Cover Page
Cover Page - shares | 3 Months Ended | |
Sep. 30, 2022 | Oct. 21, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-37709 | |
Entity Registrant Name | AXOS FINANCIAL, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-0867444 | |
Entity Address, Address Line One | 9205 West Russell Road, Suite 400 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89148 | |
City Area Code | 858 | |
Local Phone Number | 649-2218 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | AX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 59,999,339 | |
Entity Central Index Key | 0001299709 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 1,369,170 | $ 1,202,587 |
Cash segregated for regulatory purposes | 328,878 | 372,112 |
Total cash, cash equivalents, and cash segregated | 1,698,048 | 1,574,699 |
Securities: | ||
Trading | 75 | 1,758 |
Available-for-sale | 257,634 | 262,518 |
Stock of regulatory agencies | 20,881 | 20,368 |
Loans held for sale, carried at fair value | 9,463 | 4,973 |
Loans held for sale, lower of cost or fair value | 10,476 | 10,938 |
Loans—net of allowance for credit losses of $155,472 as of September 30, 2022 and $148,617 as of June 30, 2022 | 15,211,573 | 14,091,061 |
Mortgage servicing rights, carried at fair value | 26,373 | 25,213 |
Securities borrowed | 87,622 | 338,980 |
Customer, broker-dealer and clearing receivables | 410,842 | 417,417 |
Goodwill and other intangible assets—net | 160,429 | 156,405 |
Other assets | 513,662 | 496,835 |
TOTAL ASSETS | 18,407,078 | 17,401,165 |
Deposits: | ||
Non-interest bearing | 4,626,907 | 5,033,970 |
Interest bearing | 10,549,724 | 8,912,452 |
Total deposits | 15,176,631 | 13,946,422 |
Advances from the Federal Home Loan Bank | 112,500 | 117,500 |
Borrowings, subordinated notes and debentures | 425,818 | 445,244 |
Securities loaned | 206,889 | 474,400 |
Customer, broker-dealer and clearing payables | 500,584 | 511,654 |
Accounts payable and other liabilities | 283,684 | 262,972 |
Total liabilities | 16,706,106 | 15,758,192 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock—$0.01 par value; 150,000,000 shares authorized; 69,151,152 shares issued and 59,998,673 shares outstanding as of September 30, 2022; 68,859,722 shares issued and 59,777,949 shares outstanding as of June 30, 2022 | 692 | 689 |
Additional paid-in capital | 459,101 | 453,784 |
Accumulated other comprehensive income (loss)—net of tax | (5,770) | (2,933) |
Retained earnings | 1,486,851 | 1,428,444 |
Treasury stock, at cost; 9,152,479 shares as of September 30, 2022 and 9,081,773 shares as of June 30, 2022 | (239,902) | (237,011) |
Total stockholders’ equity | 1,700,972 | 1,642,973 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 18,407,078 | $ 17,401,165 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
ASSETS | ||
Allowance for loan and lease losses | $ 155,472 | $ 148,617 |
STOCKHOLDERS’ EQUITY: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 69,151,152 | 68,859,722 |
Common stock, shares outstanding (in shares) | 59,998,673 | 59,777,949 |
Treasury stock, at cost (in shares) | 9,152,479 | 9,081,773 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST AND DIVIDEND INCOME: | ||
Loans, including fees | $ 208,338 | $ 149,176 |
Securities borrowed and customer receivables | 4,384 | 6,851 |
Investments | 11,064 | 2,283 |
Total interest and dividend income | 223,786 | 158,310 |
INTEREST EXPENSE: | ||
Deposits | 32,505 | 7,712 |
Advances from the Federal Home Loan Bank | 5,163 | 1,016 |
Securities loaned | 943 | 251 |
Other borrowings | 4,700 | 2,689 |
Total interest expense | 43,311 | 11,668 |
Net interest income | 180,475 | 146,642 |
Provision for credit losses | 8,750 | 4,000 |
Net interest income, after provision for credit losses | 171,725 | 142,642 |
NON-INTEREST INCOME: | ||
Broker-dealer fee income | 9,178 | 6,462 |
Advisory fee income | 6,959 | 5,304 |
Banking and service fees | 6,514 | 6,680 |
Mortgage banking income | 3,365 | 5,270 |
Prepayment penalty fee income | 1,192 | 2,986 |
Total non-interest income | 27,208 | 26,702 |
NON-INTEREST EXPENSE: | ||
Salaries and related costs | 46,996 | 40,737 |
Data processing | 14,022 | 12,092 |
Depreciation and amortization | 6,094 | 5,728 |
Advertising and promotional | 6,370 | 3,372 |
Professional services | 8,087 | 4,545 |
Occupancy and equipment | 4,054 | 3,181 |
FDIC and regulatory fees | 3,735 | 2,266 |
Broker-dealer clearing charges | 2,829 | 4,005 |
General and administrative expense | 23,900 | 8,505 |
Total non-interest expense | 116,087 | 84,431 |
Income before taxes | 82,846 | 84,913 |
INCOME TAXES | 24,439 | 24,703 |
NET INCOME | 58,407 | 60,210 |
COMPREHENSIVE INCOME | $ 55,570 | $ 59,703 |
Basic earnings per common share (in dollars per share) | $ 0.98 | $ 1.01 |
Diluted earnings per common share (in dollars per share) | $ 0.97 | $ 0.99 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 58,407 | $ 60,210 |
Net unrealized gain (loss) from available-for-sale securities, net of income tax expense (benefit) of $(1,215) and $(214) for the three months ended September 30, 2022 and 2021, respectively. | (2,837) | (507) |
Other comprehensive income (loss) | (2,837) | (507) |
Comprehensive income | $ 55,570 | $ 59,703 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net unrealized gain (loss) from available-for-sale securities, tax expense (benefit) | $ (1,215) | $ (214) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Income Tax |
Stockholder's equity, beginning balance at Jun. 30, 2021 | $ 1,400,936 | $ 681 | $ (222,530) | $ 432,550 | $ 1,187,728 | $ 2,507 |
Common stock, issued and treasury, beginning balance (in shares) at Jun. 30, 2021 | 68,069,321 | |||||
Common stock, treasury, beginning balance (in shares) at Jun. 30, 2021 | 8,751,377 | |||||
Common stock, outstanding, beginning balance (in shares) at Jun. 30, 2021 | 59,317,944 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 60,210 | 60,210 | ||||
Other comprehensive income (loss) | (507) | (507) | ||||
Stock-based compensation expense and restricted stock unit vesting, issued (in shares) | 301,296 | |||||
Share-based compensation expense and restricted stock unit vesting, treasury stock (in shares) | (124,607) | |||||
Stock-based compensation expense and restricted stock unit vesting, outstanding (in shares) | 176,689 | |||||
Stock-based compensation activity | (2,018) | $ 3 | $ (5,999) | 3,978 | ||
Stockholder's equity, ending balance at Sep. 30, 2021 | 1,458,621 | $ 684 | $ (228,529) | 436,528 | 1,247,938 | 2,000 |
Common stock, issued and treasury, ending balance (in shares) at Sep. 30, 2021 | 68,370,617 | |||||
Common stock, treasury, ending balance (in shares) at Sep. 30, 2021 | 8,875,984 | |||||
Common stock, outstanding, ending balance (in shares) at Sep. 30, 2021 | 59,494,633 | |||||
Stockholder's equity, beginning balance at Jun. 30, 2022 | $ 1,642,973 | $ 689 | $ (237,011) | 453,784 | 1,428,444 | (2,933) |
Common stock, issued and treasury, beginning balance (in shares) at Jun. 30, 2022 | 68,859,722 | 68,859,722 | ||||
Common stock, treasury, beginning balance (in shares) at Jun. 30, 2022 | 9,081,773 | 9,081,773 | ||||
Common stock, outstanding, beginning balance (in shares) at Jun. 30, 2022 | 59,777,949 | 59,777,949 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 58,407 | 58,407 | ||||
Other comprehensive income (loss) | (2,837) | (2,837) | ||||
Stock-based compensation expense and restricted stock unit vesting, issued (in shares) | 291,430 | |||||
Share-based compensation expense and restricted stock unit vesting, treasury stock (in shares) | (70,706) | |||||
Stock-based compensation expense and restricted stock unit vesting, outstanding (in shares) | 220,724 | |||||
Stock-based compensation activity | 2,429 | $ 3 | $ (2,891) | 5,317 | ||
Stockholder's equity, ending balance at Sep. 30, 2022 | $ 1,700,972 | $ 692 | $ (239,902) | $ 459,101 | $ 1,486,851 | $ (5,770) |
Common stock, issued and treasury, ending balance (in shares) at Sep. 30, 2022 | 69,151,152 | 69,151,152 | ||||
Common stock, treasury, ending balance (in shares) at Sep. 30, 2022 | 9,152,479 | 9,152,479 | ||||
Common stock, outstanding, ending balance (in shares) at Sep. 30, 2022 | 59,998,673 | 59,998,673 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 58,407 | $ 60,210 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 6,801 | 5,972 |
Stock-based compensation expense | 5,320 | 3,981 |
Trading activity | 1,683 | 42 |
Provision for credit losses | 8,750 | 4,000 |
Deferred income taxes | (3,807) | 1,453 |
Origination of loans held for sale | (70,073) | (209,967) |
Unrealized and realized gains on loans held for sale | (2,433) | (4,107) |
Proceeds from sale of loans held for sale | 67,610 | 208,777 |
Amortization and change in fair value of mortgage servicing rights | (953) | 1,185 |
Net changes in assets and liabilities which provide (use) cash: | ||
Securities borrowed | 251,358 | 161,806 |
Customer, broker-dealer and clearing receivables | 61,015 | (53,677) |
Other assets | (6,347) | (112,925) |
Securities loaned | (267,511) | (189,483) |
Customer, broker-dealer and clearing payables | (65,484) | (25,385) |
Accounts payable and other liabilities | 26,485 | 18,949 |
Net cash provided by (used in) operating activities | 70,821 | (129,169) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investment securities | 0 | (7,033) |
Proceeds from sale and repayment of securities | 1,029 | 128,506 |
Purchase of stock of regulatory agencies | (54,964) | (8,219) |
Proceeds from redemption of stock of regulatory agencies | 54,964 | 8,219 |
Origination of loans held for investment | (2,486,224) | (2,050,587) |
Proceeds from sale of loans held for investment | 13,965 | 12,100 |
Mortgage warehouse loans activity, net | 103,812 | |
Mortgage warehouse loans activity, net | 41,692 | |
Proceeds from sales of other real estate owned and repossessed assets | 719 | 621 |
Acquisition of business activity, net of cash acquired | (5,009) | (54,597) |
Purchases of loans and leases, net of discounts and premiums | (51) | (7,481) |
Principal repayments on loans | 1,229,390 | 1,620,886 |
Purchases of furniture, equipment, software and intangibles | (7,921) | (3,943) |
Net cash used in investing activities | (1,150,290) | (403,220) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 1,230,209 | 931,645 |
Payments of the Federal Home Loan Bank term advances | (5,000) | (10,000) |
Net repayment of Federal Home Loan Bank other advances | 0 | (186,000) |
Net proceeds (repayments) of other borrowings | (19,500) | 34,400 |
Tax payments related to settlement of restricted stock units | (2,891) | (5,999) |
Net cash provided by financing activities | 1,202,818 | 764,046 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 123,349 | 231,657 |
CASH AND CASH EQUIVALENTS—Beginning of year | 1,574,699 | 1,037,777 |
CASH AND CASH EQUIVALENTS—End of period | 1,698,048 | 1,269,434 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest paid on deposits and borrowed funds | 42,429 | 14,989 |
Income taxes paid | 37,277 | 29,955 |
Transfers to other real estate and repossessed vehicles | 5,522 | 140 |
Transfers from loans held for investment to loans held for sale | 0 | 12,100 |
Transfers from loans held for sale to loans held for investment | $ 682 | $ 376 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (the “Axos Nevada Holding”) collectively, the “Company”. Axos Bank and its wholly owned subsidiary constitute the Banking Business segment and Axos Nevada Holding wholly owns the companies constituting the Securities Business segment. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying interim condensed consolidated financial statements, presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), are unaudited and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of financial condition and results of operations for the interim periods. All adjustments are of a normal and recurring nature. Results for the three months ended September 30, 2022 are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Certain information and note disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or not repeated herein pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended June 30, 2022 included in our Annual Report on Form 10-K filed with the SEC for the fiscal year ended June 30, 2022 (“2022 Form 10-K”). A reclassification of certain components of non-interest income for the three months ended September 30, 2021 has been made to conform to the current period presentation. This reclassification had no effect on the Company’s total non-interest income, net income, financial position or cash flows. Additional reclassifications of certain amounts in the Condensed Consolidated Statement of Cash Flows for the three months ended September 30, 2021 have been made to conform to the current period presentation. These reclassifications had no effect on the Company’s results of operations or financial position. Significant Accounting Policies Our significant accounting policies are described in greater detail in Note 1 — “Organizations and Summary of Significant Accounting Policies” contained in the 2022 Form 10-K. New Accounting Standards Accounting Standards Issued But Not Yet Adopted For a discussion of new accounting standards issued but not yet adopted which are applicable to the Company see Note 1 — “Organizations and Summary of Significant Accounting Policies” contained in the 2022 Form 10-K. For the fiscal year beginning July 1, 2022, there have been no new accounting standards issued but not yet adopted that are expected to be material to the Company. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS From time to time the Company completes acquisitions and related corporate activities to supplement the organic growth and development of the business. On August 2, 2021 the Company’s subsidiary, Axos Clearing LLC, acquired certain assets and liabilities of E*TRADE Advisor Services (“EAS”), the registered investment advisor custody business of Morgan Stanley. This business was rebranded as Axos Advisor Services (“AAS”). AAS adds incremental fee income, a turnkey technology platform used by independent registered investment advisors for trading and custody services, and low cost deposits that can be used to generate fee income from other bank partners or to fund loan growth at Axos Bank. The purchase price of $54.8 million consisted entirely of cash consideration paid upon acquisition and working capital adjustments. The Company incurred acquisition-related costs totaling $0.04 million in total, all of which were recognized in the year ended June 30, 2022. The acquisition is accounted for as a business combination under the acquisition method of accounting. Accordingly, tangible and intangible assets acquired (and liabilities assumed) are recorded at their estimated fair values as of the date of acquisition. The preliminary allocation of the $54.6 million purchase price consisted of $14.4 million of fair value of tangible assets acquired (which included $7.8 million of a right-of-use lease asset), $11.3 million of liabilities assumed (which included $7.8 million of a lease liability), $27.1 million of identifiable intangible assets and $24.4 million of goodwill, all of which is expected to be deductible for tax purposes. In December 2021, the Company made a $0.2 million true-up payment based on working capital adjustments, which was recorded as an increase in the purchase price up to $54.8 million with no impact on goodwill or identifiable intangible assets. After the working capital true-up, the final acquisition fair value of tangible assets acquired was $14.2 million and the final acquisition fair value of liabilities acquired was $10.9 million. Goodwill was calculated as the excess of consideration exchanged over the fair value of identifiable net assets acquired. The goodwill includes synergies expected to result from combining the acquired assets and liabilities with existing operations, coupling its custody platform with the Company’s existing product offerings and leveraging customer relationships through registered investment advisors (“RIAs”). The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date: (Dollars in thousands) Fair Value Useful Lives (Years) Trade Name $ 290 0.16 Proprietary Technology 10,990 7 Customer Relationships 15,650 14 Non-Compete Agreements 130 1 Total $ 27,060 The following table presents the results of operations of AAS for the three months ended September 30, 2021 on an unaudited pro forma basis, as if the acquisition of the entity rebranded to AAS had been consummated on July 1, 2020. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the Company’s results of operations would have been if the acquisition of EAS had occurred as of July 1, 2020, or the results of operations for any future periods. Additionally, the information presented does not reflect any synergies or other strategic benefits as a result of acquisition. Pro Forma (Dollars in thousands) For the Three Months Ended September 30, 2021 Non-interest income $ 8,942 It is not practical to disclose net income on a pro forma basis as the assets and liabilities acquired are a component of a business. