Comprehensive Income (Tables)

9 Months Ended

Mar. 31, 2019

Schedule of Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income included in stockholders’ equity at March 31, 2019 and June 30, 2018 are as follows:

	March 31,			June 30,
	2019			2018
	(In Thousands)
Net unrealized loss on securities available for sale	$	(2,686	)	$	(4,321	)
Tax effect		773			1,159
Net of tax amount		(1,913	)		(3,162	)

Net unrealized loss on securities available for sale transferred to held to maturity		(666	)		(887	)
Tax effect		196			249
Net of tax amount		(470	)		(638	)

Fair value adjustments on derivatives		14,968			31,881
Tax effect		(4,414	)		(8,961	)
Net of tax amount		10,554			22,920

Benefit plan adjustments		(839	)		(813	)
Tax effect		247			228
Net of tax amount		(592	)		(585	)

Total accumulated other comprehensive income	$	7,579		$	18,535

Schedule of Comprehensive Income

Other comprehensive (loss) income and related tax effects for the three and nine months ended March 31, 2019 and March 31, 2018 are presented in the following table:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2019			2018			2019			2018
	(In Thousands)						(In Thousands)
Net unrealized holding gain (loss) on securities available for sale	$	5,122		$	(2,045	)	$	1,453		$	(2,123	)

Amortization of net unrealized holding loss on securities available for sale transferred to held to maturity⁽¹⁾		54			32			221			135

Realized loss on securities available for sale		182			-			182			-

Fair value adjustments on derivatives		(7,139	)		12,323			(16,913	)		21,457

Benefit plans:
Amortization of actuarial loss		11			12			33			34
Net actuarial loss ⁽²⁾		-			-			(59	)		(83	)
Net change in benefit plan accrued expense		11			12			(26	)		(49	)

Other comprehensive (loss) income before taxes		(1,770	)		10,322			(15,083	)		19,420
Stranded tax effects ⁽³⁾		-			-			-			(1,381	)
Tax effect⁽⁴⁾		547			(2,941	)		4,127			(5,290	)
Total other comprehensive (loss) income	$	(1,223	)	$	7,381		$	(10,956	)	$	12,749

(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 $57 and $34 for the three and nine months ended March 31, 2019, respectively, and $3 and $122 for the three and nine months ended March 31, 2018.