Carrying Amounts and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair value measurements, recurring basis

Assets measured at fair value on a recurring basis are as follows at September 30, 2015:

Assets:	Quoted Market Price In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
FHLB Securities	$	—	$	5,061,479	$	—
FFCB Securities	—		1,989,862		—
FNMA And FHLMC Bonds	—		1,014,661		—
SBA Bonds	—		113,126,235		—
Tax Exempt Municipal Bonds	—		80,531,367		—
Mortgage-Backed Securities	—		186,338,027		—
Equity Securities	—		290,600		—
Total	$	—	$	388,352,231	$	—

10. Carrying Amounts and Fair Value of Financial Instruments, Continued

Assets measured at fair value on a recurring basis were as follows at 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 at September 30, 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 at September 30, 2015 or December 31, 2014.

Assets:	Level 1		Level 2		Level 3		Balance At September 30, 2015
Mortgage Loans Held For Sale	$	—	$	1,518,631	$	—	$	1,518,631
Collateral Dependent Impaired Loans (1)	—		—		13,844,088		13,844,088
Foreclosed Assets	—		—		4,928,998		4,928,998
Total	$	—	$	1,518,631	$	18,773,086	$	20,291,717

^{(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $39,900}

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 at September 30, 2015, the significant unobservable inputs used in the fair value measurements were as follows:

			Valuation	Significant
	Fair Value		Technique	Unobservable Inputs	Range
Collateral Dependent Impaired Loans	$	13,844,088	Appraised Value	Discount Rates/ Discounts to Appraised Values	0% - 36%
Foreclosed Assets	4,928,998		Appraised Value/Comparable Sales	Discount Rates/ Discounts to Appraised Values	13% - 100%

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 at September 30, 2015 and December 31, 2014 presented in accordance with the applicable accounting guidance.

	September 30, 2015
	Carrying		Fair Value
(In Thousands)	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash And Cash Equivalents	$	8,374	$	8,374	$	8,374	$	—	$	—
Certificates Of Deposits With Other Banks	2,095		2,095		—		2,095		—
Investment And Mortgage-Backed Securities	419,200		419,083		—		419,083		—
Loans Receivable, Net	319,755		318,531		—		—		318,531
FHLB Stock	2,224		2,224		2,224		—		—
Financial Liabilities:
Deposits:
Checking, Savings, And Money Market     Accounts	$	414,432	$	414,432	$	414,432	$	—	$	—
Certificate Accounts	237,695		237,934		—		237,934		—
Advances From FHLB	33,280		34,658		—		34,658		—
Other Borrowed Money	7,725		7,725		7,725		—		—
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		—