Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 92

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 92
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. At December 31, 2024, the Bank did not have any borrowings outstanding and the amount available from this source was $6,947.6 million. Borrowings are collateralized by pledging commercial loans and consumer loans. At December 31, 2024, we had $8,129.0 million of loans pledged to the FRBSF.

Axos Clearing has a $150 million third-party secured line of credit available for borrowing, as needed. As of December 31, 2024, there was no amount outstanding on this credit facility. This credit facility bears interest at rates based on the Federal Funds rate and is due upon demand. 

Axos Clearing has a $110 million third-party unsecured line of credit available for limited purpose borrowing. As of December 31, 2024, there was $45 million amount outstanding on this credit facility. This credit facility bears interest at rates based on the Federal Funds rate and is due upon demand. 

We view our liquidity sources to be stable and adequate for our anticipated needs and contingencies for both the short- and long-term. Due to the diversified sources of our deposits, while maintaining approximately 90% of our total Bank deposits in insured or collateralized accounts as of December 31, 2024, we believe we have the ability to increase our level of deposits, and have available other potential sources of funding, to address our liquidity needs for the foreseeable future.

For additional information on certain contractual and other obligations, see Note 9—“Commitments and Contingencies” and Note 12—“Other Assets”in the accompanying interim condensed consolidated financial statements and refer to Note 11—“Deposits,” Note 12—“Advances from the Federal Home Loan Bank” and Note 13—“Borrowings, Subordinated Notes and Debentures” in the 2024 Form 10-K.

On January 28, 2025, the Company entered into an equity distribution agreement pursuant to which the Company may issue and sell through distribution agents from time to time shares of the Company’s common stock in at-the-market offerings with an aggregate offering price of up to $150,000,000. The Company will issue the stock pursuant to a previously effective registration statement and a prospectus supplement filed with the SEC on January 28, 2025. 

47

CAPITAL RESOURCES AND REQUIREMENTS

The Company and Bank are subject to regulatory capital adequacy requirements promulgated