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FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS | 6 Months Ended
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Jun. 30, 2020
Notes to Financial Statements |
FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS | 12. FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS The Corporation measures certain assets at fair value. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. FASB topic 820, “Fair Value Measurements and Disclosures” establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs used in determining valuations into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Corporation for identical assets. These generally provide the most reliable evidence and are used to measure fair value whenever available. Level 2 – Fair value is based on significant inputs, other than Level 1 inputs, that are observable either directly or indirectly for substantially the full term of the asset through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets, quoted market prices in markets that are not active for identical or similar assets and other observable inputs. Level 3 – Fair value is based on significant unobservable inputs. Examples of valuation methodologies that would result in Level 3 classification include option pricing models, discounted cash flows and other similar techniques. The Corporation monitors and evaluates available data relating to fair value measurements on an ongoing basis and recognizes transfers among the levels of the fair value hierarchy as of the date of an event or change in circumstances that affects the valuation method chosen. Examples of such changes may include the market for a particular asset becoming active or inactive, changes in the availability of quoted prices, or changes in the availability of other market data. At June 30, 2020 and December 31, 2019, assets measured at fair value and the valuation methods used are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2020
​ |  | Quoted |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Prices | ​ | Other | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | in Active | ​ | Observable | ​ | Unobservable | ​ | Total
​ | ​ | Markets | ​ | Inputs | ​ | Inputs | ​ | Fair
(In Thousands) | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) | ​ | Value
Recurring fair value measurements |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
AVAILABLE-FOR-SALE DEBT SECURITIES: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Obligations of U.S. Government agencies | ​ | $ | 0 | ​ | $ | 11,673 | ​ | $ | 0 | ​ | $ | 11,673
Obligations of states and political subdivisions: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Tax-exempt | ​ |  | 0 | ​ |  | 91,643 | ​ |  | 0 | ​ |  | 91,643
Taxable | ​ |  | 0 | ​ |  | 39,784 | ​ |  | 0 | ​ |  | 39,784
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential pass-through securities | ​ |  | 0 | ​ |  | 51,520 | ​ |  | 0 | ​ |  | 51,520
Residential collateralized mortgage obligations | ​ |  | 0 | ​ |  | 89,435 | ​ |  | 0 | ​ |  | 89,435
Commercial mortgage-backed securities | ​ |  | 0 | ​ |  | 48,133 | ​ |  | 0 | ​ |  | 48,133
Total available for sale debt Securities | ​ |  | 0 | ​ |  | 332,188 | ​ |  | 0 | ​ |  | 332,188
Marketable equity security | ​ |  | 1,003 | ​ |  | 0 | ​ |  | 0 | ​ |  | 1,003
Servicing rights | ​ |  | 0 | ​ |  | 0 | ​ |  | 1,284 | ​ |  | 1,284
Total recurring fair value measurements | ​ | $ | 1,003 | ​ | $ | 332,188 | ​ | $ | 1,284 | ​ | $ | 334,475
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonrecurring fair value measurements | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Impaired loans with a valuation allowance | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 12,189 | ​ | $ | 12,189
Valuation allowance | ​ |  | 0 | ​ |  | 0 | ​ |  | (1,956) | ​ |  | (1,956)
Impaired loans, net | ​ |  | 0 | ​ |  | 0 | ​ |  | 10,233 | ​ |  | 10,233
Foreclosed assets held for sale | ​ |  | 0 | ​ |  | 0 | ​ |  | 1,593 | ​ |  | 1,593
Total nonrecurring fair value measurements | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 11,826 | ​ | $ | 11,826
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ |  | Quoted |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Prices | ​ | Other | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | in Active | ​ | Observable | ​ | Unobservable | ​ | Total
​ | ​ | Markets | ​ | Inputs | ​ | Inputs | ​ | Fair
(In Thousands) | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3) | ​ | Value
