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SECURITIES (Tables) | 3 Months Ended
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Sep. 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:
| September 30, 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 | $ | — |  |  | $ | 31,277 |  |  | $ | 1 |  |  | $ | (3,654) |  |  | $ | 27,624 |  |  |  |  |  |  |  |  |
Non-agency 2 | — |  |  | 210,027 |  |  | 723 |  |  | (4,674) |  |  | 206,076 |  |  |  |  |  |  |  |  |
Total mortgage-backed securities | — |  |  | 241,304 |  |  | 724 |  |  | (8,328) |  |  | 233,700 |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | 640 |  |  | 3,689 |  |  | — |  |  | (663) |  |  | 3,026 |  |  |  |  |  |  |  |  |
Total Non-MBS | 640 |  |  | 3,689 |  |  | — |  |  | (663) |  |  | 3,026 |  |  |  |  |  |  |  |  |
Total debt securities | $ | 640 |  |  | $ | 244,993 |  |  | $ | 724 |  |  | $ | (8,991) |  |  | $ | 236,726 |  |  |  |  |  |  |  |  |
| June 30, 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 | $ | — |  |  | $ | 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 |  |  |  |  |  |  |  |  |
Total Non-MBS | 758 |  |  | 3,656 |  |  | — |  |  | (258) |  |  | 3,398 |  |  |  |  |  |  |  |  |
Total debt securities | $ | 758 |  |  | $ | 240,951 |  |  | $ | 711 |  |  | $ | (9,312) |  |  | $ | 232,350 |  |  |  |  |  |  |  |  |
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, which is based on assumed prepayment rates, and the contractual maturity distribution of our non-MBS securities:
| At September 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 | $ | 31,277 |  |  | $ | 6,444 |  |  | $ | 14,821 |  |  | $ | 7,460 |  |  | $ | 2,552 |
Non-Agency 2 | $ | 210,027 |  |  | $ | 127,741 |  |  | $ | 79,585 |  |  | $ | 1,640 |  |  | $ | 1,061 |
Total MBS | $ | 241,304 |  |  | $ | 134,185 |  |  | $ | 94,406 |  |  | $ | 9,100 |  |  | $ | 3,613 |
Non-MBS: |  |  |  |  |  |  |  |  |
Municipal | $ | 3,689 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,689 |
Total Non-MBS | $ | 3,689 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,689 |
Available-for-sale—Amortized Cost | $ | 244,993 |  |  | $ | 134,185 |  |  | $ | 94,406 |  |  | $ | 9,100 |  |  | $ | 7,302 |
Available-for-sale—Fair value | $ | 236,726 |  |  | $ | 130,977 |  |  | $ | 91,040 |  |  | $ | 8,203 |  |  | $ | 6,506 |
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 | Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:
| September 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agencies | $ | 7,321 |  |  | $ | (174) |  |  | $ | 20,134 |  |  | $ | (3,480) |  |  | $ | 27,455 |  |  | $ | (3,654) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-agency | 72,567 |  |  | (53) |  |  | 131,874 |  |  | (4,621) |  |  | 204,441 |  |  | (4,674) |  |  |  |  |  |  |  |  |  |  |  |  |
Total MBS | 79,888 |  |  | (227) |  |  | 152,008 |  |  | (8,101) |  |  | 231,896 |  |  | (8,328) |  |  |  |  |  |  |  |  |  |  |  |  |
Non-MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal | — |  |  | — |  |  | 3,026 |  |  | (663) |  |  | 3,026 |  |  | (663) |  |  |  |  |  |  |  |  |  |  |  |  |
Total Non-MBS | — |  |  | — |  |  | 3,026 |  |  | (663) |  |  | 3,026 |  |  | (663) |  |  |  |  |  |  |  |  |  |  |  |  |
Total debt securities | $ | 79,888 |  |  | $ | (227) |  |  | $ | 155,034 |  |  | $ | (8,764) |  |  | $ | 234,922 |  |  | $ | (8,991) |  |  |  |  |  |  |  |  |  |  |  |  |
| 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. 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 | 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) |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Components of Other Comprehensive Income (Loss) | The components of the Company’s accumulated other comprehensive income (loss) are as follows:
(Dollars in thousands) | September 30, 2023 |  | June 30, 2023
Available-for-sale debt securities—net unrealized gains (losses) | $ | (8,266) |  |  | $ | (8,601) |
Available-for-sale debt securities—non-credit related | (845) |  |  | (845) |
Subtotal | (9,111) |  |  | (9,446) |
Tax benefit (expense) | 2,723 |  |  | 2,836 |
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) | $ | (6,388) |  |  | $ | (6,610) |

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