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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-37709
axosfina13.jpg
AXOS FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware33-0867444
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
9205 West Russell Road, Suite 400, Las Vegas, NV 89148
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (858) 649-2218
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueAXNew York Stock Exchange
__________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No
The number of shares outstanding of the registrant’s common stock on the last practicable date: 57,732,167 shares of common stock, $0.01 par value per share, as of October 16, 2023.


AXOS FINANCIAL, INC.
INDEX
Page


PART I – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except par and stated value)
September 30,
 2023
June 30,
2023
ASSETS
Cash and cash equivalents$2,161,762 $2,233,027 
Cash segregated for regulatory purposes252,007 149,059 
Total cash, cash equivalents and cash segregated2,413,769 2,382,086 
Securities:
Trading640 758 
Available-for-sale236,726 232,350 
Stock of regulatory agencies21,533 21,510 
Loans held for sale, carried at fair value8,014 23,203 
Loans held for sale, lower of cost or fair value 776 
Loans—net of allowance for credit losses of $170,870 as of September 30, 2023 and $166,680 as of June 30, 2023
16,955,041 16,456,728 
Servicing rights, carried at fair value
29,338 25,443 
Securities borrowed96,424 134,339 
Customer, broker-dealer and clearing receivables285,423 374,074 
Goodwill and other intangible assets—net149,572 152,149 
Other assets628,726 545,053 
TOTAL ASSETS$20,825,206 $20,348,469 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing2,875,432 2,898,150 
Interest bearing14,690,309 14,224,958 
Total deposits17,565,741 17,123,108 
Advances from the Federal Home Loan Bank90,000 90,000 
Borrowings, subordinated notes and debentures447,733 361,779 
Securities loaned116,446 159,832 
Customer, broker-dealer and clearing payables341,915 445,477 
Accounts payable and other liabilities287,163 251,114 
Total liabilities18,848,998 18,431,310 
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ EQUITY:
Common stock—$0.01 par value; 150,000,000 shares authorized; 69,826,263 shares issued and 58,503,976 shares outstanding as of September 30, 2023; 69,465,446 shares issued and 58,943,035 shares outstanding as of June 30, 2023
698 695 
Additional paid-in capital486,676 479,878 
Accumulated other comprehensive income (loss)—net of tax(6,388)(6,610)
Retained earnings1,818,254 1,735,609 
Treasury stock, at cost; 11,322,287 shares as of September 30, 2023 and 10,522,411 shares as of June 30, 2023
(323,032)(292,413)
Total stockholders’ equity1,976,208 1,917,159 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$20,825,206 $20,348,469 

See accompanying notes to the condensed consolidated financial statements.
1

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Three Months Ended
September 30,
(Dollars in thousands, except earnings per common share)20232022
INTEREST AND DIVIDEND INCOME:
Loans, including fees$326,974 $208,338 
Securities borrowed and customer receivables4,995 4,384 
Investments and other
31,983 11,064 
Total interest and dividend income363,952 223,786 
INTEREST EXPENSE:
Deposits146,110 32,505 
Advances from the Federal Home Loan Bank529 5,163 
Securities loaned449 943 
Other borrowings5,709 4,700 
Total interest expense152,797 43,311 
Net interest income211,155 180,475 
Provision for credit losses7,000 8,750 
Net interest income, after provision for credit losses204,155 171,725 
NON-INTEREST INCOME:
Broker-dealer fee income12,477 9,178 
Advisory fee income8,219 6,959 
Banking and service fees8,350 6,514 
Mortgage banking and servicing rights income
3,878 3,365 
Prepayment penalty fee income1,583 1,192 
Total non-interest income34,507 27,208 
NON-INTEREST EXPENSE:
Salaries and related costs55,811 46,996 
Data and operational processing
16,084 14,022 
Depreciation and amortization5,878 6,094 
Advertising and promotional10,375 6,370 
Professional services9,811 8,087 
Occupancy and equipment3,846 4,054 
FDIC and regulatory fees4,449 3,735 
Broker-dealer clearing charges4,012 2,829 
General and administrative expense10,240 23,900 
Total non-interest expense120,506 116,087 
INCOME BEFORE INCOME TAXES118,156 82,846 
INCOME TAXES35,511 24,439 
NET INCOME$82,645 $58,407 
COMPREHENSIVE INCOME$82,867 $55,570 
Basic earnings per common share$1.40 $0.98 
Diluted earnings per common share$1.38 $0.97 

