b'The estimated fair value of financial instruments at December 31, is summarized as follows:December 31, 2018Carrying Amount Fair Value Level 1Level 2 Level 3Financial Assets: Cash, due from banks and federal funds sold $ 6,925,658 $ 6,925,658 $6 ,925,658 $ -$- Securities available for sale63,977,13663,977,136- 63,977,136 -Loans300,889,279297,039,016- 293,791,0933,247,923 Accrued interest receivable1,201,5651,201,5651,201,565- - Cash surrender value of life insurance6,414,2566,414,2566,414,256-Financial Liabilities:Demand deposits221,882,785221,882,785- 221,882,785 - Time deposits102,105,812101,983,957 -101,983,957 - Accrued interest payable 265,442 265,442 265,442 - - FHLB borrowings26,800,00026,800,000- 26,800,000 - Off-BalanceSheet Financial Instruments: Letters of credit - 4,021-4,021 -December 31, 2017Carrying Amount Fair Value Level 1Level 2 Level 3Financial Assets: Cash, due from banks and federal funds sold $ 7,433,677 $ 7,433,677 $7 ,433,677 $ -$ -Securities available for sale67,342,15667,342,156 -67,342,156- Loans271,073,840268,223,624- 264,689,7043,533,920 Accrued interest receivable1,101,8141,101,8141,101,814Cash surrender value of life insurance6,163,4996,163,4996,163,499 - Financial Liabilities:Demand deposits199,186,382199,186,382 -199,186,382-Time deposits103,577,166104,944,159- 104,944,159-Accrued interest payable 260,888 260,888 260,888- -FHLB borrowings23,900,00023,900,000- 23,900,000-Off-BalanceSheet Financial Instruments: Letters of credit - 7,363-7,363 -NOTE 27.RELATED PARTY TRANSACTIONSIn the ordinary course of business, the Bank has granted loans to executive officers, directors, principal shareholders and their affiliates amounting to $808,498 and $1,714,097 at December 31, 2018 and 2017, respectively.During 2018, $16,130 of new loans were made, or became reportable, and repayments and other decreases totaled $921,729.Deposits from executive officers, directors, principal shareholders and their affiliates held by the Bank at December 31, 2018 and 2017 amounted to $5,321,206 and $5,542,953, respectively.45'