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Fair Values of Financial Instruments

6 Months Ended

Jun. 30, 2025

Fair Values of Financial Instruments

Fair Values of Financial Instruments

Note 13 – Fair Values of Financial Instruments

The carrying amount and estimated fair values of financial instruments were as follows:


		June 30, 2025
		Carrying			Fair
		Amount			Value			Level 1			Level 2			Level 3
Financial assets:
Cash and due from banks		$	63,484		$	63,484		$	63,484		$	-		$	-
Interest earning deposits with financial institutions			78,283			78,283			78,283			-			-
Securities available-for-sale			1,177,688			1,177,688			190,446			972,701			14,541
FHLBC and FRBC stock			19,087			19,087			-			19,087			-
Loans held-for-sale			3,235			3,235			-			3,235			-
Net loans			3,955,677			3,904,578			-			-			3,904,578
Mortgage servicing rights			9,680			9,680			-			-			9,680
Interest rate swap and rate cap agreements			4,411			4,411			-			4,411			-
Interest rate lock commitments and forward contracts			1			1			-			1			-
Interest receivable on securities and loans			25,047			25,047			-			25,047			-

Financial liabilities:
Noninterest bearing deposits		$	1,704,083		$	1,704,083		$	1,704,083		$	-		$	-
Interest bearing deposits			3,094,356			3,087,048			-			3,087,048			-
Securities sold under repurchase agreements			47,252			47,252			-			47,252			-
Other short-term borrowings			-			-			-			-			-
Junior subordinated debentures			25,774			21,651			-			21,651			-
Subordinated debentures			59,510			55,690			-			55,690			-
Interest rate swap and rate cap agreements			1,710			1,710			-			1,710			-
Interest payable on deposits and borrowings			3,097			3,097			-			3,097			-


		December 31, 2024
		Carrying			Fair
		Amount			Value			Level 1			Level 2			Level 3
Financial assets:
Cash and due from banks		$	52,175		$	52,175		$	52,175		$	-		$	-
Interest earning deposits with financial institutions			47,154			47,154			47,154			-			-
Securities available-for-sale			1,161,701			1,161,701			194,143			952,408			15,150
FHLBC and FRBC stock			19,441			19,441			-			19,441			-
Loans held-for-sale			1,556			1,556			-			1,556			-
Net loans			3,937,717			3,818,303			-			-			3,818,303
Interest rate swap and rate cap agreements			5,498			5,498			-			5,498			-
Interest rate lock commitments and forward contracts			55			55			-			55			-
Interest receivable on securities and loans			24,598			24,598			-			24,598			-

Financial liabilities:
Noninterest bearing deposits		$	1,704,920		$	1,704,920		$	1,704,920		$	-		$	-
Interest bearing deposits			3,063,811			3,056,180			-			3,056,180			-
Securities sold under repurchase agreements			36,657			36,657			-			36,657			-
Other short-term borrowings			20,000			20,000			-			20,000			-
Junior subordinated debentures			25,773			21,444			-			21,444			-
Subordinated debentures			59,467			54,533			-			54,533			-
Interest rate swap and rate cap agreements			3,187			3,187			-			3,187			-
Interest payable on deposits and borrowings			3,871			3,871			-			3,871			-