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DEBT SECURITIES | 9 Months Ended
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Sep. 30, 2022
Debt Securities [Abstract] |
DEBT SECURITIES [Text Block] | NOTE 2 – DEBT SECURITIES Available-for-Sale Debt Securities The amortized cost, gross unrealized gains and losses recorded in other comprehensive loss, ACL, estimated fair value, and weighted-average yield of available-for-sale debt securities by contractual maturities as of September 30, 2022 were as follows: September 30, 2022 Amortized cost (1) Gross Unrealized ACL Fair value Weighted- Gains Losses average yield% (Dollars in thousands) U.S. Treasury securities: After 1 to 5 years $ 149,061 $ - $ 10,803 $ - $ 138,258 0.67 U.S. government-sponsored agencies' obligations: Due within one year 73,817 - 2,629 - 71,188 0.28 After 1 to 5 years 2,306,065 22 224,427 - 2,081,660 0.81 After 5 to 10 years 200,606 21 30,433 - 170,194 1.01 After 10 years 12,919 58 - - 12,977 3.46 Puerto Rico government obligations: After 10 years (2) 3,365 - 798 374 2,193 - United States and Puerto Rico government obligations 2,745,833 101 269,090 374 2,476,470 0.82 Mortgage-backed securities ("MBS"): Freddie Mac (“FHLMC”) certificates: After 1 to 5 years 4,655 - 184 - 4,471 2.34 After 5 to 10 years 200,216 - 19,255 - 180,961 1.48 After 10 years 1,133,339 - 203,768 - 929,571 1.37 1,338,210 - 223,207 - 1,115,003 1.39 Ginnie Mae (“GNMA”) certificates: Due within one year 6 - - - 6 1.84 After 1 to 5 years 17,672 1 731 - 16,942 2.02 After 5 to 10 years 43,643 - 4,100 - 39,543 1.21 After 10 years 245,557 25 30,668 - 214,914 2.28 306,878 26 35,499 - 271,405 2.11 Fannie Mae (“FNMA”) certificates: Due within one year 14,565 110 - - 14,675 3.01 After 1 to 5 years 10,514 - 531 - 9,983 1.76 After 5 to 10 years 406,597 - 40,958 - 365,639 1.64 After 10 years 1,230,573 161 204,452 - 1,026,282 1.37 1,662,249 271 245,941 - 1,416,579 1.45 Collateralized mortgage obligations issued or guaranteed by the FHLMC, FNMA and GNMA ("CMOs"): ` After 1 to 5 years 32,101 - 4,225 - 27,876 2.09 After 10 years 433,302 - 78,616 - 354,686 1.36 465,403 - 82,841 - 382,562 1.41 Private label: After 10 years 8,611 - 2,151 290 6,170 5.93 Total MBS 3,781,351 297 589,639 290 3,191,719 1.49 Other Due within one year 500 - - - 500 0.84 Total available-for-sale debt securities $ 6,527,684 $ 398 $ 858,729 $ 664 $ 5,668,689 1.21 (1) Excludes accrued interest receivable on available-for-sale debt securities that totaled $ 10.9 million as of September 30, 2022, was reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition and is excluded from the estimate of credit losses. (2) Consists of a residential pass-through MBS issued by the Puerto Rico Housing Finance Authority (“PRHFA”) that is collateralized by certain second mortgages originated under a program launched by the Puerto Rico government in 2010. During 2021, the Corporation placed this instrument in nonaccrual status based on the delinquency status of the underlying second mortgage loans collateral. The amortized cost, gross unrealized gains and losses recorded in other comprehensive loss, ACL, estimated fair value, and weighted-average yield of available-for-sale debt securities by contractual maturities as of December 31, 2021 were as follows: December 31, 2021 Amortized cost (1) Gross Unrealized ACL Fair value Weighted- Gains Losses average yield% (Dollars in thousands) U.S. Treasury securities: After 1 to 5 years $ 149,660 $ 59 $ 1,233 $ - $ 148,486 0.68 U.S. government-sponsored agencies' obligations: After 1 to 5 years 1,877,181 240 29,555 - 1,847,866 0.60 After 5 to 10 years 403,785 175 10,856 - 393,104 0.90 After 10 years 15,788 224 - - 16,012 0.63 Puerto Rico government obligations: After 10 years (2) 3,574 - 416 308 2,850 - United States and Puerto Rico government obligations 2,449,988 698 42,060 308 2,408,318 0.67 MBS: FHLMC certificates: After 1 to 5 years 2,811 119 - - 2,930 2.65 After 5 to 10 years 193,234 2,419 1,122 - 194,531 1.29 After 10 years 1,240,964 3,748 23,503 - 1,221,209 1.18 1,437,009 