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE The Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2022 and June 30, 2022 are classified in their entirety based on the lowest level of input significant to the fair value measurement. September 30, 2022 (Dollars in thousands) Significant Other Significant Total ASSETS: Securities—Trading: Municipal $ 75 $ — $ 75 Securities—Available-for-Sale: Agency MBS 1 23,763 — 23,763 Non-Agency MBS 2 — 184,012 184,012 Municipal 2,995 — 2,995 Asset-backed securities and structured notes 46,864 — 46,864 Total—Securities—Available-for-Sale $ 73,622 $ 184,012 $ 257,634 Loans Held for Sale $ 9,463 $ — $ 9,463 Mortgage servicing rights $ — $ 26,373 $ 26,373 Other assets—Derivative instruments $ — $ 897 $ 897 LIABILITIES: Other liabilities—Derivative instruments $ — $ 362 $ 362 June 30, 2022 (Dollars in thousands) Significant Other Significant Total ASSETS: Securities—Trading: Municipal $ 1,758 $ — $ 1,758 Securities—Available-for-Sale: Agency MBS 1 25,325 — 25,325 Non-Agency MBS 2 — 186,814 186,814 Municipal 3,248 — 3,248 Asset-backed securities and structured notes 47,131 — 47,131 Total—Securities—Available-for-Sale $ 75,704 $ 186,814 $ 262,518 Loans Held for Sale $ 4,973 $ — $ 4,973 Mortgage servicing rights $ — $ 25,213 $ 25,213 Other assets—Derivative instruments $ — $ 464 $ 464 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ — 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 ARM mortgages. Additional information is presented below about assets measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value: For the Three Months Ended September 30, 2022 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights 1 Derivative Instruments, net Total Opening Balance $ 186,814 $ 25,213 $ 464 $ 212,491 Total gains or losses for the period: Included in earnings—Mortgage banking income — 953 71 1,024 Included in other comprehensive income (2,473) — — (2,473) Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 207 — 207 Settlements (329) — — (329) Closing balance $ 184,012 $ 26,373 $ 535 $ 210,920 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ 953 $ 71 $ 1,024 1 Earnings from mortgage servicing rights (“MSR”) were attributable to: Time and payoffs, representing a decrease in MSR 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 an increase in MSR value resulting from market-driven changes in interest rates of $1.4 million. A dditions to mortgage servicing rights were retained upon sale of loans held for sale. For the Three Months Ended September 30, 2021 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights 1 Derivative Instruments, net Total Opening Balance $ 67,615 $ 17,911 $ 2,205 $ 87,731 Total gains or losses for the period: Included in earnings—Mortgage banking income — (1,185) 21 (1,164) Included in other comprehensive income (112) — — (112) Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 1,712 — 1,712 Settlements (7,652) — — (7,652) Closing balance $ 59,851 $ 18,438 $ 2,226 $ 80,515 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ (1,185) $ 21 $ (1,164) 1 Earnings from mortgage servicing rights were attributable to: Time and payoffs, representing a decrease in MSR 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 $1.6 million, and an increase in MSR value resulting from market-driven changes in interest rates of $0.4 million. Additions to mortgage servicing rights were retained upon sale of loans held for sale. The table below summarizes the quantitative information about level 3 fair value measurements as of the dates indicated: September 30, 2022 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Non-agency MBS $ 184,012 Discounted Cash Flow Projected Constant Prepayment Rate, 0.0 to 30.0% (21.4%) 0.0 to 15.9% (2.3%) 0.0 to 68.6% (26.6%) 2.7 to 8.8% (2.7%) Mortgage Servicing Rights $ 26,373 Discounted Cash Flow Projected Constant Prepayment Rate, 3.8 to 38.0% (9.3%) 0.9 to 13.0 (9.4) 9.5 to 11.0% (9.5%) Derivative Instruments $ 535 Sales Comparison Approach Projected Sales Profit of Underlying Loans -3.1 to 1.2% (-1.2%) June 30, 2022 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Non-agency MBS $ 186,814 Discounted Cash Flow Projected Constant Prepayment Rate, 0.0 to 30.0% (21.4%) 0.0 to 7.9% (2.2%) 0.0 to 68.4% (26.7%) 2.7 to 9.3% (2.8%) Mortgage Servicing Rights $ 25,213 Discounted Cash Flow Projected Constant Prepayment Rate, 7.9 to 56.3% (11.0%) 1.2 to 9.9 (8.4) 9.5 to 11.5% (9.5%) Derivative Instruments $ 464 Sales Comparison Approach Projected Sales Profit of Underlying Loans -3.1 to 0.8% (-1.2%) The significant unobservable inputs used in the fair value measurement of the Company’s residential mortgage-backed securities are projected prepayment rates, probability of default, projected loss severity in the event of default and discount rate over LIBOR. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the projected loss severity and a directionally opposite change in the assumption used for projected prepayment rates. The table below summarizes assets measured for impairment on a non-recurring basis: September 30, 2022 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Other real estate owned and foreclosed assets: Single family real estate $ — $ — $ 4,534 $ 4,534 Autos and RVs $ — $ — $ 768 $ 768 Total $ — $ — $ 5,302 $ 5,302 June 30, 2022 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Other real estate owned and foreclosed assets: Autos and RVs — — 798 798 Total $ — $ — $ 798 $ 798 Non-recurring fair value measurements for other real estate owned and foreclosed assets represent charge-offs of $307 thousand for the three months ended September 30, 2022 and $12 thousand for the three months ended September 30, 2021. The Company has elected the fair value option for Agency loans held for sale. These loans are intended for sale and fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans. None of these loans are 90 days or more past due nor on nonaccrual as of September 30, 2022 and June 30, 2022. As of September 30, 2022 and June 30, 2022, the aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest), and unrealized gain was as follows: (Dollars in thousands) September 30, 2022 June 30, 2022 Aggregate fair value $ 9,463 $ 4,973 Contractual balance 9,348 4,881 Unrealized gain $ 115 $ 92 Gains and losses from changes in fair value included in earnings for loans held for sale for the periods indicated below were: For the Three Months Ended September 30, (Dollars in thousands) 2022 2021 Interest income $ 50 $ 200 Change in fair value 91 43 Total $ 141 $ 243 The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods indicated: September 30, 2022 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Other real estate owned and foreclosed assets: Single family real estate $ 4,534 Sales comparison approach Adjustment for differences between the comparable sales 3.5 to 12.1% (4.1%) Autos and RVs $ 768 Sales comparison approach Adjustment for differences between the comparable sales -13.7 to -0.5% (-3.4%) June 30, 2022 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Other real estate owned and foreclosed assets: Autos and RVs $ 798 Sales comparison approach Adjustment for differences between the comparable sales -17.2 to 4.6% (-7.5%) 1 For other real estate owned and foreclosed assets the ranges shown may vary positively or negatively based on the comparable sales reported in the current appraisal. In certain instances, the range can be significant due to small sample sizes and in some cases the property being valued having limited comparable sales with similar characteristics at the time the current appraisal is conducted. Fair Value of Financial Instruments Carrying amounts and estimated fair values of financial instruments at September 30, 2022 and June 30, 2022 were: September 30, 2022 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 1,698,048 $ 1,698,048 $ — $ — $ 1,698,048 Securities — trading 75 — 75 — 75 Securities — available-for-sale 257,634 — 73,622 184,012 257,634 Loans held for sale, at fair value 9,463 — 9,463 — 9,463 Loans held for sale, at lower of cost or fair value 10,476 — — 10,489 10,489 Loans held for investment—net 15,211,573 — — 14,893,655 14,893,655 Securities borrowed 87,622 — — 86,728 86,728 Customer, broker-dealer and clearing receivables 410,842 — — 411,171 411,171 Mortgage servicing rights 26,373 — — 26,373 26,373 Financial liabilities: Total deposits 15,176,631 — 13,373,113 — 13,373,113 Advances from the Federal Home Loan Bank 112,500 — 105,387 — 105,387 Borrowings, subordinated notes and debentures 425,818 — 385,257 — 385,257 Securities loaned 206,889 — — 206,910 206,910 Customer, broker-dealer and clearing payables 500,584 — — 500,584 500,584 June 30, 2022 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 1,574,699 $ 1,574,699 $ — $ — $ 1,574,699 Securities — trading 1,758 — 1,758 — 1,758 Securities — available-for-sale 262,518 — 75,704 186,814 262,518 Loans held for sale, at fair value 4,973 — 4,973 — 4,973 Loans held for sale, at lower of cost or fair value 10,938 — — 10,985 10,985 Loans held for investment—net 14,091,061 — — 14,015,157 14,015,157 Securities borrowed 338,980 — — 329,963 329,963 Customer, broker-dealer and clearing receivables 417,417 — — 414,383 414,383 Mortgage servicing rights 25,213 — — 25,213 25,213 Financial liabilities: Total deposits 13,946,422 — 12,812,512 — 12,812,512 Advances from the Federal Home Loan Bank 117,500 — 117,500 — 117,500 Borrowings, subordinated notes and debentures 445,244 — 416,947 — 416,947 Securities loaned 474,400 — — 473,831 473,831 Customer, broker-dealer and clearing payables 511,654 — — 471,859 471,859 Carrying amount is the estimated fair value for cash and cash equivalents, interest bearing deposits, accrued interest receivable and payable, demand deposits, short-term debt, and variable rate loans or deposits that reprice frequently and fully. For fixed rate loans, deposits, borrowings or subordinated debt and for variable rate loans, deposits, borrowings or subordinated debt with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. A discussion of the methods of valuing trading securities, available for sale securities and loans held for sale can be found in Note 3 – “Fair Value” of the 2022 Form 10-K. The carrying amount of stock of regulatory agencies approximates the estimated fair value of this investment. The fair value of off-balance sheet items is not material. |
SECURITIES
SECURITIES | 3 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost, carrying amount and fair value for the trading and available-for-sale securities at September 30, 2022 and June 30, 2022 were: September 30, 2022 Trading Available-for-sale (Dollars in thousands) Fair Amortized Unrealized Unrealized Fair Mortgage-backed securities (MBS): U.S. agencies 1 $ — $ 27,187 $ 1 $ (3,425) $ 23,763 Non-agency 2 — 187,287 1,300 (4,575) 184,012 Total mortgage-backed securities — 214,474 1,301 (8,000) 207,775 Non-MBS: Municipal 75 3,560 — (565) 2,995 Asset-backed securities and structured notes — 47,000 — (136) 46,864 Total Non-MBS 75 50,560 — (701) 49,859 Total debt securities $ 75 $ 265,034 $ 1,301 $ (8,701) $ 257,634 June 30, 2022 Trading Available-for-sale (Dollars in thousands) Fair Amortized Unrealized Unrealized Fair Mortgage-backed securities (MBS): U.S. agencies 1 $ — $ 27,722 $ 9 $ (2,406) $ 25,325 Non-agency 2 — 187,616 1,832 (2,634) 186,814 Total mortgage-backed securities — 215,338 1,841 (5,040) 212,139 Non-MBS: Municipal 1,758 3,529 — (281) 3,248 Asset-backed securities and structured notes — 47,000 131 — 47,131 Total Non-MBS 1,758 50,529 131 (281) 50,379 Total debt securities $ 1,758 $ 265,867 $ 1,972 $ (5,321) $ 262,518 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 ARM mortgages. No credit losses were recognized on available-for-sale securities in the three months ended September 30, 2022 and September 30, 2021. No allowance for credit losses for available-for-sale debt securities was recorded at September 30, 2022 and June 30, 2022 based on an analysis of: (1) the credit characteristics of the securities, including the forecasted cash flows, credit ratings, credit enhancement, and any external government backing, and (2) whether the Company is intending to sell or is required to sell any securities before recovering the amortized cost basis of the securities. The Company’s non-agency MBS available-for-sale portfolio with a total fair value of $184,012 at September 30, 2022 consists of 17 different issues of super senior securities. The face amounts of debt securities available-for-sale pledged to secure borrowings at September 30, 2022 and June 30, 2022 were $1.1 million and $1.2 million, respectively. Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were: September 30, 2022 Available-for-sale securities in loss position for Less Than More Than Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross MBS: U.S. agencies $ 15,070 $ (1,882) $ 8,493 $ (1,543) $ 23,563 $ (3,425) Non-agency 127,685 (4,095) 4,516 (480) 132,201 (4,575) Total MBS 142,755 (5,977) 13,009 (2,023) 155,764 (8,000) Non-MBS: Municipal debt 2,995 (565) — — 2,995 (565) Asset-backed securities and structured notes 46,864 (136) — — 46,864 (136) Total Non-MBS 49,859 (701) — — 49,859 (701) Total debt securities $ 192,614 $ (6,678) $ 13,009 $ (2,023) $ 205,623 $ (8,701) June 30, 2022 Available-for-sale securities in loss position for Less Than More Than Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross MBS: U.S. agencies $ 16,446 $ (1,338) $ 8,097 $ (1,068) $ 24,543 $ (2,406) Non-agency 92,796 (2,204) 4,751 (430) 97,547 (2,634) Total MBS 109,242 (3,542) 12,848 (1,498) 122,090 (5,040) Non-MBS: Municipal debt 3,248 (281) — — 3,248 (281) Asset-backed securities and structured notes — — — — — — Total Non-MBS 3,248 (281) — — 3,248 (281) Total debt securities $ 112,490 $ (3,823) $ 12,848 $ (1,498) $ 125,338 $ (5,321) On September 30, 2022, there were sixteen securities in a continuous loss position for a period of more than 12 months, and thirty-seven securities in a continuous loss position for a period of less than 12 months. At June 30, 2022, there were fourteen securities in a continuous loss position for a period of more than 12 months, and twenty-five securities in a continuous loss position for a period of less than 12 months. At September 30, 2022, one non-agency RMBS with a total carrying amount of $1.9 million was determined to have cumulative credit losses of $0.8 million of which none was recognized in earnings during the three months ended September 30, 2022. During the three months ended September 30, 2022 and September 30, 2021, the Company sold no available-for-sale securities. The components of the Company’s accumulated other comprehensive income (loss) are: (Dollars in thousands) September 30, June 30, Available-for-sale debt securities—net unrealized gains (losses) $ (7,400) $ (3,349) Available-for-sale debt securities—non-credit related losses (845) (845) Subtotal (8,245) (4,194) Tax benefit (expense) 2,475 1,261 Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) $ (5,770) $ (2,933) The following table sets forth the expected maturity distribution of our mortgage-backed securities and the contractual maturity distribution of our Non-RMBS securities and the weighted-average yield for each range of maturities: At September 30, 2022 Total Amount Due Within One Year Due After One but within Five Years Due After Five but within Ten Years Due After Ten Years (Dollars in thousands) Amount Yield 1 Amount Yield 1 Amount Yield 1 Amount Yield 1 Amount Yield 1 Available-for-sale Mortgage-backed securities: Agency 2 $ 27,187 1.79 % $ 5,018 1.83 % $ 13,175 1.79 % $ 7,063 1.76 % $ 1,931 1.86 % Non-Agency 3 187,287 5.41 % 1,285 16.89 % 183,937 5.30 % 1,726 8.90 % 339 4.63 % Total Mortgage-Backed Securities $ 214,474 4.95 % $ 6,303 4.90 % $ 197,112 5.07 % $ 8,789 3.17 % $ 2,270 2.28 % Non-RMBS Municipal 3,560 3.57 % — — % — — % — — % 3,560 3.57 % Asset-backed securities and structured notes 47,000 8.43 % 35,155 8.43 % 11,845 8.43 % — — % — — % Total Non-RMBS $ 50,560 8.09 % $ 35,155 8.43 % $ 11,845 8.43 % $ — — % $ 3,560 3.57 % Available-for-sale—Amortized Cost $ 265,034 5.55 % $ 41,458 7.89 % $ 208,957 5.26 % $ 8,789 3.17 % $ 5,830 3.07 % Available-for-sale—Fair Value $ 257,634 5.57 % $ 41,010 7.89 % $ 203,814 5.26 % $ 7,807 3.17 % $ 5,003 3.07 % Total available-for-sale securities $ 257,634 5.57 % $ 41,010 7.89 % $ 203,814 5.26 % $ 7,807 3.17 % $ 5,003 3.07 % 1 Weighted-average yield is based on amortized cost of the securities. Residential mortgage-backed security yields and maturities include impact of expected prepayments and other timing factors such as interest rate forward curve. 2 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 3 Private sponsors of securities collateralized primarily by pools of 1-4 family residential first mo prime, Alt-A or pay-option ARM mortgages. |
LOANS & ALLOWANCE FOR CREDIT LO
LOANS & ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
LOANS & ALLOWANCE FOR CREDIT LOSSES | LOANS & ALLOWANCE FOR CREDIT LOSSES The composition of the loan portfolio was: (Dollars in thousands) September 30, 2022 June 30, 2022 Single Family - Mortgage & Warehouse $ 4,009,809 $ 3,988,462 Multifamily and Commercial Mortgage 2,964,982 2,877,680 Commercial Real Estate 5,523,895 4,781,044 Commercial & Industrial - Non-RE 2,244,342 2,028,128 Auto & Consumer 631,344 567,228 Other 9,954 11,134 Total gross loans and leases 15,384,326 14,253,676 Allowance for credit losses - loans (155,472) (148,617) Unaccreted premiums (discounts) and loan and lease fees (17,281) (13,998) Total net loans and leases $ 15,211,573 $ 14,091,061 Activity in the allowance for credit losses by portfolio classes for the periods was: For the Three Months Ended September 30, 2022 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at July 1, 2022 $ 19,670 $ 14,655 $ 69,339 $ 30,808 $ 14,114 $ 31 $ 148,617 Provision (benefit) for credit losses - loans (1,642) (6) 4,437 3,557 2,405 (1) 8,750 Charge-offs (4) — — — (2,362) — (2,366) Recoveries 15 — — 18 438 — 471 Balance at September 30, 2022 $ 18,039 $ 14,649 $ 73,776 $ 34,383 $ 14,595 $ 30 $ 155,472 For the Three Months Ended September 30, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at July 1, 2021 $ 26,604 $ 13,146 $ 57,928 $ 28,460 $ 6,519 $ 301 $ 132,958 Provision (benefit) for credit losses - loans (1,351) 36 7,295 (5,646) 3,626 40 4,000 Charge-offs — — — (322) (394) — (716) Recoveries 76 177 — 27 256 — 536 Balance at September 30, 2021 $ 25,329 $ 13,359 $ 65,223 $ 22,519 $ 10,007 $ 341 $ 136,778 Credit Quality Disclosures. Nonaccrual loans consisted of the following as of the dates indicated: (Dollars in thousands) As of September 30, 2022 Single Family - Mortgage & Warehouse $ 65,687 Multifamily and Commercial Mortgage 35,837 Commercial Real Estate 14,852 Commercial & Industrial - Non-RE 2,989 Auto & Consumer 990 Other 126 Total nonaccrual loans $ 120,481 Nonaccrual loans to total loans 0.78 % (Dollars in thousands) As of June 30, 2022 Single Family - Mortgage & Warehouse $ 66,424 Multifamily and Commercial Mortgage 33,410 Commercial Real Estate 14,852 Commercial & Industrial - Non-RE 2,989 Auto & Consumer 439 Other 80 Total nonaccrual loans $ 118,194 Nonaccrual loans to total loans 0.83 % No interest income was recognized on nonaccrual loans in the three months ended September 30, 2022 or September 30, 2021 and there were no nonaccrual loans without an allowance for credit losses as of September 30, 2022 and June 30, 2022. Approximately 1.13% of our nonaccrual loans at September 30, 2022 were considered troubled debt restructurings (“TDRs”), compared to 0.55% at June 30, 2022. Borrowers that make timely payments after TDRs are considered non-performing for at least six months. Generally, after six months of timely payments, those TDRs are reclassified from the nonaccrual loan category to the performing loan category and any previously deferred interest income is recognized. Approximatel y 54.52% of the Bank’s nonaccrual loans are single family first mortgages. The outstanding unpaid balance of loans that are either performing or nonaccrual by portfolio class was: September 30, 2022 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Performing $ 3,944,122 $ 2,929,145 $ 5,509,043 $ 2,241,353 $ 630,354 $ 9,828 $ 15,263,845 Nonaccrual 65,687 35,837 14,852 2,989 990 126 120,481 Total $ 4,009,809 $ 2,964,982 $ 5,523,895 $ 2,244,342 $ 631,344 $ 9,954 $ 15,384,326 June 30, 2022 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Performing $ 3,922,038 $ 2,844,270 $ 4,766,192 $ 2,025,139 $ 566,789 $ 11,054 $ 14,135,482 Nonaccrual 66,424 33,410 14,852 2,989 439 80 118,194 Total $ 3,988,462 $ 2,877,680 $ 4,781,044 $ 2,028,128 $ 567,228 $ 11,134 $ 14,253,676 From time to time the Company modifies loan terms temporarily for borrowers who are experiencing financial stress. These loans are performing and accruing and generally return to the original loan terms after the modification term expires. The Company had no TDRs classified as performing loans at September 30, 2022 or June 30, 2022. