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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Investments All Other Investments [Abstract]  
Summary of Carrying Values and Fair Values of Financial Instruments The fair value of the debentures payable to the SBA is estimated based on current market interest rates for similar debt.

 

 

December 31, 2020

 

 

December 31, 2019

 

(Dollars in  thousands)

 

Carrying

Amount

 

 

Fair

Value

 

 

Carrying

Amount

 

 

Fair

Value

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

112,040

 

 

$

112,040

 

 

$

67,821

 

 

$

67,821

 

Equity investments

 

 

9,746

 

 

 

9,746

 

 

 

10,079

 

 

 

10,079

 

Investment securities

 

 

46,792

 

 

 

46,792

 

 

 

48,998

 

 

 

48,998

 

Loans receivable

 

 

1,172,290

 

 

 

1,172,290

 

 

 

1,114,762

 

 

 

1,114,762

 

Accrued interest receivable (2)

 

 

10,338

 

 

 

10,338

 

 

 

8,662

 

 

 

8,662

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

1,312,255

 

 

 

1,312,591

 

 

 

1,169,593

 

 

 

1,171,274

 

Accrued interest payable (2)

 

 

4,673

 

 

 

4,673

 

 

 

4,398

 

 

 

4,398

 

 

(1)

Categorized as level 1 within the fair value hierarchy, excluding $1,500 of interest-bearing deposits categorized as level 2. See Note 17.

(2)

Categorized as level 3 within the fair value hierarchy. See Note 17.

(3)

As of December 31, 2020 and 2019, publicly traded unsecured notes traded at a premium to par of $336 and $1,681.