6,286 24,625 - 1,418,670 1.20 GNMA certificates: Due within one year 2 - - - 2 1.32 After 1 to 5 years 16,714 572 - - 17,286 2.90 After 5 to 10 years 27,271 80 139 - 27,212 0.51 After 10 years 338,927 7,091 2,174 - 343,844 1.45 382,914 7,743 2,313 - 388,344 1.45 FNMA certificates: Due within one year 4,975 21 - - 4,996 2.03 After 1 to 5 years 21,337 424 - - 21,761 2.87 After 5 to 10 years 298,771 4,387 1,917 - 301,241 1.41 After 10 years 1,389,381 8,953 21,747 - 1,376,587 1.21 1,714,464 13,785 23,664 - 1,704,585 1.27 CMOs After 1 to 5 years 24,007 1 778 - 23,230 1.31 After 5 to 10 years 14,316 97 - - 14,413 0.76 After 10 years 500,811 290 13,134 - 487,967 1.23 539,134 388 13,912 - 525,610 1.22 Private label: After 10 years 9,994 - 1,963 797 7,234 2.21 Total MBS 4,083,515 28,202 66,477 797 4,044,443 1.26 Other Due within one year 500 - - - 500 0.72 After 1 to 5 years 500 - - - 500 0.84 1,000 - - - 1,000 0.78 Total available-for-sale debt securities $ 6,534,503 $ 28,900 $ 108,537 $ 1,105 $ 6,453,761 1.03 (1) Excludes accrued interest receivable on available-for-sale debt securities that totaled $ 10.1 million as of December 31, 2021, was reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition and is excluded from the estimate of credit losses. (2) Consists of a residential pass-through MBS issued by the PRHFA that is collateralized by certain second mortgages originated under a program launched by the Puerto Rico government in 2010. During 2021, the Corporation placed this instrument in nonaccrual status based on this delinquency status of the underlying second mortgage loans collateral. Maturities of available-for-sale debt securities are based on the period of final contractual maturity. Expected maturities might differ from contractual maturities because they may be subject to prepayments and/or call options. The weighted-average yield on available-for-sale debt securities is based on amortized cost and, therefore, does not give effect to changes in fair value. The net unrealized gain or loss on available-for-sale debt securities is presented as part of other comprehensive (loss) income. The following tables show the fair value and gross unrealized losses of the Corporation’s available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of September 30, 2022 and December 31, 2021. The tables also include debt securities for which an ACL was recorded. As of September 30, 2022 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: U.S. Treasury and U.S. government agenciesʼ obligations $ 379,287 $ 25,696 $ 2,072,728 $ 242,596 $ 2,452,015 $ 268,292 Puerto Rico-government obligations - - 2,193 798 (1) 2,193 798 MBS: FHLMC 342,188 61,298 772,815 161,909 1,115,003 223,207 GNMA 177,448 15,418 91,617 20,081 269,065 35,499 FNMA 484,050 65,795 907,828 180,146 1,391,878 245,941 CMOs 71,518 9,260 311,044 73,581 382,562 82,841 Private label - - 6,170 2,151 (1) 6,170 2,151 $ 1,454,491 $ 177,467 $ 4,164,395 $ 681,262 $ 5,618,886 $ 858,729 (1) Unrealized losses do not include the credit loss component recorded as part of the ACL. As of September 30, 2022, PRHFA bond and private label MBS had an ACL of $ 0.4 million and $ 0.3 million, respectively. As of December 31, 2021 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: U.S. Treasury and U.S. government agenciesʼ obligations $ 1,717,340 $ 25,401 $ 606,179 $ 16,243 $ 2,323,519 $ 41,644 Puerto Rico-government obligations - - 2,850 416 (1) 2,850 416 MBS: FHLMC 986,345 16,144 221,896 8,481 1,208,241 24,625 GNMA 194,271 1,329 41,233 984 235,504 2,313 FNMA 1,237,701 19,843 112,559 3,821 1,350,260 23,664 CMOs 466,004 13,552 16,656 360 482,660 13,912 Private label - - 7,234 1,963 (1) 7,234 1,963 $ 4,601,661 $ 76,269 $ 1,008,607 $ 32,268 $ 5,610,268 $ 108,537 (1) Unrealized losses do not include the credit loss component recorded as part of the ACL. As of December 31, 2021, PRHFA bond and private label MBS had an ACL of $ 0.3 million and $ 0.8 million, respectively. Assessment for Credit Losses Debt securities issued by U.S. government agencies, U.S. government-sponsored entities (“GSEs”), and the U.S. Treasury, including notes and MBS, accounted for substantially all of the total available-for-sale portfolio as of September 30, 2022, and the Corporation expects no credit losses on these securities, given the explicit and implicit guarantees provided by the U.S. federal government. