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Comprehensive Income and Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Comprehensive Income and Accumulated Other Comprehensive Income

14.Comprehensive Income and Accumulated Other Comprehensive Income

Comprehensive income includes net income plus unrealized gains/losses on our available-for-sale investment securities, net of tax.  The following table illustrates the changes in the balance of each component of accumulated other comprehensive income (loss) for each period presented in the financial statements.

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

 

(in thousands)

 

Beginning balance

 

$

3,612

 

 

$

(492

)

 

$

2,587

 

Impact of adoption of ASU 2016-01

 

 

(615

)

 

 

—

 

 

 

—

 

Impact of adoption of ASU 2018-02

 

 

414

 

 

 

—

 

 

 

—

 

Adjusted beginning balance

 

 

3,411

 

 

 

(492

)

 

 

2,587

 

Other comprehensive income (loss) before

   reclassification

 

 

(4,551

)

 

 

4,823

 

 

 

(3,231

)

Amounts reclassified from accumulated other

   comprehensive income (loss)

 

 

308

 

 

 

(719

)

 

 

152

 

Net current period other comprehensive income (loss)

 

 

(4,243

)

 

 

4,104

 

 

 

(3,079

)

Ending balance

 

$

(832

)

 

$

3,612

 

 

$

(492

)

 

The sale or other-than-temporary impairment (OTTI) 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 (Loss)

 

Year Ended December 31,

 

 

Affected line item in the statement

of income

 

 

2018

 

 

2017

 

 

2016

 

 

 

 

 

(in thousands)

 

 

 

Unrealized gains (losses) on available-for-

   sale securities

 

$

(390

)

 

$

1,106

 

 

$

(234

)

 

Net realized losses on

   investments

 

 

 

(390

)

 

 

1,106

 

 

 

(234

)

 

Income before income taxes

 

 

 

82

 

 

 

(387

)

 

 

82

 

 

Income tax expense

 

 

$

(308

)

 

$

719

 

 

$

(152

)

 

Net income

 

 

 

Pre-Tax

Amount

 

 

Tax Expense (Benefit)

 

 

Net-of-Tax

Amount

 

 

 

(in thousands)

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on available-for-sale securities

 

$

(5,760

)

 

$

(1,209

)

 

$

(4,551

)

Reclassification adjustment for gains realized

    in net income

 

 

390

 

 

 

82

 

 

 

308

 

Net unrealized loss

 

 

(5,370

)

 

 

(1,127

)

 

 

(4,243

)

Other comprehensive loss

 

$

(5,370

)

 

$

(1,127

)

 

$

(4,243

)

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on available-for-sale securities

 

$

6,960

 

 

$

2,137

 

 

$

4,823

 

Reclassification adjustment for losses realized

    in net income

 

 

(1,106

)

 

 

(387

)

 

 

(719

)

Net unrealized gain

 

 

5,854

 

 

 

1,750

 

 

 

4,104

 

Other comprehensive income

 

$

5,854

 

 

$

1,750

 

 

$

4,104

 

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on available-for-sale securities

 

$

(4,908

)

 

$

(1,718

)

 

$

(3,190

)

Less amortization of differences between fair value

   and amortized cost for fixed maturity security transfer

 

 

(63

)

 

 

(22

)

 

 

(41

)

Reclassification adjustment for gains realized

    in net income

 

 

234

 

 

 

82

 

 

 

152

 

Net unrealized loss

 

 

(4,737

)

 

 

(1,658

)

 

 

(3,079

)

Other comprehensive loss

 

$

(4,737

)

 

$

(1,658

)

 

$

(3,079

)