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Fair Value | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Fair Values | Fair Value The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows: •Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date. •Level 2: Level 1 inputs for assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” to value debt securities absent the exclusive use of quoted prices. •Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting and similar inputs. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of individually evaluated collateral dependent loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals in accordance with Park's valuation requirements under its commercial and real estate loan policies. Assets and Liabilities Measured at Fair Value on a Recurring Basis: The following table presents assets and liabilities measured at fair value on a recurring basis:
Fair Value Measurements at December 31, 2022 using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2022
Assets |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
Obligations of U.S. Government sponsored entities |  | $ | — |  |  | $ | 37,213 |  |  | $ | — |  |  | $ | 37,213 |
Obligations of states and political subdivisions |  | — |  |  | 406,711 |  |  | — |  |  | 406,711 |
U.S. Government sponsored entities’ asset-backed securities |  | — |  |  | 756,761 |  |  | — |  |  | 756,761 |
Collateralized loan obligations |  | — |  |  | 516,539 |  |  | — |  |  | 516,539 |
Corporate debt securities |  | — |  |  | 9,472 |  |  | 7,000 |  |  | 16,472 |
Equity securities |  | 1,420 |  |  | — |  |  | 439 |  |  | 1,859 |
Mortgage loans held for sale |  | — |  |  | 2,149 |  |  | — |  |  | 2,149 |
Mortgage IRLCs |  | — |  |  | 46 |  |  | — |  |  | 46 |
Loan interest rate swaps |  | — |  |  | 1,508 |  |  | — |  |  | 1,508 |
Liabilities |  |  |  |  |  |  |  |
Fair value swap |  | $ | — |  |  | $ | — |  |  | $ | 243 |  |  | $ | 243 |
Loan interest rate swaps |  | — |  |  | 1,508 |  |  | — |  |  | 1,508 |
Fair Value Measurements at December 31, 2021 using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2021
Assets |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | — |  |  | $ | 389,591 |  |  | $ | — |  |  | $ | 389,591 |
U.S. Government sponsored entities’ asset-backed securities |  | — |  |  | 854,463 |  |  | — |  |  | 854,463 |
Collateralized loan obligations |  | — |  |  | 498,674 |  |  | — |  |  | 498,674 |
Corporate debt securities |  | — |  |  | 11,412 |  |  | — |  |  | 11,412 |
Equity securities |  | 1,630 |  |  | — |  |  | 499 |  |  | 2,129 |
Mortgage loans held for sale |  | — |  |  | 9,387 |  |  | — |  |  | 9,387 |
Mortgage IRLCs |  | — |  |  | 333 |  |  | — |  |  | 333 |
Loan interest rate swaps |  | — |  |  | 1,952 |  |  | — |  |  | 1,952 |
Liabilities |  |  |  |  |  |  |  |
Fair value swap |  | $ | — |  |  | $ | — |  |  | $ | 226 |  |  | $ | 226 |
Borrowing interest rate swap |  | — |  |  | 262 |  |  | — |  |  | 262 |
Loan interest rate swaps |  | — |  |  | 1,952 |  |  | — |  |  | 1,952 |
The following methods and assumptions were used by the Company in determining the fair value of the financial assets and liabilities discussed above: Interest rate swaps: The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2). Investment securities: Fair values for investment securities are based on quoted market prices, where available (Level 1). If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows (Level 3). Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses and is classified as Level 3. Mortgage interest rate lock commitments: Mortgage IRLCs are based on current secondary market pricing and are classified as Level 2. Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using market prices for similar product types and, therefore, are classified in Level 2. The following tables present a reconciliation of the beginning and ending balances of the Level 3 inputs for the years ended December 31, 2022 and 2021, for financial instruments measured on a recurring basis and classified as Level 3:
Level 3 Fair Value Measurements
(In thousands) |  | Corporate debt securities |  | Equity securities |  | Fair value swap
Balance at January 1, 2022 |  | $ | — |  |  | $ | 499 |  |  | $ | (226) |
Total Losses |  |  |  |  |  |
Included in other income / expense |  | — |  |  | (60) |  |  | (221) |
Transfers into level 3 |  | 7,000 |  |  | — |  |  | — |
Purchases, sales, issuances and settlements, other, net |  | — |  |  | — |  |  | 204 |
Balance at December 31, 2022 |  | $ | 7,000 |  |  | $ | 439 |  |  | $ | (243) |
Balance at January 1, 2021 |  | $ | — |  |  | $ | 485 |  |  | $ | (226) |
Total Gains |  |  |  |  |  |
Included in other income |  | — |  |  | 14 |  |  | — |
