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Fair Value of Financial Instruments | 3 Months Ended
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Mar. 31, 2023
Fair Value of Financial Instruments [Abstract] |
Fair Value of Financial Instruments | Note 7 – Fair Value of Financial Instruments The Corporation complies with the guidance of ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements required under other accounting pronouncements. The Corporation also follows the guidance on matters relating to all financial instruments found in ASC Subtopic 825-10, Financial Instruments – Overall. Fair value is defined as the price to sell an asset or to transfer a liability in an orderly transaction between willing market participants as of the measurement date. Fair value is best determined by values quoted through active trading markets. Active trading markets are characterized by numerous transactions of similar financial instruments between willing buyers and willing sellers. Because no active trading market exists for various types of financial instruments, many of the fair values disclosed were derived using present value discounted cash flows or other valuation techniques described below. As a result, the Corporation’s ability to actually realize these derived values cannot be assumed. The Corporation measures fair values based on the fair value hierarchy established in ASC Paragraph 820-10-35-37. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs that may be used to measure fair value under the hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets and liabilities. This level is the most reliable source of valuation. Level 2: Quoted prices that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 2 inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates). It also includes inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Several sources are utilized for valuing these assets, including a contracted valuation service, Standard & Poor’s (“S&P”) evaluations and pricing services, and other valuation matrices. Level 3: Prices or valuation techniques that require inputs that are both significant to the valuation assumptions and not readily observable in the market (i.e. supported with little or no market activity). Level 3 instruments are valued based on the best available data, some of which is internally developed, and consider risk premiums that a market participant would require. The level established within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers in and out of Level 1, 2 or 3 are recorded at fair value at the beginning of the reporting period. Investments – The investment portfolio is classified and accounted for based on the guidance of ASC Topic 320, Investments – Debt and Equity Securities. The fair value of investments is determined using a market approach. As of March 31, 2023, the U.S. Government agencies and treasuries, residential and commercial mortgage-backed securities, collateralized mortgage obligations, and state and political subdivisions bonds, excluding the tax increment financing (“TIF”) bonds, were classified as Level 2 within the valuation hierarchy. Their fair values were determined based upon market-corroborated inputs and valuation matrices, which were obtained through third party data service providers or securities brokers through which the Corporation has historically transacted both purchases and sales of investment securities. The TIF bonds and collateralized debt obligation (“CDO”) portfolio, which consists of pooled trust preferred securities issued by banks, thrifts, and insurance companies, are classified as Level 3 within the valuation hierarchy. The CDO fair values are determined by a third party using a discounted cash flow model. Derivative financial instruments (Cash flow hedge) – The Corporation’s open derivative positions are interest rate swap agreements. Those classified as Level 2 open derivative positions are valued using externally developed pricing models based on observable market inputs provided by a third party and validated by management. The Corporation has considered counterparty credit risk in the valuation of its interest rate swap assets. Nonrecurring Basis – Individually Evaluated Loans- Individual loans with borrowers experiencing financial difficulty and with a remaining principal balance of $0.1 million or more are evaluated for potential specific reserves and adjusted, if a shortfall exists, to fair value less costs to sell. Fair value is measured based on the value of the value of the underlying collateral securing the