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Accumulated Other Comprehensive Income

9 Months Ended

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

X

- 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

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- References

No definition available.

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