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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
 3 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
The Company has an equity incentive plan, the Amended and Restated 2014 Stock Incentive Plan (the “2014 Plan”), which provides for the granting of non-qualified and incentive stock options, restricted stock and restricted stock units, stock appreciation rights and other awards to employees, directors and consultants. The 2014 Plan is designed to encourage selected employees and directors to improve operations and increase profits, and to accept or continue employment or association with the Company through participation in the growth in the value of the Company’s common stock. The Company also has an employment agreement with its Chief Executive Officer that provides for an award of restricted stock units. For additional information regarding the Company’s stock-based compensation plans, see Note 16—“Stock-Based Compensation” in the 2024 Form 10-K.
At September 30, 2024, 1,279,635 shares of common stock were authorized for future awards under the 2014 Plan. As of September 30, 2024, the total compensation cost not yet recognized related to non-vested awards was $61.3 million, which is expected to be recognized over a weighted-average period of 1.6 years.
The following table presents the status and changes in RSUs:
RSUs
Weighted-Average
Grant-Date Fair Value
Non-vested balance at June 30, 2024
1,541,194 $43.95 
Granted640,058 63.15 
Vested(340,701)42.50 
Forfeited(20,981)44.74 
Non-vested balance at September 30, 2024
1,819,570 $50.97 
The total fair value of shares vested was $22.5 million and $14.8 million for the three months ended September 30, 2024 and September 30, 2023, respectively.
Common Stock Repurchases.
The following table presents common stock repurchases:
For the Three Months Ended September 30,
(Dollars in thousands except per share data)
20242023
Total repurchase
$— $24,535 
Number of shares repurchased
— 648,208 
Average price paid per share
$— $37.85 
As of September 30, 2024, there was $106.5 million of share repurchase authorization remaining. The share repurchase program will continue in effect until terminated by the Board of Directors of the Company. For additional information regarding the Company’s share repurchase program, see Note 15—“Stockholders' Equity” in the 2024 Form 10-K.
Accumulated Other Comprehensive Income
Accumulated other comprehensive income includes the after-tax change in unrealized gains and losses on investment securities and cash flow hedging activities.
For the Three Months Ended September 30, 2024
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2024$(2,466)$— $(2,466)
Other comprehensive income/(loss)1,319 382 1,701 
Balance at September 30, 2024$(1,147)$382 $(765)
For the Three Months Ended September 30, 2023
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2023$(6,610)$— $(6,610)
Other comprehensive income/(loss)222 — 222 
Balance at September 30, 2023$(6,388)$— $(6,388)
The following table presents the pre-tax and after-tax changes in the components of other comprehensive income.
For the Three Months Ended
September 30, 2024		For the Three Months Ended
September 30, 2023
(Dollars in thousands)Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gain/(loss) on investment securities:
Net unrealized gains/(losses) arising during the period$1,884 $(565)$1,319 $334 $(112)$222 
Reclassification adjustment for realized (gains)/losses included in net income— — — — — — 
Net change$1,884 $(565)$1,319 $334 $(112)$222 
Cash flow hedges:
Net unrealized gains/(losses) arising during the period$553 $(171)$382 $— $— $— 
Reclassification adjustment for realized (gains)/losses included in net income— — — — — — 
Net change553 (171)382 — — — 
Total other comprehensive income$2,437 $(736)$1,701 $334 $(112)$222