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends. The Company analyzes loans individually by classifying the loans based on credit risk. The Company uses the following definitions for risk ratings. Pass. Loans classified as pass are well protected by the current net worth and paying capacity of the obligor or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention . Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard . Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful . Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The Company reviews and grades loans following a continuous review process, featuring coverage of all loan types and business lines at least quarterly. Continuous reviewing provides more effective risk monitoring because it immediately tests for potential impacts caused by changes in personnel, policy, products or underwriting standards. The amortized cost basis of the Company’s loans by year of origination and credit quality indicator are: September 30, 2022 Loans Held for Investment Origination Year Revolving Loans Total (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Single Family-Mortgage & Warehouse Pass $ 309,401 $ 1,427,758 $ 579,544 $ 380,330 $ 277,775 $ 767,417 $ 168,798 $ 3,911,023 Special Mention — — — 4,971 2,165 18,091 7,532 32,759 Substandard — 3,201 3,171 5,017 18,700 35,518 420 66,027 Doubtful — — — — — — — — Total 309,401 1,430,959 582,715 390,318 298,640 821,026 176,750 4,009,809 Multifamily and Commercial Mortgage Pass 187,856 1,004,942 541,338 403,340 247,670 483,365 — 2,868,511 Special Mention — 9,706 3,980 532 3,269 — — 17,487 Substandard — 3,145 5,759 32,935 6,832 30,313 — 78,984 Doubtful — — — — — — — — Total 187,856 1,017,793 551,077 436,807 257,771 513,678 — 2,964,982 Commercial Real Estate Pass 509,209 2,613,562 953,785 312,381 182,800 28,759 760,859 5,361,355 Special Mention — — 55,820 12,138 1,000 15,000 — 83,958 Substandard — — 38,290 — 15,487 23,507 1,298 78,582 Doubtful — — — — — — — — Total 509,209 2,613,562 1,047,895 324,519 199,287 67,266 762,157 5,523,895 Commercial & Industrial - Non-RE Pass 63,185 402,229 35,057 19,008 10,858 6,520 1,671,859 2,208,716 Special Mention — — — — — — — — Substandard — 2,988 — 8,500 — — 24,138 35,626 Doubtful — — — — — — — — Total 63,185 405,217 35,057 27,508 10,858 6,520 1,695,997 2,244,342 Auto & Consumer Pass 115,451 328,900 96,119 37,417 31,545 20,039 — 629,471 Special Mention — 328 218 44 16 38 — 644 Substandard — 509 291 154 231 44 — 1,229 Doubtful — — — — — — — — Total 115,451 329,737 96,628 37,615 31,792 20,121 — 631,344 Other Pass 698 2,000 3,310 — — 1,525 — 7,533 Special Mention — — 2,295 — — — — 2,295 Substandard — — — — — 126 — 126 Doubtful — — — — — — — — Total 698 2,000 5,605 — — 1,651 — 9,954 Total Pass 1,185,800 5,779,391 2,209,153 1,152,476 750,648 1,307,625 2,601,516 14,986,609 Special Mention — 10,034 62,313 17,685 6,450 33,129 7,532 137,143 Substandard — 9,843 47,511 46,606 41,250 89,508 25,856 260,574 Doubtful — — — — — — — — Total $1,185,800 $5,799,268 $2,318,977 $1,216,767 $798,348 $1,430,262 $2,634,904 $15,384,326 As a % of total gross loans 7.71% 37.70% 15.07% 7.91% 5.19% 9.30% 17.13% 100.0% June 30, 2022 Loans Held for Investment Origination Year Revolving Loans Total (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Single Family-Mortgage & Warehouse Pass $ 1,484,027 $ 600,054 $ 402,712 $ 303,999 $ 279,248 $ 548,703 $ 241,925 $ 3,860,668 Special Mention — — 4,790 2,505 4,125 10,971 38,637 61,028 Substandard — 2,288 3,928 18,407 5,955 36,188 — 66,766 Doubtful — — — — — — — — Total 1,484,027 602,342 411,430 324,911 289,328 595,862 280,562 3,988,462 Multifamily and Commercial Mortgage Pass 999,819 569,486 429,247 259,161 219,548 316,013 — 2,793,274 Special Mention 1,200 — 534 539 — 968 — 3,241 Substandard — 5,772 34,343 9,613 7,308 24,129 — 81,165 Doubtful — — — — — — — — Total 1,001,019 575,258 464,124 269,313 226,856 341,110 — 2,877,680 Commercial Real Estate Pass 2,482,366 990,887 358,422 186,800 28,758 — 602,412 4,649,645 Special Mention — 32,351 12,138 16,487 15,000 — — 75,976 Substandard — — 12,575 18,043 23,507 — 1,298 55,423 Doubtful — — — — — — — — Total 2,482,366 1,023,238 383,135 221,330 67,265 — 603,710 4,781,044 Commercial & Industrial - Non-RE Pass 435,228 66,226 25,629 61,932 9,268 — 1,388,435 1,986,718 Special Mention 13 — — 186 710 — — 909 Substandard 2,988 28,359 9,154 — — — — 40,501 Doubtful — — — — — — — — Total 438,229 94,585 34,783 62,118 9,978 — 1,388,435 2,028,128 Auto & Consumer Pass 352,468 107,882 43,377 37,008 16,147 8,891 — 565,773 Special Mention 204 188 24 110 — 1 — 527 Substandard 157 311 224 205 25 6 — 928 Doubtful — — — — — — — — Total 352,829 108,381 43,625 37,323 16,172 8,898 — 567,228 Other Pass 3,057 6,185 — — 1,091 721 — 11,054 Special Mention — — — — — — — — Substandard — — 46 — — 34 — 80 Doubtful — — — — — — — — Total 3,057 6,185 46 — 1,091 755 — 11,134 Total Pass 5,756,965 2,340,720 1,259,387 848,900 554,060 874,328 2,232,772 13,867,132 Special Mention 1,417 32,539 17,486 19,827 19,835 11,940 38,637 141,681 Substandard 3,145 36,730 60,270 46,268 36,795 60,357 1,298 244,863 Doubtful — — — — — — — — Total $ 5,761,527 $ 2,409,989 $ 1,337,143 $ 914,995 $ 610,690 $ 946,625 $ 2,272,707 $ 14,253,676 As a % of total gross loans 40.42% 16.91% 9.38% 6.42% 4.28% 6.64% 15.95% 100.0% The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses and evaluates credit quality based on the aging status of its loans. Certain short-term loans do not have a fixed maturity date and are treated as delinquent if not paid in full 90 days after the origination date. The outstanding unpaid balance of loans past due 30 days or more by portfolio class are: September 30, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single Family-Mortgage & Warehouse $ 13,021 $ 5,494 $ 57,883 $ 76,398 Multifamily and Commercial Mortgage 5,909 358 30,001 36,268 Commercial Real Estate 9,655 — 14,852 24,507 Commercial & Industrial - Non-RE — — — — Auto & Consumer 4,174 945 495 5,614 Other 1,162 — 126 1,288 Total $ 33,921 $ 6,797 $ 103,357 $ 144,075 As a % of total gross loans 0.22 % 0.05 % 0.67 % 0.94 % June 30, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single Family-Mortgage & Warehouse $ 5,167 $ 1,518 $ 63,286 $ 69,971 Multifamily and Commercial Mortgage 9,455 2,115 26,556 38,126 Commercial Real Estate — 14,852 — 14,852 Commercial & Industrial - Non-RE — — — — Auto & Consumer 4,865 1,009 466 6,340 Other 413 — 193 606 Total $ 19,900 $ 19,494 $ 90,501 $ 129,895 As a % of total gross loans 0.14 % 0.14 % 0.63 % 0.91 % Loans reaching 90+ days past due are placed on non-accrual as required under Company policy. No loans 90+ days past due were still accruing interest as of September 30, 2022 and June 30, 2022. Loans in process of foreclosure were $20.4 million and $20.7 million as of September 30, 2022 and June 30, 2022, respectively. Unfunded Loan Commitment Reserves Unfunded loan commitment reserves are included in “Accounts payable and other liabilities” in the unaudited Condensed Consolidated Balance Sheets. Provisions for the unfunded loan commitments are included in the unaudited Condensed Consolidated Statements of Income in “General and administrative expenses”. The following tables present a summary of the activity in the unfunded loan commitment reserves for the periods indicated: Three Months Ended September 30, (Dollars in thousands) 2022 2021 BALANCE—beginning July 1 $ 10,973 $ 5,723 Provision — 2,000 BALANCE—end September 30 $ 10,973 $ 7,723 |
EQUITY AND STOCK-BASED COMPENSA
EQUITY AND STOCK-BASED COMPENSATION | 3 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
EQUITY AND STOCK-BASED COMPENSATION | 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 Plan is designed to encourage selected employees and directors to improve operations and increase profits, and to accept or continue employment or association with the Company through participation in the growth in the value of the common stock. The Company also has an employment agreement with its Chief Executive Officer that authorizes an award of restricted stock units (the “RSU award”). For additional information regarding the Company’s stock-based compensation plans, see Note 16 — “Stock-based Compensation” contained in the 2022 Form 10-K. At September 30, 2022, 1,614,701 shares of common stock remained available for issuance pursuant to grant awards under the 2014 Plan and unrecognized compensation expense related to non-vested awards aggregated to $47.6 million and is expected to be recognized in future periods as follows: (Dollars in thousands) Stock Award For the fiscal year remainder: Remainder of fiscal year 2023 $ 18,487 2024 17,408 2025 9,372 2026 1,913 2027 400 Total $ 47,580 The status and changes in restricted stock units for the period indicated: Restricted Weighted-Average Non-vested balance at June 30, 2022 1,350,763 $ 41.16 Granted 400,339 38.99 Vested (291,430) 31.88 Forfeited (19,210) 41.62 Non-vested balance at September 30, 2022 1,440,462 $ 42.43 The total fair value of shares vested for the three months ended September 30, 2022 was $12.0 million. The weighted-average remaining time period until vesting for restricted stock units as of September 30, 2022 was 1.5 years. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table presents the calculation of basic and diluted EPS: Three Months Ended September 30, (Dollars in thousands, except per share data) 2022 2021 Earnings Per Common Share Net income attributable to common stockholders $ 58,407 $ 60,210 Average common shares issued and outstanding 59,854,584 59,390,846 Earnings per common share $ 0.98 $ 1.01 Diluted Earnings Per Common Share Net income attributable to common stockholders $ 58,407 $ 60,210 Average common shares issued and outstanding 59,854,584 59,390,846 Dilutive effect of average unvested RSUs 631,810 1,253,442 Total dilutive common shares outstanding 60,486,394 60,644,288 Diluted earnings per common share $ 0.97 $ 0.99 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Leases. The Company leases office space under operating lease agreements scheduled to expire at various dates. The following table represents maturities of lease liabilities as of September 30, 2022 in the corresponding fiscal years: (Dollars in thousands) Remainder of fiscal year 2023 $ 8,151 2024 10,976 2025 11,143 2026 10,811 2027 10,870 Thereafter 29,177 Total lease payments 81,128 Less: amount representing interest (8,074) Total Lease Liability $ 73,054 Credit-Related Financial Instruments . The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the unaudited condensed consolidated balance sheets. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance-sheet instruments. At September 30, 2022, the Company had commitments to originate $192.1 million in fixed rate loans and $3,181.9 million in variable rate loans, totaling an aggregate principal balance of $3,374.0 million. At September 30, 2022, the Company’s fixed rate commitments to originate had a weighted-average rate of 6.70%. At September 30, 2022, the Company also had commitments to sell $12.6 million in fixed rate loans and no variable rate loans, totaling an aggregate principal balance of $12.6 million. Commitments to extend credit are agreements to lend to a customer so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. In the normal course of business, Axos Clearing’s customer activities involve the execution, settlement, and financing of various customer securities transactions. These activities may expose Axos Clearing to off-balance-sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and Axos Clearing has to purchase or sell the financial instrument underlying the contract at a loss. Axos Clearing’s clearing agreements with broker-dealers for which it provides clearing services requires them to indemnify Axos Clearing if customers fail to satisfy their contractual obligation. Litigation . On October 15, 2015, the Company, its Chief Executive Officer and its Chief Financial Officer were named defendants in a putative class action lawsuit, Golden v. BofI Holding, Inc., et al , and brought in United States District Court for the Southern District of California (the “Golden Case”). On November 3, 2015, the Company, its Chief Executive Officer and its Chief Financial Officer were named defendants in a second putative class action lawsuit, Hazan v. BofI Holding, Inc., et al , and also brought in the United States District Court for the Southern District of California (the “Hazan Case”). On February 1, 2016, the Golden Case and the Hazan Case were consolidated as In re BofI Holding, Inc. Securities Litigation, Case #: 3:15-cv-02324-GPC-KSC (the “HMEPS Class Action”), and the Houston Municipal Employees Pension System was appointed lead plaintiff. The plaintiffs allege that the Company and other named defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by failing to disclose wrongful conduct that was alleged in a complaint filed in connection with a wrongful termination of employment lawsuit filed on October 13, 2015 (the “Employment Matter”) and that as a result the Company’s statements regarding its internal controls, as well as portions of its financial statements, were false and misleading. On April 13, 2022, the parties executed a Stipulation and Agreement of Settlement. The Stipulation and Agreement of Settlement was submitted to the District Court for approval on April 15, 2022. On June 8, 2022, the court granted preliminary approval of the settlement and scheduled a hearing with respect to final approval of the settlement for October 7, 2022. On October 14, 2022, the District Court entered an order granting final approval of such settlement. The settlement was reached because the parties were able to negotiate terms within available insurance coverage and without attribution of wrongdoing to Axos, its management or its directors. On April 3, 2017, the Company, its Chief Executive Officer and its Chief Financial Officer were named defendants in a putative class action lawsuit, Mandalevy v. BofI Holding, Inc., et al , and brought in United States District Court for the Southern District of California (the “Mandalevy Case”). The Mandalevy Case seeks monetary damages and other relief on behalf of a putative class that has not been certified by the Court. The complaint in the Mandalevy Case (the “Mandalevy Complaint”) alleges a class period that differs from that alleged in the First Class Action, and that the Company and other named defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by failing to disclose wrongful conduct that was alleged in a March 2017 media article. The Mandalevy Case has not been consolidated into the First Class Action. On December 7, 2018, the Court entered a final order granting the defendants’ motion and dismissing the Mandalevy Case with prejudice. Subsequently, the plaintiff filed a notice of appeal and the Court took the matter under advisement. On November 3, 2020, the Court issued a ruling affirming in part and reversing in part the District Court’s Order dismissing the Class Action Second Amended Complaint. The defendants filed a petition for rehearing en banc on November 17, 2020, which petition was denied on December 16, 2020. The defendants filed a motion to dismiss the remanded complaint on February 19, 2021. On January 31, 2022, a Stipulation of Settlement was submitted to the District Court for approval. On May 17, 2022, the court granted preliminary approval of the settlement and scheduled a hearing with respect to final approval for September 23, 2022. On September 26, 2022, the District Court entered an order granting final approval of such settlement. The settlement was reached because the parties were able to negotiate terms within available insurance coverage and without attribution of wrongdoing to Axos, its management or its directors. In addition to the First Class Action and the Mandalevy Case, two separate shareholder derivative actions were filed in December, 2015, purportedly on behalf of the Company. The first derivative action, Calcaterra v. Garrabrants, et al , was filed in the United States District Court for the Southern District of California on December 3, 2015. The second derivative action, Dow v. Micheletti, et al , was filed in the San Diego County Superior Court on December 16, 2015. A third derivative action, DeYoung v. Garrabrants, et al , was filed in the United States District Court for the Southern District of California on January 22, 2016, a fourth derivative action, Yong v. Garrabrants, et al , was filed in the United States District Court for the Southern District of California on January 29, 2016, a fifth derivative action, Laborers Pension Trust Fund of Northern Nevada v. Allrich et al , was filed in the United States District Court for the Southern District of California on February 2, 2016, and a sixth derivative action, Garner v. Garrabrants, et al , was filed in the San Diego County Superior Court on August 10, 2017. Each of these six derivative actions names the Company as a nominal defendant, and certain of its officers and directors as defendants. Each complaint sets forth allegations of breaches of fiduciary duties, gross mismanagement, abuse of control, and unjust enrichment against the defendant officers and directors. The plaintiffs in these derivative actions seek damages in unspecified amounts on the Company’s behalf from the officer and director defendants, certain corporate governance actions, and an award of their costs and attorney’s fees. The United States District Court for the Southern District of California ordered the six above-referenced derivative actions pending before it to be consolidated and appointed lead counsel in the consolidated action. On June 7, 2018, the Court entered an order granting defendant’s motion for judgment on the pleadings, but giving the plaintiffs limited leave to amend by June 28, 2018. The plaintiffs failed to file an amended complaint, and instead plaintiffs filed on June 28, 2018 a motion to stay the case pending resolution of the securities class action and Employment Matter. On August 10, 2018, defendants filed an opposition to plaintiffs’ motion. On September 11, 2018, the plaintiffs filed a second amended complaint. On October 16, 2018, defendants filed a motion to dismiss the second amended complaint. On October 16, 2018, defendants filed a motion to dismiss the second amended complaint. The Court dismissed the second amended complaint with prejudice on May 23, 2019. Subsequently, the plaintiff filed a notice of appeal and opening brief and the Company filed its answering brief. Oral argument was held September 2, 2020. On February 25, 2021, the Ninth Circuit issued a memorandum decision affirming the dismissal of the Calcaterra derivative action. However, the Ninth Circuit reversed the district court’s order denying a stay of the action and remanded to the district court to reconsider whether it should grant the plaintiff leave to amend. The Ninth Circuit issued its mandate to the district court on April 9, 2021, and the plaintiff has opted for a stay on remand rather than amending the complaint. The two derivative actions pending before the San Diego County Superior Court have been consolidated and have been stayed by agreement of the parties. The Company and the other named defendants dispute, and intend to vigorously defend against, the allegations raised in the consolidated action and the state court derivative actions. In view of the inherent difficulty of predicting the outcome of each legal action, particularly since claimants seek substantial or indeterminate damages, it is not possible to reasonably predict or estimate the eventual loss or range of loss, if any, related to each legal action, unless otherwise disclosed above. On October 26, 2022, a jury verdict was reached in the case of MUFG Union Bank, N.A. v. Axos Bank, et al |
