SECURITIES (Tables)

9 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Carrying Amount and Fair Value of Available-for-sale 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. 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:

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. 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:

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

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.

Schedule of Available-for-sale Securities in Unrealized Loss Position

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)

Schedule of Unrealized Gain (Loss) on Investments on 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