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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
 6 Months Ended
Dec. 31, 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 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 December 31, 2024, 1,251,191 shares of common stock were authorized for future awards under the 2014 Plan. As of December 31, 2024, the total compensation cost not yet recognized related to non-vested awards was $56.6 million, which is expected to be recognized over a weighted-average period of 1.3 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 
Granted703,218 64.68 
Vested(349,700)42.63 
Forfeited(52,114)47.06 
Non-vested balance at December 31, 2024
1,842,598 $52.02 
The total fair value of shares vested for the three and six months ended December 31, 2024 was $0.7 million and $23.2 million, respectively. The total fair value of shares vested for the three and six months ended December 31, 2023 was $0.1 million and $14.9 million, respectively.
Common Stock Repurchases.
The following table presents common stock repurchases:
For the Three Months Ended December 31,
For the Six Months Ended December 31,
(Dollars in thousands except per share data)
2024202320242023
Total repurchase
$— $58,650 $— $83,186 
Number of shares repurchased
— 1,607,301 — 2,255,509 
Average price paid per share
$— $36.49 $— $36.88 
As of December 31, 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.
At-the-Market Equity Offering
On January 28, 2025, the Company entered into an equity distribution agreement pursuant to which the Company may issue and sell through distribution agents from time to time shares of the Company’s common stock in at-the-market offerings
with an aggregate offering price of up to $150,000,000. The Company will issue the stock pursuant to a previously effective registration statement and a prospectus supplement filed with the SEC on January 28, 2025.
Accumulated Other Comprehensive Income
AOCI includes the after-tax change in unrealized gains and losses on investment securities and cash flow hedging activities.
For the Three Months Ended December 31, 2024
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at September 30, 2024
$(1,147)$382 $(765)
Other comprehensive income/(loss)(784)4,556 3,772 
Balance at December 31, 2024
$(1,931)$4,938 $3,007 
For the Three Months Ended December 31, 2023
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at September 30, 2023
$(6,388)$— $(6,388)
Other comprehensive income/(loss)2,469 — 2,469 
Balance at December 31, 2023
$(3,919)$— $(3,919)
For the Six Months Ended December 31, 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)535 4,938 5,473 
Balance at December 31, 2024
$(1,931)$4,938 $3,007 
For the Six Months Ended December 31, 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)2,691 — 2,691 
Balance at December 31, 2023
$(3,919)$— $(3,919)
The following table presents the pre-tax and after-tax changes in the components of other comprehensive income.
For the Three Months Ended
December 31, 2024		For the Three Months Ended
December 31, 2023
(Dollars in thousands)Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gain/(loss) on investment securities:
Net unrealized gains/(losses) arising during the period$(1,153)$369 $(784)$3,527 $(1,058)$2,469 
Reclassification adjustment for realized (gains)/losses included in net income— — — — — — 
Net change$(1,153)$369 $(784)$3,527 $(1,058)$2,469 
Cash flow hedges:
Net unrealized gains/(losses) arising during the period$8,073 $(2,496)$5,577 $— $— $— 
Reclassification adjustment for realized (gains)/losses included in net income(1,478)457 (1,021)— — — 
Net change6,595 (2,039)4,556 — — — 
Total other comprehensive income/(loss)$5,442 $(1,670)$3,772 $3,527 $(1,058)$2,469 
For the Six Months Ended
December 31, 2024		For the Six Months Ended
December 31, 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$731 $(196)$535 $3,861 $(1,170)$2,691 
Reclassification adjustment for realized (gains)/losses included in net income— — — — — — 
Net change$731 $(196)$535 $3,861 $(1,170)$2,691 
Cash flow hedges:
Net unrealized gains/(losses) arising during the period$8,626 $(2,667)$5,959 $— $— $— 
Reclassification adjustment for realized (gains)/losses included in net income(1,478)457 (1,021)— — — 
Net change7,148 (2,210)4,938 — — — 
Total other comprehensive income$7,879 $(2,406)$5,473 $3,861 $(1,170)$2,691