SECURITIES (Tables)

9 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The amortized cost, carrying amount and fair value for the major categories of securities: trading, available-for-sale, and held-to-maturity at March 31, 2016 and June 30, 2015 were:

	March 31, 2016
	Trading		Available-for-sale									Held-to-maturity
(Dollars in thousands)	Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Carrying Amount		Unrecognized Gains		Unrecognized Losses			Fair Value
Mortgage-backed securities (RMBS):
U.S. agencies1	$	—	$	35,132	$	349	$	(193	)	$	35,288	$	37,366	$	867	$	(2	)	$	38,231
Non-agency2	—		15,718		1,321		(2		)	17,037		138,011		7,828		(8,747		)	137,092
Total mortgage-backed securities	—		50,850		1,670		(195		)	52,325		175,377		8,695		(8,749		)	175,323
Other debt securities:
Municipal	—		33,541		112		(37		)	33,616		35,917		5,146		—			41,063
Non-agency3	7,589		193,344		285		(917		)	192,712		—		—		—			—
Total other debt securities	7,589		226,885		397		(954		)	226,328		35,917		5,146		—			41,063
Total debt securities	$	7,589	$	277,735	$	2,067	$	(1,149	)	$	278,653	$	211,294	$	13,841	$	(8,749	)	$	216,386
	June 30, 2015
	Trading		Available-for-sale									Held-to-maturity
(Dollars in thousands)	Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value		Carrying Amount		Unrecognized Gains		Unrecognized Losses			Fair Value
Mortgage-backed securities (RMBS):
U.S. agencies1	$	—	$	43,738	$	701	$	(948	)	$	43,491	$	41,993	$	1,398	$	—		$	43,391
Non-agency2	—		23,799		2,835		(1		)	26,633		147,586		10,045		(12,749		)	144,882
Total mortgage-backed securities	—		67,537		3,536		(949		)	70,124		189,579		11,443		(12,749		)	188,273
Other debt securities:
Municipal	—		21,731		390		(86		)	22,035		35,976		4,074		—			40,050
Non-agency3	7,832		70,216		1,271		(285		)	71,202		—		—		—			—
Total other debt securities	7,832		91,947		1,661		(371		)	93,237		35,976		4,074		—			40,050
Total debt securities	$	7,832	$	159,484	$	5,197	$	(1,320	)	$	163,361	$	225,555	$	15,517	$	(12,749	)	$	228,323

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^1.  U.S. government-backed or government sponsored enterprises including Fannie Mae, Freddie Mac and Ginnie Mae.

^2.  Private sponsors of securities collateralized primarily by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages.

3. Senior collateralized loan obligations and asset-backed securities.

Schedule of Unrealized Loss on Investments

The securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:

	March 31, 2016
	Available-for-sale securities in loss position for															Held-to-maturity securities in loss position for
	Less Than 12 Months					More Than 12 Months					Total					Less Than 12 Months					More Than 12 Months					Total
(Dollars in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
RMBS:
U.S. agencies	$	151	$	(1	)	$	23,585	$	(192	)	$	23,736	$	(193	)	$	146	$	(2	)	$	—	$	—		$	146	$	(2	)
Non-agency	2,546		(2		)	—		—			2,546		(2		)	6,905		(204		)	62,473		(8,543		)	69,378		(8,747		)
Total RMBS securities	2,697		(3		)	23,585		(192		)	26,282		(195		)	7,051		(206		)	62,473		(8,543		)	69,524		(8,749		)
Other Debt:
Municipal Debt	22,815		(25		)	1,428		(12		)	24,243		(37		)	—		—			—		—			—		—
Non-agency	90,156		(536		)	18,003		(381		)	108,159		(917		)	—		—			—		—			—		—
Total Other Debt	112,971		(561		)	19,431		(393		)	132,402		(954		)	—		—			—		—			—		—
Total debt securities	$	115,668	$	(564	)	$	43,016	$	(585	)	$	158,684	$	(1,149	)	$	7,051	$	(206	)	$	62,473	$	(8,543	)	$	69,524	$	(8,749	)
	June 30, 2015
	Available-for-sale securities in loss position for															Held-to-maturity securities in loss position for
	Less Than 12 Months					More Than 12 Months					Total					Less Than 12 Months					More Than 12 Months					Total
(Dollars in thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
RMBS:
U.S. agencies	$	369	$	(2	)	$	24,974	$	(946	)	$	25,343	$	(948	)	$	—	$	—		$	—	$	—		$	—	$	—
Non-agency	1,275		(1		)	—		—			1,275		(1		)	23,450		(1,802		)	67,090		(10,947		)	90,540		(12,749		)
Total RMBS securities	1,644		(3		)	24,974		(946		)	26,618		(949		)	23,450		(1,802		)	67,090		(10,947		)	90,540		(12,749		)
Other Debt:
Municipal Debt	1,358		(86		)	—		—			1,358		(86		)	—		—			—		—			—		—
Non-agency	19,100		(285		)	—		—			19,100		(285		)	—		—			—		—			—		—
Total Other Debt	20,458		(371		)	—		—			20,458		(371		)	—		—			—		—			—		—
Total debt securities	$	22,102	$	(374	)	$	24,974	$	(946	)	$	47,076	$	(1,320	)	$	23,450	$	(1,802	)	$	67,090	$	(10,947	)	$	90,540	$	(12,749	)

