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OFFSETTING OF DERIVATIVES AND SECURITIES FINANCING AGREEMENTS
 12 Months Ended
Jun. 30, 2024
Offsetting [Abstract]  
OFFSETTING OF DERIVATIVES AND SECURITIES FINANCING AGREEMENTS OFFSETTING OF DERIVATIVES AND SECURITIES FINANCING AGREEMENTS
The Company enters into derivatives transactions as part of its mortgage banking activities, makes markets in interest rate swap and cap derivatives to facilitate customer demand, and enters into securities borrowed and securities loaned transactions to facilitate customer match-book activity, cover short positions and support customer securities lending. The Company manages credit exposure from certain of these transactions by entering into master netting 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 failure to pay, insolvency or bankruptcy of a counterparty.
The following tables present information about the offsetting of these instruments and related collateral amounts:
June 30, 2024
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet AmountFinancial Collateral
Cash Collateral
Net Assets / Liabilities
Assets:
Securities borrowed$67,212 $— $67,212 $67,212 $— $— 
Other Assets — Derivative Assets1
106,796 — 106,796 414 18,110 88,272 
Liabilities:
Securities loaned$74,177 $— $74,177 $74,177 $— $— 
Accounts Payable and Other Liabilities — Derivative Liabilities
102,949 — 102,949 414 — 102,535 
June 30, 2023
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet AmountFinancial CollateralNet Assets / Liabilities
Assets:
Securities borrowed$134,339 $— $134,339 $134,339 $— 
Other Assets — Derivative Assets
919 — 919 — 919 
Liabilities:
Securities loaned$159,832 $— $159,832 $159,832 $— 
Accounts Payable and Other Liabilities — Derivative Liabilities
691 691 691 
1 Other Assets — Derivative Assets as of June 30, 2024 include an $87.9 million from the FDIC related to the novation of certain interest rate swaps and are presented gross of $85.2 million of variation margin on centrally-cleared derivatives.
The securities loaned transactions represent equities with an overnight and open maturity classification as of both periods presented.