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Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 consisted of:

March 31,December 31,
20162015
(In thousands)
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired$15,496$22,044
Unrealized loss on securities available-for-sale which are other-than-temporarily impaired-(3,196)
Income tax effect of unrealized gain on securities available-for-sale(407)(1,924)
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired15,08916,924
Unrealized loss on cash flow hedges(4,318)(4,307)
Income tax effect of unrealized loss on cash flow hedges1,5131,380
Net unrealized loss on cash flow hedges(2,805)(2,927)
Accumulated other comprehensive income, net of taxes$12,284$13,997

The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters ended March 31, 2016 and 2015:

Quarter Ended March 31,
2016
Net unrealizedNet unrealizedAccumulated
gains onloss onother
securitiescash flowcomprehensive
available-for-salehedgesincome
(In thousands)
Beginning balance$16,924$(2,927)$13,997
Other comprehensive income (loss) before reclassifications(4,326)(1,457)(5,783)
Amounts reclassified out of accumulated other comprehensive income (loss)2,4911,5794,070
Other comprehensive income (loss)(1,835)122(1,713)
Ending balance$15,089$(2,805)$12,284
Quarter Ended March 31,
2015
Net unrealizedNet unrealizedAccumulated
gains onloss onother
securitiescash flowcomprehensive
available-for-salehedgesincome
(In thousands)
Beginning balance$25,764$(6,053)$19,711
Other comprehensive income (loss) before reclassifications4,311(1,369)2,942
Amounts reclassified out of accumulated other comprehensive income (loss)1391,5321,671
Other comprehensive income4,4501634,613
Ending balance$30,214$(5,890)$24,324

The following table presents reclassifications out of accumulated other comprehensive income for the quarters ended March 31, 2016 and 2015:

Amount reclassified out of accumulated
other comprehensive incomeAffected Line Item in
Quarter Ended March 31,Consolidated Statement
20162015 of Operations
(In thousands)
Cash flow hedges:
Interest-rate contracts$1,450$1,606Net interest expense
Tax effect from increase in capital gains tax rate129(74)Income tax expense
Available-for-sale securities:
Residual tax effect from OIB's change in applicable tax rate810Income tax expense
Other-than-temporary impairment losses on available for sale securities realized during the period2,557-
Tax effect from increase in capital gains tax rate(74)129Income tax expense
$4,070$1,671