Company: AX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001299709-25-000184
Chunk: 138

Company: Axos Financial, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 138
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$197,853 $146,835 Securities lending:Interest-earning assets – securities borrowed$182,518 $139,396 Interest-bearing liabilities – securities loaned$204,620 $139,426 

FINANCIAL CONDITION

Balance Sheet Analysis

Our total assets increased $2.6 billion, or 10.7%, to $27.4 billion at September 30, 2025, from $24.8 billion at June 30, 2025, primarily attributable to an increase in loans, mainly attributable to the Verdant acquisition, and higher cash and cash equivalents. Our total liabilities increased $2.5 billion, or 11.5%, to $24.6 billion at September 30, 2025 from $22.1 billion at June 30, 2025, primarily attributable to higher deposit balances, as well as secured financings assumed as part of the Verdant acquisition.

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Loans and Allowance for Credit Losses - Loans

The following table sets forth the composition of the loan portfolio:

September 30, 2025June 30, 2025(Dollars in thousands)AmountPercentAmountPercentSingle Family - Mortgage & Warehouse$4,540,889 19.6 %$4,395,278 20.4 %Multifamily and Commercial Mortgage2,793,762 12.1 %2,940,739 13.6 %Commercial Real Estate7,295,572 31.5 %6,937,187 32.2 %Commercial & Industrial - Non-RE7,980,981 34.5 %6,795,497 31.6 %Auto & Consumer531,044 2.3 %482,996 2.2 %Total gross loans23,142,248 100.0 %21,551,697 100.0 %Allowance for credit losses - loans(307,431)(290,049)Unaccreted discounts and loan fees(199,680)(212,038)Total net loans$22,635,137 $21,049,610 

Management establishes an allowance for credit losses based upon its evaluation of the expected lifetime credit losses related to the amortized cost basis of loans on the balance sheet. The net charge-off rate for the three months ended September 30, 2025 was 0.11%, compared to 0.