Balance at December 31, 2021 |  | $ | — |  |  | $ | 499 |  |  | $ | (226) |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis: The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis as described below: Individually evaluated collateral dependent loans: When a loan is individually evaluated, it is valued at the lower of cost or fair value. Collateral dependent loans which are individually evaluated and carried at fair value have been partially charged off or receive specific allocations of the allowance for credit losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and the client’s business, resulting in a Level 3 fair value classification. Individually evaluated loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, updated independent valuations are obtained annually for all collateral dependent loans in accordance with Company policy. OREO: Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Appraisals for both individually evaluated collateral dependent loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are three types of appraisals received by the Company: real estate appraisals, income approach appraisals, and lot development loan appraisals. These are discussed below: •Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO properties. •Income approach appraisals typically incorporate the annual net operating income of the business divided by an appropriate capitalization rate, as determined by the appraiser. Management generally applies a 15% discount to income approach appraised values which management expects will cover all disposition costs (including selling costs). •Lot development loan appraisals are typically performed using a discounted cash flow analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs. Other repossessed assets: Other repossessed assets are initially recorded at fair value less costs to sell when acquired. The carrying value of other repossessed assets is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. At December 31, 2021, other repossessed assets primarily consisted of aircraft acquired as part of a loan workout. Fair value was based on Aircraft Bluebook and VREF Aircraft Value Reference values based on the model of aircraft and adjustments for flight hours, features and other variables. Such adjustments resulted in a Level 3 classification of the inputs for determining fair value. There were no repossessed assets carried at fair value at December 31, 2022. MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2. The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Individually evaluated collateral dependent loans secured by real estate are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. As of December 31, 2022 and 2021, there were no PCD loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement.
Fair Value Measurements at December 31, 2022 Using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2022
Individually evaluated collateral dependent loans recorded at fair value: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 5,573 |  |  | $ | 5,573 |
Residential real estate |  | — |  |  | — |  |  | 200 |  |  | 200 |
Total individually evaluated collateral dependent loans recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | 5,773 |  |  | $ | 5,773 |
MSRs |  | $ | — |  |  | $ | 1,717 |  |  | $ | — |  |  | $ | 1,717 |
OREO recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other repossessed assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Fair Value Measurements at December 31, 2021 Using:
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Balance at December 31, 2021
Individually evaluated collateral dependent loans recorded at fair value: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 831 |  |  | $ | 831 |
Residential real estate |  | — |  |  | — |  |  | 272 |  |  | 272 |
Total individually evaluated collateral dependent loans recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | 1,103 |  |  | $ | 1,103 |
MSRs |  | $ | — |  |  | $ | 13,482 |  |  | $ | — |  |  | $ | 13,482 |
OREO recorded at fair value: |  |  |  |  |  |  |  |
Residential real estate |  | — |  |  | — |  |  | 775 |  |  | 775 |
Total OREO recorded at fair value |  | $ | — |  |  | $ | — |  |  | $ | 775 |  |  | $ | 775 |
Other repossessed assets |  | $ | — |  |  | $ | — |  |  | $ | 2,750 |  |  | $ | 2,750 |
The table below provides additional detail on those individually evaluated loans which are recorded at fair value as well as the remaining individually evaluated loan portfolio not included above. The remaining individually evaluated loans consist of 1) loans which are not collateral dependent, 2) loans which are not secured by real estate, and 3) loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit.
