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v3.23.2

SECURITIES (Tables) | 12 Months Ended
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Jun. 30, 2023
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 securities available-for-sale for the following periods were:
| June 30, 2023
| Trading |  | Available-for-sale |  |
(Dollars in thousands) | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  |  |  |  |  |  |  |
Mortgage-backed securities (MBS): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agencies 1 | $ | — |  |  | $ | 27,024 |  |  | $ | — |  |  | $ | (3,077) |  |  | $ | 23,947 |  |  |  |  |  |  |  |  |
Non-agency 2 | — |  |  | 210,271 |  |  | 711 |  |  | (5,977) |  |  | 205,005 |  |  |  |  |  |  |  |  |
Total mortgage-backed securities | — |  |  | 237,295 |  |  | 711 |  |  | (9,054) |  |  | 228,952 |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | 758 |  |  | 3,656 |  |  | — |  |  | (258) |  |  | 3,398 |  |  |  |  |  |  |  |  |
Asset-backed securities and structured notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Total Non-MBS | 758 |  |  | 3,656 |  |  | — |  |  | (258) |  |  | 3,398 |  |  |  |  |  |  |  |  |
Total debt securities | $ | 758 |  |  | $ | 240,951 |  |  | $ | 711 |  |  | $ | (9,312) |  |  | $ | 232,350 |  |  |  |  |  |  |  |  |
| June 30, 2022
| Trading |  | Available-for-sale |  |
(Dollars in thousands) | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  |  |  |  |  |  |  |
Mortgage-backed securities (MBS): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agencies 1 | $ | — |  |  | $ | 27,722 |  |  | $ | 9 |  |  | $ | (2,406) |  |  | $ | 25,325 |  |  |  |  |  |  |  |  |
Non-agency 2 | — |  |  | 187,616 |  |  | 1,832 |  |  | (2,634) |  |  | 186,814 |  |  |  |  |  |  |  |  |
Total mortgage-backed securities | — |  |  | 215,338 |  |  | 1,841 |  |  | (5,040) |  |  | 212,139 |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | 1,758 |  |  | 3,529 |  |  | — |  |  | (281) |  |  | 3,248 |  |  |  |  |  |  |  |  |
Asset-backed securities and structured notes | — |  |  | 47,000 |  |  | 131 |  |  | — |  |  | 47,131 |  |  |  |  |  |  |  |  |
Total Non-MBS | 1,758 |  |  | 50,529 |  |  | 131 |  |  | (281) |  |  | 50,379 |  |  |  |  |  |  |  |  |
Total debt securities | $ | 1,758 |  |  | $ | 265,867 |  |  | $ | 1,972 |  |  | $ | (5,321) |  |  | $ | 262,518 |  |  |  |  |  |  |  |  |
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 prime, Alt-A or pay-option ARM mortgages. The following table sets forth the expected maturity distribution of our mortgage-backed securities (“MBS”), which is based on assumed prepayment rates, and the contractual maturity distribution of our Non-MBS securities:
| At June 30, 2023
(Dollars in thousands) | Total Amount |  | Due Within One Year |  | Due after One but within Five Years |  | Due after Five but within Ten Years |  | Due After Ten Years
MBS: |  |  |  |  |  |  |  |  |
Agency 1 | $ | 27,024 |  |  | $ | 6,276 |  |  | $ | 13,110 |  |  | $ | 5,522 |  |  | $ | 2,116 |
Non-Agency 2 | $ | 210,271 |  |  | $ | 92,361 |  |  | $ | 115,533 |  |  | $ | 1,729 |  |  | $ | 648 |
Total MBS | $ | 237,295 |  |  | $ | 98,637 |  |  | $ | 128,643 |  |  | $ | 7,251 |  |  | $ | 2,764 |
Non-MBS |  |  |  |  |  |  |  |  |
Municipal | $ | 3,656 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,656 |
Total Non-MBS | $ | 3,656 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,656 |
Available-for-sale—Amortized Cost | $ | 240,951 |  |  | $ | 98,637 |  |  | $ | 128,643 |  |  | $ | 7,251 |  |  | $ | 6,420 |
Available-for-sale—Fair value | $ | 232,350 |  |  | $ | 95,913 |  |  | $ | 123,730 |  |  | $ | 6,576 |  |  | $ | 6,131 |
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 pools of 1-4 family residential, Alt-A or pay-option ARM mortgages and commercial mortgages.
Schedule of Securities in a Continuous 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:
| June 30, 2023
| 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agencies | $ | 3,182 |  |  | $ | (16) |  |  | $ | 20,642 |  |  | $ | (3,061) |  |  | $ | 23,824 |  |  | $ | (3,077) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-agency | 107,982 |  |  | (1,808) |  |  | 95,385 |  |  | (4,169) |  |  | 203,367 |  |  | (5,977) |  |  |  |  |  |  |  |  |  |  |  |  |
Total MBS securities | 111,164 |  |  | (1,824) |  |  | 116,027 |  |  | (7,230) |  |  | 227,191 |  |  | (9,054) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | — |  |  | — |  |  | 3,398 |  |  | (258) |  |  | 3,398 |  |  | (258) |  |  |  |  |  |  |  |  |  |  |  |  |
Total Non-MBS | — |  |  | — |  |  | 3,398 |  |  | (258) |  |  | 3,398 |  |  | (258) |  |  |  |  |  |  |  |  |  |  |  |  |
Total debt securities | $ | 111,164 |  |  | $ | (1,824) |  |  | $ | 119,425 |  |  | $ | (7,488) |  |  | $ | 230,589 |  |  | $ | (9,312) |  |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agencies | $ | 16,446 |  |  | $ | (1,338) |  |  | $ | 8,097 |  |  | $ | (1,068) |  |  | $ | 24,543 |  |  | $ | (2,406) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-agency | 92,796 |  |  | (2,204) |  |  | 4,751 |  |  | (430) |  |  | 97,547 |  |  | (2,634) |  |  |  |  |  |  |  |  |  |  |  |  |
Total MBS securities | 109,242 |  |  | (3,542) |  |  | 12,848 |  |  | (1,498) |  |  | 122,090 |  |  | (5,040) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | 3,248 |  |  | (281) |  |  | — |  |  | — |  |  | 3,248 |  |  | (281) |  |  |  |  |  |  |  |  |  |  |  |  |
Total Non-MBS | 3,248 |  |  | (281) |  |  | — |  |  | — |  |  | 3,248 |  |  | (281) |  |  |  |  |  |  |  |  |  |  |  |  |
Total debt securities | $ | 112,490 |  |  | $ | (3,823) |  |  | $ | 12,848 |  |  | $ | (1,498) |  |  | $ | 125,338 |  |  | $ | (5,321) |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Unrealized Gain (Loss) on Securities in Accumulated Other Comprehensive Loss | The components of the Company’s accumulated other comprehensive income (loss) are as follows:
| At June 30,
(Dollars in thousands) | 2023 |  | 2022
Available-for-sale debt securities—net unrealized gains (losses) | $ | (8,601) |  |  | $ | (3,349) |
Available-for-sale debt securities—non-credit related | (845) |  |  | (845) |
Subtotal | (9,446) |  |  | (4,194) |
Tax benefit (expense) | 2,836 |  |  | 1,261 |
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) | $ | (6,610) |  |  | $ | (2,933) |

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