Axos Financial Inc
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
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Mar 31, 2024 · Filed Apr 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 March 31, 2024 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.
| (Dollars in thousands) | As of March 31, 2024 | As of June 30, 2023 |
|---|---|---|
| Other Assets — Interest Rate Derivative Assets1 — Fair Value | $106,392 | $919 |
| Accounts Payable and Other Liabilities — Interest Rate Derivative Liabilities1 — Fair Value | 102,635 | 691 |
| Interest Rate Derivative Assets — Notional | $1,205,097 | $231,709 |
| Interest Rate Derivative Liabilities — Notional | 1,184,103 | 204,522 |
1 Derivative assets and liabilities are not subject to any counterparty netting and are presented gross in the condensed consolidated balance sheets. As of March 31, 2024, the Company posted cash collateral of $26.3 million and received cash collateral of $17.5 million, reflected in Cash, cash equivalents and restricted cash and Deposits, respectively, on its Condensed consolidated balance sheets.
The following table presents the gains (losses) related to the Company’s derivative instrument activity recognized in the Condensed Consolidated Statements of Income:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| March 31, | March 31, | |||
| (Dollars in thousands) | 2024 | 2023 | 2024 | 2023 |
| Banking and service fees | $27 | $574 | $417 | $693 |
| Mortgage banking and servicing rights income | 98 | 125 | 606 | 410 |
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