|  | December 31, 2022
(In thousands) |  | Loan Balance |  | Prior Charge-Offs |  | Specific Valuation Allowance |  | Carrying Balance
Total individually evaluated collateral dependent loans recorded at fair value |  | $ | 5,903 |  |  | $ | 1,523 |  |  | $ | 130 |  |  | $ | 5,773 |
Remaining individually evaluated loans |  | 72,438 |  |  | 252 |  |  | 3,436 |  |  | 69,002 |
Total individually evaluated loans |  | $ | 78,341 |  |  | $ | 1,775 |  |  | $ | 3,566 |  |  | $ | 74,775 |
|  | December 31, 2021
(In thousands) |  | Recorded Investment |  | Prior Charge-Offs |  | Specific Valuation Allowance |  | Carrying Balance
Total individually evaluated collateral dependent loans recorded at fair value |  | $ | 1,291 |  |  | $ | 240 |  |  | $ | 188 |  |  | $ | 1,103 |
Remaining individually evaluated loans |  | 73,211 |  |  | 384 |  |  | 1,428 |  |  | 71,783 |
Total individually evaluated loans |  | $ | 74,502 |  |  | $ | 624 |  |  | $ | 1,616 |  |  | $ | 72,886 |
The (expense) income from credit adjustments related to individually evaluated/impaired loans carried at fair value for the years ended December 31, 2022, 2021 and 2020 was $(0.9) million, $0.5 million, and $(4.7) million, respectively. MSRs totaled $15.8 million at December 31, 2022. Of this $15.8 million MSR carrying balance, $1.7 million was recorded at fair value and included a valuation allowance of $0.2 million. The remaining $14.1 million was recorded at cost, as the fair value exceeded cost at December 31, 2022. At December 31, 2021, MSRs totaled $15.3 million. Of this $15.3 million MSR carrying balance, $13.5 million was recorded at fair value and included a valuation allowance of $1.6 million. T he remaining $1.8 million was recorded at cost, as the fair value exceeded cost at December 31, 2021. The income (expense) related to MSRs carried at fair value for the years ended December 31, 2022, 2021 and 2020 was $1.4 million, $1.6 million and $(2.4) million, respectively. Total OREO held by Park at December 31, 2022 and 2021 was $1.4 million and $0.8 million, respectively. At December 31, 2022, there was no OREO held by Park that was carried at fair value due to fair value adjustments made subsequent to the initial OREO measurement. At December 31, 2021, all of Park's OREO was carried at fair value. The net income related to OREO fair value adjustments was $11.3 million, $32,000 and $185,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Other repossessed assets totaled $0.6 million at December 31, 2022, of which there were no repossessed assets recorded at fair value. Other repossessed asset totaled $3.3 million at December 31, 2021, of which $2.8 million were recorded at fair value. T here was no expense related to fair value adjustments on other repossessed assets during the year ended December 31, 2022. The net expense related to fair value adjustments on other repossessed assets was $414,000 and $435,000 for the years ended December 31, 2021 and December 31, 2020, respectively. The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2022 and December 31, 2021:
December 31, 2022
(In thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input(s) |  | Range (Weighted Average)
Individually evaluated collateral dependent loans: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 5,573 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 202.0% (19.4%)
|  |  |  | Income approach |  | Capitalization rate |  | 7.0% - 10.0% (7.9%)
|  |  |  | Cost approach |  | Entrepreneurial profit |  | 10.0% - 12.0% (11.4%)
|  |  |  | Cost approach |  | Accumulated depreciation |  | 38.8% (38.8%)
Residential real estate |  | $ | 200 |  |  | Sales comparison approach |  | Adj to comparables |  | 1.9% - 119.8% (17.4%)
December 31, 2021
(In thousands) |  | Fair Value |  | Valuation Technique |  | Unobservable Input(s) |  | Range (Weighted Average)
Individually evaluated collateral dependent loans: |  |  |  |  |  |  |  |
Commercial real estate |  | $ | 831 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.0% - 232.0% (28.3%)
Residential real estate |  | $ | 272 |  |  | Sales comparison approach |  | Adj to comparables |  | 0.5% - 78.6% (11.6%)
|  |  |  | Cost approach |  | Accumulated depreciation |  | 8.3% (8.3%)
Other real estate owned: |  |  |  |  |  |  |  |
Residential real estate |  | $ | 775 |  |  | Sales comparison approach |  | Adj to comparables |  | 5.0% - 32.5% (19.1%)
