The Company uses fair value measurements to state certain assets and liabilities at fair value and to support fair value disclosures. Securities held for trading, securities available for sale, derivatives and servicing assets are recorded at fair value on a recurring basis. Additionally, from time to time, Doral may be required to record other financial assets at fair value on a nonrecurring basis, such as loans held for sale, loans receivable and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets.

The Company discloses for interim and annual reporting periods the fair value of all financial instruments for which it is practicable to estimate that value, whether recognized or not in the statement of financial position.

The Company categorizes its financial instruments based on priority of inputs to the valuation technique into a three level hierarchy described below.

The Company bases fair values on the price that would be received upon sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. It is Doral Financial's intent to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy.

Fair value measurements for assets and liabilities where there is limited or no observable market data are based primarily upon the Company's estimates, and are generally calculated based on current pricing policy, the economic and competitive environment, the characteristics of the asset or liability and other such factors. Therefore, the fair values represent management's estimates and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, 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 of current or future values.

The Company relies on appraisals for valuation of collateral dependent impaired loans and other real estate owned. An appraisal of value is obtained at the time the loan is originated. New estimates of collateral value are obtained when a loan that has been performing becomes delinquent and is determined to be collateral dependent, and at the time an asset is acquired through foreclosure. Updated reappraisals are requested at least every two years for collateral dependent loans and other real estate owned.

Residential mortgage loans are considered collateral dependent when they are 180 days past due (collateral dependent residential mortgage loans are those past due loans whose borrowers' financial condition has deteriorated to the point that Doral considers only the collateral when determining its allowance for loan and lease loss estimate). An updated estimate of property's value is obtained when the loan is 180 days past due, and a second assessment of value is obtained when the loan is 360 days past due. The Company generally uses broker price opinions (“BPOs”) as an assessment of value of collateral dependent residential mortgage loans.

As it takes a period of time for commercial loan appraisals to be completed once they are requested, Doral must at times estimate its allowance for loan and lease losses for an impaired loan using a dated, or stale, appraisal. As Puerto Rico has experienced some decrease in property values during its extended recession, the reported values of the stale appraisals must be adjusted to recognize the “fade” in market value. In estimating its allowance for loan and lease losses on collateral dependent loans using outdated appraisals, Doral uses the original appraisal as adjusted for the estimated fade in property value less selling costs to estimate the current fair value of the collateral. That current adjusted estimated fair value is then compared to the reported investment, and if the adjusted fair value is less than reported investment, that amount is included in the allowance for loan and lease loss estimate.

Residential development construction loans that are collateral dependent present unique challenges to estimating the fair value of the underlying collateral. Residential development construction loans are partially completed with additional construction costs to be incurred, have units being sold and released from the construction loan, and may have additional land collateralizing the loan on which the developer hopes or expects to build additional units. Therefore, the value of the collateral is regularly changing and any appraisal has a limited useful life. Doral uses an internally developed estimate of value that considers Doral's exit strategy of foreclosing and completing the construction started and selling the individual units constructed for residential buildings, and separately uses the most recent appraised value for any remnant land adjusted for the fade in value since the appraisal date as described above. This internally developed estimate is prepared in conjunction with a third party servicer of the portfolio who validates and determines the inputs used to arrive at the estimate of value (e.g. units sold, expected sales, cost to complete, etc.)

Once third party appraisals are obtained, the previously estimated property values are updated with the actual values reflected in the appraisals and any additional loss incurred is recognized in the period when the appraisal is received. The internally developed collateral price index is also updated and any changes resulting from the update in the index are also recognized in the period.

Following is a description of valuation methodologies used for financial instruments recorded at fair value, including the general classification of such instruments pursuant to the valuation hierarchy.

Securities held for trading: Securities held for trading are reported at fair value and consist primarily of securities and derivatives held for trading purposes. The valuation method for trading securities is the same as the methodology used for securities classified as Available for Sale. The valuation methodology for IOs (Level 3) and derivatives (Level 2) are described in the Servicing assets and interest-only strips, and Derivatives sections, respectively.

