Disclosures About Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2020

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 June 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	$	241,136		$	241,136	$	—	$	—	$	241,136
Federal funds sold		452			452		—		—		452
Investment securities		114,003			—		114,003		—		114,003
Loans held for sale		127,796			—		127,796		—		127,796
Net loans held for investment		1,013,259			—		—		1,013,388		1,013,388
Accrued interest receivable		4,119			—		4,119		—		4,119
Bank-owned life insurance		14,919			—		14,919		—		14,919
Financial Liabilities
Deposits		965,857			—		690,229		283,368		973,597
Other borrowed funds		478,411			—		476,750		—		476,750
Subordinated debt, net		24,472			—		—		24,472		24,472
Accrued interest payable		678			—		678		—		678

			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