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FAIR VALUE (Tables) | 3 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2023 and June 30, 2023. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement:
|  | September 30, 2023
(Dollars in thousands) |  |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
ASSETS: |  |  |  |  |  |  |
Securities—Trading |  |  | $ | 640 |  |  | $ | — |  |  | $ | 640 |
Securities—Available-for-sale: |  |  |  |  |  |  |
Agency MBS 1 |  |  | 27,624 |  |  | — |  |  | 27,624 |
Non-Agency MBS 2 |  |  | — |  |  | 206,076 |  |  | 206,076 |
Municipal |  |  | 3,026 |  |  | — |  |  | 3,026 |
Total—Securities—Available-for-sale |  |  | $ | 30,650 |  |  | $ | 206,076 |  |  | $ | 236,726 |
Loans held for sale |  |  | $ | 8,014 |  |  | $ | — |  |  | $ | 8,014 |
Servicing rights |  |  | $ | — |  |  | $ | 29,338 |  |  | $ | 29,338 |
Other assets—Derivative instruments |  |  | $ | 1,295 |  |  | $ | — |  |  | $ | 1,295 |
LIABILITIES: |  |  |  |  |  |  |
Accrued expense and other liabilities—Derivative instruments |  |  | $ | 934 |  |  | $ | — |  |  | $ | 934 |
|  | June 30, 2023
(Dollars in thousands) |  |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
ASSETS: |  |  |  |  |  |  |
Securities—Trading |  |  | $ | 758 |  |  | $ | — |  |  | $ | 758 |
Securities—Available-for-sale: |  |  |  |  |  |  |
Agency MBS 1 |  |  | 23,947 |  |  | — |  |  | 23,947 |
Non-Agency MBS 2 |  |  | — |  |  | 205,005 |  |  | 205,005 |
Municipal |  |  | 3,398 |  |  | — |  |  | 3,398 |
Total—Securities—Available-for-sale |  |  | $ | 27,345 |  |  | $ | 205,005 |  |  | $ | 232,350 |
Loans held for sale |  |  | $ | 23,203 |  |  | $ | — |  |  | $ | 23,203 |
Servicing rights |  |  | $ | — |  |  | $ | 25,443 |  |  | $ | 25,443 |
Other assets—Derivative instruments |  |  | $ | 919 |  |  | $ | — |  |  | $ | 919 |
LIABILITIES: |  |  |  |  |  |  |
Accrued expense and other liabilities—Derivative instruments |  |  | $ | 691 |  |  | $ | — |  |  | $ | 691 |
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 adjustable rate mortgages (“ARMs”).
Schedule of Additional Information About Assets Measured at Fair Value on a Recurring Basis and for which the Company has Utilized Level 3 Inputs to Determine Fair Value | The following tables present additional information about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
|  |  | For the Three Months Ended
|  |  | September 30, 2023
(Dollars in thousands) |  |  | Securities – Available-for-Sale: Non-Agency RMBS |  | Servicing Rights 1 |  |  |  |  |  | Total
Opening Balance |  |  | $ | 205,005 |  |  | $ | 25,443 |  |  |  |  |  |  | $ | 230,448 |
Total gains or losses for the period: |  |  |  |  |  |  |  |  |  |  |
Included in earnings—Mortgage banking and servicing rights income |  |  | — |  |  | 1,858 |  |  |  |  |  |  | 1,858 |
Included in other comprehensive income |  |  | 1,316 |  |  | — |  |  |  |  |  |  | 1,316 |
Purchases, retentions, issues, sales and settlements: |  |  |  |  |  |  |  |  |  |  |
Purchases/Retentions |  |  | — |  |  | 2,037 |  |  |  |  |  |  | 2,037 |
Settlements |  |  | (245) |  |  | — |  |  |  |  |  |  | (245) |
Closing balance |  |  | $ | 206,076 |  |  | $ | 29,338 |  |  |  |  |  |  | $ | 235,414 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period |  |  | $ | — |  |  | $ | 1,858 |  |  |  |  |  |  | $ | 1,858 |
1 Earnings from servicing rights were attributable to: time and payoffs, representing a decrease in servicing rights value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period of $0.2 million for the three months ended September 30, 2023 and an increase in servicing rights value resulting from market-driven changes in interest rates of $2.1 million for the three months ended September 30, 2023. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.
|  |  | For the Three Months Ended |  |
|  |  | September 30, 2022
(Dollars in thousands) |  |  | Securities – Available-for-Sale: Non-Agency RMBS |  | Servicing Rights 1 |  | Derivative Instruments, net |  | Total |  |
Opening Balance |  |  | $ | 186,814 |  |  | $ | 25,213 |  |  | $ | 464 |  |  | $ | 212,491 |  |  |
Total gains or losses for the period: |  |  |  |  |  |  |  |  |  |  |
Included in earnings—Mortgage banking and servicing rights income |  |  | — |  |  | 953 |  |  | 71 |  |  | 1,024 |  |  |
Included in other comprehensive income |  |  | (2,473) |  |  | — |  |  | — |  |  | (2,473) |  |  |
Purchases, retentions, issues, sales and settlements: |  |  |  |  |  |  |  |  |  |  |
Purchases/Retentions |  |  | — |  |  | 207 |  |  | — |  |  | 207 |  |  |
Settlements |  |  | (329) |  |  | — |  |  | — |  |  | (329) |  |  |
Closing balance |  |  | $ | 184,012 |  |  | $ | 26,373 |  |  | $ | 535 |  |  | $ | 210,920 |  |  |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period |  |  | $ | — |  |  | $ | 953 |  |  | $ | 71 |  |  | $ | 1,024 |  |  |
1 Earnings from servicing rights were attributable to: time and payoffs, representing a decrease in servicing rights value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period of $0.4 million for the three months ended September 30, 2022 and an increase in servicing rights value resulting from market-driven changes in interest rates of $1.4 million for the three months ended September 30, 2022. Additions to servicing rights were retained upon sale of loans held for sale.
Schedule of Quantitative Information About Level 3 Fair Value Measurements | The table below summarizes the quantitative information about Level 3 fair value measurements as of the dates indicated:
| September 30, 2023
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average)
Securities – Non-agency MBS | $ | 206,076 |  | Discounted Cash Flow | Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over SOFR Swaps | 0.0 to 58.1% (34.9%) 0.0 to 7.6% (2.4%) 0.0 to 68.7% (28.5%) 2.6 to 6.5% (2.6%)
Servicing Rights | $ | 29,338 |  | Discounted Cash Flow | Projected Constant Prepayment Rate, Life (in years), Discount Rate | 4.8 to 39.9% (13.0%) 1.7 to 15.8 (7.4) 9.5 to 11.5% (9.8%)
| June 30, 2023
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average)
Securities – Non-agency MBS | $ | 205,005 |  | Discounted Cash Flow | Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR | 0.0 to 59.7% (32.0%) 0.0 to 7.5% (2.4%) 0.0 to 68.7% (28.5%) 2.6 to 7.5% (2.7%)
Servicing Rights | $ | 25,443 |  | Discounted Cash Flow | Projected Constant Prepayment Rate, Life (in years), Discount Rate | 6.1 to 40.1% (12.6%) 1.8 to 10.9 (7.7) 9.5 to 11.5% (9.6%)
The following table presents quantitative information about Level 3 fair value measurements for other real estate owned and repossessed vehicles measured at fair value on a non-recurring basis at the periods indicated:
| September 30, 2023
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) 1
Other real estate owned and repossessed vehicles 2: |  |  |  |
Single family real estate | $ | 5,574 |  | Sales comparison approach | Differences between the comparable sales | 62.1 to 93.6% (62.1%)
Multifamily real estate | $ | 1,392 |  | Sales comparison approach and income approach | Differences between the comparable sales and differences in net operating income expectations, capitalization rate | 49.8% to 54.5% (49.8%)
| June 30, 2023
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) 1
Other real estate owned and repossessed vehicles 2: |  |  |  |
Single family real estate | $ | 5,574 |  | Sales comparison approach | Differences between the comparable sales | 62.1 to 93.6% (62.1%)
Multifamily real estate | $ | 1,392 |  | Sales comparison approach and income approach | Differences between the comparable sales and differences in net operating income expectations, capitalization rate | 49.8 to 54.5%% (49.8%)
1 For other real estate owned and repossessed vehicles the ranges shown may vary positively or negatively based on the comparable sales reported in the current appraisal. In certain instances, the range can be significant due to small sample sizes and in some cases the asset being valued having limited comparable sales with similar characteristics at the time the current appraisal is conducted. 2 Repossessed vehicles are valued using third-party pricing information of comparable vehicle sales without adjustment.
Schedule of Aggregate Fair Value, Contractual Balance, and Gains of Loans Held For Sale | The aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest), and unrealized gain were:
(Dollars in thousands) | September 30, 2023 |  | June 30, 2023
Aggregate fair value | $ | 8,014 |  |  | $ | 23,203 |
Contractual balance | 7,878 |  |  | 22,844 |
Unrealized gain | $ | 136 |  |  | $ | 359 |
The total interest income and amount of gains and losses from changes in fair value included in earnings for loans held for sale were:
| For the Three Months Ended |  |
| September 30, |  |
(Dollars in thousands) | 2023 |  | 2022 |  |  |  |
Interest income | $ | 189 |  |  | $ | 50 |  |  |  |  |
Change in fair value | (129) |  |  | 91 |  |  |  |  |
Total | $ | 60 |  |  | $ | 141 |  |  |  |  |
Schedule of Fair Value Assets Measured on Nonrecurring Basis | The table below summarizes assets measured for impairment on a non-recurring basis:
| September 30, 2023
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Balance
Other real estate owned and repossessed vehicles: |  |  |  |  |  |  |
Single family real estate | $ | — |  |  | $ | — |  |  | $ | 5,574 |  |  | $ | 5,574 |
Multifamily real estate | — |  |  | — |  |  | 1,392 |  |  | 1,392 |
Autos | $ | — |  |  | $ | — |  |  | $ | 1,813 |  |  | $ | 1,813 |
Total | $ | — |  |  | $ | — |  |  | $ | 8,779 |  |  | $ | 8,779 |
| June 30, 2023
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Balance
Other real estate owned and repossessed vehicles: |  |  |  |  |  |  |
Single family real estate | $ | — |  |  | $ | — |  |  | $ | 5,574 |  |  | $ | 5,574 |
Multifamily real estate | — |  |  | — |  |  | 1,392 |  |  | 1,392 |
Autos | — |  |  | — |  |  | 1,133 |  |  | 1,133 |
Total | $ | — |  |  | $ | — |  |  | $ | 8,099 |  |  | $ | 8,099 |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Period-end | Carrying amounts and estimated fair values of financial instruments at September 30, 2023 and June 30, 2023 were:
| September 30, 2023
|  |  | Fair Value |  |
(Dollars in thousands) | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,413,769 |  |  | $ | 2,413,769 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,413,769 |
Securities—trading | 640 |  |  | — |  |  | 640 |  |  | — |  |  | 640 |
Securities—available-for-sale | 236,726 |  |  | — |  |  | 30,650 |  |  | 206,076 |  |  | 236,726 |
Stock of regulatory agencies | 21,533 |  |  | — |  |  | 21,533 |  |  | — |  |  | 21,533 |
Loans held for sale, at fair value | 8,014 |  |  | — |  |  | 8,014 |  |  | — |  |  | 8,014 |
Loans held for investment—net | 16,955,041 |  |  | — |  |  | — |  |  | 16,935,835 |  |  | 16,935,835 |
Securities borrowed | 96,424 |  |  | — |  |  | — |  |  | 102,084 |  |  | 102,084 |
Customer, broker-dealer and clearing receivables | 285,423 |  |  | — |  |  | — |  |  | 294,499 |  |  | 294,499 |
Servicing rights | 29,338 |  |  | — |  |  | — |  |  | 29,338 |  |  | 29,338 |
Other assets - derivative instruments | 1,295 |  |  | — |  |  | 1,295 |  |  | — |  |  | 1,295 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Total deposits | 17,565,741 |  |  | — |  |  | 17,481,019 |  |  | — |  |  | 17,481,019 |
Advances from the Federal Home Loan Bank | 90,000 |  |  | — |  |  | 82,234 |  |  | — |  |  | 82,234 |
Borrowings, subordinated notes and debentures | 447,733 |  |  | — |  |  | 414,462 |  |  | — |  |  | 414,462 |
Securities loaned | 116,446 |  |  | — |  |  | — |  |  | 116,097 |  |  | 116,097 |
Customer, broker-dealer and clearing payables | 341,915 |  |  | — |  |  | — |  |  | 341,915 |  |  | 341,915 |
Accrued expense and other liabilities - derivative instruments | 934 |  |  | — |  |  | 934 |  |  | — |  |  | 934 |
| June 30, 2023
|  |  | Fair Value |  |
(Dollars in thousands) | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,382,086 |  |  | $ | 2,382,086 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,382,086 |
Securities—trading | 758 |  |  | — |  |  | 758 |  |  | — |  |  | 758 |
Securities—available-for-sale | 232,350 |  |  | — |  |  | 27,345 |  |  | 205,005 |  |  | 232,350 |
Stock of regulatory agencies | 21,510 |  |  | — |  |  | 21,510 |  |  | — |  |  | 21,510 |
Loans held for sale, at fair value | 23,203 |  |  | — |  |  | 23,203 |  |  | — |  |  | 23,203 |
Loans held for sale, at lower of cost or fair value | 776 |  |  | — |  |  | — |  |  | 780 |  |  | 780 |
Loans held for investment—net | 16,456,728 |  |  | — |  |  | — |  |  | 16,417,183 |  |  | 16,417,183 |
Securities borrowed | 134,339 |  |  | — |  |  | — |  |  | 143,461 |  |  | 143,461 |
Customer, broker-dealer and clearing receivables | 374,074 |  |  | — |  |  | — |  |  | 386,082 |  |  | 386,082 |
Servicing rights | 25,443 |  |  | — |  |  | — |  |  | 25,443 |  |  | 25,443 |
Other assets - derivative instruments | 919 |  |  | — |  |  | 919 |  |  | — |  |  | 919 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Total deposits | 17,123,108 |  |  | — |  |  | 17,064,084 |  |  | — |  |  | 17,064,084 |
Advances from the Federal Home Loan Bank | 90,000 |  |  | — |  |  | 83,192 |  |  | — |  |  | 83,192 |
Borrowings, subordinated notes and debentures | 361,779 |  |  | — |  |  | 327,564 |  |  | — |  |  | 327,564 |
Securities loaned | 159,832 |  |  | — |  |  | — |  |  | 159,416 |  |  | 159,416 |
Customer, broker-dealer and clearing payables | 445,477 |  |  | — |  |  | — |  |  | 445,447 |  |  | 445,447 |
Accrued expense and other liabilities - derivative instruments | 691 |  |  | — |  |  | 691 |  |  | — |  |  | 691 |

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