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Carrying Amounts and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair value measurements, recurring basis sets measured at fair value on a recurring basis at December 31, 2021 and 2020:
December 31, 2021December 31, 2020
Level 1Level 2Level 3Level 1Level 2Level 3
Student Loan Pools$— $72,011,561 $— $— $61,081,465 $— 
SBA Bonds— 139,793,077 — — 153,305,025 — 
Tax Exempt Municipal Bonds— 49,984,355 — — 48,816,442 — 
Taxable Municipal Bonds— 65,969,151 — — 48,348,455 — 
Mortgage-Backed Securities— 355,090,914 — — 277,773,014 — 
Total$— $682,849,058 $— $— $589,324,401 $— 
Fair value measurements, nonrecurring basis The table below presents assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020, aggregated by the level in the fair value hierarchy within which those measurements fall. There were no liabilities measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020.
December 31, 2021
Assets Level 1 Level 2Level 3Total
Mortgage Loans Held For Sale$— $4,038,414 $— $4,038,414 
Land Held For Sale— — 1,529,691 $1,529,691 
Collateral Dependent Impaired Loans (1)
— — 2,323,307 2,323,307 
Foreclosed Assets— — 129,700 129,700 
Total$— $— $3,982,698 $3,982,698 
December 31, 2020
Assets Level 1 Level 2Level 3Total
Mortgage Loans Held For Sale$— $5,693,400 $— $5,693,400 
Collateral Dependent Impaired Loans (1)
— — 2,216,948 2,216,948 
Foreclosed Assets— — 498,610 498,610 
Total$— $— $2,715,558 $2,715,558 
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, 2021 and 2020:
ValuationSignificant20212020
Level 3 AssetsTechniqueUnobservable InputsRangeRange
Land Held for SaleAppraised Value/Comparable SalesDiscounts to appraised values for estimated holding or selling costs10%n/a
Collateral Dependent Impaired LoansAppraised Value  Discounts to appraised values or cash flows for estimated holding and/or selling costs or age of appraisal  8% - 13%8% - 14%
Foreclosed AssetsAppraised Value/Comparable SalesDiscounts to appraised values for estimated holding or selling costs30%11% - 72%
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, 2021 and 2020 presented in accordance with the applicable accounting guidance.
December 31, 2021
CarryingFair Value
(In Thousands)AmountTotalLevel 1Level 2Level 3
Financial Assets:
Cash and Cash Equivalents$27,623 $27,623 $27,623 $— $— 
Certificates of Deposits with Other Banks1,100 1,100 — 1,100 — 
Investment and Mortgage-Backed Securities706,356 706,569 — 706,569 — 
Loans Receivable, Net499,497 508,024 — — 508,024 
FHLB Stock586 586 586 — — 
Land Held for Sale1,530 1,530 — — 1,530 
Financial Liabilities:
Deposits:
  Checking, Savings and Money Market Accounts$958,601 $958,601 $958,601 $— $— 
  Certificate Accounts157,362 157,201 — 157,201 — 
Other Borrowed Money26,785 26,785 26,785 — — 
Subordinated Debentures30,000 30,154 — 30,154 — 
Junior Subordinated Debentures5,155 5,155 — 5,155 —