SEGMENT REPORTING AND REVENUE I
SEGMENT REPORTING AND REVENUE INFORMATION | 3 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING AND REVENUE INFORMATION | SEGMENT REPORTING AND REVENUE INFORMATION Segment Information. The operating segments reported below are the segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. The operating segments and segment results of the Company are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments and by which segment results are evaluated by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. The Company evaluates performance and allocates resources based on pre-tax profit or loss from operations. Certain corporate administration costs and income taxes have not been allocated to the reportable segments. The Company operates through two operating segments: Banking Business and Securities Business. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business segment and non-interest expense incurred by the Banking Business segment for cash sorting fees related to deposits sourced from Securities Business segment customers, as well as interest expense paid by the Banking Business segment to each of the wholly-owned subsidiaries of the Company and to the Company itself for their operating cash held on deposit with the Business Banking segment. In order to reconcile the two segments to the unaudited condensed consolidated totals, the Company includes parent-only activities and intercompany eliminations. The following tables present the operating results, goodwill, and assets of the segments: Three Months Ended September 30, 2022 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 179,730 $ 4,275 $ (3,530) $ 180,475 Provision for credit losses 8,750 — — 8,750 Non-interest income 10,712 29,165 (12,669) 27,208 Non-interest expense 100,796 24,515 (9,224) 116,087 Income before taxes $ 80,896 $ 8,925 $ (6,975) $ 82,846 Three Months Ended September 30, 2021 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 142,241 $ 6,176 $ (1,775) $ 146,642 Provision for credit losses 4,000 — — 4,000 Non-interest income 14,828 13,106 (1,232) 26,702 Non-interest expense 62,725 19,273 2,433 84,431 Income before taxes $ 90,344 $ 9 $ (5,440) $ 84,913 As of September 30, 2022 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Goodwill $ 35,721 $ 61,967 $ — $ 97,688 Total Assets $ 17,320,661 $ 1,027,815 $ 58,602 $ 18,407,078 As of June 30, 2022 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Goodwill $ 35,721 $ 59,953 $ — $ 95,674 Total Assets $ 16,002,714 $ 1,328,558 $ 69,893 $ 17,401,165 Revenue information. The following presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606 for the periods indicated. For further information of the Company’s recognition of revenue and Topic 606 see Note 1 — “Organizations and Summary of Significant Accounting Policies” contained in the 2022 Form 10-K. For the Three Months Ended September 30, (Dollars in thousands) 2022 2021 Advisory fee income $ 6,959 $ 5,304 Broker-dealer clearing fees 5,233 5,670 Deposit service fees 1,106 626 Card fees 789 1,007 Bankruptcy trustee and fiduciary service fees 773 780 Non-interest income (in-scope Topic 606) 14,860 13,387 Non-interest income (out-of-scope Topic 606) 12,348 13,315 Total non-interest income $ 27,208 $ 26,702 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation | The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (the “Axos Nevada Holding”) collectively, the “Company”. Axos Bank and its wholly owned subsidiary constitute the Banking Business segment and Axos Nevada Holding wholly owns the companies constituting the Securities Business segment. All significant intercompany balances and transactions have been eliminated in consolidation. |
Basis of Presentation | The accompanying interim condensed consolidated financial statements, presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), are unaudited and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of financial condition and results of operations for the interim periods. All adjustments are of a normal and recurring nature. Results for the three months ended September 30, 2022 are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Certain information and note disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or not repeated herein pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended June 30, 2022 included in our Annual Report on Form 10-K filed with the SEC for the fiscal year ended June 30, 2022 (“2022 Form 10-K”). A reclassification of certain components of non-interest income for the three months ended September 30, 2021 has been made to conform to the current period presentation. This reclassification had no effect on the Company’s total non-interest income, net income, financial position or cash flows. Additional reclassifications of certain amounts in the Condensed Consolidated Statement of Cash Flows for the three months ended September 30, 2021 have been made to conform to the current period presentation. These reclassifications had no effect on the Company’s results of operations or financial position. |
New Accounting Standards | Significant Accounting Policies Our significant accounting policies are described in greater detail in Note 1 — “Organizations and Summary of Significant Accounting Policies” contained in the 2022 Form 10-K. New Accounting Standards Accounting Standards Issued But Not Yet Adopted For a discussion of new accounting standards issued but not yet adopted which are applicable to the Company see Note 1 — “Organizations and Summary of Significant Accounting Policies” contained in the 2022 Form 10-K. For the fiscal year beginning July 1, 2022, there have been no new accounting standards issued but not yet adopted that are expected to be material to the Company. |
Credit Quality Indicators | Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends. The Company analyzes loans individually by classifying the loans based on credit risk. The Company uses the following definitions for risk ratings. Pass. Loans classified as pass are well protected by the current net worth and paying capacity of the obligor or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention . Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard . Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful . Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The Company reviews and grades loans following a continuous review process, featuring coverage of all loan types and business lines at least quarterly. Continuous reviewing provides more effective risk monitoring because it immediately tests for potential impacts caused by changes in personnel, policy, products or underwriting standards. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Fair Value and Useful Life of Each Intangible Asset Acquired | The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date: (Dollars in thousands) Fair Value Useful Lives (Years) Trade Name $ 290 0.16 Proprietary Technology 10,990 7 Customer Relationships 15,650 14 Non-Compete Agreements 130 1 Total $ 27,060 |
Schedule Of Business Acquisition, Pro Forma Information | The following table presents the results of operations of AAS for the three months ended September 30, 2021 on an unaudited pro forma basis, as if the acquisition of the entity rebranded to AAS had been consummated on July 1, 2020. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the Company’s results of operations would have been if the acquisition of EAS had occurred as of July 1, 2020, or the results of operations for any future periods. Additionally, the information presented does not reflect any synergies or other strategic benefits as a result of acquisition. Pro Forma (Dollars in thousands) For the Three Months Ended September 30, 2021 Non-interest income $ 8,942 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2022 and June 30, 2022 are classified in their entirety based on the lowest level of input significant to the fair value measurement. September 30, 2022 (Dollars in thousands) Significant Other Significant Total ASSETS: Securities—Trading: Municipal $ 75 $ — $ 75 Securities—Available-for-Sale: Agency MBS 1 23,763 — 23,763 Non-Agency MBS 2 — 184,012 184,012 Municipal 2,995 — 2,995 Asset-backed securities and structured notes 46,864 — 46,864 Total—Securities—Available-for-Sale $ 73,622 $ 184,012 $ 257,634 Loans Held for Sale $ 9,463 $ — $ 9,463 Mortgage servicing rights $ — $ 26,373 $ 26,373 Other assets—Derivative instruments $ — $ 897 $ 897 LIABILITIES: Other liabilities—Derivative instruments $ — $ 362 $ 362 June 30, 2022 (Dollars in thousands) Significant Other Significant Total ASSETS: Securities—Trading: Municipal $ 1,758 $ — $ 1,758 Securities—Available-for-Sale: Agency MBS 1 25,325 — 25,325 Non-Agency MBS 2 — 186,814 186,814 Municipal 3,248 — 3,248 Asset-backed securities and structured notes 47,131 — 47,131 Total—Securities—Available-for-Sale $ 75,704 $ 186,814 $ 262,518 Loans Held for Sale $ 4,973 $ — $ 4,973 Mortgage servicing rights $ — $ 25,213 $ 25,213 Other assets—Derivative instruments $ — $ 464 $ 464 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ — 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 ARM mortgages. |
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 | Additional information is presented below about assets measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value: For the Three Months Ended September 30, 2022 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights 1 Derivative Instruments, net Total Opening Balance $ 186,814 $ 25,213 $ 464 $ 212,491 Total gains or losses for the period: Included in earnings—Mortgage banking income — 953 71 1,024 Included in other comprehensive income (2,473) — — (2,473) Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 207 — 207 Settlements (329) — — (329) Closing balance $ 184,012 $ 26,373 $ 535 $ 210,920 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ 953 $ 71 $ 1,024 1 Earnings from mortgage servicing rights (“MSR”) were attributable to: Time and payoffs, representing a decrease in MSR 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 an increase in MSR value resulting from market-driven changes in interest rates of $1.4 million. A dditions to mortgage servicing rights were retained upon sale of loans held for sale. For the Three Months Ended September 30, 2021 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights 1 Derivative Instruments, net Total Opening Balance $ 67,615 $ 17,911 $ 2,205 $ 87,731 Total gains or losses for the period: Included in earnings—Mortgage banking income — (1,185) 21 (1,164) Included in other comprehensive income (112) — — (112) Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 1,712 — 1,712 Settlements (7,652) — — (7,652) Closing balance $ 59,851 $ 18,438 $ 2,226 $ 80,515 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ (1,185) $ 21 $ (1,164) 1 Earnings from mortgage servicing rights were attributable to: Time and payoffs, representing a decrease in MSR 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 $1.6 million, and an increase in MSR value resulting from market-driven changes in interest rates of $0.4 million. Additions to mortgage servicing rights were 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 as of the dates indicated: September 30, 2022 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Non-agency MBS $ 184,012 Discounted Cash Flow Projected Constant Prepayment Rate, 0.0 to 30.0% (21.4%) 0.0 to 15.9% (2.3%) 0.0 to 68.6% (26.6%) 2.7 to 8.8% (2.7%) Mortgage Servicing Rights $ 26,373 Discounted Cash Flow Projected Constant Prepayment Rate, 3.8 to 38.0% (9.3%) 0.9 to 13.0 (9.4) 9.5 to 11.0% (9.5%) Derivative Instruments $ 535 Sales Comparison Approach Projected Sales Profit of Underlying Loans -3.1 to 1.2% (-1.2%) June 30, 2022 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Non-agency MBS $ 186,814 Discounted Cash Flow Projected Constant Prepayment Rate, 0.0 to 30.0% (21.4%) 0.0 to 7.9% (2.2%) 0.0 to 68.4% (26.7%) 2.7 to 9.3% (2.8%) Mortgage Servicing Rights $ 25,213 Discounted Cash Flow Projected Constant Prepayment Rate, 7.9 to 56.3% (11.0%) 1.2 to 9.9 (8.4) 9.5 to 11.5% (9.5%) Derivative Instruments $ 464 Sales Comparison Approach Projected Sales Profit of Underlying Loans -3.1 to 0.8% (-1.2%) The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods indicated: September 30, 2022 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Other real estate owned and foreclosed assets: Single family real estate $ 4,534 Sales comparison approach Adjustment for differences between the comparable sales 3.5 to 12.1% (4.1%) Autos and RVs $ 768 Sales comparison approach Adjustment for differences between the comparable sales -13.7 to -0.5% (-3.4%) June 30, 2022 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Other real estate owned and foreclosed assets: Autos and RVs $ 798 Sales comparison approach Adjustment for differences between the comparable sales -17.2 to 4.6% (-7.5%) 1 For other real estate owned and foreclosed assets the ranges shown may vary positively or negatively based on the comparable sales reported in the current appraisal. In certain instances, the range can be significant due to small sample sizes and in some cases the property being valued having limited comparable sales with similar characteristics at the time the current appraisal is conducted. |
Schedule of Fair Value Assets Measured on Nonrecurring Basis | The table below summarizes assets measured for impairment on a non-recurring basis: September 30, 2022 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Other real estate owned and foreclosed assets: Single family real estate $ — $ — $ 4,534 $ 4,534 Autos and RVs $ — $ — $ 768 $ 768 Total $ — $ — $ 5,302 $ 5,302 June 30, 2022 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Other real estate owned and foreclosed assets: Autos and RVs — — 798 798 Total $ — $ — $ 798 $ 798 |