Recurring fair value measurements |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
AVAILABLE-FOR-SALE DEBT SECURITIES: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Obligations of U.S. Government agencies | ​ | $ | 0 | ​ | $ | 17,000 | ​ | $ | 0 | ​ | $ | 17,000
Obligations of states and political subdivisions: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Tax-exempt | ​ |  | 0 | ​ |  | 70,760 | ​ |  | 0 | ​ |  | 70,760
Taxable | ​ |  | 0 | ​ |  | 36,303 | ​ |  | 0 | ​ |  | 36,303
Mortgage-backed securities issued or guaranteed by U.S. Government agencies or sponsored agencies: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Residential pass-through securities | ​ |  | 0 | ​ |  | 59,210 | ​ |  | 0 | ​ |  | 59,210
Residential collateralized mortgage obligations | ​ |  | 0 | ​ |  | 114,723 | ​ |  | 0 | ​ |  | 114,723
Commercial mortgage-backed securities | ​ |  | 0 | ​ |  | 48,727 | ​ |  | 0 | ​ |  | 48,727
Total available-for-sale debt securities | ​ |  | 0 | ​ |  | 346,723 | ​ |  | 0 | ​ |  | 346,723
Marketable equity security | ​ |  | 979 | ​ |  | 0 | ​ |  | 0 | ​ |  | 979
Servicing rights | ​ |  | 0 | ​ |  | 0 | ​ |  | 1,277 | ​ |  | 1,277
Total recurring fair value measurements | ​ | $ | 979 | ​ | $ | 346,723 | ​ | $ | 1,277 | ​ | $ | 348,979
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nonrecurring fair value measurements | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Impaired loans with a valuation allowance | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 3,375 | ​ | $ | 3,375
Valuation allowance | ​ |  | 0 | ​ |  | 0 | ​ |  | (1,051) | ​ |  | (1,051)
Impaired loans, net | ​ |  | 0 | ​ |  | 0 | ​ |  | 2,324 | ​ |  | 2,324
Foreclosed assets held for sale | ​ |  | 0 | ​ |  | 0 | ​ |  | 2,886 | ​ |  | 2,886
Total nonrecurring fair value measurements | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 5,210 | ​ | $ | 5,210
​ Management’s evaluation and selection of valuation techniques and the unobservable inputs used in determining the fair values of assets valued using Level 3 methodologies include sensitive assumptions. Other market participants might use substantially different assumptions, which could result in calculations of fair values that would be substantially different than the amount calculated by management. At June 30, 2020 and December 31, 2019, quantitative information regarding valuation techniques and the significant unobservable inputs used for assets measured on a recurring basis using unobservable inputs (Level 3 methodologies) are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value at |  |  |  |  |  | ​ |  |  |
​ | ​ | 6/30/20 | ​ | Valuation | ​ | Unobservable | ​ | ​ | ​ | ​ | Method or Value As of
Asset | ​ | (In Thousands) | ​ | Technique | ​ | Input(s) | ​ | ​ | ​ | ​ | 6/30/20
Servicing rights | ​ | $ | 1,284 |  | Discounted cash flow |  | Discount rate |  | ​ | 12.50 | % | Rate used through modeling period
​ | ​ |  | ​ |  | ​ | ​ | Loan prepayment speeds | ​ | ​ | 285.00 | % | Weighted-average PSA
​ | ​ |  | ​ |  | ​ | ​ | Servicing fees | ​ | ​ | 0.25 | % | of loan balances
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4.00 | % | of payments are late
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5.00 | % | late fees assessed
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1.94 | ​ | Miscellaneous fees per account per month
​ | ​ |  | ​ | ​ | ​ |  | Servicing costs | ​ | $ | 6.00 | ​ | Monthly servicing cost per account
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 24.00 | ​ | Additional monthly servicing cost per loan on loans more than 30 days delinquent
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1.50 | % | of loans more than 30 days delinquent
​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | 3.00 | % | annual increase in servicing costs
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value at |  |  |  |  |  | ​ |  |  |
​ | ​ | 12/31/19 | ​ | Valuation | ​ | Unobservable | ​ | ​ | ​ | ​ | Method or Value As of
Asset | ​ | (In Thousands) | ​ | Technique | ​ | Input(s) | ​ | ​ | ​ | ​ | 12/31/19
Servicing rights | ​ | $ | 1,277 |  | Discounted cash flow |  | Discount rate |  | ​ | 12.50 | % | Rate used through modeling period
​ | ​ |  | ​ |  | ​ | ​ | Loan prepayment speeds | ​ | ​ | 183.00 | % | Weighted-average PSA
​ | ​ |  | ​ |  | ​ | ​ | Servicing fees | ​ | ​ | 0.25 | % | of loan balances
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4.00 | % | of payments are late
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5.00 | % | late fees assessed
