial Liabilities:
Deposits:
Checking, Savings, And Money Market     Accounts	$	415,778	$	415,778	$	415,778	$	—	$	—
Certificate Accounts	256,663		256,845		—		256,845		—
Advances From FHLB	34,200		35,978		—		35,978		—
Other Borrowed Money	10,340		10,340		10,340		—		—
Senior Convertible Debentures	6,084		6,084		—		6,084		—
Junior Subordinated Debentures	5,155		5,155		—		5,155		—

	December 31, 2014
	Carrying		Fair Value
(In Thousands)	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash And Cash Equivalents	$	10,193	$	10,193	$	10,193	$	—	$	—
Certificates Of Deposits With Other Banks	2,095		2,095		—		2,095		—
Investment And Mortgage-Backed Securities	429,701		429,701		—		429,701		—
Loans Receivable, Net	339,874		340,368		—		—		340,368
FHLB Stock	3,145		3,145		3,145		—		—
Financial Liabilities:
Deposits:
Checking, Savings, And Money Market     Accounts	$	406,864	$	406,864	$	406,864	$	—	$	—
Certificate Accounts	253,251		253,300		—		253,300		—
Advances From FHLB	52,900		55,646		—		55,646		—
Other Borrowed Money	8,523		8,523		8,523		—		—
Senior Convertible Debentures	6,084		6,084		—		6,084		—
Junior Subordinated Debentures	5,155		5,155		—		5,155		—