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Fair Values of Financial Instruments

9 Months Ended

Sep. 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:


		September 30, 2025
		Carrying			Fair
		Amount			Value			Level 1			Level 2			Level 3
Financial assets:
Cash and due from banks		$	53,099		$	53,099		$	53,099		$	-		$	-
Interest earning deposits with financial institutions			63,426			63,426			63,426			-			-
Securities available-for-sale			1,157,480			1,157,480			190,670			950,769			16,041
FHLBC and FRBC stock			28,282			28,282			-			28,282			-
Loans held-for-sale			1,463			1,463			-			1,463			-
Net loans			5,189,977			5,136,839			-			-			5,136,839
Mortgage servicing rights			9,549			9,549			-			-			9,549
Interest rate swap and rate cap agreements			4,249			4,249			-			4,249			-
Interest rate lock commitments and forward contracts			69			69			-			69			-
Interest receivable on securities and loans			31,404			31,404			-			31,404			-

Financial liabilities:
Noninterest bearing deposits		$	1,738,028		$	1,738,028		$	1,738,028		$	-		$	-
Interest bearing deposits			4,022,222			4,015,267			-			4,015,267			-
Securities sold under repurchase agreements			24,290			24,290			-			24,290			-
Other short-term borrowings			165,000			165,000			-			165,000			-
Junior subordinated debentures			25,774			21,393			-			21,393			-
Subordinated debentures			59,531			55,069			-			55,069			-
Note payable and other borrowings			14,812			15,018			-			15,018			-
Interest rate swap and rate cap agreements			1,369			1,369			-			1,369			-
Interest payable on deposits and borrowings			6,627			6,627			-			6,627			-


		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			-