Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2018

Accumulated Other Comprehensive Income [Abstract]

NOTE 23 - ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income, net of income taxes, as of December 31, 2018 and 2017 consisted of:

	December 31,
	2018		2017
	(In thousands)
Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired	$	(12,654)	$	(3,003)
Income tax effect of unrealized loss on securities available-for-sale		1,682		365
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired		(10,972)		(2,638)
Unrealized gain (loss) on cash flow hedges		14		(510)
Income tax effect of unrealized (gain) loss on cash flow hedges		(5)		199
Net unrealized gain (loss) on cash flow hedges		9		(311)
Accumulated other comprehensive (loss), net of income taxes	$	(10,963)	$	(2,949)

The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the years ended December 31, 2018, 2017 and 2016:

	Year Ended December 31, 2018
	Net unrealized		Net unrealized		Accumulated
	gains on		loss on		other
	securities		cash flow		comprehensive
	available-for-sale		hedges		(loss) income
	(In thousands)
Beginning balance	$	(2,638)	$	(311)	$	(2,949)
Other comprehensive loss before reclassifications		(8,104)		(1,555)		(9,659)
Amounts reclassified out of accumulated other comprehensive income (loss)		(230)		1,875		1,645
Other comprehensive income (loss)		(8,334)		320		(8,014)
Ending balance	$	(10,972)	$	9	$	(10,963)

	Year Ended December 31, 2017
	Net unrealized		Net unrealized		Accumulated
	gains on		loss on		other
	securities		cash flow		comprehensive
	available-for-sale		hedges		(loss) income
	(In thousands)
Beginning balance	$	2,209	$	(613)	$	1,596
Other comprehensive loss before reclassifications		(11,563)		(186)		(11,749)
Amounts reclassified out of accumulated other comprehensive income (loss)		6,716		488		7,204
Other comprehensive income (loss)		(4,847)		302		(4,545)
Ending balance	$	(2,638)	$	(311)	$	(2,949)

	Year Ended December 31, 2016
	Net unrealized		Net unrealized		Accumulated
	gains on		loss on		other
	securities		cash flow		comprehensive
	available-for-sale		hedges		(loss) income
	(In thousands)
Beginning balance	$	16,924		(2,927)		13,997
Other comprehensive loss before reclassifications		(26,661)		(1,628)		(28,289)
Amounts reclassified out of accumulated other comprehensive income (loss)		11,946		3,942		15,888
Other comprehensive income (loss)		(14,715)		2,314		(12,401)
Ending balance	$	2,209	$	(613)	$	1,596

The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2018, 2017 and 2016:

	Amount reclassified out of accumulated other comprehensive income						Affected Line Item in Consolidated Statement of Operations

	Year Ended December 31,
		2018		2017		2016
	(In thousands)
Cash flow hedges:
Interest-rate contracts	$	1,875	$	488	$	3,642
Tax effect from changes in tax rates		-		-		300	Income tax expense
Available-for-sale securities:							Net interest expense
Gain on sale of investments		-		6,896		12,207
Residual tax effect from OIB's change in applicable tax rate		5		104		32	Net impairment losses recognized in earnings
Tax effect from changes in tax rates		(235)		(284)		(293)	Income tax expense
	$	1,645	$	7,204	$	15,888