Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 39

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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2) whether the Company intends to sell or will be required to sell any of the securities before recovering the amortized cost basis. Based on its analysis, the Company determined the unrealized losses on available-for-sale securities are primarily driven by the increase in interest rates since the securities were purchased and, accordingly, no credit losses were recognized on available-for-sale securities in the three and six months ended December 31, 2024 and December 31, 2023. There was no amount in the allowance for credit losses for available-for-sale securities at December 31, 2024 and June 30, 2024.The face amounts of available-for-sale securities pledged to secure borrowings were $0.7 million and $0.8 million as of December 31, 2024 and June 30, 2024. There were no sales of available-for-sale securities during the three months and six months ended December 31, 2024. The Company sold a $4.8 million available-for-sale security with no realized gain or loss during the three and six months ended December 31, 2023.

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Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:December 31, 2024Available-for-sale securities in loss position forLess Than12 MonthsMore Than12 MonthsTotal(Dollars in thousands)FairValueGrossUnrealizedLossesFairValueGrossUnrealizedLossesFairValueGrossUnrealizedLossesMBS:Agency$9,102 $(21)$16,479 $(2,312)$25,581 $(2,333)Non-agency— — 44,866 (276)44,866 (276)Total MBS9,102 (21)61,345 (2,588)70,447 (2,609)Municipal— — 3,532 (324)3,532 (324)Total available-for-sale securities$9,102 $(21)$64,877 $(2,912)$73,979 $(2,933)June 30, 2024Available-for-sale securities in loss position forLess Than12 MonthsMore Than12 MonthsTotal(Dollars in thousands)FairValueGrossUnrealizedLossesFairValueGrossUnrealizedLossesFairValueGrossUnrealizedLossesMBS:Agency$2,644