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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2021

Investments, All Other Investments [Abstract]

Fair Value of Financial Instruments

(7)

Fair Value of Financial Instruments. The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows (in thousands):

		At March 31, 2021												At December 31, 2020
		Carrying Amount				Fair Value				Level				Carrying Amount				Fair Value				Level
Financial assets:
Cash and cash equivalents		$	53,694			$	53,694				1			$	54,629			$	54,629				1
Debt securities available for sale			22,380				22,380				2				18,893				18,893				2
Debt securities held-to-maturity			2,465				2,570				2				3,399				3,549				2
Loans			168,309				168,267				3				152,469				153,276				3
Federal Home Loan Bank stock			793				793				3				1,092				1,092				3
Accrued interest receivable			1,113				1,113				3				1,336				1,336				3

Financial liabilities:
Deposit liabilities			209,509				209,665				3				190,759				191,011				3
Federal Home Loan Bank advances			18,000				18,088				3				23,000				23,254				3
Junior subordinated debenture			2,068				N/A	(1)			3				2,068				N/A	(1)			3
Off-balance sheet financial instruments			—				—				3				—				—				3

(1)

The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note 1 for further information.