OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2021

Statement of Other Comprehensive Income [Abstract]

Comprehensive Income (Loss) Note [Text Block]

NOTE 24 – OTHER COMPREHENSIVE (LOSS) INCOME

The following table presents changes in accumulated other comprehensive (loss) income for the years ended December

31, 2021, 2020 and 2019:

Changes in Accumulated Other Comprehensive (Loss) Income by Component

 (1)

Year ended

December 31,

2021

2020

2019

(In thousands)

Unrealized net holding gains (losses) on debt securities:

 Beginning balance

$

55,725

$

6,764

$

(40,415)

 Other comprehensive (loss) income

(143,115)

48,961

47,179

 Ending balance

$

(87,390)

$

55,725

$

6,764

Adjustment of pension and postretirement benefit plans:

 Beginning balance

$

(270)

$

-

$

-

 Other comprehensive gain (loss)

3,661

(270)

-

 Ending balance

$

3,391

$

(270)

$

-

______________________

(1) All amounts presented are net of tax.

The following table presents the amounts reclassified out of each component of accumulated other comprehensive (loss) income for the

years ended December 31, 2021, 2020 and 2019:

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

Affected Line Item in the

Consolidated Statements of

Income

Year ended

December 31,

2021

2020

2019

(In thousands)

Unrealized net holding gains (losses) 

 on debt securities:

Realized gain on sales 

Net gain (loss) on

of debt securities

investments securities

$

-

$

(13,198)

$

-

Provision for credit losses -

Provision for credit losses

(benefit) expense

(benefit) expense

(136)

1,641

-

OTTI on debt securities

 (1)

Net gain (loss) on

investment securities

-

-

497

Total before tax

$

(136)

$

(11,557)

$

497

Income tax expense 

-

-

-

Total, net of tax

$

(136)

$

(11,557)

$

497

(1)

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.