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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 March 31, 2024
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: 56,967,483 shares of common stock, $0.01 par value per share, as of April 19, 2024.


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 value)
March 31,
2024
June 30,
2023
ASSETS
Cash and cash equivalents$2,129,772 $2,233,027 
Restricted cash
216,139 149,059 
Total cash, cash equivalents and restricted cash
2,345,911 2,382,086 
Trading securities
592 758 
Available-for-sale securities
207,582 232,350 
Stock of regulatory agencies22,264 21,510 
Loans held for sale, carried at fair value16,239 23,203 
Loans held for sale, lower of cost or fair value 776 
Loans—net of allowance for credit losses of $257,522 as of March 31, 2024 and $166,680 as of June 30, 2023
18,733,455 16,456,728 
Servicing rights, carried at fair value
28,130 25,443 
Securities borrowed105,853 134,339 
Customer, broker-dealer and clearing receivables292,630 374,074 
Goodwill and other intangible assets—net144,324 152,149 
Other assets745,153 545,053 
TOTAL ASSETS$22,642,133 $20,348,469 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing$2,758,596 $2,898,150 
Interest bearing16,344,936 14,224,958 
Total deposits19,103,532 17,123,108 
Advances from the Federal Home Loan Bank90,000 90,000 
Borrowings, subordinated notes and debentures330,389 361,779 
Securities loaned119,800 159,832 
Customer, broker-dealer and clearing payables387,176 445,477 
Accounts payable and other liabilities414,943 251,114 
Total liabilities20,445,840 18,431,310 
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS’ EQUITY:
Common stock—$0.01 par value; 150,000,000 shares authorized; 70,033,523 shares issued and 57,079,429 shares outstanding as of March 31, 2024; 69,465,446 shares issued and 58,943,035 shares outstanding as of June 30, 2023
700 695 
Additional paid-in capital502,489 479,878 
Accumulated other comprehensive income (loss)—net of income tax
(3,064)(6,610)
Retained earnings2,080,745 1,735,609 
Treasury stock, at cost; 12,954,094 shares as of March 31, 2024 and 10,522,411 shares as of June 30, 2023
(384,577)(292,413)
Total stockholders’ equity2,196,293 1,917,159 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$22,642,133 $20,348,469 

See accompanying notes to the condensed consolidated financial statements.
1

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Three Months EndedNine Months Ended
March 31, March 31,
(Dollars in thousands, except earnings per common share)2024202320242023
INTEREST AND DIVIDEND INCOME:
Loans, including fees$405,280 $279,864 $1,090,106 $743,863 
Securities borrowed and customer receivables5,701 5,137 16,163 13,842 
Investments and other
32,583 22,333 95,910 53,003 
Total interest and dividend income443,564 307,334 1,202,179 810,708 
INTEREST EXPENSE:
Deposits176,737 98,439 483,028 202,292 
Advances from the Federal Home Loan Bank735 4,454 1,794 12,121 
Securities loaned376 1,307 1,835 3,317 
Other borrowings4,110 4,152 14,155 13,611 
Total interest expense181,958 108,352 500,812 231,341 
Net interest income261,606 198,982 701,367 579,367 
Provision for credit losses6,000 5,500 26,500 17,251 
Net interest income, after provision for credit losses255,606 193,482 674,867 562,116 
NON-INTEREST INCOME:
Broker-dealer fee income12,087 13,745 37,083 32,735 
Advisory fee income8,105 6,879 23,686 20,821 
Banking and service fees8,876 8,443 27,287 25,100 
Mortgage banking and servicing rights income
2,180 1,107 6,811 5,113 
Prepayment penalty fee income1,915 2,072 4,535 4,014 
Gain on acquisition
  92,397  
Total non-interest income33,163 32,246 191,799 87,783 
NON-INTEREST EXPENSE:
Salaries and related costs67,419 53,046 182,113 149,762 
Data and operational processing
18,243 15,808 52,653 44,462 
Depreciation and amortization7,221 5,671 19,587 17,722 
Advertising and promotional10,282 11,786 30,451 29,055 
Professional services9,073 6,747 24,860 23,289 
Occupancy and equipment4,254 3,873 12,101 11,610 
FDIC and regulatory fees5,232 3,859 13,616 11,163 
Broker-dealer clearing charges4,459 3,356 14,419 9,924 
General and administrative expense7,045 6,898 25,773 38,171 
Total non-interest expense133,228 111,044 375,573 335,158 
INCOME BEFORE INCOME TAXES155,541 114,684 491,093 314,741 
INCOME TAXES44,821 34,834 145,957 94,932 
NET INCOME$110,720 $79,850 $345,136 $219,809 
COMPREHENSIVE INCOME$111,575 $81,222 $348,682 $217,169 
Basic earnings per common share$1.94 $1.33 $5.98 $3.67 
Diluted earnings per common share$1.91 $1.32 $5.88 $3.63 

