Bank's positions on standards.Excerpts from securities filings for publicly traded bank holding companies doing business in Arkansas regarding Statement of Financial Accounting Standards No. 157 (Fair Value Measurements) and No. 159 (The Fair Value Option for Financial Assets Financial assets Claims on real assets. and Financial Liabilities), which also amended SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 115 (Accounting for Certain Investments in Debt and Equity Securities): Bancorpsouth Inc., Tupelo, Miss. "The January 1, 2008 adoption of SFAS No. 157... has had no material impact on the financial position or results of operations of the Company." Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Corp., Charlotte, N.C. "The Corporation elected to adopt the fair value option for certain financial instruments on the adoption date. SFAS 159 requires that the difference between the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. before election of the fair value option and the fair value of these instruments be recorded as an adjustment to beginning retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. in the period of adoption." Bank of the Ozarks Inc., Little Rock "The adoption of SFAS No. 159 did not have a material impact on the Company's financial position, results of operations or liquidity." First Federal Bancshates of Ads Inc., Harrison "We adopted SFAS No. 157 effective January 1, 2008 for financial assets and liabilities which adoption did not have a material effect on the financial statements of the Company but enhanced the level of disclosure for assets and liabilities for which fair value disclosures are required." Home BancShares inc., Conway "Compared to prior years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time adoption of SFAS 157 did not have a material impact on our 2008 consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge ." IberiaBank Corp., Lafayette, La. "The Company has currently chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States, and as such has not included any gains or losses in earnings for the year ended December 31, 2008." Regions Financial Corp., Birmingham, Ala. "Regions elected the fair value option for residential mortgage loans held for sale originated after January 1, 2008 ... Regions has not elected the fair value option for other loans held for sale primarily because they are not economically hedged using derivative instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. ." Simmons First National Corp., Pine Bluff "The Company adopted SFAS No. 157 on January 1, 2008, with no material effect on the Company's financial position or results of operations." U.S. Bancorp, Minneapolis "The Company elected the fair value option for MLHFS (mortgage loans held for sale) for which an active secondary market and readily available market prices exist to reliably support fair value pricing. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion