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Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2016
Disclosure Text Block Abstract  
Comprehensive Income Note Text Block

NOTE 21 - ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income, net of income taxes, as of December 31, 2016, and 2015 consisted of:

December 31,
20162015
(In thousands)
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired$1,617$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-sale592(1,924)
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired2,20916,924
Unrealized loss on cash flow hedges(1,004)(4,307)
Income tax effect of unrealized loss on cash flow hedges3911,380
Net unrealized loss on cash flow hedges(613)(2,927)
Accumulated other comprehensive income, net of income taxes$1,596$13,997

The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the years ended December 31, 2016, 2015 and 2014:

Year Ended December 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 loss before reclassifications(14,454)(1,628)(16,082)
Amounts reclassified out of accumulated other comprehensive income (loss)(261)3,9423,681
Other comprehensive income (loss)(14,715)2,314(12,401)
Ending balance$2,209$(613)$1,596
Year Ended December 31,
2015
Net unrealizedNet unrealizedAccumulated
gains onloss onother
securitiescash flowcomprehensive
available-for-salehedgesincome
(In thousands)
Beginning balance$25,765$(6,054)$19,711
Other comprehensive loss before reclassifications(3,250)(3,019)(6,269)
Other-than-temporary impairment amount reclassified from accumulated other comprehensive income(4,662)-(4,662)
Amounts reclassified out of accumulated other comprehensive income (loss)(929)6,1465,217
Other comprehensive income (loss)(8,841)3,127(5,714)
Ending balance$16,924$(2,927)$13,997
Year Ended December 31,
2014
Net unrealizedNet unrealizedAccumulated
gains onloss onother
securitiescash flowcomprehensive
available-for-salehedgesincome
(In thousands)
Beginning balance$11,433$(8,242)$3,191
Other comprehensive income (loss) before reclassifications14,207(5,157)9,050
Amounts reclassified out of accumulated other comprehensive income1257,3457,470
Other comprehensive income14,3322,18816,520
Ending balance$25,765$(6,054)$19,711

The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2016, 2015 and 2014:

Amount reclassified out of accumulated
other comprehensive incomeAffected Line Item in
Year Ended December 31,Consolidated Statement
201620152014 of Operations
(In thousands)
Cash flow hedges:
Interest-rate contracts$3,642$6,443$6,572Net interest expense
Tax effect from increase in capital gains tax rate300(297)773Income tax expense
Available-for-sale securities:
Other-than-temporary impairment losses on investment securities-(1,490)-Net impairment losses recognized in earnings
Residual tax effect from OIB's change in applicable tax rate3245170Income tax expense
Tax effect from increase in capital gains tax rate(293)516(45)Income tax expense
$3,681$5,217$7,470