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AVAILABLE-FOR-SALE SECURITIES
 6 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
AVAILABLE-FOR-SALE SECURITIES AVAILABLE-FOR-SALE SECURITIES
The amortized cost and fair value of available-for-sale securities were:
December 31, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$49,176 $61 $(2,333)$46,904 
Non-agency2
46,755 933 (276)47,412 
Total mortgage-backed securities95,931 994 (2,609)94,316 
Municipal3,856 — (324)3,532 
Total available-for-sale securities
$99,787 $994 $(2,933)$97,848 
June 30, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$29,835 $83 $(2,659)$27,259 
Non-agency2
110,658 838 (568)110,928 
Total mortgage-backed securities140,493 921 (3,227)138,187 
Municipal3,788 — (364)3,424 
Total available-for-sale securities
$144,281 $921 $(3,591)$141,611 
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 prime, Alt-A or pay-option ARM mortgages.
The Company evaluates available-for-sale securities in an unrealized loss position based on an analysis of a number of factors, including, but not limited to: (1) the credit characteristics of the securities, such as the forecasted cash flows, credit ratings, credit enhancement, and government agency or government-sponsored enterprise backing, as applicable, and (2) whether the Company intends to sell or will be required to sell any of the securities before recovering the amortized cost basis. Based on its analysis, the Company determined the unrealized losses on available-for-sale securities are primarily driven by the increase in interest rates since the securities were purchased and, accordingly, no credit losses were recognized on available-for-sale securities in the three and six months ended December 31, 2024 and December 31, 2023. There was no amount in the allowance for credit losses for available-for-sale securities at December 31, 2024 and June 30, 2024.
The face amounts of available-for-sale securities pledged to secure borrowings were $0.7 million and $0.8 million as of December 31, 2024 and June 30, 2024.
There were no sales of available-for-sale securities during the three months and six months ended December 31, 2024. The Company sold a $4.8 million available-for-sale security with no realized gain or loss during the three and six months ended December 31, 2023.
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, 2024
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:
Agency
$9,102 $(21)$16,479 $(2,312)$25,581 $(2,333)
Non-agency— — 44,866 (276)44,866 (276)
Total MBS9,102 (21)61,345 (2,588)70,447 (2,609)
Municipal— — 3,532 (324)3,532 (324)
Total available-for-sale securities
$9,102 $(21)$64,877 $(2,912)$73,979 $(2,933)
June 30, 2024
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:
Agency
$2,644 $(31)$19,298 $(2,628)$21,942 $(2,659)
Non-agency15 — 78,364 (568)78,379 (568)
Total MBS2,659 (31)97,662 (3,196)100,321 (3,227)
Municipal— — 3,424 (364)3,424 (364)
Total available-for-sale securities
$2,659 $(31)$101,086 $(3,560)$103,745 $(3,591)
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, 2024
(Dollars in thousands)Total AmountDue Within One YearDue after One but within Five YearsDue after Five but within Ten YearsDue After Ten Years
MBS:
Agency$49,176 $10,960 $30,660 $5,769 $1,787 
Non-Agency$46,755 $42,981 $1,277 $1,288 $1,209 
Total MBS$95,931 $53,941 $31,937 $7,057 $2,996 
Municipal$3,856 $— $— $— $3,856 
Available-for-sale—Amortized cost
$99,787 $53,941 $31,937 $7,057 $6,852 
Available-for-sale—Fair value$97,848 $53,456 $30,918 $6,768 $6,706