Carrying Amounts and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair value measurements, recurring basis

Assets measured at fair value on a recurring basis were as follows at June 30, 2022 and December 31, 2021:

	June 30, 2022						December 31, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Student Loan Pools	$	—	$	65,298,031	$	—	$	—	$	72,011,561	$	—
SBA Bonds	—		118,002,124		—		—		139,793,077		—
Tax Exempt Municipal Bonds	—		43,749,997		—		—		49,984,355		—
Taxable Municipal Bonds	—		55,381,036		—		—		65,969,151		—
Mortgage-Backed Securities	—		352,108,990		—		—		355,090,914		—
Total	$	—	$	634,540,178	$	—	$	—	$	682,849,058	$	—

Fair value measurements, nonrecurring basis

The tables below present assets measured at fair value on a nonrecurring basis at June 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. 

	June 30, 2022
Assets:	Level 1		Level 2		Level 3		Total
Mortgage Loans Held For Sale	$	—	$	590,041	$	—	$	590,041
Collateral Dependent Impaired Loans (1)	—		—		2,081,520		2,081,520
Other Real Estate Owned	—		—		129,700		129,700
Land Held for Sale	—		—		1,096,614		1,096,614
Total	$	—	$	590,041	$	3,307,834	$	3,897,875

	December 31, 2021
Assets:	Level 1		Level 2		Level 3		Total
Mortgage Loans Held For Sale	$	—	$	4,038,414	$	—	$	4,038,414
Collateral Dependent Impaired Loans (1)	—		—		2,323,307		2,323,307
Other Real Estate Owned	—		—		129,700		129,700
Land Held for Sale	—		—		1,529,691		1,529,691
Total	$	—	$	4,038,414	$	3,982,698	$	8,021,112

(1) Reported net of specific reserves. There were no specific reserves at June 30, 2022 and December 31, 2021.

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, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows:

	Valuation	Significant	June 30, 2022	December 31, 2021
Level 3 Assets	Technique	Unobservable Inputs	Range of Inputs	Range of Inputs
Land Held for Sale	Appraised Value/Comparable Sales	Discounts to appraised values for estimated holding or selling costs	10%	10%
Collateral Dependent Impaired Loans	Appraised Value/ Discounted Cash Flows	Discounts to appraised values or cash flows for estimated holding and/or selling costs or age of appraisal	8% - 13%	8% - 13%
Other Real Estate Owned	Appraised Value/Comparable Sales	Discounts to appraised values for estimated holding or selling costs	30%	30%

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, 2022 and December 31, 2021 presented in accordance with the applicable accounting guidance.

June 30, 2022	Carrying		Fair Value
	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:	Dollars in thousands
Cash and Cash Equivalents	$	78,873	$	78,873	$	78,873	$	—	$	—
Certificates of Deposits with Other Banks	1,100		1,100		—		1,100		—
Investment Securities, Available for Sale	634,540		634,540		—		634,540		—
Investment Securities, Held to Maturity	105,036		102,868		—		102,868		—
Loans Receivable, Net	502,389		493,057		—		—		493,057
Loans Held for Sale	590		590		—		—		590
FHLB Stock	651		651		651		—		—
Land Held for Sale	1,097		1,097		—		—		1,097
Financial Liabilities:
Deposits:
Checking, Savings & Money Market Accounts	$	1,006,668	$	1,006,668	$	1,006,668	$	—	$	—
Certificates of Deposits	143,014		140,486		—		140,486		—
Other Borrowed Money	42,345		42,345		42,345		—		—
Subordinated Debentures	30,000		29,008		—		29,008		—
Junior Subordinated Debentures	5,155		5,155		—		5,155		—

December 31, 2021	Carrying		Fair Value
	Amount		Total		Level 1		Level 2		Level 3
Financial Assets:	Dollars in thousands
Cash and Cash Equivalents	$	27,623	$	27,623	$	27,623	$	—	$	—
Certificates of Deposits with Other Banks	1,100		1,100		—		1,100		—
Investment Securities, Available for Sale	682,849		682,849		—		682,849		—
Investment Securities, Held to Maturity	23,507		23,720		—		23,720		—
Loans Receivable, Net	495,458		503,986		—		—		503,986
Loans Held for Sale	4,038		4,038		—		—		4,038
FHLB Stock	586		586		586		—		—
Land Held for Sale	1,530		1,530		—		—		1,530
Financial Liabilities:
Deposits:
Checking, Savings & Money Market Accounts	$	958,601	$	958,601	$	958,601	$	—	$	—
Certificates of Deposits	157,362		157,201		—		157,201		—
Other Borrowed Money	26,785		26,785		26,785		—		—
Subordinated Debentures	30,000		30,154		—		30,154		—
Junior Subordinated Debentures	5,155		5,155		—		5,155		—