Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income, net of income taxes, as of March 31, 2017 and December 31, 2016 consisted of:

	March 31,		December 31,
	2017		2016
	(In thousands)
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired	$	3,485	$	1,617
Income tax effect of unrealized gain on securities available-for-sale		365		592
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired		3,850		2,209
Unrealized loss on cash flow hedges		(822)		(1,004)
Income tax effect of unrealized loss on cash flow hedges		320		391
Net unrealized loss on cash flow hedges		(502)		(613)
Accumulated other comprehensive income, net of income taxes	$	3,348	$	1,596

The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters ended March 31, 2017 and 2016:

	Quarter Ended March 31, 2017
	Net unrealized		Net unrealized		Accumulated
	gains on		loss on		other
	securities		cash flow		comprehensive
	available-for-sale		hedges		income
	(In thousands)
Beginning balance	$	2,209	$	(613)	$	1,596
Other comprehensive loss before reclassifications		1,707		(38)		1,669
Amounts reclassified out of accumulated other comprehensive income (loss)		(66)		149		83
Other comprehensive income (loss)		1,641		111		1,752
Ending balance	$	3,850	$	(502)	$	3,348

	Quarter Ended March 31, 2016
	Net unrealized		Net unrealized		Accumulated
	gains on		loss on		other
	securities		cash flow		comprehensive
	available-for-sale		hedges		income
	(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)		2,491		1,579		4,070
Other comprehensive income (loss)		(1,835)		122		(1,713)
Ending balance	$	15,089	$	(2,805)	$	12,284

Reclassification out of Accumulated Other Comprehensive Income [Table text block]

The following table presents reclassifications out of accumulated other comprehensive income for the quarters ended March 31, 2017 and 2016:

	Amount reclassified out of accumulated
	other comprehensive income				Affected Line Item in
	Quarter Ended March 31,				Consolidated Statement
		2017		2016	of Operations
	(In thousands)
Cash flow hedges:
Interest-rate contracts	$	149	$	1,450	Net interest expense
Tax effect from increase in capital gains tax rate		-		129	Income tax expense
Available-for-sale securities:
Other-than-temporary impairment losses on investment securities		-		2,557	Net impairment losses recognized in earnings
Residual tax effect from OIB's change in applicable tax rate		8		8	Income tax expense
Tax effect from increase in capital gains tax rate		(74)		(74)	Income tax expense
	$	83	$	4,070