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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 23 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)


A summary of changes in accumulated other comprehensive income (loss) (‘‘AOCIL’’), net of tax during the years ended December 31 follows:

 
Unrealized
Gains
(Losses) on
Securities
Available
for Sale
    
Dispropor-
tionate
Tax Effects
from
Securities
Available
for Sale
    
Unrealized
Losses on
Cash Flow
Hedges
    
Total
  
   
(In thousands)
  
2021
                        
Balances at beginning of period
  
$
15,822
    
$
(5,798
)
  
$
-
    
$
10,024
  
Other comprehensive loss before reclassifications
    
(8,408
)
    
-
      
-
      
(8,408
)
Amounts reclassified from AOCIL
    
(1,115
)
    
-
      
-
      
(1,115
)
Net current period other comprehensive loss
    
(9,523
)
    
-
      
-
      
(9,523
)
Balances at end of period
  
$
6,299
    
$
(5,798
)
  
$
-
    
$
501
  
                                 
2020
                                
Balances at beginning of period
  
$
3,739
    
$
(5,798
)
  
$
(1,727
)
  
$
(3,786
)
Other comprehensive income (loss) before reclassifications
    
12,294
      
-
      
(279
)
    
12,015
  
Amounts reclassified from AOCIL
    
(211
)
    
-
      
2,006
      
1,795
  
Net current period other comprehensive income
    
12,083
      
-
      
1,727
      
13,810
  
Balances at end of period
  
$
15,822
    
$
(5,798
)
  
$
-
    
$
10,024
  
                                 
2019
                                
Balances at beginning of period
  
$
(4,185
)
  
$
(5,798
)
  
$
(125
)
  
$
(10,108
)
Other comprehensive income (loss) before reclassifications
    
8,035
      
-
      
(1,266
)
    
6,769
  
Amounts reclassified from AOCIL
    
(111
)
    
-
      
(336
)
    
(447
)
Net current period other comprehensive income (loss)
    
7,924
      
-
      
(1,602
)
    
6,322
  
Balances at end of period
  
$
3,739
    
$
(5,798
)
  
$
(1,727
)
  
$
(3,786
)


The disproportionate tax effects from securities available for sale arose primarily due to tax effects of other comprehensive income (‘‘OCI’’) in the presence of a valuation allowance against our deferred tax assets and a pretax loss from operations. Generally, the amount of income tax expense or benefit allocated to operations is determined without regard to the tax effects of other categories of income or loss, such as OCI. However, an exception to the general rule is provided when, in the presence of a valuation allowance against deferred tax assets, there is a pretax loss from operations and pretax income from other categories in the current period. In such instances, income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in operations. Release of material disproportionate tax effects from other comprehensive income to earnings is done by the portfolio method whereby the effects will remain in AOCIL as long as we carry a more than inconsequential portfolio of securities available for sale.


A summary of reclassifications out of each component of AOCIL for the years ended December 31 follows:

AOCIL Component
  
Reclassified
From
AOCIL
  
 Affected Line Item in
 Consolidated Statements of Operations
   
(In thousands)
    
             
2021
          
Unrealized gains (losses) on securities available for sale
  
$
1,411
  
Net gains on securities available for sale
     
-
  
Net impairment loss recognized in earnings
     
1,411
  
Total reclassifications before tax
     
296
  
Income tax expense
   
$
1,115
  
Reclassifications, net of tax
                
2020
             
Unrealized gains (losses) on securities available for sale
  
$
267
  
Net gains on securities available for sale
     
-
  
Net impairment loss recognized in earnings
     
267
  
Total reclassifications before tax
     
56
  
Income tax expense
   
$
211
  
Reclassifications, net of tax
                
Unrealized gains (losses) on cash flow hedges
  
$
2,539
  
Interest expense
     
533
  
Income tax expense
   
$
2,006
  
Reclassification, net of tax
                
   
$
(1,795
)
Total reclassifications for the period, net of tax
                
2019
             
Unrealized gains (losses) on securities available for sale
  
$
140
  
Net gains on securities available for sale
     
-
  
Net impairment loss recognized in earnings
     
140
  
Total reclassifications before tax
     
29
  
Income tax expense
   
$
111
  
Reclassifications, net of tax
                
Unrealized gains (losses) on cash flow hedges
  
$
(425
)
Interest expense
     
(89
)
Income tax expense
   
$
(336
)
Reclassification, net of tax
                
   
$
447
  
Total reclassifications for the period, net of tax