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Corporation does not have the intent to sell these U.S. government and agencies debt securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Corporation does not consider impairments on these securities to be credit related as of September 30, 2022. The Corporation’s credit loss assessment was concentrated mainly on private label MBS, and on Puerto Rico government debt securities, for which credit losses are evaluated on a quarterly basis. The Corporation’s available-for-sale MBS portfolio included private label MBS with a fair value of $ 6.2 million, which had unrealized losses of approximately $ 2.4 million as of September 30, 2022, of which $ 0.3 million is due to credit deterioration and is part of the ACL. The interest rate on these private-label MBS is variable, tied to 3-month LIBOR, and limited to the weighted-average coupon on the underlying collateral. The underlying collateral is fixed-rate, single-family residential mortgage loans in the United States with original FICO scores over 700 and moderate loan-to-value ratios (under 80%), as well as moderate delinquency levels. As of September 30, 2022, the Corporation did not have the intent to sell these securities and determined that it is likely that it will not be required to sell the securities before anticipated recovery. The Corporation determined the ACL for private label MBS based on a risk- adjusted discounted cash flow methodology that considers the structure and terms of the instruments. The Corporation utilized probability of default (“PDs”) and loss given default (“LGDs”) that considered, among other things, historical payment performance, loan-to-value attributes and relevant current and forward-looking macroeconomic variables, such as regional unemployment rates and the housing price index. Under this approac h, expected cash flows (interest and principal) were discounted at the Treasury yield curve as of the reporting date. Significant assumptions in the valuation of the private label MBS were as follows: As of As of September 30, 2022 December 31, 2021 Weighted Range Weighted Range Average Minimum Maximum Average Minimum Maximum Discount rate 16.4% 16.4% 16.4% 12.9% 12.9% 12.9% Prepayment rate 12.6% 1.9% 17.4% 15.2% 7.6% 24.9% Projected Cumulative Loss Rate 6.9% 0.2% 17.3% 7.6% 0.2% 15.7% The Corporation evaluates if a credit loss exists, primarily by monitoring adverse variances in the present value of expected cash flows. As of September 30, 2022, the ACL for these private label MBS was $ 0.3 million, compared to $ 0.8 million as of December 31, 2021. As of September 30, 2022, the Corporation’s available-for-sale debt securities portfolio also included a residential pass-through MBS issued by the PRHFA, collateralized by certain second mortgages, with a fair value of $ 2.2 million, which had an unrealized loss of approximately $ 1.2 million. Approximately $ 0.4 million of the unrealized losses was due to credit deterioration and is part of the ACL. The underlying second mortgage loans were originated under a program launched by the Puerto Rico government in 2010. This residential pass-through MBS was structured as a zero-coupon bond for the first ten years (up to July 2019). The underlying source of repayment on this residential pass-through MBS are second mortgage loans in Puerto Rico. PRHFA, not the Puerto Rico government, provides a guarantee in the event of default and subsequent foreclosure of the properties underlying the second mortgage loans. During 2021, the Corporation placed this instrument in nonaccrual status based on the delinquency status of the underlying second mortgage loans collateral. The Corporation determined the ACL on this instrument based on a