Changes in and Reclassifications Out of Accumulated Other Comprehensive Loss

12 Months Ended

Jun. 30, 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 years ended June 30, 2023 and 2022. All amounts are presented net of tax.

(Dollars in thousands)
	Unrealized
	Losses
	on Securities
Accumulated Other Comprehensive Loss(1)	Available for Sale
Balance at June 30, 2021	$	(64)
Other comprehensive loss before reclassifications		(15,245)
Amounts reclassified from accumulated other comprehensive loss		(48)
Period change		(15,293)
Balance at June 30, 2022	$	(15,357)
Other comprehensive loss before reclassifications		(8,021)
Amounts reclassified from accumulated other comprehensive loss		—
Period change		(8,021)
Balance at June 30, 2023	$	(23,378)

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

The following table presents reclassifications out of AOCI by component for the years ended June 30, 2023 and 2022:

(Dollars in thousands)	Amounts Reclassified from Accumulated
	Other Comprehensive Loss (1)
Details about Accumulated Other Comprehensive	Year Ended June 30,				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 expense
	$	—	$	48

(1) Amounts in parenthesis indicate debits.