Comprehensive Income

6 Months Ended

Dec. 31, 2018

18. COMPREHENSIVE INCOME

The components of accumulated other comprehensive income included in stockholders’ equity at December 31, 2018 and June 30, 2018 are as follows:

	December 31,			June 30,
	2018			2018
	(In Thousands)
Net unrealized loss on securities available for sale	$	(7,992	)	$	(4,321	)
Tax effect		2,313			1,159
Net of tax amount		(5,679	)		(3,162	)

Net unrealized loss on securities available for sale transferred to held to maturity		(720	)		(887	)
Tax effect		212			249
Net of tax amount		(508	)		(638	)

Fair value adjustments on derivatives		22,109			31,881
Tax effect		(6,521	)		(8,961	)
Net of tax amount		15,588			22,920

Benefit plan adjustments		(850	)		(813	)
Tax effect		251			228
Net of tax amount		(599	)		(585	)

Total accumulated other comprehensive income	$	8,802		$	18,535

Other comprehensive (loss) income and related tax effects for the three and six months ended December 31, 2018 and December 31, 2017 are presented in the following table:

	Three Months Ended						Six Months Ended
	December 31,						December 31,
	2018			2017			2018			2017
	(In Thousands)						(In Thousands)
Net unrealized holding loss on securities available for sale	$	(2,644	)	$	(2,011	)	$	(3,671	)	$	(78	)

Amortization of net unrealized holding loss on securities available for sale transferred to held to maturity⁽¹⁾		40			74			167			103

Fair value adjustments on derivatives		(11,615	)		7,489			(9,772	)		9,134

Benefit plans:
Amortization of actuarial loss		11			11			22			22
Net actuarial loss ⁽²⁾		-			-			(59	)		(83	)
Net change in benefit plan accrued expense		11			11			(37	)		(61	)

Other comprehensive (loss) income before taxes		(14,208	)		5,563			(13,313	)		9,098
Stranded tax effects ⁽³⁾		-			(1,381	)		-			(1,381	)
Tax effect⁽⁴⁾		4,192			(910	)		3,580			(2,349	)
Total other comprehensive (loss) income	$	(10,016	)	$	3,272		$	(9,733	)	$	5,368

(1)	Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities.

(2)	Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 15 – Benefit Plans for additional information.

(3)	Represents amounts reclassified from accumulated other comprehensive income that did not reflect the appropriate tax rate.

(4)	The amounts included in income taxes for items reclassified out of accumulated other comprehensive income totaled $3 and $23 for the three and six months ended December 31, 2018, respectively, and $148 and $119 for the three and six months ended December 31, 2017.