discounted cash flow methodology that considered the structure and terms of the debt security. The Corporation utilized PDs and LGDs that considered, among other things, historical payment performance, loan-to-value attributes and relevant current and forward-looking macroeconomic variables, such as regional unemployment rates, the housing price index and expected recovery from the PRHFA guarantee. Under this approach, expected cash flows (interest and principal) were discounted at the Treasury yield curve plus a spread as of the reporting date and compared to the amortized cost. In the event that the second mortgage loans default and the collateral is insufficient to satisfy the outstanding balance of this residential pass-through MBS, PRHFA’s ability to honor its insurance will depend on, among other factors, the financial condition of PRHFA at the time such obligation becomes due and payable. Further deterioration of the Puerto Rico economy or fiscal health of the PRHFA could impact the value of these securities, resulting in additional losses to the Corporation. As of September 30, 2022, the Corporation did not have the intent to sell this security and determined that it was likely that it will not be required to sell the security before its anticipated recovery. The following tables present a roll-forward by major security type for the quarters and nine -month periods ended September 30, 2022 and 2021 of the ACL on available-for-sale debt securities: Quarter Ended September 30, 2022 Private label MBS Puerto Rico Government Obligations Total (In thousands) Beginning Balance $ 290 $ 386 $ 676 Provision for credit losses - (benefit) - (12) (12) ACL on available-for-sale debt securities $ 290 $ 374 $ 664 Quarter Ended September 30, 2021 Private label MBS Puerto Rico Government Obligations Total (In thousands) Beginning Balance $ 858 $ 308 $ 1,166 Provision for credit losses - (benefit) (9) - (9) ACL on available-for-sale debt securities $ 849 $ 308 $ 1,157 Nine-Month Period Ended September 30, 2022 Private label MBS Puerto Rico Government Obligations Total (In thousands) Beginning Balance $ 797 $ 308 $ 1,105 Provision for credit losses - (benefit) expense (501) 66 (435) Net charge-offs (6) - (6) ACL on available-for-sale debt securities $ 290 $ 374 $ 664 Nine-Month Period Ended September 30, 2021 Private label MBS Puerto Rico Government Obligations Total (In thousands) Beginning Balance $ 1,002 $ 308 $ 1,310 Provision for credit losses - (benefit) (136) - (136) Net charge-offs (17) - (17) ACL on available-for-sale debt securities $ 849 $ 308 $ 1,157 Held-to-Maturity Debt Securities The amortized cost, gross unrecognized gains and losses, estimated fair value, ACL, weighted-average yield and contractual maturities of held-to-maturity debt securities as of September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 Amortized cost (1) Gross Unrecognized Fair value ACL Weighted- average yield% Gains Losses (Dollars in thousands) Puerto Rico municipal bonds: Due within one year $ 1,200 $ - $ 24 $ 1,176 $ 4 4.49 After 1 to 5 years 42,426 694 2,457 40,663 704 5.51 After 5 to 10 years 55,737 2,451 1,599 56,589 3,295 4.82 After 10 years 66,023 - 3,473 62,550 4,254 5.63 Total Puerto Rico municipal bonds 165,386 3,145 7,553 160,978 8,257 5.32 MBS: FHLMC certificates: After 5 to 10 years $ 22,850 $ - $ 1,071 $ 21,779 $ - 3.03 After 10 years 19,662 - 1,060 18,602 - 4.14 42,512 - 2,131 40,381 - 3.55 GNMA certificates: After 10 years 19,978 - 1,157 18,821 - 3.31 FNMA certificates: After 1 to 5 years 9,664 - 390 9,274 - 3.48 After 10 years 73,764 - 3,883 69,881 - 4.12 83,428 - 4,273 79,155 - 4.04 CMOs After 10 years 134,558 - 4,363 130,195 - 3.25 Total MBS 280,476 - 11,924 268,552 - 3.53 Total held-to-maturity debt securities $ 445,862 $ 3,145 $ 19,477 $ 429,530 $ 8,257 4.20 (1) Excludes accrued interest receivable on held-to-maturity debt securities that totaled $ 2.8 million as of September 30, 2022, was reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition and is excluded from the estimate of credit losses. December 