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LOANS & ALLOWANCE FOR CREDIT LOSSES (Tables)
6 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Composition of the Loan Portfolio
The following table sets forth the composition of the loan portfolio:
(Dollars in thousands)December 31, 2023June 30, 2023
Single Family - Mortgage & Warehouse$4,092,104 $4,173,833 
Multifamily and Commercial Mortgage1
4,065,019 3,082,225 
Commercial Real Estate1
6,043,400 6,199,818 
Commercial & Industrial - Non-RE4,177,461 2,639,650 
Auto & Consumer477,275 546,264 
Other5,150 10,236 
Total gross loans18,860,409 16,652,026 
Allowance for credit losses - loans(251,749)(166,680)
Unaccreted premiums (discounts) and loan fees(344,306)(28,618)
Total net loans$18,264,354 $16,456,728 
1 Includes PCD loans of $296.7 million in Multifamily and Commercial Mortgage and $44.5 million in Commercial Real Estate as of December 31, 2023. For further detail on PCD loans refer to Note 1—“Summary of Significant Accounting Policies”.
Schedule of Allowance for Credit Losses on Financing Receivables
The following table presents the components of the provision for credit losses:
For the Three Months Ended
For the Six Months Ended
December 31, December 31,
(Dollars in thousands)
2023202220232022
Provision for credit losses - loans
$12,500 $3,500 $18,250 $12,250 
Provision for credit losses - unfunded lending commitments
1,000 (499)2,250 (499)
    Total provision for credit losses
$13,500 $3,001 $20,500 $11,751 
The following tables summarize activity in the allowance for credit losses - loans by portfolio segment:
For the Three Months Ended December 31, 2023
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Balance at October 1, 2023
$17,426 $15,874 $71,355 $54,592 $11,614 $$170,870 
Allowance for credit losses at acquisition of PCD loans
— 58,972 11,125 — — — $70,097 
Provision (benefit) for credit losses - loans(2,080)3,507 (4,702)14,695 1,080 — 12,500 
Charge-offs— — — (86)(2,321)— (2,407)
Recoveries10 — — — 679 — 689 
Balance at December 31, 2023
$15,356 $78,353 $77,778 $69,201 $11,052 $$251,749 
For the Three Months Ended December 31, 2022
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Balance at October 1, 2022
$18,039 $14,649 $73,776 $34,383 $14,595 $30 $155,472 
Provision (benefit) for credit losses - loans1,878 808 (1,608)1,655 776 (9)3,500 
Charge-offs(294)— — — (1,871)— (2,165)
Recoveries— — — 403 — 411 
Balance at December 31, 2022
$19,631 $15,457 $72,168 $36,038 $13,903 $21 $157,218 
For the Six Months Ended December 31, 2023
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Balance at July 1, 2023
$17,503 $16,848 $72,755 $46,347 $13,212 $15 $166,680 
Allowance for credit losses at acquisition of PCD loans
— 58,972 11,125 — — — 70,097 
Provision (benefit) for credit losses - loans(2,090)2,533 (6,102)22,940 975 (6)18,250 
Charge-offs(80)— — (86)(4,602)— (4,768)
Recoveries23 — — — 1,467 — 1,490 
Balance at December 31, 2023
$15,356 $78,353 $77,778 $69,201 $11,052 $$251,749 
For the Six Months Ended December 31, 2022
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Balance at July 1, 2022
$19,670 $14,655 $69,339 $30,808 $14,114 $31 $148,617 
Provision (benefit) for credit losses - loans236 802 2,829 5,212 3,181 (10)12,250 
Charge-offs(298)— — — (4,233)— (4,531)
Recoveries23 — — 18 841 — 882 
Balance at December 31, 2022
$19,631 $15,457 $72,168 $36,038 $13,903 $21 $157,218 
The following tables present a summary of the activity in the allowance for credit losses for off-balance sheet lending commitments:
Three Months Ended December 31,
(Dollars in thousands)20232022
Balance at October 1,
$11,723 $10,973 
Provision for credit losses - unfunded lending commitments
1,000 (499)
Balance at December 31,
