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Accumulated Other Comprehensive Income | 6 Months Ended
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Jun. 30, 2019
Accumulated Other Comprehensive Income [Abstract] |
Accumulated Other Comprehensive Income | NOTE 1 6 - ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, net of income taxes, as of June 30, 2019 and December 31, 2018 consisted of:
| June 30, |  | December 31,
| 2019 |  | 2018
| (In thousands)
Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired | $ | (3,478) |  | $ | (12,654)
Income tax effect of unrealized loss on securities available-for-sale |  | 391 |  |  | 1,682
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired |  | (3,087) |  |  | (10,972)
Unrealized (loss) gain on cash flow hedges |  | (958) |  |  | 14
Income tax effect of unrealized (loss) gain on cash flow hedges |  | 359 |  |  | (5)
Net unrealized (loss) gain on cash flow hedges |  | (599) |  |  | 9
Accumulated other comprehensive (loss), net of income taxes | $ | (3,686) |  | $ | (10,963)
Unrealized losses on available-for-sale securities includes $14.4 million as effect of the adoption of ASU No. 2017-12 and reclassification of all of its mortgage backed securities with carrying value of $424.7 million, from the held-to-maturity portfolio into the available-for-sale portfolio. The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters and six-month periods ended June 30, 2019 and 2018:
| Quarter Ended June 30,
| 2019 |  | 2018
| Net unrealized |  | Net unrealized |  | Accumulated |  | Net unrealized |  | Net unrealized |  | Accumulated
| gains on |  | loss on |  | other |  | gains on |  | loss on |  | other
| securities |  | cash flow |  | comprehensive |  | securities |  | cash flow |  | comprehensive
| available-for-sale |  | hedges |  | (loss) income |  | available-for-sale |  | hedges |  | (loss) income
| (In thousands)
Beginning balance | $ | (7,841) |  | $ | (206) |  | $ | (8,047) |  | $ | (12,274) |  | $ | 89 |  | $ | (12,185)
Other comprehensive income (loss) before reclassifications |  | (10) |  |  | (952) |  |  | (962) |  |  | (3,178) |  |  | (281) |  |  | (3,459)
Amounts reclassified out of accumulated other comprehensive (loss) income |  | 4,764 |  |  | 559 |  |  | 5,323 |  |  | (66) |  |  | 448 |  |  | 382
Other comprehensive income (loss) |  | 4,754 |  |  | (393) |  |  | 4,361 |  |  | (3,244) |  |  | 167 |  |  | (3,077)
Ending balance | $ | (3,087) |  | $ | (599) |  | $ | (3,686) |  | $ | (15,518) |  | $ | 256 |  | $ | (15,262)
| Six-Month Period Ended June 30, 2018
| 2019 |  | 2018
| Net unrealized |  | Net unrealized |  | Accumulated |  | Net unrealized |  | Net unrealized |  | Accumulated
| gains on |  | loss on |  | other |  | gains on |  | loss on |  | other
| securities |  | cash flow |  | comprehensive |  | securities |  | cash flow |  | comprehensive
| available-for-sale |  | hedges |  | (loss) income |  | available-for-sale |  | hedges |  | (loss) income
| (In thousands)
Beginning balance | $ | (10,972) |  | $ | 9 |  | $ | (10,963) |  | $ | (2,638) |  | $ | (311) |  | $ | (2,949)
Transfer of securities held to maturity to available-for-sale |  | (12,041) |  |  | - |  |  | (12,041) |  |  | - |  |  | - |  |  | -
Other comprehensive (loss) income before reclassifications |  | 15,178 |  |  | (1,384) |  |  | 13,794 |  |  | (12,754) |  |  | (255) |  |  | (13,009)
Amounts reclassified out of accumulated other comprehensive (loss) income |  | 4,748 |  |  | 776 |  |  | 5,524 |  |  | (126) |  |  | 822 |  |  | 696
Other comprehensive income (loss) |  | 7,885 |  |  | (608) |  |  | 7,277 |  |  | (12,880) |  |  | 567 |  |  | (12,313)
Ending balance | $ | (3,087) |  | $ | (599) |  | $ | (3,686) |  | $ | (15,518) |  | $ | 256 |  | $ | (15,262)
The following table presents reclassifications out of accumulated other comprehensive income for the quarters and six-month periods ended June 30, 2019 and 2018:
| Amount reclassified out of accumulated other comprehensive income | Affected Line Item in Consolidated Statement of Operations
| Quarter Ended June 30,
|  | 2019 |  |  | 2018
| (In thousands) |
Cash flow hedges: |  |  |  |  |  |
Interest-rate contracts | $ | 559 |  | $ | 448 |
Available-for-sale securities: |  |  |  |  |  | Net interest expense
Gain on sale of investments |  | 4,776 |  |  | - | Net gain on sale of securities
Tax effect from changes in tax rates |  | (13) |  |  | (66) | Income tax expense
| $ | 5,322 |  | $ | 382 |
| Amount reclassified out of accumulated other comprehensive income | Affected Line Item in Consolidated Statement of Operations
| Six-Month Period Ended June 30,
|  | 2019 |  |  | 2018
| (In thousands) |
Cash flow hedges: |  |  |  |  |  |
Interest-rate contracts | $ | 776 |  | $ | 822 |
Available-for-sale securities: |  |  |  |  |  | Net interest expense
Gain on sale of investments |  | 4,776 |  |  | - | Income tax expense
Residual tax effect from OIB's change in applicable tax rate |  | - |  |  | 5 | Income tax expense
Tax effect from changes in tax rates |  | (29) |  |  | (131) | Income tax expense
| $ | 5,523 |  | $ | 696 |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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