Schedule of Aggregate Fair Value, Contractual Balance, and Gains of Loans Held For Sale | As of September 30, 2022 and June 30, 2022, the aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest), and unrealized gain was as follows: (Dollars in thousands) September 30, 2022 June 30, 2022 Aggregate fair value $ 9,463 $ 4,973 Contractual balance 9,348 4,881 Unrealized gain $ 115 $ 92 Gains and losses from changes in fair value included in earnings for loans held for sale for the periods indicated below were: For the Three Months Ended September 30, (Dollars in thousands) 2022 2021 Interest income $ 50 $ 200 Change in fair value 91 43 Total $ 141 $ 243 |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Period-end | Carrying amounts and estimated fair values of financial instruments at September 30, 2022 and June 30, 2022 were: September 30, 2022 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 1,698,048 $ 1,698,048 $ — $ — $ 1,698,048 Securities — trading 75 — 75 — 75 Securities — available-for-sale 257,634 — 73,622 184,012 257,634 Loans held for sale, at fair value 9,463 — 9,463 — 9,463 Loans held for sale, at lower of cost or fair value 10,476 — — 10,489 10,489 Loans held for investment—net 15,211,573 — — 14,893,655 14,893,655 Securities borrowed 87,622 — — 86,728 86,728 Customer, broker-dealer and clearing receivables 410,842 — — 411,171 411,171 Mortgage servicing rights 26,373 — — 26,373 26,373 Financial liabilities: Total deposits 15,176,631 — 13,373,113 — 13,373,113 Advances from the Federal Home Loan Bank 112,500 — 105,387 — 105,387 Borrowings, subordinated notes and debentures 425,818 — 385,257 — 385,257 Securities loaned 206,889 — — 206,910 206,910 Customer, broker-dealer and clearing payables 500,584 — — 500,584 500,584 June 30, 2022 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 1,574,699 $ 1,574,699 $ — $ — $ 1,574,699 Securities — trading 1,758 — 1,758 — 1,758 Securities — available-for-sale 262,518 — 75,704 186,814 262,518 Loans held for sale, at fair value 4,973 — 4,973 — 4,973 Loans held for sale, at lower of cost or fair value 10,938 — — 10,985 10,985 Loans held for investment—net 14,091,061 — — 14,015,157 14,015,157 Securities borrowed 338,980 — — 329,963 329,963 Customer, broker-dealer and clearing receivables 417,417 — — 414,383 414,383 Mortgage servicing rights 25,213 — — 25,213 25,213 Financial liabilities: Total deposits 13,946,422 — 12,812,512 — 12,812,512 Advances from the Federal Home Loan Bank 117,500 — 117,500 — 117,500 Borrowings, subordinated notes and debentures 445,244 — 416,947 — 416,947 Securities loaned 474,400 — — 473,831 473,831 Customer, broker-dealer and clearing payables 511,654 — — 471,859 471,859 |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Carrying Amount and Fair Value of Available-for-sale Securities | The amortized cost, carrying amount and fair value for the trading and available-for-sale securities at September 30, 2022 and June 30, 2022 were: September 30, 2022 Trading Available-for-sale (Dollars in thousands) Fair Amortized Unrealized Unrealized Fair Mortgage-backed securities (MBS): U.S. agencies 1 $ — $ 27,187 $ 1 $ (3,425) $ 23,763 Non-agency 2 — 187,287 1,300 (4,575) 184,012 Total mortgage-backed securities — 214,474 1,301 (8,000) 207,775 Non-MBS: Municipal 75 3,560 — (565) 2,995 Asset-backed securities and structured notes — 47,000 — (136) 46,864 Total Non-MBS 75 50,560 — (701) 49,859 Total debt securities $ 75 $ 265,034 $ 1,301 $ (8,701) $ 257,634 June 30, 2022 Trading Available-for-sale (Dollars in thousands) Fair Amortized Unrealized Unrealized Fair Mortgage-backed securities (MBS): U.S. agencies 1 $ — $ 27,722 $ 9 $ (2,406) $ 25,325 Non-agency 2 — 187,616 1,832 (2,634) 186,814 Total mortgage-backed securities — 215,338 1,841 (5,040) 212,139 Non-MBS: Municipal 1,758 3,529 — (281) 3,248 Asset-backed securities and structured notes — 47,000 131 — 47,131 Total Non-MBS 1,758 50,529 131 (281) 50,379 Total debt securities $ 1,758 $ 265,867 $ 1,972 $ (5,321) $ 262,518 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 ARM mortgages. The following table sets forth the expected maturity distribution of our mortgage-backed securities and the contractual maturity distribution of our Non-RMBS securities and the weighted-average yield for each range of maturities: At September 30, 2022 Total Amount Due Within One Year Due After One but within Five Years Due After Five but within Ten Years Due After Ten Years (Dollars in thousands) Amount Yield 1 Amount Yield 1 Amount Yield 1 Amount Yield 1 Amount Yield 1 Available-for-sale Mortgage-backed securities: Agency 2 $ 27,187 1.79 % $ 5,018 1.83 % $ 13,175 1.79 % $ 7,063 1.76 % $ 1,931 1.86 % Non-Agency 3 187,287 5.41 % 1,285 16.89 % 183,937 5.30 % 1,726 8.90 % 339 4.63 % Total Mortgage-Backed Securities $ 214,474 4.95 % $ 6,303 4.90 % $ 197,112 5.07 % $ 8,789 3.17 % $ 2,270 2.28 % Non-RMBS Municipal 3,560 3.57 % — — % — — % — — % 3,560 3.57 % Asset-backed securities and structured notes 47,000 8.43 % 35,155 8.43 % 11,845 8.43 % — — % — — % Total Non-RMBS $ 50,560 8.09 % $ 35,155 8.43 % $ 11,845 8.43 % $ — — % $ 3,560 3.57 % Available-for-sale—Amortized Cost $ 265,034 5.55 % $ 41,458 7.89 % $ 208,957 5.26 % $ 8,789 3.17 % $ 5,830 3.07 % Available-for-sale—Fair Value $ 257,634 5.57 % $ 41,010 7.89 % $ 203,814 5.26 % $ 7,807 3.17 % $ 5,003 3.07 % Total available-for-sale securities $ 257,634 5.57 % $ 41,010 7.89 % $ 203,814 5.26 % $ 7,807 3.17 % $ 5,003 3.07 % 1 Weighted-average yield is based on amortized cost of the securities. Residential mortgage-backed security yields and maturities include impact of expected prepayments and other timing factors such as interest rate forward curve. 2 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 3 Private sponsors of securities collateralized primarily by pools of 1-4 family residential first mo prime, Alt-A or pay-option ARM mortgages. |
Schedule of Securities in a Continuous Unrealized Loss Position | Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were: September 30, 2022 Available-for-sale securities in loss position for Less Than More Than Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross MBS: U.S. agencies $ 15,070 $ (1,882) $ 8,493 $ (1,543) $ 23,563 $ (3,425) Non-agency 127,685 (4,095) 4,516 (480) 132,201 (4,575) Total MBS 142,755 (5,977) 13,009 (2,023) 155,764 (8,000) Non-MBS: Municipal debt 2,995 (565) — — 2,995 (565) Asset-backed securities and structured notes 46,864 (136) — — 46,864 (136) Total Non-MBS 49,859 (701) — — 49,859 (701) Total debt securities $ 192,614 $ (6,678) $ 13,009 $ (2,023) $ 205,623 $ (8,701) June 30, 2022 Available-for-sale securities in loss position for Less Than More Than Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross MBS: U.S. agencies $ 16,446 $ (1,338) $ 8,097 $ (1,068) $ 24,543 $ (2,406) Non-agency 92,796 (2,204) 4,751 (430) 97,547 (2,634) Total MBS 109,242 (3,542) 12,848 (1,498) 122,090 (5,040) Non-MBS: Municipal debt 3,248 (281) — — 3,248 (281) Asset-backed securities and structured notes — — — — — — Total Non-MBS 3,248 (281) — — 3,248 (281) Total debt securities $ 112,490 $ (3,823) $ 12,848 $ (1,498) $ 125,338 $ (5,321) |
Components of Other Comprehensive Income (Loss) | The components of the Company’s accumulated other comprehensive income (loss) are: (Dollars in thousands) September 30, June 30, Available-for-sale debt securities—net unrealized gains (losses) $ (7,400) $ (3,349) Available-for-sale debt securities—non-credit related losses (845) (845) Subtotal (8,245) (4,194) Tax benefit (expense) 2,475 1,261 Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) $ (5,770) $ (2,933) |
LOANS & ALLOWANCE FOR CREDIT _2
LOANS & ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Composition of the Loan Portfolio | The composition of the loan portfolio was: (Dollars in thousands) September 30, 2022 June 30, 2022 Single Family - Mortgage & Warehouse $ 4,009,809 $ 3,988,462 Multifamily and Commercial Mortgage 2,964,982 2,877,680 Commercial Real Estate 5,523,895 4,781,044 Commercial & Industrial - Non-RE 2,244,342 2,028,128 Auto & Consumer 631,344 567,228 Other 9,954 11,134 Total gross loans and leases 15,384,326 14,253,676 Allowance for credit losses - loans (155,472) (148,617) Unaccreted premiums (discounts) and loan and lease fees (17,281) (13,998) Total net loans and leases $ 15,211,573 $ 14,091,061 |
Schedule of Allowance for Credit Losses on Financing Receivables | Activity in the allowance for credit losses by portfolio classes for the periods was: For the Three Months Ended September 30, 2022 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at July 1, 2022 $ 19,670 $ 14,655 $ 69,339 $ 30,808 $ 14,114 $ 31 $ 148,617 Provision (benefit) for credit losses - loans (1,642) (6) 4,437 3,557 2,405 (1) 8,750 Charge-offs (4) — — — (2,362) — (2,366) Recoveries 15 — — 18 438 — 471 Balance at September 30, 2022 $ 18,039 $ 14,649 $ 73,776 $ 34,383 $ 14,595 $ 30 $ 155,472 For the Three Months Ended September 30, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at July 1, 2021 $ 26,604 $ 13,146 $ 57,928 $ 28,460 $ 6,519 $ 301 $ 132,958 Provision (benefit) for credit losses - loans (1,351) 36 7,295 (5,646) 3,626 40 4,000 Charge-offs — — — (322) (394) — (716) Recoveries 76 177 — 27 256 — 536 Balance at September 30, 2021 $ 25,329 $ 13,359 $ 65,223 $ 22,519 $ 10,007 $ 341 $ 136,778 Unfunded Loan Commitment Reserves Unfunded loan commitment reserves are included in “Accounts payable and other liabilities” in the unaudited Condensed Consolidated Balance Sheets. Provisions for the unfunded loan commitments are included in the unaudited Condensed Consolidated Statements of Income in “General and administrative expenses”. The following tables present a summary of the activity in the unfunded loan commitment reserves for the periods indicated: Three Months Ended September 30, (Dollars in thousands) 2022 2021 BALANCE—beginning July 1 $ 10,973 $ 5,723 Provision — 2,000 BALANCE—end September 30 $ 10,973 $ 7,723 |
Schedule of Nonaccrual Loans | Nonaccrual loans consisted of the following as of the dates indicated: (Dollars in thousands) As of September 30, 2022 Single Family - Mortgage & Warehouse $ 65,687 Multifamily and Commercial Mortgage 35,837 Commercial Real Estate 14,852 Commercial & Industrial - Non-RE 2,989 Auto & Consumer 990 Other 126 Total nonaccrual loans $ 120,481 Nonaccrual loans to total loans 0.78 % (Dollars in thousands) As of June 30, 2022 Single Family - Mortgage & Warehouse $ 66,424 Multifamily and Commercial Mortgage 33,410 Commercial Real Estate 14,852 Commercial & Industrial - Non-RE 2,989 Auto & Consumer 439 Other 80 Total nonaccrual loans $ 118,194 Nonaccrual loans to total loans 0.83 % |
Schedule of Outstanding Principal Balance on Loans Performing and Nonaccrual | The outstanding unpaid balance of loans that are either performing or nonaccrual by portfolio class was: September 30, 2022 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Performing $ 3,944,122 $ 2,929,145 $ 5,509,043 $ 2,241,353 $ 630,354 $ 9,828 $ 15,263,845 Nonaccrual 65,687 35,837 14,852 2,989 990 126 120,481 Total $ 4,009,809 $ 2,964,982 $ 5,523,895 $ 2,244,342 $ 631,344 $ 9,954 $ 15,384,326 June 30, 2022 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Performing $ 3,922,038 $ 2,844,270 $ 4,766,192 $ 2,025,139 $ 566,789 $ 11,054 $ 14,135,482 Nonaccrual 66,424 33,410 14,852 2,989 439 80 118,194 Total $ 3,988,462 $ 2,877,680 $ 4,781,044 $ 2,028,128 $ 567,228 $ 11,134 $ 14,253,676 |
Schedule of Composition of Loan and Lease Portfolio by Credit Quality Indicators | The amortized cost basis of the Company’s loans by year of origination and credit quality indicator are: September 30, 2022 Loans Held for Investment Origination Year Revolving Loans Total (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Single Family-Mortgage & Warehouse Pass $ 309,401 $ 1,427,758 $ 579,544 $ 380,330 $ 277,775 $ 767,417 $ 168,798 $ 3,911,023 Special Mention — — — 4,971 2,165 18,091 7,532 32,759 Substandard — 3,201 3,171 5,017 18,700 35,518 420 66,027 Doubtful — — — — — — — — Total 309,401 1,430,959 582,715 390,318 298,640 821,026 176,750 4,009,809 Multifamily and Commercial Mortgage Pass 187,856 1,004,942 541,338 403,340 247,670 483,365 — 2,868,511 Special Mention — 9,706 3,980 532 3,269 — — 17,487 Substandard — 3,145 5,759 32,935 6,832 30,313 — 78,984 Doubtful — — — — — — — — Total 187,856 1,017,793 551,077 436,807 257,771 513,678 — 2,964,982 Commercial Real Estate Pass 509,209 2,613,562 953,785 312,381 182,800 28,759 760,859 5,361,355 Special Mention — — 55,820 12,138 1,000 15,000 — 83,958 Substandard — — 38,290 — 15,487 23,507 1,298 78,582 Doubtful — — — — — — — — Total 509,209 2,613,562 1,047,895 324,519 199,287 67,266 762,157 5,523,895 Commercial & Industrial - Non-RE Pass 63,185 402,229 35,057 19,008 10,858 6,520 1,671,859 2,208,716 Special Mention — — — — — — — — Substandard — 2,988 — 8,500 — — 24,138 35,626 Doubtful — — — — — — — — Total 63,185 405,217 35,057 27,508 10,858 6,520 1,695,997 2,244,342 Auto & Consumer Pass 115,451 328,900 96,119 37,417 31,545 20,039 — 629,471 Special Mention — 328 218 44 16 38 — 644 Substandard — 509 291 154 231 44 — 1,229 Doubtful — — — — — — — — Total 115,451 329,737 96,628 37,615 31,792 20,121 — 631,344 Other Pass 698 2,000 3,310 — — 1,525 — 7,533 Special Mention — — 2,295 — — — — 2,295 Substandard — — — — — 126 — 126 Doubtful — — — — — — — — Total 698 2,000 5,605 — — 1,651 — 9,954 Total Pass 1,185,800 5,779,391 2,209,153 1,152,476 750,648 1,307,625 2,601,516 14,986,609 Special Mention — 10,034 62,313 17,685 6,450 33,129 7,532 137,143 Substandard — 9,843 47,511 46,606 41,250 89,508 25,856 260,574 Doubtful — — — — — — — — Total $1,185,800 $5,799,268 $2,318,977 $1,216,767 $798,348 $1,430,262 $2,634,904 $15,384,326 As a % of total gross loans 7.71% 37.70% 15.07% 7.91% 5.19% 9.30% 17.13% 100.0% June 30, 2022 Loans Held for Investment Origination Year Revolving Loans Total (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Single Family-Mortgage & Warehouse Pass $ 1,484,027 $ 600,054 $ 402,712 $ 303,999 $ 279,248 $ 548,703 $ 241,925 $ 3,860,668 Special Mention — — 4,790 2,505 4,125 10,971 38,637 61,028 Substandard — 2,288 3,928 18,407 5,955 36,188 — 66,766 Doubtful — — — — — — — — Total 1,484,027 602,342 411,430 324,911 289,328 595,862 280,562 3,988,462 Multifamily and Commercial Mortgage Pass 999,819 569,486 429,247 259,161 219,548 316,013 — 2,793,274 Special Mention 1,200 — 534 539 — 968 — 3,241 Substandard — 5,772 34,343 9,613 7,308 24,129 — 81,165 Doubtful — — — — — — — — Total 1,001,019 575,258 464,124 269,313 226,856 341,110 — 2,877,680 Commercial Real Estate Pass 2,482,366 990,887 358,422 186,800 28,758 — 602,412 4,649,645 Special Mention — 32,351 12,138 16,487 15,000 — — 75,976 Substandard — — 12,575 18,043 23,507 — 1,298 55,423 Doubtful — — — — — — — — Total 2,482,366 1,023,238 383,135 221,330 67,265 — 603,710 4,781,044 Commercial & Industrial - Non-RE Pass 435,228 66,226 25,629 61,932 9,268 — 1,388,435 1,986,718 Special Mention 13 — — 186 710 — — 909 Substandard 2,988 28,359 9,154 — — — — 40,501 Doubtful — — — — — — — — Total 438,229 94,585 34,783 62,118 9,978 — 1,388,435 2,028,128 Auto & Consumer Pass 352,468 107,882 43,377 37,008 16,147 8,891 — 565,773 Special Mention 204 188 24 110 — 1 — 527 Substandard 157 311 224 205 25 6 — 928 Doubtful — — — — — — — — Total 352,829 108,381 43,625 37,323 16,172 8,898 — 567,228 Other Pass 3,057 6,185 — — 1,091 721 — 11,054 Special Mention — — — — — — — — Substandard — — 46 — — 34 — 80 Doubtful — — — — — — — — Total 3,057 6,185 46 — 1,091 755 — 11,134 Total Pass 5,756,965 2,340,720 1,259,387 848,900 554,060 874,328 2,232,772 13,867,132 Special Mention 1,417 32,539 17,486 19,827 19,835 11,940 38,637 141,681 Substandard 3,145 36,730 60,270 46,268 36,795 60,357 1,298 244,863 Doubtful — — — — — — — — Total $ 5,761,527 $ 2,409,989 $ 1,337,143 $ 914,995 $ 610,690 $ 946,625 $ 2,272,707 $ 14,253,676 As a % of total gross loans 40.42% 16.91% 9.38% 6.42% 4.28% 6.64% 15.95% 100.0% |
Schedule of Past Due Loan and Leases | The outstanding unpaid balance of loans past due 30 days or more by portfolio class are: September 30, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single Family-Mortgage & Warehouse $ 13,021 $ 5,494 $ 57,883 $ 76,398 Multifamily and Commercial Mortgage 5,909 358 30,001 36,268 Commercial Real Estate 9,655 — 14,852 24,507 Commercial & Industrial - Non-RE — — — — Auto & Consumer 4,174 945 495 5,614 Other 1,162 — 126 1,288 Total $ 33,921 $ 6,797 $ 103,357 $ 144,075 As a % of total gross loans 0.22 % 0.05 % 0.67 % 0.94 % June 30, 2022 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single Family-Mortgage & Warehouse $ 5,167 $ 1,518 $ 63,286 $ 69,971 Multifamily and Commercial Mortgage 9,455 2,115 26,556 38,126 Commercial Real Estate — 14,852 — 14,852 Commercial & Industrial - Non-RE — — — — Auto & Consumer 4,865 1,009 466 6,340 Other 413 — 193 606 Total $ 19,900 $ 19,494 $ 90,501 $ 129,895 As a % of total gross loans 0.14 % 0.14 % 0.63 % 0.91 % |
EQUITY AND STOCK-BASED COMPEN_2
EQUITY AND STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Unrecognized Compensation Expense Related to Non-vested Awards To be Recognized in the Future | At September 30, 2022, 1,614,701 shares of common stock remained available for issuance pursuant to grant awards under the 2014 Plan and unrecognized compensation expense related to non-vested awards aggregated to $47.6 million and is expected to be recognized in future periods as follows: (Dollars in thousands) Stock Award For the fiscal year remainder: Remainder of fiscal year 2023 $ 18,487 2024 17,408 2025 9,372 2026 1,913 2027 400 Total $ 47,580 |
Schedule of Status and Changes in Restricted Stock Grants | The status and changes in restricted stock units for the period indicated: Restricted Weighted-Average Non-vested balance at June 30, 2022 1,350,763 $ 41.16 Granted 400,339 38.99 Vested (291,430) 31.88 Forfeited (19,210) 41.62 Non-vested balance at September 30, 2022 1,440,462 $ 42.43 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted EPS | The following table presents the calculation of basic and diluted EPS: Three Months Ended September 30, (Dollars in thousands, except per share data) 2022 2021 Earnings Per Common Share Net income attributable to common stockholders $ 58,407 $ 60,210 Average common shares issued and outstanding 59,854,584 59,390,846 Earnings per common share $ 0.98 $ 1.01 Diluted Earnings Per Common Share Net income attributable to common stockholders $ 58,407 $ 60,210 Average common shares issued and outstanding 59,854,584 59,390,846 Dilutive effect of average unvested RSUs 631,810 1,253,442 Total dilutive common shares outstanding 60,486,394 60,644,288 Diluted earnings per common share $ 0.97 $ 0.99 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Maturities of Lease Liabilities | The Company leases office space under operating lease agreements scheduled to expire at various dates. The following table represents maturities of lease liabilities as of September 30, 2022 in the corresponding fiscal years: (Dollars in thousands) Remainder of fiscal year 2023 $ 8,151 2024 10,976 2025 11,143 2026 10,811 2027 10,870 Thereafter 29,177 Total lease payments 81,128 Less: amount representing interest (8,074) Total Lease Liability $ 73,054 |
SEGMENT REPORTING AND REVENUE_2
SEGMENT REPORTING AND REVENUE INFORMATION (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present the operating results, goodwill, and assets of the segments: Three Months Ended September 30, 2022 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 179,730 $ 4,275 $ (3,530) $ 180,475 Provision for credit losses 8,750 — — 8,750 Non-interest income 10,712 29,165 (12,669) 27,208 Non-interest expense 100,796 24,515 (9,224) 116,087 Income before taxes $ 80,896 $ 8,925 $ (6,975) $ 82,846 Three Months Ended September 30, 2021 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 142,241 $ 6,176 $ (1,775) $ 146,642 Provision for credit losses 4,000 — — 4,000 Non-interest income 14,828 13,106 (1,232) 26,702 Non-interest expense 62,725 19,273 2,433 84,431 Income before taxes $ 90,344 $ 9 $ (5,440) $ 84,913 As of September 30, 2022 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Goodwill $ 35,721 $ 61,967 $ — $ 97,688 Total Assets $ 17,320,661 $ 1,027,815 $ 58,602 $ 18,407,078 As of June 30, 2022 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Goodwill $ 35,721 $ 59,953 $ — $ 95,674 Total Assets $ 16,002,714 $ 1,328,558 $ 69,893 $ 17,401,165 |
Schedule of Other Nonoperating Income (Expense) | The following presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606 for the periods indicated. For further information of the Company’s recognition of revenue and Topic 606 see Note 1 — “Organizations and Summary of Significant Accounting Policies” contained in the 2022 Form 10-K. For the Three Months Ended September 30, (Dollars in thousands) 2022 2021 Advisory fee income $ 6,959 $ 5,304 Broker-dealer clearing fees 5,233 5,670 Deposit service fees 1,106 626 Card fees 789 1,007 Bankruptcy trustee and fiduciary service fees 773 780 Non-interest income (in-scope Topic 606) 14,860 13,387 Non-interest income (out-of-scope Topic 606) 12,348 13,315 Total non-interest income $ 27,208 $ 26,702 |