$12,723 $10,474 
Six Months Ended December 31,
(Dollars in thousands)20232022
Balance at July 1,
$10,473 $10,973 
Provision for credit losses - unfunded lending commitments
2,250 (499)
Balance at December 31,
$12,723 $10,474 
Schedule of Real Estate Loans, Loan-to-Value Ratio
The following table presents loan-to-value (“LTV”) for the Company’s real estate loans outstanding as of December 31, 2023:
Total Real Estate LoansSingle Family - Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real Estate
Weighted-Average LTV47.8 %56.4 %53.3 %38.8 %
Median LTV53.0 %— %55.0 %50.0 %35.0 %
Schedule of Outstanding Principal Balance on Loans Performing and Nonaccrual
December 31, 2023
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Performing$4,037,817 $4,027,695 $6,017,298 $4,174,472 $475,505 $5,114 $18,737,901 
Nonaccrual$54,287 $37,324 $26,102 $2,989 $1,770 $36 $122,508 
Total$4,092,104 $4,065,019 $6,043,400 $4,177,461 $477,275 $5,150 $18,860,409 
Nonaccrual loans to total loans0.65 %
June 30, 2023
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerOtherTotal
Performing$4,143,119 $3,047,122 $6,184,966 $2,636,661 $544,807 $8,191 $16,564,866 
Nonaccrual30,714 35,103 14,852 2,989 1,457 2,045 87,160 
Total$4,173,833 $3,082,225 $6,199,818 $2,639,650 $546,264 $10,236 $16,652,026 
Nonaccrual loans to total loans0.52 %
Schedule of Composition of Loan and Lease Portfolio by Credit Quality Indicators
The following tables presents the composition of loans by portfolio segment, fiscal year of origination and credit quality indicator, and the amount of gross charge-offs for the six months ended December 31, 2023:
December 31, 2023
Loans Held for Investment by Fiscal Year of Origination
Revolving Loans Total
(Dollars in thousands)20242023202220212020Prior
Single Family-Mortgage & Warehouse
Pass$309,717 $648,620 $1,297,738 $501,469 $309,309 $779,468 $98,848 $3,945,169 
Special Mention— 10,593 13,575 3,928 8,851 38,883 — 75,830 
Substandard— 285 4,292 3,910 14,999 47,619 — 71,105 
Doubtful— — — — — — — — 
Total309,717 659,498 1,315,605 509,307 333,159 865,970 98,848 4,092,104 
Gross charge-offs— — — — — 80 — 80 
Multifamily and Commercial Mortgage
Pass22,417 758,825 1,089,359 664,917 562,656 880,855 — 3,979,029 
Special Mention— 9,096 1,985 — 459 1,085 — 12,625 
Substandard— 4,992 7,250 10,457 33,075 17,591 — 73,365 
Doubtful— — — — — — — — 
Total22,417 772,913 1,098,594 675,374 596,190 899,531 — 4,065,019 
Gross charge-offs
— — — — — — — — 
Commercial Real Estate
Pass1,071,507 1,710,690 1,737,152 521,677 17,816 53,000 780,174 5,892,016 
Special Mention— — — — — — — — 
Substandard— 18,657 52,338 34,250 15,000 31,139 — 151,384 
Doubtful— — — — — — — — 
Total1,071,507 1,729,347 1,789,490 555,927 32,816 84,139 780,174 6,043,400 
Gross charge-offs— — — — — — — — 
Commercial & Industrial - Non-RE
Pass486,830 411,930 322,969 43,934 7,630 4,427 2,752,431 4,030,151 
Special Mention— 37,404 35,179 — 10,554 — 45,528 128,665 
Substandard— — 14,624 1,032 — 2,989 — 18,645 
Doubtful— — — — — — — — 
Total486,830 449,334 372,772 44,966 18,184 7,416 2,797,959 4,177,461 
Gross charge-offs— — — — — 86 — 86 
Auto & Consumer
Pass27,105 136,439 215,435 55,732 18,658 20,624 — 473,993 
Special Mention— 462 644 100 34 46 — 1,286 
Substandard— 426 925 372 127 146 — 1,996 
Doubtful— — — — — — — — 
Total27,105 137,327 217,004 56,204 18,819 20,816 — 477,275 
Gross charge-offs— 1,435 2,111 755 131 170 — 4,602 
Other
Pass3,061 — — 1,071 — 982 — 5,114 
Special Mention— — — — — — — — 
Substandard— — — 36 — — — 36 
Doubtful— — — — — — — — 
Total3,061 — — 1,107 — 982 — 5,150 
Gross charge-offs— — — — — — — — 
Total
Pass1,920,637 3,666,504 4,662,653 1,788,800 916,069 1,739,356 3,631,453 18,325,472 