See accompanying notes to the condensed consolidated financial statements.
2

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedNine Months Ended
March 31, March 31,
(Dollars in thousands)2024202320242023
NET INCOME$110,720 $79,850 $345,136 $219,809 
Net unrealized gain (loss) from available-for-sale securities, net of income tax expense (benefit) of $356 and $588 for the three months ended and $1,526 and $(1,130) for the nine months ended March 31, 2024 and 2023, respectively.
855 1,372 3,546 (2,640)
Other comprehensive income (loss)855 1,372 3,546 (2,640)
COMPREHENSIVE INCOME$111,575 $81,222 $348,682 $217,169 

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 March 31, 2024
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss), Net of Income TaxRetained EarningsTreasury
Stock
Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—December 31, 2023
69,828,709 (12,930,332)56,898,377 $698 $493,268 $(3,919)$1,970,025 $(381,848)$2,078,224 
Net income— — — — — — 110,720 — 110,720 
Other comprehensive income (loss)— — — — — 855 — — 855 
Purchase of treasury stock— (12,101)(12,101)— — — — (595)(595)
Stock-based compensation activity204,814 (11,661)193,153 2 9,221 — — (2,134)7,089 
BALANCE—March 31, 2024
70,033,523 (12,954,094)57,079,429 $700 $502,489 $(3,064)$2,080,745 $(384,577)$2,196,293 

For the Nine Months Ended March 31, 2024
Common StockAdditional Paid-in CapitalAccumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax
Retained EarningsTreasury
Stock
Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—June 30, 2023
69,465,446 (10,522,411)58,943,035 $695 $479,878 $(6,610)$1,735,609 $(292,413)$1,917,159 
Net income— — — — — — 345,136 — 345,136 
Other comprehensive income (loss)— — — — — 3,546 — — 3,546 
Purchase of treasury stock— (2,267,610)(2,267,610)— — — — (83,781)(83,781)
Stock-based compensation activity568,077 (164,073)404,004 5 22,611 — — (8,383)14,233 
BALANCE—March 31, 2024
70,033,523 (12,954,094)57,079,429 $700 $502,489 $(3,064)$2,080,745 $(384,577)$2,196,293 

See accompanying notes to the condensed consolidated financial statements.
4

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(Unaudited)
For the Three Months Ended March 31, 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—December 31, 2022
69,153,591 (9,153,512)60,000,079 $692 $465,350 $(6,945)$1,568,403 $(239,941)$1,787,559 
Net income— — — — — — 79,850 — 79,850 
Other comprehensive income (loss)— — — — — 1,372 — — 1,372 
Purchase of treasury stock— (849,081)(849,081)— — — — (31,605)(31,605)
Stock-based compensation activity186,942 17,184 204,126 2 7,583 — — (657)6,928 
BALANCE—March 31, 2023
69,340,533 (9,985,409)59,355,124 $694 $472,933 $(5,573)$1,648,253 $(272,203)$1,844,104 