For residual CMO certificates included in trading securities, the Company uses a cash flow model to value the securities. Doral utilizes the collateral's statistics available on Bloomberg such as forecasted prepayment speed, weighted-average remaining maturity, weighted-average coupon and age. Based on Bloomberg information, the Company forecasts the cash flows and then discounts it at the discount rate used for the period. For purposes of discounting, the Company uses the same Z-spread methodology used for the valuations of Doral's floating rate IOs.

Securities available for sale: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security's credit rating, prepayment assumptions and other factors such as credit loss assumptions, expected defaults and loss severity. Level 1 securities (held for trading) include those securities that are traded by dealers or brokers in active over-the-counter markets. Level 2 securities include agency CMOs, municipal bonds, and agency MBS. Level 3 securities include non-agency and agency CMOs for which quoted market prices are not available. For determining the fair value of Level 3 securities available for sale, the Company uses a valuation model that calculates the present value of estimated future cash flows. The model incorporates the Company's own estimates of assumptions market participants use in determining the fair value, including prepayment speeds, loss assumptions and discount rates.

Loans held for sale: Loans held for sale are carried at the lower of net cost or market value on an aggregate portfolio basis. The amount by which cost exceeds market value, if any, is accounted for as a loss through a valuation allowance. Loans held for sale consist primarily of mortgage loans. The market value of mortgage loans held for sale is generally based on quoted market prices for MBS adjusted to reflect particular characteristics of the asset such as guarantee fees, servicing fees, actual delinquency and credit risk. Loans held for sale are classified as Level 2, except for loans where management makes certain adjustments to the model based on unobservable inputs that are significant. These loans are classified as Level 3. Loans held for sale were carried at cost as of June 30, 2011.

Loans receivable: Loans receivable are those held principally for investment purposes. These consist of construction loans for new housing development, certain residential mortgage loans which the Company does not expect to sell in the near future, commercial real estate, commercial and industrial, leases, land, and consumer loans. Loans receivable are carried at their unpaid principal balance, less unearned interest, net of deferred loan fees or costs (including premiums and discounts), undisbursed portion of construction loans and an allowance for loan and lease losses. Loans receivable include collateral dependent loans for which the repayment of the loan is expected to be provided solely by the underlying collateral. The Company does not record loans receivable at fair value on a recurring basis. However, from time to time, the Company records nonrecurring fair value adjustments to collateral dependent loans to reflect (i) partial write-downs that are based on the fair value of the collateral, or (ii) the full charge-off of the loan carrying value. The fair value of the collateral is mainly derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations. The Company classifies loans receivable subject to nonrecurring fair value adjustments as Level 3.

For the fair value of loans receivable, not reported at fair value loans are classified by type such as, residential mortgage loans, commercial real estate, commercial and industrial, leases, land, and consumer loans. The fair value of residential mortgage loans is based on quoted market prices for MBS adjusted by particular characteristics like guarantee fees, servicing fees, actual delinquency and the credit risk associated to the individual loans. For the syndicated commercial loans, the Company engages a third party specialist to assist with its valuation. The fair value of syndicated commercial loans is determined based on market information on trading activity. For all other loans, the fair value is estimated using discounted cash flow analyses, based on LIBOR and with adjustments that the Company believes a market participant would consider in determining fair value for like assets.

Servicing assets and interest-only strips: The Company routinely originates, securitizes and sells mortgage loans into the secondary market. As a result of this process, the Company typically retains the servicing rights and, in the past, also retained IOs. Servicing assets retained in a sale or securitization arise from contractual agreements between the Company and investors in mortgage securities and mortgage loans. The Company records mortgage servicing assets at fair value on a recurring basis. Considerable judgment is required to determine the fair value of the Company's servicing assets. Unlike highly liquid investments, the market value of servicing assets cannot be readily determined because these assets are not actively traded in securities markets. The fair value of the servicing assets is determined based on a combination of market information on trading activity (servicing asset trades and broker valuations), benchmarking of servicing assets (valuation surveys) and cash flow modeling. The valuation of the Company's servicing assets incorporates two sets of assumptions: (i) market derived assumptions for discount rates, servicing costs, escrow earnings rate, float earnings rate and cost of funds and (ii) market derived assumptions adjusted for the Company's loan characteristics and portfolio behavior for escrow balances, delinquencies and foreclosures, late fees, prepayments and prepayment penalties. For IOs the Company uses a valuation model that calculates the present value of estimated future cash flows. The model incorporates the Company's own estimates of assumptions market participants use in determining the fair value, including estimates of prepayment speeds, discount rates, defaults and contractual fee income. IOs are recorded as securities held for trading. Fair value measurements of servicing assets and IOs use significant unobservable inputs and, accordingly, are classified as Level 3.

