Carrying Amounts and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair value measurements, recurring basis

sets measured at fair value on a recurring basis at December 31, 2019 and 2018:



	December 31, 2019						December 31, 2018
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Student Loan Pools	$	—	$	40,231,830	$	—	$	—	$	12,885,501	$	—
SBA Bonds	—		111,893,099		—		—		125,446,531		—
Tax Exempt Municipal Bonds	—		47,241,494		—		—		61,330,369		—
Taxable Municipal Bonds	—		14,840,410		—		—		1,977,885		—
Mortgage-Backed Securities	—		200,438,007		—		—		184,460,551		—
Total	$	—	$	414,644,840	$	—	$	—	$	386,100,837	$	—

Fair value measurements, nonrecurring basis

The table below presents assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2019 and 2018, aggregated by the level in the fair value hierarchy within which those measurements fall.



	December 31, 2019
Assets	Level 1		Level 2		Level 3		Total
Mortgage Loans Held For Sale	$	—	$	3,990,606	$	—	$	3,990,606
Collateral Dependent Impaired Loans ⁽¹⁾	—		—		3,222,746		3,222,746
Foreclosed Assets	—		—		677,740		677,740
Total	$	—	$	3,990,606	$	3,900,486	$	7,891,092
	December 31, 2018
Assets	Level 1		Level 2		Level 3		Total
Mortgage Loans Held For Sale	$	—	$	1,781,985	$	—	$	1,781,985
Collateral Dependent Impaired Loans ⁽¹⁾	—		—		8,613,570		8,613,570
Foreclosed Assets	—		—		722,442		722,442
Total	$	—	$	1,781,985	$	9,336,012	$	11,117,997

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, the significant unobservable inputs used in the fair value measurements were as follows as of December 31, 2019 and 2018:



	Valuation	Significant	2019	2018
Level 3 Assets	Technique	Unobservable Inputs	Range	Range
Collateral Dependent Impaired Loans	Appraised Value	Discount Rates/ Discounts to Appraised Values	8% - 92%	7% - 97%
Foreclosed Assets	Appraised Value/Comparable Sales	Discount Rates/ Discounts to Appraised Values	18% - 42%	16% - 100%

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

The following tables summarize the carrying value and estimated fair value of the Company’s financial instruments as of December 31, 2019 and 2018 presented in accordance with the applicable accounting guidance.



	December 31, 2019
	Carrying		Fair Value
(In Thousands)	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash and Cash Equivalents	$	12,536	$	12,536	$	12,536	$	—	$	—
Certificates of Deposits with Other Banks	950		950		—		950		—
Investment and Mortgage-Backed Securities	433,892		434,451		—		434,451		—
Loans Receivable, Net	452,859		450,796		—		—		450,796
FHLB Stock	2,537		2,537		2,537		—		—

Financial Liabilities:
Deposits:
Checking, Savings and Money Market Accounts	$	541,954	$	541,954	$	541,954	$	—	$	—
Certificate Accounts	229,453		229,363		—		229,363		—
Advances From FHLB	38,138		38,233		—		38,233		—
Other Borrowed Money	11,580		11,580		11,580		—		—
Subordinated Debentures	30,000		30,000		—		30,000		—
Junior Subordinated Debentures	5,155		5,155		—		5,155		—
Senior Convertible Debentures	6,044		6,044		—		6,044		—