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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 12 – Fair Value of Financial Instruments

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments:

    June 30, 2019   December 31, 2018
    Carrying       Carrying      
(In thousands)   Amount   Fair Value   Amount   Fair Value
Balance sheet assets:                                    
Cash and cash equivalents   $     183,513   $     183,513   $     230,933   $     230,933
Investment securities     435,391     435,391     441,534     441,534
Loans, net     780,046     782,301     711,362     711,090
Accrued interest receivable     7,180     7,180     7,069     7,069
Total   $ 1,406,130   $ 1,408,385   $ 1,390,898   $ 1,390,626
Balance sheet liabilities:                        
Deposits   $ 636,629   $ 637,586   $ 721,926   $ 722,018
Accounts and drafts payable     794,871     794,871     694,360     694,360
Accrued interest payable     191     191     91     91
Total   $ 1,431,691   $ 1,432,648   $ 1,416,377   $ 1,416,469

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash and Cash Equivalents – The carrying amount approximates fair value.

Investment in Securities – The fair value is measured on a recurring basis using Level 2 valuations. Refer to Note 11, “Investment in Securities,” for fair value and unrealized gains and losses by investment type.

Loans – The fair value is estimated using present values of future cash flows discounted at risk-adjusted interest rates for each loan category designated by management and is therefore a Level 3 valuation. Management believes that the risk factor embedded in the interest rates along with the allowance for loan losses result in a fair valuation.

Accrued Interest Receivable – The carrying amount approximates fair value.

Deposits – The fair value of demand deposits, savings deposits and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities and therefore, is a Level 2 valuation. The fair value estimates above do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the market or the benefit derived from the customer relationship inherent in existing deposits.

Accounts and Drafts Payable – The carrying amount approximates fair value.

Accrued Interest – The carrying amount approximates fair value.

There were no transfers between Levels 1 and 2 of the fair value hierarchy for the six months ended June 30, 2019 and 2018. No financial instruments are measured using Level 3 inputs for the six months ended June 30, 2019 and 2018.