loan if repayment is expected solely from the sale of operation of the collateral or present value of estimated future cash flows discounted at the loan’s contractual interest rate if the loan is not determined to be collateral dependent. Fair value for individually evaluated loans is determined using several methods. Generally, the fair value of real estate is determined based on appraisals by qualified licensed 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. These routine adjustments are made to adjust the value of a specific property relative to comparable properties for variations in qualitities such as location, size, and income production capacity relative to the subject property of the appraisal. Subsequent to the initial impairment date, existing individually evaluated loans are reevaluated quarterly for additional impairment and adjustments to fair value less costs to sell are made, where appropriate. For individually evaluated loans, the first state of our impairment analysis involves inspection of the property in question to affirm the condition has not deteriorated since the previous impairment analysis date. Management also engages in conversations with local real estate professionals and market participants to determine the likely marketing time and value range for the property. The second state involves an assessment of current trends in the regional market. After thorough consideration of these factors, management will order a new appraisal. For non-individually evaluated loans, the fair value is determined by updating the present value of estimated future cash flows using the loan’s existing rate to reflect the payment schedule for the remaining life of the loan. Equity Investment- Equity investments included in the table below are considered impaired with losses recognized on the income statement in net gains. Fair value of the equity investment was based on an independent third-party valuation report where the value was determined based on the revenue multiples of like kind information technology businesses. These assets are included as Level 3 fair values based upon the lowest level of input that is significant to the fair value measurements. Other real estate owned – OREO included in the table below are considered impaired with specific write-downs. Fair value of other real estate owned was based on independent third-party appraisals of the properties. These values were determined based on the sales prices of similar properties in the approximate geographic area. These assets are included as Level 3 fair values based upon the lowest level of input that is significant to the fair value measurements. For assets measured at fair value on a recurring and non-recurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2023 and December 31, 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at March 31, 2023 Using
​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Prices in | ​ | Significant | ​ | ​ | ​
​ | ​ | Assets | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | Measured at | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | Fair Value | ​ | Assets | ​ | Inputs | ​ | Inputs
(in thousands) |  | 03/31/23 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 9,653 | ​ | ​ | ​ | ​ | $ | 9,653 | ​ | ​ | ​
Residential mortgage-backed agencies | ​ | $ | 37,281 | ​ | ​ | ​ | ​ | $ | 37,281 | ​ | ​ | ​
Commercial mortgage-backed agencies | ​ | $ | 30,494 | ​ | ​ | ​ | ​ | $ | 30,494 | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | 20,977 | ​ | ​ | ​ | ​ | $ | 20,977 | ​ | ​ | ​
Obligations of states and political subdivisions | ​ | $ | 10,629 | ​ | ​ | ​ | ​ | $ | 10,629 | ​ | ​ | ​
Corporate bonds | ​ | $ | 830 | ​ | ​ | ​ | ​ | $ | 830 | ​ | ​ | ​
Collateralized debt obligations | ​ | $ | 14,114 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 14,114
Financial derivatives | ​ | $ | 880 | ​ | ​ | ​ | ​ | $ | 880 | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investment | ​ | $ | 1,796 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,796
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at December 31, 2022 Using
​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Prices in | ​ | Significant | ​ | ​
​ | ​ | Assets/(liabilities) | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | Measured at | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | Fair Value | ​ | Assets | ​ | Inputs | ​ | Inputs
(in thousands) |  | 12/31/22 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 9,462 | ​ | ​ | ​ | ​ | $ | 9,462 | ​ | ​ | ​