31, 2021 Amortized cost (1) Gross Unrecognized Fair value ACL Weighted- average yield% Gains Losses (Dollars in thousands) Puerto Rico municipal bonds: Due within one year $ 2,995 $ 5 $ - $ 3,000 $ 70 5.39 After 1 to 5 years 14,785 526 156 15,155 347 2.35 After 5 to 10 years 90,584 1,555 3,139 89,000 3,258 4.25 After 10 years 69,769 - 9,777 59,992 4,896 4.06 Total held-to-maturity debt securities $ 178,133 $ 2,086 $ 13,072 $ 167,147 $ 8,571 4.04 (1) Excludes accrued interest receivable on held-to-maturity debt securities that totaled $ 3.4 million as of December 31, 2021, was reported as part of accrued interest receivable on loans and investment securities in the consolidated statements of financial condition and is excluded from the estimate of credit losses. During the nine-month period ended September 30, 2022, the Corporation purchased approximately $ 289.9 million of GSEs’ MBS, which were classified as held-to-maturity debt securities. The following tables show the Corporation’s held-to-maturity debt securities ’ fair value and gross unre cognized losses, aggregated by category and length of time that individual securities had been in a continuous unrecognized loss position, as of September 30, 2022 and December 31, 2021, including debt securities for which an ACL was recorded: As of September 30, 2022 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico municipal bonds $ - $ - $ 121,440 $ 7,553 $ 121,440 $ 7,553 MBS: FHLMC certificates 40,381 2,131 - - 40,381 2,131 GNMA certificates 18,821 1,157 - - 18,821 1,157 FNMA certificates 79,155 4,273 - - 79,155 4,273 CMOs 130,195 4,363 - - 130,195 4,363 Total held-to-maturity debt securities $ 268,552 $ 11,924 $ 121,440 $ 7,553 $ 389,992 $ 19,477 As of December 31, 2021 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico municipal bonds $ - $ - $ 140,732 $ 13,072 $ 140,732 $ 13,072 The Corporation classifies the held-to-maturity debt securities portfolio into the following major security types: MBS issued by GSEs and Puerto Rico municipal bonds. As of September 30, 2022, all of the MBS included in the held-to-maturity debt securities portfolio were issued by GSEs. The Corporation does not recognize an ACL for these securities since they are highly rated by major rating agencies and have a long history of no credit losses. In the case of Puerto Rico municipal bonds, the Corporation determines the ACL based on the product of a cumulative PD and LGD, and the amortized cost basis of the bonds over their remaining expected life as described in Note 1 – Nature of Business and Summary of Significant Accounting Policies in the audited consolidated financial statements included in the 2021 Annual Report on Form 10-K. The Corporation performs periodic credit quality reviews on these issuers. All Puerto Rico municipal bonds were current as to scheduled contractual payments as of September 30, 2022. The Puerto Rico municipal bonds had an ACL of $ 8.3 million as of September 30, 2022, a $ 0.3 million decrease from $ 8.6 million as of December 31, 2021, mostly related to a reduction in qualitative reserves driven by updated financial information received during the third quarter of 2022. The following tables present the activity in the ACL for held-to-maturity debt securities by major security type for the quarters and nine-month periods ended September 30, 2022 and 2021: Puerto Rico Municipal Bonds Quarter Ended September 30, 2022 Quarter Ended September 30, 2021 (In thousands) Beginning Balance $ 8,885 $ 10,685 Provision for credit losses - (benefit) (628) (2,368) ACL on held-to-maturity debt securities $ 8,257 $ 8,317 Puerto Rico Municipal Bonds Nine-Month Period Ended Nine-Month Period Ended September 30, 2022 September 30, 2021 (In thousands) Beginning Balance $ 8,571 $ 8,845 Provision for credit losses - (benefit) (314) (528) ACL on held-to-maturity debt securities $ 8,257 $ 8,317 During the second quarter of 2019, the oversight board established by the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”) announced the designation of Puerto Rico’s 