XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.25.1

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION | 9 Months Ended
--- | ---
Mar. 31, 2025
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 March 31, 2025, 1,007,365 shares of common stock were authorized for future awards under the 2014 Plan. As of March 31, 2025, the total compensation cost not yet recognized related to non-vested awards was $74.8 million, which is expected to be recognized over a weighted-average period of 1.4 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 |
Granted | 1,006,449 |  |  | 64.46 |
Vested | (592,005) |  |  | 43.48 |
Forfeited | (71,433) |  |  | 47.62 |
Non-vested balance at March 31, 2025 | 1,884,205 |  |  | $ | 54.92 |
The total fair value of shares vested for the three and nine months ended March 31, 2025 was $15.7 million and $38.8 million, respectively. The total fair value of shares vested for the three and nine months ended March 31, 2024 was $10.3 million and $25.2 million, respectively. Common Stock Repurchases. The following table presents common stock repurchases:
| For the Three Months Ended March 31, |  | For the Nine Months Ended March 31,
(Dollars in thousands except per share data) | 2025 |  | 2024 |  | 2025 |  | 2024
Total repurchase | $ | 27,870 |  |  | $ | 595 |  |  | $ | 27,870 |  |  | $ | 83,781 |
Number of shares repurchased | 434,327 |  |  | 12,101 |  |  | 434,327 |  |  | 2,267,610 |
Average price paid per share | $ | 64.17 |  |  | $ | 49.22 |  |  | $ | 64.17 |  |  | $ | 36.95 |
As of March 31, 2025, there was $78.7 million of share repurchase authorization remaining. Of the repurchases made during three and nine months ended March 31, 2025, $2.0 million or 31,337 common shares, were traded on March 31, 2025, but settled in April 2025. The Company repurchased an additional 517,600 shares for approximately $30.3 million from April 1, 2025 through April 30, 2025. 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. No shares of the Company’s common stock have been issued pursuant to this offering. 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 March 31, 2025
(Dollars in thousands) | Unrealized gain (loss) on available-for-sale securities |  | Cash flow hedges |  | Accumulated other comprehensive income
Balance at December 31, 2024 | $ | (1,931) |  |  | $ | 4,938 |  |  | $ | 3,007 |
Other comprehensive income/(loss) | 588 |  |  | (2,482) |  |  | (1,894) |
Balance at March 31, 2025 | $ | (1,343) |  |  | $ | 2,456 |  |  | $ | 1,113 |
| For the Three Months Ended March 31, 2024
(Dollars in thousands) | Unrealized gain (loss) on available-for-sale securities |  | Cash flow hedges |  | Accumulated other comprehensive income
Balance at December 31, 2023 | $ | (3,919) |  |  | $ | — |  |  | $ | (3,919) |
Other comprehensive income/(loss) | 855 |  |  | — |  |  | 855 |
Balance at March 31, 2024 | $ | (3,064) |  |  | $ | — |  |  | $ | (3,064) |
| For the Nine Months Ended March 31, 2025
(Dollars in thousands) | Unrealized gain (loss) on available-for-sale securities |  | Cash flow hedges |  | Accumulated other comprehensive income
Balance at June 30, 2024 | $ | (2,466) |  |  | $ | — |  |  | $ | (2,466) |
Other comprehensive income/(loss) | 1,123 |  |  | 2,456 |  |  | 3,579 |
Balance at March 31, 2025 | $ | (1,343) |  |  | $ | 2,456 |  |  | $ | 1,113 |
| For the Nine Months Ended March 31, 2024
(Dollars in thousands) | Unrealized gain (loss) on available-for-sale securities |  | Cash flow hedges |  | Accumulated other comprehensive income
Balance at June 30, 2023 | $ | (6,610) |  |  | $ | — |  |  | $ | (6,610) |
Other comprehensive income/(loss) | 3,546 |  |  | — |  |  | 3,546 |
Balance at March 31, 2024 | $ | (3,064) |  |  | $ | — |  |  | $ | (3,064) |
The following table presents the pre-tax and after-tax changes in the components of other comprehensive income.
| For the Three Months Ended March 31, 2025 |  | For the Three Months Ended March 31, 2024
(Dollars in thousands) | Pre-tax |  | Tax effect |  | After-tax |  | Pre-tax |  | Tax effect |  | After-tax
Unrealized gain/(loss) on investment securities: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains/(losses) arising during the period | $ | 850 |  |  | $ | (262) |  |  | $ | 588 |  |  | $ | 1,211 |  |  | $ | (356) |  |  | $ | 855 |
Reclassification adjustment for realized (gains)/losses included in net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net change | $ | 850 |  |  | $ | (262) |  |  | $ | 588 |  |  | $ | 1,211 |  |  | $ | (356) |  |  | $ | 855 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains/(losses) arising during the period | $ | (2,464) |  |  | $ | 763 |  |  | $ | (1,701) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reclassification adjustment for realized (gains)/losses included in net income | (1,130) |  |  | 349 |  |  | (781) |  |  | — |  |  | — |  |  | — |
Net change | (3,594) |  |  | 1,112 |  |  | (2,482) |  |  | — |  |  | — |  |  | — |
Total other comprehensive income/(loss) | $ | (2,744) |  |  | $ | 850 |  |  | $ | (1,894) |  |  | $ | 1,211 |  |  | $ | (356) |  |  | $ | 855 |
| For the Nine Months Ended March 31, 2025 |  | For the Nine Months Ended March 31, 2024
(Dollars in thousands) | Pre-tax |  | Tax effect |  | After-tax |  | Pre-tax |  | Tax effect |  | After-tax
Unrealized gain/(loss) on investment securities: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains/(losses) arising during the period | $ | 1,581 |  |  | $ | (458) |  |  | $ | 1,123 |  |  | $ | 5,072 |  |  | $ | (1,526) |  |  | $ | 3,546 |
Reclassification adjustment for realized (gains)/losses included in net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net change | $ | 1,581 |  |  | $ | (458) |  |  | $ | 1,123 |  |  | $ | 5,072 |  |  | $ | (1,526) |  |  | $ | 3,546 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains/(losses) arising during the period | $ | 6,162 |  |  | $ | (1,904) |  |  | $ | 4,258 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reclassification adjustment for realized (gains)/losses included in net income | (2,608) |  |  | 806 |  |  | (1,802) |  |  | — |  |  | — |  |  | — |
Net change | 3,554 |  |  | (1,098) |  |  | 2,456 |  |  | — |  |  | — |  |  | — |
Total other comprehensive income | $ | 5,135 |  |  | $ | (1,556) |  |  | $ | 3,579 |  |  | $ | 5,072 |  |  | $ | (1,526) |  |  | $ | 3,546 |

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration