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SECURITIES
 9 Months Ended
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
TradingAvailable-for-sale
(Dollars in thousands)Fair
Value		Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
U.S. agencies1
$— $28,853 $43 $(1,693)$27,203 
Non-agency2
— 151,517 1,423 (1,461)151,479 
Total mortgage-backed securities— 180,370 1,466 (3,154)178,682 
Non-MBS:
Municipal366 3,498 — (187)3,311 
Asset-backed securities and structured notes— 46,993 524 — 47,517 
Total Non-MBS366 50,491 524 (187)50,828 
Total debt securities$366 $230,861 $1,990 $(3,341)$229,510 
June 30, 2021
TradingAvailable-for-sale
(Dollars in thousands)Fair
Value		Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
U.S. agencies1
$— $23,639 $420 $(146)$23,913 
Non-agency2
— 65,174 2,862 (421)67,615 
Total mortgage-backed securities— 88,813 3,282 (567)91,528 
Non-MBS:
Municipal1,983 3,466 99 — 3,565 
Asset-backed securities and structured notes— 90,549 1,693 — 92,242 
Total Non-MBS1,983 94,015 1,792 — 95,807 
Total debt securities$1,983 $182,828 $5,074 $(567)$187,335 
1Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.
2Private 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-agency43,916 (1,085)5,040 (376)48,956 (1,461)
Total MBS63,557 (2,277)10,207 (877)73,764 (3,154)
Non-MBS:
Municipal debt3,311 (187)— — 3,311 (187)
Asset-backed securities and structured notes— — — — — — 
Total Non-MBS3,311 (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 MBS10,001 (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