Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 38

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 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.

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3.            AVAILABLE-FOR-SALE SECURITIES

The amortized cost and fair value of available-for-sale securities were:December 31, 2024(Dollars in thousands)AmortizedCostUnrealizedGainsUnrealizedLossesFairValueMortgage-backed securities (MBS):Agency1$49,176 $61 $(2,333)$46,904 Non-agency246,755 933 (276)47,412 Total mortgage-backed securities95,931 994 (2,609)94,316 Municipal3,856 — (324)3,532 Total available-for-sale securities$99,787 $994 $(2,933)$97,848 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 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages.The Company evaluates available-for-sale securities in an unrealized loss position based on an analysis of a number of factors, including, but not limited to: (1) the credit characteristics of the securities, such as the forecasted cash flows, credit ratings, credit enhancement, and government agency or government-sponsored enterprise backing, as applicable, and (