Real estate held for sale: The Company acquires real estate through foreclosure proceedings. These properties are held for sale and are stated at the lower of cost or fair value (after deduction of estimated disposition costs). A loss is recognized for any initial write down to fair value less costs to sell. The fair value of the properties is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties, which are not market observable. The Company records nonrecurring fair value adjustments to reflect any losses in the carrying value arising from periodic appraisals of the properties charged to expense in the period incurred. The Company classifies real estate held for sale subject to nonrecurring fair value adjustments as Level 3.

Other assets: The Company may be required to record certain assets at fair value on a nonrecurring basis. These assets include premises and equipment, goodwill, and certain assets that are part of CB, LLC. CB, LLC is an entity formed to manage a residential real estate project that Doral Bank PR received in lieu of foreclosure. Fair value measurements of these assets use significant unobservable inputs and, accordingly, are classified as Level 3.

Premises and equipment: Premises and equipment are carried at cost. However, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company recognizes an impairment loss based on the fair value of the property, which is generally obtained from appraisals. Property impairment losses are recorded as part of occupancy expenses in the Consolidated Statement of Operations.

Goodwill: Goodwill is not amortized, but is tested for impairment at least annually or more frequently if events or circumstances indicate possible impairment. In determining the fair value of a reporting unit the Company uses discounted cash flow analysis. Goodwill impairment losses are recorded as part of other expenses in the Consolidated Statement of Operations.

CB, LLC: Events or changes in circumstances may indicate that the carrying amount of certain assets may not be recoverable, such as for land and the remaining housing units. Impairment losses are recorded as part of occupancy expenses in the Consolidated Statement of Operations.

Derivatives: Substantially all of the Company's derivatives are traded in over-the-counter markets where quoted market prices are not readily available. For those derivatives, Doral Financial measures fair value using internally developed models that use primarily market observable inputs, such as yield curves and volatility surfaces.

The non-performance risk is evaluated internally considering collateral held, remaining term and the creditworthiness of the entity that bears the risk. These derivatives are classified as Level 2. Level 2 derivatives consist of interest rate swaps and interest rate caps.

Following is a description of valuation methodologies used for instruments not recorded at fair value.

Cash and due from banks and other interest-earning assets: Valued at the carrying amounts in the Consolidated Statements of Financial Condition. The carrying amounts are reasonable estimates of fair value due to the relatively short period to maturity.

Deposits: Fair value is calculated considering the discounted cash flows based on brokered certificates of deposits curve and internally generated decay assumptions.

Loans payable: These loans represent secured lending arrangements with local financial institutions that are generally floating rate instruments, and therefore their fair value has been determined to be par.

Notes payable, advances from FHLB, other short-term borrowings and securities sold under agreements to repurchase: Valued utilizing discounted cash flow analysis over the remaining term of the obligation using market rates for similar instruments.

The tables below present the balance of assets and liabilities measured at fair value on a recurring basis.