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1.94 |  | Miscellaneous fees per account per month
​ | ​ | ​ | ​ | ​ | ​ |  | Servicing costs | ​ | $ | 6.00 | ​ | Monthly servicing cost per account
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 24.00 | ​ | Additional monthly servicing cost per loan on loans more than 30 days delinquent
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1.50 | % | of loans more than 30 days delinquent
​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | 3.00 | % | annual increase in servicing costs
​ The fair value of servicing rights is affected by expected future interest rates. Increases (decreases) in future expected interest rates tend to increase (decrease) the fair value of the Corporation’s servicing rights because of changes in expected prepayment behavior by the borrowers on the underlying loans. Unrealized gains (losses) in fair value of servicing rights are included in Loan servicing fees, net, in the unaudited consolidated statements of income. Following is a reconciliation of activity for Level 3 assets measured at fair value on a recurring basis: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | Three Months Ended | ​ | Six Months Ended
​ |  | June 30, 2020 |  | June 30, 2019 |  | June 30, 2020 |  | June 30, 2019
Servicing rights balance, beginning of period | ​ | $ | 1,226 | ​ | $ | 1,347 | ​ | $ | 1,277 | ​ | $ | 1,404
Originations of servicing rights | ​ |  | 328 | ​ |  | 46 | ​ |  | 403 | ​ |  | 66
Unrealized losses included in earnings | ​ |  | (270) | ​ |  | (71) | ​ |  | (396) | ​ |  | (148)
Servicing rights balance, end of period | ​ | $ | 1,284 | ​ | $ | 1,322 | ​ | $ | 1,284 | ​ | $ | 1,322
​ Loans are classified as impaired when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Foreclosed assets held for sale consist of real estate acquired by foreclosure. For impaired commercial loans secured by real estate and foreclosed assets held for sale, estimated fair values are determined primarily using values from third-party appraisals. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial and agricultural loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging data or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. At June 30, 2020 and December 31, 2019, quantitative information regarding valuation techniques and the significant unobservable inputs used for nonrecurring fair value measurements using Level 3 methodologies are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands, Except |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  | Weighted |
Percentages) | ​ | ​ | ​ | ​ | Valuation | ​ |  | ​ | ​ |  | ​ |  | ​ | Average |
​ | ​ | Balance at | ​ | Allowance at | ​ | Fair Value at | ​ | Valuation | ​ | Unobservable | ​ | Discount at |
Asset | ​ | 6/30/20 | ​ | 6/30/20 | ​ | 6/30/20 | ​ | Technique | ​ | Inputs | ​ | 6/30/20
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans: |  | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  | ​
Residential mortgage loans - |  | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  | ​
first and junior liens | ​ | $ | 1,520 | ​ | $ | 164 | ​ | $ | 1,355 |  | Sales comparison |  | Discount to appraised value |  | 31 | %
Commercial: | ​ |  |  | ​ |  | ​ | ​ |  | ​ |  |  |  |  |  | ​ | ​
Commercial loans secured by real estate | ​ |  | 6,754 | ​ |  | 494 | ​ |  | 6,261 |  | Sales comparison |  | Discount to appraised value |  | 38 | %
Commercial and industrial | ​ |  | 3,580 | ​ |  | 1,264 | ​ |  | 2,316 |  | Liquidation of assets |  | Discount to appraised value |  | 35 | %
Loans secured by farmland | ​ |  | 335 | ​ |  | 34 | ​ |  | 302 |  | Sales comparison |  | Discount to appraised value |  | 42 | %
Total impaired loans | ​ | $ | 12,189 | ​ | $ | 1,956 | ​ | $ | 10,234 |  |  |  |  |  |  | ​
Foreclosed assets held for sale - | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  |  | ​
real estate: | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  |  | ​
Residential (1-4 family) | ​ | $ | 118 | ​ | $ | 0 | ​ | $ | 118 |  | Sales comparison |  | Discount to appraised value |  | 55 | %
Land | ​ |  | 70 | ​ |  | 0 | ​ |  | 70 |  | Sales comparison |  | Discount to appraised value |  | 53 | %
Commercial real estate | ​ |  | 1,405 | ​ |  | 0 | ​ |  | 1,405 |  | Sales comparison |  | Discount to appraised value |  | 38 | %
Total foreclosed assets held for sale | ​ | $ | 1,593 | ​ | $ | 0 | ​ | $ | 1,593 |  |  |  |  |  |  | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands, Except |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  | Weighted |
