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FAIR VALUE (Tables)
 6 Months Ended
Dec. 31, 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 December 31, 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:
December 31, 2024
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
ASSETS:
Trading securities
$241 $— $241 
Available-for-sale securities:
Agency MBS46,904 — 46,904 
Non-Agency MBS— 47,412 47,412 
Municipal3,532 — 3,532 
Total—Available-for-sale securities:
$50,436 $47,412 $97,848 
Loans held for sale$25,436 $— $25,436 
Servicing rights$— $28,045 $28,045 
Other assets—Derivative instruments1
$16,363 $— $16,363 
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments$83,957 $— $83,957 
1 Other assets - Derivative instruments are presented net of $78.0 million of variation margin on centrally-cleared derivatives as of December 31, 2024.
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 
Municipal3,424 — 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
December 31, 2024
(Dollars in thousands)
Available-for-sale Securities:
Non-Agency MBS
Servicing Rights1
Total
Opening balance$91,309 $27,335 $118,644 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income— 487 487 
Included in other comprehensive income(394)— (394)
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 223 223 
Settlements(43,503)— (43,503)
Closing balance$47,412 $28,045 $75,457 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $487 $487 
For the Six Months Ended
December 31, 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— (1,364)(1,364)
Included in other comprehensive income388 — 388 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 485 485 
Settlements(63,904)— (63,904)
Closing balance$47,412 $28,045 $75,457 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $(1,364)$(1,364)
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 $0.7 million and $0.9 million for the three and six months ended December 31, 2024, respectively, and an increase in servicing rights value resulting from market-driven changes in interest rates of $1.1 million for the three months ended December 31, 2024 and a decrease of $0.5 million for the six months ended December 31, 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
December 31, 2023
(Dollars in thousands)
Available-for-sale Securities:
Non-Agency MBS
Servicing Rights1
Total
Opening balance$206,076 $29,338 $235,414 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income— (1,494)(1,494)
Included in other comprehensive income1,876 — 1,876 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 199 199 
Settlements(244)— (244)
Closing balance$207,708 $28,043 $235,751 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $(1,494)$(1,494)
For the Six Months Ended
December 31, 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— 365 365 
Included in other comprehensive income3,191 — 3,191 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 2,235 2,235 
Settlements(488)— (488)
Closing balance$207,708 $28,043 $235,751 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $365 $365 
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 $0.3 million and $0.5 million for the three and six months ended December 31, 2023, and a decrease in servicing rights value resulting from market-driven changes in interest rates of $1.2 million for the three months ended December 31, 2023 and an increase of $0.9 million for the six months ended December 31, 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:
December 31, 2024
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average)1
Available-for-sale securities: Non-Agency MBS
$47,412 Discounted Cash Flow
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over SOFR Swaps,
Credit Enhancement
0.0 to 72.7% (32.9%)
0.0 to 6.4% (2.2%)
0.0 to 68.9% (30.1%)
2.5 to 4.6% (2.6%)
0.2 to 96.8% (27.2%)
Servicing Rights
$28,045 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
6.7 to 58.1% (10.4%)
0.0 to 11.1 (8.5)
9.5 to 11.2% (9.8%)
June 30, 2024
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable 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 FlowProjected 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)December 31, 2024June 30, 2024
Aggregate fair value$25,436 $16,482 
Contractual balance25,160 15,966 
Unrealized gain$276 $516 
The total interest income and amount of gains and losses from changes in fair value included in earnings for loans held for sale, carried at fair value, were:
For the Three Months Ended December 31,For the Six Months Ended December 31,
(Dollars in thousands)2024202320242023
Interest income$249 $141 $537 $330 
Change in fair value(384)33 (367)(96)
Total $(135)$174 $170 $234 
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Period-End
Carrying amounts and estimated fair values of financial instruments at December 31, 2024 and June 30, 2024 were:
December 31, 2024
Fair Value
(Dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash
$2,673,431 $2,673,431 $— $— $2,673,431 
Trading securities
241 — 241 — 241 
Available-for-sale securities
97,848 — 50,436 47,412 97,848 
Stock of regulatory agencies34,298 — 34,298 — 34,298 
Loans held for sale, at fair value25,436 — 25,436 — 25,436 
Loans held for investment—net19,486,727 — — 19,661,657 19,661,657 
Securities borrowed114,672 — — 113,565 113,565 
Customer, broker-dealer and clearing receivables298,887 — — 296,997 296,997 
Servicing rights
28,045 — — 28,045 28,045 
Other assets - derivative instruments1
16,363 — 16,363 — 16,363 
Financial liabilities:
Total deposits19,934,904 — 19,604,164 — 19,604,164 
Advances from the Federal Home Loan Bank60,000 — 55,042 — 55,042 
Borrowings, subordinated notes and debentures358,692 — 320,993 — 320,993 
Securities loaned135,258 — — 134,594 134,594 
Customer, broker-dealer and clearing payables309,593 — — 309,593 309,593 
Accounts payable and other liabilities - derivative instruments
83,957 — 83,957 — 83,957 
1 Other Assets - Derivative Assets are presented net of $78.0 million of variation margin on centrally-cleared derivatives as of December 31, 2024.

June 30, 2024
Fair Value
(Dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total 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 value16,482 — 16,482 — 16,482 
Loans held for investment—net19,231,385 — — 19,209,442 19,209,442 
Securities borrowed67,212 — — 71,480 71,480 
Customer, broker-dealer and clearing receivables240,028 — — 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 deposits19,359,217 — 19,217,281 — 19,217,281 
Advances from the Federal Home Loan Bank90,000 — 84,201 — 84,201 
Borrowings, subordinated notes and debentures325,679 — 302,487 — 302,487 
Securities loaned74,177 — — 74,021 74,021 
Customer, broker-dealer and clearing payables301,127 — — 301,127 301,127 
Accounts payable and other liabilities - derivative instruments
102,949 — 102,949 — 102,949