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v3.23.1

SECURITIES (Tables) | 9 Months Ended
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Mar. 31, 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 trading and available-for-sale securities at March 31, 2023 and June 30, 2022 were:
| March 31, 2023
| 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 | $ | — |  |  | $ | 25,620 |  |  | $ | — |  |  | $ | (2,838) |  |  | $ | 22,782 |  |  |  |  |  |  |  |  |
Non-agency 2 | — |  |  | 210,487 |  |  | 1,508 |  |  | (5,695) |  |  | 206,300 |  |  |  |  |  |  |  |  |
Total mortgage-backed securities | — |  |  | 236,107 |  |  | 1,508 |  |  | (8,533) |  |  | 229,082 |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | 400 |  |  | 3,624 |  |  | — |  |  | (240) |  |  | 3,384 |  |  |  |  |  |  |  |  |
Asset-backed securities and structured notes | — |  |  | 47,000 |  |  | 146 |  |  | — |  |  | 47,146 |  |  |  |  |  |  |  |  |
Total Non-MBS | 400 |  |  | 50,624 |  |  | 146 |  |  | (240) |  |  | 50,530 |  |  |  |  |  |  |  |  |
Total debt securities | $ | 400 |  |  | $ | 286,731 |  |  | $ | 1,654 |  |  | $ | (8,773) |  |  | $ | 279,612 |  |  |  |  |  |  |  |  |
| June 30, 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 | $ | — |  |  | $ | 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 Alt-A or pay-option ARM mortgages. The following table sets forth the expected maturity distribution of our mortgage-backed securities and the contractual maturity distribution of our Non-RMBS securities and the weighted-average yield for each range of maturities:
| At March 31, 2023
| Total Amount |  | Due Within One Year |  | Due After One but within Five Years |  | Due After Five but within Ten Years |  | Due After Ten Years
(Dollars in thousands) | Amount |  | Yield 1 |  | Amount |  | Yield 1 |  | Amount |  | Yield 1 |  | Amount |  | Yield 1 |  | Amount |  | Yield 1
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency 2 | $ | 25,620 |  |  | 2.10 | % |  | $ | 5,087 |  |  | 2.05 | % |  | $ | 12,293 |  |  | 2.09 | % |  | $ | 6,459 |  |  | 2.18 | % |  | $ | 1,781 |  |  | 1.99 | %
Non-Agency 3 | 210,487 |  |  | 5.58 | % |  | 6,868 |  |  | 4.13 | % |  | 200,227 |  |  | 5.61 | % |  | 1,822 |  |  | 5.84 | % |  | 1,570 |  |  | 8.59 | %
Total Mortgage-Backed Securities | $ | 236,107 |  |  | 5.20 | % |  | $ | 11,955 |  |  | 3.25 | % |  | $ | 212,520 |  |  | 5.40 | % |  | $ | 8,281 |  |  | 2.98 | % |  | $ | 3,351 |  |  | 5.08 | %
Non-RMBS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | 3,624 |  |  | 3.57 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 3,624 |  |  | 3.57 | %
Asset-backed securities and structured notes | 47,000 |  |  | 9.53 | % |  | 47,000 |  |  | 9.53 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | %
Total Non-RMBS | $ | 50,624 |  |  | 9.10 | % |  | $ | 47,000 |  |  | 9.53 | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 3,624 |  |  | 3.57 | %
Available-for-sale—Amortized Cost | $ | 286,731 |  |  | 5.89 | % |  | $ | 58,955 |  |  | 8.26 | % |  | $ | 212,520 |  |  | 5.40 | % |  | $ | 8,281 |  |  | 2.98 | % |  | $ | 6,975 |  |  | 4.30 | %
Available-for-sale—Fair Value | $ | 279,612 |  |  | 5.91 | % |  | $ | 58,326 |  |  | 8.26 | % |  | $ | 207,028 |  |  | 5.40 | % |  | $ | 7,494 |  |  | 2.98 | % |  | $ | 6,764 |  |  | 4.30 | %
Total available-for-sale securities | $ | 279,612 |  |  | 5.91 | % |  | $ | 58,326 |  |  | 8.26 | % |  | $ | 207,028 |  |  | 5.40 | % |  | $ | 7,494 |  |  | 2.98 | % |  | $ | 6,764 |  |  | 4.30 | %
1 Weighted-average yield is based on amortized cost of the securities. Residential mortgage-backed security yields and maturities include impact of expected prepayments and other timing factors such as interest rate forward curve. 2 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 3 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 | Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were:
| March 31, 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agencies | $ | 1,657 |  |  | $ | (51) |  |  | $ | 21,051 |  |  | $ | (2,787) |  |  | $ | 22,708 |  |  | $ | (2,838) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-agency | 84,059 |  |  | (3,258) |  |  | 47,310 |  |  | (2,437) |  |  | 131,369 |  |  | (5,695) |  |  |  |  |  |  |  |  |  |  |  |  |
Total MBS | 85,716 |  |  | (3,309) |  |  | 68,361 |  |  | (5,224) |  |  | 154,077 |  |  | (8,533) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal debt | — |  |  | — |  |  | 3,384 |  |  | (240) |  |  | 3,384 |  |  | (240) |  |  |  |  |  |  |  |  |  |  |  |  |
Total Non-MBS | — |  |  | — |  |  | 3,384 |  |  | (240) |  |  | 3,384 |  |  | (240) |  |  |  |  |  |  |  |  |  |  |  |  |
Total debt securities | $ | 85,716 |  |  | $ | (3,309) |  |  | $ | 71,745 |  |  | $ | (5,464) |  |  | $ | 157,461 |  |  | $ | (8,773) |  |  |  |  |  |  |  |  |  |  |  |  |
| 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. 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 | 109,242 |  |  | (3,542) |  |  | 12,848 |  |  | (1,498) |  |  | 122,090 |  |  | (5,040) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal debt | 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 Components of Other Comprehensive Income (Loss) | The components of the Company’s accumulated other comprehensive income (loss) are:
(Dollars in thousands) | March 31, 2023 |  | June 30, 2022
Available-for-sale debt securities—net unrealized gains (losses) | $ | (7,119) |  |  | $ | (3,349) |
Available-for-sale debt securities (losses) | (845) |  |  | (845) |
Subtotal | (7,964) |  |  | (4,194) |
Tax benefit (expense) | 2,391 |  |  | 1,261 |
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) | $ | (5,573) |  |  | $ | (2,933) |

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