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FAIR VALUES OF FINANCIAL INSTRUMENTS | 6 Months Ended
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Jun. 30, 2016
Fair Value Disclosures [Abstract] |
FAIR VALUES OF FINANCIAL INSTRUMENTS | FAIR VALUES OF FINANCIAL INSTRUMENTS Fair Value Hierarchy ASC 820-10 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The topic describes three levels of inputs that may be used to measure fair value:
• | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
• | Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
• | Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured on a Recurring Basis Securities Available-for-Sale: The fair values of securities available-for-sale are generally determined by quoted market prices in active markets, if available (Level 1). If quoted market prices are not available, the Company primarily employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and respective terms and conditions for debt instruments. The Company employs procedures to monitor the pricing service's assumptions and establishes processes to challenge the pricing service's valuations that appear unusual or unexpected. Level 2 securities include Small Business Administration (SBA) loan pool securities, U.S. government sponsored entity (GSE) and agency securities, private label residential mortgage-backed securities, agency residential mortgage-backed securities, non-agency commercial mortgage-backed securities, collateralized loan obligations, and non-agency corporate bonds. When a market is illiquid or there is a lack of transparency around the inputs to valuation, the securities are classified as Level 3 and reliance is placed upon internally developed models, and management judgment and evaluation for valuation. The Company had no securities available-for-sale classified as Level 3 at June 30, 2016 or December 31, 2015. Loans Held-for-Sale, Carried at Fair Value: The fair value of loans held-for-sale is based on commitments outstanding from investors as well as what secondary markets are currently offering for portfolios with similar characteristics, except for loans that are repurchased out of Ginnie Mae loan pools that become severely delinquent which are valued based on an internal model that estimates the expected loss the Company will incur on these loans. Therefore, loans held-for-sale subjected to recurring fair value adjustments are classified as Level 2 or, in the case of loans repurchased out of Ginnie Mae loan pools, Level 3. The fair value includes the servicing value of the loans as well as any accrued interest. Derivative Assets and Liabilities: Derivative Instruments Related to Mortgage Banking Activities. The Company enters into interest rate lock commitments (IRLCs) with prospective residential mortgage borrowers. These commitments are carried at fair value based on the fair value of the underlying mortgage loans which are based on observable market data. The Company adjusts the outstanding IRLCs with prospective borrowers based on an expectation that it will be exercised and the loan will be funded. These commitments are classified as Level 2 in the fair value disclosures, as the valuations are based on market observable inputs. The Company hedges the risk of the overall change in the fair value of loan commitments to borrowers by selling forward contracts on securities of GSEs. These forward settling contracts are classified as Level 2, as valuations are based on market observable inputs. Interest Rate Swaps and Caps. The Company has entered into pay-fixed, receive-variable interest rate swap contracts with institutional counterparties to hedge against variability in cash flows attributable to interest rate risk caused by changes in the London Interbank Offering Rate (LIBOR) benchmark interest rate on the Company’s ongoing LIBOR-based variable rate deposits and other borrowings. The Company also offers interest rate swaps and caps products to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The net cash flow for the Company is equal to the interest income received from a variable rate loan originated with the customer. The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps is classified as Level 2. Mortgage Servicing Rights: The Company retains servicing on some of its mortgage loans sold and elected the fair value option for valuation of these mortgage servicing rights (MSRs). The value is based on a third party provider that calculates the present value of the expected net servicing income from the portfolio based on key factors that include interest rates, prepayment assumptions, discount rate and estimated cash flows. Because of the significance of unobservable inputs, these servicing rights are classified as Level 3. The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
