Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 155

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 155
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6 months6,463 6 months to 12 months6,644 Over 12 months1,736 Total$20,455 

Borrowings

The following table sets forth the composition of our borrowings and the interest rates:

March 31, 2025June 30, 2024March 31, 2024(Dollars in thousands)BalanceWeighted Average RateBalanceWeighted Average RateBalanceWeighted Average RateFHLB Advances$60,0002.07 %$90,0002.32 %$90,0002.32 %Borrowings, subordinated notes and debentures377,4274.75 %325,6794.57 %330,3894.56 %Total borrowings$437,4274.38 %$415,6794.08 %$420,3894.08 %Weighted average cost of borrowings during the quarter4.33 %4.61 %4.39 %Borrowings as a percent of total assets1.82 %1.82 %1.86 %

 We regularly use advances from the FHLB to manage our interest rate risk and, to a lesser extent, manage our liquidity position. Generally, FHLB advances with terms between three and ten years have been used to fund the origination of loans and to provide us with interest rate risk protection should rates rise. On July 15, 2024, the Company paid $2.6 million to repurchase $3.0 million par value of its 4.00% Fixed-to-Floating Rate Subordinated Notes due March 1, 2032. On September 27, 2024, the Company paid $9.2 million to repurchase $9.5 million par value of its 4.875% Fixed-to-Floating Rate Subordinated Notes due October 1, 2030. For additional information see Note 11—“Borrowings, Subordinated Notes and Debentures” in the accompanying interim condensed consolidated financial statements.

Stockholders’ Equity

Stockholders’ equity increased $313.3 million to $2,603.9 million at March 31, 2025, compared to $2,290.6 million at June 30, 2024. The increase was primarily the result of net income for the nine months ended March 31, 2025 of $322.2 million.

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LI