(In thousands)				Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
	Securities Held for Trading
		MBS		$	830	$	—	$	—	$	830	$	766	$	—	$	—	$	766
		IOs			43,750		—		—		43,750		44,250		—		—		44,250
		Derivatives			9		—		9		—		13		—		13		—
			Total Securities Held for Trading		44,589		—		9		44,580		45,029		—		13		45,016

	Securities Available for Sale
		Agency MBS			446,956		—		445,288		1,668		1,142,973		—		1,141,281		1,692
		CMO Government Sponsored Agencies			109,630		—		102,347		7,283		312,831		—		305,442		7,389
		Non-Agency CMOs			7,960		—		—		7,960		7,192		—		—		7,192
		Obligations U.S. Government Sponsored Agencies			94,982		—		94,982		—		34,992		—		34,992		—
		Other			11,923		—		—		11,923		7,077		—		—		7,077
			Total Securities Available for Sale		671,451		—		642,617		28,834		1,505,065		—		1,481,715		23,350

	Servicing Assets				115,785		—		—		115,785		114,342		—		—		114,342
				$	831,825	$	—	$	642,626	$	189,199	$	1,664,436	$	—	$	1,481,728	$	182,708

Liabilities:
			Derivatives⁽¹⁾	$	3,435	$	—	$	3,435	$	—	$	5,418	$	—	$	5,418	$	—

The changes in Level 3 of assets and liabilities for the quarters and six month periods ended June 30, 2011 and June 30, 2010, measured at fair value on a recurring basis are summarized as follows:

				For the quarter ended June 30, 2011
(In thousands)				Balance, beginning of quarter		Change in fair value included in the Statement of Operations		Capitalization of servicing assets included in the Statement of Operations		Net gains included in other comprehensive income		Principal repayments and amortization of premium and discount⁽⁴⁾		Purchases		Balance, end of quarter

Securities held for trading
	MBS			$	805	$	25	$	―	$	―	$	—	$	—	$	830
	IOs⁽¹⁾				41,618		2,132		―		―		—		—		43,750
		Total securities held for trading			42,423		2,157		―		―		—		—		44,580

Securities available for sale⁽²⁾
	Agency MBS				1,682		―		―		12		(26)		—		1,668
	CMO Government Sponsored Agencies				7,336		―		―		10		(63)		—		7,283
	Non-Agency CMOs				7,753		(86)		―		216		77		—		7,960
	Other				11,876		―		―		187		(140)		—		11,923
		Total securities available for sale			28,647		(86)		―		425		(152)		—		28,834

Servicing Assets⁽³⁾					116,299		(3,059)		2,545		―		—		—		115,785
			Balance at end of period	$	187,369	$	(988)	$	2,545	$	425	$	(152)	$	―	$	189,199

				For the quarter ended June 30, 2010
(In thousands)				Balance, beginning of quarter		Change in fair value included in the Statement of Operations		Capitalization of servicing assets included in the Statement of Operations		Net gains included in other comprehensive income		Principal repayments and amortization of premium and discount⁽⁴⁾		Purchases		Balance, end of quarter

Securities held for trading
	MBS			$	796	$	36	$	―	$	―	$	—	$	—	$	832
	IOs⁽¹⁾				43,584		1,128		―		―		—		—		44,712
		Total securities held for trading			44,380		1,164		―		―		—		—		45,544

Securities available for sale⁽²⁾
	Agency MBS				1,738		―		―		25		—		—		1,763
	CMO Government Sponsored Agencies				8,194		―		―		(349)		(65)		—		7,780
	Non-Agency CMOs				261,129		―		―		129,634		(383,268)		—		7,495
	Other				1,860		―		―		(45)		—		—		1,815
		Total securities available for sale			272,921		―		―		129,265		(383,333)		—		18,853

Servicing Assets⁽³⁾					118,236		(6,475)		1,406		―		—		(162)		113,005
			Balance at end of period	$	435,537	$	(5,311)	$	1,406	$	129,265	$	(383,333)	$	(162)		177,402

			For the six month period ended June 30, 2011
(In thousands)			Balance, beginning of year		Change in fair value included in the Statement of Operations		Capitalization of servicing assets included in the Statement of Operations		Net gains included in other comprehensive income		Principal repayments and amortization of premium and discount⁽⁴⁾		Purchases		Balance, end of year

Securities available for trading
	MBS		$	766	$	64	$	―	$	―	$	—	$	—	$	830
	IOs⁽¹⁾			44,250		(500)		―		―		—		—		43,750
		Total securities held for trading		45,016		(436)		―		―		―		―		44,580

