FAIR VALUE (Tables)
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12 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (Dollars in thousands) | | | Significant Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | ASSETS: | | | | | | | | | Trading securities | | | $ | 661 | | | $ | — | | | $ | 661 | | | Available-for-sale securities: | | | | | | | | | | | | | | | | | United States Treasury securities | | | 732,422 | | | — | | | 732,422 | | Agency MBS1 | | | 66,972 | | | — | | | 66,972 | | Non-Agency MBS2 | | | — | | | 4,273 | | | 4,273 | | | | | | | | | | | | | | | | | | | Total—Available-for-sale securities: | | | $ | 799,394 | | | $ | 4,273 | | | $ | 803,667 | | | Loans held for sale | | | $ | 14,937 | | | $ | — | | | $ | 14,937 | | | Servicing rights | | | $ | — | | | $ | 25,653 | | | $ | 25,653 | | Other assets—Derivative instruments3 | | | $ | 16,941 | | | $ | — | | | $ | 16,941 | | | Other assets—Loans held for investment at fair value | | | $ | — | | | $ | 10,000 | | | $ | 10,000 | | | LIABILITIES: | | | | | | | | | Accounts payable and other liabilities—Derivative instruments | | | $ | 52,509 | | | $ | — | | | $ | 52,509 | | | Accounts payable and other liabilities—Contingent Consideration | | | $ | — | | | $ | 30,810 | | | $ | 30,810 | | | | | June 30, 2025 | | (Dollars in thousands) | | | Significant Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | ASSETS: | | | | | | | | | Trading securities | | | $ | 649 | | | $ | — | | | $ | 649 | | | Available-for-sale securities: | | | | | | | | | | | | | | | | Agency MBS1 | | | 46,757 | | | — | | | 46,757 | | Non-Agency MBS2 | | | — | | | 15,569 | | | 15,569 | | | Municipal | | | 3,682 | | | — | | | 3,682 | | | | | | | | | | | Total—Available-for-sale securities: | | | $ | 50,439 | | | $ | 15,569 | | | $ | 66,008 | | | Loans held for sale | | | $ | 10,012 | | | $ | — | | | $ | 10,012 | | | Servicing rights | | | $ | — | | | $ | 27,218 | | | $ | 27,218 | | Other assets—Derivative instruments3 | | | $ | 17,734 | | | $ | — | | | $ | 17,734 | | | LIABILITIES: | | | | | | | | | Accounts payable and other liabilities—Derivative instruments | | | $ | 68,498 | | | $ | — | | | $ | 68,498 | |
1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by Alt-A or pay-option adjustable rate mortgages (“ARMs”). 3 Other assets - Derivative instruments are presented net of $52.3 million and $55.4 million of variation margin on centrally-cleared derivatives as of June 30, 2026 and June 30, 2025, respectively.
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| 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended June 30, 2026 | | (Dollars in thousands) | | | Available-for-Sale Securities:
Non-Agency MBS | | Servicing Rights1 | | Other assets—Loans held for investment at fair value | | | | Accounts payable and
other liabilities—
Contingent Consideration | | Total | | Opening balance | | | $ | 15,569 | | | $ | 27,218 | | | $ | — | | | | | $ | — | | | $ | 42,787 | | | Total gains or losses for the period: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Included in earnings—Mortgage banking and servicing rights income | | | — | | | (3,056) | | | — | | | | | — | | | (3,056) | | | | | | | | | | | | | | | | Included in earnings—General and administrative expense2 | | | — | | | — | | | 1,845 | | | | | — | | | 1,845 | | | Included in other comprehensive income | | | (232) | | | — | | | — | | | | | — | | | (232) | | | Purchases, retentions, issues, sales and settlements: | | | | | | | | | | | | | | | Purchases/Retentions/Sales | | | — | | | 1,491 | | | 6,802 | | | | | 30,810 | | | 39,103 | | | Issuances | | | | | | | 1,353 | | | | | | | 1,353 | | | Settlements | | | (11,064) | | | — | | | — | | | | | — | | | (11,064) | | | Closing balance | | | $ | 4,273 | | | $ | 25,653 | | | $ | 10,000 | | | | | $ | 30,810 | | | $ | 70,736 | | | | | | | | | | | | | | | | | Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | | | $ | — | | | $ | (3,056) | | | $ | 1,845 | | | | | $ | — | | | $ | (1,211) | |
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 $1.4 million for the fiscal year ended June 30, 2026 and a decrease in servicing rights value resulting from market-driven changes in interest rates of $1.7 million for the fiscal year ended June 30, 2026. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale. 2 The amount included in earnings is not considered attributable to instrument-specific credit risk. | | | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended June 30, 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 | | | — | | | (2,706) | | | | | (2,706) | | | Included in other comprehensive income | | | 905 | | | — | | | | | 905 | | | Purchases, retentions, issues, sales and settlements: | | | | | | | | | | | Purchases/Retentions | | | — | | | 1,000 | | | | | 1,000 | | | | | | | | | | | | | | | | | | | | | | | Settlements | | | (96,264) | | | — | | | | | (96,264) | | | Closing balance | | | $ | 15,569 | | | $ | 27,218 | | | | | $ | 42,787 | | | | | | | | | | | | | Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | | | $ | — | | | $ | (2,706) | | | | | $ | (2,706) | |
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 $1.4 million for the fiscal year ended June 30, 2025 and an increase in servicing rights value resulting from market-driven changes in interest rates of $1.3 million for the fiscal year ended June 30, 2025. Additions to servicing rights were retained upon sale of loans held for sale.
