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Accumulated Other Comprehensive Income | 6 Months Ended
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Jun. 30, 2021
Accumulated Other Comprehensive Income [Abstract] |
Accumulated Other Comprehensive Income | NOTE 17 - ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, net of income taxes, as of June 30, 2021 and December 31, 2020 consisted of:
| June 30, |  | December 31,
| 2021 |  | 2020
| (In thousands)
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | $ | 10,298 |  | $ | 14,262
Income tax effect of unrealized gain on securities available-for-sale |  | (1,890) |  |  | (2,170)
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired |  | 8,408 |  |  | 12,092
Unrealized loss on cash flow hedges |  | (1,293) |  |  | (1,711)
Income tax effect of unrealized loss on cash flow hedges |  | 485 |  |  | 641
Net unrealized loss on cash flow hedges |  | (808) |  |  | (1,070)
Accumulated other comprehensive income, net of income taxes | $ | 7,600 |  | $ | 11,022
The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters and six-month periods ended June 30, 2021 and 2020:
| Quarter Ended June 30,
| 2021 |  | 2020
| 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 | $ | 7,145 |  | $ | (915) |  | $ | 6,230 |  | $ | 7,575 |  | $ | (1,285) |  | $ | 6,290
Other comprehensive loss before reclassifications |  | 1,262 |  |  | (345) |  |  | 917 |  |  | 1,310 |  |  | (517) |  |  | 793
Amounts reclassified out of accumulated other comprehensive income |  | 1 |  |  | 452 |  |  | 453 |  |  | - |  |  | 505 |  |  | 505
Other comprehensive income (loss) |  | 1,263 |  |  | 107 |  |  | 1,370 |  |  | 1,310 |  |  | (12) |  |  | 1,298
Ending balance | $ | 8,408 |  | $ | (808) |  | $ | 7,600 |  | $ | 8,885 |  | $ | (1,297) |  | $ | 7,588
| Six-Month Period Ended June 30,
| 2021 |  | 2020
| 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 | $ | 12,092 |  | $ | (1,070) |  | $ | 11,022 |  | $ | (441) |  | $ | (567) |  | $ | (1,008)
Other comprehensive income (loss) before reclassifications |  | (3,687) |  |  | (649) |  |  | (4,336) |  |  | 4,598 |  |  | (1,775) |  |  | 2,823
Amounts reclassified out of accumulated other comprehensive income |  | 3 |  |  | 911 |  |  | 914 |  |  | 4,728 |  |  | 1,045 |  |  | 5,773
Other comprehensive income (loss) |  | (3,684) |  |  | 262 |  |  | (3,422) |  |  | 9,326 |  |  | (730) |  |  | 8,596
Ending balance | $ | 8,408 |  | $ | (808) |  | $ | 7,600 |  | $ | 8,885 |  | $ | (1,297) |  | $ | 7,588
The following table presents reclassifications out of accumulated other comprehensive income for the quarters and six-month periods ended June 30, 2021 and 2020:
| Amount reclassified out of accumulated other comprehensive income | Affected Line Item in Consolidated Statement of Operations
| Quarter Ended June 30,
|  | 2021 |  |  | 2020
| (In thousands) |
Cash flow hedges: |  |  |  |  |  |
Interest-rate contracts | $ | 452 |  | $ | 505 | Net interest expense
Available-for-sale securities: |  |  |  |  |  |
Tax effect from changes in tax rates |  | 1 |  |  | - | Income tax expense
| $ | 453 |  | $ | 505 |
| Amount reclassified out of accumulated other comprehensive income | Affected Line Item in Consolidated Statement of Operations
| Six-Month Period Ended June 30,
|  | 2021 |  |  | 2020
| (In thousands) |
Cash flow hedges: |  |  |  |  |  |
Interest-rate contracts | $ | 911 |  | $ | 1,045 | Net interest expense
Available-for-sale securities: |  |  |  |  |  |
Gain on sale of investments |  | - |  |  | 4,728 | Net gain on sale of securities
Tax effect from changes in tax rates |  | 3 |  |  | - | Income tax expense
| $ | 914 |  | $ | 5,773 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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