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 2026 and 2025. 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
	March 31,
	2026			2025
	(in thousands)
Balance, beginning of period	$	(3,217	)	$	(8,875	)
Other comprehensive (loss) income before reclassification		(2,462	)		1,602
Amounts reclassified from accumulated other comprehensive loss		14			4
Net current period other comprehensive (loss) income		(2,448	)		1,606
Balance, end of period	$	(5,665	)	$	(7,269	)

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 Comprehensive Loss	Three Months Ended March 31,						Affected line item in the statement of income
	2026			2025
	(in thousands)
Unrealized losses on debt securities, net of tax	$	(18	)	$	(6	)	Net realized gains (losses) on investments
		(18	)		(6	)	Income before income taxes
Unrealized losses on debt securities, net of tax		4			2		Income tax expense
	$	(14	)	$	(4	)	Net income