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Accumulated Other Comprehensive Income | 9 Months Ended
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Sep. 30, 2020
Accumulated Other Comprehensive Income [Abstract] |
Accumulated Other Comprehensive Income | NOTE 18 - ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, net of income taxes, as of September 30, 2020 and December 31, 2019 consisted of:
| September 30, |  | December 31,
| 2020 |  | 2019
| (In thousands)
Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired | $ | 10,915 |  | $ | (306)
Income tax effect of unrealized loss on securities available-for-sale |  | (1,463) |  |  | (135)
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired |  | 9,452 |  |  | (441)
Unrealized (loss) gain on cash flow hedges |  | (1,894) |  |  | (907)
Income tax effect of unrealized (loss) gain on cash flow hedges |  | 710 |  |  | 340
Net unrealized (loss) gain on cash flow hedges |  | (1,184) |  |  | (567)
Accumulated other comprehensive (loss), net of income taxes | $ | 8,268 |  | $ | (1,008)
The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters and nine-months periods ended September 30, 2020 and 2019:
| Quarter Ended September 30,
| 2020 |  | 2019
| Net unrealized |  | Net unrealized |  | Accumulated |  | Net unrealized |  | Net unrealized |  | Accumulated
| gains on |  | loss on |  | other |  | gains on |  | loss on |  | other
| securities |  | cash flow |  | comprehensive |  | securities |  | cash flow |  | comprehensive
| available-for-sale |  | hedges |  | (loss) income |  | available-for-sale |  | hedges |  | (loss) income
| (In thousands)
Beginning balance | $ | 8,885 |  | $ | (1,297) |  | $ | 7,588 |  | $ | (3,087) |  | $ | (599) |  | $ | (3,686)
Other comprehensive income (loss) before reclassifications |  | 566 |  |  | (363) |  |  | 203 |  |  | (2,143) |  |  | (666) |  |  | (2,809)
Amounts reclassified out of accumulated other comprehensive income (loss) |  | 1 |  |  | 476 |  |  | 477 |  |  | 3,488 |  |  | 549 |  |  | 4,037
Other comprehensive income (loss) |  | 567 |  |  | 113 |  |  | 680 |  |  | 1,345 |  |  | (117) |  |  | 1,228
Ending balance | $ | 9,452 |  | $ | (1,184) |  | $ | 8,268 |  | $ | (1,742) |  | $ | (716) |  | $ | (2,458)
| Nine-Month Period Ended September 30,
| 2020 |  | 2019
| Net unrealized |  | Net unrealized |  | Accumulated |  | Net unrealized |  | Net unrealized |  | Accumulated
| gains on |  | loss on |  | other |  | gains on |  | loss on |  | other
| securities |  | cash flow |  | comprehensive |  | securities |  | cash flow |  | comprehensive
| available-for-sale |  | hedges |  | (loss) income |  | available-for-sale |  | hedges |  | (loss) income
| (In thousands)
Beginning balance | $ | (441) |  | $ | (567) |  | $ | (1,008) |  | $ | (10,972) |  | $ | 9 |  | $ | (10,963)
Transfer of securities held-to-maturity to available-for-sale |  | - |  |  | - |  |  | - |  |  | (12,041) |  |  | - |  |  | (12,041)
Other comprehensive income (loss) before reclassifications |  | 5,165 |  |  | (2,142) |  |  | 3,023 |  |  | 13,034 |  |  | (2,050) |  |  | 10,984
Amounts reclassified out of accumulated other comprehensive (loss) income |  | 4,728 |  |  | 1,525 |  |  | 6,253 |  |  | 8,237 |  |  | 1,325 |  |  | 9,562
Other comprehensive income (loss) |  | 9,893 |  |  | (617) |  |  | 9,276 |  |  | 9,230 |  |  | (725) |  |  | 8,505
Ending balance | $ | 9,452 |  | $ | (1,184) |  | $ | 8,268 |  | $ | (1,742) |  | $ | (716) |  | $ | (2,458)
The following table presents reclassifications out of accumulated other comprehensive income for the quarters and nine-month periods ended September 30, 2020 and 2019:
| Amount reclassified out of accumulated other comprehensive income | Affected Line Item in Consolidated Statement of Operations
| Quarter Ended September 30,
|  | 2020 |  |  | 2019
| (In thousands) |
Cash flow hedges: |  |  |  |  |  |
Interest-rate contracts | $ | 476 |  | $ | 549 | Net interest expense
Available-for-sale securities: |  |  |  |  |  |
Gain on sale of investments |  | - |  |  | 3,498 | Net gain on sale of securities
Tax effect from changes in tax rates |  | 1 |  |  | (10) | Income tax expense
| $ | 477 |  | $ | 4,037 |
| Amount reclassified out of accumulated other comprehensive income | Affected Line Item in Consolidated Statement of Operations
| Nine-Month Period Ended September 30,
|  | 2020 |  |  | 2019
| (In thousands) |
Cash flow hedges: |  |  |  |  |  |
Interest-rate contracts | $ | 1,525 |  | $ | 1,325 | Net interest expense
Available-for-sale securities: |  |  |  |  |  |
Gain on sale of investments |  | 4,728 |  |  | 8,274 | Net gain on sale of securities
Tax effect from changes in tax rates |  | 1 |  |  | (38) | Income tax expense
| $ | 6,254 |  | $ | 9,561 |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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