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Comprehensive Income
 12 Months Ended
Dec. 31, 2014
Comprehensive Income [Abstract]  
Comprehensive Income

NOTE 13 – COMPREHENSIVE INCOME

 

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income.  Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income.

 

The components of other comprehensive income (loss), both before tax and net of tax, are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2014

 

Year Ended December 31, 2013

 

Before Tax

 

Tax Effect

 

Net of Tax

 

Before Tax

 

Tax Effect

 

Net of Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on available for sale securities

$
4,155 

 

$
1,662 

 

$
2,493 

 

$
(3,785)

 

$
(1,514)

 

$
(2,271)

Reclassification adjustment for net gains on securities transactions included in net income

 
(289)

 

 
(116)

 

 
(173)

 

 
(393)

 

 
(157)

 

 
(236)

Total other comprehensive income (loss)

$
3,866 

 

$
1,546 

 

$
2,320 

 

$
(4,178)

 

$
(1,671)

 

$
(2,507)

 

Reclassification adjustments for gains on securities transactions of $289 thousand and $393 thousand for the years ended December 31, 2014 and 2013, respectively, are presented in the income statement on the line item for net gain on securities transactions.