Comprehensive (Loss) Income

6 Months Ended

Dec. 31, 2020

16. COMPREHENSIVE INCOME

The components of accumulated other comprehensive income included in stockholders’ equity at December 31, 2020 and June 30, 2020 are as follows:

	December 31,			June 30,
	2020			2020
	(In Thousands)
Net unrealized gain on securities available for sale	$	23,958		$	22,482
Tax effect		(7,031	)		(6,541	)
Net of tax amount		16,927			15,941

Fair value adjustments on derivatives		(13,551	)		(19,418	)
Tax effect		4,039			5,730
Net of tax amount		(9,512	)		(13,688	)

Benefit plan adjustments		(1,370	)		(1,412	)
Tax effect		408			416
Net of tax amount		(962	)		(996	)

Total accumulated other comprehensive income	$	6,453		$	1,257

Other comprehensive income and related tax effects for the three and six months ended December 31, 2020 and December 31, 2019 are presented in the following table:

	Three Months Ended						Six Months Ended
	December 31,						December 31,
	2020			2019			2020			2019
	(In Thousands)						(In Thousands)
Net unrealized holding gain (loss) on securities available for sale	$	730		$	(2,844	)	$	1,912		$	7,313

Amortization of net unrealized holding loss on securities available for sale transferred to held to maturity⁽¹⁾		-			-			-			596

Net realized (gain) loss on sale and call of securities available for sale ⁽²⁾		(813	)		(11	)		(436	)		2

Fair value adjustments on derivatives		3,606			1,844			5,867			(1,286	)

Benefit plans:
Amortization of actuarial loss		21			5			42			10
Net actuarial gain ⁽³⁾		-			-			-			470
Net change in benefit plan accrued expense		21			5			42			480

Other comprehensive income (loss) before taxes		3,544			(1,006	)		7,385			7,105
Tax effect		(1,065	)		271			(2,189	)		(1,989	)
Total other comprehensive income (loss)	$	2,479		$	(735	)	$	5,196		$	5,116

(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 gain on sale of securities on the consolidated statements of income.

(3)	Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 13 – Benefit Plans for additional information.