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Comprehensive Income and Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2014
Equity [Abstract]  
Comprehensive Income and Accumulated Other Comprehensive Income

Note 6. Comprehensive Income and Accumulated Other Comprehensive Income

Comprehensive income was $13.8 million for the three months ended March 31, 2014, compared to $8.3 million for the three months ended March 31, 2013. 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 securities.

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 statement of income, we used a 35 percent tax rate. 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,		  
     2014     2013  
     (in thousands)  

Beginning balance

    $ (4,295 )    $ 2,979   

Other comprehensive income/(loss) before reclassification

      3,134        (556 ) 

Amounts reclassified from accumulated other comprehensive income

      106        11   
  

 

 

    

 

 

  

Net current period other comprehensive income/(loss)

      3,240        (545 ) 
  

 

 

    

 

 

  

Ending Balance

    $ (1,055 )    $ 2,434   
  

 

 

    

 

 

  

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
     2014     2013      
     (in thousands)      

Unrealized losses on available-for-sale securities

    $ (163 )    $ (17 )    Net realized gains on investments
  

 

 

    

 

 

    
     (163 )      (17 )    Income before income taxes
     57        6     Income tax expense
  

 

 

    

 

 

    
   $ (106 )    $ (11 )    Net income