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OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2020
Statement of Other Comprehensive Income [Abstract]  
Comprehensive Income (Loss) Note [Text Block] NOTE 28 – OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents changes in accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018:

 

 

 

 

 

 

 

 

Changes in Accumulated Other Comprehensive Income (Loss) by Component (1)

 

Year ended

 

December 31,

 

2020

 

2019

 

2018

(In thousands)

 

Unrealized net holding gains (losses) on debt securities:

 

 

 

 

 

 

Beginning balance

$

6,764

$

(40,415)

$

(20,609)

Other comprehensive income (loss)

 

48,961

 

47,179

 

(19,806)

Ending balance

$

55,725

$

6,764

$

(40,415)

 

 

 

 

 

 

 

Unrealized holding losses on equity securities:

 

 

 

 

 

 

Beginning balance

$

-

$

-

$

(6)

Reclassification to retained earnings per ASU 2016-01

 

-

 

-

 

6

Ending balance

$

-

$

-

$

-

 

 

 

 

 

 

 

Adjustment of pension and postretirement benefit plans:

 

 

 

 

 

Beginning balance

$

-

$

-

$

-

Other comprehensive loss

(270)

 

-

 

-

Ending balance

$

(270)

$

-

$

-

______________________

 

 

 

 

 

 

(1) All amounts presented are net of tax.

 

 

 

 

 

The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

 

Affected Line Item in the Consolidated Statements of Income

 

Year ended

 

 

December 31,

 

 

2020

 

 

2019

 

 

2018

(In thousands)

 

 

 

 

 

 

Unrealized net holding gains (losses)

 

 

 

 

 

 

 

 

 

 

on debt securities:

 

 

 

 

 

 

 

 

 

 

Realized (gain) loss on sale

Net gain (loss) on

 

 

 

 

 

 

 

 

 

of debt securities

investments securities

 

$

(13,198)

 

$

-

 

$

34

Provision for credit losses

Provision for credit losses

 

 

1,641

 

 

-

 

 

-

OTTI on debt securities (1)

Net gain (loss) on

 

 

 

 

 

 

 

 

 

 

investment securities

 

 

-

 

 

(497)

 

 

50

 

Total before tax

 

$

(11,557)

 

$

(497)

 

$

84

 

Income tax expense (benefit)

 

 

-

 

 

-

 

 

-

 

Total, net of tax

 

$

(11,557)

 

$

(497)

 

$

84

 

 

 

 

 

 

 

 

 

 

 

ASC 326, which became effective on January 1, 2020, requires credit losses on available-for -sale debt securities to be presented as an allowance rather than as a write-down. Thus, credit losses on debt securities recorded prior to January 1, 2020 are presented as OTTI on debt securities while credit losses on debt securities recorded after January 1, 2020 are presented as part of provision for credit losses.