For the Nine Months Ended March 31, 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, 2022
68,859,722 (9,081,773)59,777,949 $689 $453,784 $(2,933)$1,428,444 $(237,011)$1,642,973 
Net income— — — — — — 219,809 — 219,809 
Other comprehensive income (loss)— — — — — (2,640)— — (2,640)
Purchase of treasury stock— (849,081)(849,081)— — — — (31,605)(31,605)
Stock-based compensation activity480,811 (54,555)426,256 5 19,149 — — (3,587)15,567 
BALANCE—March 31, 2023
69,340,533 (9,985,409)59,355,124 $694 $472,933 $(5,573)$1,648,253 $(272,203)$1,844,104 

See accompanying notes to the condensed consolidated financial statements.
5

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended
March 31,
(Dollars in thousands)20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$345,136 $219,809 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization19,587 17,722 
Other accretion and amortization(37,917)(624)
Stock-based compensation expense22,616 19,154 
Trading activity166 1,358 
Provision for credit losses26,500 17,251 
Deferred income taxes(15,005)(10,274)
Origination of loans held for sale(144,731)(158,500)
Unrealized and realized gains on loans held for sale(6,089)(5,650)
Proceeds from sale of loans held for sale154,892 160,696 
Changes in servicing rights(1,803)375 
Gain on FDIC Loan Purchase(92,397) 
Gain on repurchase of subordinated notes(742) 
Net change in assets and liabilities which provide (use) cash:
Securities borrowed28,486 251,687 
Customer, broker-dealer and clearing receivables81,444 94,058 
Other Assets(51,254)(29,287)
Securities loaned(40,032)(359,787)
Customer, broker-dealer and clearing payables(58,301)(105,562)
Accounts payable and other liabilities31,154 6,821 
Net cash provided by operating activities261,710 119,247 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities(9,612)(30,000)
Proceeds from sale and repayment of available-for-sale securities39,391 9,735 
Purchase of stock of regulatory agencies (108,724)
Proceeds from redemption of stock of regulatory agencies 108,724 
Origination of loans held for investment(8,040,181)(6,235,451)
Proceeds from sale of loans originally classified as held for investment 14,185 
Mortgage warehouse loan activity, net90,708 118,185 
Proceeds from sale of other real estate owned and repossessed assets4,401 2,311 
Proceeds from BOLI claim settlement 2,778 
Acquisition of business activity, net of cash acquired (5,531)
Purchase of loans and leases, net of discounts and premiums(841,408)(914)
Principal repayments on loans6,626,839 4,336,424 
Purchases of furniture, equipment, software and intangibles(25,473)(19,698)
Net cash used in investing activities(2,155,335)(1,807,976)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits1,980,424 2,792,446 
Repayments of the Federal Home Loan Bank term advances (27,500)
Net (repayment) proceeds of other borrowings(27,200)(111,500)
Tax payments related to settlement of restricted stock units(8,383)(3,587)
Purchase of treasury stock(83,178)(31,605)
Repurchase of subordinated notes(4,213) 
Net cash provided by financing activities1,857,450 2,618,254 
6

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended
March 31,
(Dollars in thousands)20242023
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(36,175)929,525 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of year
$2,382,086 $1,574,699 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period
$2,345,911 $2,504,224 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid on interest-bearing liabilities502,364 228,369 
Income taxes paid144,086 108,272 
Transfers to other real estate and repossessed vehicles from loans held for investment4,118 8,206 
Transfers from loans held for investment to loans held for sale 14,185 
Transfers from loans held for sale to loans and leases held for investment2,783 690 
Operating lease liabilities from obtaining right of use assets5,767 1,110 
See accompanying notes to the condensed consolidated financial statements.
7

