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Comprehensive Income and Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Comprehensive Income and Accumulated Other Comprehensive Loss

Note 7. Comprehensive Income and Accumulated Other Comprehensive Loss

Comprehensive income includes net income plus unrealized gains and 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% tax rate in 2024 and 2023. The difference between net income as reported and comprehensive income was due primarily to changes in unrealized gains and losses, net of tax on available-for-sale debt securities.

The following table illustrates the changes in the balance of each component of accumulated other comprehensive loss for each period presented in the interim financial statements.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
		(in thousands)
Balance, beginning of period		$	(9,560	)		$	(12,100	)		$	(7,194	)		$	(13,828	)
Other comprehensive income (loss) before    reclassification			6,914				(8,455	)			4,411				(6,881	)
Amounts reclassified from accumulated other    comprehensive loss			(29	)			192				108				346
Net current period other comprehensive    income (loss)			6,885				(8,263	)			4,519				(6,535	)
Balance, end of period		$	(2,675	)		$	(20,363	)		$	(2,675	)		$	(20,363	)

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

Component of Accumulated Other		Three Months Ended								Nine Months Ended								Affected line item in the
Comprehensive Loss		September 30,								September 30,								statement of income
		2024				2023				2024				2023
		(in thousands)
Unrealized gains (losses) on    debt securities, net of tax		$	37			$	(243	)		$	(136	)		$	(438	)		Net realized gains (losses)    on investments
			37				(243	)			(136	)			(438	)		Income before income taxes
Unrealized gains (losses) on    debt securities, net of tax			(8	)			51				28				92			Income tax expense
		$	29			$	(192	)		$	(108	)		$	(346	)		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://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/220/tableOfContent

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X

- References

No definition available.

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