b'The following table provides a listing of significant unobservable inputs used in the fair value measurement process for items valued utilizing Level 3 techniques:2018Value Valuation Techniques Unobservable Input RangeImpaired Loans $3,247,923 Appraised collateral values Discount for time since appraisal 0-25%and discounted cash flows Selling costs 10-20%Other Real Estate Owned191,070 Appraised collateral values Discount for time since appraisal 0-25%Selling costs 10-20%2017Value Valuation Techniques Unobservable Input RangeImpaired Loans $3,533,920 Appraised collateral values Discount for time since appraisal 0-25%and discounted cash flows Selling costs 10-20%Other Real Estate Owned135,541 Appraised collateral values Discount for time since appraisal 0-25%Selling costs 10-20% The fair value of financial instruments is the amount at which the asset or obligation could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument.These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument.Because no market value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors.These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision.Changes in assumptions could significantly affect the estimates.Fair value estimates are based on financial instruments both on and off the balance sheet without attempting to estimate the value of anticipated future business, and the value of assets and liabilities that are not considered financial instruments.Additionally, tax consequences related to the realization of the unrealized gains and losses can have a potential effect on fair value estimates and have not been considered in many of the estimates.The following methods and assumptions were used to estimate the fair value of significant financial instruments:Financial Assets: The carrying amounts of cash, due from banks and federal funds sold are considered to approximate fair value. The fair value of investment securities, including available for sale, are generally based on quoted market prices. The fair value of loans is estimated using a combination of techniques, including discounting estimated future cash flows and quoted market prices of similar instruments where available. The carrying amounts of the cash surrender value of life insurance are based on the contract price, which is considered to approximate fair value.Financial Liabilities: The carrying amounts of deposit liabilities payable on demand are considered to approximate fair value.For fixed maturity (time) deposits, fair value is estimated by discounting estimated future cash flows using currently offered rates for deposits of similar remaining maturities.Off-Balance-Sheet-Financial Instruments: The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. 44'