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table summarizes amounts of credit loss recognized in the income statement through other-than-temporary impairment charges which reduced non-interest income:

	For the Three Months Ended						For the Nine Months Ended
	March 31,						March 31,
(Dollars in thousands)	2016			2015			2016			2015
Beginning balance	$	(20,528	)	$	(19,636	)	$	(20,503	)	$	(18,139	)
Additions for the amounts related to credit loss for which an other-than-temporary impairment was not previously recognized	—			(704		)	(106		)	(742		)
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized	(8		)	(3		)	(43		)	(1,462		)
Credit losses realized for securities sold	—			—			116			—
Ending balance	$	(20,536	)	$	(20,343	)	$	(20,536	)	$	(20,343	)

Schedule of Realized Gain (Loss)

The gross gains and losses realized through earnings upon the sale of available-for-sale securities for the three and nine months ended March 31, 2016 were as follows:

	For the Three Months Ended					For the Nine Months Ended
	March 31,					March 31,
(Dollars in thousands)	2016			2015		2016		2015
Proceeds1	$	(67	)	$	—	$	10,002	$	9,614
Gross realized gains1	(14		)	—		919		587
Gross realized losses	—			—		—		—
Net realized gain on securities	$	(14	)	$	—	$	919	$	587

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^1.  The proceeds of $(67) in the three months ended March 31, 2016 was the result of an underlying paydown receipt to the security sold by the Company during the three months ended December 31, 2015. The trustee did not apply the paydown receipt to the security until one month subsequent to the period ended December 31, 2015. This revised factor reduced the amount of par value sold and subsequently reduced the gross realized gain by $14. This reduction to gain on sale was recognized during the three months ended March 31, 2016. The Company did not sell any securities during the three months ended March 31, 2016.

Unrealized Gain (Loss) on Investments

The Company had recorded unrealized gains and unrealized losses in accumulated other comprehensive loss as follows:

(Dollars in thousands)	March 31, 2016			June 30, 2015
Available-for-sale debt securities—net unrealized gains	$	918		$	3,877
Available-for-sale debt securities—non-credit related losses	(248		)	(271		)
Held-to-maturity debt securities—non-credit related losses	(14,246		)	(18,597		)
Subtotal	(13,576		)	(14,991		)
Tax benefit	5,353			5,592
Net unrealized loss on investment securities in accumulated other comprehensive loss	$	(8,223	)	$	(9,399	)

Investments Classified by Contractual Maturity Date

The expected maturity distribution including repayments of the Company’s mortgage-backed securities and other debt securities classified as trading, available-for-sale and held-to-maturity at March 31, 2016 were:

	March 31, 2016
	Trading		Available for sale				Held-to-maturity
(Dollars in thousands)	Fair Value		Amortized Cost		Fair Value		Carrying Amount		Fair Value
RMBS—U.S. agencies:
Due within one year	$	—	$	3,543	$	3,538	$	1,305	$	1,367
Due one to five years	—		10,922		10,925		4,937		5,162
Due five to ten years	—		8,623		8,660		5,458		5,690
Due after ten years	—		12,044		12,165		25,666		26,012
Total RMBS—U.S. agencies	—		35,132		35,288		37,366		38,231
RMBS—Non-agency:
Due within one year	—		4,026		4,289		21,885		21,582
Due one to five years	—		6,872		7,288		44,020		43,685
Due five to ten years	—		2,030		2,279		31,981		32,006
Due after ten years	—		2,790		3,181		40,125		39,819
Total RMBS—Non-agency	—		15,718		17,037		138,011		137,092
Other debt:
Due within one year	—		110,350		110,323		1,037		1,179
Due one to five years	—		108,880		108,293		4,813		5,473
Due five to ten years	—		4,131		4,169		7,556		8,596
Due after ten years	7,589		3,524		3,543		22,511		25,815
Total other debt	7,589		226,885		226,328		35,917		41,063
Total	$	7,589	$	277,735	$	278,653	$	211,294	$	216,386