Assets Measured at Net Asset Value: Park's portfolio of Partnership Investments are valued using the NAV practical expedient in accordance with ASC 820. At December 31, 2022 and December 31, 2021, Park had Partnerships Investments with a NAV of $24.4 million and $18.0 million, respectively. At December 31, 2022 and December 31, 2021, Park had $20.3 million and $8.4 million in unfunded commitments related to these Partnership Investments. For the years ended December 31, 2022, 2021 and 2020, Park recognized income of $2.4 million, $4.5 million and $2.4 million, respectively, related to these Partnership Investments. The fair value of certain financial instruments at December 31, 2022 and December 31, 2021 was as follows:
|  | December 31, 2022
|  |  |  | Fair Value Measurements
(In thousands) |  | Carrying value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total fair value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and money market instruments |  | $ | 189,728 |  |  | $ | 189,728 |  |  | $ | — |  |  | $ | — |  |  | $ | 189,728 |
Investment securities (1) |  | 1,733,696 |  |  | — |  |  | 1,726,696 |  |  | 7,000 |  |  | 1,733,696 |
Other investment securities (2) |  | 1,859 |  |  | 1,420 |  |  | — |  |  | 439 |  |  | 1,859 |
Mortgage loans held for sale |  | 2,149 |  |  | — |  |  | 2,149 |  |  | — |  |  | 2,149 |
Mortgage IRLCs |  | 46 |  |  | — |  |  | 46 |  |  | — |  |  | 46 |
Individually evaluated loans carried at fair value |  | 5,773 |  |  | — |  |  | — |  |  | 5,773 |  |  | 5,773 |
Other loans, net |  | 7,048,544 |  |  | — |  |  | — |  |  | 6,918,326 |  |  | 6,918,326 |
Loans receivable, net |  | $ | 7,056,512 |  |  | $ | — |  |  | $ | 2,195 |  |  | $ | 6,924,099 |  |  | $ | 6,926,294 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 554,445 |  |  | $ | — |  |  | $ | 552,443 |  |  | $ | — |  |  | $ | 552,443 |
Other |  | 1,325 |  |  | 1,325 |  |  | — |  |  | — |  |  | 1,325 |
Deposits (excluding demand deposits) |  | $ | 555,770 |  |  | $ | 1,325 |  |  | $ | 552,443 |  |  | $ | — |  |  | $ | 553,768 |
Short-term borrowings |  | $ | 227,342 |  |  | $ | — |  |  | $ | 227,342 |  |  | $ | — |  |  | $ | 227,342 |
Subordinated notes |  | 188,667 |  |  | — |  |  | 177,928 |  |  | — |  |  | 177,928 |
Derivative financial instruments - assets: |  |  |  |  |  |  |  |  |  |
Loan interest rate swaps |  | $ | 1,508 |  |  | $ | — |  |  | $ | 1,508 |  |  | $ | — |  |  | $ | 1,508 |
Derivative financial instruments - liabilities: |  |  |  |  |  |  |  |  |  |
Fair value swap |  | $ | 243 |  |  | $ | — |  |  | $ | — |  |  | $ | 243 |  |  | $ | 243 |
Loan interest rate swaps |  | 1,508 |  |  | — |  |  | 1,508 |  |  | — |  |  | 1,508 |
(1) Includes debt securities AFS. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.
|  | December 31, 2021
|  |  |  | Fair Value Measurements
(In thousands) |  | Carrying value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total fair value
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and money market instruments |  | $ | 219,180 |  |  | $ | 219,180 |  |  | $ | — |  |  | $ | — |  |  | $ | 219,180 |
Investment securities (1) |  | 1,754,140 |  |  | — |  |  | 1,754,140 |  |  | — |  |  | 1,754,140 |
Other investment securities (2) |  | 2,129 |  |  | 1,630 |  |  | — |  |  | 499 |  |  | 2,129 |
Mortgage loans held for sale |  | 9,387 |  |  | — |  |  | 9,387 |  |  | — |  |  | 9,387 |
Mortgage IRLCs |  | 333 |  |  | — |  |  | 333 |  |  | — |  |  | 333 |
Individually evaluated loans carried at fair value |  | 1,103 |  |  | — |  |  | — |  |  | 1,103 |  |  | 1,103 |
Other loans, net |  | 6,777,102 |  |  | — |  |  | — |  |  | 6,783,848 |  |  | 6,783,848 |
Loans receivable, net |  | $ | 6,787,925 |  |  | $ | — |  |  | $ | 9,720 |  |  | $ | 6,784,951 |  |  | $ | 6,794,671 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 711,660 |  |  | $ | — |  |  | $ | 714,307 |  |  | $ | — |  |  | $ | 714,307 |
Other |  | 1,465 |  |  | 1,465 |  |  | — |  |  | — |  |  | 1,465 |
Deposits (excluding demand deposits) |  | $ | 713,125 |  |  | $ | 1,465 |  |  | $ | 714,307 |  |  | $ | — |  |  | $ | 715,772 |
Short-term borrowings |  | $ | 238,786 |  |  | $ | — |  |  | $ | 238,786 |  |  | $ | — |  |  | $ | 238,786 |
Subordinated notes |  | 188,210 |  |  | — |  |  | 207,912 |  |  | — |  |  | 207,912 |
Derivative financial instruments - assets: |  |  |  |  |  |  |  |  |  |
Loan interest rate swaps |  | $ | 1,952 |  |  | $ | — |  |  | $ | 1,952 |  |  | $ | — |  |  | $ | 1,952 |
Derivative financial instruments - liabilities: |  |  |  |  |  |  |  |  |  |
Fair value swap |  | $ | 226 |  |  | $ | — |  |  | $ | — |  |  | $ | 226 |  |  | $ | 226 |
Borrowing interest rate swap |  | 262 |  |  | — |  |  | 262 |  |  | — |  |  | 262 |
Loan interest rate swaps |  | 1,952 |  |  | — |  |  | 1,952 |  |  | — |  |  | 1,952 |
(1) Includes debt securities AFS. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient.

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- References No definition available. + Details
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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration