Comprehensive income was $14.3 million for the three months ended March 31, 2021, compared to $12.3 million for the three months ended March 31, 2020. 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.

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 2021 and 2020. 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,
	2021			2020
	(in thousands)
Balance, beginning of period	$	21,019		$	12,211
Other comprehensive income (loss) before reclassification		(4,735	)		1,830
Amounts reclassified from accumulated other comprehensive income		(313	)		(346	)
Net current period other comprehensive income (loss)		(5,048	)		1,484
Balance, end of period	$	15,971		$	13,695

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	Three Months Ended						Affected line item in the
Comprehensive Income	March 31,						statement of income
	2021			2020
	(in thousands)
Unrealized gains on available-for-sale securities	$	396		$	438		Net realized gains on investments
		396			438		Income before income taxes
		(83	)		(92	)	Income tax expense
	$	313		$	346		Net income