Percentages) | ​ | Valuation | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ | Average |
​ | ​ | Balance at | ​ | Allowance at | ​ | Fair Value at | ​ | Valuation | ​ | Unobservable | ​ | Discount at |
Asset | ​ | 12/31/19 | ​ | 12/31/19 | ​ | 12/31/19 | ​ | Technique | ​ | Inputs | ​ | 12/31/19 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans: |  | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  | ​
Residential mortgage loans - |  | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  | ​
first and junior liens | ​ | $ | 732 | ​ | $ | 176 | ​ | $ | 556 |  | Sales comparison |  | Discount to appraised value |  | 30 | %
Commercial: | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  |  | ​
Commercial and industrial | ​ |  | 106 | ​ |  | 89 | ​ |  | 17 |  | Sales comparison |  | Discount to appraised value |  | 69 | %
Commercial and industrial | ​ |  | 798 | ​ |  | 60 | ​ |  | 738 |  | Liquidation of accounts receivable |  | Discount to borrower's financial statement value |  | 15 | %
Commercial construction and land | ​ |  | 1,261 | ​ |  | 678 | ​ |  | 583 |  | Sales comparison |  | Discount to appraised value |  | 47 | %
Loans secured by farmland | ​ |  | 478 | ​ |  | 48 | ​ |  | 430 |  | Sales comparison |  | Discount to appraised value |  | 46 | %
Total impaired loans | ​ | $ | 3,375 | ​ | $ | 1,051 | ​ | $ | 2,324 |  |  |  |  |  |  | ​
Foreclosed assets held for sale - | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  |  | ​
real estate: | ​ |  |  | ​ |  |  | ​ |  |  |  |  |  |  |  |  | ​
Residential (1-4 family) | ​ | $ | 292 | ​ | $ | 0 | ​ | $ | 292 |  | Sales comparison |  | Discount to appraised value |  | 46 | %
Land | ​ |  | 70 | ​ |  | 0 | ​ |  | 70 |  | Sales comparison |  | Discount to appraised value |  | 53 | %
Commercial real estate | ​ |  | 2,524 | ​ |  | 0 | ​ |  | 2,524 |  | Sales comparison |  | Discount to appraised value |  | 39 | %
Total foreclosed assets held for sale | ​ | $ | 2,886 | ​ | $ | 0 | ​ | $ | 2,886 |  |  |  |  |  |  | ​
​ Certain of the Corporation’s financial instruments are not measured at fair value in the consolidated financial statements. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Certain financial instruments and all nonfinancial instruments are excluded from disclosure requirements. Therefore, the aggregate fair value amounts presented may not represent the underlying fair value of the Corporation. The estimated fair values, and related carrying amounts, of the Corporation’s financial instruments that are not recorded at fair value are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | Fair Value | ​ | June 30, 2020 | ​ | December 31, 2019
​ | ​ | Hierarchy | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
​ |  | Level |  | Amount |  | Value |  | Amount |  | Value
Financial assets: |  |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Cash and cash equivalents |  | Level 1 | ​ | $ | 73,812 | ​ | $ | 73,812 | ​ | $ | 31,122 | ​ | $ | 31,122
Certificates of deposit |  | Level 2 | ​ |  | 3,830 | ​ |  | 4,078 | ​ |  | 4,080 | ​ |  | 4,227
Restricted equity securities (included in Other Assets) |  | Level 2 | ​ |  | 8,861 | ​ |  | 8,861 | ​ |  | 10,321 | ​ |  | 10,321
Loans, net |  | Level 3 | ​ |  | 1,230,387 | ​ |  | 1,236,040 | ​ |  | 1,172,386 | ​ |  | 1,181,000
Accrued interest receivable |  | Level 2 | ​ |  | 6,326 | ​ |  | 6,326 | ​ |  | 5,001 | ​ |  | 5,001
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Deposits with no stated maturity |  | Level 2 | ​ |  | 1,039,401 | ​ |  | 1,039,401 | ​ |  | 877,965 | ​ |  | 877,965
Time deposits |  | Level 2 | ​ |  | 341,777 | ​ |  | 344,959 | ​ |  | 374,695 | ​ |  | 376,738
Short-term borrowings |  | Level 2 | ​ |  | 14,404 | ​ |  | 14,271 | ​ |  | 86,220 | ​ |  | 86,166
Long-term borrowings |  | Level 2 | ​ |  | 72,904 | ​ |  | 74,545 | ​ |  | 52,127 | ​ |  | 52,040
Accrued interest payable |  | Level 2 | ​ |  | 312 | ​ |  | 312 | ​ |  | 311 | ​ |  | 311
​ The Corporation has commitments to extend credit and has issued standby letters of credit. Standby letters of credit are conditional guarantees of performance by a customer to a third party. Estimates of the fair value of these off-balance sheet items were not made because of the short-term nature of these arrangements and the credit standing of the counterparties.

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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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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