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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023   At December 31, 2022 
   Carrying Amount   Fair Value   Level   Carrying Amount   Fair Value   Level 
                         
Financial assets:                              
Cash and cash equivalents  $78,373   $78,373    1   $71,836   $71,836    1 
Debt securities available for sale   24,762    24,762    2    25,102    25,102    2 
Debt securities held-to-maturity   445    406    2    540    504    2 
Loans   518,829    512,031    3    477,218    476,566    3 
Federal Home Loan Bank stock   717    717    3    600    600    3 
Accrued interest receivable   1,559    1,559    3    1,444    1,444    3 
                               
Financial liabilities:                              
Deposit liabilities   551,631    556,017    3    507,899    512,357    3 
Federal Home Loan Bank advances   10,000    9,456    3    10,000    9,450    3 
Off-balance sheet financial instruments   —    —    3    —    —    3 

 

(continued)

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)