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Fair Values of Financial Instruments | 6 Months Ended
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Jun. 30, 2018
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. Securities available-for-sale 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. FHLBC stock is carried at cost and considered a Level 2 fair value. For June 30, 2018, the fair values of loans and leases are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. This is not comparable with the fair value disclosures for December 31, 2017, which were estimated using an entrance price basis. For December 31, 2017, fair values of variable rate loans and leases with no significant change in credit risk were based on carrying values. The fair values of other loans and leases were estimated using discounted cash flow analyses which used interest rates being offered for loans and leases with similar terms to borrowers of similar credit quality. 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:
|  | June 30, 2018
|  | Carrying |  | Fair |  |  |  |  |  |  |  |  |
|  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 34,161 |  | $ | 34,161 |  | $ | 34,161 |  | $ | - |  | $ | -
Interest bearing deposits with financial institutions |  |  | 31,147 |  |  | 31,147 |  |  | 31,147 |  |  | - |  |  | -
Securities available-for-sale |  |  | 543,644 |  |  | 543,644 |  |  | 3,876 |  |  | 519,548 |  |  | 20,220
FHLBC and FRBC Stock |  |  | 9,093 |  |  | 9,093 |  |  | - |  |  | 9,093 |  |  | -
Loans held-for-sale |  |  | 5,206 |  |  | 5,206 |  |  | - |  |  | 5,206 |  |  | -
Loans, net |  |  | 1,829,841 |  |  | 1,816,393 |  |  | - |  |  | - |  |  | 1,816,393
Accrued interest receivable |  |  | 10,244 |  |  | 10,244 |  |  | - |  |  | 10,244 |  |  | -
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest bearing deposits |  | $ | 620,807 |  | $ | 620,807 |  | $ | 620,807 |  | $ | - |  | $ | -
Interest bearing deposits |  |  | 1,541,044 |  |  | 1,534,109 |  |  | - |  |  | 1,534,109 |  |  | -
Securities sold under repurchase agreements |  |  | 54,038 |  |  | 54,038 |  |  | - |  |  | 54,038 |  |  | -
Other short-term borrowings |  |  | 76,625 |  |  | 76,625 |  |  | - |  |  | 76,625 |  |  | -
Junior subordinated debentures |  |  | 57,662 |  |  | 59,471 |  |  | 33,267 |  |  | 26,204 |  |  | -
Senior notes |  |  | 44,108 |  |  | 46,743 |  |  | - |  |  | 46,743 |  |  | -
Note payable and other borrowings |  |  | 23,496 |  |  | 23,496 |  |  | - |  |  | 23,496 |  |  | -
Borrowing interest payable |  |  | 192 |  |  | 192 |  |  | - |  |  | 192 |  |  | -
Deposit interest payable |  |  | 800 |  |  | 800 |  |  | - |  |  | 800 |  |  | -
|  | December 31, 2017
|  | Carrying |  | Fair |  |  |  |  |  |
|  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 37,444 |  | $ | 37,444 |  | $ | 37,444 |  | $ | - |  | $ | -
Interest bearing deposits with financial institutions |  |  | 18,389 |  |  | 18,389 |  |  | 18,389 |  |  | - |  |  | -
Securities available-for-sale |  |  | 541,439 |  |  | 541,439 |  |  | 3,947 |  |  | 520,963 |  |  | 16,529
FHLBC and FRBC Stock |  |  | 10,168 |  |  | 10,168 |  |  | - |  |  | 10,168 |  |  | -
Loans held-for-sale |  |  | 4,067 |  |  | 4,067 |  |  | - |  |  | 4,067 |  |  | -
Loans, net |  |  | 1,600,161 |  |  | 1,586,722 |  |  | - |  |  | - |  |  | 1,586,722
Accrued interest receivable |  |  | 8,595 |  |  | 8,595 |  |  | - |  |  | 8,595 |  |  | -
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noninterest bearing deposits |  | $ | 572,404 |  | $ | 572,404 |  | $ | 572,404 |  | $ | - |  | $ | -
Interest bearing deposits |  |  | 1,350,521 |  |  | 1,346,339 |  |  | - |  |  | 1,346,339 |  |  | -
Securities sold under repurchase agreements |  |  | 29,918 |  |  | 29,918 |  |  | - |  |  | 29,918 |  |  | -
Other short-term borrowings |  |  | 115,000 |  |  | 115,000 |  |  | - |  |  | 115,000 |  |  | -
Junior subordinated debentures |  |  | 57,639 |  |  | 59,471 |  |  | 33,267 |  |  | 26,204 |  |  | -
Subordinated debenture |  |  | 44,058 |  |  | 46,743 |  |  | - |  |  | 46,743 |  |  | -
Interest rate swap agreements |  |  | 1,287 |  |  | 1,287 |  |  | - |  |  | 1,287 |  |  | -
Borrowing interest payable |  |  | 140 |  |  | 140 |  |  | - |  |  | 140 |  |  | -
Deposit interest payable |  |  | 631 |  |  | 631 |  |  | - |  |  | 631 |  |  | -

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- References No definition available. + Details
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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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Data Type: | nonnum:textBlockItemType
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