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Fair Values of Financial Instruments | 6 Months Ended
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Jun. 30, 2024
Fair Values of Financial Instruments |
Fair Values of Financial Instruments | Note 12 – 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. At June 30, 2024, and December 31, 2023, the fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. The fair value of time deposits was 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 was not considered material. ​ The carrying amount and estimated fair values of financial instruments were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ | ​ | Carrying | ​ | Fair | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amount |  | Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 54,888 | ​ | $ | 54,888 | ​ | $ | 54,888 | ​ | $ | - | ​ | $ | -
Interest earning deposits with financial institutions | ​ | ​ | 66,004 | ​ | ​ | 66,004 | ​ | ​ | 66,004 | ​ | ​ | - | ​ | ​ | -
Securities available-for-sale | ​ | ​ | 1,173,661 | ​ | ​ | 1,173,661 | ​ | ​ | 191,274 | ​ | ​ | 967,193 | ​ | ​ | 15,194
FHLBC and FRBC stock | ​ | ​ | 32,005 | ​ | ​ | 32,005 | ​ | ​ | - | ​ | ​ | 32,005 | ​ | ​ | -
Loans held-for-sale | ​ | ​ | 2,291 | ​ | ​ | 2,291 | ​ | ​ | - | ​ | ​ | 2,291 | ​ | ​ | -
Net loans | ​ | ​ | 3,934,326 | ​ | ​ | 3,857,223 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 3,857,223
Mortgage servicing rights | ​ | ​ | 10,488 | ​ | ​ | 10,488 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 10,488
Interest rate swap and rate cap agreements | ​ | ​ | 6,051 | ​ | ​ | 6,051 | ​ | ​ | - | ​ | ​ | 6,051 | ​ | ​ | -
Interest rate lock commitments and forward contracts | ​ | ​ | 64 | ​ | ​ | 64 | ​ | ​ | - | ​ | ​ | 64 | ​ | ​ | -
Interest receivable on securities and loans | ​ | ​ | 26,086 | ​ | ​ | 26,086 | ​ | ​ | - | ​ | ​ | 26,086 | ​ | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest bearing deposits | ​ | $ | 1,728,487 | ​ | $ | 1,728,487 | ​ | $ | 1,728,487 | ​ | $ | - | ​ | $ | -
Interest bearing deposits | ​ | ​ | 2,793,241 | ​ | ​ | 2,783,984 | ​ | ​ | - | ​ | ​ | 2,783,984 | ​ | ​ | -
Securities sold under repurchase agreements | ​ | ​ | 46,542 | ​ | ​ | 46,542 | ​ | ​ | - | ​ | ​ | 46,542 | ​ | ​ | -
Other short-term borrowings | ​ | ​ | 330,000 | ​ | ​ | 330,000 | ​ | ​ | - | ​ | ​ | 330,000 | ​ | ​ | -
Junior subordinated debentures | ​ | ​ | 25,773 | ​ | ​ | 20,620 | ​ | ​ | - | ​ | ​ | 20,620 | ​ | ​ | -
Subordinated debentures | ​ | ​ | 59,425 | ​ | ​ | 50,075 | ​ | ​ | - | ​ | ​ | 50,075 | ​ | ​ | -
Interest rate swap and rate cap agreements | ​ | ​ | 7,827 | ​ | ​ | 7,827 | ​ | ​ | - | ​ | ​ | 7,827 | ​ | ​ | -
Interest payable on deposits and borrowings | ​ | ​ | 3,483 | ​ | ​ | 3,483 | ​ | ​ | - | ​ | ​ | 3,483 | ​ | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 and rate cap agreements | ​ | ​ | 5,302 | ​ | ​ | 5,302 | ​ | ​ | - | ​ | ​ | 5,302 | ​ | ​ | -
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 and rate cap agreements | ​ | ​ | 8,234 | ​ | ​ | 8,324 | ​ | ​ | - | ​ | ​ | 8,324 | ​ | ​ | -
Interest rate lock commitments and forward contracts | ​ | ​ | 10 | ​ | ​ | 10 | ​ | ​ | - | ​ | ​ | 10 | ​ | ​ | -
Interest payable on deposits and borrowings | ​ | ​ | 2,962 | ​ | ​ | 2,962 | ​ | ​ | - | ​ | ​ | 2,962 | ​ | ​ | -
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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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