Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 90

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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342,558 

Borrowings

The following table sets forth the composition of our borrowings and the interest rates:

December 31, 2024June 30, 2024December 31, 2023(Dollars in thousands)BalanceWeighted Average RateBalanceWeighted Average RateBalanceWeighted Average RateFHLB Advances$60,0002.07 %$90,0002.32 %$90,0002.32 %Borrowings, subordinated notes and debentures358,6924.86 %325,6794.57 %341,0864.61 %Total borrowings$418,6924.46 %$415,6794.08 %$431,0864.13 %Weighted average cost of borrowings during the quarter4.54 %4.61 %4.43 %Borrowings as a percent of total assets1.77 %1.82 %1.99 %

 We regularly use advances from the FHLB to manage our interest rate risk and, to a lesser extent, manage our liquidity position. Generally, FHLB advances with terms between three and ten years have been used to fund the origination of loans and to provide us with interest rate risk protection should rates rise. On July 15, 2024, the Company paid $2.6 million to repurchase $3.0 million par value of its 4.00% Fixed-to-Floating Rate Subordinated Notes due March 1, 2032. On September 27, 2024, the Company paid $9.2 million to repurchase $9.5 million par value of its 4.875% Fixed-to-Floating Rate Subordinated Notes due October 1, 2030. For additional information see Note 11—“Borrowings, Subordinated Notes and Debentures” in the accompanying interim condensed consolidated financial statements.

Stockholders’ Equity

Stockholders’ equity increased $231.4 million to $2,522.0 million at December 31, 2024, compared to $2,290.6 million at June 30, 2024. The increase was primarily the result of net income for the six months ended December 31, 2024 of $217.0 million.

46

LIQUIDITY

Cash flow information is as follows: 

For the Six Months EndedDecember 31, (Dollars in