CASH 2018 Special Proxy Statement

CRESTMARK BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 16 – FAIR VALUE (Continued) Fair Value of Financial Instruments Carrying amounts and estimated fair values of financial instruments, not already presented, were as follows at December 31 year-end: Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 2017 Financial assets: Cash and cash equivalents . . . . . . . . . . $ 84,759,307 $ 84,759,307 $85,759,307 $ — $ — Net loans, leases and receivables . . . . . . . . . . 882,195,953 878,989,000 — — 878,989,000 Loans held for sale . . . . . . 42,059,790 43,408,000 — — 43,408,000 Accrued interest receivable . . . . . . . . . . . 2,557,013 2,557,000 — — 2,557,000 Financial liabilities: Interest-bearing deposits . . . . . . . . . . . . $1,018,829,478 $1,011,808,000 — 1,011,808,000 — Subordinated debt . . . . . . 3,601,000 3,601,000 — 3,601,000 — Non-recourse notes payable . . . . . . . . . . . . . 30,765,489 30,529,291 — 30,529,291 — Other liabilities . . . . . . . . . 12,000,000 12,000,000 — 12,000,000 — Accrued interest payable . . . . . . . . . . . . . 2,311,314 2,311,000 — 2,311,000 — 2016 Financial assets: Cash and cash equivalents . . . . . . . . . . $ 45,676,737 $ 45,677,000 $45,677,000 $ — $ — Net loans, leases and receivables . . . . . . . . . . 676,733,872 677,133,000 — — 677,133,000 Loans held for sale . . . . . . 15,107,550 15,949,000 — — 15,949,000 Accrued interest receivable . . . . . . . . . . . 2,001,888 2,002,000 — — 2,002,000 Financial liabilities: Interest-bearing deposits . . . . . . . . . . . . $ 719,202,249 $ 717,629,000 — 717,629,000 — Federal funds purchased . . . . . . . . . . . 30,000,000 30,000,000 30,000,000 — — Subordinated debt . . . . . . 3,601,000 3,601,000 — 3,601,000 — Non-recourse notes payable . . . . . . . . . . . . . 30,477,360 30,456,000 — 30,456,000 — Accrued interest payable . . . . . . . . . . . . . 1,140,330 1,140,000 — 1,140,000 — F-37