Carrying Amounts and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair value measurements, recurring basis

sets measured at fair value on a recurring basis at December 31, 2020 and 2019:


	December 31, 2020						December 31, 2019
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Student Loan Pools	$	—	$	61,081,465	$	—	$	—	$	40,231,830	$	—
SBA Bonds	—		153,305,025		—		—		111,893,099		—
Tax Exempt Municipal Bonds	—		48,816,442		—		—		47,241,494		—
Taxable Municipal Bonds	—		48,348,455		—		—		14,840,410		—
Mortgage-Backed Securities	—		277,773,014		—		—		200,438,007		—
Total	$	—	$	589,324,401	$	—	$	—	$	414,644,840	$	—

Fair value measurements, nonrecurring basis

The table below presents assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2020 and 2019, aggregated by the level in the fair value hierarchy within which those measurements fall.


	December 31, 2020
Assets	Level 1		Level 2		Level 3		Total
Mortgage Loans Held For Sale	$	—	$	5,693,400	$	—	$	5,693,400
Collateral Dependent Impaired Loans (1)	—		—		2,216,948		2,216,948
Foreclosed Assets	—		—		498,610		498,610
Total	$	—	$	5,693,400	$	2,715,558	$	8,408,958
	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

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, 2020 and 2019:

Valuation

Significant

2020

2019

Level 3 Assets

Technique

Unobservable Inputs

Range

Collateral Dependent Impaired Loans

Appraised Value

Discount Rates/ Discounts to Appraised Values

14% - 95%

8% - 92%

Foreclosed Assets

Appraised Value/Comparable Sales

Discount Rates/ Discounts to Appraised Values

11% - 72%

18% - 42%

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, 2020 and 2019 presented in accordance with the applicable accounting guidance.


	December 31, 2020
	Carrying		Fair Value
(In Thousands)	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:
Cash and Cash Equivalents	$	18,025	$	18,025	$	18,025	$	—	$	—
Certificates of Deposits with Other Banks	350		350		—		350		—
Investment and Mortgage-Backed Securities	607,579		608,530		—		608,530		—
Loans Receivable, Net	479,167		481,450		—		—		481,450
FHLB Stock	2,354		2,354		2,354		—		—

Financial Liabilities:
Deposits:
Checking, Savings and Money Market Accounts	$	737,571	$	737,571	$	737,571	$	—	$	—
Certificate Accounts	180,525		181,487		—		181,487		—
Advances From FHLB	35,000		35,200		—		35,200		—
Borrowings from FRB	48,700		48,978		—		48,978		—
Other Borrowed Money	13,117		13,117		13,117		—		—
Subordinated Debentures	30,000		30,000		—		30,000		—
Junior Subordinated Debentures	5,155		5,155		—		5,155		—