ACQUISITIONS - NARRATIVE (Detai
ACQUISITIONS - NARRATIVE (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Aug. 02, 2021 | Dec. 31, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 97,688 | $ 95,674 | |||
E*TRADE Advisor Services | |||||
Business Acquisition [Line Items] | |||||
Cash consideration | $ 54,600 | $ 54,800 | |||
Acquisition-related costs | $ 40 | ||||
Tangible assets acquired | 14,400 | $ 14,200 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, right-of-use lease asset | 7,800 | ||||
Liabilities assumed | 11,300 | $ 10,900 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, lease liabilty | 7,800 | ||||
Intangible assets acquired | 27,060 | ||||
Goodwill | $ 24,400 | ||||
True-up payment based on working capital adjustment | $ 200 |
ACQUISITIONS - FAIR VALUE OF AS
ACQUISITIONS - FAIR VALUE OF ASSETS ACQUIRED (Details) - E*TRADE Advisor Services $ in Thousands | Aug. 02, 2021 USD ($) |
Business Acquisition [Line Items] | |
Fair Value | $ 27,060 |
Trade name | |
Business Acquisition [Line Items] | |
Fair Value | $ 290 |
Weighted-average useful lives (years) | 1 month 28 days |
Proprietary Technology | |
Business Acquisition [Line Items] | |
Fair Value | $ 10,990 |
Weighted-average useful lives (years) | 7 years |
Customer Relationships | |
Business Acquisition [Line Items] | |
Fair Value | $ 15,650 |
Weighted-average useful lives (years) | 14 years |
Non-Compete Agreements | |
Business Acquisition [Line Items] | |
Fair Value | $ 130 |
Weighted-average useful lives (years) | 1 year |
ACQUISITIONS - Business Acquisi
ACQUISITIONS - Business Acquisition, Pro Forma Information (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2021 USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Non-interest income | $ 8,942 |
FAIR VALUE - ASSETS AND LIABILI
FAIR VALUE - ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
ASSETS: | ||
Trading | $ 75 | $ 1,758 |
Available-for-sale | 257,634 | 262,518 |
Loans held for sale, at fair value | 9,463 | 4,973 |
Municipal | ||
ASSETS: | ||
Trading | 75 | 1,758 |
Available-for-sale | 2,995 | 3,248 |
Agency MBS | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 23,763 | 25,325 |
Securities – Available-for-Sale: Non-Agency RMBS | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 184,012 | 186,814 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
ASSETS: | ||
Trading | 75 | 1,758 |
Available-for-sale | 73,622 | 75,704 |
Loans held for sale, at fair value | 9,463 | 4,973 |
Mortgage servicing rights | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 184,012 | 186,814 |
Loans held for sale, at fair value | 0 | 0 |
Mortgage servicing rights | 26,373 | 25,213 |
Recurring | ||
ASSETS: | ||
Available-for-sale | 257,634 | 262,518 |
Loans held for sale, at fair value | 9,463 | 4,973 |
Mortgage servicing rights | 26,373 | 25,213 |
Other assets—Derivative instruments | 897 | 464 |
LIABILITIES: | ||
Other liabilities—Derivative instruments | 362 | 0 |
Recurring | Municipal | ||
ASSETS: | ||
Trading | 75 | 1,758 |
Available-for-sale | 2,995 | 3,248 |
Recurring | Agency MBS | ||
ASSETS: | ||
Available-for-sale | 23,763 | 25,325 |
Recurring | Securities – Available-for-Sale: Non-Agency RMBS | ||
ASSETS: | ||
Available-for-sale | 184,012 | 186,814 |
Recurring | Asset-backed securities and structured notes | ||
ASSETS: | ||
Available-for-sale | 46,864 | 47,131 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
ASSETS: | ||
Available-for-sale | 73,622 | 75,704 |
Loans held for sale, at fair value | 9,463 | 4,973 |
Mortgage servicing rights | 0 | 0 |
Other assets—Derivative instruments | 0 | 0 |
LIABILITIES: | ||
Other liabilities—Derivative instruments | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Municipal | ||
ASSETS: | ||
Trading | 75 | 1,758 |
Available-for-sale | 2,995 | 3,248 |
Recurring | Significant Other Observable Inputs (Level 2) | Agency MBS | ||
ASSETS: | ||
Available-for-sale | 23,763 | 25,325 |
Recurring | Significant Other Observable Inputs (Level 2) | Securities – Available-for-Sale: Non-Agency RMBS | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Asset-backed securities and structured notes | ||
ASSETS: | ||
Available-for-sale | 46,864 | 47,131 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
ASSETS: | ||
Available-for-sale | 184,012 | 186,814 |
Loans held for sale, at fair value | 0 | 0 |
Mortgage servicing rights | 26,373 | 25,213 |
Other assets—Derivative instruments | 897 | 464 |
LIABILITIES: | ||
Other liabilities—Derivative instruments | 362 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Municipal | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Agency MBS | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Securities – Available-for-Sale: Non-Agency RMBS | ||
ASSETS: | ||
Available-for-sale | 184,012 | 186,814 |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities and structured notes | ||
ASSETS: | ||
Available-for-sale | $ 0 | $ 0 |
FAIR VALUE - LEVEL 3 ASSETS MEA
FAIR VALUE - LEVEL 3 ASSETS MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Included in earnings—Mortgage banking income [Extensible Enumeration] | Mortgage banking income | Mortgage banking income |
Included in other comprehensive income [Extensible Enumeration] | Other comprehensive income (loss) | Other comprehensive income (loss) |
Recurring | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening Balance | $ 212,491 | $ 87,731 |
Included in earnings—Mortgage banking income | 1,024 | (1,164) |
Included in other comprehensive income | (2,473) | (112) |
Purchases, retentions, issues, sales and settlements: | ||
Purchases/Retentions | 207 | 1,712 |
Settlements | (329) | (7,652) |
Closing balance | 210,920 | 80,515 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | 1,024 | (1,164) |
Principal payments and loans that were paid down or paid off | 400 | 1,600 |
Market-driven changes in interest rates | 1,400 | 400 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening Balance | 186,814 | 67,615 |
Included in earnings—Mortgage banking income | 0 | 0 |
Included in other comprehensive income | (2,473) | (112) |
Purchases, retentions, issues, sales and settlements: | ||
Purchases/Retentions | 0 | 0 |
Settlements | (329) | (7,652) |
Closing balance | 184,012 | 59,851 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | 0 | 0 |
Recurring | Level 3 | Mortgage Servicing Rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening Balance | 25,213 | 17,911 |
Included in earnings—Mortgage banking income | 953 | (1,185) |
Included in other comprehensive income | 0 | 0 |
Purchases, retentions, issues, sales and settlements: | ||
Purchases/Retentions | 207 | 1,712 |
Settlements | 0 | 0 |
Closing balance | 26,373 | 18,438 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | 953 | (1,185) |
Recurring | Level 3 | Derivative Instruments, net | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Opening Balance | 464 | 2,205 |
Included in earnings—Mortgage banking income | 71 | 21 |
Included in other comprehensive income | 0 | 0 |
Purchases, retentions, issues, sales and settlements: | ||
Purchases/Retentions | 0 | 0 |
Settlements | 0 | 0 |
Closing balance | 535 | 2,226 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ 71 | $ 21 |
FAIR VALUE - QUANTITATIVE INFOR
FAIR VALUE - QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASURMENTS (RECURRING) (Details) $ in Thousands | Sep. 30, 2022 USD ($) year | Jun. 30, 2022 USD ($) year |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | $ 257,634 | $ 262,518 |
Securities – Available-for-Sale: Non-Agency RMBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 184,012 | 186,814 |
Level 3 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 184,012 | 186,814 |
Mortgage servicing rights | 26,373 | 25,213 |
Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 257,634 | 262,518 |
Mortgage servicing rights | 26,373 | 25,213 |
Recurring | Securities – Available-for-Sale: Non-Agency RMBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 184,012 | 186,814 |
Recurring | Level 3 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 184,012 | 186,814 |
Mortgage servicing rights | 26,373 | 25,213 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | $ 184,012 | $ 186,814 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Projected Constant Prepayment Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0 | 0 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Projected Constant Prepayment Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.300 | 0.300 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Projected Constant Prepayment Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.214 | 0.214 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Projected Constant Default Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0 | 0 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Projected Constant Default Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.159 | 0.079 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Projected Constant Default Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.023 | 0.022 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Projected Loss Severity | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0 | 0 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Projected Loss Severity | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.686 | 0.684 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Projected Loss Severity | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.266 | 0.267 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Discount Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.027 | 0.027 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Discount Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.088 | 0.093 |
Recurring | Level 3 | Securities – Available-for-Sale: Non-Agency RMBS | Discount Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.027 | 0.028 |
Recurring | Level 3 | Mortgage Servicing Rights | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing rights | $ 26,373 | $ 25,213 |
Recurring | Level 3 | Mortgage Servicing Rights | Projected Constant Prepayment Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.038 | 0.079 |
Recurring | Level 3 | Mortgage Servicing Rights | Projected Constant Prepayment Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.380 | 0.563 |
Recurring | Level 3 | Mortgage Servicing Rights | Projected Constant Prepayment Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.093 | 0.110 |
Recurring | Level 3 | Mortgage Servicing Rights | Discount Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.095 | 0.095 |
Recurring | Level 3 | Mortgage Servicing Rights | Discount Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.110 | 0.115 |
Recurring | Level 3 | Mortgage Servicing Rights | Discount Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.095 | 0.095 |
Recurring | Level 3 | Mortgage Servicing Rights | Life (in years) | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | year | 0.9 | 1.2 |
Recurring | Level 3 | Mortgage Servicing Rights | Life (in years) | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | year | 13 | 9.9 |
Recurring | Level 3 | Mortgage Servicing Rights | Life (in years) | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | year | 9.4 | 8.4 |
Recurring | Level 3 | Derivative Instruments, net | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative Instruments | $ 535 | $ 464 |
Recurring | Level 3 | Derivative Instruments, net | Projected Sales Profit of Underlying Loans | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative instruments, net, measurement input | (0.031) | (0.031) |
Recurring | Level 3 | Derivative Instruments, net | Projected Sales Profit of Underlying Loans | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative instruments, net, measurement input | 0.012 | 0.008 |
Recurring | Level 3 | Derivative Instruments, net | Projected Sales Profit of Underlying Loans | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative instruments, net, measurement input | (0.012) | (0.012) |
FAIR VALUE - ASSETS MEASURED FO
FAIR VALUE - ASSETS MEASURED FOR IMPAIRMENT ON NONRECURRING BASIS (Details) - Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 5,302 | $ 798 |
Single family real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 4,534 | |
Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 768 | 798 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Single family real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Single family real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 5,302 | 798 |
Significant Unobservable Inputs (Level 3) | Single family real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 4,534 | |
Significant Unobservable Inputs (Level 3) | Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 768 | $ 798 |
FAIR VALUE - NARRATIVE (Details
FAIR VALUE - NARRATIVE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Impaired loans, charge-offs | $ 2,366 | $ 716 |
Other real estate owned | Nonrecurring | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Impaired loans, charge-offs | $ 307 | $ 12 |
FAIR VALUE - LOANS HELD-FOR-SAL
FAIR VALUE - LOANS HELD-FOR-SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |||
Aggregate fair value | $ 9,463 | $ 4,973 | |
Contractual balance | 9,348 | 4,881 | |
Unrealized gain | 115 | $ 92 | |
Interest income | 50 | $ 200 | |
Change in fair value | 91 | 43 | |
Total | $ 141 | $ 243 |
FAIR VALUE - QUANTITATIVE INF_2
FAIR VALUE - QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASURMENTS (NONRECURRING) (Details) - Nonrecurring $ in Thousands | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) |
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 5,302 | $ 798 |
Single family real estate | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 4,534 | |
Autos and RVs | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 768 | 798 |
Level 3 | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 5,302 | 798 |
Level 3 | Single family real estate | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 4,534 | |
Level 3 | Single family real estate | Adjustment for differences between the comparable sales | Minimum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned, measurement input | 0.035 | |
Level 3 | Single family real estate | Adjustment for differences between the comparable sales | Maximum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned, measurement input | 0.121 | |
Level 3 | Single family real estate | Adjustment for differences between the comparable sales | Weighted Average | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned, measurement input | 0.041 | |
Level 3 | Autos and RVs | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 768 | $ 798 |
Level 3 | Autos and RVs | Adjustment for differences between the comparable sales | Minimum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other repossessed assets, measurement Input | (0.137) | (0.172) |
Level 3 | Autos and RVs | Adjustment for differences between the comparable sales | Maximum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other repossessed assets, measurement Input | (0.005) | 0.046 |
Level 3 | Autos and RVs | Adjustment for differences between the comparable sales | Weighted Average | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other repossessed assets, measurement Input | (0.034) | (0.075) |
FAIR VALUE - ESTIMATED FAIR VAL
FAIR VALUE - ESTIMATED FAIR VALUES OF FINANCIAL INSTRUMENTS AT PERIOD-END (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financial assets: | ||
Securities — trading | $ 75 | $ 1,758 |
Securities — available-for-sale | 257,634 | 262,518 |
Loans held for sale, at fair value | 9,463 | 4,973 |
Loans held for sale, lower of cost or fair value | 10,476 | 10,938 |
Securities borrowed | 87,622 | 338,980 |
Financial liabilities: | ||
Securities loaned | 206,889 | 474,400 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 1,698,048 | 1,574,699 |
Securities — trading | 75 | 1,758 |
Securities — available-for-sale | 257,634 | 262,518 |
Loans held for sale, at fair value | 9,463 | 4,973 |
Loans held for sale, lower of cost or fair value | 10,476 | 10,938 |
Loans held for investment—net | 15,211,573 | 14,091,061 |
Securities borrowed | 87,622 | 338,980 |
Customer, broker-dealer and clearing receivables | 410,842 | 417,417 |
Mortgage servicing rights | 26,373 | 25,213 |
Financial liabilities: | ||
Total deposits | 15,176,631 | 13,946,422 |
Advances from the Federal Home Loan Bank | 112,500 | 117,500 |
Borrowings, subordinated notes and debentures | 425,818 | 445,244 |
Securities loaned | 206,889 | 474,400 |
Customer, broker-dealer and clearing payables | 500,584 | 511,654 |
Total Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 1,698,048 | 1,574,699 |
Securities — trading | 75 | 1,758 |
Securities — available-for-sale | 257,634 | 262,518 |
Loans held for sale, at fair value | 9,463 | 4,973 |
Loans held for sale, lower of cost or fair value | 10,489 | 10,985 |
Loans held for investment—net | 14,893,655 | 14,015,157 |
Securities borrowed | 86,728 | 329,963 |
Customer, broker-dealer and clearing receivables | 411,171 | 414,383 |
Mortgage servicing rights | 26,373 | 25,213 |
Financial liabilities: | ||
Total deposits | 13,373,113 | 12,812,512 |
Advances from the Federal Home Loan Bank | 105,387 | 117,500 |
Borrowings, subordinated notes and debentures | 385,257 | 416,947 |
Securities loaned | 206,910 | 473,831 |
Customer, broker-dealer and clearing payables | 500,584 | 471,859 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 1,698,048 | 1,574,699 |
Securities — trading | 0 | 0 |
Securities — available-for-sale | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Loans held for sale, lower of cost or fair value | 0 | 0 |
Loans held for investment—net | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer, broker-dealer and clearing receivables | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities: | ||
Total deposits | 0 | 0 |
Advances from the Federal Home Loan Bank | 0 | 0 |
Borrowings, subordinated notes and debentures | 0 | 0 |
Securities loaned | 0 | 0 |
Customer, broker-dealer and clearing payables | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities — trading | 75 | 1,758 |
Securities — available-for-sale | 73,622 | 75,704 |
Loans held for sale, at fair value | 9,463 | 4,973 |
Loans held for sale, lower of cost or fair value | 0 | 0 |
Loans held for investment—net | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer, broker-dealer and clearing receivables | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities: | ||
