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FAIR VALUE (Tables)

9 Months Ended

Mar. 31, 2025

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 March 31, 2025 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:

						March 31, 2025
(Dollars in thousands)									Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
ASSETS:
Trading securities									$	346					$	—					$	346
Available-for-sale securities:
Agency MBS									46,999						—						46,999
Non-Agency MBS									—						29,301						29,301
Municipal									3,658						—						3,658
Total—Available-for-sale securities:									$	50,657					$	29,301					$	79,958
Loans held for sale									$	15,644					$	—					$	15,644
Servicing rights									$	—					$	27,585					$	27,585
Other assets—Derivative instruments1									$	16,155					$	—					$	16,155
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments									$	72,642					$	—					$	72,642
1 Other assets - Derivative instruments are presented net of $63.2 million of variation margin on centrally-cleared derivatives as of March 31, 2025.
						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
Municipal									3,424						—						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
									March 31, 2025
(Dollars in thousands)									Available-for-sale Securities: Non-Agency MBS						Servicing Rights1												Total
Opening balance									$	47,412					$	28,045											$	75,457
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income									—						(621)												(621)
Included in other comprehensive income									211						—												211
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions									—						161												161
Settlements									(18,322)						—												(18,322)
Closing balance									$	29,301					$	27,585											$	56,886
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period									$	—					$	(621)											$	(621)

									For the Nine Months Ended
									March 31, 2025
(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									—						(1,985)												(1,985)
Included in other comprehensive income									599						—												599
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions									—						646												646
Settlements									(82,226)						—												(82,226)
Closing balance									$	29,301					$	27,585											$	56,886
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period									$	—					$	(1,985)											$	(1,985)

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 $0.2 million and $1.1 million for the three and nine months ended March 31, 2025, respectively, and a decrease in servicing rights value resulting from market-driven changes in interest rates of $0.4 million for the three months ended March 31, 2025 and a decrease of $0.9 million for the nine months ended March 31, 2025. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

									For the Three Months Ended
									March 31, 2024
(Dollars in thousands)									Available-for-sale Securities: Non-Agency MBS						Servicing Rights1												Total
Opening balance									$	207,708					$	28,043											$	235,751
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income									—						(152)												(152)
Included in other comprehensive income									1,517						—												1,517
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions									—						239												239
Settlements									(32,546)						—												(32,546)
Closing balance									$	176,679					$	28,130											$	204,809
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period									$	—					$	(152)											$	(152)

									For the Nine Months Ended
									March 31, 2024
(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									—						213												213
Included in other comprehensive income									4,708						—												4,708
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions									—						2,474												2,474
Settlements									(33,034)						—												(33,034)
Closing balance									$	176,679					$	28,130											$	204,809
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period									$	—					$	213											$	213

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 $0.4 million and $0.9 million for the three and nine months ended March 31, 2024, and an increase in servicing rights value resulting from market-driven changes in interest rates of $0.2 million for the three months ended March 31, 2024 and an increase of $1.1 million for the nine months ended March 31, 2024. 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:

March 31, 2025

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)1

Available-for-sale securities: Non-Agency MBS

$

29,301

Discounted Cash Flow

Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over SOFR Swaps, Credit Enhancement

0.0 to 30.0% (15.3%) 0.0 to 3.0% (1.8%) 0.0 to 68.9% (27.2%) 2.5 to 4.9% (2.6%) 0.0 to 97.3% (23.7%)

Servicing Rights

$

27,585

Discounted Cash Flow

Projected Constant Prepayment Rate, Life (in years), Discount Rate

3.5 to 26.2% (10.6%) 2.3 to 11.6 (8.6) 9.5 to 11.2% (9.8%)

June 30, 2024

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable 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 Flow

Projected 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)			March 31, 2025						June 30, 2024
Aggregate fair value			$	15,644					$	16,482
Contractual balance			15,176						15,966
Unrealized gain			$	468					$	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 March 31,												For the Nine Months Ended March 31,
(Dollars in thousands)			2025						2024						2025						2024
Interest income			$	212					$	208					$	749					$	538
Change in fair value			227						118						(140)						22
Total			$	439					$	326					$	609					$	560

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Period-End

Carrying amounts and estimated fair values of financial instruments at March 31, 2025 and June 30, 2024 were:

			March 31, 2025
									Fair Value
(Dollars in thousands)			Carrying Amount						Level 1						Level 2						Level 3						Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash			$	2,257,694					$	2,257,694					$	—					$	—					$	2,257,694
Trading securities			346						—						346						—						346
Available-for-sale securities			79,958						—						50,657						29,301						79,958
Stock of regulatory agencies			35,299						—						35,299						—						35,299
Loans held for sale, at fair value			15,644						—						15,644						—						15,644
Loans held for investment—net			20,193,630						—						—						20,410,588						20,410,588
Securities borrowed			91,915						—						—						91,077						91,077
Customer, broker-dealer and clearing receivables			300,907						—						—						298,983						298,983
Servicing rights			27,585						—						—						27,585						27,585
Other assets - derivative instruments1			16,155						—						16,155						—						16,155
Financial liabilities:
Total deposits			20,136,714						—						19,826,536						—						19,826,536
Advances from the Federal Home Loan Bank			60,000						—						56,212						—						56,212
Borrowings, subordinated notes and debentures			377,427						—						346,212						—						346,212
Securities loaned			111,094						—						—						110,529						110,529
Customer, broker-dealer and clearing payables			314,399						—						—						314,399						314,399
Accounts payable and other liabilities - derivative instruments			72,642						—						72,642						—						72,642

1 Other Assets - Derivative Assets are presented net of $63.2 million of variation margin on centrally-cleared derivatives as of March 31, 2025.

			June 30, 2024
									Fair Value
(Dollars in thousands)			Carrying Amount						Level 1						Level 2						Level 3						Total 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 value			16,482						—						16,482						—						16,482
Loans held for investment—net			19,231,385						—						—						19,209,442						19,209,442
Securities borrowed			67,212						—						—						71,480						71,480
Customer, broker-dealer and clearing receivables			240,028						—						—						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 deposits			19,359,217						—						19,217,281						—						19,217,281
Advances from the Federal Home Loan Bank			90,000						—						84,201						—						84,201
Borrowings, subordinated notes and debentures			325,679						—						302,487						—						302,487
Securities loaned			74,177						—						—						74,021						74,021
Customer, broker-dealer and clearing payables			301,127						—						—						301,127						301,127
Accounts payable and other liabilities - derivative instruments			102,949						—						102,949						—						102,949

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