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AVAILABLE-FOR-SALE SECURITIES (Tables)
 6 Months Ended
Dec. 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 and fair value of available-for-sale securities were:
December 31, 2023
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
U.S. agencies1
$31,048 $238 $(2,622)$28,664 
Non-agency2
209,783 911 (2,986)207,708 
Total mortgage-backed securities240,831 1,149 (5,608)236,372 
Non-MBS:
Municipal3,721 — (281)3,440 
Total Non-MBS3,721 — (281)3,440 
Total available-for-sale securities
$244,552 $1,149 $(5,889)$239,812 
June 30, 2023
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
U.S. agencies1
$27,024 $— $(3,077)$23,947 
Non-agency2
210,271 711 (5,977)205,005 
Total mortgage-backed securities237,295 711 (9,054)228,952 
Non-MBS:
Municipal3,656 — (258)3,398 
Total Non-MBS3,656 — (258)3,398 
Total available-for-sale securities
$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 maturity distribution of our non-MBS, which is based on the contractual maturity:
As of December 31, 2023
(Dollars in thousands)Total AmountDue Within One YearDue after One but within Five YearsDue after Five but within Ten YearsDue After Ten Years
MBS:
Agency1
$31,048 $6,907 $14,543 $7,222 $2,376 
Non-Agency2
$209,783 $163,929 $43,425 $1,534 $895 
Total MBS$240,831 $170,836 $57,968 $8,756 $3,271 
Non-MBS:
Municipal$3,721 $— $— $— $3,721 
Total Non-MBS$3,721 $— $— $— $3,721 
Available-for-sale—Amortized cost
$244,552 $170,836 $57,968 $8,756 $6,992 
Available-for-sale—Fair value$239,812 $168,400 $56,864 $8,181 $6,367 
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:
December 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$25 $— $20,762 $(2,622)$20,787 $(2,622)
Non-agency42,324 (71)133,670 (2,915)175,994 (2,986)
Total MBS42,349 (71)154,432 (5,537)196,781 (5,608)
Non-MBS:
Municipal
— — 3,440 (281)3,440 (281)
Total Non-MBS— — 3,440 (281)3,440 (281)
Total available-for-sale securities
$42,349 $(71)$157,872 $(5,818)$200,221 $(5,889)
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-agency107,982 (1,808)95,385 (4,169)203,367 (5,977)
Total MBS111,164 (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 available-for-sale 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)December 31,
2023		June 30,
2023
Available-for-sale securities—net unrealized gains (losses)
$(4,740)$(8,601)
Available-for-sale securities—non-credit related
(845)(845)
Subtotal(5,585)(9,446)
Tax benefit (expense)1,666 2,836 
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss)$(3,919)$(6,610)