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FAIR VALUE (Tables)

3 Months Ended

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 Rights1												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 Rights1												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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