Changes in and Reclassifications Out of Accumulated Other Comprehensive Income

6 Months Ended

Dec. 31, 2020

Changes in and Reclassifications Out of Accumulated Other Comprehensive Income

Changes in and Reclassifications Out of Accumulated Other Comprehensive Income

Note 4 – Changes in and Reclassifications Out of Accumulated Other Comprehensive Income

The following tables present the changes in the balances of each component of accumulated other comprehensive income (“AOCI”) for the three and six months ended December 31, 2020 and 2019. All amounts are presented net of tax.

(Dollars in thousands)
	Gains (Losses)
	on Securities
Accumulated Other Comprehensive (Loss) Income (1)	Available for Sale
Balance at June 30, 2019	$	228
Other comprehensive loss before reclassifications		(118)
Amounts reclassified from accumulated other comprehensive loss		(72)
Period change		(190)
Balance at September 30, 2019	$	38
Other comprehensive loss before reclassifications		(234)
Amounts reclassified from accumulated other comprehensive loss		—
Period change		(234)
Balance at December 31, 2019	$	(196)

(1) All amounts are net of tax. Related income tax expense is calculated using an income tax rate approximating 22.5%.

(Dollars in thousands)
	Gains
	on Securities
Accumulated Other Comprehensive Income (1)	Available for Sale
Balance at June 30, 2020	$	76
Other comprehensive income before reclassifications		357
Amounts reclassified from accumulated other comprehensive income		—
Period change		357
Balance at September 30, 2020	$	433
Other comprehensive income before reclassifications		284
Amounts reclassified from accumulated other comprehensive income		23
Period change		307
Balance at December 31, 2020	$	740

(1) All amounts are net of tax. Related income tax expense is calculated using an income tax rate approximating 22.5%.

The following table presents reclassifications out of AOCI by component for the three and six months ended December 31, 2020 and 2019:

(Dollars in thousands)	Amounts Reclassified from
	Other Comprehensive Income (1)
Details about Accumulated Other Comprehensive	Three Months Ended		Three Months Ended		Affected Line Item in the
Income Components	December 31, 2020		December 31, 2019		Consolidated Statements of Income
Securities available for sale:
Net securities losses reclassified into net income	$	(30)	$	—	Net (loss)/gain on sale of securities
Related income tax benefit		7		—	Income tax expense (benefit)
	$	(23)	$	—

(1) Amounts in parenthesis indicate debits.

(Dollars in thousands)	Amounts Reclassified from
	Other Comprehensive Income (1)
Details about Accumulated Other Comprehensive	Six Months Ended		Six Months Ended		Affected Line Item in the
Income Components	December 31, 2020		December 31, 2019		Consolidated Statements of Income
Securities available for sale:
Net securities (losses) gains reclassified into net income	$	(30)	$	93	Net (loss)/gain on sale of securities
Related income tax benefit (expense)		7		(21)	Income tax expense (benefit)
	$	(23)	$	72

(1) Amounts in parenthesis indicate debits.