Special Mention— 57,555 51,383 4,028 19,898 40,014 45,528 218,406 
Substandard— 24,360 79,429 50,057 63,201 99,484 — 316,531 
Doubtful— — — — — — — — 
Total$1,920,637 $3,748,419 $4,793,465 $1,842,885 $999,168 $1,878,854 $3,676,981 $18,860,409 
As a % of total gross loans10.18%19.87%25.42%9.77%5.30%9.96%19.50%100.0%
Total gross charge-offs
$— $1,435 $2,111 $755 $131 $336 $— $4,768 
June 30, 2023
Loans Held for Investment by Fiscal Year of Origination
Revolving Loans Total
(Dollars in thousands)20232022202120202019Prior
Single Family-Mortgage & Warehouse
Pass$730,498 $1,346,804 $522,873 $324,458 $255,547 $639,401 $243,175 $4,062,756 
Special Mention— 7,280 7,026 8,303 12,942 18,244 6,614 60,409 
Substandard— 5,188 4,686 14,384 2,024 24,386 — 50,668 
Doubtful— — — — — — — — 
Total730,498 1,359,272 534,585 347,145 270,513 682,031 249,789 4,173,833 
Multifamily and Commercial Mortgage
Pass558,787 975,186 498,744 314,383 224,592 404,222 — 2,975,914 
Special Mention— 9,691 4,636 1,360 7,705 — — 23,392 
Substandard— 3,145 5,686 38,857 6,181 29,050 — 82,919 
Doubtful— — — — — — — — 
Total558,787 988,022 509,066 354,600 238,478 433,272 — 3,082,225 
Commercial Real Estate
Pass1,867,476 2,323,095 631,500 87,059 117,928 — 960,024 5,987,082 
Special Mention29,000 43,427 — 8,457 800 15,062 96,746 
Substandard— 29,200 37,951 18,500 15,487 14,852 — 115,990 
Doubtful— — — — — — — — 
Total1,896,476 2,395,722 669,451 114,016 134,215 29,914 960,024 6,199,818 
Commercial & Industrial - Non-RE
Pass488,120 358,214 29,777 14,794 2,098 — 1,707,619 2,600,622 
Special Mention— 8,221 — 11,413 — — 600 20,234 
Substandard— 17,762 1,032 — — — — 18,794 
Doubtful— — — — — — — — 
Total488,120 384,197 30,809 26,207 2,098 — 1,708,219 2,639,650 
Auto & Consumer
Pass161,831 256,154 70,223 24,906 19,897 9,929 — 542,940 
Special Mention423 632 453 60 14 — 1,588 
Substandard350 785 233 133 162 73 — 1,736 
Doubtful— — — — — — — — 
Total162,604 257,571 70,909 25,099 20,073 10,008 — 546,264 
Other
Pass5,721 — 1,306 — — 1,164 — 8,191 
Special Mention— — — — — — — — 
Substandard— 2,000 45 — — — — 2,045 
Doubtful— — — — — — — — 
Total5,721 2,000 1,351 — — 1,164 — 10,236 
Total
Pass3,812,433 5,259,453 1,754,423 765,600 620,062 1,054,716 2,910,818 16,177,505 
Special Mention29,423 69,251 12,115 29,593 21,461 33,312 7,214 202,369 
Substandard350 58,080 49,633 71,874 23,854 68,361 — 272,152 
Doubtful— — — — — — — — 
Total$3,842,206 $5,386,784 $1,816,171 $867,067 $665,377 $1,156,389 $2,918,032 $16,652,026 
As a % of total gross loans23.07%32.35%10.91%5.21%4.00%6.94%17.52%100.0%
Schedule of Past Due Loan and Leases
The following tables provide the aging of loans by portfolio segment:
December 31, 2023
(Dollars in thousands)Current30-59 Days60-89 Days90+ DaysTotal
Single Family-Mortgage & Warehouse$3,994,250 $20,770 $10,364 $66,720 $4,092,104 
Multifamily and Commercial Mortgage4,022,438 8,109 1,085 33,387 4,065,019 
Commercial Real Estate6,001,011 — — 42,389 6,043,400 
Commercial & Industrial - Non-RE4,177,461 — — — 4,177,461 
Auto & Consumer468,133 6,805 1,311 1,026 477,275 
Other5,150 — — — 5,150 
Total$18,668,443 $35,684 $12,760 $143,522 $18,860,409 
As a % of total gross loans98.98 %0.19 %0.07 %0.76 %100.00 %
June 30, 2023
(Dollars in thousands)Current30-59 Days60-89 Days90+ DaysTotal
Single Family-Mortgage & Warehouse$4,102,150 $20,832 $7,971 $42,880 $4,173,833 
Multifamily and Commercial Mortgage3,048,217 2,705 1,124 30,179 3,082,225 
Commercial Real Estate6,173,716 11,250 — 14,852 6,199,818 
Commercial & Industrial - Non-RE
2,639,650 — — — 2,639,650 
Auto & Consumer537,181 6,529 1,707 847 546,264 
Other8,024 68 2,143 10,236 
Total$16,508,938 $41,384 $10,803 $90,901 $16,652,026 
As a % of total gross loans99.14 %0.25 %0.06 %0.55 %100.00 %