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Fair Values of Financial Instruments | 12 Months Ended
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Dec. 31, 2023
Fair Values of Financial Instruments |
Fair Values of Financial Instruments | Note 18: Fair Value 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 December 31, 2023 and 2022, 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 fair value of mortgage banking derivatives is discussed in Note 16: Mortgage Banking Derivatives, above. ​ The carrying amount and estimated fair values of financial instruments at December 31, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | Carrying | ​ | Fair | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 55,534 | ​ | $ | 55,534 | ​ | $ | 55,534 | ​ | $ | - | ​ | $ | -
Interest earning deposits with financial institutions | ​ | ​ | 44,611 | ​ | ​ | 44,611 | ​ | ​ | 44,611 | ​ | ​ | - | ​ | ​ | -
Securities available-for-sale | ​ | ​ | 1,192,829 | ​ | ​ | 1,192,829 | ​ | ​ | 169,574 | ​ | ​ | 1,007,926 | ​ | ​ | 15,329
FHLBC and FRBC stock | ​ | ​ | 33,355 | ​ | ​ | 33,355 | ​ | ​ | - | ​ | ​ | 33,355 | ​ | ​ | -
Loans held-for-sale | ​ | ​ | 1,322 | ​ | ​ | 1,322 | ​ | ​ | - | ​ | ​ | 1,322 | ​ | ​ | -
Net loans | ​ | ​ | 3,998,689 | ​ | ​ | 3,876,381 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 3,876,381
Mortgage servicing rights | ​ | ​ | 10,344 | ​ | ​ | 10,344 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 10,344
Interest rate swap agreements | ​ | ​ | 5,302 | ​ | ​ | 5,302 | ​ | ​ | - | ​ | ​ | 5,302 | ​ | ​ | -
Interest rate lock commitments and forward contracts | ​ | ​ | (10) | ​ | ​ | (10) | ​ | ​ | - | ​ | ​ | (10) | ​ | ​ | -
Interest receivable on securities and loans | ​ | ​ | 27,159 | ​ | ​ | 27,159 | ​ | ​ | - | ​ | ​ | 27,159 | ​ | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest bearing deposits | ​ | $ | 1,834,891 | ​ | $ | 1,834,891 | ​ | $ | 1,834,891 | ​ | $ | - | ​ | $ | -
Interest bearing deposits | ​ | ​ | 2,735,855 | ​ | ​ | 2,726,223 | ​ | ​ | - | ​ | ​ | 2,726,223 | ​ | ​ | -
Securities sold under repurchase agreements | ​ | ​ | 26,470 | ​ | ​ | 26,470 | ​ | ​ | - | ​ | ​ | 26,470 | ​ | ​ | -
Other short-term borrowings | ​ | ​ | 405,000 | ​ | ​ | 405,000 | ​ | ​ | - | ​ | ​ | 405,000 | ​ | ​ | -
Junior subordinated debentures | ​ | ​ | 25,773 | ​ | ​ | 20,361 | ​ | ​ | - | ​ | ​ | 20,361 | ​ | ​ | -
Subordinated debentures | ​ | ​ | 59,382 | ​ | ​ | 47,982 | ​ | ​ | - | ​ | ​ | 47,982 | ​ | ​ | -
Interest rate swap agreements | ​ | ​ | 8,324 | ​ | ​ | 8,324 | ​ | ​ | - | ​ | ​ | 8,324 | ​ | ​ | -
Interest payable on deposits and borrowings | ​ | ​ | 2,962 | ​ | ​ | 2,962 | ​ | ​ | - | ​ | ​ | 2,962 | ​ | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | Carrying | ​ | Fair | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 56,632 | ​ | $ | 56,632 | ​ | $ | 56,632 | ​ | $ | - | ​ | $ | -
Interest earning deposits with financial institutions | ​ | ​ | 58,545 | ​ | ​ | 58,545 | ​ | ​ | 58,545 | ​ | ​ | - | ​ | ​ | -
Securities available-for-sale | ​ | ​ | 1,539,359 | ​ | ​ | 1,539,359 | ​ | ​ | 212,129 | ​ | ​ | 1,291,219 | ​ | ​ | 36,011
FHLBC and FRBC stock | ​ | ​ | 20,530 | ​ | ​ | 20,530 | ​ | ​ | - | ​ | ​ | 20,530 | ​ | ​ | -
Loans held-for-sale | ​ | ​ | 491 | ​ | ​ | 491 | ​ | ​ | - | ​ | ​ | 491 | ​ | ​ | -
Net loans | ​ | ​ | 3,820,129 | ​ | ​ | 3,681,387 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 3,681,387
Mortgage servicing rights | ​ | ​ | 11,189 | ​ | ​ | 11,189 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 11,189
Interest rate swap agreements | ​ | ​ | 6,391 | ​ | ​ | 6,391 | ​ | ​ | - | ​ | ​ | 6,391 | ​ | ​ | -
Interest rate lock commitments and forward contracts | ​ | ​ | 76 | ​ | ​ | 76 | ​ | ​ | - | ​ | ​ | 76 | ​ | ​ | -
Interest receivable on securities and loans | ​ | ​ | 22,661 | ​ | ​ | 22,661 | ​ | ​ | - | ​ | ​ | 22,661 | ​ | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest bearing deposits | ​ | $ | 2,051,702 | ​ | $ | 2,051,702 | ​ | $ | 2,051,702 | ​ | $ | - | ​ | $ | -
Interest bearing deposits | ​ | ​ | 3,059,021 | ​ | ​ | 3,042,740 | ​ | ​ | - | ​ | ​ | 3,042,740 | ​ | ​ | -
Securities sold under repurchase agreements | ​ | ​ | 32,156 | ​ | ​ | 32,156 | ​ | ​ | - | ​ | ​ | 32,156 | ​ | ​ | -
Other short-term borrowings | ​ | ​ | 90,000 | ​ | ​ | 90,000 | ​ | ​ | - | ​ | ​ | 90,000 | ​ | ​ | -
Junior subordinated debentures | ​ | ​ | 25,773 | ​ | ​ | 21,907 | ​ | ​ | - | ​ | ​ | 21,907 | ​ | ​ | -
Subordinated debentures | ​ | ​ | 59,297 | ​ | ​ | 52,322 | ​ | ​ | - | ​ | ​ | 52,322 | ​ | ​ | -
Senior notes | ​ | ​ | 44,585 | ​ | ​ | 44,248 | ​ | ​ | 44,248 | ​ | ​ | - | ​ | ​ | -
Note payable and other borrowings | ​ | ​ | 9,000 | ​ | ​ | 8,984 | ​ | ​ | - | ​ | ​ | 8,984 | ​ | ​ | -
Interest rate swap agreements | ​ | ​ | 12,264 | ​ | ​ | 12,264 | ​ | ​ | - | ​ | ​ | 12,264 | ​ | ​ | -
Interest payable on deposits and borrowings | ​ | ​ | 1,657 | ​ | ​ | 1,657 | ​ | ​ | - | ​ | ​ | 1,657 | ​ | ​ | -
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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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