Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 64

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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ordinated Notes due October 1, 2030 resulting in a pre-tax non-cash gain on extinguishment of $0.2 million, after accounting for unamortized issuance costs and accrued interest. The non-cash gains are recorded in “General and administrative expense” in the condensed Consolidated Statements of Income for the six months ended December 31, 2024. For additional information on borrowings, see Note 13—“Borrowings, Subordinated Notes and Debentures” in the 2024 Form 10-K.

12.        OTHER ASSETS

“Other Assets” in the Consolidated Balance Sheets primarily comprises bank-owned life insurance (“BOLI”), accrued interest receivable, derivatives, net deferred income tax assets, furniture, equipment and software, right-of-use lease assets, LIHTC investments and other receivables. For additional information on other assets, see Note 9—“Other Assets” in the 2024 Form 10-K. For additional information on accrued interest receivable, see Note 4—“Loans & Allowance for Credit Losses,” for additional information on derivatives, see Note 5—“Derivatives.”BOLI. The Company purchased $100 million of BOLI policies on the lives of certain executives of the Company during the three months ended December 31, 2024. The Company is the owner and sole beneficiary of the policies.LIHTC Investments. The Company recognized the following income and tax benefits for its LIHTC investments.For the Three Months Ended December 31, For the Six Months Ended December 31, (Dollars in thousands)2024202320242023Tax credits recognized$1,386 $891 $2,806 $1,741 Other tax benefits recognized156 311 468 624 Amortization(1,247)(819)(2,653)(1,667)Net benefit (expense) included in income tax expense295 383 621 698 Other income (loss) included in banking and service fees— 2 — 2 Net benefit (expense) included in the Consolidated Statements of Income$295 $385 $621 $700 

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The Company recognized the following investments on its balance sheets.(Dollars in thousands)As of December 31, 2024As of June 30, 2024LIHTC investments$63,059 $65,873 LIHTC