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v3.22.1

SECURITIES | 9 Months Ended
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Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES The amortized cost, carrying amount and fair value for the trading and available-for-sale securities at March 31, 2022 and June 30, 2021 were:
| March 31, 2022
| Trading |  | Available-for-sale |  |
(Dollars in thousands) | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  |  |  |  |  |  |  |
Mortgage-backed securities (MBS): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agencies 1 | $ | — |  |  | $ | 28,853 |  |  | $ | 43 |  |  | $ | (1,693) |  |  | $ | 27,203 |  |  |  |  |  |  |  |  |
Non-agency 2 | — |  |  | 151,517 |  |  | 1,423 |  |  | (1,461) |  |  | 151,479 |  |  |  |  |  |  |  |  |
Total mortgage-backed securities | — |  |  | 180,370 |  |  | 1,466 |  |  | (3,154) |  |  | 178,682 |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | 366 |  |  | 3,498 |  |  | — |  |  | (187) |  |  | 3,311 |  |  |  |  |  |  |  |  |
Asset-backed securities and structured notes | — |  |  | 46,993 |  |  | 524 |  |  | — |  |  | 47,517 |  |  |  |  |  |  |  |  |
Total Non-MBS | 366 |  |  | 50,491 |  |  | 524 |  |  | (187) |  |  | 50,828 |  |  |  |  |  |  |  |  |
Total debt securities | $ | 366 |  |  | $ | 230,861 |  |  | $ | 1,990 |  |  | $ | (3,341) |  |  | $ | 229,510 |  |  |  |  |  |  |  |  |
| June 30, 2021
| Trading |  | Available-for-sale |  |
(Dollars in thousands) | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  |  |  |  |  |  |  |
Mortgage-backed securities (MBS): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agencies 1 | $ | — |  |  | $ | 23,639 |  |  | $ | 420 |  |  | $ | (146) |  |  | $ | 23,913 |  |  |  |  |  |  |  |  |
Non-agency 2 | — |  |  | 65,174 |  |  | 2,862 |  |  | (421) |  |  | 67,615 |  |  |  |  |  |  |  |  |
Total mortgage-backed securities | — |  |  | 88,813 |  |  | 3,282 |  |  | (567) |  |  | 91,528 |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | 1,983 |  |  | 3,466 |  |  | 99 |  |  | — |  |  | 3,565 |  |  |  |  |  |  |  |  |
Asset-backed securities and structured notes | — |  |  | 90,549 |  |  | 1,693 |  |  | — |  |  | 92,242 |  |  |  |  |  |  |  |  |
Total Non-MBS | 1,983 |  |  | 94,015 |  |  | 1,792 |  |  | — |  |  | 95,807 |  |  |  |  |  |  |  |  |
Total debt securities | $ | 1,983 |  |  | $ | 182,828 |  |  | $ | 5,074 |  |  | $ | (567) |  |  | $ | 187,335 |  |  |  |  |  |  |  |  |
1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by Alt-A or pay-option ARM mortgages. The Company’s non-agency MBS available-for-sale portfolio with a total fair value of $151,479 at March 31, 2022 consists of 16 different issues of super senior securities. The face amounts of debt securities available-for-sale that were pledged to secure borrowings at March 31, 2022 and June 30, 2021 were $1.2 million and $1.4 million, respectively. The securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:
| March 31, 2022
| Available-for-sale securities in loss position for |  |
| Less Than 12 Months |  | More Than 12 Months |  | Total |  |  |  |  |  |
(Dollars in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agencies | $ | 19,641 |  |  | $ | (1,192) |  |  | $ | 5,167 |  |  | $ | (501) |  |  | $ | 24,808 |  |  | $ | (1,693) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-agency | 43,916 |  |  | (1,085) |  |  | 5,040 |  |  | (376) |  |  | 48,956 |  |  | (1,461) |  |  |  |  |  |  |  |  |  |  |  |  |
Total MBS | 63,557 |  |  | (2,277) |  |  | 10,207 |  |  | (877) |  |  | 73,764 |  |  | (3,154) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal debt | 3,311 |  |  | (187) |  |  | — |  |  | — |  |  | 3,311 |  |  | (187) |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities and structured notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Total Non-MBS | 3,311 |  |  | (187) |  |  | — |  |  | — |  |  | 3,311 |  |  | (187) |  |  |  |  |  |  |  |  |  |  |  |  |
Total debt securities | $ | 66,868 |  |  | $ | (2,464) |  |  | $ | 10,207 |  |  | $ | (877) |  |  | $ | 77,075 |  |  | $ | (3,341) |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2021
| Available-for-sale securities in loss position for |  |
| Less Than 12 Months |  | More Than 12 Months |  | Total |  |  |  |  |  |
(Dollars in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agencies | $ | 10,001 |  |  | $ | (146) |  |  | $ | — |  |  | $ | — |  |  | $ | 10,001 |  |  | $ | (146) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-agency | — |  |  | — |  |  | 6,018 |  |  | (421) |  |  | 6,018 |  |  | (421) |  |  |  |  |  |  |  |  |  |  |  |  |
Total MBS | 10,001 |  |  | (146) |  |  | 6,018 |  |  | (421) |  |  | 16,019 |  |  | (567) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities and structured notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Total Non-MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Total debt securities | $ | 10,001 |  |  | $ | (146) |  |  | $ | 6,018 |  |  | $ | (421) |  |  | $ | 16,019 |  |  | $ | (567) |  |  |  |  |  |  |  |  |  |  |  |  |
On March 31, 2022, there were twelve securities in a continuous loss position for a period of more than 12 months, and eighteen securities in a continuous loss position for a period of less than 12 months. At June 30, 2021, there were seven securities in a continuous loss position for a period of more than 12 months, and seven securities in a continuous loss position for a period of less than 12 months.
At March 31, 2022, one non-agency RMBS with a total carrying amount of $2.4 million was determined to have cumulative credit losses of $0.8 million of which none was recognized in earnings during the three months ended March 31, 2022. During the nine months ended March 31, 2021, the company sold no available-for-sale securities. During the nine months ended March 31, 2022, the company sold no available-for-sale securities.
The Company had recorded unrealized gains and unrealized losses in accumulated other comprehensive loss as follows:
(Dollars in thousands) | March 31, 2022 |  | June 30, 2021
Available-for-sale debt securities—net unrealized gains (losses) | $ | (1,351) |  |  | $ | 4,507 |
Available-for-sale debt securities—non-credit related losses | (845) |  |  | (845) |
Subtotal | (2,196) |  |  | 3,662 |
Tax benefit (expense) | 570 |  |  | (1,155) |
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) | $ | (1,626) |  |  | $ | 2,507 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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