Disclosures About Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2019

Note 15. Disclosures About Fair Value of Financial Instruments

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


			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
(Dollars 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		-		-		9,874		9,874
Accrued interest payable		706		-		706		-		706


			Fair Value Measurements at December 31, 2018
		Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
(Dollars in thousands)
Financial Assets
Cash and short-term investments	$	15,026	$	15,026	$	-	$	-	$	15,026
Federal funds sold		546		546		-		-		546
Investment securities		58,750		-		58,688		-		58,688
Loans held for sale		29,233		-		29,233		-		29,233
Net loans held for investment		411,288		-		-		404,888		404,888
Accrued interest receivable		1,769		-		1,769		-		1,769
Bank-owned life insurance		8,455		-		8,455		-		8,455

Financial Liabilities
Deposits		415,027		-		323,280		81,070		404,350
Other borrowed funds		73,100		-		73,113		-		73,113
Subordinated debt, net		9,766		-		-		9,766		9,766
Accrued interest payable		395		-		395		-		395