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FAIR VALUE (Tables)

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

						June 30, 2024
(Dollars in thousands)									Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
ASSETS:
Trading securities									$	353					$	—					$	353
Available-for-sale securities:
Agency MBS1									27,259						—						27,259
Non-Agency MBS2									—						110,928						110,928
Municipal									3,424						—						3,424
Total—Available-for-sale securities:									$	30,683					$	110,928					$	141,611
Loans held for sale									$	16,482					$	—					$	16,482
Servicing rights									$	—					$	28,924					$	28,924
Other assets—Derivative instruments3									$	106,796					$	—					$	106,796
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments									$	102,949					$	—					$	102,949
						June 30, 2023
(Dollars in thousands)									Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
ASSETS:
Trading securities									$	758					$	—					$	758
Available-for-sale securities:
Agency MBS1									23,947						—						23,947
Non-Agency MBS2									—						205,005						205,005
Municipal									3,398						—						3,398
Total—Available-for-sale securities:									$	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:
Accounts payable 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”).

3 Gross derivative assets as of June 30, 2024 are presented gross of $85.2 million of variation margin on centrally-cleared derivatives.

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:

									Fiscal Year Ended June 30, 2024
(Dollars in thousands)									Available-for-Sale Securities: Non-Agency MBS						Servicing Rights1												Total
Opening Balance									$	205,005					$	25,443											$	230,448
Transfers into Level 3									—						—												—
Transfers out of Level 3									—						—												—
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income									—						739												739
Included in other comprehensive income									5,535						—												5,535
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions									—						2,742												2,742
Issues									—						—												—
Sales									—						—												—
Settlements									(99,612)						—												(99,612)
Closing balance									$	110,928					$	28,924											$	139,852
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period									$	—					$	739											$	739

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 $1.2 million for the fiscal year ended June 30, 2024 and a decrease in servicing rights value resulting from market-driven changes in interest rates of $1.9 million for the fiscal year ended June 30, 2024. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

									Fiscal Year Ended June 30, 2023
(Dollars in thousands)									Available-for-Sale Securities: Non-Agency MBS						Servicing Rights1						Derivative Instruments, net						Total
Opening Balance									$	186,814					$	25,213					$	464					$	212,491
Transfers into Level 3									—						—						—						—
Transfers out of Level 3									—						—						(464)						(464)
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income									—						(634)						—						(634)
Included in other comprehensive income									(4,464)						—						—						(4,464)
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions									30,000						864						—						30,864
Issues									—						—						—						—
Sales									—						—						—						—
Settlements									(7,345)						—						—						(7,345)
Closing balance									$	205,005					$	25,443					$	—					$	230,448
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period									$	—					$	(634)					$	—					$	(634)

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 $0.9 million for the fiscal year ended June 30, 2023 and an increase in servicing rights value resulting from market-driven changes in interest rates of $0.3 million for the fiscalyear ended June 30, 2023. 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:

June 30, 2024

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)1

Securities – Non-agency MBS

$

110,928

Discounted Cash Flow

Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over SOFR Swaps, Credit Enhancement

0.0 to 72.1% (38.0%) 0.0 to 13.7% (2.8%) 0.0 to 68.9% (32.9%) 2.5 to 4.9% (2.5%) 0.0 to 64.9% (22.8%)

Servicing Rights

$

28,924

Discounted Cash Flow

Projected Constant Prepayment Rate, Life (in years), Discount Rate

5.5 to 95.2% (11.8%) 0.4 to 14.9 (7.9) 9.5 to 11.2% (9.8%)

June 30, 2023

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)1

Securities – Non-agency MBS

$

205,005

Discounted Cash Flow

Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR, Credit Enhancement

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%) 0.0 to 93.9% (20.9%)

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%)

1 The weighted average for Securities - Non-agency MBS is based on the relative fair value of the securities and for Servicing Rights is based on the relative unpaid principal of the loans being serviced.

The following table presents quantitative information about Level 3 fair value measurements for other real estate owned measured at fair value on a non-recurring basis:

June 30, 2024

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average) 1

Other real estate owned:

Single family real estate

$

1,840

Sales comparison approach

Differences between the comparable sales

77.0% to 98.2% (80.2%)

June 30, 2023

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average) 1

Other real estate owned:

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 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. The weighted average is based on the relative fair value of comparable sales.

Schedule of Aggregate Fair Value, Contractual Balance, and Unrealized Gain 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:

			At June 30,
(Dollars in thousands)			2024						2023
Aggregate fair value			$	16,482					$	23,203
Contractual balance			15,966						22,844
Unrealized gain			$	516					$	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 Fiscal Year Ended June 30,
(Dollars in thousands)			2024						2023						2022
Interest income			$	769					$	415					$	739
Change in fair value			122						57						(2,474)
Total			$	891					$	472					$	(1,735)

Schedule of Fair Value Assets Measured for Impairment on Nonrecurring Basis

The table below summarizes assets measured at fair value on a non-recurring basis:

			June 30, 2024
(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			$	—					$	—					$	1,840					$	1,840
Autos			—						—						610						610
Total			$	—					$	—					$	2,450					$	2,450
			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 Year-end

The carrying amount and estimated fair values of financial instruments were as follows:

			June 30, 2024
									Fair Value
(Dollars in thousands)			Carrying Amount						Level 1						Level 2						Level 3						Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash			$	2,185,776					$	2,185,776					$	—					$	—					$	2,185,776
Trading securities			353						—						353						—						353
Available-for-sale securities			141,611						—						30,683						110,928						141,611
Stock of regulatory agencies			21,957						—						21,957						—						21,957
Loans held for sale, at fair value			16,482						—						16,482						—						16,482
Loans held for investment—net			19,231,385						—						—						19,209,442						19,209,442
Securities borrowed			67,212						—						—						71,480						71,480
Customer, broker-dealer and clearing receivables			240,028						—						—						249,317						249,317
Servicing rights			28,924						—						—						28,924						28,924
Other assets - derivative instruments1			106,796						—						106,796						—						106,796
Financial liabilities:
Total deposits			19,359,217						—						19,217,281						—						19,217,281
Advances from the Federal Home Loan Bank			90,000						—						84,201						—						84,201
Borrowings, subordinated notes and debentures			325,679						—						302,487						—						302,487
Securities loaned			74,177						—						—						74,021						74,021
Customer, broker-dealer and clearing payables			301,127						—						—						301,127						301,127
Accounts payable and other liabilities - derivative instruments			102,949						—						102,949						—						102,949

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.

			June 30, 2023
									Fair Value
(Dollars in thousands)			Carrying Amount						Level 1						Level 2						Level 3						Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash			$	2,382,086					$	2,382,086					$	—					$	—					$	2,382,086
Trading securities			758						—						758						—						758
Available-for-sale securities			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
Accounts payable and other liabilities - derivative instruments			691						—						691						—						691

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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