Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

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, 2024						At December 31, 2023
	Carrying Amount		Fair Value		Level		Carrying Amount		Fair Value		Level
Financial assets:
Cash and cash equivalents	$	151,107	$	151,107		1	$	76,663	$	76,663		1
Debt securities available for sale		23,580		23,580		2		24,355		24,355		2
Debt securities held-to-maturity		336		297		2		360		326		2
Loans		746,370		723,733		3		671,094		652,965		3
Federal Home Loan Bank stock		2,454		2,454		3		3,354		3,354		3
Accrued interest receivable		2,990		2,990		3		2,474		2,474		3
Financial liabilities:
Deposit liabilities		798,409		799,312		3		639,581		645,426		3
Federal Home Loan Bank advances		40,000		39,533		3		62,000		61,565		3
Federal Reserve Bank advances		13,355		13,282		3		13,600		13,592		3
Off-balance sheet financial instruments		—		—		3		—		—

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)