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Fair Values of Financial Instruments | 9 Months Ended
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Sep. 30, 2014
Fair Values of Financial Instruments |
Fair Values of Financial Instruments | Note 14 – Fair Values of Financial Instruments The estimated fair values approximate carrying amount for all items except those described in the following table. Investment security fair values are based upon market prices or dealer quotes, and if no such information is available, on the rate and term of the security. The carrying value of FHLBC stock approximates fair value as the stock is nonmarketable and can only be sold to the FHLBC or another member institution at par. During the years ended December 31, 2013, and 2012, the Company participated in multiple redemptions with the FHLBC and, using the redemption values as the carrying value, FHLBC stock is carried at a Level 2 fair value since December 31, 2012. The Company had redemptions of $1.2 million in the third quarter of 2014. These redemptions were the only redemptions processed by the Company in the first nine months of 2014. Fair values of loans were estimated for portfolios of loans with similar financial characteristics, such as type and fixed or variable interest rate terms. Cash flows were discounted using current rates at which similar loans would be made to borrowers with similar ratings and for similar maturities. The fair value of time deposits is estimated using discounted future cash flows at current rates offered for deposits of similar remaining maturities. The fair values of borrowings were estimated based on interest rates available to the Company for debt with similar terms and remaining maturities. The fair value of off balance sheet volume is not considered material. The carrying amount and estimated fair values of financial instruments were as follows:
|  | September 30, 2014
|  | Carrying |  | Fair |  |  |  |  |  |  |  |  |
|  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 33,260 |  | $ | 33,260 |  | $ | 33,260 |  | $ | - |  | $ | -
Interest bearing deposits with financial institutions |  |  | 10,797 |  |  | 10,797 |  |  | 10,797 |  |  | - |  |  | -
Securities available-for-sale |  |  | 362,243 |  |  | 362,243 |  |  | 1,532 |  |  | 276,805 |  |  | 83,906
Securities held-to-maturity |  |  | 263,040 |  |  | 264,343 |  |  | - |  |  | 264,343 |  |  | -
FHLBC and Reserve Bank Stock |  |  | 9,058 |  |  | 9,058 |  |  | - |  |  | 9,058 |  |  | -
Bank-owned life insurance |  |  | 56,438 |  |  | 56,438 |  |  | - |  |  | 56,438 |  |  | -
Loans held for sale |  |  | 3,422 |  |  | 3,422 |  |  | - |  |  | 3,422 |  |  | -
Loans, net |  |  | 1,117,552 |  |  | 1,119,781 |  |  | - |  |  | - |  |  | 1,119,781
Accrued interest receivable |  |  | 4,931 |  |  | 4,931 |  |  | - |  |  | 4,931 |  |  | -
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest bearing deposits |  | $ | 380,687 |  | $ | 380,687 |  | $ | 380,687 |  | $ | - |  | $ | -
Interest bearing deposits |  |  | 1,276,068 |  |  | 1,275,036 |  |  | - |  |  | 1,275,036 |  |  | -
Securities sold under repurchase agreements |  |  | 29,438 |  |  | 29,438 |  |  | - |  |  | 29,438 |  |  | -
Other short-term borrowings |  |  | 40,000 |  |  | 40,000 |  |  | - |  |  | 40,000 |  |  | -
Junior subordinated debentures |  |  | 58,378 |  |  | 54,840 |  |  | 32,532 |  |  | 22,308 |  |  | -
Subordinated debenture |  |  | 45,000 |  |  | 38,691 |  |  | - |  |  | 38,691 |  |  | -
Note payable and other borrowings |  |  | 500 |  |  | 414 |  |  | - |  |  | 414 |  |  | -
Borrowing interest payable |  |  | 73 |  |  | 73 |  |  | - |  |  | 73 |  |  | -
Deposit interest payable |  |  | 518 |  |  | 518 |  |  | - |  |  | 518 |  |  | -
|  | December 31, 2013
|  | Carrying |  | Fair |  |  |  |  |  |
|  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 33,210 |  | $ | 33,210 |  | $ | 33,210 |  | $ | - |  | $ | -
Interest bearing deposits with financial institutions |  |  | 14,450 |  |  | 14,450 |  |  | 14,450 |  |  | - |  |  | -
Securities available-for-sale |  |  | 372,191 |  |  | 372,191 |  |  | 1,544 |  |  | 216,385 |  |  | 154,262
Securities held-to-maturity |  |  | 256,571 |  |  | 254,328 |  |  | - |  |  | 254,328 |  |  | -
FHLBC and Reserve Bank Stock |  |  | 10,292 |  |  | 10,292 |  |  | - |  |  | 10,292 |  |  | -
Bank-owned life insurance |  |  | 55,410 |  |  | 55,410 |  |  | - |  |  | 55,410 |  |  | -
Loans held-for-sale |  |  | 3,822 |  |  | 3,822 |  |  | - |  |  | 3,822 |  |  | -
Loans, net |  |  | 1,073,975 |  |  | 1,072,837 |  |  | - |  |  | - |  |  | 1,072,837
Accrued interest receivable |  |  | 4,248 |  |  | 4,248 |  |  | - |  |  | 4,248 |  |  | -
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest bearing deposits |  | $ | 373,389 |  | $ | 373,389 |  | $ | 373,389 |  | $ | - |  | $ | -
Interest bearing deposits |  |  | 1,308,739 |  |  | 1,312,476 |  |  | - |  |  | 1,312,476 |  |  | -
Securities sold under repurchase agreements |  |  | 22,560 |  |  | 22,560 |  |  | - |  |  | 22,560 |  |  | -
Other short-term borrowings |  |  | 5,000 |  |  | 5,000 |  |  | - |  |  | 5,000 |  |  | -
Junior subordinated debentures |  |  | 58,378 |  |  | 67,053 |  |  | 39,777 |  |  | 27,276 |  |  | -
Subordinated debenture |  |  | 45,000 |  |  | 39,896 |  |  | - |  |  | 39,896 |  |  | -
Note payable and other borrowings |  |  | 500 |  |  | 423 |  |  | - |  |  | 423 |  |  | -
Borrowing interest payable |  |  | 17,037 |  |  | 17,037 |  |  | 10,122 |  |  | 6,915 |  |  | -
Deposit interest payable |  |  | 762 |  |  | 762 |  |  | - |  |  | 762 |  |  | -

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- Definition This element represents disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References No definition available. + Details
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