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New Accounting Pronouncements New Accounting Pronouncements (Notes)
 12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
New Accounting Pronouncements
New Accounting Pronouncements
In January 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-01, Accounting for Investments in
Qualified Affordable Housing Projects. The amendments in this Update permit entities to make accounting policy elections to
account for their investments in qualified affordable housing projects using the proportional amortization method if certain
conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in
proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income
statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not
accounted for using the proportional amortization method, the ASU requires the investment to be accounted for as an equity
method investment or a cost method investment. The amendments in this Update should be applied retrospectively to all
periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable
housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments.
The amendments in this ASU are effective for annual periods and interim reporting periods within those annual periods,
beginning after December 15, 2014. Early adoption is permitted. Management has reviewed the ASU and does not believe that
it will have a material effect on the Company's consolidated financial statements.
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer
Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in-substance repossession or foreclosure
occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a
consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion
of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that
loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments
require disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded
investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure.
The amendments in this Update are effective for annual periods and interim reporting periods within those annual periods,
beginning after December 15, 2014. Management has reviewed the ASU and does not believe that it will have a material effect
on the Company's consolidated financial statements.
In May 2014, the FASB Issued ASU No. 2014-09, Revenue from Contracts with Customers. The ASU was issued to clarify
the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial
Reporting Standards. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim
periods within that reporting period. The Company is currently evaluating the potential impact of the ASU on its consolidated
financial statements.
In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transactions,
Repurchase Financings, and Disclosures. The ASU was issued to respond to concerns about current accounting and disclosures
for repurchase agreements and similar transactions. The concern was that under current accounting guidance there is an
unnecessary distinction between the accounting for different types of repurchase agreements. Under current guidance, the
repurchase-to-maturity transactions are accounted for as sales with forward agreements, whereas repurchase agreements that
settle before the maturity of the transferred financial asset are accounted for as secured borrowings. The ASU amendments
require new disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions
accounted for as secured borrowings. The ASU is effective for annual periods, and interim periods within those annual periods,
beginning after December 15, 2014. The ASU will not have a material effect on the Company's consolidated financial
statements.
In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation: Accounting for Share-Based
Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service
Period. The ASU was issued because current U.S. GAAP does not contain explicit guidance on how to account for share-based
payments when a performance target could be achieved after the requisite service period. The ASU is effective for annual
periods and interim periods within those annual periods beginning after December 15, 2015. The ASU will not have a material
effect on the Company's consolidated financial statements.
In August 2014, the FASB issued ASU No. 2014-14, Receivables - Troubled Debt Restructurings by Creditors:
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The ASU was issued to provide specific
guidance on how to classify or measure foreclosed mortgage loans that are government guaranteed. The ASU is effective for
annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The ASU is not expected
to have a material effect on the Company's consolidated financial statements.