See accompanying notes to the condensed consolidated financial statements.
2

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
September 30,
(Dollars in thousands)20232022
NET INCOME$82,645 $58,407 
Net unrealized gain (loss) from available-for-sale securities, net of income tax expense (benefit) of $112 and $(1,215) for the three months ended September 30, 2023 and 2022, respectively.
222 (2,837)
Other comprehensive income (loss)222 (2,837)
Comprehensive income$82,867 $55,570 

See accompanying notes to the condensed consolidated financial statements.
3

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
For the Three Months Ended September 30, 2023
Common StockAdditional Paid-in Capital
Accumulated Other Comprehensive Income (Loss), Net of Income Tax
Retained Earnings
Treasury
Stock
Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—June 30, 202369,465,446 (10,522,411)58,943,035 $695 $479,878 $(6,610)$1,735,609 $(292,413)$1,917,159 
Net income— — — — — — 82,645 — 82,645 
Other comprehensive income (loss)— — — — — 222 — — 222 
Purchase of treasury stock— (648,208)(648,208)— — — — (24,536)(24,536)
Stock-based compensation activity360,817 (151,668)209,149 3 6,798 — — (6,083)718 
BALANCE—September 30, 202369,826,263 (11,322,287)58,503,976 $698 $486,676 $(6,388)$1,818,254 $(323,032)$1,976,208 

For the Three Months Ended September 30, 2022
Common StockAdditional Paid-in Capital
Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax
Retained Earnings
Treasury
Stock
Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—June 30, 202268,859,722 (9,081,773)59,777,949 $689 $453,784 $(2,933)$1,428,444 $(237,011)$1,642,973 
Net income— — — — — — 58,407 — 58,407 
Other comprehensive income (loss)— — — — — (2,837)— — (2,837)
Stock-based compensation activity291,430 (70,706)220,724 3 5,317 — — (2,891)2,429 
BALANCE—September 30, 202269,151,152 (9,152,479)59,998,673 $692 $459,101 $(5,770)$1,486,851 $(239,902)$1,700,972 

See accompanying notes to the condensed consolidated financial statements.
4

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended
September 30,
(Dollars in thousands)20232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$82,645 $58,407 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization5,878 6,094 
Other accretion and amortization(3,101)707 
Stock-based compensation expense6,802 5,320 
Trading activity118 1,683 
Provision for credit losses7,000 8,750 
Deferred income taxes3,526 (3,807)
Origination of loans held for sale(50,607)(70,073)
Unrealized and realized gains on loans held for sale(1,796)(2,433)
Proceeds from sale of loans held for sale65,138 67,610 
Changes in servicing rights(3,448)(953)
Net change in assets and liabilities which provide (use) cash:
Securities borrowed37,915 251,358 
Customer, broker-dealer and clearing receivables88,651 61,015 
Other Assets(86,123)(6,347)
Securities loaned(43,386)(267,511)
Customer, broker-dealer and clearing payables(103,562)(65,484)
Accounts payable and other liabilities28,220 26,485 
Net cash provided by operating activities33,870 70,821 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investment securities(4,796) 
Proceeds from sale and repayment of available-for-sale investment securities718 1,029 
Purchase of stock of regulatory agencies (54,964)
Proceeds from redemption of stock of regulatory agencies 54,964 
Origination of loans held for investment(2,560,043)(2,486,224)
Proceeds from sale of loans originally classified as held for investment 13,965 
Mortgage warehouse loan activity, net(45,289)103,812 
Proceeds from sale of other real estate owned and repossessed assets918 719 
Acquisition of business activity, net of cash acquired (5,009)
Purchase of loans and leases, net of discounts and premiums(51,892)(51)
Principal repayments on loans2,160,911 1,229,390 
Purchases of furniture, equipment, software and intangibles(6,492)(7,921)
Net cash used in investing activities(505,965)(1,150,290)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits442,633 1,230,209 
Repayments of the Federal Home Loan Bank term advances (5,000)
Net (repayment) proceeds of other borrowings85,700 (19,500)
Tax payments related to settlement of restricted stock units(6,083)(2,891)
Purchase of treasury stock(18,472) 
Net cash provided by financing activities503,778 1,202,818 
NET CHANGE IN CASH AND CASH EQUIVALENTS31,683 123,349 
CASH AND CASH EQUIVALENTS—Beginning of year$2,382,086 $1,574,699 
CASH AND CASH EQUIVALENTS—End of period$2,413,769 $1,698,048 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid on interest-bearing liabilities152,359 42,429 
Income taxes paid52,664 37,277 
Transfers to other real estate and repossessed vehicles from loans held for investment1,847 5,522 
Transfers from loans held for sale to loans and leases held for investment2,783 682 
See accompanying notes to the condensed consolidated financial statements.
5