Residential mortgage-backed agencies | ​ | $ | 37,401 | ​ | ​ | ​ | ​ | $ | 37,401 | ​ | ​ | ​
Commercial mortgage-backed agencies | ​ | $ | 30,732 | ​ | ​ | ​ | ​ | $ | 30,732 | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | 21,044 | ​ | ​ | ​ | ​ | $ | 21,044 | ​ | ​ | ​
Obligations of states and political subdivisions | ​ | $ | 10,492 | ​ | ​ | ​ | ​ | $ | 10,492 | ​ | ​ | ​
Corporate bonds | ​ | $ | 887 | ​ | ​ | ​ | ​ | ​ | 887 | ​ | ​ | ​
Collateralized debt obligations | ​ | $ | 15,871 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 15,871
Financial derivatives | ​ | $ | 1,068 | ​ | ​ | ​ | ​ | $ | 1,068 | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans, net | ​ | $ | 211 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 211
Equity investment | ​ | $ | 1,796 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,796
Other real estate owned | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | —
​ At March 31, 2023, individually evaluated loans had a net carrying amount of $2.3 million with no valuation allowance. ​ At December 31, 2022, the fair value of impaired loans with a valuation allowance or charge-off was $1.0 million, net of valuation allowances of $64,700 and charge-offs of $1.3 million. During the year ended December 31, 2022, changes to the valuation allowance or additional charge off activity was recorded on loans with a net balance of approximately $0.4 million. ​ There were no transfers of assets between any of the fair value hierarchy for the three month periods ended March 31, 2023 or 2022. For Level 3 assets and liabilities measured at fair value on a recurring and non-recurring basis as of March 31, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Fair Value at March 31, 2023 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment Securities – available for sale -CDO | ​ | $ | 14,114 | ​ | Discounted Cash Flow | ​ | Discount Margin | ​ | Range of low to mid 500 and low to high 700
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually Evaluated Loans, net | ​ | $ | - | ​ | Market Comparable Properties | ​ | Marketability Discount | ​ | N/A
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investment | ​ | $ | 2,161 | ​ | Market Method | ​ | Revenue Multiples | ​ | 2.8x
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Real Estate Owned | ​ | $ | - | ​ | Market Comparable Properties | ​ | Marketability Discount | ​ | N/A
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Fair Value at December 31, 2022 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment Securities – available for sale -CDO | ​ | $ | 15,871 | ​ | Discounted Cash Flow | ​ | Discount Rate | ​ | Range of low to mid 300 and low to high 400
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired Loans, net | ​ | $ | 211 | ​ | Market Comparable Properties | ​ | Marketability Discount | ​ | 10.0% - 15.0%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investment | ​ | $ | 1,796 | ​ | Market Method | ​ | Revenue Multiples | ​ | 2.8x
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Real Estate Owned | ​ | $ | - | ​ | Market Comparable Properties | ​ | Marketability Discount | ​ | N/A
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
| (1) | Range would include discounts taken since appraisal and estimated values
The following tables show a reconciliation of the beginning and ending balances for fair valued assets measured on a recurring basis using Level 3 significant unobservable inputs for the three month period ended March 31, 2023 and 2022: ​
​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements
​ | ​ | Using Significant Unobservable Inputs
​ | ​ | (Level 3)
​ | ​ | Investment Securities
(in thousands) |  | Available for Sale
Beginning balance January 1, 2023 | ​ | $ | 15,871
Total losses realized/unrealized: | ​ | ​ | ​
Included in other comprehensive loss | ​ | ​ | (1,757)
Ending balance March 31, 2023 | ​ | $ | 14,114
​
​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements
​ | ​ | Using Significant Unobservable Inputs
​ | ​ | (Level 3)
​ | ​ | Investment Securities
(in thousands) |  | Available for Sale
Beginning balance January 1, 2022 | ​ | $ | 17,192
Total losses realized/unrealized: | ​ | ​ | ​
Included in other comprehensive loss | ​ | ​ | 127
Ending balance March 31, 2022 | ​ | $ | 17,319
