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Comprehensive Income and Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Comprehensive Income and Accumulated Other Comprehensive Income

Note 7. Comprehensive Income and Accumulated Other Comprehensive Income

Comprehensive income was $25.2 million for the three months ended March 31, 2019, compared to $10.3 million for the three months ended March 31, 2018.  The difference between net income as reported and comprehensive income was due to changes in unrealized gains and losses, net of tax on available-for-sale debt securities and in 2019, due to a change in the deferred tax asset valuation allowance of $0.2 million.

Comprehensive income includes net income plus unrealized gains (losses) on our available-for-sale investment securities, net of tax. In reporting comprehensive income on a net basis in the statements of comprehensive income, we used a 21 percent tax rate in 2019 and 2018. The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements.

		Three Months Ended March 31,
		2019				2018
		(in thousands)
Beginning balance		$	(832	)		$	3,612
Other comprehensive income (loss) before    reclassification			5,981				(5,634	)
Amounts reclassified from accumulated other    comprehensive income			11				(214	)
Change in deferred tax valuation allowance			(198	)			—
Net current period other comprehensive    income (loss)			5,794				(5,848	)
Ending balance		$	4,962			$	(2,236	)

The sale or other-than-temporary impairment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive income to current period net income. The effects of reclassifications out of accumulated other comprehensive income by the respective line items of net income are presented in the following table.

Component of Accumulated Other Comprehensive Income		Three Months Ended March 31,								Affected line item in the statement of income
		2019				2018
		(in thousands)
Unrealized gains (losses) on available-for-    sale securities		$	(14	)		$	17			Net realized gains (losses) on investments
			(14	)			17			Income before income taxes
			3				(57	)		Income tax expense
		$	(11	)		$	(40	)		Net income

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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

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- References

No definition available.

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