Total deposits | 13,373,113 | 12,812,512 |
Advances from the Federal Home Loan Bank | 105,387 | 117,500 |
Borrowings, subordinated notes and debentures | 385,257 | 416,947 |
Securities loaned | 0 | 0 |
Customer, broker-dealer and clearing payables | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities — trading | 0 | 0 |
Securities — available-for-sale | 184,012 | 186,814 |
Loans held for sale, at fair value | 0 | 0 |
Loans held for sale, lower of cost or fair value | 10,489 | 10,985 |
Loans held for investment—net | 14,893,655 | 14,015,157 |
Securities borrowed | 86,728 | 329,963 |
Customer, broker-dealer and clearing receivables | 411,171 | 414,383 |
Mortgage servicing rights | 26,373 | 25,213 |
Financial liabilities: | ||
Total deposits | 0 | 0 |
Advances from the Federal Home Loan Bank | 0 | 0 |
Borrowings, subordinated notes and debentures | 0 | 0 |
Securities loaned | 206,910 | 473,831 |
Customer, broker-dealer and clearing payables | $ 500,584 | $ 471,859 |
SECURITIES - AMORTIZED COST, CA
SECURITIES - AMORTIZED COST, CARRYING AMOUNT AND FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | $ 75 | $ 1,758 |
Amortized Cost | 265,034 | 265,867 |
Unrealized Gains | 1,301 | 1,972 |
Unrealized Losses | (8,701) | (5,321) |
Fair Value | 257,634 | 262,518 |
U.S. agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 0 | 0 |
Amortized Cost | 27,187 | 27,722 |
Unrealized Gains | 1 | 9 |
Unrealized Losses | (3,425) | (2,406) |
Fair Value | 23,763 | 25,325 |
Non-agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 0 | 0 |
Amortized Cost | 187,287 | 187,616 |
Unrealized Gains | 1,300 | 1,832 |
Unrealized Losses | (4,575) | (2,634) |
Fair Value | 184,012 | 186,814 |
Total MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 0 | 0 |
Amortized Cost | 214,474 | 215,338 |
Unrealized Gains | 1,301 | 1,841 |
Unrealized Losses | (8,000) | (5,040) |
Fair Value | 207,775 | 212,139 |
Municipal debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 75 | 1,758 |
Amortized Cost | 3,560 | 3,529 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (565) | (281) |
Fair Value | 2,995 | 3,248 |
Asset-backed securities and structured notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 0 | 0 |
Amortized Cost | 47,000 | 47,000 |
Unrealized Gains | 0 | 131 |
Unrealized Losses | (136) | 0 |
Fair Value | 46,864 | 47,131 |
Total Non-MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 75 | 1,758 |
Amortized Cost | 50,560 | 50,529 |
Unrealized Gains | 0 | 131 |
Unrealized Losses | (701) | (281) |
Fair Value | $ 49,859 | $ 50,379 |
SECURITIES - NARRATIVE (Details
SECURITIES - NARRATIVE (Details) | 3 Months Ended | ||
Sep. 30, 2022 USD ($) security | Sep. 30, 2021 security | Jun. 30, 2022 USD ($) security | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale | $ 257,634,000 | $ 262,518,000 | |
Number of available-for-sale securities in continuous loss position for a period of more than 12 months | security | 16 | 14 | |
Number of available-for-sale securities in continuous loss position for a period of less than 12 months | security | 37 | 25 | |
Number of available-for-sale securities sold | security | 0 | ||
Asset Pledged as Collateral | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities pledged as collateral | $ 1,100,000 | $ 1,200,000 | |
Non-agency | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale | $ 184,012,000 | $ 186,814,000 | |
Number of non-agency RMBS | security | 1 | ||
Carrying amount of securities with cumulative credit losses | $ 1,900,000 | ||
Cumulative credit losses | 800,000 | ||
Credit losses recognized in earnings | $ 0 | ||
RMBS, Super Senior Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale, number of securities | security | 17 |
SECURITIES - SCHEDULE OF UNREAL
SECURITIES - SCHEDULE OF UNREALIZED LOSS ON INVESTMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value | ||
Less Than 12 Months | $ 192,614 | $ 112,490 |
More Than 12 Months | 13,009 | 12,848 |
Total | 205,623 | 125,338 |
Gross Unrealized Losses | ||
Less Than 12 Months | (6,678) | (3,823) |
More Than 12 Months | (2,023) | (1,498) |
Total | (8,701) | (5,321) |
U.S. agencies | ||
Fair Value | ||
Less Than 12 Months | 15,070 | 16,446 |
More Than 12 Months | 8,493 | 8,097 |
Total | 23,563 | 24,543 |
Gross Unrealized Losses | ||
Less Than 12 Months | (1,882) | (1,338) |
More Than 12 Months | (1,543) | (1,068) |
Total | (3,425) | (2,406) |
Non-agency | ||
Fair Value | ||
Less Than 12 Months | 127,685 | 92,796 |
More Than 12 Months | 4,516 | 4,751 |
Total | 132,201 | 97,547 |
Gross Unrealized Losses | ||
Less Than 12 Months | (4,095) | (2,204) |
More Than 12 Months | (480) | (430) |
Total | (4,575) | (2,634) |
Total MBS | ||
Fair Value | ||
Less Than 12 Months | 142,755 | 109,242 |
More Than 12 Months | 13,009 | 12,848 |
Total | 155,764 | 122,090 |
Gross Unrealized Losses | ||
Less Than 12 Months | (5,977) | (3,542) |
More Than 12 Months | (2,023) | (1,498) |
Total | (8,000) | (5,040) |
Municipal debt | ||
Fair Value | ||
Less Than 12 Months | 2,995 | 3,248 |
More Than 12 Months | 0 | 0 |
Total | 2,995 | 3,248 |
Gross Unrealized Losses | ||
Less Than 12 Months | (565) | (281) |
More Than 12 Months | 0 | 0 |
Total | (565) | (281) |
Asset-backed securities and structured notes | ||
Fair Value | ||
Less Than 12 Months | 46,864 | 0 |
More Than 12 Months | 0 | 0 |
Total | 46,864 | 0 |
Gross Unrealized Losses | ||
Less Than 12 Months | (136) | 0 |
More Than 12 Months | 0 | 0 |
Total | (136) | 0 |
Total Non-MBS | ||
Fair Value | ||
Less Than 12 Months | 49,859 | 3,248 |
More Than 12 Months | 0 | 0 |
Total | 49,859 | 3,248 |
Gross Unrealized Losses | ||
Less Than 12 Months | (701) | (281) |
More Than 12 Months | 0 | 0 |
Total | $ (701) | $ (281) |
SECURITIES - UNREALIZED GAIN (L
SECURITIES - UNREALIZED GAIN (LOSS) ON INVESTMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities—net unrealized gains (losses) | $ (7,400) | $ (3,349) |
Available-for-sale debt securities—non-credit related losses | (845) | (845) |
Subtotal | (8,245) | (4,194) |
Tax benefit (expense) | 2,475 | 1,261 |
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) | $ (5,770) | $ (2,933) |
SECURITIES - INVESTMENTS CLASSI
SECURITIES - INVESTMENTS CLASSIFIED BY CONTRACTUAL MATURITY DATE (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Available-for-sale | |
Total Amount | $ 257,634 |
Due Within One Year | 41,010 |
Due After One but within Five Years | 203,814 |
Due After Five but within Ten Years | 7,807 |
Due After Ten Years | $ 5,003 |
Available-for-Sale, Yield | |
Total Amount (percent) | 5.57% |
Due Within One Year (percent) | 7.89% |
Due After One but within Five Years (percent) | 5.26% |
Due After Five but within Ten Years (percent) | 3.17% |
Due After Ten Years (percent) | 3.07% |
Available-for-sale—Amortized Cost | |
Total Amount | $ 265,034 |
Due Within One Year | 41,458 |
Due After One but within Five Years | 208,957 |
Due After Five but within Ten Years | 8,789 |
Due After Ten Years | $ 5,830 |
Available-for-Sale, Amortized Cost, Percentage Yield | |
Total Amount (percent) | 5.55% |
Due Within One Year (percent) | 7.89% |
Due After One but within Five Years (percent) | 5.26% |
Due After Five but within Ten Years (percent) | 3.17% |
Due After Ten Years (percent) | 3.07% |
Fair Value | |
Available-for-sale | |
Total Amount | $ 257,634 |
Due Within One Year | 41,010 |
Due After One but within Five Years | 203,814 |
Due After Five but within Ten Years | 7,807 |
Due After Ten Years | $ 5,003 |
Available-for-Sale, Yield | |
Total Amount (percent) | 5.57% |
Due Within One Year (percent) | 7.89% |
Due After One but within Five Years (percent) | 5.26% |
Due After Five but within Ten Years (percent) | 3.17% |
Due After Ten Years (percent) | 3.07% |
U.S. agencies | |
Available-for-sale | |
Total Amount | $ 27,187 |
Due Within One Year | 5,018 |
Due After One but within Five Years | 13,175 |
Due After Five but within Ten Years | 7,063 |
Due After Ten Years | $ 1,931 |
Available-for-Sale, Yield | |
Total Amount (percent) | 1.79% |
Due Within One Year (percent) | 1.83% |
Due After One but within Five Years (percent) | 1.79% |
Due After Five but within Ten Years (percent) | 1.76% |
Due After Ten Years (percent) | 1.86% |
Non-agency | |
Available-for-sale | |
Total Amount | $ 187,287 |
Due Within One Year | 1,285 |
Due After One but within Five Years | 183,937 |
Due After Five but within Ten Years | 1,726 |
Due After Ten Years | $ 339 |
Available-for-Sale, Yield | |
Total Amount (percent) | 5.41% |
Due Within One Year (percent) | 16.89% |
Due After One but within Five Years (percent) | 5.30% |
Due After Five but within Ten Years (percent) | 8.90% |
Due After Ten Years (percent) | 4.63% |
Total MBS | |
Available-for-sale | |
Total Amount | $ 214,474 |
Due Within One Year | 6,303 |
Due After One but within Five Years | 197,112 |
Due After Five but within Ten Years | 8,789 |
Due After Ten Years | $ 2,270 |
Available-for-Sale, Yield | |
Total Amount (percent) | 4.95% |
Due Within One Year (percent) | 4.90% |
Due After One but within Five Years (percent) | 5.07% |
Due After Five but within Ten Years (percent) | 3.17% |
Due After Ten Years (percent) | 2.28% |
Municipal | |
Available-for-sale | |
Total Amount | $ 3,560 |
Due Within One Year | 0 |
Due After One but within Five Years | 0 |
Due After Five but within Ten Years | 0 |
Due After Ten Years | $ 3,560 |
Available-for-Sale, Yield | |
Total Amount (percent) | 3.57% |
Due Within One Year (percent) | 0% |
Due After One but within Five Years (percent) | 0% |
Due After Five but within Ten Years (percent) | 0% |
Due After Ten Years (percent) | 3.57% |
Asset-backed securities and structured notes | |
Available-for-sale | |
Total Amount | $ 47,000 |
Due Within One Year | 35,155 |
Due After One but within Five Years | 11,845 |
Due After Five but within Ten Years | 0 |
Due After Ten Years | $ 0 |
Available-for-Sale, Yield | |
Total Amount (percent) | 8.43% |
Due Within One Year (percent) | 8.43% |
Due After One but within Five Years (percent) | 8.43% |
Due After Five but within Ten Years (percent) | 0% |
Due After Ten Years (percent) | 0% |
Total Non-MBS | |
Available-for-sale | |
Total Amount | $ 50,560 |
Due Within One Year | 35,155 |
Due After One but within Five Years | 11,845 |
Due After Five but within Ten Years | 0 |
Due After Ten Years | $ 3,560 |
Available-for-Sale, Yield | |
Total Amount (percent) | 8.09% |
Due Within One Year (percent) | 8.43% |
Due After One but within Five Years (percent) | 8.43% |
Due After Five but within Ten Years (percent) | 0% |
Due After Ten Years (percent) | 3.57% |
LOANS & ALLOWANCE FOR CREDIT _3
LOANS & ALLOWANCE FOR CREDIT LOSSES - LOAN PORTFOLIO COMPOSITION (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases | $ 15,384,326 | $ 14,253,676 | ||
Allowance for credit losses - loans | (155,472) | (148,617) | $ (136,778) | $ (132,958) |
Unaccreted premiums (discounts) and loan and lease fees | (17,281) | (13,998) | ||
Total net loans and leases | 15,211,573 | 14,091,061 | ||
Single Family - Mortgage & Warehouse | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases | 4,009,809 | 3,988,462 | ||
Allowance for credit losses - loans | (18,039) | (19,670) | (25,329) | (26,604) |
Multifamily and Commercial Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases | 2,964,982 | 2,877,680 | ||
Allowance for credit losses - loans | (14,649) | (14,655) | (13,359) | (13,146) |
Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases | 5,523,895 | 4,781,044 | ||
Allowance for credit losses - loans | (73,776) | (69,339) | (65,223) | (57,928) |
Commercial & Industrial - Non-RE | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases | 2,244,342 | 2,028,128 | ||
Allowance for credit losses - loans | (34,383) | (30,808) | (22,519) | (28,460) |
Auto & Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases | 631,344 | 567,228 | ||
Allowance for credit losses - loans | (14,595) | (14,114) | (10,007) | (6,519) |
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases | 9,954 | 11,134 | ||
Allowance for credit losses - loans | $ (30) | $ (31) | $ (341) | $ (301) |
LOANS & ALLOWANCE FOR CREDIT _4
LOANS & ALLOWANCE FOR CREDIT LOSSES - ALLOWANCE FOR LOAN LOSS BY PORTFOLIO CLASS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | $ 148,617 | $ 132,958 |
Provision (benefit) for credit losses - loans | 8,750 | 4,000 |
Charge-offs | (2,366) | (716) |
Recoveries | 471 | 536 |
Balance, end of period | 155,472 | 136,778 |
Single Family - Mortgage & Warehouse | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | 19,670 | 26,604 |
Provision (benefit) for credit losses - loans | (1,642) | (1,351) |
Charge-offs | (4) | 0 |
Recoveries | 15 | 76 |
Balance, end of period | 18,039 | 25,329 |
Multifamily and Commercial Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | 14,655 | 13,146 |
Provision (benefit) for credit losses - loans | (6) | 36 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 177 |
Balance, end of period | 14,649 | 13,359 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | 69,339 | 57,928 |
Provision (benefit) for credit losses - loans | 4,437 | 7,295 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | 73,776 | 65,223 |
Commercial & Industrial - Non-RE | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | 30,808 | 28,460 |
Provision (benefit) for credit losses - loans | 3,557 | (5,646) |
Charge-offs | 0 | (322) |
Recoveries | 18 | 27 |
Balance, end of period | 34,383 | 22,519 |
Auto & Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | 14,114 | 6,519 |
Provision (benefit) for credit losses - loans | 2,405 | 3,626 |
Charge-offs | (2,362) | (394) |
Recoveries | 438 | 256 |
Balance, end of period | 14,595 | 10,007 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | 31 | 301 |
Provision (benefit) for credit losses - loans | (1) | 40 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | $ 30 | $ 341 |
LOANS & ALLOWANCE FOR CREDIT _5
LOANS & ALLOWANCE FOR CREDIT LOSSES - NONACCRUAL LOANS (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, nonaccrual | $ 120,481 | $ 118,194 |
Nonaccrual loans to total loans (as a percent) | 0.78% | 0.83% |
Single Family - Mortgage & Warehouse | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, nonaccrual | $ 65,687 | $ 66,424 |
Multifamily and Commercial Mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, nonaccrual | 35,837 | 33,410 |
Commercial Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, nonaccrual | 14,852 | 14,852 |
Commercial & Industrial - Non-RE | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, nonaccrual | 2,989 | 2,989 |
Auto & Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, nonaccrual | 990 | 439 |
Other | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing receivable, nonaccrual | $ 126 | $ 80 |
LOANS & ALLOWANCE FOR CREDIT _6
LOANS & ALLOWANCE FOR CREDIT LOSSES - NARRATIVE (Details) | 3 Months Ended | ||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) loan | |
Financing Receivable, Impaired [Line Items] | |||
Mortgage loans in process of foreclosure, amount | $ 20,400,000 | $ 20,700,000 | |
Nonaccrual | |||
Financing Receivable, Impaired [Line Items] | |||
Interest income recognized on nonaccrual loans | $ 0 | $ 0 | |
Ratio of nonaccrual loans and leases considered TDRs | 1.13% | 0.55% | |
Period over which borrowers can make timely payments after TDR considered non-performing (in months) | 6 months | ||
Nonaccrual | Single Family - Mortgage & Warehouse | |||
Financing Receivable, Impaired [Line Items] | |||
Ratio of nonaccrual loans and leases that are single family mortgage | 54.52% | ||
Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Number or TDRs classified as performing | loan | 0 | 0 |
LOANS & ALLOWANCE FOR CREDIT _7
LOANS & ALLOWANCE FOR CREDIT LOSSES - UNPAID PRINCIPAL BALANCE FOR PERFORMING AND NONACCRUAL (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 15,384,326 | $ 14,253,676 |
Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,009,809 | 3,988,462 |
Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,964,982 | 2,877,680 |
Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,523,895 | 4,781,044 |
Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,244,342 | 2,028,128 |
Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 631,344 | 567,228 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 9,954 | 11,134 |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 15,263,845 | 14,135,482 |
Performing | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,944,122 | 3,922,038 |
Performing | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,929,145 | 2,844,270 |
Performing | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,509,043 | 4,766,192 |
Performing | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,241,353 | 2,025,139 |
Performing | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 630,354 | 566,789 |
Performing | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 9,828 | 11,054 |
Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 120,481 | 118,194 |
Nonaccrual | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 65,687 | 66,424 |
Nonaccrual | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 35,837 | 33,410 |
Nonaccrual | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 14,852 | 14,852 |
Nonaccrual | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,989 | 2,989 |
Nonaccrual | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 990 | 439 |
Nonaccrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 126 | $ 80 |
LOANS & ALLOWANCE FOR CREDIT _8
LOANS & ALLOWANCE FOR CREDIT LOSSES - LOANS BY AMORTIZED COST BASIS BY YEAR OF ORIGINATION AND CREDIT QUALITY INDICATOR (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | $ 1,185,800 | $ 5,761,527 |
2022 (2021 prior year) | 5,799,268 | 2,409,989 |
2021 (2020 prior year) | 2,318,977 | 1,337,143 |
2020 (2019 prior year) | 1,216,767 | 914,995 |
2019 (2018 prior year) | 798,348 | 610,690 |
Prior | 1,430,262 | 946,625 |
Revolving Loans | 2,634,904 | 2,272,707 |
Total | $ 15,384,326 | $ 14,253,676 |
As a % of total gross loans | ||
2023 (2022 prior year) | 7.71% | 40.42% |
2022 (2021 prior year) | 37.70% | 16.91% |
2021 (2020 prior year) | 15.07% | 9.38% |
2020 (2019 prior year) | 7.91% | 6.42% |
2019 (2018 prior year) | 5.19% | 4.28% |
Prior | 9.30% | 6.64% |
Revolving Loans | 17.13% | 15.95% |
Total | 100% | 100% |
Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | $ 309,401 | $ 1,484,027 |
2022 (2021 prior year) | 1,430,959 | 602,342 |
2021 (2020 prior year) | 582,715 | 411,430 |
2020 (2019 prior year) | 390,318 | 324,911 |
2019 (2018 prior year) | 298,640 | 289,328 |
Prior | 821,026 | 595,862 |
Revolving Loans | 176,750 | 280,562 |
