Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 38

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 The carrying amount represents the estimated fair value for cash, cash equivalents and restricted cash, stock of regulatory agencies, interest-bearing deposits, accrued interest receivable and payable, demand deposits, short-term debt, and variable rate loans or deposits that reprice frequently and fully. For fixed rate loans, deposits, borrowings or subordinated debt and for variable rate loans, deposits, borrowings or subordinated debt with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. A discussion of the methods of valuing trading securities, available-for-sale securities, loans held for sale and derivatives can be found in Note 3—“Fair Value” in the 2024 Form 10-K. The fair value of off-balance sheet items is not considered material.

3.            AVAILABLE-FOR-SALE SECURITIES

The amortized cost and fair value of available-for-sale securities were:March 31, 2025(Dollars in thousands)AmortizedCostUnrealizedGainsUnrealizedLossesFairValueMortgage-backed securities (MBS):Agency1$48,725 $260 $(1,986)$46,999 Non-agency228,432 959 (90)29,301 Total mortgage-backed securities77,157 1,219 (2,076)76,300 Municipal3,890 — (232)3,658 Total available-for-sale securities$81,047 $1,219 $(2,308)$79,958 June 30, 2024(Dollars in thousands)AmortizedCostUnrealizedGainsUnrealizedLossesFairValueMortgage-backed securities (MBS):Agency1$29,835 $83 $(2,659)$27,259 Non-agency2110,658 838 (568)110,928 Total mortgage-backed securities140,493 921 (3,227)138,187 Municipal3,788 — (364)3,424 Total available-for-sale securities$144,281 $921 $(3,591)$141,611 1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of