|  |  | Fair Value Measurement Level
| Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (In thousands)
June 30, 2016 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |
SBA loan pools securities | $ | 1,416 |  |  | $ | — |  |  | $ | 1,416 |  |  | $ | — |
Private label residential mortgage-backed securities | 1,453 |  |  | — |  |  | 1,453 |  |  | — |
Corporate bonds | 60,113 |  |  | — |  |  | 60,113 |  |  | — |
Collateralized loan obligation | 942,706 |  |  | — |  |  | 942,706 |  |  | — |
Commercial mortgage-backed securities | 11,398 |  |  | — |  |  | 11,398 |  |  | — |
Agency mortgage-backed securities | 285,699 |  |  | — |  |  | 285,699 |  |  | — |
Loans held-for-sale | 418,517 |  |  | — |  |  | 384,266 |  |  | 34,251 |
Derivative assets (1) | 15,679 |  |  | — |  |  | 15,679 |  |  | — |
Mortgage servicing rights (2) | 52,567 |  |  | — |  |  | — |  |  | 52,567 |
Liabilities |  |  |  |  |  |  |
Derivative liabilities (3) | 8,413 |  |  | — |  |  | 8,413 |  |  | — |
December 31, 2015 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Securities available-for-sale: |  |  |  |  |  |  |
SBA loan pools securities | $ | 1,504 |  |  | $ | — |  |  | $ | 1,504 |  |  | $ | — |
Private label residential mortgage-backed securities | 1,768 |  |  | — |  |  | 1,768 |  |  | — |
Corporate bonds | 26,152 |  |  | — |  |  | 26,152 |  |  | — |
Collateralized loan obligation | 111,468 |  |  | — |  |  | 111,468 |  |  | — |
Agency mortgage-backed securities | 692,704 |  |  | — |  |  | 692,704 |  |  | — |
Loans held-for-sale | 379,155 |  |  | — |  |  | 360,864 |  |  | 18,291 |
Derivative assets (1) | 9,042 |  |  | — |  |  | 9,042 |  |  | — |
Mortgage servicing rights (2) | 49,939 |  |  | — |  |  | — |  |  | 49,939 |
Liabilities |  |  |  |  |  |  |
Derivative liabilities (3) | 1,067 |  |  | — |  |  | 1,067 |  |  | — |
(1) | Included in Other Assets on the Consolidated Statements of Financial Condition
(2) | Included in Servicing Rights, Net on the Consolidated Statements of Financial Condition
(3) | Included in Accrued Expenses and Other Liabilities on the Consolidated Statements of Financial Condition
The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
| (In thousands)
Mortgage servicing rights |  |  |  |  |  |  |
Balance at beginning of period | $ | 48,370 |  |  | $ | 21,165 |  |  | $ | 49,939 |  |  | $ | 19,082 |
Total gains or losses (realized/unrealized): |  |  |  |  |  |  |
Included in earnings—fair value adjustment | (5,831 | ) |  | 1,538 |  |  | (14,032 | ) |  | 1,010 |
Additions | 12,766 |  |  | 13,699 |  |  | 21,348 |  |  | 23,891 |
Sales, paydowns, and other | (2,738 | ) |  | (2,204 | ) |  | (4,688 | ) |  | (9,785 | )
Balance at end of period | $ | 52,567 |  |  | $ | 34,198 |  |  | $ | 52,567 |  |  | $ | 34,198 |
Loans Repurchased from Ginnie Mae Loan Pools |  |  |  |  |  |  |
Balance at beginning of period | $ | 26,580 |  |  | $ | — |  |  | $ | 18,291 |  |  | $ | — |
Total gains or losses (realized/unrealized): |  |  |  |  |  |  |
Included in earnings—fair value adjustment | 95 |  |  | — |  |  | 142 |  |  | — |
Additions | 11,277 |  |  | — |  |  | 21,103 |  |  | — |
Sales, settlements, and other | (3,701 | ) |  | — |  |  | (5,285 | ) |  | — |
Balance at end of period | $ | 34,251 |  |  | $ | — |  |  | $ | 34,251 |  |  | $ | — |
Loans repurchased from Ginnie Mae Loan pools had aggregated unpaid principal balances of $34.8 million and $18.6 million at June 30, 2016 and December 31, 2015, respectively. The following table presents, as of the dates indicated, quantitative information about Level 3 fair value measurements on a recurring basis, other than loans that become severely delinquent and are repurchased out of Ginnie Mae loan pools that were valued based on an estimate of the expected loss the Company will incur on these loans, which was included as Level 3 at June 30, 2016 and December 31, 2015:
| Fair Value |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
| ($ in thousands)
June 30, 2016 |  |  |  |  |  |  |
Mortgage servicing rights | $ | 52,567 |  |  | Discounted cash flow |  | Discount rate |  | 9.00% to 14.50% (10.29%)
|  |  |  |  | Prepayment rate |  | 6.01% to 40.52% (17.01%)
December 31, 2015 |  |  |  |  |  |  |
Mortgage servicing rights | $ | 49,939 |  |  | Discounted cash flow |  | Discount rate |  | 9.00% to 18.00% (9.75%)
|  |  |  |  | Prepayment rate |  | 6.07% to 35.01% (11.81%)
The significant unobservable inputs used in the fair value measurement of the Company’s servicing rights include the discount rate and prepayment rate. The significant unobservable inputs used in the fair value measurement of the Company's loans repurchased from Ginnie Mae pools at June 30, 2016 and December 31, 2015 included an expected loss rate of 1.63 percent and 1.85 percent, respectively. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. Assets and Liabilities Measured on a Non-Recurring Basis Securities Held-to-Maturity: Investment securities that the Company has the ability and the intent to hold to maturity are classified as held-to-maturity. Investment securities classified as held-to-maturity are carried at cost. The fair values of securities held-to-maturity are generally determined by quoted market prices in active markets, if available (Level 1). If quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and respective terms and conditions for debt instruments (Level 2). The Company employs procedures to monitor the pricing service's assumptions and establishes processes to challenge the pricing service's valuations that appear unusual or unexpected. When a market is illiquid or there is a lack of transparency around the inputs to valuation, the securities are classified as Level 3 and reliance is placed upon internally developed models, and management judgment and evaluation for valuation. Only securities held-to-maturity with other-than-temporary impairment (OTTI) are considered to be carried at fair value. The Company did not have any OTTI on securities held-to-maturity at June 30, 2016. Impaired Loans and Leases: The fair value of impaired loans and leases with specific allocations of the ALLL based on collateral values is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Loans Held-for-Sale, Carried at Lower of Cost or Fair Value: The Company records non-conforming jumbo mortgage loans held-for-sale at the lower of cost or fair value, on an aggregate basis. The Company obtains fair values from a third party independent valuation service provider. Loans held-for-sale accounted for at the lower of cost or fair value are considered to be recognized at fair value when they are recorded at below cost, on an aggregate basis, and are classified as Level 2. SBA Servicing Assets: SBA servicing assets represent the value associated with servicing SBA loans that have been sold. The fair value for SBA servicing assets is determined through discounted cash flow analysis and utilizes discount rates and prepayment speed assumptions as inputs. All of these assumptions require a significant degree of management estimation and judgment. The fair market valuation is performed on a quarterly basis for SBA servicing assets. SBA servicing assets are accounted for at the lower of cost or market value and considered to be recognized at fair value when they are recorded at below cost and are classified as Level 3. Other Real Estate Owned Assets: Other real estate owned assets (OREO) are recorded at the fair value less estimated costs to sell at the time of foreclosure. The fair value of other real estate owned assets is generally based on recent real estate appraisals adjusted for estimated selling costs. