Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 31

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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:•Certain prescribed line items in the income tax rate reconciliation presented both in dollar and percentage terms;•Income taxes paid, income before income taxes and income taxes disaggregated by federal, state and foreign taxes; and•Further disaggregation of income taxes paid by any individual jurisdiction equal to or exceeding five percent of total income taxes paid.This standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.

9

In November 2024, the FASB issued ASU 2024-03, which requires disaggregation of operating expenses by relevant expense caption on the statement of income into prescribed categories, including employee compensation, depreciation and intangible asset amortization. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.

2.     FAIR VALUE

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2024 and June 30, 2024. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement:December 31, 2024(Dollars in thousands)Significant OtherObservableInputs(Level 2)SignificantUnobservableInputs(Level 3)TotalASSETS:Trading securities$241 $— $241 Available-for-sale securities:Agency MBS46,904 — 46,904 Non-Agency MBS— 47,412 47,412 Municipal3,532 — 3,532 Total—Available-for-sale securities:$50,436 $47,412 $97,848 Loans held for sale$25,436 $— $25,436 Servicing rights$— $28,045 $28,045 Other assets—Derivative instruments1$16,363 $— $16,363 LIABILITIES:Accounts payable and other liabilities—Derivative instruments$83,957 $— $83,957 1 Other assets - Derivative instruments are presented net of $78.0 million of variation margin on centrally-cleared derivatives as of December 31, 2024.June 30, 2024(D