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:
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Fair Value Measurements at September 30, 2020 |
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|
Carrying
Amount |
|
|
Quoted
Prices in
Active
Markets for
Identical
Assets (Level 1) |
|
|
Significant
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
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|
Fair Value |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
|
|