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and result in a Level 3 classification of the inputs for determining fair value. Only OREO with a valuation allowance are considered to be carried at fair value. The Company recorded valuation allowance expense for OREO of $9 thousand and $0 for the three months ended June 30, 2016 and 2015, respectively, and $9 thousand and $22 thousand for the six months ended June 30, 2016 and 2015, respectively, in All Other Expense in the Consolidated Statements of Operations. Alternative Investments (Affordable Housing Fund Investment, SBIC, and Other Investment): The Company generally accounts for its percentage ownership of alternative investment funds at cost, subject to impairment testing. These are non-public investments that cannot be redeemed since the Company’s investment is distributed as the underlying investments are liquidated, which generally takes 10 years. There are currently no plans to sell any of these investments prior to their liquidation. The alternative investments carried at cost are considered to be measured at fair value on a non-recurring basis when there is impairment. The Company had unfunded commitments of $349 thousand, $13.2 million, and $2.0 million for Affordable House Fund Investment, SBIC, and Other Investments at June 30, 2016, respectively. The Company recorded no impairment on these investments. The following table presents the Company’s financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated:
|  |  | Fair Value Measurement Level
| Carrying Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (In thousands)
June 30, 2016 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |
Single family residential mortgage | $ | 10,431 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,431 |
Other real estate owned: |  |  |  |  |  |  |
Single family residential | 429 |  |  | — |  |  | — |  |  | 429 |
December 31, 2015 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |
Single family residential mortgage | $ | 3,585 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,585 |
Commercial and industrial | 1,073 |  |  | — |  |  | — |  |  | 1,073 |
Other real estate owned: |  |  |  |  |  |  |
Single family residential | 1,097 |  |  | — |  |  | — |  |  | 1,097 |
The following table presents the gains and (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
| (In thousands)
Impaired loans: |  |  |  |  |  |  |
Single family residential mortgage | $ | (149 | ) |  | $ | — |  |  | $ | (149 | ) |  | $ | — |
Other real estate owned: |  |  |  |  |  |  |
Single family residential | (2 | ) |  | 6 |  |  | 35 |  |  | 1 |
The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated:
| Carrying |  | Fair Value Measurement Level
Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
June 30, 2016 |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 271,732 |  |  | $ | 271,732 |  |  | $ | — |  |  | $ | — |  |  | $ | 271,732 |
Time deposits in financial institutions | 1,500 |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Securities available-for-sale | 1,302,785 |  |  | — |  |  | 1,302,785 |  |  | — |  |  | 1,302,785 |
Securities held-to-maturity | 962,282 |  |  | — |  |  | 980,871 |  |  | — |  |  | 980,871 |
Federal Home Loan Bank and other bank stock | 81,115 |  |  | — |  |  | 81,115 |  |  | — |  |  | 81,115 |
Loans held-for-sale | 893,782 |  |  | — |  |  | 869,459 |  |  | 34,251 |  |  | 903,710 |
Loans and leases receivable, net of ALLL | 6,198,632 |  |  | — |  |  | — |  |  | 6,370,177 |  |  | 6,370,177 |
Accrued interest receivable | 28,095 |  |  | 28,095 |  |  | — |  |  | — |  |  | 28,095 |
Derivative assets | 15,679 |  |  | — |  |  | 15,679 |  |  | — |  |  | 15,679 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 7,928,956 |  |  | — |  |  | — |  |  | 7,818,605 |  |  | 7,818,605 |
Advances from Federal Home Loan Bank | 930,000 |  |  | — |  |  | 931,168 |  |  | — |  |  | 931,168 |
Long term debt | 177,743 |  |  | — |  |  | 181,933 |  |  | — |  |  | 181,933 |
Derivative liabilities | 8,413 |  |  | — |  |  | 8,413 |  |  | — |  |  | 8,413 |
Accrued interest payable | 3,265 |  |  | 3,265 |  |  | — |  |  | — |  |  | 3,265 |
December 31, 2015 |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 156,124 |  |  | $ | 156,124 |  |  | $ | — |  |  | $ | — |  |  | $ | 156,124 |
Time deposits in financial institutions | 1,500 |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |
Securities available-for-sale | 833,596 |  |  | — |  |  | 833,596 |  |  | — |  |  | 833,596 |
Securities held-to-maturity | 962,203 |  |  | — |  |  | 932,285 |  |  | — |  |  | 932,285 |
Federal Home Loan Bank and other bank stock | 59,069 |  |  | — |  |  | 59,069 |  |  | — |  |  | 59,069 |
Loans held-for-sale | 668,841 |  |  | — |  |  | 654,559 |  |  | 18,291 |  |  | 672,850 |
Loans and leases receivable, net of ALLL | 5,148,861 |  |  | — |  |  | — |  |  | 5,244,251 |  |  | 5,244,251 |
