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Disclosures About Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2020
Disclosures About Fair Value Of Financial Instruments [Abstract]  
Disclosures About Fair Value of Financial Instruments

Note 11 – Disclosures About Fair Value of Financial Instruments

The estimated fair values, and related carrying amounts, of the Company’s financial instruments at the dates presented are as follows:

 

 

 

 

 

Fair Value Measurements at September 30, 2020

 

 

 

 

 

 

Carrying

Amount

 

 

Quoted

Prices in

Active

Markets for

Identical

Assets (Level 1)

 

 

Significant

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

Fair Value

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and short-term investments

$

77,596

 

 

$

77,596

 

 

$

 

 

$

 

 

$

77,596

 

Investment securities

 

123,330

 

 

 

 

 

 

123,330

 

 

 

 

 

 

123,330

 

Loans held for sale

 

193,122

 

 

 

 

 

 

193,122

 

 

 

 

 

 

193,122

 

Net loans held for investment

 

1,039,180

 

 

 

 

 

 

 

 

 

1,034,898

 

 

 

1,034,898

 

Accrued interest receivable

 

5,193

 

 

 

 

 

 

5,193

 

 

 

 

 

 

5,193

 

Bank-owned life insurance

 

15,013

 

 

 

 

 

 

15,013

 

 

 

 

 

 

15,013

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

915,266

 

 

 

 

 

 

643,704

 

 

 

278,584

 

 

 

922,288

 

Federal funds purchased

 

135

 

 

 

135

 

 

 

 

 

 

 

 

 

 

 

135

 

Other borrowed funds

 

459,476

 

 

 

 

 

 

459,476

 

 

 

 

 

 

459,476

 

Subordinated debt, net

 

24,489

 

 

 

 

 

 

 

 

 

25,326

 

 

 

25,326

 

Accrued interest payable

 

644

 

 

 

 

 

 

644

 

 

 

 

 

 

644

 

 

 

 

 

 

Fair Value Measurements at December 31, 2019

 

 

 

 

 

 

Carrying

Amount

 

 

Quoted

Prices in

Active

Markets for

Identical

Assets (Level 1)

 

 

Significant

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

Fair Value

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and short-term investments

$

60,026

 

 

$

60,026

 

 

$

 

 

$

 

 

$

60,026

 

Federal funds sold

 

480

 

 

 

480

 

 

 

 

 

 

 

 

 

480

 

Investment securities

 

128,897

 

 

 

 

 

 

129,359

 

 

 

 

 

 

129,359

 

Loans held for sale

 

55,646

 

 

 

 

 

 

55,646

 

 

 

 

 

 

55,646

 

Net loans held for investment

 

642,262

 

 

 

 

 

 

 

 

 

643,878

 

 

 

643,878

 

Accrued interest receivable

 

2,590

 

 

 

 

 

 

2,590

 

 

 

 

 

 

2,590

 

Bank-owned life insurance

 

14,734

 

 

 

 

 

 

14,734

 

 

 

 

 

 

14,734

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

722,030

 

 

 

 

 

 

542,805

 

 

 

168,736

 

 

 

711,541

 

Other borrowed funds

 

124,800

 

 

 

 

 

 

124,971

 

 

 

 

 

 

124,971

 

Subordinated debt, net

 

9,800

 

 

 

 

 

 

 

 

 

9,784

 

 

 

9,784

 

Accrued interest payable

 

706

 

 

 

 

 

 

706

 

 

 

 

 

 

706