OFFSETTING OF SECURITIES FINANCING AGREEMENTS

12 Months Ended

Jun. 30, 2023

OFFSETTING OF SECURITIES FINANCING AGREEMENTS

The Company enters into securities borrowed and securities loaned transactions to facilitate customer match-book activity, cover short positions and for customer securities lending. The Company manages credit exposure from certain transactions by entering into master securities lending agreements. The relevant agreements allow for the efficient closeout of transactions, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. Default events generally include, among other things, failure to pay, insolvency or bankruptcy of a counterparty.

The following table presents information about the offsetting of these instruments and related collateral amounts as of:


	June 30, 2023
(Dollars in thousands)	Gross Assets / Liabilities		Amounts Offset		Net Balance Sheet Amount		Financial Collateral		Net Assets / Liabilities
Assets:
Securities borrowed	$	134,339	$	—	$	134,339	$	134,339	$	—
Liabilities:
Securities loaned	$	159,832	$	—	$	159,832	$	159,832	$	—


	June 30, 2022
(Dollars in thousands)	Gross Assets / Liabilities		Amounts Offset		Net Balance Sheet Amount		Financial Collateral		Net Assets / Liabilities
Assets:
Securities borrowed	$	338,980	$	—	$	338,980	$	338,980	$	—
Liabilities:
Securities loaned	$	474,400	$	—	$	474,400	$	474,400	$	—

The securities loaned transactions represent equities with an overnight and open maturity classification.