AXOS FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTH AND NINE MONTH PERIODS ENDED MARCH 31, 2024 AND 2023
(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”), its wholly owned subsidiaries, and the activities of two lending-related trust entities constitute the Banking Business segment, and Axos Nevada Holding, LLC (“Axos Nevada Holding”) and its wholly owned subsidiaries constitute the Securities Business segment. All significant intercompany balances and transactions have been eliminated in consolidation. The Notes to the Condensed 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 and nine months ended March 31, 2024 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 and nine months ended March 31, 2024, there were no significant updates to the Company’s significant accounting policies, other than as noted below and the adoption of the accounting standards noted herein.
Purchased Credit Deteriorated (“PCD”) Loans. Purchased loans that reflect a more-than-insignificant deterioration of credit since their origination are considered PCD. For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit losses on the date of acquisition. The initial amortized cost of PCD loans is determined by reducing the loans’ par value by the acquisition date estimate of expected credit losses with any difference between the resulting amount and the loans’ purchase price recorded as a non-credit-related discount. Subsequent changes in the initial estimate of expected credit losses are recognized in the provision for credit losses in the Company’s Consolidated Statements of Income.
Restricted cash. Restricted cash includes qualified deposits in special reserve bank accounts for the exclusive benefit of Axos Clearing customers in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other regulations. Restricted cash also includes certain other cash balances which are restricted as to the Company’s withdrawal or usage based upon the terms of the corresponding agreements.

8

New Accounting Standards
Recently Adopted 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 eliminated the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit losses (“CECL”) model and enhanced 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.
Accounting Standards Issued But Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07 which requires disclosure of significant business segment expenses and a description of the composition of other segment expenses by business segment. The ASU also requires disclosure of the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect any impact on its financial condition or results of operations upon adoption.
In December 2023, the FASB issued ASU 2023-09 which requires further granularity on the disclosure of income taxes, including:
Certain prescribed line items in the income tax rate reconciliation presented both in dollar and percentage terms;
Income taxes paid, income before income taxes and income taxes disaggregated by federal, state and foreign taxes; and
Further disaggregation of income taxes paid by any individual jurisdiction equal to or exceeding five percent of total income taxes paid.
This standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect any impact on its financial condition or results of operations upon adoption.

9

2.     ACQUISITIONS
On August 23, 2023, the Company acquired 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 and the addition of 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 March 31, 2024.
On December 7, 2023, the Company acquired from the Federal Deposit Insurance Corporation (“FDIC”) two loan portfolios, comprising both PCD and non-PCD loans, with an aggregate unpaid principal balance of $1.3 billion at a fair value of $901.5 million, reflecting a non-credit-related discount of $306.8 million and an allowance for credit losses on PCD loans of $70.1 million, (the “FDIC Loan Purchase”). Also included in the acquisition were certain related interest rate derivative assets and liabilities with a fair value of $109.0 million and $104.4 million, respectively, as of the date of the acquisition and whose maturities generally align with those of the loans acquired. The acquisition of the non-PCD loans and interest rate derivatives was accounted for as a purchase of financial assets and liabilities, and the Company recognized a $92.4 million gain on the transaction included in “Gain on acquisition” in the Unaudited Condensed Consolidated Statement of Income.
For additional information on PCD loans, see Note 1“Summary of Significant Accounting Policies,” and for additional information on the Company’s loans and derivative instruments, see Note 5“Loans & Allowance Credit Losses” and Note 6“Derivatives,” respectively.
The following table summarizes the PCD loans acquired in the FDIC Loan Purchase:
(Dollars in thousands)Total
Unpaid principal balance
$341,301 
Non-credit discount
(100,686)
Allowance for credit losses at acquisition(70,097)
Purchase price
$170,518 
10

