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FAIR VALUE (Tables) | 3 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and June 30, 2024. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement:
|  | September 30, 2024
(Dollars in thousands) |  |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
ASSETS: |  |  |  |  |  |  |
Trading securities |  |  | $ | 594 |  |  | $ | — |  |  | $ | 594 |
Available-for-sale securities: |  |  |  |  |  |  |
Agency MBS |  |  | 43,120 |  |  | — |  |  | 43,120 |
Non-Agency MBS |  |  | — |  |  | 91,309 |  |  | 91,309 |
Municipal |  |  | 3,567 |  |  | — |  |  | 3,567 |
Total—Available-for-sale securities: |  |  | $ | 46,687 |  |  | $ | 91,309 |  |  | $ | 137,996 |
Loans held for sale |  |  | $ | 14,566 |  |  | $ | — |  |  | $ | 14,566 |
Servicing rights |  |  | $ | — |  |  | $ | 27,335 |  |  | $ | 27,335 |
Other assets—Derivative instruments |  |  | $ | 66,172 |  |  | $ | — |  |  | $ | 66,172 |
LIABILITIES: |  |  |  |  |  |  |
Accounts payable and other liabilities—Derivative instruments |  |  | $ | 63,225 |  |  | $ | — |  |  | $ | 63,225 |
|  | 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 MBS |  |  | 27,259 |  |  | — |  |  | 27,259 |
Non-Agency MBS |  |  | — |  |  | 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 instruments |  |  | $ | 106,796 |  |  | $ | — |  |  | $ | 106,796 |
LIABILITIES: |  |  |  |  |  |  |
Accounts payable and other liabilities—Derivative instruments |  |  | $ | 102,949 |  |  | $ | — |  |  | $ | 102,949 |
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, 2024
(Dollars in thousands) |  |  | Available-for-sale Securities: Non-Agency MBS |  | Servicing Rights 1 |  |  |  | Total
Opening Balance |  |  | $ | 110,928 |  |  | $ | 28,924 |  |  |  |  | $ | 139,852 |
Total gains or losses for the period: |  |  |  |  |  |  |  |  |
Included in earnings—Mortgage banking and servicing rights income |  |  | — |  |  | (1,852) |  |  |  |  | (1,852) |
Included in other comprehensive income |  |  | 782 |  |  | — |  |  |  |  | 782 |
Purchases, retentions, issues, sales and settlements: |  |  |  |  |  |  |  |  |
Purchases/Retentions |  |  | — |  |  | 263 |  |  |  |  | 263 |
Settlements |  |  | (20,401) |  |  | — |  |  |  |  | (20,401) |
Closing balance |  |  | $ | 91,309 |  |  | $ | 27,335 |  |  |  |  | $ | 118,644 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period |  |  | $ | — |  |  | $ | (1,852) |  |  |  |  | $ | (1,852) |
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, 2024 and a decrease in servicing rights value resulting from market-driven changes in interest rates of $1.6 million for the three months ended September 30, 2024. 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, 2023
(Dollars in thousands) |  |  | Available-for-sale Securities: Non-Agency MBS |  | 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.
Schedule of Quantitative Information About Level 3 Fair Value Measurements | The table below summarizes the quantitative information about Level 3 fair value measurements:
| September 30, 2024
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average)1
Available-for-sale securities: Non-Agency MBS | $ | 91,309 |  | Discounted Cash Flow | Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over SOFR Swaps, Credit Enhancement | 0.0 to 69.6% (34.5%) 0.0 to 5.5% (2.6%) 0.0 to 68.9% (32.6%) 2.5 to 4.9% (2.6%) 0.0 to 64.3% (26.1%)
Servicing Rights | $ | 27,335 |  | Discounted Cash Flow | Projected Constant Prepayment Rate, Life (in years), Discount Rate | 5.2 to 24.2% (10.9%) 2.4 to 11.1 (8.3) 9.5 to 11.2% (9.8%)
| June 30, 2024
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average)1
Available-for-sale 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%)
1 The weighted average for Available-for-sale 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.
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, the contractual balance (including accrued interest), and the unrealized gain were:
(Dollars in thousands) | September 30, 2024 |  | June 30, 2024
Aggregate fair value | $ | 14,566 |  |  | $ | 16,482 |
Contractual balance | 13,977 |  |  | 15,966 |
Unrealized gain | $ | 589 |  |  | $ | 516 |
The total interest income and amount of gains and losses from changes in fair value included in earnings for loans held for sale were:
|  |  | September 30,
(Dollars in thousands) |  |  |  |  | 2024 |  | 2023
Interest income |  |  |  |  | $ | 288 |  |  | $ | 189 |
Change in fair value |  |  |  |  | 17 |  |  | (129) |
Total |  |  |  |  | $ | 305 |  |  | $ | 60 |
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, 2024 and June 30, 2024 were:
| September 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 | $ | 2,803,856 |  |  | $ | 2,803,856 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,803,856 |
Trading securities | 594 |  |  | — |  |  | 594 |  |  | — |  |  | 594 |
Available-for-sale securities | 137,996 |  |  | — |  |  | 46,687 |  |  | 91,309 |  |  | 137,996 |
Stock of regulatory agencies | 34,417 |  |  | — |  |  | 34,417 |  |  | — |  |  | 34,417 |
Loans held for sale, at fair value | 14,566 |  |  | — |  |  | 14,566 |  |  | — |  |  | 14,566 |
Loans held for investment—net | 19,280,609 |  |  | — |  |  | — |  |  | 19,563,846 |  |  | 19,563,846 |
Securities borrowed | 84,326 |  |  | — |  |  | — |  |  | 83,501 |  |  | 83,501 |
Customer, broker-dealer and clearing receivables | 262,774 |  |  | — |  |  | — |  |  | 261,163 |  |  | 261,163 |
Servicing rights | 27,335 |  |  | — |  |  | — |  |  | 27,335 |  |  | 27,335 |
Other assets - derivative instruments | 66,172 |  |  | — |  |  | 66,172 |  |  | — |  |  | 66,172 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Total deposits | 19,973,329 |  |  | — |  |  | 19,743,134 |  |  | — |  |  | 19,743,134 |
Advances from the Federal Home Loan Bank | 90,000 |  |  | — |  |  | 86,700 |  |  | — |  |  | 86,700 |
Borrowings, subordinated notes and debentures | 313,519 |  |  | — |  |  | 285,114 |  |  | — |  |  | 285,114 |
Securities loaned | 95,883 |  |  | — |  |  | — |  |  | 95,398 |  |  | 95,398 |
Customer, broker-dealer and clearing payables | 315,985 |  |  | — |  |  | — |  |  | 315,985 |  |  | 315,985 |
Accounts payable and other liabilities - derivative instruments | 63,225 |  |  | — |  |  | 63,225 |  |  | — |  |  | 63,225 |
| 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 instruments | 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 |

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