COMMITMENTS AND CONTINGENCIES

12 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Operating Leases. The Company leases office space under an operating lease agreement scheduled to expire in June 2020. The Company pays property taxes, insurance and maintenance expenses related to this lease. Rent expense for the years ended June 30, 2014, 2013, and 2012 was $2,111, $1,644, and $929, respectively.

Pursuant to the terms of these non-cancelable lease agreements in effect at June 30, 2014, future minimum lease payments are as follows:

(Dollars in thousands)	Future minimum lease payments
2015	$	2,251
2016	2,411
2017	2,517
2018	2,629
2019	2,749
Thereafter	2,873
Total	$	15,430