78 municipalities as covered instrumentalities under PROMESA. Municipalities may be affected by the negative economic and other effects resulting from expense, revenue or cash management measures taken by the Puerto Rico government to address its fiscal situation, or measures included in fiscal plans of other government entities, and, more recently, by the effect of the COVID-19 pandemic on the Puerto Rico and global economy. Given the inherent uncertainties about the fiscal situation of the Puerto Rico central government, the COVID-19 pandemic, and the measures taken, or to be taken, by other government entities in response to the COVID-19 pandemic on municipalities, the Corporation cannot be certain whether future charges to the ACL on these securities will be required. From time to time, the Corporation has securities held to maturity with an original maturity of three months or less that are considered cash and cash equivalents and are classified as money market investments in the consolidated statements of financial condition. As of September 30, 2022 and December 31, 2021, the Corporation had no outstanding securities held to maturity that were classified as cash and cash equivalents. Credit Quality Indicators: The held-to-maturity debt securities portfolio consisted of GSE’s MBS and financing arrangements with Puerto Rico municipalities issued in bond form. As previously mentioned, the Corporation expects no credit losses on GSEs MBS. The Puerto Rico municipal bonds are accounted for as securities, but are underwritten as loans with features that are typically found in commercial loans. Accordingly, the Corporation monitors the credit quality of these municipal bonds through the use of internal credit-risk ratings, which are generally updated on a quarterly basis. The Corporation considers a municipal bond as a criticized asset if its risk rating is Special Mention, Substandard, Doubtful or Loss. Puerto Rico municipal bonds that do not meet the criteria for classification as criticized assets are considered to be pass-rated securities. For the definitions of the internal credit-risk ratings, refer to Note 5 – Investment Securities included in the 2021 Annual Report on Form 10-K. The Corporation periodically reviews its Puerto Rico municipal bonds to evaluate if they are properly classified, and to determine impairment, if any. The frequency of these reviews will depend on the amount of the aggregate outstanding debt, and the risk rating classification of the obligor. The Corporation has a Loan Review Group that reports directly to the Corporation’s Risk Management Committee and administratively to the Chief Risk Officer. The Loan Review Group performs annual comprehensive credit process reviews of the Bank’s commercial loan portfolios, including the above-mentioned Puerto Rico municipal bonds accounted for as held-to-maturity debt securities. The objective of these loan reviews is to assess accuracy of the Bank’s determination and maintenance of loan risk rating and its adherence to lending policies, practices and procedures. The monitoring performed by this group contributes to the assessment of compliance with credit policies and underwriting standards, the determination of the current level of credit risk, the evaluation of the effectiveness of the credit management process and the identification of any deficiency that may arise in the credit- granting process. Based on its findings, the Loan Review Group recommends corrective actions, if necessary, that help in maintaining a sound credit process. The Loan Review Group reports the results of the credit process reviews to the Risk Management Committee. As of September 30, 2022 and December 31, 2021, all Puerto Rico municipal bonds classified as held-to-maturity were classified as Pass. No held-to-maturity debt securities were on nonaccrual status, 90 days past due and still accruing, or past due as of September 30, 2022 and December 31, 2021. A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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