Accrued interest receivable | 22,800 |  |  | 22,800 |  |  | — |  |  | — |  |  | 22,800 |
Derivative assets | 9,042 |  |  | — |  |  | 9,042 |  |  | — |  |  | 9,042 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 6,303,085 |  |  | — |  |  | — |  |  | 6,010,606 |  |  | 6,010,606 |
Advances from Federal Home Loan Bank | 930,000 |  |  | — |  |  | 929,727 |  |  | — |  |  | 929,727 |
Long term debt | 261,876 |  |  | — |  |  | 264,269 |  |  | — |  |  | 264,269 |
Derivative liabilities | 1,067 |  |  | — |  |  | 1,067 |  |  | — |  |  | 1,067 |
Accrued interest payable | 4,234 |  |  | 4,234 |  |  | — |  |  | — |  |  | 4,234 |
The methods and assumptions used to estimate fair value are described as follows: Cash and Cash Equivalents and Time Deposits in Financial Institutions: The carrying amounts of cash and cash equivalents and time deposits in financial institutions approximate fair value due to the short-term nature of these instruments (Level 1). Federal Home Loan Bank and Other Bank Stock: Federal Home Loan Bank and other bank stock is recorded at cost. Ownership of FHLB stock is restricted to member banks, and purchases and sales of these securities are at par value with the issuer (Level 2). Securities Held-to-Maturity: Investment securities that the Company has the ability and the intent to hold to maturity are classified as held-to-maturity. Investment securities classified as held-to-maturity are carried at cost. The fair values of securities held-to-maturity are generally determined by quoted market prices in active markets, if available (Level 1). If quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and respective terms and conditions for debt instruments (Level 2). The Company employs procedures to monitor the pricing service's assumptions and establishes processes to challenge the pricing service's valuations that appear unusual or unexpected. When a market is illiquid or there is a lack of transparency around the inputs to valuation, the securities are classified as Level 3 and reliance is placed upon internally developed models, and management judgment and evaluation for valuation. Loans and Leases Receivable, Net of ALLL: The fair value of loans and leases receivable is estimated based on the discounted cash flow approach. The discount rate was derived from the associated yield curve plus spreads and reflects the rates offered by the Bank for loans with similar financial characteristics. Yield curves are constructed by product and payment types. These rates could be different from what other financial institutions could offer for these loans. Additionally, the fair value of our loans may differ significantly from the values that would have been used had a ready market existed for such loans and may differ materially from the values that we may ultimately realize (Level 3). Accrued Interest Receivable: The carrying amount of accrued interest receivable approximates its fair value (Level 1). Deposits: The fair value of deposits is estimated based on discounted cash flows. The cash flows for non-maturity deposits, including savings accounts and money market checking, are estimated based on their historical decaying experiences. The discount rate used for fair valuation is based on interest rates currently being offered by the Bank on comparable deposits as to amount and term (Level 3). Advances from Federal Home Loan Bank: The fair values of advances from FHLB are estimated based on the discounted cash flows approach. The discount rate was derived from the current market rates for borrowings with similar remaining maturities (Level 2). Securities sold under repurchase agreements: The carrying amount of securities sold under repurchase agreements approximates fair value due to the short-term nature of these instruments as all outstanding securities sold under repurchase agreements have original maturities of 30 days or less (Level 2). Long Term Debt: Fair value of long term debt is determined by observable data such as market spreads, cash flows, yield curves, credit information, and respective terms and conditions for debt instruments (Level 2). Accrued Interest Payable: The carrying amount of accrued interest payable approximates its fair value (Level 1).

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
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