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Carrying Amounts and Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair value measurements, recurring basis
Assets measured at fair value on a recurring basis were as follows at June 30, 2021 and December 31, 2020:
June 30, 2021December 31, 2020
Level 1Level 2Level 3Level 1Level 2Level 3
Student Loan Pools$— $62,481,463 $— $— $61,081,465 $— 
SBA Bonds— 150,313,067 — — 153,305,025 — 
Tax Exempt Municipal Bonds— 50,335,240 — — 48,816,442 — 
Taxable Municipal Bonds— 53,027,443 — — 48,348,455 — 
Mortgage-Backed Securities— 284,429,894 — — 277,773,014 — 
Total$— $600,587,107 $— $— $589,324,401 $— 
Fair value measurements, nonrecurring basis The tables below present assets measured at fair value on a nonrecurring basis at June 30, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall. 
June 30, 2021
Assets:Level 1Level 2Level 3Total
Mortgage Loans Held For Sale$— 4,778,107 $— $4,778,107 
Collateral Dependent Impaired Loans (1)
— — 2,435,375 2,435,375 
Foreclosed Assets— — 149,700 149,700 
Total$— $4,778,107 $2,585,075 $7,363,182 
December 31, 2020
Assets:Level 1Level 2Level 3Total
Mortgage Loans Held For Sale$— 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 
(1) Reported net of specific reserves. There were no specific reserves at June 30, 2021 and December 31, 2020.
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, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:
ValuationSignificantJune 30, 2021December 31, 2020
Level 3 AssetsTechniqueUnobservable InputsRangeRange
Collateral Dependent Impaired LoansAppraised ValueDiscount Rates/ Discounts to Appraised Values
22% - 97%
14% - 95%
Foreclosed AssetsAppraised Value/Comparable SalesDiscount Rates/ Discounts to Appraised Values
 
19%
11% - 72%
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, 2021 and December 31, 2020 presented in accordance with the applicable accounting guidance.
June 30, 2021CarryingFair Value
AmountTotalLevel 1Level 2Level 3
Financial Assets:Dollars in thousands
Cash and Cash Equivalents$13,147 $13,147 $13,147 $— $— 
Certificates of Deposits with Other Banks100 100 — 100 — 
Investment and Mortgage-Backed Securities618,678 619,297 — 619,297 — 
Loans Receivable, Net503,287 503,563 — — 503,563 
FHLB Stock961 961 961 — — 
Financial Liabilities:
Deposits:
  Checking, Savings & Money Market Accounts$824,562 $824,562 $824,562 $— $— 
  Certificate Accounts170,580 171,056 — 171,056 — 
Advances from FHLB10,000 10,096 — 10,096 — 
Borrowings from FRB10,650 10,752 — 10,752 — 
Other Borrowed Money24,227 24,227 24,227 — — 
Subordinated Debentures30,000 30,000 — 30,000 — 
Junior Subordinated Debentures5,155 5,155 — 5,155 — 
10. Carrying Amounts and Fair Value of Financial Instruments, Continued

December 31, 2020CarryingFair Value
AmountTotalLevel 1Level 2Level 3
Financial Assets:Dollars in thousands
Cash and Cash Equivalents$18,025 $18,025 $18,025 $— $— 
Certificates of Deposits with Other Banks350 350 — 350 — 
Investment and Mortgage-Backed Securities607,579 608,530 — 608,530 — 
Loans Receivable, Net479,167 481,450 — — 481,450 
FHLB Stock2,354 2,354 2,354 — — 
Financial Liabilities:
Deposits:
  Checking, Savings & Money Market Accounts$737,571 $737,571 $737,571 $— $— 
  Certificate Accounts180,525 181,487 — 181,487 — 
Advances from FHLB35,000 35,200 — 35,200 — 
Borrowings from FRB48,700 48,978 48,978 
Other Borrowed Money13,117 13,117 13,117 — — 
Subordinated Debentures30,000 30,000 — 30,000 — 
Junior Subordinated Debentures5,155 5,155 — 5,155 —