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OTHER ASSETS
 3 Months Ended
Sep. 30, 2024
Other Assets [Abstract]  
OTHER ASSETS OTHER ASSETS
Other Assets in the Consolidated Balance Sheets primarily comprises bank-owned life insurance, accrued interest receivable, derivatives, net deferred income tax assets, furniture, equipment and software, right-of-use lease assets, LIHTC investments and other receivables. For additional information on other assets, see Note 9—“Other Assets” in the 2024 Form 10-K. For additional information on accrued interest receivable, see Note 4—“Loans & Allowance for Credit Losses,” for additional information on derivatives, see Note 5—“Derivatives.”
LIHTC Investments. The Company recognized the following income and tax benefits for its LIHTC investments.
For the Three Months Ended September 30,
(Dollars in thousands)20242023
Tax credits recognized$1,420 $850 
Other tax benefits recognized312 313 
Amortization(1,406)(848)
Net benefit (expense) included in income tax expense326 315 
Other income (loss) included in banking and service fees— — 
Net benefit (expense) included in the Consolidated Statements of Income$326 $315 
The Company recognized the following investments on its balance sheets.
(Dollars in thousands)As of September 30, 2024As of June 30, 2024
LIHTC investments$64,467 $65,873 
LIHTC unfunded commitments1
$38,083 $40,617 
1LIHTC unfunded commitments are included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets.
For the three months ended September 30, 2024 and 2023, there have been no significant modifications or events that resulted in the change in the nature of the LIHTC investments or any changes in the relationship with the underlying project.
For the three months ended September 30, 2024 and 2023, there has been no impairment loss recognized from the forfeiture or ineligibility of income tax credits.