Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss

9 Months Ended

Mar. 31, 2023

Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss

Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss

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

The following tables present the changes in the balances of each component of accumulated other comprehensive loss (“AOCI”) for the three and nine months ended March 31, 2023 and 2022.

(Dollars in thousands)
	Unrealized Losses on Securities
	Available for Sale
Accumulated Other Comprehensive Loss (1)	2023		2022
Balance at June 30,	$	(15,357)	$	(64)
Other comprehensive loss before reclassifications		(7,750)		(550)
Amounts reclassified from accumulated other comprehensive loss		—		(48)
Period change		(7,750)		(598)
Balance at September 30,	$	(23,107)	$	(662)
Other comprehensive income (loss) before reclassifications		798		(447)
Amounts reclassified from accumulated other comprehensive loss		—		—
Period change		798		(447)
Balance at December 31,	$	(22,309)	$	(1,109)
Other comprehensive income (loss) before reclassifications		1,638		(8,076)
Amounts reclassified from accumulated other comprehensive loss		—		—
Period change		1,638		(8,076)
Balance at March 31,	$	(20,671)	$	(9,185)

(1) All amounts are net of tax. Related income tax expense is calculated using an income tax rate approximating 23% and 22% for 2023 and 2022, respectively.

There were no reclassifications out of AOCI during the three months ended March 31, 2023 and 2022. The following table presents reclassifications out of AOCI by component for the nine months ended March 31, 2023 and 2022:

(Dollars in thousands)	Amounts Reclassified from Accumulated
	Other Comprehensive Loss (1)
Details about Accumulated Other Comprehensive	Nine Months Ended March 31,				Affected Line Item in the
Loss Components	2023		2022		Consolidated Statements of Income
Securities available for sale:
Net securities gains reclassified into net income	$	—	$	62	Net gain on sale of securities
Related income tax expense		—		(14)	Income tax (benefit) expense
	$	—	$	48

(1) Amounts in parenthesis indicate debits.