Carrying Amounts and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair value measurements, recurring basis

Assets measured at fair value on a recurring basis were as follows at June 30, 2018 and December 31, 2017:

	June 30, 2018						December 31, 2017
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Student Loan Pools	$	—	$	12,859,944	$	—	$	—	$	8,521,785	$	—
SBA Bonds	—		115,445,029		—		—		124,248,444		—
Tax Exempt Municipal Bonds	—		61,385,988		—		—		62,355,567		—
Taxable Municipal Bonds	—		1,968,670		—		—		1,997,130		—
Mortgage-Backed Securities	—		171,078,508		—		—		187,695,980		—
State Tax Credit	—		56,800		—		—		—		—
Equity Securities	—		155,000		—		—		155,000		—
Total	$	—	$	362,949,939	$	—	$	—	$	384,973,906	$	—

Fair value measurements, nonrecurring basis

The tables below present assets measured at fair value on a nonrecurring basis at June 30, 2018 and December 31, 2017, aggregated by the level in the fair value hierarchy within which those measurements fall. 

	June 30, 2018
Assets:	Level 1		Level 2		Level 3		Total
Mortgage Loans Held For Sale	$	—	$	2,530,032	$	—	$	2,530,032
Collateral Dependent Impaired Loans (1)	—		—		11,748,468		11,748,468
Foreclosed Assets	—		—		1,089,103		1,089,103
Total	$	—	$	2,530,032	$	12,837,571	$	15,367,603

	December 31, 2017
Assets:	Level 1		Level 2		Level 3		Total
Mortgage Loans Held For Sale	$	—	$	3,051,950	$	—	$	3,051,950
Collateral Dependent Impaired Loans (1)	—		—		8,442,306		8,442,306
Foreclosed Assets	—		—		1,115,671		1,115,671
Total	$	—	$	3,051,950	$	9,557,977	$	12,609,927

^{(1) IMPAIRED LOANS ARE REPORTED NET OF SPECIFIC RESERVES OF $98,055 AT JUNE 30, 2018. THERE WERE no}

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 June 30, 2018, the significant unobservable inputs used in the fair value measurements were as follows:

			Valuation	Significant
Level 3 Assets	Fair Value		Technique	Unobservable Inputs	Range
Collateral Dependent Impaired Loans	$	11,748,468	Appraised Value	Discount Rates/ Discounts to Appraised Values	0% - 72%
Foreclosed Assets	$	1,089,103	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 provide a summary of the carrying value and estimated fair value of the Company’s financial instruments at June 30, 2018 and December 31, 2017 presented in accordance with the applicable accounting guidance.

	June 30, 2018
	Carrying		Fair Value
(In Thousands)	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash and Cash Equivalents	$	17,127	$	17,127	$	17,127	$	—	$	—
Certificates of Deposits with Other Banks	1,950		1,950		—		1,950		—
Investment and Mortgage-Backed Securities	386,285		385,844		—		385,844		—
Loans Receivable, Net	429,926		421,858		—		—		421,858
FHLB Stock	2,500		2,500		2,500		—		—
Financial Liabilities:
Deposits:
Checking, Savings & Money Market Accounts	$	506,388	$	506,388	$	506,388	$	—	$	—
Certificate Accounts	232,118		229,042		—		229,042		—
Advances from FHLB	40,435		39,974		—		39,974		—
Other Borrowed Money	14,137		14,137		14,137		—		—
Note Payable	5,100		5,100		—		5,100		—
Senior Convertible Debentures	6,064		6,064		—		6,064		—
Junior Subordinated Debentures	5,155		5,155		—		5,155		—

	December 31, 2017
	Carrying		Fair Value
(In Thousands)	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash and Cash Equivalents	$	10,320	$	10,320	$	10,320	$	—	$	—
Certificates of Deposits with Other Banks	1,950		1,950		—		1,950		—
Investment and Mortgage-Backed Securities	412,055		412,029		—		412,029		—
Loans Receivable, Net	390,493		386,613		—		—		386,613
FHLB Stock	2,932		2,932		2,932		—		—
Financial Liabilities:
Deposits:
Checking, Savings & Money Market Accounts	$	472,015	$	472,015	$	472,015	$	—	$	—
Certificate Accounts	230,092		227,949		—		227,949		—
Advances from FHLB	51,680		51,318		—		51,318		—
Other Borrowed Money	11,307		11,307		11,307		—		—
Note Payable	8,500		8,500		—		8,500		—
Senior Convertible Debentures	6,064		6,064		—		6,064		—
Junior Subordinated Debentures	5,155		5,155		—		5,155		—