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Fair Values of Financial Instruments | 9 Months Ended
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Sep. 30, 2021
Fair Values of Financial Instruments |
Fair Values of Financial Instruments | Note 13 – 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. September 30, 2021 and December 31, 2020, the fair values of loans and leases are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. 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, 2021
​ | ​ | Carrying | ​ | Fair | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 26,705 | ​ | $ | 26,705 | ​ | $ | 26,705 | ​ | $ | - | ​ | $ | -
Interest earning deposits with financial institutions | ​ | ​ | 492,548 | ​ | ​ | 492,548 | ​ | ​ | 492,548 | ​ | ​ | - | ​ | ​ | -
Securities available-for-sale | ​ | ​ | 715,188 | ​ | ​ | 715,188 | ​ | ​ | 4,070 | ​ | ​ | 705,558 | ​ | ​ | 5,560
FHLBC and FRBC stock | ​ | ​ | 9,917 | ​ | ​ | 9,917 | ​ | ​ | - | ​ | ​ | 9,917 | ​ | ​ | -
Loans held-for-sale | ​ | ​ | 3,009 | ​ | ​ | 3,009 | ​ | ​ | - | ​ | ​ | 3,009 | ​ | ​ | -
Net loans | ​ | ​ | 1,840,993 | ​ | ​ | 1,849,933 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 1,849,933
Mortgage servicing rights | ​ | ​ | 5,320 | ​ | ​ | 5,320 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 5,320
Interest rate swap agreements | ​ | ​ | 5,292 | ​ | ​ | 5,292 | ​ | ​ | - | ​ | ​ | 5,292 | ​ | ​ | -
Interest rate lock commitments and forward contracts | ​ | ​ | 875 | ​ | ​ | 875 | ​ | ​ | - | ​ | ​ | 875 | ​ | ​ | -
Interest receivable on securities and loans | ​ | ​ | 8,956 | ​ | ​ | 8,956 | ​ | ​ | - | ​ | ​ | 8,956 | ​ | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest bearing deposits | ​ | $ | 1,037,638 | ​ | $ | 1,037,638 | ​ | $ | 1,037,638 | ​ | $ | - | ​ | $ | -
Interest bearing deposits | ​ | ​ | 1,676,691 | ​ | ​ | 1,677,796 | ​ | ​ | - | ​ | ​ | 1,677,796 | ​ | ​ | -
Securities sold under repurchase agreements | ​ | ​ | 42,962 | ​ | ​ | 42,962 | ​ | ​ | - | ​ | ​ | 42,962 | ​ | ​ | -
Junior subordinated debentures | ​ | ​ | 25,773 | ​ | ​ | 18,557 | ​ | ​ | - | ​ | ​ | 18,557 | ​ | ​ | -
Subordinated debentures | ​ | ​ | 59,190 | ​ | ​ | 60,390 | ​ | ​ | ​ | ​ | ​ | 60,390 | ​ | ​ | ​
Senior notes | ​ | ​ | 44,454 | ​ | ​ | 44,724 | ​ | ​ | 44,724 | ​ | ​ | - | ​ | ​ | -
Note payable and other borrowings | ​ | ​ | 20,155 | ​ | ​ | 20,600 | ​ | ​ | - | ​ | ​ | 20,600 | ​ | ​ | -
Interest rate swap agreements | ​ | ​ | 7,767 | ​ | ​ | 7,767 | ​ | ​ | - | ​ | ​ | 7,767 | ​ | ​ | -
Interest payable on deposits and borrowings | ​ | ​ | 1,920 | ​ | ​ | 1,920 | ​ | ​ | - | ​ | ​ | 1,920 | ​ | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | Carrying | ​ | Fair | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 24,306 | ​ | $ | 24,306 | ​ | $ | 24,306 | ​ | $ | - | ​ | $ | -
Interest earning deposits with financial institutions | ​ | ​ | 305,597 | ​ | ​ | 305,597 | ​ | ​ | 305,597 | ​ | ​ | - | ​ | ​ | -
Securities available-for-sale | ​ | ​ | 496,178 | ​ | ​ | 496,178 | ​ | ​ | 4,117 | ​ | ​ | 487,742 | ​ | ​ | 4,319
FHLBC and FRBC stock | ​ | ​ | 9,917 | ​ | ​ | 9,917 | ​ | ​ | - | ​ | ​ | 9,917 | ​ | ​ | -
Loans held-for-sale | ​ | ​ | 12,611 | ​ | ​ | 12,611 | ​ | ​ | - | ​ | ​ | 12,611 | ​ | ​ | -
Net loans | ​ | ​ | 2,000,996 | ​ | ​ | 2,009,773 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 2,009,773
Mortgage servicing rights | ​ | ​ | 4,224 | ​ | ​ | 4,224 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 4,224
Interest rate swap agreements | ​ | ​ | 9,388 | ​ | ​ | 9,388 | ​ | ​ | - | ​ | ​ | 9,388 | ​ | ​ | -
Interest rate lock commitments and forward contracts | ​ | ​ | 840 | ​ | ​ | 840 | ​ | ​ | - | ​ | ​ | 840 | ​ | ​ | -
Interest receivable on securities and loans | ​ | ​ | 9,698 | ​ | ​ | 9,698 | ​ | ​ | - | ​ | ​ | 9,698 | ​ | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest bearing deposits | ​ | $ | 909,505 | ​ | $ | 909,505 | ​ | $ | 909,505 | ​ | $ | - | ​ | $ | -
Interest bearing deposits | ​ | ​ | 1,627,568 | ​ | ​ | 1,630,109 | ​ | ​ | - | ​ | ​ | 1,630,109 | ​ | ​ | -
Securities sold under repurchase agreements | ​ | ​ | 66,980 | ​ | ​ | 66,980 | ​ | ​ | - | ​ | ​ | 66,980 | ​ | ​ | -
Junior subordinated debentures | ​ | ​ | 25,773 | ​ | ​ | 14,658 | ​ | ​ | - | ​ | ​ | 14,658 | ​ | ​ | -
Senior notes | ​ | ​ | 44,375 | ​ | ​ | 44,600 | ​ | ​ | 44,600 | ​ | ​ | - | ​ | ​ | -
Note payable and other borrowings | ​ | ​ | 23,393 | ​ | ​ | 24,043 | ​ | ​ | - | ​ | ​ | 24,043 | ​ | ​ | -
Interest rate swap agreements | ​ | ​ | 13,071 | ​ | ​ | 13,071 | ​ | ​ | - | ​ | ​ | 13,071 | ​ | ​ | -
Interest payable on deposits and borrowings | ​ | ​ | 418 | ​ | ​ | 418 | ​ | ​ | - | ​ | ​ | 418 | ​ | ​ | -
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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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