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Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income [Abstract]

NOTE 23 - ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income, net of income taxes, as of December 31, 2020 and 2019 consisted of:

	December 31,
	2020		2019
	(In thousands)
Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired	$	14,262	$	(306)
Income tax effect of unrealized loss on securities available-for-sale		(2,170)		(135)
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired		12,092		(441)
Unrealized (loss) gain on cash flow hedges		(1,711)		(907)
Income tax effect of unrealized (loss) gain on cash flow hedges		641		340
Net unrealized (loss) gain on cash flow hedges		(1,070)		(567)
Accumulated other comprehensive (loss), net of income taxes	$	11,022	$	(1,008)

At December 31, 2019, unrealized losses on available-for-sale securities included $12.0 million, net of tax effect of the adoption of ASU No. 2017-12, from reclassification of all of its mortgage backed securities with carrying value of $424.7 million, from the held-to-maturity portfolio into the available-for-sale portfolio.The following table presents changes in accumulated other comprehensive income by component, net of taxes, for years ended December 31, 2020, 2019 and 2018:

	Year Ended December 31, 2020
	Net unrealized		Net unrealized		Accumulated
	gains on		loss on		other
	Securities		cash flow		comprehensive
	available-for-sale		hedges		(loss) income
	(In thousands)
Beginning balance	$	(441)	$	(567)	$	(1,008)
Other comprehensive income (loss) before reclassifications		7,803		(2,491)		5,312
Amounts reclassified out of accumulated other comprehensive income		4,730		1,988		6,718
Other comprehensive income (loss)		12,533		(503)		12,030
Ending balance	$	12,092	$	(1,070)	$	11,022

	Year Ended December 31, 2019
	Net unrealized		Net unrealized		Accumulated
	gains on		loss on		other
	Securities		cash flow		comprehensive
	available-for-sale		hedges		(loss) income
	(In thousands)
Beginning balance	$	(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		14,335		(2,442)		11,893
Amounts reclassified out of accumulated other comprehensive income		8,237		1,866		10,103
Other comprehensive income (loss)		10,531		(576)		9,955
Ending balance	$	(441)	$	(567)	$	(1,008)

	Year Ended December 31, 2018
	Net unrealized		Net unrealized		Accumulated
	gains on		loss on		other
	Securities		cash flow		comprehensive
	available-for-sale		hedges		(loss) income
	(In thousands)
Beginning balance	$	(2,638)	$	(311)	$	(2,949)
Other comprehensive loss before reclassifications		(8,104)		(1,555)		(9,659)
Amounts reclassified out of accumulated other comprehensive income (loss)		(230)		1,875		1,645
Other comprehensive income (loss)		(8,334)		320		(8,014)
Ending balance	$	(10,972)	$	9	$	(10,963)

The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2020, 2019 and 2018:

	Amount reclassified out of accumulated other comprehensive income						Affected Line Item in Consolidated Statement of Operations

	Year Ended December 31,
		2020		2019		2018
	(In thousands)
Cash flow hedges:
Interest-rate contracts	$	1,988	$	1,866	$	1,875	Net interest expense
Available-for-sale securities:
Gain on sale of investments		4,728		8,274		-	Net gain on sale of securities
Residual tax effect from OIB's change in applicable tax rate		-		-		5	Income tax expense
Tax effect from changes in tax rates		2		(37)		(235)	Income tax expense
	$	6,718	$	10,103	$	1,645