AXOS FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2023 AND 2022
(Dollars in thousands, except per share and stated value amounts)
(Unaudited)

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (“Axos Nevada Holding” and collectively, the “Company”). Axos, the Bank and Axos Nevada Holding comprise substantially all of the Company’s assets and liabilities and revenues and expenses. Axos Bank and its wholly owned subsidiaries constitute the Banking Business segment and Axos Nevada Holding and its wholly owns the subsidiaries constitute the Securities Business segment. All significant intercompany balances and transactions have been eliminated in consolidation. The Notes to the Consolidated Financial Statements are an integral part of the Company’s financial statements.
The accompanying interim condensed consolidated financial statements, presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), are unaudited and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of financial condition and results of operations for the interim periods. All adjustments are of a normal and recurring nature. Certain amounts reported in prior periods have been reclassified to conform with the current presentation. Results for the three months ended September 30, 2023 are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Certain information and note disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or not repeated herein pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended June 30, 2023 included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 (“2023 Form 10-K”) filed with the SEC.
Significant Accounting Policies
For further information regarding the Company’s significant accounting policies see Note 1“Organizations and Summary of Significant Accounting Policies” in the 2023 Form 10-K.
During the three months ended September 30, 2023 there were no significant updates to the Company’s significant accounting policies, other than as described below and for the adoption of the accounting standards noted herein.
New Accounting Standards
The Financial Accounting Standards Board (“FASB”) issued three Accounting Standards Updates (“ASUs”) (2020-04, 2021-04 and 2022-06) all of which provide guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contracts, hedging relationships, and other transactions impacted by reference rate reform. The provisions apply only to those transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions are optional and are effective from March 12, 2020 through December 31, 2024. The Company adopted these ASUs on July 1, 2023, and there was no impact on its financial condition or results of operations upon adoption.
In March 2022, the FASB issued ASU 2022-02 which eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit losses (“CECL”) model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The Company adopted this ASU on a prospective basis on July 1, 2023, and there was no impact on its financial condition or results of operations upon adoption. See Note 5“Loans & Allowance for Credit Losses” for the new disclosures as a result of the adoption of this accounting guidance.

6

2.     ACQUISITIONS
On August 23, 2023, the Company agreed to acquire approximately $52 million of marine floor financing loans at par value along with other assets for an additional $2 million, primarily consisting of servicing rights as well as certain employees. The transaction was accounted for as an asset acquisition and such assets are included in the Company’s unaudited Condensed Consolidated Balance Sheets as of September 30, 2023.
3.     FAIR VALUE
The following tables sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2023 and June 30, 2023. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement:
September 30, 2023
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
ASSETS:
Securities—Trading
$640 $ $640 
Securities—Available-for-sale:
Agency MBS1
27,624  27,624 
Non-Agency MBS2
 206,076 206,076 
Municipal3,026  3,026 
Total—Securities—Available-for-sale$30,650 $206,076 $236,726 
Loans held for sale$8,014 $ $8,014 
Servicing rights
$ $29,338 $29,338 
Other assets—Derivative instruments$1,295 $ $1,295 
LIABILITIES:
Accrued expense and other liabilities—Derivative instruments$934 $ $934 

June 30, 2023
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
ASSETS:
Securities—Trading
$758 $ $758 
Securities—Available-for-sale:
Agency MBS1
23,947  23,947 
Non-Agency MBS2
 205,005 205,005 
Municipal3,398  3,398 
Total—Securities—Available-for-sale$27,345 $205,005 $232,350 
Loans held for sale$23,203 $ $23,203 
Servicing rights
$ $25,443 $25,443 
Other assets—Derivative instruments$919 $ $919 
LIABILITIES:
Accrued expense and other liabilities—Derivative instruments$691 $ $691 
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 Alt-A or pay-option adjustable rate mortgages (“ARMs”).
7

The following tables present additional information about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:

For the Three Months Ended
September 30, 2023
(Dollars in thousands)Securities – Available-for-Sale: Non-Agency RMBS
Servicing Rights1
Total
Opening Balance$205,005 $25,443 $230,448 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income
 1,858 1,858 
Included in other comprehensive income1,316  1,316 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions 2,037 2,037 
Settlements(245) (245)
Closing balance$206,076 $29,338 $235,414 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$ $1,858 $1,858 
1 Earnings from servicing rights were attributable to: time and payoffs, representing a decrease in servicing rights value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period of $0.2 million for the three months ended September 30, 2023 and an increase in servicing rights value resulting from market-driven changes in interest rates of $2.1 million for the three months ended September 30, 2023. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

For the Three Months Ended
September 30, 2022
(Dollars in thousands)Securities – Available-for-Sale: Non-Agency RMBS
Servicing Rights1
Derivative Instruments, netTotal
Opening Balance$186,814 $25,213 $464 $212,491 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income
 953 71 1,024 
Included in other comprehensive income(2,473)  (2,473)
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions 207  207 
Settlements(329)  (329)
Closing balance$184,012 $26,373 $535 $210,920 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$ $953 $71 $1,024 
1 Earnings from servicing rights were attributable to: time and payoffs, representing a decrease in servicing rights value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period of $0.4 million for the three months ended September 30, 2022 and an increase in servicing rights value resulting from market-driven changes in interest rates of $1.4 million for the three months ended September 30, 2022. Additions to servicing rights were retained upon sale of loans held for sale.
8

The table below summarizes the quantitative information about Level 3 fair value measurements as of the dates indicated:
September 30, 2023
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)
Securities – Non-agency MBS$206,076 Discounted Cash Flow
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over SOFR Swaps
0.0 to 58.1% (34.9%)
0.0 to 7.6% (2.4%)
0.0 to 68.7% (28.5%)
2.6 to 6.5% (2.6%)
Servicing Rights
$29,338 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
4.8 to 39.9% (13.0%)
1.7 to 15.8 (7.4)
9.5 to 11.5% (9.8%)
June 30, 2023
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)
Securities – Non-agency MBS$205,005 Discounted Cash FlowProjected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over LIBOR
0.0 to 59.7% (32.0%)
0.0 to 7.5% (2.4%)
0.0 to 68.7% (28.5%)
2.6 to 7.5% (2.7%)
Servicing Rights
$25,443 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
6.1 to 40.1% (12.6%)
1.8 to 10.9 (7.7)
9.5 to 11.5% (9.6%)
For mortgage-backed securities, significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the projected loss severity and a directionally opposite change in the assumption used for projected prepayment rates. For servicing rights, significant increases in projected prepayment rates or discount rates in isolation would result in a significantly lower fair value measurement, while a significant increase in expected life in isolation would result in a significantly higher fair value measurement. Generally, a change in the projected prepayment rates is accompanied by a directionally opposite change in expected life.
The aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest), and unrealized gain were:
(Dollars in thousands)September 30, 2023June 30, 2023
Aggregate fair value$8,014 $23,203 
Contractual balance7,878 22,844 
Unrealized gain$136 $359 
The total interest income and amount of gains and losses from changes in fair value included in earnings for loans held for sale were:
For the Three Months Ended
September 30,
(Dollars in thousands)20232022
Interest income$189 $50 
Change in fair value(129)91 
Total $60 $141 
9

The table below summarizes assets measured for impairment on a non-recurring basis:
September 30, 2023
(Dollars in thousands)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Balance
Other real estate owned and repossessed vehicles:
Single family real estate$ $ $5,574 $5,574 
Multifamily real estate  1,392 1,392 
Autos$ $ $1,813 $1,813 
Total$ $ $8,779 $8,779 
June 30, 2023
(Dollars in thousands)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Balance
Other real estate owned and repossessed vehicles:
Single family real estate$ $ $5,574 $5,574 
Multifamily real estate  1,392 1,392 
Autos  1,133 1,133 
Total$ $ $8,099 $8,099 
Other real estate owned and foreclosed assets, which are measured at the lower of carrying value or fair value less costs to sell, had a net carrying amount of $8.8 million at September 30, 2023, after write-downs of $0.4 million, and a net carrying amount of $8.1 million at June 30, 2023, after write-downs of $1.7 million.
The following table presents quantitative information about Level 3 fair value measurements for other real estate owned and repossessed vehicles measured at fair value on a non-recurring basis at the periods indicated:
September 30, 2023
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average) 1
Other real estate owned and repossessed vehicles2:
Single family real estate$5,574 Sales comparison approach
Differences between the comparable sales
62.1 to 93.6% (62.1%)
Multifamily real estate$1,392 Sales comparison approach and income approach
Differences between the comparable sales and differences in net operating income expectations, capitalization rate
49.8% to 54.5% (49.8%)
June 30, 2023
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average) 1
Other real estate owned and repossessed vehicles2:
Single family real estate$5,574 Sales comparison approach
Differences between the comparable sales
62.1 to 93.6% (62.1%)
Multifamily real estate$1,392 
Sales comparison approach and income approach
Differences between the comparable sales and differences in net operating income expectations, capitalization rate
49.8 to 54.5%% (49.8%)
1 For other real estate owned and repossessed vehicles the ranges shown may vary positively or negatively based on the comparable sales reported in the current appraisal. In certain instances, the range can be significant due to small sample sizes and in some cases the asset being valued having limited comparable sales with similar characteristics at the time the current appraisal is conducted.
2 Repossessed vehicles are valued using third-party pricing information of comparable vehicle sales without adjustment.

