b'December 31, 2019Carrying Amount Fair Value Level 1Level 2 Level 3Financial Assets: Cash, due from banks and federal funds sold $ 15,925,600 $ 15,925,600 $ 15,925,600 $- $- Securities available for sale58,577,99958,577,999- 58,577,999- Loans315,921,403313,125,773 -310,504,6102,621,163 Accrued interest receivable1,170,3051,170,305 1 ,170,305 - -Cash surrender value of life insurance7,297,8557,297,8556,414,256 - Financial Liabilities:Demand deposits244,735,975244,735,975 -244,735,975-Time deposits116,324,489117,578,180- 117,578,180 - Accrued interest payable 260,247 260,247 260,247 FHLB borrowings10,500,00010,500,000- 10,500,000-Lease liability2,248,1322,248,132- 2,248,132-Off-BalanceSheet Financial Instruments: Letters of credit - 4,781 - 4,781- 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- 293,791,093 3 ,247,923 Accrued interest receivable1,201,5651,201,565 1 ,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- 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 $964,631 and $808,498 at December 31, 2019 and 2018, respectively.During 2019, $100,000 of new loans were made, or became reportable, and repayments and other decreases totaled $56,133.Deposits from executive officers, directors, principal shareholders and their affiliates held by the Bank at December 31, 2019 and 2018 amounted to $4,125,292 and $3,823,318 respectively.45'