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| Schedule of Quantitative Information About Level 3 Fair Value Measurements |
The table below summarizes the quantitative information about Level 3 fair value measurements: | | | | | | | | | | | | | | | | June 30, 2026 | | (Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average)1 | | | | | | | Available-for-sale securities – Non-Agency MBS | $ | 4,273 | | Discounted cash flow | Projected constant prepayment rate,
Projected constant default rate,
Projected loss severity,
Discount rate over SOFR swaps,
Credit enhancement | 2.5 to 15.7% (4.0%) 1.5 to 1.9% (1.5%) 40.0 to 68.9% (61.0%) 2.5 to 4.7% (3.2%) 0.0 to 78.2% (13.2%) | | Servicing rights | $ | 25,653 | | Discounted cash flow | Projected constant prepayment rate,
Life (in years),
Discount rate | 4.1 to 30.7% (10.2%) 2.7 to 14.2% (8.6%) 9.5 to 11.2% (9.8%) | | Other assets—Loans held for investment at fair value | $ | 10,000 | | Discounted cash flow | Discount rate
Terminal growth rate
EBITDA multiple | 28% to 28% (28%) 3% to 3% (3%) 1.0 times to 1.0 times (1.0 times) | | Accounts payable and other liabilities—Contingent Consideration | $ | 30,810 | | Nelson-Siegel stochastic model | Monthly asset growth,
Credit spread | -7.4 to 14.5% (3.6%) 2.9 to 2.9% (2.9%) | | | | | |
| | | | | | | | | | | | | | | | June 30, 2025 | | (Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average)1 | | | | | | | Available-for-sale securities – Non-Agency MBS | $ | 15,569 | | Discounted cash flow | Projected constant prepayment rate,
Projected constant default rate,
Projected loss severity,
Discount rate over SOFR,
Credit enhancement | 2.5 to 30.0% (22.4%) 1.5 to 11.9% (8.7%) 35.0 to 68.9% (43.4%) 2.5 to 4.1% (2.7%) 0.0 to 99.0% (39.2%) | | Servicing rights | $ | 27,218 | | Discounted cash flow | Projected constant prepayment rate,
Life (in years),
Discount rate | 5.2 to 26.6% (9.7%) 2.5 to 12.8 (9.3) 9.5 to 11.2% (9.8%) | | | | | |
1 The weighted average for 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 and for Accounts payable and other liabilities—Contingent Consideration is based on annual projected consideration.
