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Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 2015
Disclosure Text Block Abstract  
Comprehensive Income Note Text Block

NOTE 17 - ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income, net of income tax, as of September 30, 2015 and December 31, 2014 consisted of:

September 30,December 31,
20152014
(In thousands)
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired$25,173$28,743
Unrealized loss on securities available-for-sale which are other-than-temporarily impaired(338)-
Income tax effect of unrealized gain on securities available-for-sale(2,349)(2,978)
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired22,48625,765
Unrealized loss on cash flow hedges(6,395)(8,585)
Income tax effect of unrealized loss on cash flow hedges2,0652,531
Net unrealized loss on cash flow hedges(4,330)(6,054)
Accumulated other comprehensive income, net of taxes$18,156$19,711

The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters and nine-month periods ended September 30, 2015 and 2014

Quarter Ended September 30,
20152014
Net unrealizedNet unrealizedAccumulatedNet unrealizedNet unrealizedAccumulated
gains onloss onothergains onloss onother
securitiescash flowcomprehensivesecuritiescash flowcomprehensive
available-for-salehedgesincomeavailable-for-salehedgesincome
(In thousands)
Beginning balance$18,832$(4,531)$14,301$29,759$(8,004)$21,755
Other comprehensive income (loss) before reclassifications3,175(1,346)1,829(9,452)(559)(10,011)
Other-than-temporary impairment amount reclassified from accumulated other comprehensive income584-584---
Amounts reclassified out of accumulated other comprehensive income (loss)(105)1,5471,442111,6561,667
Other comprehensive income3,6542013,855(9,441)1,097(8,344)
Ending balance$22,486$(4,330)$18,156$20,318$(6,907)$13,411
Nine-Month Period Ended September 30,
20152014
Net unrealizedNet unrealizedAccumulatedNet unrealizedNet unrealizedAccumulated
gains onloss onothergains onloss onother
securitiescash flowcomprehensivesecuritiescash flowcomprehensive
available-for-salehedgesincomeavailable-for-salehedgesincome
(In thousands)
Beginning balance$25,765$(6,054)$19,711$11,433$(8,242)$3,191
Other comprehensive income before reclassifications(4,037)(2,894)(6,931)8,727(3,584)5,143
Other-than-temporary impairment amount reclassified from accumulated other comprehensive income584-584---
Amounts reclassified out of accumulated other comprehensive income1744,6184,7921584,9195,077
Other comprehensive income (loss)(3,279)1,724(1,555)8,8851,33510,220
Ending balance$22,486$(4,330)$18,15620,318$(6,907)$13,411

The following table presents reclassifications out of accumulated other comprehensive income for the quarters and nine-month periods ended September 30, 2015 and 2014:

Amount reclassified out of accumulated
other comprehensive income
Affected Line Item in
Quarter Ended September 30,Consolidated Statement
20152014 of Operations
(In thousands)
Cash flow hedges:
Interest-rate contracts$1,622$1,656Net interest expense
Tax effect from increase in capital gains tax rate(75)-Income tax expense
Available-for-sale securities:
Other-than-temporary impairment losses on investment securities(246)-Net impairment losses recognized in earnings
Residual tax effect from OIB's change in applicable tax rate1111Income tax expense
Tax effect from increase in capital gains tax rate130-Income tax expense
$1,442$1,667
Amount reclassified out of accumulated
other comprehensive income
Affected Line Item in
Nine-Month Period Ended September 30,Consolidated Statement
20152014 of Operations
(In thousands)
Cash flow hedges:
Interest-rate contracts$4,842$4,919Net interest expense
Tax effect from increase in capital gains tax rate(224)-Income tax expense
Available-for-sale securities:
Other-than-temporary impairment losses on investment securities(246)-Net impairment losses recognized in earnings
Residual tax effect from OIB's change in applicable tax rate33158Income tax expense
Tax effect from increase in capital gains tax rate387-Income tax expense
$4,792$5,077