Accumulated Other Comprehensive Loss

12 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

NOTE 16 – Accumulated Other Comprehensive Loss

The following table sets forth the ending balance in accumulated other comprehensive loss as recorded on the accompanying consolidated balance sheets for each component as of:

	June 30, 2021		June 30, 2020
Accumulated pension actuarial loss	$	(3,074,920)	$	(6,375,840)
Deferred taxes related to accumulated pension actuarial loss		1,522,485		1,522,485
Unrealized net gain on securities available for sale		486,902		562,144
Deferred taxes related to unrealized net gain  on securities available for sale		(544,626)		(544,625)
Total accumulated other comprehensive loss	$	(1,610,159)	$	(4,835,836)

The following table sets forth changes in accumulated other comprehensive loss:

	Available for		Defined Benefit
	Sale Securities		Pension Plan		Total
Balance, June 30, 2019	$	(1,010,616)		(1,837,749)	$	(2,848,365)
Other comprehensive (loss) income before reclassifications, net of tax		359,589		(2,562,807)		(2,203,218)
Amounts reclassified from other comprehensive loss, net of tax		—		215,747		215,747	*
Net current period other comprehensive (loss) income		359,589		(2,347,060)		(1,987,471)
Balance, June 30, 2020		(651,027)		(4,184,809)		(4,835,836)
Other comprehensive (loss) income before reclassifications, net of tax		(75,243)		2,892,373		2,817,130
Amounts reclassified from other comprehensive loss, net of tax		—		408,547		408,547	*
Net current period other comprehensive (loss) income		(75,243)		3,300,920		3,225,677
Balance, June 30, 2021	$	(726,270)	$	(883,889)	$	(1,610,159)

* - These amounts are included in the computation of net periodic pension income.

See Note 15, Defined Benefit Pension Plan, for additional details.