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| Schedule of Aggregate Fair Value, Contractual Balance, and Unrealized Gain 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: | | | | | | | | | | | | | | | At June 30, | | (Dollars in thousands) | 2026 | | 2025 | | | | Aggregate fair value | $ | 14,937 | | | $ | 10,012 | | | | | Unpaid principal balance | 14,476 | | | 9,870 | | | | | | | | | |
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 Fiscal Year Ended June 30, | | (Dollars in thousands) | 2026 | | 2025 | | 2024 | | Interest income | $ | 789 | | | $ | 999 | | | $ | 769 | | | Change in fair value | 425 | | | (366) | | | 122 | | | Total | $ | 1,214 | | | $ | 633 | | | $ | 891 | |
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| Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Period-End |
Carrying amounts and estimated fair values of financial instruments at June 30, 2026 and June 30, 2025 were: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | Fair Value | | | | (Dollars in thousands) | Carrying
Amount | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | | Financial assets: | | | | | | | | | | Cash, cash equivalents and restricted cash | $ | 1,307,802 | | | $ | 1,307,802 | | | $ | — | | | $ | — | | | $ | 1,307,802 | | | Trading securities | 661 | | | — | | | 661 | | | — | | | 661 | | | Available-for-sale securities | 803,667 | | | — | | | 799,394 | | | 4,273 | | | 803,667 | | | Stock of regulatory agencies | 36,166 | | | — | | | 36,166 | | | — | | | 36,166 | | | Loans held for sale, at fair value | 14,937 | | | — | | | 14,937 | | | — | | | 14,937 | | | Loans held for sale, at lower of cost or fair value | 5,129 | | | — | | | — | | | 5,303 | | | 5,303 | | | Loans held for investment—net | 25,595,403 | | | — | | | — | | | 25,789,184 | | | 25,789,184 | | | Securities borrowed | 163,462 | | | — | | | — | | | 161,870 | | | 161,870 | | | Customer, broker-dealer and clearing receivables | 347,944 | | | — | | | — | | | 345,800 | | | 345,800 | | | Servicing rights | 25,653 | | | — | | | — | | | 25,653 | | | 25,653 | | Other assets - derivative instruments1 | 16,941 | | | — | | | 16,941 | | | — | | | 16,941 | | | Other assets - loans held for investment at fair value | 10,000 | | | — | | | — | | | 10,000 | | | 10,000 | | | Financial liabilities: | | | | | | | | | | | Total deposits | 24,565,392 | | | — | | | 24,427,010 | | | — | | | 24,427,010 | | | Advances from the Federal Home Loan Bank | 154,000 | | | — | | | 150,677 | | | — | | | 150,677 | | | Secured financings | 576,680 | | | — | | | 568,019 | | | — | | | 568,019 | | | Borrowings, subordinated notes and debentures | 342,915 | | | — | | | 343,891 | | | — | | | 343,891 | | | Securities loaned | 194,729 | | | — | | | — | | | 193,717 | | | 193,717 | | | Customer, broker-dealer and clearing payables | 365,792 | | | — | | | — | | | 365,792 | | | 365,792 | | | Accounts payable and other liabilities - derivative instruments | 52,509 | | | — | | | 52,509 | | | — | | | 52,509 | | | Accounts payable and other liabilities - Contingent Consideration | 30,810 | | | — | | | — | | | 30,810 | | | 30,810 | |
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Amount | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | | Financial assets: | | | | | | | | | | Cash, cash equivalents and restricted cash | $ | 2,176,354 | | | $ | 2,176,354 | | | $ | — | | | $ | — | | | $ | 2,176,354 | | Trading securities | 649 | | | — | | | 649 | | | — | | | 649 | | Available-for-sale securities | 66,008 | | | — | | | 50,439 | | | 15,569 | | | 66,008 | | Stock of regulatory agencies | 35,163 | | | — | | | 35,163 | | | — | | | 35,163 | | | Loans held for sale, at fair value | 10,012 | | | — | | | 10,012 | | | — | | | 10,012 | | | Loans held for investment—net | 21,049,610 | | | — | | | — | | | 21,288,921 | | | 21,288,921 | | | Securities borrowed | 139,396 | | | — | | | — | | | 138,103 | | | 138,103 | | | Customer, broker-dealer and clearing receivables | 252,720 | | | — | | | — | | | 251,126 | | | 251,126 | | Servicing rights | 27,218 | | | — | | | — | | | 27,218 | | | 27,218 | | Other assets - derivative instruments1 | 17,734 | | | — | | | 17,734 | | | — | | | 17,734 | | | Financial liabilities: | | | | | | | | | | | Total deposits | 20,829,543 | | | — | | | 20,642,953 | | | — | | | 20,642,953 | | | Advances from the Federal Home Loan Bank | 60,000 | | | — | | | 56,934 | | | — | | | 56,934 | | | Borrowings, subordinated notes and debentures | 312,671 | | | — | | | 285,282 | | | — | | | 285,282 | | | Securities loaned | 139,426 | | | — | | | — | | | 138,698 | | | 138,698 | | | Customer, broker-dealer and clearing payables | 350,606 | | | — | | | — | | | 350,606 | | | 350,606 | | | Accounts payable and other liabilities - derivative instruments | 68,498 | | | — | | | 68,498 | | | — | | | 68,498 | |
1 Other assets - Derivative instruments are presented net of $52.3 million and $55.4 million of variation margin on centrally-cleared derivatives as of June 30, 2026 and June 30, 2025, respectively.
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