Total | 4,009,809 | 3,988,462 |
Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 187,856 | 1,001,019 |
2022 (2021 prior year) | 1,017,793 | 575,258 |
2021 (2020 prior year) | 551,077 | 464,124 |
2020 (2019 prior year) | 436,807 | 269,313 |
2019 (2018 prior year) | 257,771 | 226,856 |
Prior | 513,678 | 341,110 |
Revolving Loans | 0 | 0 |
Total | 2,964,982 | 2,877,680 |
Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 509,209 | 2,482,366 |
2022 (2021 prior year) | 2,613,562 | 1,023,238 |
2021 (2020 prior year) | 1,047,895 | 383,135 |
2020 (2019 prior year) | 324,519 | 221,330 |
2019 (2018 prior year) | 199,287 | 67,265 |
Prior | 67,266 | 0 |
Revolving Loans | 762,157 | 603,710 |
Total | 5,523,895 | 4,781,044 |
Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 63,185 | 438,229 |
2022 (2021 prior year) | 405,217 | 94,585 |
2021 (2020 prior year) | 35,057 | 34,783 |
2020 (2019 prior year) | 27,508 | 62,118 |
2019 (2018 prior year) | 10,858 | 9,978 |
Prior | 6,520 | 0 |
Revolving Loans | 1,695,997 | 1,388,435 |
Total | 2,244,342 | 2,028,128 |
Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 115,451 | 352,829 |
2022 (2021 prior year) | 329,737 | 108,381 |
2021 (2020 prior year) | 96,628 | 43,625 |
2020 (2019 prior year) | 37,615 | 37,323 |
2019 (2018 prior year) | 31,792 | 16,172 |
Prior | 20,121 | 8,898 |
Revolving Loans | 0 | 0 |
Total | 631,344 | 567,228 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 698 | 3,057 |
2022 (2021 prior year) | 2,000 | 6,185 |
2021 (2020 prior year) | 5,605 | 46 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 1,091 |
Prior | 1,651 | 755 |
Revolving Loans | 0 | 0 |
Total | 9,954 | 11,134 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 1,185,800 | 5,756,965 |
2022 (2021 prior year) | 5,779,391 | 2,340,720 |
2021 (2020 prior year) | 2,209,153 | 1,259,387 |
2020 (2019 prior year) | 1,152,476 | 848,900 |
2019 (2018 prior year) | 750,648 | 554,060 |
Prior | 1,307,625 | 874,328 |
Revolving Loans | 2,601,516 | 2,232,772 |
Total | 14,986,609 | 13,867,132 |
Pass | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 309,401 | 1,484,027 |
2022 (2021 prior year) | 1,427,758 | 600,054 |
2021 (2020 prior year) | 579,544 | 402,712 |
2020 (2019 prior year) | 380,330 | 303,999 |
2019 (2018 prior year) | 277,775 | 279,248 |
Prior | 767,417 | 548,703 |
Revolving Loans | 168,798 | 241,925 |
Total | 3,911,023 | 3,860,668 |
Pass | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 187,856 | 999,819 |
2022 (2021 prior year) | 1,004,942 | 569,486 |
2021 (2020 prior year) | 541,338 | 429,247 |
2020 (2019 prior year) | 403,340 | 259,161 |
2019 (2018 prior year) | 247,670 | 219,548 |
Prior | 483,365 | 316,013 |
Revolving Loans | 0 | 0 |
Total | 2,868,511 | 2,793,274 |
Pass | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 509,209 | 2,482,366 |
2022 (2021 prior year) | 2,613,562 | 990,887 |
2021 (2020 prior year) | 953,785 | 358,422 |
2020 (2019 prior year) | 312,381 | 186,800 |
2019 (2018 prior year) | 182,800 | 28,758 |
Prior | 28,759 | 0 |
Revolving Loans | 760,859 | 602,412 |
Total | 5,361,355 | 4,649,645 |
Pass | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 63,185 | 435,228 |
2022 (2021 prior year) | 402,229 | 66,226 |
2021 (2020 prior year) | 35,057 | 25,629 |
2020 (2019 prior year) | 19,008 | 61,932 |
2019 (2018 prior year) | 10,858 | 9,268 |
Prior | 6,520 | 0 |
Revolving Loans | 1,671,859 | 1,388,435 |
Total | 2,208,716 | 1,986,718 |
Pass | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 115,451 | 352,468 |
2022 (2021 prior year) | 328,900 | 107,882 |
2021 (2020 prior year) | 96,119 | 43,377 |
2020 (2019 prior year) | 37,417 | 37,008 |
2019 (2018 prior year) | 31,545 | 16,147 |
Prior | 20,039 | 8,891 |
Revolving Loans | 0 | 0 |
Total | 629,471 | 565,773 |
Pass | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 698 | 3,057 |
2022 (2021 prior year) | 2,000 | 6,185 |
2021 (2020 prior year) | 3,310 | 0 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 1,091 |
Prior | 1,525 | 721 |
Revolving Loans | 0 | 0 |
Total | 7,533 | 11,054 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 1,417 |
2022 (2021 prior year) | 10,034 | 32,539 |
2021 (2020 prior year) | 62,313 | 17,486 |
2020 (2019 prior year) | 17,685 | 19,827 |
2019 (2018 prior year) | 6,450 | 19,835 |
Prior | 33,129 | 11,940 |
Revolving Loans | 7,532 | 38,637 |
Total | 137,143 | 141,681 |
Special Mention | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 4,790 |
2020 (2019 prior year) | 4,971 | 2,505 |
2019 (2018 prior year) | 2,165 | 4,125 |
Prior | 18,091 | 10,971 |
Revolving Loans | 7,532 | 38,637 |
Total | 32,759 | 61,028 |
Special Mention | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 1,200 |
2022 (2021 prior year) | 9,706 | 0 |
2021 (2020 prior year) | 3,980 | 534 |
2020 (2019 prior year) | 532 | 539 |
2019 (2018 prior year) | 3,269 | 0 |
Prior | 0 | 968 |
Revolving Loans | 0 | 0 |
Total | 17,487 | 3,241 |
Special Mention | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 32,351 |
2021 (2020 prior year) | 55,820 | 12,138 |
2020 (2019 prior year) | 12,138 | 16,487 |
2019 (2018 prior year) | 1,000 | 15,000 |
Prior | 15,000 | 0 |
Revolving Loans | 0 | 0 |
Total | 83,958 | 75,976 |
Special Mention | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 13 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 0 |
2020 (2019 prior year) | 0 | 186 |
2019 (2018 prior year) | 0 | 710 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 909 |
Special Mention | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 204 |
2022 (2021 prior year) | 328 | 188 |
2021 (2020 prior year) | 218 | 24 |
2020 (2019 prior year) | 44 | 110 |
2019 (2018 prior year) | 16 | 0 |
Prior | 38 | 1 |
Revolving Loans | 0 | 0 |
Total | 644 | 527 |
Special Mention | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 2,295 | 0 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 2,295 | 0 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 3,145 |
2022 (2021 prior year) | 9,843 | 36,730 |
2021 (2020 prior year) | 47,511 | 60,270 |
2020 (2019 prior year) | 46,606 | 46,268 |
2019 (2018 prior year) | 41,250 | 36,795 |
Prior | 89,508 | 60,357 |
Revolving Loans | 25,856 | 1,298 |
Total | 260,574 | 244,863 |
Substandard | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 3,201 | 2,288 |
2021 (2020 prior year) | 3,171 | 3,928 |
2020 (2019 prior year) | 5,017 | 18,407 |
2019 (2018 prior year) | 18,700 | 5,955 |
Prior | 35,518 | 36,188 |
Revolving Loans | 420 | 0 |
Total | 66,027 | 66,766 |
Substandard | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 3,145 | 5,772 |
2021 (2020 prior year) | 5,759 | 34,343 |
2020 (2019 prior year) | 32,935 | 9,613 |
2019 (2018 prior year) | 6,832 | 7,308 |
Prior | 30,313 | 24,129 |
Revolving Loans | 0 | 0 |
Total | 78,984 | 81,165 |
Substandard | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 38,290 | 12,575 |
2020 (2019 prior year) | 0 | 18,043 |
2019 (2018 prior year) | 15,487 | 23,507 |
Prior | 23,507 | 0 |
Revolving Loans | 1,298 | 1,298 |
Total | 78,582 | 55,423 |
Substandard | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 2,988 |
2022 (2021 prior year) | 2,988 | 28,359 |
2021 (2020 prior year) | 0 | 9,154 |
2020 (2019 prior year) | 8,500 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 24,138 | 0 |
Total | 35,626 | 40,501 |
Substandard | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 157 |
2022 (2021 prior year) | 509 | 311 |
2021 (2020 prior year) | 291 | 224 |
2020 (2019 prior year) | 154 | 205 |
2019 (2018 prior year) | 231 | 25 |
Prior | 44 | 6 |
Revolving Loans | 0 | 0 |
Total | 1,229 | 928 |
Substandard | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 46 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 126 | 34 |
Revolving Loans | 0 | 0 |
Total | 126 | 80 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 0 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Doubtful | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 0 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Doubtful | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 0 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Doubtful | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 0 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Doubtful | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 0 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Doubtful | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 0 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 0 | 0 |
Doubtful | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 (2022 prior year) | 0 | 0 |
2022 (2021 prior year) | 0 | 0 |
2021 (2020 prior year) | 0 | 0 |
2020 (2019 prior year) | 0 | 0 |
2019 (2018 prior year) | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | $ 0 | $ 0 |
LOANS & ALLOWANCE FOR CREDIT _9
LOANS & ALLOWANCE FOR CREDIT LOSSES - PAST DUE LOANS (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 15,384,326 | $ 14,253,676 |
Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 4,009,809 | 3,988,462 |
Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 2,964,982 | 2,877,680 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 5,523,895 | 4,781,044 |
Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 2,244,342 | 2,028,128 |
Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 631,344 | 567,228 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 9,954 | 11,134 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 33,921 | $ 19,900 |
As a % of total gross loans | 0.22% | 0.14% |
30-59 Days Past Due | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 13,021 | $ 5,167 |
30-59 Days Past Due | Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 5,909 | 9,455 |
30-59 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 9,655 | 0 |
30-59 Days Past Due | Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
30-59 Days Past Due | Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 4,174 | 4,865 |
30-59 Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 1,162 | 413 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 6,797 | $ 19,494 |
As a % of total gross loans | 0.05% | 0.14% |
60-89 Days Past Due | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 5,494 | $ 1,518 |
60-89 Days Past Due | Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 358 | 2,115 |
60-89 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 14,852 |
60-89 Days Past Due | Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
60-89 Days Past Due | Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 945 | 1,009 |
60-89 Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
90+ Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 103,357 | $ 90,501 |
As a % of total gross loans | 0.67% | 0.63% |
90+ Days Past Due | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 57,883 | $ 63,286 |
90+ Days Past Due | Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 30,001 | 26,556 |
90+ Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 14,852 | 0 |
90+ Days Past Due | Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
90+ Days Past Due | Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 495 | 466 |
90+ Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 126 | 193 |
Total | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 144,075 | $ 129,895 |
As a % of total gross loans | 0.94% | 0.91% |
Total | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 76,398 | $ 69,971 |
Total | Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 36,268 | 38,126 |
Total | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 24,507 | 14,852 |
Total | Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
Total | Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 5,614 | 6,340 |
Total | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 1,288 | $ 606 |
LOANS & ALLOWANCE FOR CREDIT_10
LOANS & ALLOWANCE FOR CREDIT LOSSES - ALLOWANCE FOR LOAN LOSS AND RESERVE FOR UNFUNDED LOAN COMMITMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward] | ||
Balance, beginning of period | $ 10,973 | $ 5,723 |
Provision for Credit Losses | 0 | 2,000 |
Balance, end of period | $ 10,973 | $ 7,723 |
EQUITY AND STOCK-BASED COMPEN_3
EQUITY AND STOCK-BASED COMPENSATION - NARRATIVE (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2022 USD ($) shares | |
A2014 Stock Incentive Plan | |
Stock Award Compensation Expense | |
Share-based compensation arrangement by share-based payment award, number of shares available for grant | shares | 1,614,701 |
RSUs | |
Stock Award Compensation Expense | |
Total fair value of shares vested in the period | $ | $ 12 |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, outstanding, weighted average remaining contractual terms | 1 year 6 months |
EQUITY AND STOCK-BASED COMPEN_4
EQUITY AND STOCK-BASED COMPENSATION - UNRECOGNIZED COMPENSATION EXPENSE RELATED TO NON-VESTED AWARDS (Details) - RSUs $ in Thousands | Sep. 30, 2022 USD ($) |
Stock Award Compensation Expense | |
Unrecognized compensation expense | $ 47,600 |
2023 | 18,487 |
2024 | 17,408 |
2025 | 9,372 |
2026 | 1,913 |
2027 | 400 |
Total | $ 47,580 |
EQUITY AND STOCK-BASED COMPEN_5
EQUITY AND STOCK-BASED COMPENSATION - CHANGES IN RESTRICTED STOCK UNIT GRANTS (Details) - RSUs | 3 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Restricted Stock Units | |
Non-vested balance, beginning (in shares) | shares | 1,350,763 |
Granted (in shares) | shares | 400,339 |
Vested (in shares) | shares | (291,430) |
Forfeited (in shares) | shares | (19,210) |
Non-vested balance, ending (in shares) | shares | 1,440,462 |
Weighted-Average Grant-Date Fair Value | |
Non-vested balance, beginning (in dollars per share) | $ / shares | $ 41.16 |
Granted (in dollars per share) | $ / shares | 38.99 |
Vested (in dollars per share) | $ / shares | 31.88 |
Forfeited (in dollars per share) | $ / shares | 41.62 |
Non-vested balance, ending (in dollars per share) | $ / shares | $ 42.43 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Common Share | ||
NET INCOME ATTRIBUTABLE TO COMMON STOCK | $ 58,407 | $ 60,210 |
Average common shares outstanding (in shares) | 59,854,584 | 59,390,846 |
Basic earnings per common share (in dollars per share) | $ 0.98 | $ 1.01 |
Diluted Earnings Per Common Share | ||
Net income attributable to common stockholders | $ 58,407 | $ 60,210 |
Average common shares issued and outstanding (in shares) | 59,854,584 | 59,390,846 |
Total dilutive common shares outstanding (in shares) | 60,486,394 | 60,644,288 |
Diluted earnings per common share (in dollars per share) | $ 0.97 | $ 0.99 |
RSUs | ||
Diluted Earnings Per Common Share | ||
Dilutive effect of average unvested RSUs (in shares) | 631,810 | 1,253,442 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of fiscal year 2023 | $ 8,151 |
2024 | 10,976 |
2025 | 11,143 |
2026 | 10,811 |
2027 | 10,870 |
Thereafter | 29,177 |
Total lease payments | 81,128 |
Less: amount representing interest | (8,074) |
Total Lease Liability | $ 73,054 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2015 derivativeAction | Sep. 30, 2022 USD ($) derivativeAction | Aug. 10, 2017 derivativeAction | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loss contingency, new derivative actions filed | derivativeAction | 2 | ||
Loss contingency, number of pending derivative actions | derivativeAction | 6 | ||
Loss contingency, number of pending derivative actions to be consolidated | derivativeAction | 6 | ||
MUFG Union Bank v. Axos Bank | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Litigation amount awarded to third party | $ 16,000,000 | ||
Accrued litigation expense | 16,000,000 | ||
Loan Origination Commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, loan origination commitment | 3,374,000,000 | ||
Loan Origination Commitments | Sales commitment | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, commitment | 12,600,000 | ||
Loan Origination Commitments | Fixed Interest Rate | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, loan origination commitment | $ 192,100,000 | ||
Weighted average fixed interest rate on commitments to extend credit | 6.70% | ||
Loan Origination Commitments | Fixed Interest Rate | Sales commitment | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, commitment | $ 12,600,000 | ||
Loan Origination Commitments | Variable Interest Rate | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, loan origination commitment | 3,181,900,000 | ||
Loan Origination Commitments | Variable Interest Rate | Sales commitment | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, commitment | $ 0 |
SEGMENT REPORTING AND REVENUE_3
SEGMENT REPORTING AND REVENUE INFORMATION (Details) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | |
Segment Reporting [Abstract] | |||
Number of operating segments | segment | 2 | ||
Segment Reporting Information [Line Items] | |||
Net interest income | $ 180,475 | $ 146,642 | |
Provision for credit losses | 8,750 | 4,000 | |
Non-interest income | 27,208 | 26,702 | |
Non-interest expense | 116,087 | 84,431 | |
Income before taxes | 82,846 | 84,913 | |
Goodwill | 97,688 | $ 95,674 | |
Total Assets | 18,407,078 | 17,401,165 | |
Operating segments | Banking Business | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 179,730 | 142,241 | |
Provision for credit losses | 8,750 | 4,000 | |
Non-interest income | 10,712 | 14,828 | |
Non-interest expense | 100,796 | 62,725 | |
Income before taxes | 80,896 | 90,344 | |
Goodwill | 35,721 | 35,721 | |
Total Assets | 17,320,661 | 16,002,714 | |
Operating segments | Securities Business | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 4,275 | 6,176 | |
Provision for credit losses | 0 | 0 | |
Non-interest income | 29,165 | 13,106 | |
Non-interest expense | 24,515 | 19,273 | |
Income before taxes | 8,925 | 9 | |
Goodwill | 61,967 | 59,953 | |
Total Assets | 1,027,815 | 1,328,558 | |
Corporate/Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net interest income | (3,530) | (1,775) | |
Provision for credit losses | 0 | 0 | |
Non-interest income | (12,669) | (1,232) | |
Non-interest expense | (9,224) | 2,433 | |
Income before taxes | (6,975) | $ (5,440) | |
Goodwill | 0 | 0 | |
Total Assets | $ 58,602 | $ 69,893 |
SEGMENT REPORTING AND REVENUE_4
SEGMENT REPORTING AND REVENUE INFORMATION - NON-INTEREST INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting [Abstract] | ||
Advisory fee income | $ 6,959 | $ 5,304 |
Broker-dealer clearing fees | 5,233 | 5,670 |
Deposit service fees | 1,106 | 626 |
Card fees | 789 | 1,007 |
Bankruptcy trustee and fiduciary service fees | 773 | 780 |
Non-interest income (in-scope Topic 606) | 14,860 | 13,387 |
Non-interest income (out-of-scope Topic 606) | 12,348 | 13,315 |
Total non-interest income | $ 27,208 | $ 26,702 |