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OTHER ASSETS | 9 Months Ended
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Mar. 31, 2025
Other Assets [Abstract] |
OTHER ASSETS | OTHER ASSETS “Other Assets” in the Consolidated Balance Sheets primarily comprises bank-owned life insurance (“BOLI”), 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.” BOLI. The Company purchased $100 million of BOLI policies on the lives of certain executives of the Company during the nine months ended March 31, 2025. The Company is the owner and sole beneficiary of the policies. LIHTC Investments. The Company recognized the following income and tax benefits for its LIHTC investments.
|  | For the Three Months Ended March 31, |  | For the Nine Months Ended March 31,
(Dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Tax credits recognized |  | $ | 1,476 |  |  | $ | 854 |  |  | $ | 4,282 |  |  | $ | 2,562 |
Other tax benefits recognized |  | 485 |  |  | 269 |  |  | 953 |  |  | 713 |
Amortization |  | (1,747) |  |  | (826) |  |  | (4,400) |  |  | (2,349) |
Net benefit (expense) included in income tax expense |  | 214 |  |  | 297 |  |  | 835 |  |  | 926 |
Other income (loss) included in banking and service fees |  | — |  |  | — |  |  | — |  |  | 2 |
Net benefit (expense) included in the Consolidated Statements of Income |  | $ | 214 |  |  | $ | 297 |  |  | $ | 835 |  |  | $ | 928 |
The Company recognized the following investments on its balance sheets.
(Dollars in thousands) |  | As of March 31, 2025 |  | As of June 30, 2024
LIHTC investments |  | $ | 61,472 |  |  | $ | 65,873 |
LIHTC unfunded commitments 1 |  | $ | 28,980 |  |  | $ | 40,617 |
1 LIHTC unfunded commitments are included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets. For the three and nine months ended March 31, 2025 and 2024, 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 and nine months ended March 31, 2025 and 2024, there has been no impairment loss recognized from the forfeiture or ineligibility of income tax credits.

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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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