10

Fair Value of Financial Instruments
Carrying amounts and estimated fair values of financial instruments at September 30, 2023 and June 30, 2023 were:
September 30, 2023
Fair Value
(Dollars in thousands)Carrying
Amount
Level 1Level 2Level 3Total Fair Value
Financial assets:
Cash and cash equivalents$2,413,769 $2,413,769 $ $ $2,413,769 
Securities—trading640  640  640 
Securities—available-for-sale236,726  30,650 206,076 236,726 
Stock of regulatory agencies21,533  21,533  21,533 
Loans held for sale, at fair value8,014  8,014  8,014 
Loans held for investment—net16,955,041   16,935,835 16,935,835 
Securities borrowed96,424   102,084 102,084 
Customer, broker-dealer and clearing receivables285,423   294,499 294,499 
Servicing rights
29,338   29,338 29,338 
Other assets - derivative instruments1,295  1,295  1,295 
Financial liabilities:
Total deposits17,565,741  17,481,019  17,481,019 
Advances from the Federal Home Loan Bank90,000  82,234  82,234 
Borrowings, subordinated notes and debentures447,733  414,462  414,462 
Securities loaned116,446   116,097 116,097 
Customer, broker-dealer and clearing payables341,915   341,915 341,915 
Accrued expense and other liabilities - derivative instruments934  934  934 
June 30, 2023
Fair Value
(Dollars in thousands)Carrying
Amount
Level 1Level 2Level 3Total Fair Value
Financial assets:
Cash and cash equivalents$2,382,086 $2,382,086 $ $ $2,382,086 
Securities—trading758  758  758 
Securities—available-for-sale232,350  27,345 205,005 232,350 
Stock of regulatory agencies
21,510  21,510  21,510 
Loans held for sale, at fair value23,203  23,203  23,203 
Loans held for sale, at lower of cost or fair value776   780 780 
Loans held for investment—net16,456,728   16,417,183 16,417,183 
Securities borrowed134,339   143,461 143,461 
Customer, broker-dealer and clearing receivables374,074   386,082 386,082 
Servicing rights
25,443   25,443 25,443 
Other assets - derivative instruments919  919  919 
Financial liabilities:
Total deposits17,123,108  17,064,084  17,064,084 
Advances from the Federal Home Loan Bank90,000  83,192  83,192 
Borrowings, subordinated notes and debentures361,779  327,564  327,564 
Securities loaned159,832   159,416 159,416 
Customer, broker-dealer and clearing payables445,477   445,447 445,447 
Accrued expense and other liabilities - derivative instruments691  691  691 
Carrying amount is the estimated fair value for cash and cash equivalents, 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” of the 2023 Form 10-K. The fair value of off-balance sheet items is not material.
11

4.     SECURITIES
The amortized cost, carrying amount and fair value for the securities available-for-sale for the following periods were:
September 30, 2023
TradingAvailable-for-sale
(Dollars in thousands)Fair
Value
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Mortgage-backed securities (MBS):
U.S. agencies1
$ $31,277 $1 $(3,654)$27,624 
Non-agency2
 210,027 723 (4,674)206,076 
Total mortgage-backed securities 241,304 724 (8,328)233,700 
Non-MBS:
Municipal640 3,689  (663)3,026 
Total Non-MBS640 3,689  (663)3,026 
Total debt securities$640 $244,993