3.     FAIR VALUE
The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2024 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:
March 31, 2024
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
ASSETS:
Trading securities
$592 $ $592 
Available-for-sale securities:
Agency MBS27,481  27,481 
Non-Agency MBS 176,679 176,679 
Municipal3,422  3,422 
Total—Available-for-sale securities:
$30,903 $176,679 $207,582 
Loans held for sale$16,239 $ $16,239 
Servicing rights$ $28,130 $28,130 
Other assets—Derivative instruments$106,392 $ $106,392 
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments$102,635 $ $102,635 

June 30, 2023
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
ASSETS:
Trading securities$758 $ $758 
Available-for-sale securities:
Agency MBS
23,947  23,947 
Non-Agency MBS
 205,005 205,005 
Municipal3,398  3,398 
Total—Available-for-sale securities:$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:
Accounts payable and other liabilities—Derivative instruments$691 $ $691 

11

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
March 31, 2024
(Dollars in thousands)
Available-for-sale Securities:
Non-Agency MBS
Servicing Rights1
Total
Opening balance$207,708 $28,043 $235,751 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income (152)(152)
Included in other comprehensive income1,517  1,517 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions 239 239 
Settlements(32,546) (32,546)
Closing balance$176,679 $28,130 $204,809 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$ $(152)$(152)

For the Nine Months Ended
March 31, 2024
(Dollars in thousands)
Available-for-sale Securities:
Non-Agency MBS
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 213 213 
Included in other comprehensive income4,708  4,708 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions 2,474 2,474 
Settlements(33,034) (33,034)
Closing balance$176,679 $28,130 $204,809 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$ $213 $213 
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 and $0.9 million for the three and nine months ended March 31, 2024 and an increase in servicing rights value resulting from market-driven changes in interest rates of $0.2 million for the three months ended March 31, 2024 and an increase of $1.1 million for the nine months ended March 31, 2024. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

For the Three Months Ended
March 31, 2023
(Dollars in thousands)
Available-for-sale Securities:
Non-Agency MBS
Servicing Rights1
Derivative Instruments, netTotal
Opening balance$175,123 $25,526 $18 $200,667 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income (282)(674)(956)
Included in other comprehensive income1,231   1,231 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions30,000 152  30,152 
Settlements(54)  (54)
Closing balance$206,300 $25,396 $(656)$231,040 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$ $(282)$(674)$(956)
12

For the Nine Months Ended
March 31, 2023
(Dollars in thousands)
Available-for-sale Securities:
Non-Agency MBS
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 (375)(1,120)(1,495)
Included in other comprehensive income(3,384)  (3,384)
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions30,000 558  30,558 
Settlements(7,130)  (7,130)
Closing balance$206,300 $25,396 $(656)$231,040 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$ $(375)$(1,120)$(1,495)
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 and $0.7 million for the three and nine months ended March 31, 2023, respectively, and a decrease in servicing rights value resulting from market-driven changes in interest rates of $0.1 million for the three months ended March 31, 2023 and an increase of $0.3 million for the nine months ended March 31, 2023. Additions to servicing rights were retained upon sale of loans held for sale.

The table below summarizes the quantitative information about Level 3 fair value measurements:
March 31, 2024
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average)1
Available-for-sale securities: Non-Agency MBS
$176,679 Discounted Cash Flow
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over SOFR Swaps
0.0 to 62.3% (42.8%)
0.0 to 25.6% (2.9%)
0.0 to 68.7% (33.7%)
2.5 to 6.5% (2.5%)
Servicing Rights
$28,130 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
5.5 to 95.2% (11.8%)
0.4 to 14.9 (7.9)
9.5 to 11.2% (9.8%)
June 30, 2023
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average)1
Available-for-sale 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%)
1 The weighted average for Available-for-sale securities: Non-agency MBS is based on the relative fair value of the securities and for Servicing Rights is based on the relative unpaid principal of the loans being serviced.
For non-agency 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, the contractual balance (including accrued interest), and the unrealized gain were:
(Dollars in thousands)March 31, 2024June 30, 2023
Aggregate fair value$16,239 $23,203 
Contractual balance15,784