Securities available for sale⁽²⁾
	Agency MBS			1,692		―		―		26		(50)		—		1,668
	CMO Government Sponsored Agencies			7,389		―		―		28		(134)		—		7,283
	Non-Agency CMOs			7,192		(86)		―		724		130		—		7,960
	Other			7,077		―		―		204		(360)		5,002		11,923
		Total securities available for sale		23,350		(86)		―		982		(414)		5,002		28,834

Servicing asset⁽³⁾				114,342		(3,199)		4,642		―		—		—		115,785
		Balance at end of period	$	182,708	$	(3,721)	$	4,642	$	982	$	(414)	$	5,002	$	189,199

			For the six month period ended June 30, 2010
(In thousands)			Balance, beginning of year		Change in fair value included in the Statement of Operations		Capitalization of servicing assets included in the Statement of Operations		Net gains included in other comprehensive income		Principal repayments and amortization of premium and discount⁽⁴⁾		Purchases		Balance, end of year

Securities held for trading
	MBS		$	893	$	(61)	$	―	$	―	$	—	$	—	$	832
	IOs⁽¹⁾			45,723		(1,011)		―		―		—		—		44,712
		Total securities held for trading		46,616		(1,072)		―		―		―		―		45,544

Securities available for sale⁽²⁾
	Agency MBS			1,830		―		―		32		(99)		—		1,763
	CMO Government Sponsored Agencies			7,701		―		―		230		(151)		—		7,780
	Non-Agency CMOs			270,600		(13,259)		―		143,507		(393,353)		—		7,495
	Other			1,650		―		―		165		—		—		1,815
		Total securities available for sale		281,781		(13,259)		―		143,934		(393,603)		―		18,853

Servicing Assets⁽³⁾				118,493		(8,478)		3,183		―		—		(193)		113,005
		Balance at end of period	$	446,890	$	(22,809)	$	3,183	$	143,934	$	(393,603)	$	(193)	$	177,402

The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The valuation methodologies used to measure these fair value adjustments are described above. For assets measured at fair value on a nonrecurring basis during the six month period ended June 30, 2011, that were still held on the balance sheet at June 30, 2011, the following table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at period end.

The following table summarizes total losses relating to assets (classified as level 3) held at the reporting periods.

		Loss for the quarters ended June 30,				Loss for the six month periods ended June 30,
(In thousands)	Location of Loss Recognized in the Statement of Operations	2011		2010		2011		2010

Loans receivable	Provision for loan and lease losses	$	8,411	$	4,284	$	5,789	$	20,335
Real estate held for sale	Other expenses	$	1,945	$	27,980	$	6,493	$	32,429

The following table discloses the carrying amounts of financial instruments and their estimated fair values as of June 30, 2011 and December 31, 2010. The amounts in the disclosure have not been updated since quarter end, therefore, the valuations may have changed significantly since that point in time. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methods may have a material effect in the estimated fair value amounts.

		June 30, 2011				December 31, 2010
(In thousands)		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
	Cash and due from banks	$	562,397	$	562,397	$	355,819	$	355,819
	Other interest-earning assets		43,967		43,967		156,607		156,607
	⁽¹⁾		44,589		44,589		45,029		45,029
	Securities available for sale		671,451		671,451		1,505,065		1,505,065
	⁽²⁾		301,934		308,715		319,269		325,655
	Loans receivable		5,595,126		5,357,922		5,464,919		5,179,879
	Servicing assets		115,785		115,785		114,342		114,342

Financial liabilities:
	Deposits	$	4,302,792	$	4,361,116	$	4,618,475	$	4,685,730
	Securities sold under agreements to repurchase		442,300		458,706		1,176,800		1,218,280
	Advances from FHLB		1,342,849		1,421,846		901,420		923,266
	Loans payable		294,623		294,623		304,035		304,035
	Notes payable		510,430		481,915		513,958		482,441
	⁽³⁾		3,435		3,435		5,418		5,418

- 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 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: 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=6947722&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: 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 6: 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=6947722&loc=d3e13504-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: 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=6947722&loc=d3e13537-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: 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=6925170&loc=d3e19207-110258

Reference 11: 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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details