​ There were no gains or losses included in earnings attributable to the change in realized/unrealized gains or losses related to the assets for the three month periods ended March 31, 2023 or 2022. The disclosed fair values may vary significantly between institutions based on the estimates and assumptions used in the various valuation methodologies. The derived fair values are subjective in nature and involve uncertainties and significant judgment. Therefore, they cannot be determined with precision. Changes in the assumptions could significantly impact the derived estimates of fair value. Disclosure of non-financial assets such as buildings, as well as certain financial instruments such as leases is not required. Accordingly, the aggregate fair values presented do not represent the underlying value of the Corporation. The following tables present fair value information about financial instruments, whether or not recognized in the Consolidated Statement of Financial Condition, for which it is practicable to estimate that value. The actual carrying amounts and estimated fair values of the Corporation’s financial instruments that are included in the Consolidated Statement of Financial Condition are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023 | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Prices in | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | Carrying | ​ | Fair | ​ | Assets | ​ | Inputs | ​ | Inputs
(in thousands) |  | Amount |  | Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 154,022 | ​ | $ | 154,022 | ​ | $ | 154,022 | ​ | ​ | ​ | ​ | ​ | ​
Interest bearing deposits in banks | ​ | ​ | 1,873 | ​ | ​ | 1,873 | ​ | ​ | 1,873 | ​ | ​ | ​ | ​ | ​ | ​
Investment securities - AFS | ​ | ​ | 123,978 | ​ | ​ | 123,978 | ​ | ​ | ​ | ​ | $ | 109,864 | ​ | $ | 14,114
Investment securities - HTM | ​ | ​ | 233,083 | ​ | ​ | 205,745 | ​ | ​ | ​ | ​ | ​ | 185,484 | ​ | ​ | 20,261
Restricted bank stock | ​ | ​ | 4,490 | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for sale | ​ | ​ | 184 | ​ | ​ | 184 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 184
Loans, net | ​ | ​ | 1,271,952 | ​ | ​ | 1,184,033 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,184,033
Financial derivatives | ​ | ​ | 880 | ​ | ​ | 880 | ​ | ​ | ​ | ​ | ​ | 880 | ​ | ​ | ​
Accrued interest receivable | ​ | ​ | 6,519 | ​ | ​ | 6,519 | ​ | ​ | ​ | ​ | ​ | 1,103 | ​ | ​ | 5,416
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits - non-maturity | ​ | ​ | 1,412,743 | ​ | ​ | 1,412,743 | ​ | ​ | ​ | ​ | ​ | 1,412,743 | ​ | ​ | ​
Deposits - time deposits | ​ | ​ | 178,542 | ​ | ​ | 178,399 | ​ | ​ | ​ | ​ | ​ | 178,399 | ​ | ​ | ​
Short-term borrowed funds | ​ | ​ | 52,030 | ​ | ​ | 52,030 | ​ | ​ | ​ | ​ | ​ | 52,030 | ​ | ​ | ​
Long-term borrowed funds | ​ | ​ | 110,929 | ​ | ​ | 110,929 | ​ | ​ | ​ | ​ | ​ | 110,929 | ​ | ​ | ​
Accrued interest payable | ​ | ​ | 473 | ​ | ​ | 473 | ​ | ​ | ​ | ​ | ​ | 473 | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Prices in | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | Carrying | ​ | Fair | ​ | Assets | ​ | Inputs | ​ | Inputs
(in thousands) |  | Amount |  | Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 72,720 | ​ | $ | 72,720 | ​ | $ | 72,720 | ​ | ​ | ​ | ​ | ​ | ​
Interest bearing deposits in banks | ​ | ​ | 1,595 | ​ | ​ | 1,595 | ​ | ​ | 1,595 | ​ | ​ | ​ | ​ | ​ | ​
Investment securities - AFS | ​ | ​ | 125,889 | ​ | ​ | 125,889 | ​ | ​ | ​ | ​ | $ | 110,018 | ​ | $ | 15,871
Investment securities - HTM | ​ | ​ | 235,659 | ​ | ​ | 203,080 | ​ | ​ | ​ | ​ | ​ | 182,380 | ​ | ​ | 20,700
Restricted bank stock | ​ | ​ | 1,027 | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan held for sale | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans, net | ​ | ​ | 1,264,684 | ​ | ​ | 1,177,702 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,177,702
Financial derivative | ​ | ​ | 1,068 | ​ | ​ | 1,068 | ​ | ​ | ​ | ​ | ​ | 1,068 | ​ | ​ | ​
Accrued interest receivable | ​ | ​ | 6,051 | ​ | ​ | 6,051 | ​ | ​ | ​ | ​ | ​ | 6,051 | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits - non-maturity | ​ | ​ | 1,450,210 | ​ | ​ | 1,450,210 | ​ | ​ | ​ | ​ | ​ | 1,450,210 | ​ | ​ | ​
Deposits - time deposits | ​ | ​ | 120,523 | ​ | ​ | 120,083 | ​ | ​ | ​ | ​ | ​ | 120,083 | ​ | ​ | ​
Financial derivatives | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​
Short-term borrowed funds | ​ | ​ | 64,565 | ​ | ​ | 64,565 | ​ | ​ | ​ | ​ | ​ | 64,565 | ​ | ​ | ​
Long-term borrowed funds | ​ | ​ | 30,929 | ​ | ​ | 30,909 | ​ | ​ | ​ | ​ | ​ | 30,909 | ​ | ​ | ​
Accrued interest payable | ​ | ​ | 151 | ​ | ​ | 151 | ​ | ​ | ​ | ​ | ​ | 151 | ​ | ​ | ​
​

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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=123874694&loc=d3e19207-110258 + Details
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