ACCUMULATED OTHER COMPREHENSIVE LOSS

9 Months Ended

Sep. 30, 2020

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents changes in Accumulated Other Comprehensive Income, net of tax, for the three and nine months ended September 30, 2020 and 2019 (in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Beginning balance	$	1,169	$	547	$	1,207	$	(473)
Cumulative effect of adopting new accounting standard ASU 2016-01, net of taxes		—		—		—		68
Balance net of cumulative effect of adopting ASU 2016-01	$	1,169	$	547	$	1,207	$	(405)
Other comprehensive income, net of tax:
Unrealized gain on securities available for sale
Unrealized holding gain arising during the period	$	100	$	1,740	$	5,210	$	3,134
Reclassification adjustment for gain included in net income		—		—		(3,286)		—
Tax effect		(43)		(548)		(620)		(990)
Net of tax	$	57	$	1,192	$	1,304	$	2,144
Unrealized loss on cash flow hedges
Unrealized holding gain loss arising during the period	$	(218)	$	—	$	(2,095)	$	—
Tax effect		76		—		668		—
Net of tax	$	(142)	$	—	$	(1,427)	$	—
Net current period other comprehensive income	$	(85)	$	1,192	$	(123)	$	2,144
Ending balance	$	1,084	$	1,739	$	1,084	$	1,739

There were no amounts related to the gain on the sale of securities that were reclassified out of accumulated other comprehensive income during the three and nine months ended September 30, 2019. The following table shows the amounts reclassified out of each component of accumulated other comprehensive income for the gain on the sale of securities during the three and nine months ended September 30, 2020 (in thousands):

	Three months ended September 30, 2020		Nine months ended September 30, 2020		Affected line item in the Consolidated Statements of Operations
Amounts reclassified from accumulated other comprehensive income	$	—	$	3,286	Gain on sale of securities
Income tax expense		—		(1,036)	Income tax expense
Total reclassifications, net of income tax	$	—	$	2,250