Axos Financial Inc
For the period ended Dec 31, 2023. Filed Jan 30, 2024.
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Dec 31, 2023 · Filed Jan 30, 2024
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6. Derivatives
- DERIVATIVES
For additional information on the Company’s derivative instruments, see Note 1—“Organizations and Summary of Significant Accounting Policies,” Note 2—“Acquisitions”and Note 3—“Fair Value”in the 2023 Form 10-K and Note 3—“Fair Value”herein. As of December 31, 2023 and June 30, 2023, there wereno derivatives designated in hedge accounting relationships.
The following table presents the fair values and notional amounts of the Company’s derivative instruments. While the notional amounts give an indication of the volume of the Company’s derivatives activity, the notional amounts significantly exceed, in the Company’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged, rather it is a reference amount used to calculate payments.
| Interest Rate Contracts | ||
|---|---|---|
| (Dollars in thousands) | As of 12/31/2023 | As of 6/30/2023 |
| Derivative Assets — Fair Value | $96,084 | $919 |
| Derivative Liabilities — Fair Value | 92,144 | 691 |
| Derivative Assets — Notional | $1,316,516 | $231,709 |
| Derivative Liabilities — Notional | 1,319,604 | 204,522 |
The following table presents the gains (losses) related to the Company’s derivative instrument activity recognized in the Consolidated Statements of Income:
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| December 31, | December 31, | |||
| (Dollars in thousands) | 2023 | 2022 | 2023 | 2022 |
| Banking and service fees | $50 | $119 | $390 | $119 |
| Mortgage banking and servicing rights income | 231 | 23 | 508 | 285 |
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